/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/091126.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 Thursday, November 26, 2009, Vol. 10, No. 234 Headlines A U S T R I A FSL VERLAG: Claims Filing Deadline is December 29 IGNIS GMBH: Claims Filing Deadline is December 29 MARCELLO GMBH: Claims Filing Deadline is December 29 QUINTA VERMOEGENSBERATUNG: Claims Filing Deadline is December 29 B U L G A R I A EUROBANK EFG: Fitch Affirms Individual Rating at 'D' C R O A T I A AGROKOR DD: Moody's Assigns 'B2' Rating on EUR400 Mil. Notes AGROKOR DD: S&P Affirms Long-Term Corporate Credit Rating at 'B' D E N M A R K TDC A/S: Owners Start Strategic Review; Eye Share Sale F R A N C E CMA CGM: To Meet With Creditors Today, Le Figaro Says I C E L A N D HAGAR: Iceland Chief Malcolm Walker Mulls Investment I R E L A N D ARGON CAPITAL: Moody's Lifts Ratings on Series 69 Notes to 'Caa3' CELTIC RESIDENTIAL: S&P Cuts Ratings on Class C Notes to Low-B DUBLIN DOCKLANDS: Faces Bankruptcy Over EUR27-Mil. Losses in 2008 VERSAILLES CLO: Moody's Junks Rating on EUR14MM Class E Notes G R E E C E DRYSHIPS INC: Prospectus for Notes, Shares Offering Filed K A Z A K H S T A N ASIA FOOD: Creditors Must File Claims by December 9 BN INVEST: Creditors Must File Claims by December 9 BOLASHAK TRADE: Creditors Must File Claims by December 9 CREATIVE GROUP: Creditors Must File Claims by December 9 ELECTRO TRANS: Creditors Must File Claims by December 9 EURO MAX: Creditors Must File Claims by December 9 JER BARLAU: Creditors Must File Claims by December 9 MAYOLIKA STYLE: Creditors Must File Claims by December 9 SUN TECH: Creditors Must File Claims by December 9 TEMIRBANK JSC: S&P Downgrades Counterparty Credit Ratings to 'D/D' TIM STROY: Creditors Must File Claims by December 9 K Y R G Y Z S T A N ARA AND CO: Creditors Must File Claims by December 16 NEW DESTINATION: Creditors Must File Claims by December 16 N E T H E R L A N D S BOYNE VALLEY: Moody's Confirms Rating on Class E Notes at 'Caa1' BRUCKNER CDO: Moody's Junks Ratings on Six Classes of Notes EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on EUR15MM Notes GRESHAM CAPITAL: Moody's Junks Rating on EUR13.65 MM Class E Notes HALCYON STRUCTURED: Moody's Junks Rating on EUR20MM Class E Notes JOOST TECHNOLOGIES: Adconion Media Group Acquires Assets LYONDELL CHEMICAL: Reliance Should Bid Below $12BB, Analysts Say LYONDELL CHEMICAL: S&P Sees Limited Benefits for Reliance MESDAG BV: Moody's Cuts Rating on EUR39.4MM Class D Notes to 'Ba3' SCHOUTEN CERALCO: Files for Bankruptcy Before Breda Court R U S S I A AK BARS: Moody's Maintains Review on 'Ba3' Debt Ratings AVTOVAZ OAO: Russia to Transform Company with Renault's Help PROMSVYAZBANK OJSC: Moody's Puts Ba3 Rating on Subordinated Notes UC RUSAL: Derispaka, VEB to Get Over 50% Control After IPO * RUSSIA: May Shut Down 80 Banks Next Year, Vedomosti Says T U R K E Y RADIAN ASSET: S&P Cuts Insurer Financial Enhancement Rating to BB U K R A I N E METALIST ORIS: Creditors Must File Claims by November 28 NIKAS-99 LLC: Creditors Must File Claims by November 28 SANTANA TRADING: Creditors Must File Claims by November 28 SUGAR COMPANY: Creditors Must File Claims by November 28 TREMBITA AGRICULTURAL: Creditors Must File Claims by November 28 UKRAINE RAIL: Moody's Maintains Neg. Outlook on 'B2' Rating UKREURO-EXPORT LLC: Creditors Must File Claims by November 28 UKRFLOWLINE LLC: Creditors Must File Claims by November 28 U N I T E D K I N G D O M DONINGTON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'D' LEHMAN BROTHERS: Moody's Withdraws Ratings on Structured Notes LUDGATE FUNDING: S&P Affirms Rating on Class S Notes at 'CCC-' NATIONAL EXPRESS: Rights Issue Will Get Backing, Chairman Says NIPSON DIGITAL: MCR Appointed as Joint Administrators RELAX GROUP: Cleardebt Acquires Bank Debt at Discount X X X X X X X X * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= FSL VERLAG: Claims Filing Deadline is December 29 ------------------------------------------------- Creditors of FSL Verlag GmbH have until December 29, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 12, 2010 at 10:30 a.m. For further information, contact the company's administrator: Mag. Maria-Christina Nau Bahnhofsplatz 1a/Stg.1/Top 5 2340 Moedling Austria Tel: 02236/22 050 Fax: 02236/49 239 E-mail: office@viehboeck.at IGNIS GMBH: Claims Filing Deadline is December 29 ------------------------------------------------- Creditors of Ignis GmbH have until December 29, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 12, 2010 at 9:00 a.m. For further information, contact the company's administrator: Dr. Michael Lentsch Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27 0 41 Fax: 02622/27246 E-mail: office@kosch-partner.at MARCELLO GMBH: Claims Filing Deadline is December 29 ---------------------------------------------------- Creditors of Marcello GmbH have until December 29, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 12, 2010 at 12:15 p.m. For further information, contact the company's administrator: Dr. Klemens Dallinger Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dallinger@anwaltsteam.at QUINTA VERMOEGENSBERATUNG: Claims Filing Deadline is December 29 ---------------------------------------------------------------- Creditors of Quinta Vermoegensberatung GmbH have until December 29, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 12, 2010 at 12:00 p.m. For further information, contact the company's administrator: Dr. Wolfgang Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@pitzal-partner.at =============== B U L G A R I A =============== EUROBANK EFG: Fitch Affirms Individual Rating at 'D' ---------------------------------------------------- Fitch Ratings has affirmed Eurobank EFG Bulgaria AD's ratings at Long-term foreign currency Issuer Default 'BBB+' with Negative Outlook, Short-term IDR 'F2', Individual 'D' and Support '2'. The IDRs and Support rating of EFGB reflect the high potential of support from its foreign 99.9% shareholder, EFG Eurobank Ergasias S.A. (rated 'A-'/Negative) in case of need, and its close integration and cooperation with its parent bank. The Negative Outlook reflects that on Bulgaria's Long-term IDRs. EFGB's IDRs are at Bulgaria's Country Ceiling and should Fitch downgrade Bulgaria's ratings or Eurobank's, EFGB's IDRs would also be downgraded. EFGB's Individual rating reflects rapidly deteriorating asset quality -- especially in consumer loans -- due to the slowdown in the Bulgarian economy, as well as the pressure this puts on profitability together with lower business volumes. The Individual rating also considers the benefits EFGB derives from being part of the Eurobank group and its national franchise. Downward pressure on the Individual rating could come from further significant deterioration in asset quality, putting pressure on profitability and, ultimately, capital. Credit risk has been increasing rapidly in recent years as the bank expanded its loan book, especially in retail and SME loans, amid strong domestic credit growth. However, asset quality has deteriorated considerably owing to slowing Bulgarian economy and seasoning of the loan portfolio after years of fast growth. Non- performing loans (NPL defined as loans overdue more than 90 days as reported to the regulator) increased significantly and the NPL ratio is higher than the banking sector average. Fitch expects the downward trend in asset quality to continue as loans season in a weakening operating environment. EFGB is a universal bank providing a broad range of banking services to customers through its wide branch network. EFGB's assets totalled BGN6bn, making it the fifth-largest Bulgarian bank at end-September 2009. In Fitch's rating criteria, the Individual Rating reflects the standalone strength of a bank while the Support Rating reflects the probability of support from a majority shareholder and/or the State. ============= C R O A T I A ============= AGROKOR DD: Moody's Assigns 'B2' Rating on EUR400 Mil. Notes ------------------------------------------------------------ Moody's Investors Service has assigned a provisional (P)B2/LGD3 rating to the proposed EUR400 million senior notes to be issued by Agrokor D.D. The company's B2 corporate family rating and B2 probability of default rating remain unchanged at present. The outlook for all the ratings is stable. The rating action follows the announcement made by Agrokor on 23 October of its intention to redeem the outstanding EUR150 million bonds at a price of 101.75. Moody's understands that backstop funds were provided by relationship banks through a bridge loan maturing in July 2011, which Agrokor expects to repay, together with a portion of its short-term bilateral facilities, with the proceeds from the issue. As part of the overall refinancing of the existing capital structure, Agrokor has also renegotiated the covenant levels on its EUR246 million of bank debt, reducing the minimum coverage ratio to 3.0x from 3.75x and increasing the maximum leverage level to 3.75x from 3.5x. The new set of covenants will remain in place until maturity. "Moody's view the refinancing contemplated through this transaction as being positive for the Agrokor credit and if executed as planned should lead to an improvement in Agrokor's liquidity position, increasing the headroom within the new set of covenants and extending the maturity profile of its financial liabilities," said Stefano del Zompo, lead analyst for Agrokor at Moody's. "The current ratings also take into consideration the solid performance sustained by the company in a challenging business environment and the growth prospects for Agrokor's business." "The (P)B2/LGD3 rating assigned to the proposed senior unsecured notes reflects their effective subordination to only a very limited amount of secured debt at the level of the operating subsidiaries, as well as limitations to the amount of debt that could rank ahead of the notes with respect to the assets of the guarantors. The rating is also based on Moody's understanding the indenture of the notes will prevent the company's bank debt to be refinanced on a secured basis" added Mr. del Zompo. Moody's notes that many of the covenants included in the description of the notes are common with those seen in the documentation for other high yield issuers but the agency highlights that (i) the guarantor group will include companies representing approximately 77% of consolidated EBITDA and 60% of total assets at the outset, but no maintenance covenant has been included in the indenture of the notes; (ii) language in the indenture allows the use of proceeds from asset sales for purposes other than the redemption of the notes, including capital expenditures and the acquisition of long-term assets. Therefore Moody's warns that the percentage of EBITDA and assets guaranteeing the bonds might vary and potentially decrease over time. Moody's nevertheless also note that the companies comprising the guarantor group are the entities which hold the groups key retail and branded consumer products. 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 endeavor to assign a definitive rating to the notes. A definitive rating may differ from a provisional rating. The outlook is stable, reflecting the improved headroom within the company's covenant structure and the positive business performance. Moody's believes that an increase in covenant headroom to above 20%, in the context of stable operating performance, could be positive for the rating. Conversely, negative pressure could arise if headroom were to decrease below current levels. The last rating action was implemented on 13 September 2007, when Moody's changed Agrokor's outlook to stable from positive due to weaker-than-expected performance and tight covenant headroom. Based in Zagreb, Croatia, Agrokor is a food and retail conglomerate, with leading market shares in selected food segments and the food retail market in Croatia. In the nine months to 30 September 2009, Agrokor generated consolidated net revenues and EBITDA of around HRK19.7 billion and HRK1.6 billion, respectively. AGROKOR DD: S&P Affirms Long-Term Corporate Credit Rating at 'B' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it had affirmed its 'B' long-term corporate credit and senior secured debt ratings on Croatia-based food manufacturer and retailer Agrokor d.d. At the same time, a 'B' issue rating was assigned to Agrokor's proposed ? 400 million senior unsecured notes due 2016. "The affirmation follows the company's announcement of the planned issue of seven-year ?400 million senior unsecured notes, with which it aims to improve its debt maturity profile and decrease reliance on short-term debt," said Standard & Poor's credit analyst Anton Geyze. S&P views this transaction as positive for the rating. Nevertheless, S&P is maintaining its negative outlook. The ratings reflect Agrokor's highly leveraged financial profile, its limited, although improving, geographic diversification, and its large exposure to developing economies. Agrokor's business profile is supported by the company's entrenched market positions in the Croatian retail segment and several key food segments in Croatia and neighboring countries, such as ice cream, mineral water, and agriculture. The rating on the proposed notes is based on preliminary information and is subject to S&P's satisfactory review of final documentation. In the event of any changes to the amount or terms of the bond, the issue rating could be subject to further review. S&P understands that the new bond will bear no maintenance covenants, only incurrence ones. Agrokor intends to use net proceeds from the new bond issue to refinance existing senior secured notes due 2011 and part of Agrokor's existing short-term debt. As of Sept. 30, 2009, the proportion of short-term debt to total indebtedness was a very high 51%. Agrokor's management estimates that after refinancing, that ratio will decline to less than 20%. No recovery rating has yet been assigned to the proposed senior unsecured notes. S&P views Agrokor's liquidity position outside the proposed bond issue as "weak". "The negative outlook reflects S&P's concerns over Agrokor's ability to reduce its high debt leverage, which stems from significant investments, and, consequently, limited discretionary cash flow generation," said Mr. Geyze. S&P could lower the ratings if Agrokor were to fail to maintain its adjusted net debt to EBITDA at about 5x. The ratings could also be lowered if the group were unable to reduce the risk of covenant breaches and increase its financial covenant headroom to more than 10% on any test date. Future affirmations of the ratings would be supported if the group were able to demonstrate sustained improvement in its liquidity position, for example, achieve and maintain financial covenant leeway of more than 15% on any test date; increase availability of committed financing sources, such as cash and medium -to long-term committed lines; and continue to maintain limited amounts of short-term debt. ============= D E N M A R K ============= TDC A/S: Owners Start Strategic Review; Eye Share Sale ------------------------------------------------------ Martin Arnold at The Financial Times reports that the private equity owners of TDC A/S have started a strategic review that is expected to result in a big share sale next year. Nordic Telephone Company, controlled by Apax Partners, Blackstone, Kohlberg Kravis Roberts, Permira and Providence Equity Partners, owns 87.9% of TDC, according to the FT.. "The goal of focusing the company on the Nordic region, as we set out to do, is now well advanced," the FT quoted Kurt Bjoerklund, co-managing partner of Permira and a director of NTC, as saying. "We therefore find that timing and conditions are right with regards to investigating strategic alternatives for TDC." Headquartered in Copenhagen, Denmark, TDC A/S -- http://tdc.com/ -- is a provider of telecommunications solutions in Scandinavia, Switzerland and Hungary. The Company's activities comprise six principal business segments. The Business Nordic segment provides telecommunications solutions, such as data communications and Internet services, to business customers in Denmark and other Scandinavian countries. The Fixnet Nordic segment offers landline services to residential, including small office/home office (SoHo) customers, and wholesale customers in Denmark. The Mobile Nordic segment provides mobile services to residential, SoHo and wholesale customers in Denmark. The YouSee segment is a Danish provider of cable television, broadband and telephony. The Sunrise segment is a telecommunications provider in Switzerland and its activities include mobile and landline telephony, as well as Internet services. The Other activities segment includes Hungarian Telephone and Cable Corp (HTCC), TDC IT and Headquarters. * * * As reported in the Troubled Company Reporter-Europe on June 5, 2009, Standard & Poor's affirmed the 'BB-' issue rating on TDC's unsecured notes maturing up to 2012. In addition, the issue rating on the EUR7.2 billion (EUR3.6 billion outstanding as of March 31, 2009) senior secured facilities issued by TDC was affirmed at 'BB+', two notches higher than the corporate credit rating. On January 22, 2009, the Troubled Company Reporter-Europe reported that, Fitch Ratings revised TDC A/S's (TDC) Outlook to Positive from Stable due to the company's improving operational metrics and continued deleveraging. At the same time, the agency affirmed TDC's Long-term Issuer Default Rating (IDR) at 'BB-' (BB minus) and Short-term IDR at 'B'. All of TDC's instrument ratings were affirmed at their current levels. =========== F R A N C E =========== CMA CGM: To Meet With Creditors Today, Le Figaro Says ----------------------------------------------------- David Whitehouse at Bloomberg News, citing Le Figaro, reports that CMA CGM SA will meet with its creditors including more than 70 banks at France's finance ministry today, Nov. 26. As reported by the Troubled Company Reporter-Europe, Bloomberg News said CMA is trying to restructure US$5.6 billion of borrowings after plunging demand for goods left it in breach of some debt covenants. Headquartered in Marseilles, France, CMA CGM S.A. -- http://www.cma-cgm.com/-- ships freight PDQ. The marine transportation company is one of the world's leading container carriers. Through subsidiaries it operates a fleet of about 370 vessels that serve more than 400 ports around the globe, and it maintains a network of about 650 facilities in about 150 countries. In addition to hauling containers by sea, CMA CGM provides logistics services, arranging the transportation of containerized freight by river, road, and rail. The company's tourism division arranges cruises and other travel services. Chairman Jacques Saade founded the company in 1978. ============= I C E L A N D ============= HAGAR: Iceland Chief Malcolm Walker Mulls Investment ---------------------------------------------------- James Hall and Rowena Mason at the Daily Telegraph report that ex-Baugur chief Jon Asgeir Johannesson has approached Malcolm Walker about investing in his Hagar retail empire in Iceland. According to the report, Mr. Johannesson is attempting to raise up to GBP35 million to secure the future of Hagar, which runs Bonus, Hagkaup, Debenhams and 10 to 11 stores in Iceland. The report notes Mr. Johannesson over the summer tried to find investors to save Hagar. The report relates Mr. Walker, the chief executive of the Deeside-based Iceland frozen food chain, said that he is considering helping his friend out with a much-needed financial lifeline. "It is something that I would look at, to make a very small investment on a personal basis. On a personal level I have always found [Jon Asgeir] to be an honourable guy," the report quoted Mr. Walker as saying. The report recalls earlier this year Kaupthing -- now renamed Arion Bank -- proceeded to seize Hagar's assets, which had been put up as collateral for a loan to its parent company, called 1998. The holding company has debts of ISK60 billion (GBP150 million), which it cannot service. But Mr. Johannesson proposed a deal under which Kaupthing would write off a third of the loan and retain 40pc of Hagar if it could attract the new capital, the report recounts. ============= I R E L A N D ============= ARGON CAPITAL: Moody's Lifts Ratings on Series 69 Notes to 'Caa3' ----------------------------------------------------------------- Moody's Investors Service announced these rating actions on notes issued by Argon Capital PLC -- Series 69 -- Series 69 EUR 113,000,000 Secured Floating Rate Credit-Linked Notes, Upgraded to Caa3; previously on Mar 25, 2009 Downgraded to Ca. This transaction represents the repackaging of two CDO tranches, Clear PLC Series 18 notes, a managed synthetic CDO tranche and Anderson Valley II CDO P.L.C. notes, a managed hybrid CDO. All interest and principal payments Argon Capital PLC receives on the Clear PLC notes are used to pay interest and principle due on the Notes; If any distributions are received from the Anderson Valley Notes they will be paid to Note holders as an additional amount. This rating action is the result of the upgrade of Clear PLC Series 18 to Caa3 from Ca. CELTIC RESIDENTIAL: S&P Cuts Ratings on Class C Notes to Low-B -------------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on Celtic Residential Irish Mortgage Securitisation No. 12 Ltd. and Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.'s class B and C notes. At the same time, S&P has placed its rating on the class A3 notes in both transactions on CreditWatch negative and affirmed all other notes. Irish house prices have continued to decline and are currently 25% lower than their peak in February 2007 and back to December 2003 levels. In addition, severe delinquencies have increased in recent quarters. In Celtic 12, 90+ day delinquencies increased to 4.66% in September 2009 from 3.27% in March. In Celtic 13, 90+ day delinquencies increased to 1.71% in October 2009 from 1.32% in April. These two factors have led to an increase in S&P's weighted- average foreclosure frequency and weighted-average loss severity. The WAFF represents the total mortgage balance assumed to default and the WALS represents the total amount of the defaulted balance that is not recovered. These values are applied in S&P's cash flow analysis. Using the most recent loan-level data, S&P has performed updated credit and cash flow analysis. S&P's analysis shows that the class B and C notes are no longer able to pass the respective 'AA' and 'BBB' rating stresses and S&P lowered its ratings accordingly. The downgrades in Celtic 13 are by fewer notches than those in Celtic 12 due to Celtic 13's lower arrears and higher credit enhancement at closing. While significant repossessions are yet to materialize in these transactions (and as a whole in Irish RMBS) S&P look to 90+ and 180+ day arrears as indicators of possible future repossessions in the market. Rapidly decreasing house prices in Ireland may signal an increased likelihood of higher realized loss severities for loans that ultimately default. S&P has placed the class A3 notes in both Celtic 12 and Celtic 13 on CreditWatch negative. S&P expects to resolve the CreditWatch placements when S&P receive updated loan-level information after the next payment dates. S&P will seek to take into account potential future movements in house prices, severe delinquencies, and potential repossessions. Celtic 12 and 13 are Irish residential mortgage-backed securities transactions. First Active PLC originated the loans backing Celtic 12 and Ulster Bank Ireland Ltd. originated the loans backing Celtic 13. Celtic 12 closed in June 2007 and Celtic 13 closed in December 2007. Ratings List Celtic Residential Irish Mortgage Securitisation No. 12 Ltd. EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes Ratings Lowered and Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- B BBB+ AA/Watch Neg C B+ BBB/Watch Neg Rating Placed On CreditWatch Negative Rating ------ Class To From ----- -- ---- A3 AAA/Watch Neg AAA Rating Affirmed Class Rating ----- ------ A2 AAA Celtic Residential Irish Mortgage Securitisation No. 13 Ltd. EUR1,996.2 Million Residential Mortgage-Backed Floating-Rate Notes Ratings Lowered and Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- B A AA/Watch Neg C BB+ BBB/Watch Neg Rating Placed On CreditWatch Negative Rating ------ Class To From ----- -- ---- A3 AAA/Watch Neg AAA Ratings Affirmed Class Rating ----- ------ A1 AAA A2 AAA DUBLIN DOCKLANDS: Faces Bankruptcy Over EUR27-Mil. Losses in 2008 ----------------------------------------------------------------- The Irish Examiner, citing Fine Gael environment spokesman Phil Hogan, reports that the Dublin Docklands Development Authority is facing bankruptcy after making losses of EUR27 million in 2008. According to the report, Mr. Hogan said there are serious concerns that the taxpayer will be forced to bail out the organization and those responsible for the massive losses will get away scot-free. The report relates the Kilkenny TD said these latest revelations come on back of information that the Irish Glass Bottle Site had its value written down by 85%. Mr. Hogan said developers got involved with the DDDA and there are serious concerns that those responsible will get away "scot-free," the report discloses. VERSAILLES CLO: Moody's Junks Rating on EUR14MM Class E Notes ------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Versailles CLO M.E. I P.L.C. Given that this is a relatively well-performing CLO, the Class S notes remain Aaa. -- EUR102.75M Class A-1-D Senior Delayed Draw Floating Rate Notes due 2023 Notes, Downgraded to Aa1; previously on November 29, 2006 Assigned Aaa -- EUR95.3M Class A-1-T Senior Secured Floating Rate Notes due 2023 Notes, Downgraded to Aa1; previously on November 29, 2006 Assigned Aaa -- EUR33M Class A-2 Senior Variable Funding Floating Rate Notes due 2023 Notes, Downgraded to Aa1; previously on November 29, 2006 Assigned Aaa -- EUR22.5M Class B Senior Secured Floating Rate Notes due 2023 Notes, Downgraded to A3; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR18M Class C Deferrable Secured Floating Rate Notes due 2023 Notes, Downgraded to Ba2; previously on March 19, 2009 Downgraded to Baa3 and Placed Under Review for Possible Downgrade -- EUR12.2M Class D Deferrable Secured Floating Rate Notes due 2023 Notes, Downgraded to B1; previously on March 19, 2009 Downgraded to Ba3 and Placed Under Review for Possible Downgrade -- EUR14M Class E Deferrable Secured Floating Rate Notes due 2023 Notes, Downgraded to Caa2; previously on March 19, 2009 Downgraded to B3 and Placed Under Review for Possible Downgrade This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to predominantly European senior secured loans, as well as some mezzanine loan exposure. The rating actions reflect Moody's revised assumptions with respect to default probability and the calculation of the diversity score as described in the press release dated February 4, 2009, titled "Moody's updates key assumptions for rating CLOs." These revised assumptions have been applied to all corporate credits in the underlying portfolio, the revised assumptions for the treatment of ratings on "Review for Possible Downgrade", "Review for Possible Upgrade", or with a "Negative Outlook" being applied to those corporate credits that are publicly rated. Moody's also notes that a material proportion of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. As credit estimates do not carry credit indicators such as ratings reviews and outlooks, a stress of a quarter notch-equivalent assumed downgrade was applied to each of these estimates. According to Moody's, the rating actions taken on the notes are also a result of moderate credit deterioration of the underlying portfolio. This is observed through an increase in the amount of defaulted securities (currently 1% of the portfolio), and an increase in the proportion of securities from issuers rated Caa1 and below (currently 1.33% of the portfolio). The portfolio weighted average rating factor 'WARF' is currently 2459. These measures were taken from the recent trustee report dated 30 September 2009. Moody's also performed a number of sensitivity analyses, including consideration of a further decline in portfolio WARF quality. Due to the impact of all aforementioned stresses, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, and weighted average recovery rate, may be different from trustee's reported numbers. In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. =========== G R E E C E =========== DRYSHIPS INC: Prospectus for Notes, Shares Offering Filed --------------------------------------------------------- DryShips Inc. filed with the Securities and Exchange Commission prospectus supplements in connection with its offering of: -- $400,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due December 1, 2014 See http://ResearchArchives.com/t/s?4a53 -- up to an aggregate of 26,100,000 shares of common stock See http://ResearchArchives.com/t/s?4a54 The shares of common stock being offered are shares that the Company will loan to Deutsche Bank AG, London Branch, an affiliate of Deutsche Bank Securities Inc., the underwriter. The 5.00% Convertible Senior Notes are convertible into shares of common stock. The notes will be the Company's senior unsecured obligations, will rank equal in right of payment to all other senior unsecured debt, and will rank senior to all of its future subordinated debt. The Company has granted Deutsche Bank Securities the right to purchase up to an additional US$60,000,000 principal amount of the notes to cover over-allotments. DryShips said Deutsche Bank Securities or its affiliates intend to use the short position created by the share loan and the short sales of the borrowed shares for purposes reasonably designed to facilitate transactions by which investors in the 5.00% Convertible Senior Notes may hedge their investments through short sales or privately negotiated derivative transactions. The Company will not receive any proceeds from the sale of the borrowed shares, but will receive a nominal lending fee of $0.01 per share from the share borrower for the use of the borrowed shares. The share borrower or its affiliates will receive all the proceeds from the sale of the borrowed shares. As reported by the Troubled Company Reporter, DryShips this month signed an agreement with Deutsche Schiffsbank on waiver terms for two facilities with an aggregate of US$117.5 million of its outstanding debt. DryShips also signed a separate agreement with Commerzbank and West LB on waiver terms for US$70 million of its outstanding debt. About DryShips Inc. DryShips Inc. -- http://www.dryships.com/-- based in Greece, is an owner and operator of drybulk carriers and offshore oil deep water drilling that operate worldwide. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 4 ultra deep water newbuilding drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where trades under the symbol "DRYS". As of September 30, 2009, the Company had US$5,404,843,000 in total assets against US$1,900,444 in total current liabilities and US$836,760,000 in total non-current liabilities, resulting in US$2,667,639,000 in stockholders' equity. =================== K A Z A K H S T A N =================== ASIA FOOD: Creditors Must File Claims by December 9 --------------------------------------------------- Creditors of LLP Asia Food Ltd. have until December 9, 2009, to submit proofs of claim to: Jambyl Str. 9 Karaganda Kazakhstan The Specialized Inter-Regional Economic Court of Karaganda commenced bankruptcy proceedings against the company on September 1, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Karaganda Alalykin Str. 9 Karaganda Kazakhstan BN INVEST: Creditors Must File Claims by December 9 --------------------------------------------------- Creditors of LLP Bn Invest Aktobe have until December 9, 2009, to submit proofs of claim to: Altynsarin Str. 31 Aktobe Kazakhstan The Specialized Inter-Regional Economic Court of Aktobe commenced bankruptcy proceedings against the company on August 18, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Aktobe Satpaev Str. 16 Aktobe Kazakhstan BOLASHAK TRADE: Creditors Must File Claims by December 9 -------------------------------------------------------- Creditors of LLP Bolashak Trade have until December 9, 2009, to submit proofs of claim to: Makataev Str. 127 050000 Almaty Kazakhstan The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against the company on August 26, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Baizakov Str. 273b Almaty Kazakhstan CREATIVE GROUP: Creditors Must File Claims by December 9 -------------------------------------------------------- Creditors of LLP Creative Group have until December 9, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Baizakov Str. 273b Almaty Kazakhstan The court commenced bankruptcy proceedings against the company on September 2, 2009. ELECTRO TRANS: Creditors Must File Claims by December 9 ------------------------------------------------------- LLP Electro Trans Ltd. is currently undergoing liquidation. Creditors have until December 9, 2009, to submit proofs of claim to: Djandosov Str. 60a Bostandyksky District Almaty Kazakhstan EURO MAX: Creditors Must File Claims by December 9 -------------------------------------------------- Creditors of Joint Enterprise Euro Max have until December 9, 2009, to submit proofs of claim to: Makataev Str. 127 050000 Almaty Kazakhstan The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against the company on August 24, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Baizakov Str. 273b Almaty Kazakhstan JER BARLAU: Creditors Must File Claims by December 9 ---------------------------------------------------- Creditors of LLP Jer Barlau have until December 9, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Aktobe Satpaev Str. 16 Aktobe Kazakhstan The court commenced bankruptcy proceedings against the company on September 1, 2009. MAYOLIKA STYLE: Creditors Must File Claims by December 9 -------------------------------------------------------- Creditors of LLP Mayolika Style have until December 9, 2009, to submit proofs of claim to: Altynsarin Str. 31 Aktobe Kazakhstan The Specialized Inter-Regional Economic Court of Aktobe commenced bankruptcy proceedings against the company on August 18, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Aktobe Satpaev Str. 16 Aktobe Kazakhstan SUN TECH: Creditors Must File Claims by December 9 -------------------------------------------------- LLP Sun Tech Snub Ltd. is currently undergoing liquidation. Creditors have until December 9, 2009, to submit proofs of claim to: Ugo-Zapad 8 Aktobe Kazakhstan TEMIRBANK JSC: S&P Downgrades Counterparty Credit Ratings to 'D/D' ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it had lowered its long- and short-term counterparty credit ratings on Kazakhstan- based Temirbank JSC to 'D/D' from 'CC/C'. At the same time, the Kazakhstan national scale rating was lowered to 'D' from 'kzCC'. "The downgrade reflects S&P's understanding that the bank, as announced on Nov. 23, 2009, intends to restructure its debt obligations, in what S&P would consider a distressed exchange offer," said Standard & Poor's credit analyst Mikhail Nikitin. The downgrade follows the bank's having missed interest payments on its senior notes pursuant to Temir Capital B.V.'s US$1.2 billion global medium-term note program and to US$300 million senior notes. S&P understands that the bank also defaulted on the two related-party deposits due to its major shareholder BTA Bank J.S.C. (D/D) on Nov. 6 and 9, 2009. The plan will restructure the bank's international bond guarantees and domestic bonds, certain trade finance-related transactions, and certain related-party obligations of JSC Temirbank. All retail and commercial deposits (with the exception of certain related-party deposits) and the bank's other operating liabilities will be excluded from restructuring. The bank has stated that National Welfare Fund Samruk-Kazyna will provide it with equity funding and become its majority shareholder upon successful completion of the restructuring. According to its rating definitions, S&P assign a 'D' (default) rating when S&P believes that any default would be a general default rather than a selective default on a specific issue or class of obligations. S&P understands that the bank plans to propose a detailed restructuring plan and discuss the restructuring options with creditors. "It is currently unclear whether the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Organizations would put the bank into bankruptcy if it is not satisfied with the restructuring process," said Mr. Nikitin. S&P believes that Samruk Kazyna's acquisition of a majority stake in Temirbank is also uncertain under these circumstances. TIM STROY: Creditors Must File Claims by December 9 --------------------------------------------------- Creditors of LLP Tim Stroy Group have until December 9, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Baizakov Str. 273b Almaty Kazakhstan The court commenced bankruptcy proceedings against the company on September 2, 2009. =================== K Y R G Y Z S T A N =================== ARA AND CO: Creditors Must File Claims by December 16 ----------------------------------------------------- LLC Ara and Co is currently undergoing liquidation. Creditors have until December 16, 2009, to submit proofs of claim: Inquires can be addressed to (+996 312) 90-27-24 NEW DESTINATION: Creditors Must File Claims by December 16 ---------------------------------------------------------- LLC New Destination is currently undergoing liquidation. Creditors have until December 16, 2009, to submit proofs of claim to: Logvinenko Str. 26a-53 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== BOYNE VALLEY: Moody's Confirms Rating on Class E Notes at 'Caa1' ----------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Boyne Valley B.V. Given that this is a relatively well- performing CLO, the Class A-1 notes and the Class A-2a notes remain Aaa. -- EUR5,600,000 Class A-2b Senior Floating Rate Notes due 2022, Confirmed at Aa1; previously on March 4, 2009 Aa1 Placed Under Review for Possible Downgrade; -- EUR33,200,000 Class B Senior Floating Rate Notes due 2022, Downgraded to A1; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade; -- EUR38,800,000 Class C-1 Deferrable Interest Floating Rate Notes due 2022, Confirmed at Ba1; previously on March 19, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade; -- EUR6,800,000 Class C-2 Deferrable Interest Fixed Rate Notes due 2022, Confirmed at Ba1; previously on March 19, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade; -- EUR15,600,000 Class D Deferrable Interest Floating Rate Notes due 2022, Confirmed at B1; previously on March 19, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade; -- EUR13,500,000 Class E Deferrable Interest Floating Rate Notes due 2022, Confirmed at Caa1; previously on March 19, 2009 Downgraded to Caa1 and Remained On Review for Possible Downgrade; -- EUR10,000,000 Class P Combination Notes due 2022 (current rated balance of EUR7,409,030), Downgraded to Ba1; previously on March 4, 2009 Baa3 Placed Under Review for Possible Downgrade; -- EUR10,000,000 Class R Combination Notes due 2022 (current rated balance of EUR8,054,137), Downgraded to Ba2; previously on March 4, 2009 Baa3 Placed Under Review for Possible Downgrade; -- EUR10,000,000 Class S Combination Notes due 2022 (current rated balance of EUR7,408,550), Downgraded to Ba1; previously on March 4, 2009 A3 Placed Under Review for Possible Downgrade. This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to predominantly European senior secured loans as well as some mezzanine loan exposure. The rating actions reflect Moody's revised assumptions with respect to default probability and the calculation of the diversity score as described in the press release dated February 4, 2009, titled "Moody's updates key assumptions for rating CLOs." These revised assumptions have been applied to all corporate credits in the underlying portfolio, the revised assumptions for the treatment of ratings on "Review for Possible Downgrade", "Review for Possible Upgrade", or with a "Negative Outlook" being applied to those corporate credits that are publicly rated. Moody's also notes that a material proportion of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. As credit estimates do not carry credit indicators such as ratings reviews and outlooks, a stress of a quarter notch-equivalent assumed downgrade was applied to each of these estimates. According to Moody's, the rating actions on the notes also take into account moderate credit deterioration of the underlying portfolio. Moody's also performed a number of sensitivity analyses, including consideration of a further decline in portfolio WARF quality. In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. BRUCKNER CDO: Moody's Junks Ratings on Six Classes of Notes ----------------------------------------------------------- Moody's Investors Service took these rating actions on several classes of Notes issued by Bruckner CDO I BV. -- EUR28.75M Class A2-1 Secured Floating Rate Notes, Downgraded to A3; previously on Mar 11, 2009 Confirmed at Aa3 -- EUR8.5M Class A2-2 Secured Fixed Rate Notes, Downgraded to A3; previously on Mar 11, 2009 Confirmed at Aa3 -- EUR10.25M Class B Secured Floating Rate Notes, Downgraded to Ba2; previously on Mar 11, 2009 Downgraded to A2 -- EUR4.6M Class C-1 Deferrable Interest Secured Floating Rate Notes, Downgraded to Caa1; previously on Mar 11, 2009 Downgraded to Baa3 -- EUR1.15M Class C-2 Deferrable Interest Secured Fixed Rate Notes, Downgraded to Caa1; previously on Mar 11, 2009 Downgraded to Baa3 -- EUR2.6M Class D-1 Deferrable Interest Secured Floating Rate Notes, Downgraded to Caa3; previously on Mar 11, 2009 Confirmed at B2 -- EUR8.4M Class D-2 Deferrable Interest Secured Fixed Rate Notes, Downgraded to Caa3; previously on Mar 11, 2009 Confirmed at B2 -- EUR6.3M Class Q Combination Notes, Downgraded to Caa3; previously on Mar 11, 2009 Downgraded to B2 -- EUR7M Class R Combination Notes, Downgraded to Ca; previously on Mar 11, 2009 Confirmed at Caa2 -- EUR10.1M Class S Combination Notes, Downgraded to Caa3; previously on Mar 11, 2009 Downgraded to B1 This transaction is a managed cash CDO of European Structured Finance assets, with exposure to predominantly European RMBS, Consumer ABS, CLO and SME transactions. The rating actions taken on the notes are a result of credit deterioration of the underlying portfolio. The 10 years WARF has deteriorated to 939 as reported by the trustee in September 2009, (corresponding to an average portfolio rating of Ba1) compared to a WARF of 484 (Baa2) as reported by the Trustee in February 2009 at the time of the last rating actions. 6% of the portfolio is composed of EMEA CLO and Spanish SME currently under review for possible downgrade. Moody's in its analyses also takes into account an average portfolio rating of B2 as a result of standard stresses applied on the probability of default of each assets and the implementation of the forward looking measure for notching securities under review for possible downgrade. The Caa and below rated collateral obligations currently represent 6.4% of the portfolio. Although there haven't been any defaulted assets according to the latest trustee report, assets representing 2.2% of the portfolio are currently rated Ca or C by Moody's. The current WAL of the portfolio is 2.73. EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on EUR15MM Notes --------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Eurocredit CDO I B.V. The Class I notes remain Aaa mainly due the current over collateralization arising from the significant amount of deleveraging experienced by the note. -- EUR100M Class II Senior Secured Floating Rate Notes due 2012 Notes, confirmed Aa2; previously on Mar 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR41.5M Second Priority Secured Fixed Rate Notes due 2012 Notes, upgraded to Ba2; previously on Mar 20, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade -- EUR15M Third Priority Secured Fixed Rate Notes due 2012 Notes, confirmed Caa1; previously on Mar 20, 2009 Downgraded to Caa1 and Remained On Review for Possible Downgrade This transaction is a managed cash collateralized debt obligation with exposure to predominantly European high yield bonds and senior secured loans. The rating actions reflect Moody's revised assumptions with respect to default probability and the calculation of the diversity score as described in the press release dated February 4, 2009, titled "Moody's updates key assumptions for rating CLOs." These revised assumptions have been applied to all corporate credits in the underlying portfolio, the revised assumptions for the treatment of ratings on "Review for Possible Downgrade", "Review for Possible Upgrade", or with a "Negative Outlook" being applied to those corporate credits that are publicly rated. Moody's also notes that 14.86% of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. As credit estimates do not carry credit indicators such as ratings reviews and outlooks, a stress of a quarter notch-equivalent assumed downgrade was applied to each of these estimates. Moody's notes that the upgrade actions have incorporated the aforementioned stresses as well as credit deterioration in the underlying portfolio. However, the actions reflect updated analysis indicating that the impact of these factors on the ratings of these notes is not as negative as previously assessed during Stage I of the deal review in March. The current conclusions stem from comprehensive deal-level analysis completed during Stage II of the ongoing CLO surveillance review, which included an in-depth assessment of results from Moody's quantitative CLO rating model along with an examination of deal- specific qualitative factors. By way of comparison, during Stage I Moody's took rating actions that were largely the result of a parameter-based approach. According to Moody's, the rating actions taken on the notes additionally take into account credit deterioration of the underlying portfolio. This is observed through a decline in the average credit rating as measured through the portfolio weighted average rating factor 'WARF' (currently 3465 including defaults), an increase in the amount of defaulted securities (currently 12.46% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 15.54% of the portfolio), and a failure of Moody's minimum diversity test and the third priority notes par value tests. These measures were taken from the recent trustee report dated 30 October 2009. Moody's also performed a number of sensitivity analyses, including consideration of a further decline in portfolio WARF quality. Due to the impact of all the aforementioned stresses, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, and weighted average recovery rate, may be different from trustee's reported numbers. In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, specific documentation features and the collateral manager's track record. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. GRESHAM CAPITAL: Moody's Junks Rating on EUR13.65 MM Class E Notes ------------------------------------------------------------------ Moody's Investors Service took these rating actions on notes issued by Gresham Capital CLO II B.V. -- EUR121.5M Class A Senior Secured Floating Rate Notes due 2026, Downgraded to Aa2; previously on Dec 27, 2006 Assigned Aaa -- EUR75M Senior Secured Floating Rate Variable Funding Notes due 2026, Downgraded to Aa2; previously on Dec 27, 2006 Assigned Aaa -- EUR22.8M Class B Deferrable Secured Floating Rate Notes, Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR17.1M Class C Deferrable Secured Floating Rate Notes due 2026, Downgraded to Ba2; previously on Mar 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR14.7M Class D Deferrable Secured Floating Rate Note, Downgraded to B1; previously on Mar 19, 2009 Downgraded to Ba3 and Remained On Review for Possible Downgrade -- EUR13.65M Class E Deferrable Secured Floating Rate Notes due 2026, Downgraded to Caa2; previously on Mar 19, 2009 Downgraded to B3 and Remained On Review for Possible Downgrade -- EUR5M Class S1 Combination Notes due 2026, Downgraded to Ba2; previously on Mar 4, 2009 A2 Placed Under Review for Possible Downgrade This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to European senior secured loans, structured finance securities as well as some mezzanine loan exposure. The rating actions reflect Moody's revised assumptions with respect to default probability and the calculation of the diversity score as described in the press release dated February 4, 2009, titled "Moody's updates key assumptions for rating CLOs." These revised assumptions have been applied to all corporate credits in the underlying portfolio, the revised assumptions for the treatment of ratings on "Review for Possible Downgrade", "Review for Possible Upgrade", or with a "Negative Outlook" being applied to those corporate credits that are publicly rated. Moody's also notes that a material proportion of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. As credit estimates do not carry credit indicators such as ratings reviews and outlooks, a stress of a quarter notch-equivalent assumed downgrade was applied to each of these estimates. According to Moody's, the rating actions taken on the notes are also a result of credit deterioration of the underlying portfolio. This is observed through a decline in the average credit rating as measured through the portfolio weighted average rating factor 'WARF' (currently 2537), an increase in the amount of defaulted securities (currently 3.3% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 15.5% of the portfolio), and a failure of Class D and Class E par value tests. These measures were taken from the recent trustee report dated 20 Oct 2009. Moody's also performed a number of sensitivity analysis, including consideration of a further decline in portfolio WARF quality. Due to the impact of all the aforementioned stresses, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor and weighted average recovery rate may be different from trustee reported numbers. In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. HALCYON STRUCTURED: Moody's Junks Rating on EUR20MM Class E Notes ----------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Halcyon Structured Asset Management European CLO 2006-I B.V. Given that this is a relatively well-performing CLO, the Class A-1 and A-1R notes remain Aaa. -- EUR40M Class B Senior Secured Floating Rate Notes due 2021, Downgraded to Aa3; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR30M Class C Senior Secured Deferrable Floating Rate Notes due 2021, Confirmed at Baa3; previously on March 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR15M Class D Senior Secured Deferrable Floating Rate Notes due 2021, Confirmed at Ba3; previously on March 19, 2009 Downgraded to Ba3 and Remained On Review for Possible Downgrade -- EUR20M Class E Senior Secured Deferrable Floating Rate Notes due 2021, Downgraded to Caa1; previously on March 19, 2009 Downgraded to B3 and Remained On Review for Possible Downgrade This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to predominantly European senior secured loans. According to Moody's, the rating actions taken on the notes take into account moderate credit deterioration of the underlying portfolio. This is observed through a slight decline in the average credit rating as measured through the portfolio weighted average rating factor 'WARF' (currently 2689), an increase in the amount of defaulted securities (currently 6% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 7.76% of the portfolio), and a failure of Class D and Class E Par Value Tests. These measures were taken from the recent trustee report dated 29 October 2009. Moody's also performed a number of sensitivity analyses, including consideration of a further decline in portfolio WARF quality. Due to the impact of all the below mentioned stresses, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, and weighted average recovery rate, may be different from trustee's reported numbers. The rating actions reflect Moody's revised assumptions with respect to default probability and the calculation of the diversity score as described in the press release dated February 4, 2009, titled "Moody's updates key assumptions for rating CLOs." These revised assumptions have been applied to all corporate credits in the underlying portfolio, the revised assumptions for the treatment of ratings on "Review for Possible Downgrade", "Review for Possible Upgrade", or with a "Negative Outlook" being applied to those corporate credits that are publicly rated. Moody's also notes that a material proportion of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. As credit estimates do not carry credit indicators such as ratings reviews and outlooks, a stress of a quarter notch-equivalent assumed downgrade was applied to each of these estimates. In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. JOOST TECHNOLOGIES: Adconion Media Group Acquires Assets -------------------------------------------------------- Media Week reports that Adconion Media Group has acquired assets from Joost Technologies B.V. for an undisclosed sum. According to the report, following the acquisition, 60% of Joost's team will be folded into Adconion as it continues to operate Joost.com, providing clients with a destination site to showcase and distribute its branded entertainment content. As reported by the Troubled Company Reporter-Europe on Oct. 16, 2009, the U.K. arm of Joost was put into liquidation after failing to find a buyer. The FT disclosed Joost failed to strike crucial deals with large media companies. Joost Technologies B.V. -- http://www.joost.com/-- focuses on providing online video platforms for media companies, targeting cable and satellite providers, broadcasters, and video aggregators. Formerly a Web site for consumers to access nearly 60,000 television shows, movies, and music videos, in 2009 Joost restructured after losing its licensing agreement with Sony Pictures. It continues to operate Joost.com as a video site. Joost has offices in London and New York. The company was founded in 2006 by Skype co-founders Niklas Zennstrom and Janus Friis, who are also investors in Joost. LYONDELL CHEMICAL: Reliance Should Bid Below $12BB, Analysts Say ---------------------------------------------------------------- Various analysts say that India-based Reliance Industries Ltd. would benefit from a combination with LyondellBasell Industries if it buys the Rotterdam-based chemical co. for less than US$12 billion. Reliance has submitted a preliminary offer to pay an undisclosed amount of cash to buy a controlling stake in LyondellBasell, which currently is in Chapter 11 protection in the U.S. Reliance's bid for bankrupt LyondellBasell will be "positive" if India's largest company pays less than US$12 billion, brokerage CLSA Asia-Pacific Markets said, according to a report by Bloomberg News. "Any acquisition in the range of US$11 to US$12 billion could be funded with just one year of internal accrual," said Amit Rustagi, a Mumbai-based analyst at Antique Stock Broking. Reliance will receive as much as $12 billion in "free cash flow" annually as its biggest gas field reaches full output next year, he said. Free cash flow is operating cash flow minus capital spending. According to Bloomberg, the two companies' combined revenue of $80 billion would outsize Dow Chemical Co., the largest U.S. chemical company, and BASF SE. Reliance would gain access to the U.S. fuel market, the world?s biggest, and become the largest producer of polypropylene used in refrigerator casings. Reliance can use its US$5.5 billion cash reserves to help fund what would be its largest offshore purchase. The Wall Street Journal, citing unidentified people, said Reliance Industries made an offer of around US$12 billion to take a controlling interest in LyondellBasell. The Financial Times cited an unnamed person close to Reliance as saying the company plans to pay US$10 billion for the stake. The Times of India, citing an unidentified banker, said the price may be at least US$12 billion, while the Economic Times, a sister publication, said it may range from US$6 billion to US$10 billion. Reuters reported a price of as much as US$12 billion. Competing Bids? Bloomberg News, citing two people familiar with the matter, reports that China Petroleum & Chemical Corp., the nation's biggest oil refiner, and U.S. buyout firm TPG have weighed a bid for LyondellBasell that could challenge Reliance Industries Ltd.'s offer of about $12 billion. The Chapter 11 Plan Lyondell Chemical filed its Plan on September 11, 2009, asking creditors to forgo about US$18 billion of its US$27 billion debt. However, lawsuits that could affect recovery by creditors have delayed the plan approval process. A full-text copy of the Debtors' Joint Plan is available for free at http://bankrupt.com/misc/Lyondell_Sept11JointReorgPlan.pdf A full-text copy of the Debtors' Disclosure Statement is available for free at: http://bankrupt.com/misc/Lyondell_Sept11DisclosureStat.pdf About Lyondell Chemical LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. On January 6, 2009, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y. Lead Case No. 09-10023). Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24, 2009, in order to seek protection against claims by certain financial and U.S. trade creditors. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately US$8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a US$6.5 billion term loan, which comprises a US$3.25 billion in new loans and a US$3.25 billion roll-up of existing loans; and a US$1.57 billion asset-backed lending facility. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: S&P Sees Limited Benefits for Reliance --------------------------------------------------------- The consolidated financial metrics of Reliance Industries Ltd. (BBB/Negative/--), India's largest private sector company, could weaken over the next 12 months if the company proceeds with a proposal to acquire Netherlands-based LyondellBasell Industries AF S.C.A (not rated); Standard & Poor's Ratings Services therefore stands by its negative rating outlook. Although Standard & Poor's acknowledges that the transaction could bring some strategic benefits, it believes the synergies would be limited. "The acquisition would weaken Reliance Industries' metrics even after factoring in the company's cash and cash equivalent of about US$4 billion as at Sept. 30, 2009. However, we believe that its financial risk profile could change if competitive bidding from other interested companies increases the bid price, or the company sells some of its treasury stocks," said Standard & Poor's credit analyst Yasmin Wirjawan. According to the company, the transaction remains contingent on the resolution of LyondellBasell's existing litigation and future obligations, if any. Reliance Industries has submitted a preliminary non-binding offer to acquire, for cash, a controlling interest in LyondellBasell, a highly backward-integrated commodity chemical producer. Standard & Poor's expects Reliance Industries' market position in the chemical market and its geographical diversification to improve if the acquisition materializes because LyondellBasell is one of the largest chemical producers in the world with operations in North America and Europe. The transaction would also provide Reliance Industries with access to LyondellBasell's leading technology. Conversely, LyondellBasell should be able to improve its operating performance through Reliance Industries' experience of running highly efficient operations. "The combined company would, however, remain significantly exposed to the cyclical nature of the commodity industry, and we expect limited integration benefits," said Ms. Wirjawan. The timeline for completing the proposed acquisition is uncertain, as LyondellBasell must first emerge from Chapter 11 (or bankruptcy) proceedings and finalize its reorganization. The transaction is at an early stage and may or may not materialize; and if it proceeds, the terms could be amended. The transaction also requires approval from the respective boards, shareholders, and the U.S. Bankruptcy Court. "The negative rating outlook on our rating for Reliance Industries also factors in the relatively weak global economic environment, which has undermined the profitability of commodity-related companies like Reliance Industries and LyondellBasell," said Standard & Poor's credit analyst, Suzanne Smith, managing director, Corporate & Government Ratings, South and Southeast Asia. The outlook also takes into consideration the uncertainty over the size of the cash flow contribution to the company from gas production due to legal disputes with Reliance Natural Resources Ltd. (RNRL) and NTPC Ltd. (BBB/Negative/--). MESDAG BV: Moody's Cuts Rating on EUR39.4MM Class D Notes to 'Ba3' ------------------------------------------------------------------ Moody's Investors Service has taken these rating actions on Notes issued by Mesdag (Charlie) B.V. (amounts reflecting original outstandings): -- EUR355M Class A Commercial Mortgage Backed Floating Rate Notes 2007 due 2019, Affirmed at Aaa; previously on Apri 19, 2007 Definitive Rating Assigned Aaa -- EUR44.7M Class B Commercial Mortgage Backed Floating Rate Notes 2007 due 2019, Downgraded to A1; previously on Apr 8, 2009 Aa2 Placed On Review for Possible Downgrade -- EUR44.7M Class C Commercial Mortgage Backed Floating Rate Notes 2007 due 2019, Downgraded to Baa2; previously on Apr 8, 2009 A2 Placed On Review for Possible Downgrade -- EUR39.4M Class D Commercial Mortgage Backed Floating Rate Notes 2007 due 2019, Downgraded to Ba3; previously on Apr 8, 2009 Baa3 Placed On Review for Possible Downgrade Moody's does not rate the Classes E and X Notes issued by Mesdag (Charlie) B.V. The rating action concludes the review for possible downgrade that was initiated for the Classes B, C and D Notes on 8 April 2009 and takes Moody's updated central scenarios into account, as described in Moody's Special Report "Moody's Updates on Its Surveillance Approach for EMEA CMBS". 1) Transaction and Portfolio Overview Mesdag (Charlie) B.V. closed in April 2007 and represents the true-sale securitization of initially 9 mortgage loans originated by NIBC. The loans are secured by first-ranking legal mortgages over initially 149 (currently 128) commercial and residential properties located in Germany (88% of initial underwriter's market value) and The Netherlands (12% of initial underwriter's market value). The overall properties is was mainly residential (83%), office (15%) and a mix of residential, office, retail and other uses. Since closing, 10.1% of the initial pool repaid or prepaid. The NRW Loan (EUR 34.8 million initially) was fully prepaid in October 2007. The Tommy Loan was partially prepaid during the first quarter of 2009, following the disposal of one of the properties. Furthermore, some scheduled amortization occurred on some of the loans, notably the Berlin Loan (28% of the current securitized pool). The current portfolio balance is approximately EUR443.9 million compared with EUR 493.7 million initially. The three largest loans in the pool are the TOR Loan, the Berlin Loan and the Tommy Loan, which together contribute 81.3% of the total current securitized balance. The other 5 loans together contribute 18.7% of the total current securitized balance. The current loan Herfindahl index is 3.5, compared to 4.1 at closing. 2) Transaction Performance History Since closing, the prepayment proceeds and the scheduled amortization have been allocated to the Notes on a mix of sequential, modified pro-rata and pro-rata basis, according to the provisions of the three loan buckets. The prepayment of the NRW Loan was applied on a pro-rata basis, whereas the partial prepayment of the Tommy Loan was applied fully sequential. The Class A subordination level has very marginally increased from 28.1% to 28.6% since closing. As of the last interest payment date, none of the loans were on the servicer's watchlist or in special servicing. 3) Rating Rationale The affirmation of Class A and the downgrades of the Classes B, C, and D Notes follow a detailed re-assessment of the loan and property portfolio's credit risk. Hereby, Moody's main focus was on property value declines, term default risk, refinancing risk and the anticipated work-out timing for potentially defaulting loans. In its review, Moody's reassessed each loan in the transaction and especially concentrated on the five largest loans in the portfolio accounting for on aggregate 95% of the current portfolio i.e. the TOR Loan, the Berlin Loan, the Tommy Loan and the Dutch Offices I and Dutch Offices II Loans. As outlined in more detail below, the rating action is mainly driven by: (i) The recent performance of the German and Dutch commercial and residential property markets; (ii) Moody's opinion about future property market performance; and (iii) The in Moody's view increased refinancing risk of the securitized loans. Prompted by, in most cases, a higher default risk assessment at the loan maturity dates, Moody's now anticipates that a substantial portion of the portfolio will default over the course of the transaction term. However, Moody's still expects only a low amount of losses on the securitized portfolio, despite the negative impact of reduced property values. Given the back-loaded default risk profile for most of the loans and the anticipated work-out strategy for potentially defaulting loans, those expected losses would crystallize mostly towards the end of the transaction term, in 2013 and later. A notable exception is the Schiphol Loan (2.6% of the current pool), which could default at expiry of the loan term in December 2010, in particular if the current lease was not extended. The current subordination levels of 19.4% for the Class B Notes, 10.1% for the Class C Notes and 2.0% for the Class D Notes provide some protection against those expected losses. However, the likelihood of higher than expected losses on the portfolio has increased considerably, which results in the rating action. The Class A Notes, benefiting from 28.6% subordination, are in Moody's view still sufficiently protected against the increase in portfolio credit risk, which results in the rating affirmation. The Class B, C, and D Notes are subordinated in the transaction's capital structure. Due to this additional leverage, the higher portfolio risk assessment has a relatively bigger impact on the expected loss of the more junior Notes than on the expected loss of the more senior Notes. 4) Moody's Portfolio Analysis Property Values. Property values in Germany and The Netherlands have declined mid-2009 and are expected to continue to decline at least until 2010. Moody's estimates that compared to the underwriter's values at closing, the values of the properties securing this transaction have declined on a like-for-like basis on average by approximately 17% until mid-2009, and up to 27% for the portfolio securing the Tommy Loan. Looking ahead, Moody's anticipates further declines until 2010 and 2011, resulting in, on average, a 20% overall value decline from the closing U/W value. Based on this property value assessment, Moody's estimates that the transaction's mid-2009 weighted average securitized loan-to- value ratio was 89% compared to the current U/W LTV of 73%. Due to the further envisaged declines, the WA LTV will increase in Moody's opinion to 94% in 2010 and will only gradually recover thereafter. Accounting for the expected amortization on some of the loans and market recovery from 2011 onwards, the overall leverage will be 78% based on anticipated market values at refinancing. Moody's has taken the anticipated property value development, including a gradual recovery from 2011 onwards, into account when analyzing the default risk at loan maturity and the loss given default for each securitized loan. Refinancing Risk. The Schiphol Loan (2.6% of the current pool) is due to refinance in December 2010. This loan is secured by an office property near Amsterdam Schiphol International Airport, let to the Dutch Government on a lease expiring in December 2010 and to be extended for a further five years, unless the tenant gives notice otherwise before the end of 2009. Should the five year lease extension be cancelled, Moody's would anticipate a very high refinancing risk for this loan. One further loan, the Dutch Offices I Loan accounting for 7.5% of the current pool, will mature in December 2011. The remaining loans have maturity dates in 2013, 2014 and 2016. Moody's adjustment of the refinancing risk assessment is primarily due to the decrease in property values and for the shorter loans its expectations that commercial real estate lending will remain scarce over the next 2 to 3 years. For loans maturing later, as Moody's expects property values in the Continental European markets to only slowly recover from 2011 onwards, all these loans, with the exceptions of the Berlin Loan and the Tommy Loan, will still be highly leveraged at their respective expected maturity dates. Consequently, in Moody's view, the default risk at maturity has increased substantially compared to the closing analysis for most of the loans. Term Default Risk. The occupational markets in Continental Europe are currently characterized by falling rents, increasing vacancy rates and higher than average tenant default rates. In particular, loans secured by Properties which will experience significant lease rollover over the next few years could be, in Moody's view, especially exposed to weakening occupational markets. As a consequence, Moody's has incorporated into its analysis an allowance for deterioration in coverage ratios and weakening tenant qualities, in turn increasing the term default risk assumption for some of the loans. Overall Default Risk. Based on its revised term and maturity default risk assessment for the securitized loans, Moody's anticipates that a substantial portion of the portfolio will default over the course of the transaction term. The default risk of all the loans is predominantly driven by refinancing risk. The refinancing risk of the Schiphol Loan is mainly driven by the lease extension status. Excluding the Schiphol Loan, the TOR Loan (43.2% of the current pool) has, in Moody's view, the highest default risk, while the Tommy Loan (10.1% of the current pool) has the lowest risk of defaulting. Due to its predominance in the pool and relatively high default risk, the TOR Loan is accounting for a very large portion of the portfolio expected loss. Concentration Risk. The portfolio securitized in this transaction exhibits an average concentration in terms of property types and property location. Work-Out Strategy. In scenarios where a loan defaults, Moody's current expectation is that the servicer will most likely not pursue an immediate sale of the property in the depressed market conditions. Therefore, Moody's has assumed that in most cases, upon default, a sale of the mortgaged properties and ultimate work-out of the loan will occur at a later point in time. Increased Portfolio Loss Exposure. Taking into account the increased default risk of the loans, the most recent performance of the commercial property markets in Germany and The Netherlands, Moody's opinion about future property market performance and the most likely work-out strategies for defaulted loans, Moody's anticipates a comparably low amount of losses on the securitized portfolio, which will, given the anticipated work-out strategy for defaulted loans, crystallize only towards the end of the transaction term. SCHOUTEN CERALCO: Files for Bankruptcy Before Breda Court --------------------------------------------------------- Schouten Ceralco B.V. has filed for bankruptcy with the court of Breda. During the last few weeks, Schouten Ceralco has explored several possibilities to continue its activities as a trading company in agricultural products. Unfortunately, this has not led to a positive result. Catherine Hornby at Reuters reports that market players said that talk about Schouten Ceralco facing financial difficulties had led to position adjustments in recent days. "Those who had sold to Schouten went to sell somewhere else, and those who were buyers went to buy somewhere else, and this has led to a boost in activity," Reuters quoted a cash cereals broker as saying. "The only thing left for these clients is to buy handkerchiefs. There is not a great deal they will get back. One cannot shave a bald man." The broker told Reuters "The bankruptcy is only for Schouten Ceralco, but there are several other (Schouten units) so the question is what will happen with the others." Schouten Ceralco -- http://www.royalschouten.com/-- is part of the Royal Schouten Group. The company supplies soy, corn, palm oil, grains, and other products to the food, feed, and bio-energy markets. Schouten Products develops and produces vegetable-based ingredients, including toasted soya, tapioca, and corngluten meal, that are used to produce animal feed. =========== R U S S I A =========== AK BARS: Moody's Maintains Review on 'Ba3' Debt Ratings ------------------------------------------------------- Moody's Investors Service has maintained the review for a possible downgrade on the ratings of AK Bars Bank. The review is expected to be concluded in December 2009, after additional analysis of the recent capital increase. The rating agency is also awaiting further clarifications on the level of ABB's credit risk exposure. Moody's placed ABB's Ba3 debt and deposit ratings, E+ bank financial strength rating (mapping to a B2 baseline credit assessment) and Aa3.ru National Scale Rating on review for possible downgrade following a downgrade to those levels on 28 July 2009. The downgrades were driven by the weakening of ABB's financial fundamentals, particularly capitalisation and asset quality. Moody's understands that a regional state company and a state fund have made a capital injection of RUB9 billion (US$310 million) into the bank in November 2009. Following the capital increase, Moody's requested additional comments from ABB in respect of the ultimate new shareholders of the bank. As ABB's debt and deposit ratings all benefit from a two-notch uplift due to expected support from the government of Tatarstan, the rating agency is seeking greater clarity regarding the new shareholding structure of the bank. In addition, Moody's is also examining ABB's credit risk exposure. The bank has large loans issued to related-party borrowers in higher risk industries, including securities trading. The rating agency is stress-testing of ABB's asset quality to evaluate the impact of expected asset quality deterioration on the bank's capitalisation level. The last rating action on ABB was implemented on 28 July 2009, when Moody's downgraded the bank's ratings and placed them on review for possible downgrade. The principal methodologies used in rating Bank Finance and Credit were "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology," which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Headquartered in the City of Kazan in Tatarstan, Russian Federation, ABB ranks among the 20 largest Russian banks. At mid- 2009, under IFRS, ABB reported total consolidated assets and total equity of RUB207 billion (US$6.6 billion) and RUB17.8 billion (US$569 million), respectively (vs. RUB203 billion and RUB18.3, respectively, at YE2008). The bank was founded in 1993 by the government of Tatarstan, which controls the bank. The government does not own this majority stake directly, but controls the bank through various companies and ministries. The bank has a dominant position in Tatarstan, largely due to the support from the regional government. AVTOVAZ OAO: Russia to Transform Company with Renault's Help ------------------------------------------------------------ Ilya Khrennikov at Bloomberg News reports that Russian Prime Minister Vladimir Putin's deputy Igor Shuvalov pledged to "transform" troubled automaker OAO AvtoVAZ in partnership with part-owner Renault SA. According to Bloomberg, Mr. Shuvalov said in a statement distributed after a meeting of senior officials in Moscow Tuesday that Mr. Putin will discuss plans to turn AvtoVAZ into a "modern" producer of "high-quality" cars during his trip to Paris this week. Bloomberg relates Mr. Shuvalov said AvtoVAZ will preserve the Lada brand. As reported by the Troubled Company Reporter-Europe on Nov. 5, 2009, the Financial Times said the Russian government was considering raising nearly US$2 billion on the market to help Avtovaz stave off bankruptcy and pay off its debts. The FT disclosed Mr. Putin said the government was looking at plans to raise RUR54.8 billion (US$1.87 billion, GBP1.1 billion) to help Avtovaz, Russia's biggest carmaker, pay off RUR38 billion in debt and inject at least another RUR12 billion in funds to upgrade the company's outdated Lada cars and RUR4.8 billion to create new jobs. 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. PROMSVYAZBANK OJSC: Moody's Puts Ba3 Rating on Subordinated Notes ----------------------------------------------------------------- Moody's Investors Service has assigned a Ba3 rating to the subordinated notes issued under the Loan Participation Notes issuance program of Promsvyazbank (Russia). The LPNs were issued on a limited recourse basis by PSB Finance S.A. for the sole purpose of funding a loan to Promsvyazbank. The outlook on the rating is negative. The total maximum size of the program is US$3 billion, while the amount of the drawdown is US$200 million. The issue has a coupon rate of 12.75% and matures in 2015. The program allows for issuance of both senior and subordinated notes; the drawdown represents a subordinated class of debt. Moody's noted that the one-notch differential between this rating and Promsvyazbank's Ba2 global local currency deposit rating represents the level of subordination of the notes, which are ranked junior to senior creditors and pari passu among themselves. The holders of the notes will rely for repayment solely and exclusively on the ability of Promsvyazbank to make payments under the loan agreement. Promsvyazbank is rated Ba2/Not Prime for long- and short-term foreign and local currency deposits, and D for financial strength. All of Promsvyazbank's ratings carry a negative outlook. The loan agreement and all matters arising from or connected with it are governed by and shall be construed in accordance with English law. Moody's previous rating action on Promsvyazbank was on 16 March 2009 when the outlook on the D bank financial strength rating and Ba2 long-term global local and foreign currency deposit ratings of Promsvyazbank was changed to negative from stable. As of mid-2009, Promsvyazbank reported total IFRS assets of RUB414 billion (US$13.3 billion) down from RUB462 billion (US$15.7 billion) as of YE2008, shareholders' equity decreased to RUB39.5 billion (US$1.3 billion) from RUB40.0 billion (US$1.4 billion). Its net IFRS after-tax loss for the six months of 2009 totalled RUB384 million (US$12.4million) compared to after-tax income of RUB2.563 billion (US$109.5million) for the previous reporting period. PSB Finance S.A. is a special purpose vehicle incorporated under the laws of Luxembourg. UC RUSAL: Derispaka, VEB to Get Over 50% Control After IPO ---------------------------------------------------------- Paul Abelsky and Maria Kolesnikova at Bloomberg News report that Russia Finance Minister Alexei Kudrin said Oleg Deripaska and state-owned lender Vnesheconombank will control more than 50% of United Co. Rusal after the company's initial public offering. "With a placement of a 10 percent stake, Deripaska will lose control," Bloomberg quoted Mr. Kudrin as saying at a conference organized by Vedomosti, a newspaper. "But, by buying 3 percent, we get a controlling stake. Three percent is necessary to keep control." Rusal, Bloomberg discloses, plans to sell a 10% stake in Hong Kong this year to help repay more than US$14 billion of debt. Debt Restructuring Catherine Belton at The Financial Times report bankers working for Rusal worked through the night on Wednesday in an effort to clinch a US$7.4 billion debt restructuring agreement. According to the FT, the company must finalize a deal with more than 70 foreign and Russian creditors before it can go ahead with the IPO. The Hong Kong Stock Exchange will hold a crucial hearing on the IPO today and may not give it the green light if not all of the banks have signed off on the restructuring. The FT relates people close to the company insisted on Wednesday that, even though Mr. Deripaska's stake in the company could slip below 50% as a result of the share offering and debt restructuring, Mr. Deripaska would still retain control. 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. * RUSSIA: May Shut Down 80 Banks Next Year, Vedomosti Says ---------------------------------------------------------- Anna Shiryaevskaya at Bloomberg News reports that Vedomosti, citing Alexander Turbanov, head of Russia's Deposit Insurance Agency, said Russian regulators may close 80 banks next year as the country's worst financial crisis in more than a decade make it harder for smaller lenders to raise capital. =========== T U R K E Y =========== RADIAN ASSET: S&P Cuts Insurer Financial Enhancement Rating to BB ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on three emerging market (Turkish) asset-backed future flow diversified payment rights securitizations issued by Garanti Diversified Payment Rights Finance Co. (Turkiye Garanti Bankasi), VB DPR Finance Co. (Vakifbank), and Yapi Kredi Diversified Payment Rights Finance Co. The rating actions follow the Nov. 24, 2009, lowering of S&P's insurer financial enhancement rating on Radian Asset Assurance Inc. (Radian), the bond insurer, to 'BB' from 'BBB-'. Under S&P's criteria, its issue rating on an insured bond reflects the higher of its rating on the bond insurer (monoline) and Standard & Poor's underlying rating (SPUR) on the securities (see "Methodology: The Interaction Of Bond Insurance And Credit Ratings," published on Aug. 24, 2009). S&P's 'BBB-' ratings on the three transactions were previously based on Radian's insurer financial enhancement rating ('BBB-') and the transactions' SPURs ('BBB-') because they were equal. Upon Radian's rating downgrade, S&P affirmed its ratings on the three transactions to reflect the corresponding SPURs ('BBB-') and the delinking of the ratings on the transactions from S&P's rating on the bond insurer. S&P will continue to surveil the ratings on these future flow securitizations and revise them as necessary to reflect any changes in the transactions' underlying credit quality. Ratings Affirmed Garanti Diversified Payment Rights Finance Co. Series Rating ------ ------ 2005-F BBB- VB DPR Finance Co. (Vakifbank) Series Rating ------ ------ 2006-C BBB- Yapi Kredi Diversified Payment Rights Finance Co. Series Rating ------ ------ 2006-C BBB- ============= U K R A I N E ============= METALIST ORIS: Creditors Must File Claims by November 28 -------------------------------------------------------- Creditors of LLC Metalist Oris Plant (code EDRPOU 23289049) have until November 28, 2009, to submit proofs of claim to: N. Martinenko Insolvency Manager Post Office Box 151 69006 Zaporozhye Ukraine The Economic Court of Zaporozhye commenced bankruptcy proceedings against the company on October 26, 2009. The case is docketed under Case No. 26/170/09. The Court is located at: The Economic Court of Zaporozhye Shaumian Str. 4 69600 Zaporozhye Ukraine The Debtor can be reached at: LLC Metalist Oris Plant 40 years of Soviet Ukraine Str. 57-V/155 69035 Zaporozhye Ukraine NIKAS-99 LLC: Creditors Must File Claims by November 28 ------------------------------------------------------- Creditors of LLC Nikas-99 (code EDRPOU 33210391) have until November 28, 2009, to submit proofs of claim to: N. Martinenko Insolvency Manager Post Office Box 151 69006 Zaporozhye Ukraine The Economic Court of Zaporozhye commenced bankruptcy proceedings against the company on October 26, 2009. The case is docketed under Case No. 26/171/09. The Court is located at: The Economic Court of Zaporozhye Shaumian Str. 4 69600 Zaporozhye Ukraine The Debtor can be reached at: LLC Nikas-99 Pobeda Str. 2 69001 Zaporozhye Ukraine SANTANA TRADING: Creditors Must File Claims by November 28 ---------------------------------------------------------- Creditors of LLC Santana Trading (code EDRPOU 34622061) have until November 28, 2009, to submit proofs of claim to I. Gaborak, the company's insolvency manager. The Economic Court of Dnepropetrovsk commenced bankruptcy proceedings against the company on October 13, 2009. The case is docketed under Case No. B26/226-09. The Court is located at: The Economic Court of Dnepropetrovsk Kujbishev Str. 1a 49600 Dnepropetrovsk Ukraine The Debtor can be reached at: LLC Santana Trading Teplichnaya str. 27-a Yubileynoye 52005 Dnepropetrovsk Ukraine SUGAR COMPANY: Creditors Must File Claims by November 28 -------------------------------------------------------- Creditors of LLC Sugar Company of Ukraine (code EDRPOU 35093701) have until November 28, 2009, to submit proofs of claim to: I. Kapeliushny Insolvency Manager Post Office Box 53 03037 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on October 12, 2009. The case is docketed under Case No. 44/619-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 Sugar Company of Ukraine Makeyevsky Lane 1 04114 Kiev Ukraine TREMBITA AGRICULTURAL: Creditors Must File Claims by November 28 ---------------------------------------------------------------- Creditors of Agricultural LLC Trembita (code EDRPOU 31269197) have until November 28, 2009, to submit proofs of claim to V. Melnik, the company's insolvency manager. The Economic Court of Kharkov commenced bankruptcy proceedings against the company on October 19, 2009. The case is docketed under Case No. B-39/208-09. The Court is located at: The Economic Court of Kharkov Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: Agricultural LLC Trembita Office 81 Lenin Str. 76 Balakleya Kharkov Ukraine UKRAINE RAIL: Moody's Maintains Neg. Outlook on 'B2' Rating ----------------------------------------------------------- Moody's Investors Service stated that last week's default by an unrated state-owned company is consistent with the agency's B2 (negative outlook) sovereign credit rating for the government of Ukraine. The company, Ukraine Rail (Ukrzaliznytsia), defaulted on a principal payment on a Barclays Capital-led syndicated loan on 20 November 2009, and Moody's is responding to questions that were raised about the possible impact on the sovereign's own rating. "There is no sovereign guarantee for this loan," noted Moody's analyst Jonathan Schiffer, "and there are no cross-default clauses between this loan and a second Ukrzaliznytsia loan arranged by Deutsche Bank that does contain a government guarantee for $700 million that would trigger a sovereign default." Moody's noted that Ukrzaliznytsia is current on payments for the Deutsche Bank loan. The government of Ukraine itself has no major debt payments until March 2010 and a very light foreign currency debt payment schedule for 2010 in comparison to available foreign currency reserves. In Moody's opinion, the government is again giving clear signals that it does not wish to assume responsibility for outstanding debt of quasi-sovereign corporates and banks. The authorities seem to prefer to conserve foreign currency reserves for the purposes of paying the government's own foreign currency debt. They also may want a cushion against the possibility of any future adverse movements in the exchange rate. "While there have been defaults by quasi-sovereign corporations such as Ukrzaliznytsia and Naftogaz, to date the sovereign has not shown any weakening in its intention to pay its own debts," said Mr. Schiffer. Nevertheless, Moody's noted that Ukraine's B2 rating incorporates weak macroeconomic fundamentals, a banking system that remains under strain, and distinctly poor coordination between fiscal and monetary policies. While some of these problems may well reflect political in-fighting in the run-up to the Presidential election in January-February 2010, the fiscal loosening inherent in recent legislation -- which may raise the budget deficit by up to 7% of GDP in 2010 -- is a serious concern. Hence, the negative outlook on the B2 sovereign rating remains in place. Moody's last rating action on Ukraine was taken on May 12, 2009, when the debt ratings of the government were downgraded to B2 with a negative outlook from B1 following a review for possible downgrade. On that same date, Moody's also downgraded the foreign currency country ceiling for bonds to B1 from Ba3, and the ceiling for foreign currency bank deposits to B3 from B2, both with a negative outlook. The local currency country bond ceiling was also downgraded to Ba1 from A3, while the local currency bank deposit ceiling rating was affirmed at Ba1. UKREURO-EXPORT LLC: Creditors Must File Claims by November 28 ------------------------------------------------------------- Creditors of LLC Ukreuro-Export (code EDRPOU 36535938) have until November 28, 2009, to submit proofs of claim to: V. Solomakha Insolvency Manager Post Office Box 14 54056 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on October 13, 2009. The case is docketed under Case No. 5/269/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Str. 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Ukreuro-Export Velikaya Morskaya Str. 63/2 Nikolayev Ukraine UKRFLOWLINE LLC: Creditors Must File Claims by November 28 ---------------------------------------------------------- Creditors of LLC Ukrflowline (code EDRPOU 35533348) have until November 28, 2009, to submit proofs of claim to: A. Malevany SKD Str. 24/2 40024 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company on October 15, 2009. The case is docketed under Case No. 7/169-09. The Court is located at: The Economic Court of Sumy Shevchenko Ave. 18/1 40477 Sumy Ukraine The Debtor can be reached at: LLC Ukrflowline Novomistenskaya Str. 33/28 40030 Sumy Ukraine =========================== U N I T E D K I N G D O M =========================== DONINGTON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'D' ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term corporate credit rating on U.K.-based racetrack operator Donington Holdings PLC to 'D' (Default) from 'CCC-' following the entry of its subsidiary, Donington Ventures Leisure Ltd., into administration. At the same time, the long-term rating and the 'CCC-' debt rating on Donington's proposed GBP135 million senior secured notes due 2016 were removed from CreditWatch, where they were placed with negative implications on Oct. 29, 2009. In addition, Donington's long-term rating, along with its debt rating and associated recovery rating of '4', were subsequently withdrawn. The rating actions follow the announcement by DVLL that it is entering into administration. Recently, S&P has not received the information from Donington that would allow us to maintain ongoing surveillance in accordance with S&P's standards. Donington is therefore no longer under surveillance by Standard & Poor's. On Oct. 29, 2009, S&P lowered its long-term corporate credit and issue ratings on Donington to 'CCC-' and placed the ratings on CreditWatch with negative implications following S&P's understanding that the funding plans for Donington's upgrade program had not materially progressed, jeopardizing its ability to host the F1 British Grand Prix in 2010. LEHMAN BROTHERS: Moody's Withdraws Ratings on Structured Notes -------------------------------------------------------------- Moody's Investors Service announced that it has withdrawn the ratings of notes issued by certain structured notes transactions that have exposure to Lehman Brothers International (Europe). Moody's explained that Lehman Brothers International (Europe) acts as a swap counterparty in the Transactions and that its obligations as such are guaranteed by Lehman Brothers Holdings Inc. In each case, the rating assigned to the structured notes is directly linked to the rating of the guarantor, Lehman Brothers Holdings Inc, whose Moody's ratings were withdrawn following a bankruptcy filing by that entity. The rating actions are: Pinyon Tree 2005-1, Limited -- US$30,000,000 Pinyon Tree 2005-1 Note Due July 25, 2017; Withdrawn; Previously on December 17, 2008 Downgraded to C Banyan Tree 2004-1, Limited -- US$200,000,000 Banyan Tree Note Due January 20, 2017; Withdrawn; Previously on December 17, 2008 Downgraded to C Aspen Noah, Limited -- US$50,000,000 Aspen Noah, Limited Notes Due October 30, 2019; Withdrawn; Previously on December 17, 2008 Downgraded to C Aspen Lucian, Limited -- US$30,000,000 Aspen Lucian, Limited Notes Due October 30, 2019; Withdrawn; Previously on December 17, 2008 Downgraded to C Aspen Bell, Limited -- US$40,000,000 Aspen Bell, Limited Notes Due October 30, 2019; Withdrawn; Previously on December 17, 2008 Downgraded to C Aspen Ambrose, Limited -- US$10,000,000 Aspen Ambrose, Limited Notes Due October 30, 2019; Withdrawn; Previously on December 17, 2008 Downgraded to C LUDGATE FUNDING: S&P Affirms Rating on Class S Notes at 'CCC-' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on Ludgate Funding PLC's class A2a and A2b series 2006-FF1 notes. At the same time, S&P affirmed the rating on all other classes of notes. The 'D' rating on the class E notes is unaffected. The downgrades on the senior classes are due to S&P's view of weakening credit enhancement resulting from the fully depleted reserve fund, drawings on the liquidity facility, and an increase in losses in recent quarters. The losses have led to an uncleared class E note principal deficiency ledger balance of GBP1.71 million, resulting in undercollateralization of 1.0%. As of the June investor report, credit enhancement for the class A2a and A2b notes was 14.3% (taking into account the class E note PDL balance). Due to low quarterly prepayments of 7.2% and increasing losses, the corresponding credit enhancement figure for September was 14.2%. There is a GBP287,540 outstanding drawing on the liquidity facility. This is primarily due to the unhedged mismatch between the Bank of England base rate received from the loans and three- month LIBOR due on the notes. On the September interest payment date, the liquidity facility was not available to meet interest payments for the class E notes as the PDL balance was greater than 50% of the outstanding note balance. The increase in the PDL balance resulting from increased losses has led to the decline in credit enhancement for the class A2a and A2b notes. Ludgate Funding series 2006-FF1 is a U.K. nonconforming residential mortgage-backed securities transaction. The collateral comprises a pool of first-ranking mortgages secured over freehold and leasehold, owner-occupied, and buy-to-let properties in the U.K. originated by Wave Lending (formerly Freedom Funding). Ratings List Ludgate Funding PLC GBP271.8 Million and EUR156.4 Million Mortgage-Backed Floating-Rate Notes Series 2006-FF1 Ratings Lowered and Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- A2a AA+ AAA/Watch Neg A2b AA+ AAA/Watch Neg Ratings Affirmed Class Rating ----- ------ Ba A Bb A C BBB- D B MERCs AAA S CCC- Rating Unaffected Class Rating ----- ------ E D NATIONAL EXPRESS: Rights Issue Will Get Backing, Chairman Says -------------------------------------------------------------- The Financial Times reports that John Devaney, chairman of National Express Group plc, is adamant that a GBP360 million rights issue will be "resoundingly agreed" at today's extraordinary meeting, in spite of opposition from Jorge Cosmen, the company's largest shareholder and deputy chairman. According to the FT, Mr. Devaney said he has the commitment of 20 institutional shareholders and there was "no question" the rights issue would not be approved. The FT relates National Express's chairman said the bus and rail operator has no choice but to press ahead with the rights issue, given that it risks breaching a key term of its loan agreement in December. The FT notse in spite of Mr. Cosmen's objections, he will retain his right to a seat on the board regardless of whether his family takes up the rights issue. "He's an asset to the company," the FT quoted Mr. Devaney as saying. "There's no question of asking him to resign." As reported by the Troubled Company Reporter-Europe on Nov. 25, 2009, the FT said the Cosmen family has increased its stake for the third time in a week in an attempt to block the company's rescue rights issue. The FT disclosed the Cosmen family, led by National Express deputy chairman Jorge Cosmen, has spent about GBP5.84 million in three share deals in the past three trading days, raising its holding from 18.5% to 19.72%. 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 NIPSON DIGITAL: MCR Appointed as Joint Administrators ----------------------------------------------------- Paul Clark and Geoff Bouchier, both partners at MCR in London, have been appointed as Joint Administrators of Nipson Digital Printing Systems plc on Friday, November 20, 2009. On November 12, 2009, the Board resolved to place the Company in Administration and requested that trading in the Company's shares be suspended pending clarification of the Company's financial position. Nipson Digital Printing Systems PLC -- http://www.nipson.com/-- is a United Kingdom-based company. The Company, along with its subsidiaries, is engaged in the manufacture and distribution of digital printing equipment, related consumables and spare parts, maintenance and service. It has operations in France, United States, Germany and the United Kingdom. Its subsidiaries include Nipson SAS, which is engaged in the manufacture of printers, and distribution and service of printers, consumables and spares; Nipson America Inc, which is engaged in the distribution and service of printers, consumables and spares, and Nipson Italia Srl, which is engaged in the distribution of printers, consumables and spares. RELAX GROUP: Cleardebt Acquires Bank Debt at Discount ----------------------------------------------------- James Hall at the Daily Telegraph reports that David Mond, the chief executive of debt relief company Cleardebt, on Friday acquired debt in Relax Group from its bank at "what is believed to have been a deeply-discounted price." According to the report, Mr. Mond said Monday night that he had bought the debt as an investment as there could be parts of the company that could be salvaged or sold. He denied that he bought the stake specifically to place Relax into administration, the report relates. "I took the punt as an investor," the report quoted Mr. Mond as saying, adding that the company's administration was imminent regardless. As reported by the Troubled Company Reporter-Europe on Nov. 26, 2009, Relax Group on Nov. 23 was placed into administration with Jonathan Elman Avery-Gee of Kay Johnson Gee being appointed as administrators of the company. On October 6, 2009, the company requested a suspension of trading of its shares with immediate effect pending clarification of the company's financial position. Relax Group PLC, formerly Debts.co.uk plc, -- http://www.relax-group.co.uk/-- is a provider of a range of solutions, including individual voluntary arrangements, Scottish trust deeds, debt management plans and secured loans or second mortgages, to over-indebted individuals. The Company's subsidiaries include The Debt Counsellors Limited, Debtcare Limited, Adie Financial Solutions Limited, Neville Eckley Limited, Scarlet Loans and Mortgages Limited, The Loan Group Limited, Switch Mortgages Limited and Relax Finance Limited. In March 2008, the Company acquired PB Recovery Limited. In May 2008, the Company acquired Relax Finance Limited. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 21-23, 2010 INSOL International Annual Regional Conference Madinat Jumeirah, Dubai, UAE Contact: 44-0-20-7929-6679 or http://www.insol.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 * * *