/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/091116.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 Monday, November 16, 2009, Vol. 10, No. 226 Headlines A U S T R I A ADVANCED TECHNOLOGY: Claims Filing Deadline is November 26 MESSEBAU NEMETH: Claims Filing Deadline is November 26 P-I-F ELEKTROINSTALLATION: Claims Filing Deadline is November 26 PLANUNG & DESIGN: Claims Filing Deadline is November 26 C Z E C H R E P U B L I C JITEX: Declared Bankrupt by Ceske Budejovice Court F R A N C E EURO DISNEY: Posts EUR63 Mln Loss; Defers Interest Payments G E R M A N Y HYPO REAL: Shareholder Case to Go to European Court G R E E C E ANAPTYXI 2006-1: S&P Lowers Rating on Class D Notes to 'B' I T A L Y ATLANTE FINANCE: S&P Downgrades Rating on Class C Notes to 'BB' K A Z A K H S T A N AKSAI SERVICE: Creditors Must File Claims by November 25 ALLIANCE RETAIL: Creditors Must File Claims by November 25 ASIA CONCRETE: Creditors Must File Claims by November 25 ASTANA FINANCE: Moody's Downgrades Issuer Debt Ratings to 'C' DESIGN 2005: Creditors Must File Claims by November 25 GRAND MARKET: Creditors Must File Claims by November 25 KUSTANAI STROY: Creditors Must File Claims by November 25 SCAD LLP: Creditors Must File Claims by November 25 TPK ARU: Creditors Must File Claims by November 25 VK PRODVIJENIYE: Creditors Must File Claims by November 25 VOSHOD ST: Creditors Must File Claims by November 25 K Y R G Y Z S T A N METALL GRANT: Creditors Must File Claims by December 9 S-CLOTHING: Creditors Must File Claims by December 9 L U X E M B O U R G CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'B+' LOGWIN AG: S&P Downgrades Corporate Credit Rating to 'B-' P O L A N D CENTRAL EUROPEAN: Moody's Assigns 'B1' Rating on US$870 Mil. Notes PKN ORLEN: Net Income Up to PLN930.6 Mln in Third Quarter 2009 R U S S I A RZHEV-GRAZHDAN: Creditors Must File Claims by November 25 KAMENSKIY REGIONAL: Creditors Must File Claims by November 25 KLYAVLINSKIY OIL: Under External Mngt Bankruptcy Procedure UC RUSAL: May Offer Assets to Chinese Firms to Secure IPO Support S W E D E N SAS AB: Moody's Junks Corporate Family Rating From 'B3' S W I T Z E R L A N D HTS MARKETING: Claims Filing Deadline is November 18 LONGVIEW AG: Claims Filing Deadline is November 18 TELAFIN HOLDING: Claims Filing Deadline is November 18 WUETHRICH METALLBAU: Claims Filing Deadline is November 18 U K R A I N E * CITY OF KHARKOV: Fitch Downgrades Currency Ratings to 'B-' * CITY OF KYIV: Fitch Downgrades Currency Ratings to 'B-' * CITY OF ODESSA: Fitch Downgrades Currency Ratings to 'B-' * UKRAINE: Fitch Cuts LT Issuer Default Ratings of Nine Banks * UKRAINE: Fitch Downgrades Issuer Default Ratings to 'B-' U N I T E D K I N G D O M AERO INVENTORY (UK) LIMITED: Chapter 15 Case Summary FLANNELS GROUP: Deloitte Oversees Company Voluntary Arrangement JOHN STEPHENSON: Majority of Assets Sold to European Food Brokers KENMORE PROPERTY: Put 21 Companies Into Administration LADBROKES PLC: Closes Paddington Casino; 100 Jobs Affected LM LOGISTICS: Creditors Back CVA Deal to Secure Future X X X X X X X X * BOND PRICING: For the Week November 9 to November 13, 2009 ********* ============= A U S T R I A ============= ADVANCED TECHNOLOGY: Claims Filing Deadline is November 26 ---------------------------------------------------------- Creditors of Advanced Technology Solution GmbH have until November 26, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for December 10, 2009 at 9:20 a.m. For further information, contact the company's administrator: Dr. Richard Proksch Am Heumarkt 9/1/11 1030 Vienna Austria Tel: 7134651 Fax: 7138435 E-mail: proksch@eurojuris.at MESSEBAU NEMETH: Claims Filing Deadline is November 26 ------------------------------------------------------ Creditors of Messebau Nemeth KG have until November 26, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for December 10, 2009 at 10:20 a.m. For further information, contact the company's administrator: Dr. Michael Lesigang Landstrasser Hauptstraße 14-16/8 1030 Vienna Austria Tel: 715 25 26 Fax: 715 25 26/27 E-mail: michael@lesigang.at P-I-F ELEKTROINSTALLATION: Claims Filing Deadline is November 26 ---------------------------------------------------------------- Creditors of P-I-F Elektroinstallation GmbH have until November 26, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for December 10, 2009 at 9:00 a.m. For further information, contact the company's administrator: Mag. Daniel Lampersberger Esteplatz 4 1030 Vienna Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at PLANUNG & DESIGN: Claims Filing Deadline is November 26 ------------------------------------------------------- Creditors of Planung & Design GmbH have until November 26, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for December 10, 2009 at 9:40 a.m. For further information, contact the company's administrator: Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Fax: 533 19 39 39 E-mail: helmut.platzgummer@lp-law.at =========================== C Z E C H R E P U B L I C =========================== JITEX: Declared Bankrupt by Ceske Budejovice Court -------------------------------------------------- CTK reports that the Regional Court in Ceske Budejovice, southern Bohemia, on Nov. 12 declared Czech textile firm Jitex bankrupt. Creditors have until 30 days to file their claims, CTK says. As reported by the Troubled Company Reporter-Europe, citing Stepan Blaha, the company's interim insolvency administrator, CTK disclosed the moratorium, guaranteeing protection against creditors, expired Nov. 3. The company has been in insolvency proceedings since July due to outstanding debts, CTK noted. =========== F R A N C E =========== EURO DISNEY: Posts EUR63 Mln Loss; Defers Interest Payments ----------------------------------------------------------- Scheherazade Daneshkhu at The Financial Times reports that Euro Disney has missed performance targets for the 2009 financial year. The FT relates the heavily indebted company made a net loss of EUR63 million (US$93 million) after creeping into profit in 2008 for the first time in five years, with a net EUR1.7 million. According to the FT, the company failed to meet performance targets imposed in the 2005 financial restructuring, leading it to defer EUR65.2 million of royalty and interest payments, of which EUR50 million was due to Disney, which owns 40% of the Paris-based operator. Euro Disney, as cited by the FT, said it expected to defer a EUR5.1 million interest payment to Caisse des Depots et Consignations, France's state-owned finance house, in the first quarter of the 2010 fiscal year. Euro Disney SCA -- http://corporate.disneylandparis.com/-- is a France-based umbrella company that, along with its subsidiaries, is primarily engaged in the operation of Disneyland Park and Walt Disney Studios Park in France. The Company also manages seven themed hotels, such as Disneyland Hotel and Hotel New York, two convention centers, the Disney Village entertainment center and a golf course. In addition, Euro Disney SCA owns a 2,000-hectare site, which includes approximately 1,000 hectares of undeveloped land. It operates a number of subsidiaries, including Euro Disney Commandite SAS, Euro Disney Associes SCA, EDL Hotels SCA, EDL Services SAS, Euro Disney Vacances SAS and ED Spectacles SARL, among others. ============= G E R M A N Y ============= HYPO REAL: Shareholder Case to Go to European Court --------------------------------------------------- Oliver Suess and Karin Matussek at Bloomberg News report that a Hypo Real Estate Holding AG shareholder case over a decision by Germany's Soffin bank-rescue fund to force out minority investors is likely to be sent to the European Union's top court. According to Bloomberg, presiding judge Helmut Krenek said at a hearing Thursday the Munich Regional Court may ask its European colleagues for guidance. The suit, Bloomberg says, seeks to overturn a shareholders decision at Hypo Real Estate's June 2 extraordinary meeting, allowing Soffin to acquire a 90% stake and force out the minority. Bloomberg relates Judge Krenek said the court won't issue a decision before April next year. Any ruling can be appealed, Bloomberg notes. About Hypo Real Estate Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- http://www.hyporealestate.com/-- is a German holding company for the Hypo Real Estate Group. It is an international real estate financing company, combining commercial real estate financing products with investment banking. The Company divides its operations into three business units: Commercial Real Estate, which provides real estate financing on the international and German market; Public Sector & Infrastructure Finance, and Capital Markets & Asset Management. Hypo Real Estate Group operates through a number of subsidiaries, including, among others, Hypo Real Estate Bank International AG that focuses on Pfandbrief-based commercial real estate financing in all international markets, and offers large-volume investment banking and structured finance transactions; Hypo Real Estate Bank AG that focuses on the commercial real estate financing and refinancing business in Germany, and DEPFA Bank plc in Dublin, Ireland, which is a provider of public finance. * * * As reported in the Troubled Company Reporter-Europe on July 6, 2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's individual rating at 'F'. =========== G R E E C E =========== ANAPTYXI 2006-1: S&P Lowers Rating on Class D Notes to 'B' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on the class C and D notes issued by Anaptyxi 2006-1 PLC. At the same time, S&P affirmed its ratings on the class A and B notes. S&P had placed the class C and D notes on CreditWatch negative on Aug. 3, 2009. The rating actions follow a cash flow analysis factoring in an updated assessment of default rates applied at each rating level. S&P's review of the assumed default rates was triggered by a deterioration of the performance of the underlying collateral, namely an increase in arrears and write-off levels. S&P's review focused on the collateral's performance data, an updated assessment of the underlying portfolio's risk profile, and an assessment of the structure's ability to withstand cash flow stresses at each rating level. Even though arrears in this transaction exhibit a marked seasonality, they have started to follow a substantial upward trend starting from the end of 2008. The acceleration has been more pronounced for loans in arrears for more than 60 days. This increase in the stock of delinquent loans has brought about a significant increase in write-off levels. Eurobank EFG, the originator and servicer of the transaction, has informed us that it is implementing measures to contain arrears. These measures range from a greater focus on early arrears to a closer management of the borrowers' overall debt position and tighter underwriting standards. Data on the three latest monthly reporting periods suggest a relative stabilization of performance, in S&P's view. In terms of composition, S&P believes the portfolio is gradually migrating toward a more favorable risk- reward profile, as suggested by an increase in the average margin charged to the accounts. The three-month rolling average default rate (calculated on the basis of loans in arrears for more than 90 days) as of the end of September 2009 was 3.05%, down from a peak of 4.46% at the end of June 2009, but still up from 1.54% recorded at the end of August 2008. In S&P's view, this represents a more appropriate benchmark given the seasonality in performance. If this ratio goes above the 5% threshold, the transaction documents state that it is not allowed to revolve any more and starts amortizing. Credit enhancement in the transaction is provided by subordination, overcollateralization, excess spread, and a cash reserve. The issuer drew on the cash reserve by a small amount on the December 2008 interest payment date (IPD) and replenished it to its target (and current) level on the following IPD. Anaptyxi 2006-1 is ultimately backed by a granular pool of secured and unsecured loans granted to Greek small businesses and professionals originated by Eurobank EFG. The transaction can revolve for five years, subject to certain conditions being met. Ratings List Anaptyxi 2006-1 PLC EUR2.25 Billion Asset-Backed Floating-Rate Notes Ratings Lowered and Removed From Creditwatch Negative Rating ------ Class To From ----- -- ---- C BBB- BBB/Watch Neg D B BB/Watch Neg Ratings Affirmed Class Rating ----- ------ A AAA B A ========= I T A L Y ========= ATLANTE FINANCE: S&P Downgrades Rating on Class C Notes to 'BB' --------------------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch negative and lowered its ratings on the class C notes issued by Atlante Finance S.r.l. At the same time, S&P affirmed the class A and B notes. These rating actions follow S&P's review of this transaction in the light of an increase in arrears and default levels in the pool. Delinquency levels (defined as loans in arrears for 30 days or more) at the end of the latest collection period were 19.07% of the outstanding collateral, up from 17.5% at the end of the previous collection period. This increase has been mainly due to a weak performance on the SME part of the portfolio. Also, despite increases in arrears for the RMBS part of the portfolio, these residential loans are performing as S&P expected. Over this period, S&P recorded a high level of arrears in the 120- 180 days bucket, which could ultimately lead to higher defaults on the next interest payment date. New defaults in the latest collection period were around EUR12 million, up from EUR5 million in the previous period. Under the transaction documentation, a mortgage loan is classified as "defaulted" if it is in arrears for more than 180 days. The full balance of defaulted loans and the due and unpaid installments of delinquent loans are covered through an excess spread trapping mechanism. Given the dynamic of arrears and defaults, on the last IPD the transaction did not cover approximately EUR25 million, and it is unlikely that excess spread available will be enough to cover this amount on the next IPD. Credit enhancement available to all the rated notes has increased since closing as a result of the ongoing collateral amortization and a "turbo" amortization mechanism that on the first few IPDs allowed senior notes to amortize faster (by EUR20 million) than the collateral. The transaction does not feature a cash reserve. A combined waterfall and a liquidity facility provide liquidity. Ratings List Atlante Finance S.r.l. EUR1.52 Billion Asset-Backed Floating-Rate Notes Series 3 Rating Lowered and Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- C BB BBB-/Watch Neg Ratings Affirmed Class Rating ----- ------ A AAA B A =================== K A Z A K H S T A N =================== AKSAI SERVICE: Creditors Must File Claims by November 25 -------------------------------------------------------- LLP Aksai Service Janali is currently undergoing liquidation. Creditors have until November 25, 2009, to submit proofs of claim to: Micro District 4-34 Aksai West Kazakhstan Kazakhstan ALLIANCE RETAIL: Creditors Must File Claims by November 25 ---------------------------------------------------------- Branch of LLP Alliance Retail Group is currently undergoing liquidation. Creditors have until November 25, 2009, to submit proofs of claim to: Moldagulova Ave. 45 Aktobe Kazakhstan ASIA CONCRETE: Creditors Must File Claims by November 25 -------------------------------------------------------- LLP Asia Concrete is currently undergoing liquidation. Creditors have until November 25, 2009, to submit proofs of claim to: Kirov Str. 157 Pavlodar Kazakhstan ASTANA FINANCE: Moody's Downgrades Issuer Debt Ratings to 'C' ------------------------------------------------------------- Moody's Investors Service has downgraded the long-term issuer and debt ratings of Astana Finance to C from Ca. The issuer's Baseline Credit Assessment has been lowered to 21 from 20 (on a scale of 1 to 21, where 1 represents the lowest credit risk). All long-term ratings carry stable outlook. This rating action concludes Moody's review process which was initiated on May 21 and prompted by the issuer's default on its public debts. Following the default, Astana Finance considered the restructuring of its debts in the amount of around US$1.8 billion and has recently signed a Memorandum of Understanding with the Creditors' Committee, which contains indicative terms to be offered to creditors in connection with a proposed restructuring. The MoU proposes that each type of creditor will be awarded a fixed basket of debt and equity instruments, with different terms for different types of creditors of the same subordination level. The domestic creditors have already announced their objection to the suggested restructuring plan and Moody's believes that this position may delay completion of the restructuring process. Based on the financial information, published by Astana Finance as of end-August 2009, Moody's estimates that the potential losses for the issuer's creditors will exceed 50% in view of the substantial impairment of the issuer's assets (loan loss reserves accounted for about 33% of total loans), which has led to significant negative equity to date. Moody's also does not rule out the possibility of further deterioration of the issuer's asset quality because of the company's weak underwriting standards and still challenging economic environment in Kazakhstan. As a result, Moody's estimates the net present value of Recovery Loan Notes, proposed to the issuer's senior unsecured creditors (excluding holders of tenge-denominated bonds and trade finance creditors) as low. "Moody's believes that the likelihood of cash contributions from existing shareholders, which would have increased the debt recovery for creditors, is low. The likelihood of systemic support provision from Sovereign Wealth Fund Samruk-Kazyna, which controls more than 25% of the company, is also low," said Maxim Bogdashkin, a Moody's Moscow-based analyst for Astana Finance. Moody's previous rating action on Astana Finance was implemented on 21 May 2009 when its local and foreign currency debt ratings were downgraded to Ca from B3 (and the BCA was lowered to 20 from 17). Concurrently, the long-term ratings had been placed on review for further possible downgrade. Headquartered in Astana, Astana Finance (Kazakhstan) reported total assets of US$1.4 billion and total negative equity of US$589 million, according to the company's preliminary unaudited consolidated IFRS statements as of end-September 2009. DESIGN 2005: Creditors Must File Claims by November 25 ------------------------------------------------------ LLP Design 2005 is currently undergoing liquidation. Creditors have until November 25, 2009, to submit proofs of claim to: Lenin Str. 103-8 Rudny Kazakhstan GRAND MARKET: Creditors Must File Claims by November 25 ------------------------------------------------------- Creditors of LLP Grand Market Stroy have until November 25, 2009, to submit proofs of claim to: Vagonnaya Str. 2/1 Uralsk West Kazakhstan Kazakhstan The Specialized Inter-Regional Economic Court of West Kazakhstan commenced bankruptcy proceedings against the company on August 17, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of West Kazakhstan Seifullin Str. 37 Uralsk West Kazakhstan Kazakhstan KUSTANAI STROY: Creditors Must File Claims by November 25 --------------------------------------------------------- Creditors of OJSC Factory of Construction Machines Kustanai Stroy Mash have until November 25, 2009, to submit proofs of claim to: Pushkin Str. 201-9 Kostanai Kazakhstan The Specialized Inter-Regional Economic Court of Kostanai commenced bankruptcy proceedings against the company on August 6, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan SCAD LLP: Creditors Must File Claims by November 25 --------------------------------------------------- Creditors of LLP Firm Scad have until November 25, 2009, to submit proofs of claim to: Sovetskaya Str. 31 Zyryanovsk East Kazakhstan Kazakhstan The Specialized Inter-Regional Economic Court of East Kazakhstan commenced bankruptcy proceedings against the company on September 9, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of East Kazakhstan Bajov Str. 2 Ust-Kamenogorsk Kazakhstan TPK ARU: Creditors Must File Claims by November 25 -------------------------------------------------- Creditors of LLP TPK Aru have until November 25, 2009, to submit proofs of claim to: Pushkin Str. 201-9 Kostanai Kazakhstan The Specialized Inter-Regional Economic Court of Kostanai commenced bankruptcy proceedings against the company on August 6, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan VK PRODVIJENIYE: Creditors Must File Claims by November 25 ---------------------------------------------------------- Creditors of LLP Micro Credit Organization Prodvijeniye Invest have until November 25, 2009, to submit proofs of claim to: Sovetskaya Str. 31 Zyryanovsk East Kazakhstan Kazakhstan The Specialized Inter-Regional Economic Court of East Kazakhstan commenced bankruptcy proceedings against the company on September 9, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of East Kazakhstan Bajov Str. 2 Ust-Kamenogorsk Kazakhstan VOSHOD ST: Creditors Must File Claims by November 25 ---------------------------------------------------- Creditors of LLP Voshod St have until November 25, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Kokshetau Gorky Str. 37 Kokshetau Kazakhstan The court commenced bankruptcy proceedings against the company on September 7, 2009. =================== K Y R G Y Z S T A N =================== METALL GRANT: Creditors Must File Claims by December 9 ------------------------------------------------------ LLC Metall Grant is currently undergoing liquidation. Creditors have until December 9, 2009, to submit proofs of claim: Inquires can be addressed to (0-773) 80-27-58 S-CLOTHING: Creditors Must File Claims by December 9 ---------------------------------------------------- LLC S-Clothing and Services is currently undergoing liquidation. Creditors have until December 9, 2009, to submit proofs of claim to: Ak-Chyi SEZ Bishkek Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'B+' -------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered to 'B+' from 'BB' its long-term debt rating on the EUR300 million class A secured bonds due 2026 issued by CRC Breeze Finance S.A. (Breeze Two), a wind power finance project. The outlook on these bonds is negative. The '2' recovery rating on the class A notes is not affected by this action. At the same time, S&P lowered the long-term debt rating on the EUR50 million class B secured bonds issued by Breeze Two and due 2016 to 'C' from 'CC'. The outlook on these bonds is stable. "The downgrade of the class A notes reflects S&P's view of a deterioration of the project's liquidity," said Standard & Poor's credit analyst Timon Binder. "After weak financial performance, the project management used EUR2.4 million, or 18%, of the senior debt service reserve account to complete payment of the scheduled class A debt service on Nov. 9. The downgrade of the class B notes follows full depletion of the debt service reserve account to meet interest payments. These interest payments were only partially paid in cash, and were part- deferred. Such a partial deferral is permitted under Breeze Two's bond documents, but according to Standard & Poor's criteria S&P may assign a 'C' rating to subordinated notes on which cash payments have been suspended. Breeze Two's shortfall in cash flow generation results from a prolonged period of weak wind that particularly affected the first quarter of 2009. Wind supply during this period was only about 60%-70% of projections. Breeze Two, a Luxembourg-based special-purpose vehicle, used the proceeds of its debt issues to make a loan to Breeze Two Energy GmbH & Co. KG and Eoliennes Sûroit SNC. Breeze Two Energy is a German limited partnership company, and Eoliennes Sûroit is a French unlimited liability partnership. Each has been formed for the purpose of acquiring, constructing, owning, and operating a portfolio of 39 wind farms with a nameplate capacity of 305 megawatts (MW) in Germany (Breeze Two Energy) and 27 MW in France (Eoliennes Sûroit). "The negative outlook on Class A bonds reflects S&P's view of the project's weak liquidity position, and the uncertainty regarding the replenishment of the SDSRA in the future," said Mr. Binder. The outlook on class B bonds is stable, reflecting the possibility of deferral of interest payments, and therefore S&P's view that there is a low likelihood of default of the bonds in accordance with their terms. LOGWIN AG: S&P Downgrades Corporate Credit Rating to 'B-' --------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term corporate credit rating on Luxembourg-based logistics service provider Logwin AG to 'B-' from 'B'. The outlook is stable. In addition, the issue rating on the group's EUR130 million subordinated notes was lowered to 'CCC+' from 'B-', one notch below the corporate credit rating. The recovery rating on the notes is unchanged at '5', indicating S&P's view of modest (10%- 30%) recovery for creditors in the event of a payment default. "The downgrade reflects a steady weakening of Logwin's trading performance over the past 12 months, which has constrained its cash flow generation and sharply increased adjusted debt leverage," said Standard & Poor's credit analyst Leigh Bailey. The group's performance has been hampered by the adverse effect of the economic downturn on demand for logistics services and the prospects for recovery are uncertain. Logwin faces a tough economic environment, characterized by declining global growth rates and a slowdown in the German economy. Some tentative signs of a gradual stabilization in transport volumes at low levels emerged toward the end of the third quarter of 2009. However, the timing and extent of recovery in the group's core markets remains uncertain. In the nine months ended Sept. 30, 2009, Logwin's sales fell to approximately EUR1.2 billion, a decrease of 25% compared with the equivalent period last year. At the same time, Logwin recorded an operating profit before restructuring and impairments of EUR0.3 million, compared with an operating profit of EUR25.0 million in the first nine months of 2008. In S&P's opinion, the steady deterioration in Logwin's operating performance has weakened the group's capital structure and apacity to generate free cash flow. In the 12 months ended Sept. 30, 2009, adjusted debt to EBITDA increased to 10.0x from 5.8x at the end of 2008, which is weak for the rating. At the same time, funds from operations to pension- and operating-lease-adjusted debt for 2009 was 10%, which S&P view as commensurate with the ratings. "The stable outlook reflects S&P's view that Logwin has a weak, but adequate, liquidity profile for its rating. S&P also factor in its belief that Logwin will continue to be successful in its efforts to limit cash outflows, despite a sharp deterioration in trading," said Mr. Bailey. The group's ability to remain cash flow neutral is a support to the 'B-' rating. Logwin's debt-to-EBITDA leverage is high for the rating at abount 10x, but S&P anticipate this to improve gradually from 2010. The group's ability to maintain cash reserves and adequate liquidity is of primary importance to the rating at the current level. S&P could revise the outlook to negative or lower the rating should available liquidity be weakened by cash outflows or the nonrenewal of bank lines. Given the substantial weakening in the group's operating performance, and the uncertainty as to the timing of a market recovery, a revision of the outlook to positive is unlikely over the medium term. =========== P O L A N D =========== CENTRAL EUROPEAN: Moody's Assigns 'B1' Rating on US$870 Mil. Notes ------------------------------------------------------------------ Moody's Investors Service has changed Central European Distribution Corp rating outlook to positive and assigned a provisional rating of (P) B1 to the proposed US$870 million senior secured notes, to be issued by CEDC Finance Corporation International, a financial subsidiary of the company based in Delaware. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavour to assign a definitive rating to the Notes. A definitive rating may differ from a provisional rating. "The positive outlook follows the company's recently announced plan to acquire a further 42% stake in Russian Alcohol Group (RAG -- bringing total ownership to 100%) and refinance part of the existing and acquired debt through a mix of debt and equity," says Paolo Leschiutta a Vice President -- Senior Analyst at Moody's with coverage responsibility for CEDC. "The positive outlook, however, also reflects Moody's expectation that following the acquisition of RAG, CEDC business profile will improve and stronger cash generation should allow for a reduction in financial leverage over the short to medium term," continued Mr. Leschiutta. Moody's sees CEDC current financial leverage, measured as Debt to EBITDA adjusted for pensions and leases, expected in excess of 5x at FYE December 2009 on a pro-forma basis, as high for a B1 company. However, the current positive outlook reflects the rating agency expectations that financial leverage should reduce during 2010 towards 4x and assumes the fact that the company will refrain from any additional acquisitions over the short term. On 12 November 2009 the company announced its intention to acquire the remaining stake owned by Lion Capital of RAG, financing it through an equity issue for approximately US$325 million and a bond issue for c. US$870 million. Moody's understands that proceeds will be applied also to refinance the existing US$360 million bond due in 2012 and debt sitting at RAG (c. US$286 million due in 2014 and 2015). The completion of the senior secured notes issuance is conditioned upon the completion of the concurrent common stock offering. CEDC's B1 Corporate Family Rating takes into consideration the company's leading market position as a vodka producer and its extended distribution network in Poland but also the limited geographic and product diversification of CEDC, compared to other alcoholic beverage producers. The rating is also currently limited by the ongoing integration of the recent acquisitions and the exposure to volatile economies. Ongoing improvements in profitability and cash flow generation, resulting in a reduction of financial leverage towards 3x are likely to place upward pressure on the ratings. On the contrary deterioration in operating performance or sizable debt financed acquisitions, resulting in a sustained increase in financial leverage above 5x, are likely to result in downward rating pressure. The (P) B1 rating on the proposed senior secured US$870 million notes reflect both the overall probability of default of the company, to which Moody's assigns a probability-of-default rating of B1, and a loss-given-default assessment of LGD3, 49% (expressed through a six-point symbol system that orders expected loss severity from lowest to highest in percentage terms). The proposed notes are secured on shares of the Issuer and certain subsidiaries of the company, a first-priority assignment of rights under certain bank accounts, a first-priority mortgage over certain real property and fixtures as well as security in certain intellectual properties. The debt rating, in line with the CFR, reflects the relatively low value assigned by the rating agency to the pledge on shares in case of distress. The small amount of debt secured on inventories within the pro-forma capital structure (i.e. below 5%), which rank ahead of the notes, is not deemed to be substantial to create subordination of the new notes to the trade claims of the company. As a result Moody's assigns the same priority ranking to all existing and planned debt, save for the US$310 million convertible notes which do not benefit from guarantees from operating companies and are therefore structurally subordinated to the rest of the capital structure, and for the small amount of debt secured on inventories (which ranks ahead). Assignments: Issuer: CEDC Finance Corporation International -- US$870 million Senior Secured Bond due 2016, Assigned (P) B1, LGD3 - 49% Outlook Actions: Issuer: Central European Distribution Corporation -- Outlook Changed To Positive From Stable The last rating action on CEDC was on 18 May 2007, when the Corporate Family Rating was upgraded to B1 from B2, reflecting ongoing improvement in operating performances and lower integration risk, as perceived by Moody's, following the Bols and Polmos Bialystok acquisitions. Headquartered in Warsaw, Poland, CEDC is a leading importer and distributor of alcoholic beverages in Poland and, after its acquisition of Bols and Polmos Bialystok, CEDC became the largest producer of vodka in Poland. During the first nine months of FYE December 2009 the company reported revenues of c. US$1.4 billion and operating income (before fair value adjustments) of c. US$112 million. The company is listed on the NASDAQ market and on the Warsaw Stock Exchange. PKN ORLEN: Net Income Up to PLN930.6 Mln in Third Quarter 2009 -------------------------------------------------------------- Maciej Martewicz at Bloomberg News reports that PKN Orlen SA said net income rose to PLN930.6 million (US$334.9 million) from PLN21.1 million a year earlier after rising oil prices boosted the value of its inventories and the stronger zloty cut the value of euro-denominated debt. Bloomberg recalls on the third quarter last year Orlen's net income was depressed by declines in the zloty and the oil price. According to Bloomberg, the negative trends pushed Orlen's 2008 ratio of debt to earnings higher than the maximum in its debt covenants. In exchange for an unspecified fee the company's creditor banks gave it until the end of the year to bring the indicator back into line, Bloomberg discloses. Poland-based Polski Koncern Naftowy ORLEN SA (WAR:PKN) a.k.a PKN Orlen SA -- http://www.orlen.pl/-- specializes in the manufacture, distribution, wholesale and retail sale of refined petrochemical products. It is principally engaged in the processing of crude oil. The Company's product portfolio includes a variety of fuel and petrochemical products, as well as oil derivatives, such as petrol, diesel, heating oil, aviation fuel and plastics. ORLEN's retail network comprises approximately 2,700 outlets offering services in Poland, Germany, the Czech Republic and Lithuania, operating under the ORLEN, Petrochemia Plock, BLISKA and STAR brands. PKN ORLEN operates seven refineries, of which three are located in Poland, three in the Czech Republic and one in Lithuania. The total deep processing capacity of the refineries reaches 31.7 million tons per annum. As at the end of 2007, ORLEN held directly or indirectly shares in 105 subsidiaries, of which five jointly controlled entities and 17 associate companies. =========== R U S S I A =========== RZHEV-GRAZHDAN: Creditors Must File Claims by November 25 --------------------------------------------------------- Creditors of LLC Rzhev-Graazhdan-Stroy (TIN 6914001110, PSRN 1026901849853) (Construction) have until November 25, 2009, to submit proofs of claims to: A. Maltabar Insolvency Manager Post User Box 619 170006 Tver Russia The Arbitration Court of Tverskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?66–1794/2009. The Debtor can be reached at: LLC Rzhev-Graazhdan-Stroy N. Golovni Str. 43 172350 Tverskaya Russia KAMENSKIY REGIONAL: Creditors Must File Claims by November 25 ------------------------------------------------------------- Creditors of SUE Kamenskiy Regional Forestry (TIN 6929004749, PSRN 1086915000182) have until November 25, 2009, to submit proofs of claims to: A. Maltabar Insolvency Manager Post User Box 619 170006 Tver Russia The Arbitration Court of Tverskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?66–7432/2008. The Debtor can be reached at: SUE Kamenskiy Regional Forestry Sovetskaya Str. 55 Kuvshinovo 172110 Tverskaya Russia KLYAVLINSKIY OIL: Under External Mngt Bankruptcy Procedure ---------------------------------------------------------- The Arbitration Court of Samarskaya has commenced external management bankruptcy procedure on CJSC Klyavlinskiy Oil Refinery (TIN 6373002315, RVC 637301001, PSRN 1026303655993). The Case is docketed under No. ?55–759/2009. The External Insolvency Manager is: G. Vasilyev Office 600 SkotoprogonnayaStr. 29/1 109029 Moscow Russia The Debtor can be reached at: CJSC Klyavlinskiy Oil Refinery Chkalova Str. 60 Klyavlino Klyavlinskiy 446961 Samarskaya Russia UC RUSAL: May Offer Assets to Chinese Firms to Secure IPO Support ----------------------------------------------------------------- Yuriy Humber at Bloomberg News reports that analysts said that Oleg Deripaska's United Co. Rusal may offer stakes in smelters and mines to Chinese companies to ensure the success of its initial public offering in Hong Kong. Rusal, Bloomberg discloses, plans to sell a 10% stake to help repay more than US$14 billion of debt. "The only way that Rusal can get a high valuation is if it gets a couple of big state-backed anchor investors," Bloomberg quoted Chris Weafer, chief strategist at UralSib Financial Corp., as saying. "Chinese companies usually only buy if they can leverage this by getting access to projects or strategic assets." According to Bloomberg, Rusal's Head of Strategy Artem Volynets said Rusal plans to win over seven or eight major customers in China to secure long-term deliveries of aluminum. Bloomberg relates two people familiar with the situation said Rusal, which intends to proceed with the IPO, can't go ahead without first agreeing on a debt restructuring with foreign creditors. As reported by the Troubled Company Reporter-Europe on Oct. 27, 2009, Bloomberg News said half of banks holding half of Rusal's foreign debt approved a restructuring of the company's borrowings. About Rusal Headquartered in Moscow, Russia, United Co. RUSAL -- http://www.rusal.com/-- is among the world's top aluminum producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000 from various parts of the old Soviet state apparatus, RUSAL produces about 4 million tons of aluminum, 11 million tons of alumina, and 6 million tons of bauxite. Its aluminum business include packaging and foil operations in addition to a network of smelters. Those Soviet spare parts were significantly augmented in 2007 when the company merged with fellow Russian aluminum producer Sual and Glencore's alumina unit. RUSAL is majority owned by Board member Oleg Deripaska, who had owned the company completely prior to the merger. =========== S W E D E N =========== SAS AB: Moody's Junks Corporate Family Rating From 'B3' ------------------------------------------------------- Moody's Investors Service lowered to Caa1 from B3 the Corporate Family Rating and Probability of Default Rating and to Caa3 from Caa2 the subordinate rating of SAS AB. The baseline credit assessment is lowered to 18 (equivalent to a Caa2 rating). The outlook is negative. The rating action follows the weakening in credit metrics and in results due to increased yield pressure in the third quarter of 2009, but also Moody's views that liquidity has weakened. Moody's note the company's continued efforts to reduce costs through personnel and capacity reductions under its Core SAS program, although in common with the industry trend these initiatives have to date been insufficient to prevent a further weakening in profitability. The company reported its level of financial preparedness (cash and undrawn facilities) to be at just below SEK10 billion as of September 2009, versus SEK11.4 billion as of June. In light of this, Moody's will continue to monitor the level of cash utilization to ensure an adequate level of liquidity over a 12- month period. However, Moody's believes that given the current level of cash utilization, the company will need to find alternative sources of funding to retain its stated target for financial preparedness at a minimum of 20% of revenues. Given that liquidity is the primary driver of the rating currently, the rating could be lowered if there is a further weakening in this regard. With the state of the industry Moody's believe that upward pressure on the rating is unlikely in the medium term. A stabilization of the outlook would be considered if the negative trend in earnings and liquidity stabilizes. Headquartered in Stockholm, Sweden, SAS is the fourth largest passenger airline in Europe with about 25 million passengers flown and total revenues of SEK47 billion in the year to September 2009. ===================== S W I T Z E R L A N D ===================== HTS MARKETING: Claims Filing Deadline is November 18 ---------------------------------------------------- Creditors of HTS Marketing Ltd are requested to file their proofs of claim by November 18, 2009, to: Joachim Bodmer Liquidator Blumenrain 16 8702 Zollikon Switzerland The company is currently undergoing liquidation in Erlenbach. The decision about liquidation was accepted at a general meeting held on September 24, 2009. LONGVIEW AG: Claims Filing Deadline is November 18 -------------------------------------------------- Creditors of Longview AG are requested to file their proofs of claim by November 18, 2009, to: Dr. Alessandro Grande Liquidator Chesa Romana 7513 Silvaplana Switzerland The company is currently undergoing liquidation in Samedan GR. The decision about liquidation was accepted at a general meeting held on April 27, 2009. TELAFIN HOLDING: Claims Filing Deadline is November 18 ------------------------------------------------------ Creditors of Telafin Holding AG are requested to file their proofs of claim by November 18, 2009, to: Peter Pauk Liquidator Weihermattstrasse 1 5015 Erlinsbach SO Switzerland The company is currently undergoing liquidation in Lamone. The decision about liquidation was accepted at a general meeting held on August 13, 2009. WUETHRICH METALLBAU: Claims Filing Deadline is November 18 ---------------------------------------------------------- Creditors of Wuethrich Metallbau AG are requested to file their proofs of claim by November 18, 2009, to: Marcel Arnold Liquidator Albrechtstrasse 10 8406 Winterthur Switzerland The company is currently undergoing liquidation in Winterthur. The decision about liquidation was accepted at an extraordinary general meeting held on December 9, 2008. ============= U K R A I N E ============= * CITY OF KHARKOV: Fitch Downgrades Currency Ratings to 'B-' ------------------------------------------------------------ Fitch Ratings has downgraded the Long-term foreign and local currency ratings of Ukraine's City of Kyiv, the City of Odessa and the City of Kharkov. The Outlooks for the Long-term foreign and local currency ratings are Negative. The rating actions follow the downgrade of Ukraine's Long-term foreign and local currency Issuer Default Ratings to 'B-' from 'B'. The Outlooks on the sovereign ratings are Negative. Cities whose ratings are affected: The City of Kyiv: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating downgraded to 'AA-(ukr)' from 'AA(ukr)'; Outlook Stable The downgrade also affects the city's three outstanding eurobonds totaling US$700 million The City of Odessa: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable The City of Kharkov: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable * CITY OF KYIV: Fitch Downgrades Currency Ratings to 'B-' --------------------------------------------------------- Fitch Ratings has downgraded the Long-term foreign and local currency ratings of Ukraine's City of Kyiv, the City of Odessa and the City of Kharkov. The Outlooks for the Long-term foreign and local currency ratings are Negative. The rating actions follow the downgrade of Ukraine's Long-term foreign and local currency Issuer Default Ratings to 'B-' from 'B'. The Outlooks on the sovereign ratings are Negative. Cities whose ratings are affected: The City of Kyiv: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating downgraded to 'AA-(ukr)' from 'AA(ukr)'; Outlook Stable The downgrade also affects the city's three outstanding eurobonds totaling US$700 million The City of Odessa: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable The City of Kharkov: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable * CITY OF ODESSA: Fitch Downgrades Currency Ratings to 'B-' ----------------------------------------------------------- Fitch Ratings has downgraded the Long-term foreign and local currency ratings of Ukraine's City of Kyiv, the City of Odessa and the City of Kharkov. The Outlooks for the Long-term foreign and local currency ratings are Negative. The rating actions follow the downgrade of Ukraine's Long-term foreign and local currency Issuer Default Ratings to 'B-' from 'B'. The Outlooks on the sovereign ratings are Negative. Cities whose ratings are affected: The City of Kyiv: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating downgraded to 'AA-(ukr)' from 'AA(ukr)'; Outlook Stable The downgrade also affects the city's three outstanding eurobonds totaling US$700 million The City of Odessa: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable The City of Kharkov: -- Long-term foreign and local currency ratings downgraded to 'B-' from 'B'; Outlooks Negative -- Short-term foreign currency rating affirmed at 'B' -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook Stable * UKRAINE: Fitch Cuts LT Issuer Default Ratings of Nine Banks ------------------------------------------------------------- Fitch Ratings has downgraded the Long-term Issuer Default ratings of nine Ukrainian banks, including their foreign currency Long- term IDRs to 'B-' from 'B'. The Outlooks on the Long-term IDRs are Negative. This follows the downgrade of Ukraine's Long-term foreign and local currency IDRs to 'B-' from 'B' and the assignment of a Negative Outlook. The downgrades of UkrSibbank, Ukrsotsbank, Forum, ProCredit Ukraine, Pravex and VTB Ukraine follow the downgrade of Ukraine's Country Ceiling to 'B-' from 'B'. The Country Ceiling of Ukraine, which reflects transfer and convertibility risks, limits the extent to which support from the majority foreign shareholders of these banks can be factored into their Long-term foreign currency IDRs, and their 'B' Long-term local currency IDRs also take into account Ukrainian country risks. UkrSibbank is almost 81%-owned by France's BNP Paribas ('AA'/Negative); Ukrsotsbank is almost 95%-owned by Italy-based UniCredit S.p.A. ('A'/Negative) through its Vienna subsidiary UniCredit Bank Austria AG ('A'/Stable); Forum is majority-owned (63%) by Germany's Commerzbank AG ('A+'/Stable); ProCredit Ukraine is 80%-owned by Germany's ProCredit Holding AG ('BBB-'/Stable); Pravex is 100%-owned by Italy's Intesa Sanpaolo S.p.A. ('AA-'/Stable) and VTB Ukraine is more than 99%-owned by Russia's JSC Bank VTB ('BBB'/Negative). The downgrades of Oschadbank and Ukreximbank reflect the reduced ability of the government to provide support in case of need, as reflected in the downgrade of Ukraine's Long-term IDRs, although the propensity to support would likely still be significant, based on the banks' state ownership and their policy roles. Ukreximbank's better (relative to Oschadbank) standalone credit profile is reflected in its higher Individual and National ratings, which have both been affirmed. The downgrade of PrivatBank reflects the downgrade of the Country Ceiling, capturing higher transfer and convertibility risks, as well as the potential for further deterioration in the sovereign's financial position with negative implications for the country's banking sector, in particular a further reduction in economic activity and/or a weakening of the UAH. PrivatBank is the country's largest bank by total assets and retail deposit base and its ratings are driven by its standalone credit strength. Rating actions: JSCIB UkrSibbank (UkrSibbank): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B' ; Outlook Negative -- Senior unsecured debt: downgraded to 'B-' from 'B' , Recovery Rating 'RR4' -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable Ukrsotsbank: -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery Rating 'RR4', -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'E' Bank Forum (Forum): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable ProCredit Bank (Ukraine) (ProCredit Ukraine): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'D/E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable Pravex Bank (Pravex): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable JSC VTB Bank (Ukraine) (VTB Ukraine): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Long-term local currency IDR: downgraded to 'B' from 'B+'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Individual rating: affirmed at 'E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable JSC State Savings Bank of Ukraine (Oschadbank): -- Long-term foreign and local currency IDRs: downgraded to 'B-' from 'B'; Outlook Negative -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Support Rating Floor: revised to 'B-' from 'B' -- Individual rating: affirmed at 'E' -- National Long-term rating: downgraded to 'A+(ukr)' from 'AA- (ukr)'; Outlook Stable JSC The State Export-Import Bank of Ukraine (Ukreximbank): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery Rating 'RR4' -- Subordinated debt: downgraded to 'CC' from 'CCC'; Recovery Rating 'RR6' -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: downgraded to '5' from '4' -- Support Rating Floor: revised to 'B-' from 'B' -- Individual rating: affirmed at 'D' -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable CJSC PrivatBank (PrivatBank): -- Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Negative -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery Rating 'RR4' -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '5' -- Individual rating: affirmed at 'D/E' -- Support Rating Floor: affirmed at 'No Floor' In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. * UKRAINE: Fitch Downgrades Issuer Default Ratings to 'B-' ---------------------------------------------------------- Fitch Ratings has downgraded Ukraine's Long-term foreign and local currency Issuer Default Ratings to 'B-' from 'B'. The Outlooks are Negative. At the same time it downgraded the Country Ceiling to 'B-' from 'B' and affirmed the Short-term foreign currency IDR at 'B'. "The recent adoption by parliament of an unaffordable minimum wage and pension law which, according to the IMF, could add 7% of GDP to the budget deficit in 2010, has effectively forced Ukraine's IMF program off-track and has materially increased risks to fiscal financing, macroeconomic stability and creditworthiness," said David Heslam, Director in Fitch's Sovereigns Group. Over the past two weeks, Ukraine's parliament has passed a new law increasing the minimum wage and pensions, and President Viktor Yushchenko has declined the IMF's call to veto it. Moreover, the government has submitted to parliament a draft 2010 budget with a deficit of 8% of GDP. This compares with a commitment in the IMF program of 4% (including the operational deficit of state-owned energy company Naftogaz NJSC (rated 'CCC' / Negative Outlook). In addition, the government has effectively abandoned the policy commitment to hike retail gas tariffs made at the time of the second IMF review in July 2009; as a result Fitch projects the 2009 deficit could reach around 8.5% of GDP (11% including Naftogaz), compared with a target of 6% of GDP (8.6% including Naftogaz). On November 7, Dominique Strauss-Kahn, the Executive Director of the IMF, said the IMF program would be suspended, barring a reversal in such policies by the Ukrainian authorities, until after the presidential elections in January. A meeting on Tuesday between senior policy-makers in the government, National Bank of Ukraine and presidential administration does not appear to have reached such an agreement. Although a reversal cannot be excluded -- Prime Minister Yulia Tymoshenko said yesterday she hoped the courts would challenge the bill -- it is not the base case. Furthermore, political dynamics mean the hiatus in IMF lending could be prolonged, particularly if there were a second round of presidential elections in February, possibly followed by parliamentary elections and then a delay in forming a new government. The marked relaxation in the budget deficit and the loss of the main source of its funding, with the suspension of the US$4bn IMF tranche due for disbursement on November 15 has left Ukraine with a substantial fiscal financing gap. It would appear difficult and costly for Ukraine to cover the deficit through borrowing on the domestic or international market. Therefore Fitch sees an elevated risk that Ukraine could resort more heavily to monetary financing (via NBU providing liquidity to banks), effectively printing money. This would in turn risk undermining fragile confidence in the currency and the banking system, and/or a rapid loss of foreign exchange reserves. At the root of the problem is Ukraine's inconsistent macroeconomic policy framework, as the authorities are aiming to defend the exchange rate while avoiding necessary fiscal tightening in the absence of adequate sources of non-monetary financing. Political dynamics mean policy may not be restored to a sustainable path before there is a further bout of financial instability. A further sharp depreciation in the hryvnia would intensify pressure on Ukraine's crisis-hit banking system. The non-performing loan ratio hit 30% at end-June 2009 according to the IMF, significantly affected by an 18% contraction in Q209 GDP (year-on-year) and by the hryvnia's near 60% depreciation since September 2008 (impacting the 54% of loans denominated in foreign currency). Despite this challenging backdrop, Ukraine's creditworthiness is supported by its low sovereign debt repayment profile. It repaid maturing sovereign eurobonds worth US$1.2 billion in August and September 2009, demonstrating a willingness to pay. It now has a pause in eurobond maturities until a yen-denominated bond worth about US$0.4 billion falls due in December 2010 and a US$0.6 billion bond due in March 2011. Gross foreign exchange reserves are US$28 billion. The improving global outlook will provide some support to Ukraine's export industries. So far, rollover rates on private-sector external debt have been relatively high at over 80%. =========================== U N I T E D K I N G D O M =========================== AERO INVENTORY (UK) LIMITED: Chapter 15 Case Summary ---------------------------------------------------- Chapter 15 Petitioner: James Tucker/Richard Hels/Allan Graham, foreign representatives Chapter 15 Debtor: Aero Inventory (UK) Limited 10960 Wilshire Blvd., Suite 1100 Los Angeles, CA 90024 Chapter 15 Case No.: 09-41758 Type of Business: Aero Inventory is a service provider to companies in the aerospace industry, providing a comprehensive procurement and inventory management service. Aero Inventory's ultimate goal is to become the world's leading aircraft consumable parts service provider. Aero Inventory is listed on the Alternative Investment Market of the London Stock Exchange with operations in the United Kingdom, Australia, Canada, China, Bahrain, Hong Kong, Indonesia, Japan, Switzerland and the United States of America. [http://www.aeroinventory.com/] Chapter 15 Petition Date: November 12, 2009 Court: Central District of California (Los Angeles) Chapter 15 Petitioner's Counsel: Christopher O. Rivas, Esq. Reed Smith LLP 355 S Grand Ave, Ste. 2900 Los Angeles, CA 90071-1514 Tel: (213) 457-8000 Fax: (213) 457-8080 Email: crivas@reedsmith.com Estimated Assets: US$100,000,001 to US$500,000,000 Estimated Debts: US$500,000,001 to US$1,000,000,000 FLANNELS GROUP: Deloitte Oversees Company Voluntary Arrangement --------------------------------------------------------------- James Chapelard at Crain's Manchester Business reports that The Manchester office of Deloitte has confirmed it is overseeing the company voluntary arrangement of Flannels Group Ltd. Crain's relates the directors of the company have finalized the terms of a CVA proposal, which needs the support of 75% of the unsecured creditors and 50% of the company's members to be approved, and appointed Bill Dawson and Daniel Butters of business advisory firm Deloitte as Joint Nominees. According to Crain's, Deloitte said if the CVA is approved Flannels' unsecured creditors would see a dividend of approximately 60p in the pound. The meeting of members and creditors takes place on Nov. 30 at Deloitte's offices in Manchester, Crain's notes. Under the CVA, Flannels is planning to close three stores and reduce payment for stock, Crain's discloses, citing reports in trade magazine Drapers last week. Deloitte, as cited by Crain's said as a result of general economic climate and reduced levels of consumer spending, the business has faced "significant challenges" over the past year that have in turn impacted on its trading performance. "This CVA allows the business to remain as a going concern and to maintain its trade. This should allow the company to generate future cash flows from which the arrears of debt can be partially repaid. It offers better job security to circa 160 employees and more certainty to its trading partners than the alternatives," Crain's quoted Mr. Dawson as saying. "The use of a CVA will result in a greater return to creditors compared to alternative insolvency procedures such as an administration or liquidation. The growing use of CVAs demonstrates that in the appropriate situation administration can be avoided." Flannels Group Ltd. is a Trafford-based fashion retailer. It has 15 stores predominantly based in the Midlands and North of England. JOHN STEPHENSON: Majority of Assets Sold to European Food Brokers ----------------------------------------------------------------- Bill Dawson and Ian Brown of Deloitte, the business advisory firm, were appointed Joint Administrators of John Stephenson & Sons (Nelson) Ltd. and Wharton Wade Wines Ltd. on November 6, 2009. The Group operates as a wholesaler and distributor of wines, beers, and spirits from a site in Nelson, Lancashire, supplying principally to food outlets around the North West of England. The Joint Administrators have announced the sale of the stock and the majority of the other business assets to Walsall based European Food Brokers Ltd. Bill Dawson, partner in the Reorganization Services practice at Deloitte, commented: "We are pleased to announce the sale of the majority of the business and assets of John Stephenson. The sale will help secure all 33 jobs at the business. "The Group has undertaken an extensive search to find an investor or buyer. It has become necessary to sell the business via an administration, due to its financial position." Raj Chatha, Chief Executive of EFB Group commented: "John Stephenson and Sons have been servicing the On Trade market with beers, wines and spirits since 1914. Their commitment to offering a local and personal service to over 1500 independent free trade accounts, matched with an extensively sourced product range has meant they have developed a formidable reputation in the local area. "Integrating John Stephenson and Sons to our portfolio adds breadth and range to our current wholesale operation. We understand the independent on trade business extremely well as we own and operate our own estate. It will strengthen our business considerably, particularly in areas such as wine, which will complement all divisions within the EFB Group." KENMORE PROPERTY: Put 21 Companies Into Administration ------------------------------------------------------ Daryl Loo at Reuters reports that Kenmore Property Group has placed 21 companies within the group into administration, and two others into receivership. Reuters relates administrator Grant Thornton said Kenmore has secured funding from Lloyds Banking Group, enabling it to continue to trade while Grant Thornton explores the group's potential restructuring opportunities with stakeholders. Grant Thornton has also been appointed as administrator for a Kenmore-connected company, Kenmore Private Equity Ltd., Reuters notes. "Our immediate objective is business as usual," Reuters quoted Rob Caven, a partner at Grant Thornton's Recovery and Reorganisation practice, as saying. Rebecca O'Connor, Patrick Hosking and Peter Jones at The Times report that Lloyds was chasing debts and investments of more than GBP700 million from the company. According to the Times, debts owed by Kenmore are part of the estimated GBP70 billion commercial property loanbook that Lloyds, which is 43%-owned by the taxpayer, inherited from HBOS when it took over the bank last year. Kenmore Property Group Ltd. -- http://www.kenmore.co.uk/-- invests in and develops commercial properties throughout the UK, Europe, and the Middle East. The company acquires (independently and in joint-venture arrangements) land for development as well as existing buildings for refurbishment; its portfolio is comprised of industrial, office, and retail properties. Kenmore, in a partnership with other investors, controls a 93-store grocery chain in Sweden; it also holds interests in France and Norway. The firm operates out of offices in Edinburgh, Scotland; London; Manchester; Birmingham; Paris; and Oslo, Norway. Chairman John Kennedy founded Kenmore in 1986. LADBROKES PLC: Closes Paddington Casino; 100 Jobs Affected ---------------------------------------------------------- Dominic Walsh at Times Online reports that Ladbrokes plc has closed its loss-making casino in Paddington, West London, with the loss of almost 100 jobs. The company, the report discloses, has also agreed a sale of the license to Quek Leng Chan, the Malaysian tycoon who owns the Thistle and Guoman hotel chains. Ladbrokes plc -- http://www.ladbrokesplc.com/-- is a betting and gaming company. The Company operates in five segments. The United Kingdom Retail segment comprises betting activities in the shop estate in Great Britain. The Other European Retail segment comprises all activities connected with the Ireland, Belgium and Italy shop estates. The eGaming segment comprises betting and gaming activities from online operations. The Telephone Betting segment comprises activities relating to bets taken on the telephone. The Other segment comprises international development operations and the start up of its Spanish joint venture. As of December 31, 2008, Ladbrokes plc had approximately 8,800 betting shops in Great Britain. On February 4, 2008, the Company acquired 100% of Agenzie Scommesse SRL, a betting company in Italy. Ladbrokes.com is a primary betting and gaming Websites with over 725,000 active customers betting in 13 languages and 18 currencies. * * * As reported in the Troubled Company Reporter-Europe on Aug. 17, 2009, Fitch Ratings changed UK-based betting operator Ladbrokes PLC's Outlook to Negative from Stable. The ratings were affirmed at Long-term Issuer Default 'BB+' and Short-term IDR 'B'. LM LOGISTICS: Creditors Back CVA Deal to Secure Future ------------------------------------------------------ EADT24 reports that LM Logistics' creditors gave their overwhelmingly support to a Company Voluntary Arrangement for the firm, thus securing its future. According to the report, the 98% vote in favor of the CVA has enabled LM Logistics to secure new investment from London firm Merchant Corporate Recovery plc which will take effective control of the company with 51% of the shares. Depending on the level of debt recovery, creditors of LM Logistics will receive a payout of between 27p and 41p in the pound, the report says. Based in Parker Avenue, Felixstowe, LM Logistics is a warehousing and distribution company. The company employs a total of 143 people and operates a fleet of about 30 vehicles. It has a total of 310,000 sq ft of warehousing space, although this is leased rather than owned. =============== X X X X X X X X =============== * BOND PRICING: For the Week November 9 to November 13, 2009 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- INVESTKREDIT AG 7.000 3/6/2021 EUR 73.39 KOMMUNALKREDIT 0.500 3/15/2019 CAD 64.40 OESTER VOLKSBK 4.170 7/29/2015 EUR 66.38 OESTER VOLKSBK 5.450 8/2/2019 EUR 66.75 OESTER VOLKSBK 4.810 7/29/2025 EUR 56.25 OESTER VOLKSBK 5.270 2/8/2027 EUR 94.14 RAIFF ZENTRALBK 4.500 9/28/2035 EUR 88.73 REPUBLIC OF AUST 2.516 10/10/2025 EUR 70.32 SAPPI PAPIER HOL 6.750 6/15/2012 USD 98.63 SAPPI PAPIER HOL 7.500 6/15/2032 USD 48.13 SAPPI PAPIER HOL 7.500 6/15/2032 USD 48.13 BELGIUM ------- FORTIS BANK 8.750 12/7/2010 EUR 22.24 BULGARIA -------- PETROL AD-SOFIA 8.375 10/26/2011 EUR 57.44 CZECH REPUBLIC -------------- CZECH REPUBLIC 2.750 1/16/2036 JPY 67.58 FINLAND ------- MUNI FINANCE PLC 1.000 11/21/2016 NZD 68.42 MUNI FINANCE PLC 1.000 10/30/2017 AUD 62.94 MUNI FINANCE PLC 1.000 2/27/2018 AUD 61.82 MUNI FINANCE PLC 0.500 9/24/2020 CAD 58.68 MUNI FINANCE PLC 0.500 3/17/2025 CAD 44.85 MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.36 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 15.01 ALCATEL SA 4.750 1/1/2011 EUR 16.45 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.61 ATARI SA 4.000 4/1/2020 EUR 0.68 ATOS ORIGIN SA 2.500 1/1/2016 EUR 48.32 CALYON 6.000 6/18/2047 EUR 45.91 CAP GEMINI SA 2.500 1/1/2010 EUR 51.87 CAP GEMINI SOGET 1.000 1/1/2012 EUR 43.27 CAP GEMINI SOGET 3.500 1/1/2014 EUR 43.29 CLUB MEDITERRANE 4.375 11/1/2010 EUR 48.24 EURAZEO 6.250 6/10/2014 EUR 56.43 GROUPE VIAL 2.500 1/1/2014 EUR 25.15 MAUREL & PROM 3.500 1/1/2010 EUR 22.71 MAUREL ET PROM 7.125 7/31/2014 EUR 18.15 NEXANS SA 4.000 1/1/2016 EUR 60.98 PEUGEOT SA 4.450 1/1/2016 EUR 31.53 PUBLICIS GROUPE 3.125 7/30/2014 EUR 33.91 PUBLICIS GROUPE 1.000 1/18/2018 EUR 44.91 RHODIA SA 0.500 1/1/2014 EUR 40.78 SCOR SA 4.125 1/1/2010 EUR 2.11 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.70 SOITEC 6.250 9/9/2014 EUR 10.28 TEM 4.250 1/1/2015 EUR 55.37 THEOLIA 2.000 1/1/2014 EUR 11.59 VALEO 2.375 1/1/2011 EUR 46.06 ZLOMREX INT FIN 8.500 2/1/2014 EUR 34.13 ZLOMREX INT FIN 8.500 2/1/2014 EUR 34.13 GERMANY ------- DEUTSCHE BK LOND 3.000 5/18/2012 CHF 74.83 DEUTSCHE BK LOND 1.000 3/31/2027 USD 48.75 ESCADA AG 7.500 4/1/2012 EUR 18.98 HSH NORDBANK AG 4.375 2/14/2017 EUR 69.19 HVB REAL ESTATE 6.480 3/21/2022 EUR 103.92 HYPO REAL ESTATE 4.690 12/14/2026 EUR 71.35 HYPO REAL ESTATE 5.440 4/13/2034 EUR 74.41 IKB DEUT INDUSTR 4.500 7/9/2013 EUR 76.63 IWKA FINANCE 3.750 11/9/2011 EUR 73.73 KAUPTHING BANK 5.750 10/4/2011 USD 18.99 KAUPTHING BANK 9.750 9/10/2015 USD 19.00 L-BANK FOERDERBK 0.500 5/10/2027 CAD 43.26 LB BADEN-WUERTT 5.250 10/20/2015 EUR 35.00 LB BADEN-WUERTT 2.500 1/30/2034 EUR 58.07 RENTENBANK 1.000 3/29/2017 NZD 67.50 SOLON AG SOLAR 1.375 12/6/2012 EUR 41.53 TUI AG 2.750 9/1/2012 EUR 74.20 TUI AG 5.500 11/17/2014 EUR 60.87 VAC FINANZ 9.250 4/15/2016 EUR 38.00 VAC FINANZ 9.250 4/15/2016 EUR 38.00 GREECE ------ YIOULA GLASSWORK 9.000 12/1/2015 EUR 55.75 YIOULA GLASSWORK 9.000 12/1/2015 EUR 55.75 HUNGARY ------- REP OF HUNGARY 2.110 10/26/2017 JPY 69.60 ZAGREBACKI HOLD 5.500 7/10/2017 EUR 81.50 ICELAND ------- GLITNIR BANKI HF 6.693 6/15/2016 USD 6.98 IRELAND ------- ALLIED IRISH BKS 5.250 3/10/2025 GBP 67.04 ALLIED IRISH BKS 5.625 11/29/2030 GBP 65.53 BANK OF IRELAND 4.875 1/22/2018 GBP 74.49 DEPFA ACS BANK 0.500 3/3/2025 CAD 30.91 DEPFA ACS BANK 5.250 3/31/2025 CAD 72.31 DEPFA ACS BANK 3.250 7/31/2031 CHF 98.39 DEPFA ACS BANK 4.900 8/24/2035 CAD 61.22 DEPFA ACS BANK 5.125 3/16/2037 USD 77.82 DEPFA ACS BANK 5.125 3/16/2037 USD 73.49 IRISH LIFE & PER 4.625 5/9/2017 EUR 69.73 IRISH NATIONWIDE 5.500 1/10/2018 GBP 42.40 ONO FINANCE II 8.000 5/16/2014 EUR 65.09 ONO FINANCE II 8.000 5/16/2014 EUR 66.13 ITALY ----- COMUNE DI MILANO 4.019 6/29/2035 EUR 72.65 ROMULUS FINANCE 5.441 2/20/2023 GBP 71.43 UNICREDITO ITALI 5.668 2/15/2035 EUR 74.02 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 30.63 BREEZE 4.524 4/19/2027 EUR 82.01 CRC BREEZE 5.290 5/8/2026 EUR 73.25 IT HOLDING FIN 9.875 11/15/2012 EUR 18.96 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 64.99 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 64.64 SAFILO CAP INTL 9.625 5/15/2013 EUR 66.25 SAFILO CAP INTL 9.625 5/15/2013 EUR 66.60 TECNOST INTL NV 3.550 5/14/2032 JPY 73.52 NETHERLANDS ----------- ABN AMRO BANK NV 3.375 8/15/2031 CHF 101.92 ABN AMRO BANK NV 6.000 3/16/2035 EUR 68.30 AI FINANCE B.V. 10.875 7/15/2012 USD 53.88 AIR BERLIN FINAN 1.500 4/11/2027 EUR 57.97 ALB FINANCE BV 9.000 11/22/2010 USD 29.49 ALB FINANCE BV 9.750 2/14/2011 GBP 29.48 ALB FINANCE BV 8.750 4/20/2011 USD 29.48 ALB FINANCE BV 7.875 2/1/2012 EUR 29.46 ALB FINANCE BV 9.250 9/25/2013 USD 29.39 ARPENI PR INVEST 8.750 5/3/2013 USD 55.00 ARPENI PR INVEST 8.750 5/3/2013 USD 55.00 ASTANA FINANCE 9.000 11/16/2011 USD 24.47 BLT FINANCE BV 7.500 5/15/2014 USD 59.50 BLT FINANCE BV 7.500 5/15/2014 USD 58.00 BK NED GEMEENTEN 0.500 6/27/2018 CAD 68.78 BK NED GEMEENTEN 0.500 2/24/2025 CAD 47.27 BSP FINANCE BV 10.750 11/1/2011 USD 71.63 CRR BV 10.000 6/19/2011 USD 9.99 ELEC DE CAR FIN 8.500 4/10/2018 USD 66.75 EM.TV FINANCE BV 5.250 5/8/2013 EUR 3.68 IVG FINANCE BV 1.750 3/29/2017 EUR 67.63 KAZKOMMERTS INTL 8.000 11/3/2015 USD 82.91 KAZKOMMERTS FIN 8.625 7/27/2016 USD 74.58 KAZKOMMERTS INTL 7.500 11/29/2016 USD 78.10 KAZKOMMERTS FIN 8.500 6/13/2017 USD 74.25 KBC IFIMA NV 6.004 2/7/2025 USD 68.09 LEHMAN BROS TSY 7.250 10/5/2035 EUR 8.97 NATL INVESTER BK 25.983 5/7/2029 EUR 36.48 NED WATERSCHAPBK 0.500 3/11/2025 CAD 46.21 NIB CAPITAL BANK 4.790 12/17/2043 EUR 69.96 NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 68.50 NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 68.50 NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 69.06 NXP BV/NXP FUNDI 9.500 10/15/2015 USD 74.50 NXP BV/NXP FUNDI 9.500 10/15/2015 USD 74.50 Q-CELLS INTERNAT 1.375 2/28/2012 EUR 69.02 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 72.60 RABOBANK 4.168 2/25/2020 EUR 87.48 TEMIR CAPITAL 9.000 11/24/2011 USD 29.00 TEMIR CAPITAL 9.500 5/21/2014 USD 19.50 TEMIR CAPITAL 9.500 5/21/2014 USD 18.70 TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.00 TURANALEM FIN BV 7.875 6/2/2010 USD 23.00 TURANALEM FIN BV 6.250 9/27/2011 EUR 22.48 TURANALEM FIN BV 7.750 4/25/2013 USD 23.04 TURANALEM FIN BV 8.000 3/24/2014 USD 24.00 TURANALEM FIN BV 8.500 2/10/2015 USD 23.02 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 37.07 NORSKE SKOGIND 7.000 6/26/2017 EUR 66.41 POLAND ------ POLAND-REGD-RSTA 2.810 11/16/2037 JPY 63.25 POLAND GOVT BOND 3.300 6/16/2038 JPY 73.66 REP OF POLAND 2.620 11/13/2026 JPY 71.76 REP OF POLAND 2.648 3/29/2034 JPY 65.85 REP OF POLAND 4.250 7/20/2055 EUR 64.45 RUSSIA ------ KAZAN ORGSINTEZ 9.250 10/30/2011 USD 79.85 SPAIN ----- GENERAL DE ALQUI 2.750 8/20/2012 EUR 55.72 MINICENTRALES 4.810 11/29/2034 EUR 61.30 SWEDEN ------ SWEDISH EXP CRED 0.500 12/17/2027 USD 49.57 SWITZERLAND ----------- CYTOS BIOTECH 2.875 2/20/2012 CHF 49.04 UBS AG JERSEY 9.000 3/9/2010 USD 57.86 UBS AG JERSEY 9.000 5/18/2010 USD 57.87 UBS AG JERSEY 9.000 6/11/2010 USD 56.66 UBS AG JERSEY 9.000 7/2/2010 USD 56.70 UBS AG JERSEY 9.000 7/19/2010 USD 57.05 UBS AG JERSEY 9.350 7/27/2010 USD 57.85 UBS AG JERSEY 9.000 8/13/2010 USD 61.85 UBS AG JERSEY 9.500 8/31/2010 USD 64.40 UBS AG JERSEY 10.000 10/25/2010 USD 65.30 UBS AG JERSEY 13.900 1/31/2011 USD 36.80 UBS AG JERSEY 14.640 1/31/2011 USD 38.65 UBS AG JERSEY 16.170 1/31/2011 USD 13.73 UBS AG JERSEY 10.000 2/11/2011 USD 60.73 UBS AG JERSEY 15.250 2/11/2011 USD 12.36 UBS AG JERSEY 11.330 3/18/2011 USD 18.44 UBS AG JERSEY 16.160 3/31/2011 USD 43.07 UBS AG JERSEY 11.030 4/21/2011 USD 21.56 UBS AG JERSEY 10.650 4/29/2011 USD 16.18 UBS AG JERSEY 13.000 6/16/2011 USD 47.34 UBS AG JERSEY 10.280 8/19/2011 USD 33.02 UBS AG JERSEY 10.360 8/19/2011 USD 52.08 UBS AG JERSEY 11.150 8/31/2011 USD 36.20 UBS AG JERSEY 9.350 9/21/2011 USD 66.10 UBS AG JERSEY 9.450 9/21/2011 USD 49.73 UBS AG JERSEY 3.220 7/31/2012 EUR 66.74 UNITED KINGDOM -------------- ALPHA CREDIT GRP 2.940 3/4/2035 JPY 73.51 AMDOCS LIMITED 0.500 3/15/2024 USD 69.50 BANK OF SCOTLAND 2.928 6/10/2020 USD 62.95 BARCLAYS BK PLC 11.650 5/20/2010 USD 47.78 BARCLAYS BK PLC 7.610 6/30/2011 USD 53.30 BARCLAYS BK PLC 10.600 7/21/2011 USD 40.34 BROADGATE FINANC 5.098 4/5/2033 GBP 68.79 BRADFORD&BIN BLD 7.625 2/16/2010 GBP 10.50 BRADFORD&BIN BLD 5.500 1/15/2018 GBP 9.99 BRADFORD&BIN BLD 5.750 12/12/2022 GBP 8.27 BRADFORD&BIN PLC 6.625 6/16/2023 GBP 6.99 BRADFORD&BIN BLD 4.910 2/1/2047 EUR 72.60 BRIT INSURANCE 6.625 12/9/2030 GBP 67.30 CATTLES PLC 7.875 1/17/2014 GBP 14.63 CITY OF KIEV 8.000 11/6/2015 USD 68.68 CITY OF KYIV 8.250 11/26/2012 USD 75.52 CO-OPERATIVE BNK 5.750 12/2/2024 GBP 76.78 CO-OPERATIVE BNK 5.875 3/28/2033 GBP 74.33 DAILY MAIL & GEN 6.375 6/21/2027 GBP 76.06 EFG HELLAS PLC 2.760 5/11/2035 JPY 63.51 ENTERPRISE INNS 6.500 12/6/2018 GBP 82.86 ENTERPRISE INNS 6.875 5/9/2025 GBP 77.43 ENTERPRISE INNS 6.375 9/26/2031 GBP 71.94 F&C ASSET MNGMT 6.750 12/20/2026 GBP 66.20 FINANCE & CREDIT 10.375 1/25/2010 USD 68.99 GREENE KING FIN 5.702 12/15/2034 GBP 70.17 HBOS PLC 4.500 3/18/2030 EUR 69.93 HBOS PLC 6.000 11/1/2033 USD 67.35 HBOS PLC 6.000 11/1/2033 USD 67.35 INEOS GRP HLDG 7.875 2/15/2016 EUR 55.81 INEOS GRP HLDG 7.875 2/15/2016 EUR 55.13 INEOS VINYLS FIN 9.125 12/1/2011 EUR 72.63 INEOS VINYLS FIN 9.125 12/1/2011 EUR 72.63 KENSINGTON GROUP 9.000 12/21/2015 GBP 62.25 LOUIS NO1 PLC 8.500 12/1/2014 EUR 73.34 LOUIS NO1 PLC 10.000 12/1/2016 EUR 62.42 MARSTONS ISSUER 5.641 7/15/2035 GBP 70.32 MITCHELLS & BUTL 6.469 9/15/2030 GBP 74.89 NATL GRID GAS 1.754 10/17/2036 GBP 47.21 NATL GRID GAS 1.771 3/30/2037 GBP 45.37 NORTHERN ROCK 5.625 1/13/2015 GBP 35.25 NORTHERN ROCK 5.750 2/28/2017 GBP 35.15 NORTHERN ROCK 10.375 3/25/2018 GBP 47.25 NORTHERN ROCK 6.375 12/2/2019 GBP 73.99 NORTHERN ROCK 9.375 10/17/2021 GBP 40.96 ONO FINANCE PLC 10.500 5/15/2014 EUR 68.75 ONO FINANCE PLC 10.500 5/15/2014 EUR 69.27 PRIVATBANK 8.000 2/6/2012 USD 77.82 PRINCIPALITY BLD 5.375 7/8/2016 GBP 52.41 PUNCH TAVERNS 7.567 4/15/2026 GBP 72.22 PUNCH TAVERNS 6.468 4/15/2033 GBP 67.43 ROYAL BK SCOTLND 4.700 7/3/2018 USD 74.57 ROYAL BK SCOTLND 9.500 4/4/2025 USD 62.79 SPIRIT ISSUER 5.472 12/28/2028 GBP 69.92 TELEREAL SECUR 5.425 12/10/2031 GBP 74.98 TXU EASTERN FNDG 6.450 5/15/2005 USD 0.01 UKRAINE GOVT 4.950 10/13/2015 EUR 67.76 UKRAINE GOVT 4.950 10/13/2015 EUR 68.82 UKRAINE GOVT 6.580 11/21/2016 USD 73.94 UKRAINE GOVT 6.580 11/21/2016 USD 73.41 UKRAINE GOVT 6.750 11/14/2017 USD 73.15 UKRAINE GOVT 6.750 11/14/2017 USD 73.47 UNIQUE PUB FIN 7.395 3/28/2024 GBP 72.13 UNIQUE PUB FIN 6.464 3/30/2032 GBP 59.60 UT2 FUNDING PLC 5.321 6/30/2016 EUR 62.02 VAB BANK 10.125 6/14/2010 USD 67.47 WESSEX WATER FIN 1.369 7/31/2057 GBP 20.27 WESSEX WATER FIN 1.499 11/29/2058 GBP 0.05 ********* 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. 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