/raid1/www/Hosts/bankrupt/TCREUR_Public/091222.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, December 22, 2009, Vol. 10, No. 252
Headlines
A U S T R I A
DEXIA KOMMUNALKREDIT: Moody's Cuts Bank Strength Rating to 'E'
F R A N C E
CMA CGM: Secures U$500 Mln Credit Line; Jacques Saade Steps Aside
CMA CGM: Mulls Sale of 40% Stake in Real-Estate Unit to Investors
CMA CGM: Seeks Bondholder Okay on Debt Plan; Faces Bankruptcy Risk
FRANS 2003: Moody's Reviews 'Ba2' Rating on Class B Notes
SPRINGER SCIENCE+BUSINESS: S&P Assigns 'CCC+' Corp. Credit Rating
G E R M A N Y
ARCANDOR AG: Metro May Not Join Karstadt Chain Bidding
CONTINENTAL AG: Secures EUR2.5-Billion Credit Facility
LANDESBANK BADEN-WUERTTEMBERG: Fitch Puts C/D Rating on Neg. Watch
PHORMS BERLIN: S&P Affirms 'B-' Long-Term Issuer Credit Ratings
TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'B-'
G R E E C E
GLITNIR BANK: Owes GBP10 Mln to Williams Over Sponsorship Deal
I R E L A N D
ORTHANC GROUP: AIB to Install Receiver Over Several Developments
I T A L Y
SESTANTE FINANCE: Moody's Junks Ratings on Three Classes of Notes
K A Z A K H S T A N
CIR LTD: Creditors Must File Claims by January 13
ERA BUSINESS: Creditors Must File Claims by January 13
GLOBAL ENERGY: Creditors Must File Claims by January 13
OIL SERVICE: Creditors Must File Claims by January 13
KAP STROY: Creditors Must File Claims by January 13
SAHARNY CENTRE: Creditors Must File Claims by January 13
SLAVYANSKAYA LLP: Creditors Must File Claims by January 13
STROY SNUB: Creditors Must File Claims by January 13
K Y R G Y Z S T A N
GREMIO LLC: Creditors Must File Claims by January 20
T PLAST: Creditors Must File Claims by January 20
L U X E M B O U R G
LUXALPHA SICAV: Liquidators File Lawsuit vs. UBS in Luxembourg
M A C E D O N I A
* MACEDONIA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
N E T H E R L A N D S
OPERA FINANCE: S&P Downgrades Rating on Class D Notes to 'B-'
RHODIUM 1: Moody's Junks Rating on EUR12.5MM Class D Notes
SHIELD 1: Fitch Affirms Ratings on Class F Notes at 'B'
TOPPS TILES: Exits Dutch Business Over Mounting Losses
R U S S I A
KHANTY-MANSIYSK BANK: Moody's Assigns 'Ba3' Long-Term Ratings
UC RUSAL: Application for Hong Kong US$2 Bln IPO Approved
URALSIB LEASING: Fitch Affirms Issuer Default Rating at 'B+'
S P A I N
FONCAIXA FTGENCAT: Fitch Cuts Rating on EUR6MM Class E Notes to CC
HIPOCAT FTA: Moody's Junks Ratings on Class C Notes
TDA 27: S&P Downgrades Rating on Class E Notes to 'B-'
U K R A I N E
INTERPIPE LIMITED: Fitch Downgrades Issuer Default Rating to 'RD'
U N I T E D K I N G D O M
ABACUS INVESTMENT: High Court Shuts Down Business
ALLBURY TRAVEL: Ceases Trading, CAA Says
ALLIED INVESTMENT: High Court Shuts Down Business
BORDERS UK: Sale Talks Fail; Stores to Cease Trading Today
COSTELLO LIMITED: Provisional Liquidator Appointed
ELDON INTERNATIONAL: High Court Shuts Down Business
FLYGLOBESPAN: Salmond Calls for Probe Into Collapse
GALA CORAL: Apollo Submits Takeover Plan to Board
GLOBE PUB: S&P Withdraws Ratings on Two Classes of Notes
JAGUAR MAILING: High Court Winds Up Business
LANDSBANKI GUERNSEY: To Pay Third Distribution to Creditors
LEHMAN BROTHERS: Europe, Japan Units Exchange Custody Assets
MINERVA CORPORATE: High Court Winds Up Business After CIB Probe
MUTUAL SECURITIZATION: Moody's Junks Rating on Class A2 Notes
PEMBERTON INTERNATIONAL: High Court Shuts Down Business
ROYAL BANK: Nears Sale of 50% Stake in Sempra Commodities
ROYAL BANK: Fitch Upgrades Individual Ratings to 'D/E'
STOCKPORT COUNTY: In Talks with Potential Buyer
ULYSSES PLC: Fitch Junks Ratings on Two Classes of CMBS Notes
WATFORD LEISURE: Avoids Administration; Aschroft Assumes Debts
WILLOW INTERNATIONAL: High Court Shuts Down Business
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
DEXIA KOMMUNALKREDIT: Moody's Cuts Bank Strength Rating to 'E'
--------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Dexia Kommunalkredit Bank to E from C-. Dexia
Kom's long-term senior debt and deposit ratings are also
downgraded to Ba1 from Baa2 and its subordinated liabilities to
Ba2 from Baa3. At the same time, Moody's has downgraded the
bank's short-term ratings to not-prime from Prime-2. Its BFSR
carries a stable outlook while its long-term debt and deposit
ratings remain on review for possible further downgrade.
The rating actions conclude the review of Dexia Kom's BFSR
initiated in November 2008 while the review of the long-term debt
and deposit ratings is ongoing.
On 3 November 2008, following the nationalization of
Kommunalkredit Austria AG by the Republic of Austria, the Dexia
Kom shares owned by KA were transferred to Dexia Credit Local
(DCL, D+/A1/Prime-1); Dexia Kom having been created in 2005 as a
joint venture between KA and DCL, with the companies owning 49%
and 51% respectively, to develop public sector financing in
Central and Eastern Europe.
The ownership changes were triggered by the severe capital market
and intra-group funding disruption that both entities experienced,
which led to the public sector lending business model being no
longer viable without support.
Moody's understands that Dexia Kom does not initiate any new
business and will be wound down over time.
Downgrade of the BFSR Due to Negative Ifrs Equity and Limited
Access to Market Funds
The downgrade of Dexia Kom's BFSR reflects the bank's negative
equity according to IFRS at year-end 2008 and its limited access
to market Funds.
At the same time Moody's understands that the bank's Tier 1 ratio
according to local GAAP is above 7% and therefore meets the
regulatory requirements, thereby allowing the bank to remain a
going concern. Dexia Kom's funding stems roughly 90% from its
parent DCL and about 10% from the ECB. Market funds are limited
to EUR24 million bonds that will mature in 2011.
The E BFSR, mapping into a Caa3 Baseline Credit Assessment also
reflects the fact that Dexia Kom is supposed to be wound down,
leaving no upside potential for investors looking forward.
Debt And Deposit Ratings Remain On Review For Possible Downgrade
The downgrade of Dexia Kom's debt and deposit ratings to Ba1 are
based on the E BFSR/Caa3 stand-alone BCA and a substantial rating
uplift due to assumptions about parental support, which is the
subject of Moody's review. However, Moody's does not factor in
any systemic support in Dexia Kom's ratings.
The review will focus on the ability and willingness for future
support from the parent DCL. Moody's explains the possible
outcomes of the review:
-- Positioning of the debt rating on the same level as the BCA
of the parent (Ba1) in case of a permanent, formal credit
substitute of the parent for liabilities of Dexia Kom.
-- 1-3 notch differential from the parent's BCA in case of
legally binding, irrevocable and public commitment of the
parent to provide liquidity and capital to ensure that Dexia
Kom will at all times meet its obligations in a timely
manner.
-- Positioning close to Dexia Kom's BCA (Caa3) in the case that
none of the above explicit and legal binding support
commitments are made available.
At the same time, Moody's notes that due to the parent's
involvement in Dexia Kom, and especially since the parent provides
the vast majority of its funding, a minimum probability for
parental support can be assumed.
The last rating action on Dexia Kom was taken on 19 January 2009,
when Moody's downgraded its long-term deposit and senior unsecured
debt ratings to Baa2 from A2, subordinated debt rating to Baa3
from A3 and short-term rating to Prime-2 from Prime-1. All of its
ratings, including the Prime-2 short-term deposit rating, remained
on review for possible downgrade. These rating actions followed
the rating actions taken on DCL.
Headquartered in Vienna, Dexia Kom reported consolidated assets of
EUR10.1 billion at the end of December 2008 and an after-tax loss
of EUR96.3 million for the full year.
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F R A N C E
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CMA CGM: Secures U$500 Mln Credit Line; Jacques Saade Steps Aside
-----------------------------------------------------------------
Laurence Frost at Bloomberg News reports that CMA CGM SA said
lenders agreed to grant US$500 million in additional credit after
founding Chief Executive Officer Jacques Saade bowed to their
demands that he step aside.
Bloomberg relates family-owned CMA said in an e-mailed statement
that it completed an "outline agreement" with banks that will make
the cash available in January. According to Bloomberg, Mr. Saade
will hand over the top leadership role to new CEO Philippe Soulie
while staying on as non-executive chairman.
Bloomberg says CMA would default on payments if any of its 63
creditor banks invoked the breach of conditions on about 70% of
its US$5.6 billion debt. The company, Bloomberg discloses, is
seeking to raise cash by selling stakes to France's FSI sovereign-
wealth fund and other potential investors.
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.
CMA CGM: Mulls Sale of 40% Stake in Real-Estate Unit to Investors
-----------------------------------------------------------------
Steve Rhinds at Bloomberg News reports that Le Figaro, citing CMA
CGM SA founder Jacques Saade, said the company is considering
selling a 40% stake in its real-estate holdings to investors.
According to Bloomberg, Mr. Saade, as cited by Le Figaro, said "We
have a global real-estate portfolio valued at US$600 million, all
grouped into a dedicated subsidiary."
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.
CMA CGM: Seeks Bondholder Okay on Debt Plan; Faces Bankruptcy Risk
------------------------------------------------------------------
Laurence Frost and John Glover at Bloomberg News report that CMA
CGM SA told bondholders it faces bankruptcy unless they approve a
plan to raise more debt.
According to Bloomberg, CMA CGM Paris-based spokeswoman Anne-
France Malrieu said the company is asking holders of US$570
million of senior bonds to change the terms of the notes to allow
prospective lenders to have first claim on the company's assets in
the event of a default.
Bloomberg recalls CMA CGM said in a Dec. 16 notice to bondholders
the company may "be forced to commence bankruptcy proceedings" and
the investors may lose their money if it fails to secure approval
for the debt changes.
Bloomberg notes according to the Dec. 16 notice, CMA CGM is
seeking changes to the terms of its bonds in dollars and euros due
2012 and 2013 as part of an effort to restructure US$5.6 billion
of debt and raise new money.
CMA CGM needs a majority of the bondholders to agree to the
proposed changes in the terms of the notes by Dec. 22, Bloomberg
says citing the notice.
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.
FRANS 2003: Moody's Reviews 'Ba2' Rating on Class B Notes
---------------------------------------------------------
Moody's Investors Service has placed the Baa1 and Ba2 ratings of
the Class A and Class B Enhanced Equipment Trust Notes issued by
FRANs 2003 Plc under review for possible downgrade. The notes
have a legal maturity in 2016 and a scheduled final repayment in
2013. The Class A notes are guaranteed by MBIA Insurance
Corporation. The rating of the Notes is consistent with Moody's
practice of rating insured securities at the higher of the
guarantor's insurance financial strength rating or an underlying
rating that is public. The determination of the underlying rating
considered qualitative and quantitative factors, including
structural features of the transaction.
The rating action reflects both lower aircraft valuations which
have impacted loan-to-value ratios of the transaction as well as
the operating performance of the Air France group, the guarantor
of the notes under the transaction, as well as that of the Air
France/KLM Group. Moody's notes that the Group's earnings have
continued to be impacted by market conditions, which is also
factored into the ratings of the transactions. As such, the
review will focus on both the earnings outlook for the group and
the industry, as well as for aircraft valuations. Liquidity at
Air France/KLM remains strong, and continues to be supported by a
cash balance of EUR3.6 billion (excluding deposits related to
finance leases) and undrawn committed facilities of EUR1.2 billion
as of September 2009, in addition to which the company placed
EUR700 million of 7-year notes in October 2009.
In assessing the notes issued by issued by FRANs 2003 Plc, Moody's
has taken into consideration the characteristics of the collateral
pool and the structural enhancement of the transaction, as well as
the credit profile of the airline.
The last rating action for Frans 2003 was implemented on 29 June
2009, when the ratings of the Class A and Class B Notes were
lowered to Baa1 from A3, and to Ba2 from Baa3, respectively.
Air France/KLM Group is a publicly-listed entity with full
ownership of Air France and KLM. It is incorporated in France and
registered in Paris.
SPRINGER SCIENCE+BUSINESS: S&P Assigns 'CCC+' Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'CCC+'
long-term corporate credit rating to Springer Science+Business
Media S.A., the world's second-largest publisher of Science,
Technology, and Medicine journals by title and the largest
publisher of STM books.
The rating was simultaneously placed on CreditWatch with positive
implications reflecting that S&P would raise the long-term rating
on Springer to 'B' and assign a stable outlook when the
acquisition by EQT V and GIC and related equity injection are
successfully completed in February 2010.
In early December, EQT V, a leading European private equity fund,
and GIC Special Investments, the private equity arm of the
Government of Singapore Investment Corporation, announced that
they agreed to acquire 100% of Springer, from its current owners,
private equity investors, Candover and Cinven.
In a related action, S&P assigned its preliminary 'B+' long-term
debt rating to both Springer's pending EUR1,120 million senior
secured facilities and the EUR150 million senior secured revolving
credit facility. S&P assigned a recovery rating of '2' to both
instruments, indicating its expectation of substantial (70%-90%)
recovery for lenders in the event of a payment default. S&P has
also assigned its preliminary 'CCC+' long-term debt rating to
Springer's pending EUR454.4 million mezzanine facility. S&P
assigned a recovery rating of '6' to this debt instrument,
indicating its expectation of negligible (0%-10%) recovery for
lenders in the event of a payment default. The preliminary
ratings on the pending facilities issues are subject to the
successful refinancing and issuance.
"The corporate credit rating is constrained by Springer's
financial leverage, which S&P view as high. In addition, the
group's prerefinancing liquidity position is very weak, with very
tight financial covenant headroom under its current senior secured
credit facilities," said Standard & Poor's Ratings Services credit
analyst Melvyn Cooke.
Although unlikely, if the proposed acquisition and equity
injection do not occur, the company's liquidity position would
pose significant near-term challenges, in S&P's view. S&P is
mindful, however, that the full refinancing of the group's highly
leveraged capital structure is very well advanced, with the
expected closing of the senior debt and mezzanine facilities on
Dec. 18.
"The positive CreditWatch placement reflects S&P's view that, upon
completion of the refinancing and the subsequent capital increase
of about EUR450 million, S&P would raise the corporate credit
ratings on Springer to 'B,' and assign a stable outlook," said Mr.
Cooke.
While regulatory approvals and the subsequent equity injection
will remain the main elements of contingency to the ratings being
raised post-refinancing, S&P expects any necessary regulatory
approvals to be forthcoming.
S&P expects to resolve the CreditWatch placement at the beginning
of February 2010, the expected date for the closure of the
acquisition.
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G E R M A N Y
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ARCANDOR AG: Metro May Not Join Karstadt Chain Bidding
------------------------------------------------------
Chris Reiter at Bloomberg News, citing Sueddeutsche Zeitung,
reports that Metro AG may not take part in the bidding for
Arcandor AG's insolvent department-store chain Karstadt.
According to Bloomberg, the newspaper said insolvency
administrator Klaus Hubert Goerg will only allow potential bidders
access to Karstadt's financial information, if they express
interest in acquiring all of the company's 120 stores.
Bloomberg relates Sueddeutsche reported Metro is interested in
buying a "noteworthy" number of stores and said conditions would
"complicate" discussions.
As reported by the Troubled Company Reporter-Europe on Dec. 15,
2009, Bloomberg News, citing WirtschaftsWoche magazine, said a
Metro AG acquisition of Karstadt department stores may lead to
25,000 job losses.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
CONTINENTAL AG: Secures EUR2.5-Billion Credit Facility
------------------------------------------------------
Jann Bettinga at Bloomberg News reports that Continental AG said
it agreed with banks on a EUR2.5-billion (US$3.6 billion) credit
facility as part of a refinancing package that includes a share
sale.
Bloomberg relates the company said in a statement Saturday the
loan, which expires in August 2012, will go toward a EUR3.5-
billion debt due in August next year. According to Bloomberg, the
facility is tied to a stock sale of at least EUR1 billion planned
for the first quarter.
Bloomberg recalls Continental, laden with EUR9.5 billion of debt,
was in talks for months with banks on restructuring the
EUR3.5-billion. The company has recorded losses for four
consecutive quarters as it struggles with the worst crisis in the
industry in decades, Bloomberg recounts.
About Continental AG
Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier. The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort. It operates in six
divisions. Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components. Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others. Interior manufactures information management modules and
wireless mobile devices. Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles. Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles. ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors. In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.
LANDESBANK BADEN-WUERTTEMBERG: Fitch Puts C/D Rating on Neg. Watch
------------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Landesbank Baden-
Wuerttemberg's Long-term Issuer Default Rating at 'A+', Short-term
IDR at 'F1+' and Support Rating Floor at 'A+', and removed all the
ratings from Rating Watch Negative. The Outlook on the Long-term
IDR is Stable. Fitch has simultaneously placed LBBW's Individual
Rating of 'C/D' on RWN, reflecting concerns over the bank's
deteriorating loan quality. The agency has affirmed LBBW's
Support Rating at '1' and affirmed its guaranteed obligations at
'AAA'.
The Long-term rating for issues of Baden-Wuerttemberg L-Finance
N.V. and LBBW Capital Markets plc are affirmed at 'AAA', based on
the grandfathering of the guarantee provided by LBBW's owners.
This rating action has no impact on the 'AAA' rating of the public
sector Pfandbriefe issued by LBBW.
The rating action reflects the approval of LBBW's impaired asset
relief measures and the restructuring plan by the European
Commission, which was formally announced on 15 December 2009.
LBBW received an injection of EUR5 billion of Tier 1 capital from
its owners and guarantees of EUR12.7 billion for two portfolios of
structured securities totaling EUR23.6 billion (EUR17.7 billion
out of LBBW's EUR27.6 billion total on-balance-sheet structured
credit investments at end-June 2009 and EUR6bn junior loans
(second loss) to Sealink Funding) from Land Baden Wurttemberg.
The EC concluded that these measures are compatible with EU rules
on state aid to prevent a distortion of competition in a member
state's economy.
According to the EC, the restructuring plan demonstrates that LBBW
has a viable business model, allowing for its return to
profitability. A change in the ownership structure is not part of
the EC's requirements. As a result, Land Baden-Wurttemberg (a
19.6% owner, rated 'AAA'/Stable), Landesbeteiligungen Baden-
Wuerttemberg (18.3%), Landeskreditbank Baden-Wuerttemberg (2.7%),
the Savings Banks Association of Baden-Wuerttemberg (40.5%) and
the city of Stuttgart (18.9%) will remain LBBW's owners. Unless
LBBW participates in further sector consolidation, Fitch expects
this structure to remain stable in the medium term, even though
LBBW will change its current legal status from an institution
under public law to that of a joint stock corporation, improving
corporate governance.
LBBW's IDRs and Support Rating Floor were placed on RWN on 14
September 2009 due to the possibility of an ownership change and a
related diminution in the importance of the bank to its state
owners. Fitch has removed the RWN as an ownership change is not
imminent. The ratings benefit from the bank's strong relationship
with the state.
The RWN on LBBW's Individual Rating reflects Fitch expectation
that the bank's sizeable corporate loan book, which includes some
concentrations in critical sectors, will see a further
deterioration in quality amid the depressed economic environment.
The RWN will be resolved following a detailed review of
portfolios, which Fitch believes will exhibit increasing default
rates in 2010 as weakened economic conditions feed through to SME
and commercial real estate related exposure and other portfolio
sub-segments with a time lag. Although LBBW's tier 1 capital
ratio, at 9.6% at end-September 2009, is comfortable, higher risk
provisions may increase the bank's net losses over the next two
years, which could reduce the capital buffer by more than
expected.
LBBW's silent participations and upper Tier 2 capital are not
expected to pay coupons for 2009 and will participate in the loss,
while reserves will not be released. In this respect, the bank
has accepted to meet the EC's criteria on burden sharing. LBBW
offers the bearers of profit participations certificates
(Genussscheine) and silent participations maturing in 2009 and
2010 a term extension of 10 years.
LBBW, Germany's largest Landesbank serves corporate and private
clients and is the local savings bank in Stuttgart. Furthermore
it is the central bank for the savings banks in Baden-
Wuerttemberg, Rheinland Pfalz, and Saxony, and the main bank for
Baden-Wuerttemberg and the City of Stuttgart. Under its
restructuring plan LBBW will shrink its balance sheet total by 40%
compared with end-2008 and focus on core businesses relating to
small and medium-sized corporate customers, private customers,
savings banks and financial markets business.
PHORMS BERLIN: S&P Affirms 'B-' Long-Term Issuer Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-' long-
term and 'B' short-term issuer credit ratings on Germany-based
private school operator PHORMS Berlin gGmbH. S&P subsequently
withdrew the ratings at the issuer's request. The outlook was
stable at the time of the withdrawal. S&P continues to rate
PHORMS Berlin's parent company PHORMS Management AG (B-/Stable/B).
The ratings on PHORMS Berlin were constrained by S&P's view of the
uncertainties on its future financing and expansion strategy, the
uncertain long-term political attitude toward the private schools
sector, possible delays of planned government subsidies, and the
competitive labor market for qualified bilingual teachers.
The ratings were supported, in S&P's view, by PHORMS Berlin's
business-experienced and entrepreneurial management team, its
solid demand structure and strong market niche in the Berlin
school market, and the ongoing financial and managerial support
from its parent company, PHORMS Management.
PHORMS Berlin is a subsidiary of PHORMS Management and operates
two private school sites in the city-state of Berlin.
TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-2 PLC's class A to H notes. At the same time,
S&P placed on CreditWatch negative the ratings on classes A to E
and kept the ratings on classes F, H, and G on CreditWatch
negative. The 'D' rating on the class J notes remains unaffected.
This transaction, which initially closed in June 2006, is secured
by four loans, all backed by portfolios of multifamily houses in
Germany. Three other loans have repaid since closing.
Two of the remaining loans (Velvet and Labrador) are reported to
be in default and have been transferred into special servicing.
The Velvet loan is secured by approximately 5,250 mainly
residential units located across Germany with the largest portions
in the Rhine Ruhr Area (31%). Approximately 9.50% of the lettable
area was vacant on Day 1, and this has now increased to 17.25%. A
new valuation was produced in September 2009 and the new value is
EUR152.53 million, which is 23% below the Day 1 value. On that
basis, the securitized loan-to-value ratio is now 96.2%. The
debt-service coverage ratio has not been tested since Q2 008, when
it was reported as 1.28x.
S&P understands that the Velvet loan defaulted due to a nonpayment
of property tax arrears.
The Labrador loan is now the smallest loan in the pool (6.3%) with
an outstanding balance of EUR42.5 million. The loan is secured by
45 multifamily properties with 1,450 residential units and a
lettable area of 83,000 sq. m. The assets are spread across 10
locations in northern Germany, with concentrations in Lower
Saxony. The loan was transferred into special servicing in June
2008 following a breach of the DSCR covenant. At that time, this
ratio was 0.94x (compared with 1.17x on Day 1) and has not been
tested since. The vacancy in the portfolio has increased to 15.5%
currently from 12.0% at closing.
The loan has also been in payment default since Q2 2009. Of the
total debt service payment for Q3 2009 (EUR1.4 million), only
EUR345,000 was made.
Both the Petrus and the Margaux loans are reportedly also
breaching their respective DSCR covenants. Although these loans
are not in default, S&P understand that the servicer is trapping
cash in separate accounts as the ratios are below the respective
thresholds.
Apart from the Petrus loan properties, the other three loan
portfolios show a deterioration in occupancy. Although the
servicer has not reported it in all cases, in S&P's view this is
likely to have resulted in reduced net operating income.
Therefore, the property portfolios' general performance has been
below S&P's expectations.
In addition, it is S&P's view that initial yields in this sub-
market have widened since closing, putting pressure on the
property values. This is further exacerbated by the deteriorating
cash flow performance.
The downgrades reflect S&P's adjusted expectations regarding
potential losses from the loans underlying the transaction.
Ratings List
Titan Europe 2006-2 PLC
EUR862,168,457 Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Placed On CreditWatch Negative
Class To From
----- -- ----
A A/Watch Neg AAA
X A/Watch Neg AAA
B BBB+/Watch Neg AAA
C BBB/Watch Neg AAA
D BBB-/Watch Neg AA
E BB/Watch Neg A
Ratings Lowered and Kept On CreditWatch Negative
Class To From
----- -- ----
F B/Watch Neg BBB+/Watch Neg
G B-/Watch Neg BBB/Watch Neg
H B-/Watch Neg BB/Watch Neg
===========
G R E E C E
===========
GLITNIR BANK: Owes GBP10 Mln to Williams Over Sponsorship Deal
--------------------------------------------------------------
Iain Dey at The Sunday Times reports that Williams, the Formula
One racing team, is claiming GBP10 million from the estate of
Glitnir bank hf in a row over a sponsorship deal with Hamleys toy
shop.
A list of creditors to Glitnir, Iceland's third-biggest bank
before the country's financial collapse last year, includes the F1
team, the report says.
According to the report, it has emerged that the bank agreed in
early 2008 to guarantee sponsorship payments made to the team by
Baugur, the Icelandic retail group that then owned Hamleys. The
guarantee was given as Baugur started to creak under the weight of
the debts it had accumulated while buying a string of British
retailers, including House of Fraser, Oasis and Karen Millen, the
report notes.
The Hamleys name continued to appear on the Williams cars but it
is understood that the last sponsorship payments to the team came
direct from Glitnir, the report discloses.
About Glitnir Banki
Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.
Judge Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District Court of New York granted Glitnir banki hf
permission to enter Chapter 15 of the U.S. bankruptcy code on
Jan. 6, 2008.
=============
I R E L A N D
=============
ORTHANC GROUP: AIB to Install Receiver Over Several Developments
----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that AIB is
to take control of large parts of Liam Carroll's Orthanc Group,
including more than 600 apartments, as it seeks to recover EUR200
million it loaned the group.
According to the report, the bank is expected to install a
receiver in the coming days over several developments in the
Orthanc group, including a hotel, 600 residential units and a
number of commercial projects.
Orthanc, the report says, has total debts of more than
EUR400 million and AIB is the group's largest creditor.
Orthanc is one of the three main groups within Liam Carroll's
overall business.
The report relates Mr. Carroll and his team of advisers had hoped
to keep Orthanc out of the insolvency process. However, the group
had provided a number of guarantees on Zoe loans, and found itself
liable for heavy debts, the report notes.
=========
I T A L Y
=========
SESTANTE FINANCE: Moody's Junks Ratings on Three Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded several notes issued by
Sestante Finance S.r.l.: Sestante Finance S.r.l. Series 2004,
Sestante Finance S.r.l. Series 2005, and Sestante Finance S.r.l.
Series 2006.
All notes were placed on review on 24th of July 2009 due to worse-
than-expected performance. The rating actions conclude the review
and take into account increased loss expectations for the three
mortgage portfolios backing the notes. On the 26th of January
2009 Moody's had already downgraded the class C2 notes of Sestante
2006 to Ba1 from Baa3 and had confirmed all other ratings
following a reviewed prompted by the exposure of these
transactions to Lehman. At that time, the rating agency had taken
comfort from the size of the credit enhancement available in these
transactions. However, since this review, delinquencies and
defaults have increased steeply in all three transactions.
In Sestante 2006, delinquencies 90+ days were at 7.70% of current
balance on the last payment date in October 2009. Cumulative
defaults had reached 4.77% of original balance. In Sestante 2005,
delinquencies 90+ reached 5.32%, while defaults increased to
3.45%. In Sestante 2004, delinquencies 90+ days were at 5.81% and
defaults had increased to 3.74%. Recovery flows have been very
limited in all transactions, remaining below 1% of cumulative
defaults.
Moody's notes that all three transactions have depleted their
reserve funds. On the last payment date in October 2009, Sestante
2004 was unable to pay the whole amount of the scheduled
amortization of the class C2 notes. Both Sestante 2005 and
Sestante 2006 recorded an unpaid principal deficiency ledger in
the same period, amounting to 0.38% and to 1.39%, respectively, of
the current outstanding amount of the class A, B and C1 notes.
Moody's notes that if delinquencies and defaults increase further,
a portion of the pro-rata class C1 and C2 interest may remain
unpaid on the next payment dates.
As part of its analysis, Moody's has assessed updated loan-by-loan
information to determine the credit support consistent with target
rating levels and the volatility of the distribution of future
losses. As a result, Moody's has updated its MILAN Aaa credit
enhancement (MILAN Aaa CE) assumptions to 10.5%, 14% and 20% for
Sestante 2004, Sestante 2005 and Sestante 2006, respectively, from
8.75%, 8.75% and 10% of the current pool balance.
Taking into account the cumulative amount of defaulted loans and
applying a roll-rate and severity analysis on the rest of the
portfolio, Moody's has increased its loss expectations for the
portfolios to 3.7%, 3.9% and 6.4% from 2.75%, 2.75% and 3% of
original balance in Sestante 2004, Sestante 2005 and Sestante
2006, respectively. The loss expectation and the MILAN Aaa CE are
the two key parameters Moody's uses to calibrate its loss
distribution curve, which is one of the core inputs in the cash
flow model it uses to rate RMBS transactions. These updated
assumptions reflect the collateral performance to date as well as
Moody's expectations for this transaction, in the context of a
weakening macro-economic environment in Italy.
During the review, Moody's has also assessed the ability of the
servicer, Meliorbanca S.p.A. (Baa3/P-3/D), to reduce delinquencies
and new defaults and increase the net present value of recoveries
on defaulted assets. The 2010-2012 industrial plan of
Meliorbanca's parent group Banca Popolare dell'Emilia Romagna (not
rated) provides for Meliorbanca's specialisation in corporate and
investment banking and advisory, with no focus on residential
lending and servicing. Moody's believes that this strategy and
the consequent staff, branch and general cost reduction will have
negative implications for the servicing of the securitised
portfolios, unless appropriate measures are taken.
Under the Sestante RMBS transaction series, Meliorbanca
securitized first-lien mortgage loans granted to individuals, all
of whom used these loans to acquire, construct or refurbish
residential properties in Italy. The issued class A, B and C1
notes were backed by a portfolio of mortgage loans. The class C2
notes in all transactions are repaid by excess spread, in terms of
both interest and principal.
Detailed List of the Rating Actions:
Issuer: Sestante Finance Srl Series 2004
-- Class A Notes, Downgraded to Aa1; previously on 24th of July
2009 Aaa Placed Under Review for Possible Downgrade
-- Class B Notes, Confirmed at Aa3; previously on 24th of July
2009 Aa3 Placed Under Review for Possible Downgrade
-- Class C1 Notes, Downgraded to Ba1; previously on 24th of July
2009 A3 Placed Under Review for Possible Downgrade
-- Class C2 Notes, Downgraded to Ba3; previously on 24th of July
2009 Baa3 Placed Under Review for Possible Downgrade
Issuer: Sestante Finance Srl - Series 2005
-- Class A Notes, Downgraded to Aa1; previously on 24th of July
2009 Aaa Placed Under Review for Possible Downgrade
-- Class B Notes, Downgraded to A2; previously on 24th of July
2009 Aa3 Placed Under Review for Possible Downgrade
-- Class C1 Notes, Downgraded to Ba3; previously on 24th of July
A3 Placed Under Review for Possible Downgrade
-- Class C2 Notes, Downgraded to Ca; previously on 24th of July
2009 Baa3 Placed Under Review for Possible Downgrade
Issuer: Sestante Finance S.r.L. Series 2006
-- Class A1 Notes, Downgraded to Aa2; previously on 24th of July
2009 Aaa Placed Under Review for Possible Downgrade
-- Class A2 Notes, Downgraded to Aa2; previously on 24th of July
2009 Aaa Placed Under Review for Possible Downgrade
-- Class B Notes, Downgraded to Baa3; previously on 24th of July
2009 Aa3 Placed Under Review for Possible Downgrade
-- Class C1 Notes, Downgraded to Caa1; previously on 24th of
July 2009 A3 Placed Under Review for Possible Downgrade
-- Class C2 Notes, Downgraded to C; previously on 24th of July
2009 Ba1 Placed Under Review for Possible Downgrade
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transactions. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
===================
K A Z A K H S T A N
===================
CIR LTD: Creditors Must File Claims by January 13
-------------------------------------------------
Creditors of LLP Cir Ltd. Astana have until January 13, 2010, to
submit proofs of claim to:
Kravtsov Str. 18
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 4, 2009,
after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
ERA BUSINESS: Creditors Must File Claims by January 13
------------------------------------------------------
Creditors of LLP Era Business Service have until January 13, 2010,
to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
October 12, 2009.
GLOBAL ENERGY: Creditors Must File Claims by January 13
-------------------------------------------------------
Creditors of LLP Global Energy Service Company have until
January 13, 2010, 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 October 9, 2009,
after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Aktobe
Satpaev Str. 16
Aktobe
Kazakhstan
OIL SERVICE: Creditors Must File Claims by January 13
-----------------------------------------------------
LLP Oil Service Ltd. Co. is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:
Manas Str. 53a
Almaty
Kazakhstan
KAP STROY: Creditors Must File Claims by January 13
---------------------------------------------------
Creditors of LLP Kap Stroy Ltd. have until January 13, 2010, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
October 12, 2009.
SAHARNY CENTRE: Creditors Must File Claims by January 13
--------------------------------------------------------
Creditors of JSC Saharny Centre have until January 13, 2010, 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
November 3, 2009.
SLAVYANSKAYA LLP: Creditors Must File Claims by January 13
----------------------------------------------------------
LLP Investment-Construction Company Slavyanskaya is currently
undergoing liquidation. Creditors have until January 13, 2010, to
submit proofs of claim to:
Tole Bi Str. 55
Almaty
Kazakhstan
STROY SNUB: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Company Stroy Snub Astana have until January 13,
2010, to submit proofs of claim to:
Kravtsov Str. 18
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 4, 2009,
after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
===================
K Y R G Y Z S T A N
===================
GREMIO LLC: Creditors Must File Claims by January 20
----------------------------------------------------
LLC Gremio is currently undergoing liquidation. Creditors have
until January 20, 2010, to submit proofs of claim:
Inquires can be addressed to (+996 312) 30-35-57
T PLAST: Creditors Must File Claims by January 20
-------------------------------------------------
LLC T Plast Kg is currently undergoing liquidation. Creditors
have until January 20, 2010, to submit proofs of claim:
Inquires can be addressed to (+996 312) 42-64-36
===================
L U X E M B O U R G
===================
LUXALPHA SICAV: Liquidators File Lawsuit vs. UBS in Luxembourg
--------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that liquidators for
LuxAlpha Sicav-American Selection fund on Dec. 18 filed a lawsuit
in Luxembourg against UBS, the fund's custodian bank, and Ernst &
Young's local unit, which acted as auditor.
"We filed a lawsuit [Fri]day against 14 parties," Alain Rukavina,
one of the two liquidators, said at a meeting of LuxAlpha
shareholders in Luxembourg Friday.
According to Bloomberg, Mr. Rukavina said others being sued are
the fund's manager, Access International Advisors LLC, the fund's
administrators and Luxembourg's financial regulator.
Bloomberg says UBS has been sued by dozens of investors over
claims the bank failed to protect money invested at LuxAlpha.
The fund had US$1.4 billion in net assets a month before Bernard
Madoff's arrest.
Bloomberg recalls LuxAlpha was dissolved and put into liquidation
on April 2. Mr. Rukavina, appointed by a judge to recoup lost
assets, said they sued the market regulator, the Commission de
Surveillance du Secteur Financier, to obtain a court order to
access documents, Bloomberg notes.
=================
M A C E D O N I A
=================
* MACEDONIA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Macedonia's Long-term foreign and local
currency Issuer Default Ratings at 'BB+'. Both ratings have
Negative Outlooks. Fitch has simultaneously affirmed Macedonia's
Short-term foreign currency IDR at 'B' and Country Ceiling at
'BBB-'.
"Although the recession in Macedonia has been moderate compared
with most of emerging Europe, the still high current account
deficit, which Fitch forecasts at 9.1% of GDP in 2009, and high
central bank interest rates of 8.5% suggest the risk of renewed
pressure on the balance of payments and foreign exchange reserves
has not abated," said Andres Klaar, Associate Director in Fitch's
Sovereign team.
Macedonia's large current account deficit, reliance on metals and
textile exports and workers' remittances, as well as its fixed
exchange rate regime, euro-ised banking sector and moderate FX
reserves have rendered it vulnerable to the global financial
crisis. Nonetheless, Macedonia has proved reasonably resilient,
helped by its low exposure to global financial markets, and FX
reserves have recovered to US$2.3bn at end-October 2009 after
falling to US$1.6bn at end-April. Fitch forecasts that
Macedonia's GDP will contract by a relatively mild 1.5% in 2009,
representing the third-best performance in the emerging Europe
region.
In contrast, the adjustment in the CAD, which was 12.7% of GDP in
2008, has been slow and the FDI inflow has fallen amid the global
economic turmoil. The sovereign Eurobond issuance of EUR175mn in
June 2009 and the IMF's SDR allocation, equivalent to US$80m, in
August 2009 have helped to rebuild FX reserves and close the
external financing gap for 2009. However, uncertainties remain
for 2010 and beyond. Fitch forecasts a marked increase in net
external debt to 20% of GDP at end-2009, from 4% at end-2007.
Fitch expects the budget deficit to widen to 3% in 2009 from 1% in
2008, which would be moderate compared to many peers. Two
supplementary budgets in 2009, which cut expenditures relative to
original plans, highlight the authorities' determination to keep
public finances under control. Fitch forecasts the government
debt ratio at 26% of GDP at end-2009, compared with the 'BB' range
median of 38%, an important rating strength, though around 85% is
in foreign currency. The government also has deposits of around
3% of GDP, although the under-developed domestic debt market
reduces its financing options. Prudent fiscal policy is
particularly important in the context of Macedonia's exchange rate
peg, large CAD and moderate FX reserves.
Macedonia's banks are well capitalized, have a moderate loan-to-
deposit ratio of near 100% and have not required any government
support. The country's track record of low inflation is another
rating strength. The government's recent reform initiatives have
improved the business climate and it compares favorably with 'BB'
range peers on the World Bank's business climate and governance
indicators. Reflecting progress with structural and institutional
reforms, the European Commission has recommended a start date for
EU accession negotiations. However, the EU Council in December
postponed a decision due to the failure to find a solution to the
name dispute with Greece. Political risk is a constraint on the
ratings.
An increase in the CAD or renewed pressure on FX reserves would
increase downward pressure on the rating, while a narrowing of the
CAD and significant easing of external financing risks could lead
the Outlook to be revised to Stable. A marked loosening of fiscal
policy and emergence of fiscal financing difficulties could lead
to a rating downgrade. The opening of EU membership negotiations
could lead to positive rating action. Conversely, a material
increase in political tensions could lead to a downgrade.
=====================
N E T H E R L A N D S
=====================
OPERA FINANCE: S&P Downgrades Rating on Class D Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all Opera Finance (Uni-
Invest) B.V.'s notes.
The servicer, Eurohypo AG (London branch), has told us that the
borrower is unlikely to repay the underlying loan by the scheduled
maturity date in February 2010. Eurohypo has also informed us
that an orderly workout of the loan, which would include asset
sales, is the best option in its opinion.
Opera Finance (Uni-Invest) is a single loan transaction, which
closed in May 2005. At that time, the loan was secured by a
portfolio of 318 office, retail, industrial, and residential
properties located throughout The Netherlands. The borrower is
Uni-Invest B.V. and a consortium led by Lehman Brothers' Real
Estate Partners acquired it in October 2002. Uni-Invest is
legally and physically separate from Lehman Brothers Holdings,
which entered Chapter 11 bankruptcy protection in September 2008.
Of the properties, the borrower has sold about 25% (by property
value) since the closing date. As the issuer applied most of the
sales proceeds to the notes pro rata, this has not resulted in a
significant improvement in the subordination for the senior notes.
In S&P's opinion, the remaining collateral portfolio has no
significant value concentration, with only two properties
accounting for more than EUR20 million.
The properties are located in all 12 provinces of The Netherlands.
Of the portfolio, approximately 64% is in the Randstad, The
Netherlands' most densely populated region.
There are now approximately 1.24 million sq. m of rentable area,
which are leased to approximately 1,000 tenants. The property
type includes office (59%), industrial (24%), mixed-use (11%), and
retail (3%).
The largest tenant in the pool (Staat der Nederlanden) now
accounts for 3.4% of the total annual rental income, while the top
10 tenants account for 20.5%. Most of the leases are short-term
and about 60% of the rent expires within the next four years.
DTZ has recently revalued the property portfolio and is of the
opinion that the assets are now worth EUR977.6 million, which
translates into an LTV ratio of 78.3%. DTZ has also performed a
valuation based on the assumption that the portfolio would be sold
within the next three to six months at a distressed price. The
value under this assumption is EUR737.8 million (103.8% LTV
ratio).
Under the transaction documents, the issuer will apply the income
received from the loan to the notes:
When properties are sold, it will apply pro rata the loan amount
allocated to each respective property.
Starting with the most senior class of notes, it will apply
sequentially all amounts greater than the allocated loan amount.
It will apply sequentially all amounts of excess income (remaining
rental income after payment of loan interest).
As the distressed value (as calculated by DTZ) is below the loan
amount, it is likely that a portion of the property sales will be
below the allocated loan. This means that, according to the terms
of the documents, income from those sales will reduce the junior
note balances by the same percentage amount as the senior note
balance.
The issuer will apply all funds it receives to the notes
sequentially if:
* A note event of default (for example, due to nonpayment of
interest) occurs; and/or
* Less than 25% of the initial note balance remains outstanding
(the current reported principal balance outstanding is 76%).
The downgrades reflect S&P's view of the reduced likelihood of a
full repayment of the notes by the legal final maturity date. S&P
is of the opinion that given the size and granularity of the
portfolio, combined with the short remaining time until note
maturity, the borrower will come under increasing pressure to sell
assets at or below the allocated loan amount to reduce the loan
balance to a level that a lender is willing to lend against the
remaining portfolio.
Since S&P understand that the loan leverage will not reduce if
there is a higher number of asset sales below the allocated loan
amount, S&P believes the default risk will likely increase, in
particular for the more junior classes of notes.
In addition, S&P believes the transaction structure results in a
slower repayment of the senior notes, because S&P understand a
switch to sequential pay will occur only after a substantial
amount of asset sales, which is likely to have a negative effect
on the creditworthiness of those notes.
Ratings List
Opera Finance (Uni-Invest) B.V.
EUR1,008,900,000 Commercial Mortgage Backed
Floating Rate Notes 2005
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A BBB AAA/Watch Neg
B BB AA/Watch Neg
C B A/Watch Neg
D B- BBB/Watch Neg
RHODIUM 1: Moody's Junks Rating on EUR12.5MM Class D Notes
----------------------------------------------------------
Moody's Investors Service took these downgrade rating actions on
several classes of notes issued by Rhodium 1 B.V.
-- EUR23.8M B, Downgraded to A2; previously on Mar 11, 2009
Downgraded to A1
-- EUR18.6M C, Downgraded to Ba1; previously on Mar 11, 2009
Downgraded to Baa2
-- EUR12.5M D, Downgraded to Caa3; previously on Mar 11, 2009
Downgraded to B3
This transaction is a static cash CDO of European Structured
Finance assets, including exposure to 62% RMBS, 23% ABS, 9% CLO
and 3% SME transactions.
The rating actions taken on the notes are a result in particular
from the credit deterioration of the CLO portion in the underlying
portfolio.
The 10 years WARF deteriorated to 741 in August 2009 as reported
by the last trustee quarterly report, (corresponding to an average
portfolio rating of Baa3) compared to a WARF of 697 (still Baa3)
as reported by the Trustee in February 2009 at the time of the
last rating actions. Moody's in its analyses takes into account a
current average portfolio rating of Ba1 including also 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. Roughly the 16%
of the portfolio is composed by collateral obligations which are
currently on review for possible downgrade. The Caa and below
rated collateral obligations currently represent the 9% of the
portfolio compared to a 4% in February 2009. The average WAL of
the portfolio is 6.14 years.
SHIELD 1: Fitch Affirms Ratings on Class F Notes at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed all six tranches from Shield 1 B.V., a
synthetic securitization of Dutch residential mortgages originated
by ABN AMRO Bank N.V., rated AA-/F1+. The Outlooks are Stable.
The affirmation of Shield I B.V.'s notes follows the continued
strong performance of the collateral portfolio underlying the
rated notes. Loans in arrears by three or more months have
remained low at 0.58% of the current collateral balance in October
2009, showing only a 1basis point increase from previous quarter
in July 2009. Although volumes of arrears within higher arrears
buckets are trending upwards, the level of excess spread is
sufficient to cover losses that might be realized in the upcoming
quarters. The transaction features a synthetic excess spread
which is calculated each quarter to be 4bps of the outstanding
collateral balance. As of October 2009, the transaction had
trapped EUR40mln of excess spread in an additional reserve ledger
to cover future losses.
Various counterparty roles in the transaction are performed by ABN
AMRO. In particular, large cash amounts are held as collateral
with ABN AMRO as account bank and Fitch has identified this as
excessive counterparty dependency in line with Fitch's
counterparty criteria. Notwithstanding, Fitch understands that as
part of ABN AMRO's ongoing legal demerger these functions will be
transferred to a newly formed ABN AMRO entity that will be fully
owned by the Dutch State. Fitch expects that this new entity (to
be called ABN AMRO Bank N.V.) will be systemically important to
the ongoing operation of the Dutch payments and savings systems.
In Fitch's view this is a sufficient mitigant to the identified
excessive counterparty dependency to maintain the current ratings
of the notes.
The rating actions are:
Shield 1 B.V.
-- Class A (ISIN XS0238072895) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity Rating of of 'LS-1'
-- Class B (ISIN XS0238073273) affirmed at 'AA'; Outlook Stable;
assigned 'LS-1'
-- Class C (ISIN XS0238073356) affirmed at 'A'; Outlook Stable;
assigned 'LS-1'
-- Class D (ISIN XS0238073513) affirmed at 'BBB+'; Outlook
Stable; assigned 'LS-2'
-- Class E (ISIN XS0238073604) affirmed at 'BB'; Outlook Stable;
assigned 'LS-2'
-- Class F (ISIN XS0238073786) affirmed at 'B'; Outlook Stable;
assigned 'LS-3'
TOPPS TILES: Exits Dutch Business Over Mounting Losses
------------------------------------------------------
Esther Bintliff at The Financial Times reports that Topps Tiles
has withdrawn from an underperforming subsidiary in the
Netherlands.
According to the FT, the Dutch business, which started in 2001,
has been lossmaking for two consecutive years. The FT relates the
unit fell GBP800,000 into the red in 2008 amid tough domestic
competition, while in the year to September, the loss widened to
GBP4.9 million. A large chunk of the deficit stemmed from
exceptional costs arising from the closure of 10 stores, leaving
just 12 operational outlets, the FT says.
"The reality is . . . we never really sold enough tiles in the
Netherlands," the FT quoted Rob Parker, finance director, as
saying. "They use more tiles than we do but people buy them from
kitchen and bathroom specialists."
Topps Tiles Plc -- http://www.toppstiles.co.uk/-- is engaged in
the retail and wholesale distribution of ceramic tiles, wood
flooring and related products. The Company operates in three
retail operating divisions: Topps Tiles (Topps), Tile Clearing
House (TCH) and Topps Floorstore (Holland). The wholly owned
subsidiaries of the Company are Topalpha Limited, which is engaged
in property management and investment; Multi Tile Limited, which
is engaged in retailing and wholesaling of ceramic tiles, wood
flooring and related products; Topps Tiles Holdings, which is an
intermediate holding company; Topps Tiles Distribution Limited,
which is engaged in the wholesale and distribution of ceramic
tiles, wood flooring and related products; Topps Tiles (UK)
Limited, which is engaged in the retailing and wholesaling of
ceramic tiles, wood flooring and related products, and Topps Tiles
Holdings BV, which is engaged in retailing and wholesaling of
ceramic tiles, wood flooring and related products.
===========
R U S S I A
===========
KHANTY-MANSIYSK BANK: Moody's Assigns 'Ba3' Long-Term Ratings
-------------------------------------------------------------
Moody's Investors Service has assigned Ba3 long-term and Not Prime
short-term local and foreign currency deposit ratings and an E+
bank financial strength rating to Khanty-Mansiysk Bank. The
outlook on all ratings is stable. At the same time, Moody's
Interfax Rating Agency has assigned a Aa3.ru long-term national
scale credit rating to the bank. Moscow-based Moody's Interfax is
majority-owned by Moody's.
According to Moody's, KhMB's BFSR of E+, which translates into a
baseline credit assessment of B2, is underpinned by the bank's
strong franchise and market position in its home region of Khanty-
Manskisk as well as its regional expertise in serving a number of
large corporates in the region. However, the BFSR is constrained
by the large single-name customer concentrations on both sides of
KhMB's balance sheet, its high exposure to related parties, which
undermines its economic capitalization, as well as the bank's weak
financial fundamentals, in particular profitability and
efficiency. The rating agency notes that the bank was loss-making
in 2008 due to significant revaluation losses on market
instruments -- although these may be recovered somewhat as the
markets have improved in 2009 - as well as high provisioning
charges on the loan book.
As at 31 December 2008, the bank's credit exposure to its 20
largest groups of borrowers accounted for over 300% of its Tier 1
capital (YE2007: over 165%), while loans to related parties stood
at 78% of Tier 1 capital (an increase from 52% a year before).
Moody's notes that the changes in the bank's risk-taking approach
followed the dilution of the region's ownership to 62% and the
introduction of a new private shareholder -- a large Russian
industrial conglomerate -- in late 2008; in 2009 the region's
share has decreased further to 44.2%.
KhMB's Ba3 local and foreign currency deposit ratings benefit from
a two-notch uplift from its BCA of B2 as a result of Moody's
assessment of a moderate probability of support from the bank's
home region, Khanty-Mansiysky Autonomous District (issuer rating
of Baa3), which owns a 44.2% stake in the bank. The support
considerations are driven by the bank's social and economic
importance as the largest retail deposit taker in the region
(where it has close to a 20% market share) as well as the regional
authorities' management oversight of the bank's business and
history of providing support in recent years.
Any evidence of the region intending to materially reduce its
stake in the bank could result in Moody's adjusting downwards its
assessment of the probability of regional support for KhMB. This
in turn could have negative implications for the bank's deposit
ratings.
According to Moody's, a decline in the level of concentration in
the bank's loan book and in its customer funding would improve its
risk profile, as this would reduce the vulnerability of the bank's
profitability and capitalization to a sharp asset quality
correction and a loss of major customers, including those related
to the bank. Looking forward, a sustained track record of a
profitable and efficient performance could also have positive
implications for the bank's risk profile in the medium term.
On the other hand, the rating agency said that if the bank were to
experience a material weakening of its franchise, coupled with a
significant deterioration in its liquidity position, this could
exert negative pressure on its ratings. Similarly, a further
increase in borrower and related-party concentrations and/or
weakening profitability and capital adequacy levels could also
have negative implications for KhMB's ratings.
UC RUSAL: Application for Hong Kong US$2 Bln IPO Approved
---------------------------------------------------------
Bei Hu and Simon Casey at Bloomberg News report that United Co.
Rusal's application for a US$2 billion initial public offering on
Hong Kong's stock exchange received approval from the bourse and
the securities regulator.
According to Bloomberg, two people familiar with the matter said
the IPO was approved by Hong Kong's exchange last week.
Bloomberg, citing the two people, who declined to be identified
because the approval hasn't been announced, discloses the
Securities and Futures Commission said Rusal, controlled by
billionaire Oleg Deripaska, will be excluded from offering stock
to retail investors.
Bloomberg notes the people said wealthy individuals will be
allowed to subscribe to Rusal shares if they meet unspecified
criteria. Bloomberg relates the Financial Times reported Monday
the SFC has requested a minimum HK$1 million (US$129,000) "entry
level" for private investors.
Bloomberg recalls a review by the exchange, on Dec. 7, failed to
approve Rusal's bid. The bourse asked the company to explain how
it would repay a US$4.5 billion loan from Russian state-owned
lender Vnesheconombank, Bloomberg recounts. The company was
forced to take the US$4.5 billion loan from Vnesheconombank in
October 2008, the biggest state-led bailout of any Russian
company, Bloomberg notes.
Bloomberg relates Rusal has said it plans to sell a 10% stake to
help repay US$17 billion of borrowings. According to Bloomberg,
the company's borrowings almost doubled last year after Rusal
bought 25% of Moscow-based OAO GMK Norilsk Nickel, Russia's
biggest mining company, for US$7 billion in cash and a 14 percent
Rusal stake. Earlier this month, Rusal, which had a net loss of
US$6 billion last year, signed an accord with creditors in
Russia's largest corporate debt restructuring, Bloomberg recounts.
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.
URALSIB LEASING: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Uralsib Leasing's Long-
term Issuer Default Rating at 'B+'. The Outlook is Negative.
The affirmation of the company's IDRs and Support Rating reflect
the potential support that might be forthcoming, if required, from
UL's main shareholder, Russia's Uralsib Bank (rated 'B+'; Negative
Outlook).
Since the onset of the global financial crisis, UL's dependence on
related party funding has increased materially and at end-October
2009 it accounted for 53% of borrowings (end-2008: 37%). However,
direct funding from UB is limited by banking regulation at 25% of
the latter's equity, while the actual exposure of UB to related
parties is close to the regulatory maximum. Cash and equivalents
accounted for 2.3% of total assets at end-H109; UL's liquidity
risk is mitigated by the amortization of the lease portfolio,
which generated around RUB1.3 billion on a monthly basis during
9M09, while the put options on domestic bond issues are the main
potential large ticket repayments in 2010 (January 2010: RUB2bn;
June 2010: RUB1 billion).
UL's business has been contracting since Q408 and net investments
in leases declined by 14% during 9M09, half of which was due to
the termination of lease agreements with defaulted lessees. The
concentration in lessees and underlying asset classes has remained
high, while around 38% of leases denominated in foreign currency
at end-H109. In line with the market trend, leases overdue by 90
days reached 26% of NIL, with reserve coverage of such leases at
38% at end-H109. The amount of restructured leases was also
significant at 36% of the portfolio, although UL considers these
leases as performing.
The company's exposure to direct market risk has declined as it
has tried to match its positions in foreign currencies and due to
a still high net interest margin (11% in H109). At the same time,
UL has faced elevated credit risk as a result of the significant
proportion of foreign exchange leases and residual value risk on
dissolved lease agreements with around RUB3.2bn (or 8.5% of total
assets at end-H109) of inventory in transit corresponding to such
cases.
UL's capitalization has been supported by its still strong core
profitability (pre-impairment ROAA and ROAE -- net of gain from a
sale of real estate to a related party -- were 3.6% and 23.7%
(annualized), respectively, at end-H109) and its contracting
business volume, with the ratio of equity (excluding a convertible
debt obligation) to assets at 11.5% at end-H109 (end-2008: 10.1%).
UL is a subsidiary of UB, one of the largest privately owned banks
in Russia, and thereby part of the broader Uralsib Financial
Corporation. UL represented 9% of UB's total assets at end-H109,
and provides financial leasing services to large corporates and
SMEs, operating through 71 outlets in Russia and a subsidiary in
Azerbaijan
The rating actions on Uralsib Leasing are:
-- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
Negative
-- Short-term IDR: affirmed at 'B'
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Negative
-- Support Rating: affirmed at '4'
=========
S P A I N
=========
FONCAIXA FTGENCAT: Fitch Cuts Rating on EUR6MM Class E Notes to CC
------------------------------------------------------------------
Fitch Ratings has taken various rating actions on three SME CDOs:
Foncaixa FTGENCAT 3, FTA; Foncaixa FTGENCAT 4, FTA and Foncaixa
FTPYME 1, FTA. All classes of notes which were placed on Rating
Watch Negative in August 2009 have been removed from RWN. The RWN
was assigned in August 2009 pending full analysis after the
implementation of Fitch's revised SME CDO rating criteria for
European granular corporate balance-sheet securitisations. The
rating actions are:
Foncaixa FTGENCAT 3, FTA:
-- EUR263,655,890 class A(G) notes (ISIN ES0337937017): affirmed
at 'AA'; removed from RWN; assigned Stable Outlook
-- EUR10,700,000 class B notes (ISIN ES0337937025): affirmed at
'A'; removed from RWN; assigned Stable Outlook and 'LS-3'
-- EUR7,800,000 class C notes (ISIN ES0337937033): affirmed at
'BB'; removed from RWN; assigned Stable Outlook and 'LS-3'
-- EUR6,500,000 class D notes (ISIN ES0337937041): affirmed at
'B'; removed from RWN; assigned Negative Outlook and 'LS-3'
-- EUR6,500,000 class E notes (ISIN ES0337937058): affirmed at
'CC'; removed from RWN
Foncaixa FTGENCAT 4, FTA:
-- EUR302,032,871 class A(G) notes (ISIN ES0338013016):
downgraded to 'A+' from 'AAA'; removed from RWN; assigned
Stable Outlook
-- EUR9,600,000 class B notes (ISIN ES0338013024): downgraded to
'BBB' from 'AA-'; removed from RWN; assigned Stable Outlook
and 'LS-4'
-- EUR7,200,000 class C notes (ISIN ES0338013032): downgraded to
'BB' from 'BBB+'; removed from RWN; assigned Negative Outlook
and 'LS-4'
-- EUR6,000,000 class D notes (ISIN ES0338013040): downgraded to
'B' from 'BB+'; removed from RWN; assigned Negative Outlook
and 'LS-4'
-- EUR6,000,000 class E notes (ISIN ES0338013057): downgraded to
'CC' from 'CCC-'; removed from RWN
Foncaixa FTPYME 1, FTA:
-- EUR43,085,928 class A3(G) notes (ISIN ES0337803029): affirmed
at 'AAA'; Stable Outlook;
-- EUR10,795,579 class A3(S) notes (ISIN ES0337803037): affirmed
at 'AAA'; Stable Outlook; assigned LS-1
-- EUR37,800,000 class B notes (ISIN ES0337803045): affirmed at
'A+'; removed from RWN; assigned Stable Outlook and 'LS-1'
-- EUR7,800,000 class C notes (ISIN ES0337803052): affirmed at
'BB'; removed from RWN; assigned Negative Outlook and 'LS-2'
The downgrades primarily reflect the implementation of Fitch's
revised SME CDO rating criteria and difficult macro-economic
conditions in the Spanish SME sector. Foncaixa 4 is the only
transaction listed above where all tranches have been downgraded
while all tranches of Foncaixa 3 and Foncaixa FTPYME 1, FTA have
been affirmed. The downgrades on Foncaixa 4 are due to the lower
degree of de-leveraging and seasoning, which resulted in smaller
increases in credit enhancement, and lower security than the other
two Foncaixa transactions. Further details are provided below.
The affirmations on Foncaixa FTGENCAT 3, FTA reflect the increased
credit enhancement at for all classes due to de-leveraging and
amortizations. The portfolio has demonstrated moderate
deterioration as 90+ delinquencies are currently 1.84% and there
have been no defaulted assets (more than 12 months in arrears) as
of the 30 November 2009 delinquency report. Also, the underlying
portfolio is granular with no single obligor accounting for more
than 0.31%. Additionally, the portfolio benefits from a high
level of security with 86.28% secured on first-ranking mortgages
with a weighted average LTV of 50.4%. The Negative Outlook on the
class D notes reflects the subordinate position of this tranche
and the relatively long weighted average life of the portfolio at
over seven years, which increases the risk of delinquencies given
Fitch's Negative Outlook on the Spanish SME sector.
All classes of Foncaixa FTGENCAT 4, FTA have also experienced
increases in credit enhancement and moderate deterioration with
90+ delinquencies at 1.09% with no defaulted assets (more than 12
months in arrears) as of the 30 November 2009 delinquency report.
However, the positive effect is slightly more limited than in
Foncaixa 3 which has the benefit of an additional year of de-
leveraging. Additionally, when compared to Foncaixa 3, Foncaixa 4
has a lower percentage of assets secured on first-ranking
mortgages (at 79.84%), higher LTV (at 66.41%) and longer portfolio
weighted average life of approximately eight years. As a result,
the transaction is not able to withstand the more stringent
assumptions of Fitch's revised SME CDO criteria, leading to the
downgrade. The Negative Outlooks assigned to the class C and D
notes reflect the subordinate positions of these tranches and the
relatively long weighted average life of the portfolio.
The affirmations on Foncaixa FTPYME 1, FTA reflect the significant
increase in credit enhancement across all classes of notes as the
structure has de-leveraged due to amortizations. Single obligor
concentration is extremely low with the largest obligor
representing only 0.17% of the 4 July 2009 portfolio.
Additionally, the portfolio demonstrates a high level of security
(at 93.63%) and low LTV (at 34.63%) per the 4 July 2009 portfolio.
Ninety-days plus delinquencies are 2.89% and there are no
defaulted assets (more than 18 months in arrears) as of the 30
November 2009 delinquency report. The Negative Outlook on the
class C notes reflect the subordinated position of this note whose
credit enhancement is derived from the size of the reserve fund
only.
Using the SME CDO criteria, the agency made assumptions on the
probability of default and loss severity with regards to current
delinquencies as well as the performing portfolio. Fitch has
assumed the PD of the unrated SME loans to be commensurate with
the 'B' rating category. Based on observed delinquencies and the
origination process of the originating banks in Spain, the
benchmark PD is adjusted upward or downward. Delinquent loans are
notched down depending on the time the loans have been in arrears.
Recoveries for loans secured by first lien real estate are
adjusted for property indexation and market value stress based on
the agency's criteria, but second lien mortgages are treated as
senior unsecured loans. Fitch was provided with updated loan-by-
loan data from GestiCaixa S.G.F.T., S.A., to conduct these
reviews.
HIPOCAT FTA: Moody's Junks Ratings on Class C Notes
---------------------------------------------------
Moody's Investors Service has downgraded the ratings of:
-- one senior note and all the junior notes issued by Hipocat
10, Fondo de Titulizacion de Activos (Hipocat 10)
-- all senior and junior notes issued by Hipocat 11, Fondo de
Titulizacion de Activos (Hipocat 11)
-- all senior and junior notes issued by Hipocat 12, Fondo de
Titulizacion de Activos (Hipocat 12)
Moody's has maintained on review for possible downgrade:
-- two senior notes issued by Hipocat 10, Fondo de Titulizacion
de Activos (Hipocat 10)
Last rating action date for Hipocat 10, 11 and 12 was 5 June 2009,
when the deals were put under review for possible downgrade given
deterioration in credit trends.
The rating action was prompted by the prolonged deterioration and
worse-than-expected performance of the collateral backing the
notes. The downgrades also reflect Moody's negative sector
outlook for Spanish RMBS and the weakening of the macro-economic
environment in Spain, including the expected increase in
unemployment rates projected for 2009 and 2010 as well as the
deterioration of the Spanish housing market.
Hipocat 10, 11 and 12 closed in July 2006, March 2007 and December
2007 respectively. The transactions are backed by portfolios of
first-ranking mortgage loans originated by Caixa Catalunya (A3/P-
2) and secured on residential properties located in Spain, for an
overall balance at closing of EUR1.5 billion, EUR1.6 billion and
EUR1.6 billion, respectively. The three deals consist of the
securitization of the first drawdown of Caixa Catalunya's flexible
mortgage loan. The product, named "Credito Total" offers the
possibility of withdrawing additional funds up to the minimum of
the original loan-to-value or 80% LTV and enjoying grace periods
of interest and principal. The pools include a large share of
loans with LTV over 80%, currently representing 38%, 40% and 46%
of the pool balance in Hipocat 10, 11 and 12 respectively. The
pool concentration in Catalonia represented about 70% of the three
pool balances at closing. Currently, between 25% and 30% of the
portfolio balance in the three Hipocat transactions corresponds to
loans granted to non-Spanish nationals. Only a limited share of
the securitized loans has been originated via broker, representing
a maximum of 4% of original pool balance in Hipocat 12.
Moody's had already taken action on the three transactions in
April 2009. But, the collateral performance has deteriorated
further with an unanticipated pace. All three Hipocat
transactions are currently performing outside of Moody's
expectations as of the last rating review. Moody's observed a
rapid increase in the share of loans being written-offs.
Cumulative write-offs rose to 2.8%, 6.9% and 8.1% of original pool
balance in Hipocat 10, Hipocat 11 and Hipocat 12 respectively.
The rapidly increasing levels of delinquent and defaulted loans
ultimately resulted in draws to reserve fund in all three
transactions and build-up in unpaid Principal Deficiencies Ledgers
(PDL) in Hipocat 11 (EUR 18.2 million) and Hipocat 12
(EUR3.5 million) as at the last payment date.
Increased In "Write-Offs" Associated With "Dacion En Pago"
The weak performance of the three Hipocat deals has been mainly
driven by the high loan-to-value ratios of the securitized
mortgage loans and by the exposure to borrowers without Spanish
citizenship affected by difficult economic conditions such as
increasing unemployment and declining house prices. Moody's
performed a loan-by-loan analysis of all delinquent and written-
off loans in the three Hipocat RMBS. The write-off rate for loans
granted to non-Spanish national (calculated as the written-off
loan amount divided by original pool balance of loans originated
to non-Spanish borrowers) is between 6 to 7 times the write-off
rates of loans granted to Spaniards.
The sudden increase in loan write-offs is to a large extent
attributed to the acceleration of delinquent loans into write-off
category, most specifically when the servicer resorts to "dacion
en pago". "Dacion en pago" is a voluntary agreement whereby the
borrower hands over the possession of the property to the lender
to clear the outstanding mortgage debt. With "dacion en pago",
the lender avoids legalistic repossession and effectively agrees
not to pursue the debtor if the funds arising from the sale of the
property are lower than the outstanding mortgage debt. According
to the information received from the gestora, about 83% of the
cumulative write offs in Hipocat 12 relate to "dacion en pago",
compared to 68% in Hipocat 11 and 50% in Hipocat 10. Moody's
understand that "dacion en pago" is offered to borrowers where
access to the assets of the defaulted borrowers may be complex or
to unemployed borrowers with no additional assets available to
repay the outstanding debt after the repossession process.
According to the loan-by-loan data, between 72% and 76% of all
"daciones en pago" in the three Hipocat series were granted to
non-Spanish nationals.
Recoveries on Properties Acquired Achieved Via "Compra-Venta"
When Moody's placed the three Hipocat transactions under review in
June 2009, Moody's had concerns about the share of properties
acquired in the Fondos following "dacion en pago". The share of
acquired properties in certain Hipocat 10, 11 and 12 had turned
out to be material, representing 2.8%, 5% and 7.3% of original
pool balance in July. Moody's commented on the negative aspects
of holding properties in a depressing housing market, as it would
delay recoveries and may lead to higher loss severity. However,
Moody's have received positive data from Caixa Catalunya about the
level of recoveries achieved on the sale of acquired properties in
the three Fondos. Moody's understand that Caixa Catalunya has
facilitated the sale of the acquired properties gone through
"dacion en pago" to real estate companies (owned by the lender) or
external investors via "compra-venta" (a cash acquisition with
property sale proceeds flowing back to the Fondos). In the three
Hipocat series, the recoveries on the properties sold via "compra-
venta" have reached an average recovery rate of over 70%
(calculated as the property sale price divided by outstanding debt
at time of acquisition). Available funds in the three Hipocat
transactions are ultimately improving as properties being acquired
are sold via "compra-venta" -- as was observed for Hipocat 12.
Recoveries rose to about 70% of cumulative write-offs in Hipocat
12, 20% in Hipocat 11 and 60% in Hipocat 10 as at the last
interest payment date. Moody's expect Hipocat 10 and 11 to
benefit fully of higher recoveries achieved through compra-venta
from next reporting date. However, the pace at which loans are
moving into arrears and defaults suggests that the transactions
will remain under stress and cash reserve will not be replenished.
Amortization of The Notes
In Hipocat 11, Class A2 and A3 amortize sequentially following
breach of trigger -- with the aggregated outstanding amount of A2
and A3 notes being greater than the outstanding balance of loans
less than 90 days in arrears. Moody's expect that even if the
trigger is cured in a short time horizon, Class A2 would not be
fully redeemed by July 2013 in which case 25% of available funds
for Aaa amortization would be applied to Class A2 amortization and
75% to Class A3 amortization and therefore it is not clear that
all the outstanding Class A2 would redeem in priority to Class A3.
Hipocat 10 provides for the amortization of the Class A notes to
switch to pro rata subject to a performance trigger -- to be hit
if the outstanding balance of loans more than 18 months in arrears
exceeds 25% of the initial pool balance. Moody's considers this
trigger very unlikely to be breached, as the outstanding balance
of loans more than 18 months in arrears is currently 1.5% of
outstanding pool balance. Class A4 has a planned amortization
and, on any IPD, EUR 12.5 million are deposited and retained in a
dedicated account for the repayment of this class which will be
amortized with a bullet payment at the legal maturity on April
2012. A total of EUR58.2 million are currently retained in the
Withholding Principal Account held at Caja de Ahorros y Pensiones
de Barcelona (Aa2/P-1). A liquidity facility, provided by Calyon
Spanish branch, is in place to ensure payment of this series at
its maturity date. From October 2009 onwards all remaining
available funds in excess to the amount retained to pay class A4
notes are applied to repay class A2 and A3 notes. However these
two classes do not follow a pro-rata amortization, instead 50% of
the available funds are used to amortize A3 and 50% to amortize
A2. Moody's expects that Class A4 and A3 will be redeemed before
Class A2 and has therefore taken rating action only on class A2
notes.
The amortization between the senior, mezzanine and junior notes in
all three transactions is expected to remain sequential for the
remaining life of the deals given breach of triggers (90d+ arrears
exceeding 1.5% of current pool balance).
Revised Lifetime Losses and Milan Aaa Ce
Moody's has reassessed its lifetime loss expectation for Hipocat
10, 11 and 12 to account for the collateral performance to date as
well as Moody's expectations for these transactions in the context
of a current macroeconomic environment in Spain. On the basis of
the rapid deterioration in credit trends in all three
transactions, Moody's have updated the portfolio expected loss
assumption to 4.0% of original balance in Hipocat 10, 8% of
original balance in Hipocat 11 and 8.8% of original balance in
Hipocat 12.
As part of its analysis, Moody's has also assessed loan-by-loan
information for the outstanding portfolios to determine the credit
support consistent with target rating levels and the volatility of
the distribution of future losses. For this review, "Moody's
Updated Methodology for Rating Spanish RMBS" was used. As a
result, Moody's has revised its MILAN Aaa credit enhancement
(MILAN Aaa CE) assumptions to 17% for Hipocat 10, 24% for Hipocat
11 and 29% for Hipocat 12. The loss expectation and the Milan Aaa
CE are the two key parameters used by Moody's to calibrate its
loss distribution curve, which is one of the core inputs in the
cash-flow model it uses to rate RMBS transactions. Current credit
enhancement under Aaa-rated Class A notes (including subordination
and reserve fund and taking into consideration the amount of
unpaid PDLs in Hipocat 11 and 12 and retained principal in the
Withholding Principal Account in Hipocat 10) is 12.0%, 9.8% and
14.1% for Hipocat 10, 11 and 12 respectively as at the last
payment date.
Counterparties to The Transactions
Paying Agent:
Caixa Catalunya was downgraded on 15 June 2009 from A2/P-1 to
A3/P-2. Given Caixa Catalunya has been acting as paying agent in
the transaction since closing, it is contemplated in the
transaction documents that the gestora will need to find a P-1
rated replacement or guarantor upon the downgrade below P-1 of the
paying agent within 30 days. However, Moody's understands that no
remedial action has yet been taken in that respect. As a result,
Moody's has maintained the rating of the Class A4 and A3 in
Hipocat 10 under review for possible downgrade.
Swap provider:
The three transactions benefit from an interest rate swap to hedge
interest rate risk, securing weighted-average interest rate on the
notes plus 0.65% excess spread and covering the servicing fee in
case of servicer replacement, over a notional equal to the daily
average outstanding amount of the loans not more than 90 days in
arrears - excluding loans in grace period up to 35%, 16% and 14%
of pool balance respectively. CECA (Confederacion Espa¤ola de
Cajas de Ahorros, Aa3/P-1) acts as the swap counterparty for
Hipocat 10 and Hipocat 11. Caixa Catalunya (A3/P-2) acts as swap
counterparty in Hipocat 12 and, following the downgrade to P-2, is
posting collateral according to the documentation.
Issuer Account Bank:
For all three transactions, collections are paid to Caixa
Catalunya (A3/P-2) and then transferred every 24 to 48 hours to
the treasury account. In Hipocat 10 and Hipocat 11, the treasury
account is held at Caja de Ahorros y Pensiones de Barcelona
(Aa2/P-1). Following the downgrade of Caixa Catalunya (from A2/P-
1 to A3/P-2), which holds the treasury account in Hipocat 12, it
is contemplated in the transaction documents that the gestora will
need to find a P-1 rated replacement or guarantor. However,
Moody's understands that no remedial action has yet been taken in
that respect.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transaction. Other
risks have not been addressed, but may have a significant effect
on yield to investors.
List of Detailed Rating Actions
Issuer: HIPOCAT 10, FTA
-- Class A2 Notes, Downgraded to Aa2; previously on June 5, 2009
Aa1 Placed Under Review for Possible Downgrade
-- Class B Notes, Downgraded to Ba1; previously on June 5, 2009
A2 Placed Under Review for Possible Downgrade
-- Class C Notes, Downgraded to Ca; previously on June 5, 2009
Ba3 Placed Under Review for Possible Downgrade
Issuer: HIPOCAT 11, FTA
-- Class A2 Notes, Downgraded to A2; previously on June 5, 2009
Aa2 Placed Under Review for Possible Downgrade
-- Class A3 Notes, Downgraded to A2; previously on June 5, 2009
Aa2 Placed Under Review for Possible Downgrade
-- Class B Notes, Downgraded to B1; previously on June 5, 2009
Baa1 Placed Under Review for Possible Downgrade
-- Class C Notes, Downgraded to Ca; previously on June 5, 2009
B2 Placed Under Review for Possible Downgrade
Issuer: HIPOCAT 12, FTA
-- Class A Notes, Downgraded to A2; previously on June 5, 2009
Aa2 Placed Under Review for Possible Downgrade
-- Class B Notes, Downgraded to B2; previously on June 5, 2009
Baa2 Placed Under Review for Possible Downgrade
-- Class C Notes, Downgraded to C; previously on June 5, 2009 B3
Placed Under Review for Possible Downgrade
TDA 27: S&P Downgrades Rating on Class E Notes to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on TDA 27, Fondo de
Titulizacion de Activos' class B, C, D, and E notes. At the same
time, S&P affirmed the class A1, A2, A3, and NAS-IO notes.
These rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received.
The results of S&P's analysis showed that, due to performance
deterioration in the underlying mortgage pool, the credit
enhancement available to the class B to E notes was not
commensurate with the existing ratings. As a result, S&P
downgraded these notes.
The issuer has drawn fully on the reserve fund to provide for
defaulted loans. It drew the bulk of the fund on the March and
June interest payment dates, when gross defaults spiked. When the
level of cumulative defaulted loans (defined as loans more than 12
months in arrears) in TDA 27 reaches a certain percentage of the
initial collateral balance, the priority of payments changes. It
postpones interest payments to the related class of notes and
diverts these funds to amortize the most senior class of notes,
thus trapping excess spread to provide for defaults.
As of the end of September, cumulative defaults were 2.49% of the
initial collateral balance, up from 0.74% in Q4 2008. The trigger
levels are 11.4%, 8.6%, 5.5%, and 4.2% for the class B, C, D, and
E notes, respectively.
The mortgage portfolio underlying this transaction is also
experiencing high delinquency levels. As of the end of September,
S&P calculates severe delinquencies, defined as arrears greater
than 90 days (including outstanding defaulted loans), at around
5.6% of the closing balance and 7.6% of the current balance. This
reflects the increased risk of interest deferral in the future.
The transaction closed in December 2006. The collateral backing
the notes comprises a portfolio of residential mortgage loans
secured over properties in Spain. Four entities originated and
service the loans: Caixa d'Estalvis de Terrassa, Caja General de
Ahorros de Granada, Caja Vital Kutxa, and Union de Credito para la
Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C.,
S.A.U. Around 18% of the loans originated by Credifimo,
representing around 4% of the outstanding pool balance, are
second-liens with the first-ranking mortgage securitized in TDA 27
or another securitization.
Ratings List
TDA 27, Fondo de Titulizacion de Activos
EUR930.6 Million Mortgage-Backed Floating-Rate Notes
And EUR0.6 Million Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
B A AA/Watch Neg
C BBB- A/Watch Neg
D BB- BBB-/Watch Neg
E B- BB-/Watch Neg
Ratings Affirmed
Class Rating
----- ------
A1 AAA
A2 AAA
A3 AAA
NAS-IO AAA
=============
U K R A I N E
=============
INTERPIPE LIMITED: Fitch Downgrades Issuer Default Rating to 'RD'
-----------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based pipes and railway
wheels producer Interpipe Limited's Long-term Issuer Default
Rating to 'RD' (Restricted Default) from 'CCC'. The agency has
simultaneously downgraded Interpipe's senior unsecured rating to
'C' from 'CCC' and revised the Recovery Rating to 'RR6' from
'RR4'. Fitch also downgraded the company's Short-term IDR to 'D'
from 'C'. All ratings have been removed from Rating Watch
Negative.
The downgrades reflect the uncured payment default on some of
Interpipe's bank debt facilities and the company's confirmation of
its cross-default on its major bank debt facilities and US$200m
eurobonds. Fitch believes there is significant risk that
Interpipe may experience payment default on its other debt
facilities once the existing understandings with banks over
payment deferrals lapse. Fitch understands that these will need
to be renewed at the beginning of January 2010. The agency also
believes that Interpipe's negotiations with its creditor group may
be challenging, due to the complex creditor relationship and
difficult operating and credit environment.
As at end-Q309, Interpipe had total debt of US$900 million, of
which 47% was secured by company assets and future sales proceeds.
Fitch is concerned about the company's liquidity due to negative
free cash flow, significant capital commitments under its
electrical arc furnace construction programme and potential
acceleration of debt repayments by Interpipe's creditors. The
Recovery Rating on Interpipe's senior unsecured notes of 'RR6'
indicates poor recovery prospects in the event of default.
===========================
U N I T E D K I N G D O M
===========================
ABACUS INVESTMENT: High Court Shuts Down Business
-------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented petitions in the High Court to wind-up, in the public
interest, five companies involved in marketing plots of land as
investment opportunities.
The petitions to wind up Pemberton International Limited, Eldon
International Limited, Willow International Limited, Allied
Investment Management Limited and Abacus Investment management
(London) Limited were presented following confidential inquiries
carried out by Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985, as amended.
On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
companies. The role of the Official Receiver is to protect the
assets and financial records of the companies pending
determination of the petitions.
As the matter is before the Court no further information will be
made available until the petitions are determined. The petitions
are all listed for hearing on March 31, 2010.
The application to appoint a provisional liquidator was first
heard on October 8, 2009, but at this hearing the companies,
through their directors, offered to give undertakings to the Court
as to their future conduct and to cease trading pending the
determination of the petitions. The Court accepted that these
undertakings were sufficient to protect the public interest
pending trial of the petitions. The undertakings however were not
fully complied with and accordingly the Secretary of State
returned to Court on December 17, 2009 with a further application
to appoint a provisional liquidator. The companies did not oppose
this further application. The Court accepted there had been a
failure to comply with the undertakings and ordered the
appointment of the Official Receiver as provisional liquidator of
the companies.
Abacus Investment Management (London) Limited was incorporated on
November 6, 2008. The registered office of the company is at
Rutland House, 90-92 Baxter Avenue, Southend-on-Sea, Essex SS2
6HZ. The sole director and secretary of the company is
Ashley Cunningham who is shown to have been appointed on
November 6, 2008.
All public inquiries concerning the affairs of the company should
be made to:
The Official Receiver
Public Interest Unit
Tel: 0207 637 1110
E-mail: piu.or@insolvency.gsi.gov.uk
ALLBURY TRAVEL: Ceases Trading, CAA Says
----------------------------------------
Mike Harrison at Bloomberg News reports that the Civil Aviation
Authority said in a statement on its Web site Dec. 19 Allbury
Travel Group, a U.K.-based holiday company trading as Libra
Holidays, Argo Holidays and JetLife, has ceased trading.
According to Bloomberg, the statement said the company, which
operated air package holidays and flights out of Gatwick,
Manchester, Newcastle, Birmingham and Leeds Bradford airports to
Greece, Cyprus and Egypt, has fewer than 100 holidaymakers
currently abroad and approximately 4,000 customers with forward
bookings who are yet to travel.
ALLIED INVESTMENT: High Court Shuts Down Business
-------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented petitions in the High Court to wind-up, in the public
interest, five companies involved in marketing plots of land as
investment opportunities.
The petitions to wind up Pemberton International Limited, Eldon
International Limited, Willow International Limited, Allied
Investment Management Limited and Abacus Investment management
(London) Limited were presented following confidential inquiries
carried out by Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985, as amended.
On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
companies. The role of the Official Receiver is to protect the
assets and financial records of the companies pending
determination of the petitions.
As the matter is before the Court no further information will be
made available until the petitions are determined. The petitions
are all listed for hearing on March 31, 2010.
The application to appoint a provisional liquidator was first
heard on October 8, 2009, but at this hearing the companies,
through their directors, offered to give undertakings to the Court
as to their future conduct and to cease trading pending the
determination of the petitions. The Court accepted that these
undertakings were sufficient to protect the public interest
pending trial of the petitions. The undertakings however were not
fully complied with and accordingly the Secretary of State
returned to Court on December 17, 2009 with a further application
to appoint a provisional liquidator. The companies did not oppose
this further application. The Court accepted there had been a
failure to comply with the undertakings and ordered the
appointment of the Official Receiver as provisional liquidator of
the companies.
Allied Investment Management Limited was incorporated on
October 8, 2008. The registered office of the company is at 50
Ellison Road, London, SW16 5BY. The sole recorded director of the
company is DeRial White who is shown to have been appointed on
October 10, 2008. The previous directors of the company are shown
to have been Stefan Mitchell (from October 8, 2008 until
October 10, 2008), Majgan Rassoli (from October 8, 2008 until
November 17, 2008) and Dean Benjamin Straker (from October 8, 2008
until November 17, 2008). The company secretary of the company is
Stefan Mitchell who is shown to have been appointed on
October 8, 2008.
BORDERS UK: Sale Talks Fail; Stores to Cease Trading Today
----------------------------------------------------------
Colin Keatinge at Bloomberg News reports that Borders U.K.'s joint
administrators MCR said in an e-mailed statement Friday it has not
been possible to agree to a sale of any part of the business as a
going concern.
According to Bloomberg, MCR said all stores will formally cease to
trade today, Dec. 22.
As reported by the Troubled Company Reporter-Europe, Philip Duffy,
Geoff Bouchier and David Whitehouse of MCR have been appointed as
Joint Administrators of the book-store chain. Some 1,150
employees will be affected by the Administration.
The Administration follows the continuing pressure on the retailer
from increased Internet competition, which has accelerated over
the last year with sales levels falling further behind prior year
levels. As a result the Company has suffered from severe cash
flow pressure and several of the Company's suppliers have placed
the business on stop or reduced credit limits. A number of credit
insurers have also reduced cover to the Company.
Borders opened in Britain for the first time in 1997. Brothers
Tom and Louis Borders established its American parent in 1971. It
was spun off from Borders Group in 2007.
COSTELLO LIMITED: Provisional Liquidator Appointed
--------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up Costello Limited
in the public interest.
The Trafford Park, Manchester-based company carried on business
nationally selling advertising space in publications and on
websites purporting to promote awareness in child safety, road
safety and crime prevention.
The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch of the
Insolvency Service under section 447 of the Companies Act 1985 (as
amended). The Official Receiver has been appointed provisional
liquidator of the company pending the hearing of the petition.
The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on January 27, 2010.
The registered office of Costello Limited is at 6 Lumsdale Road,
Cobra Court, Trafford Park, Manchester M32 0UT and the company was
incorporated on January 7, 2008.
All public inquiries concerning the affairs of the companies
should be made to:
The Official Receiver
Public Interest Unit
2nd Floor
3 Piccadilly Place
London Road
Manchester, M1 3BN
Tel: 0161 234 8531
Email: piu.north@insolvency.gsi.gov.uk
ELDON INTERNATIONAL: High Court Shuts Down Business
---------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented petitions in the High Court to wind-up, in the public
interest, five companies involved in marketing plots of land as
investment opportunities.
The petitions to wind up Pemberton International Limited, Eldon
International Limited, Willow International Limited, Allied
Investment Management Limited and Abacus Investment management
(London) Limited were presented following confidential inquiries
carried out by Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985, as amended.
On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
companies. The role of the Official Receiver is to protect the
assets and financial records of the companies pending
determination of the petitions.
As the matter is before the Court no further information will be
made available until the petitions are determined. The petitions
are all listed for hearing on March 31, 2010.
The application to appoint a provisional liquidator was first
heard on October 8, 2009, but at this hearing the companies,
through their directors, offered to give undertakings to the Court
as to their future conduct and to cease trading pending the
determination of the petitions. The Court accepted that these
undertakings were sufficient to protect the public interest
pending trial of the petitions. The undertakings however were not
fully complied with and accordingly the Secretary of State
returned to Court on December 17, 2009 with a further application
to appoint a provisional liquidator. The companies did not oppose
this further application. The Court accepted there had been a
failure to comply with the undertakings and ordered the
appointment of the Official Receiver as provisional liquidator of
the companies.
Eldon International Limited was incorporated on August 14, 2003.
The registered office of the company is at 50 Ellison Road,
London, SW16 5BY. The sole recorded director of the company is
DeRial White who is shown to have been appointed on January 15,
2009. The previous director of the company is shown to have been
Steven David Lawrence (from July 23, 2008 until January 6, 2009).
No company secretary is shown to have been appointed in succession
to Oliver Wilson who is recorded as secretary from July 23, 2008
until January 19, 2009.
FLYGLOBESPAN: Salmond Calls for Probe Into Collapse
---------------------------------------------------
Andrew Bolger at The Financial Times reports that Alex Salmond,
Scotland's first minister, has urged the U.K. government to launch
a "serious investigation" into the collapse of Flyglobespan.
The FT relates Mr. Salmond's call came after the weekend failure
of Allbury Travel Group, a Hertfordshire-based holiday company
with close links to E-Clear, the card payments group accused of
hastening the demise of Flyglobespan.
According to the FT, John Swinney, Scotland's finance secretary,
said on Friday that GBP20 million out of GBP35 million collected
by E-Clear on behalf of the airline should have been in
Globespan's bank account, because it came from passengers who had
already flown. The FT relates Mr. Swinney told the BBC that the
airline would have had "a better chance of survival" if the money
had been passed on.
The FT notes a spokesman for E-Clear refused to discuss the amount
at issue on Friday but said the company would work with PwC, the
administrators, to "clarify and address the various complexities
around the airline's financial position, so that matters may be
resolved as quickly as possible".
Mr. Salmond, as cited by the FT, said he believed there was a case
for a serious investigation by UK government regulators, who
should look at "the negotiations and the financial structure of
Globespan and if indeed money, as is claimed, was being withheld
from the company, making worse or perhaps even precipitating its
cashflow crisis".
Flyglobespan's Petition vs. E-Clear
Simon Evans at The Independent reports that Flyglobespan's
management filed a petition in London's Companies Court for
E-Clear's winding up last Wednesday, hours before Globespan
entered voluntary liquidation.
A provisional date of February 10, 2010 has been set for the
Companies Court to hear details of the petition, which could see
E-Clear wound up, the Independent notes.
As reported by the Troubled Company Reporter-Europe on Dec. 21,
2009, The Times said Flyglobespan went into administration last
week, putting 650 people out of work and leaving passengers
stranded across Europe. The FT disclosed Bruce Cartwright of
PricewaterhouseCoopers, the appointed administrator, told a press
conference Thursday that lack of cash caused the budget airline to
fail. According to the FT, Flyglobespan's directors had been
trying to secure new investment from Halcyon Investments, a
Jersey-based company which is believed to be a subsidiary of E-
Clear. When that deal fell though the airline's directors
concluded on Wednesday that they had run out of money and called
in administrators, the FT said.
So far, 550 Globespan staff had been made redundant, while a
further 100 face redundancy after the administration process has
been completed, the Independent says.
About Globespan Group plc/Globespan Airways Limited
Established in 1970, the company provided flight only and package
holidays to a number of destinations across Europe as well as
Orlando in America from airports in Aberdeen, Edinburgh and
Glasgow.
Globespan Group plc also operates flights between the U.K. and the
Falkland Islands under a MOD contract. The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.
GALA CORAL: Apollo Submits Takeover Plan to Board
-------------------------------------------------
Ben Marlow and Matthew Goodman at The Sunday Times report that
American private equity firm Apollo is working on an eleventh-hour
plan to take over Gala Coral through a financial restructuring.
The report relates Apollo has submitted a proposal to the board
under which it would pay GBP250 million in exchange for 50% of the
shares in the company.
According to the report, Apollo's Gala proposal would see the
GBP250 million repaid to the company's senior lenders. Junior
lenders would be given the remaining 50% of the equity, the report
states. Citing sources familiar with the plans, the report says
Apollo would have majority voting rights, in effect handing it
control.
In common with many other British gaming companies, Gala has been
affected by a combination of factors, including the recession and
the ban on smoking in public places, the report discloses. Rising
taxes have also taken their toll on the sector, the report notes.
Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the U.K., with operations
encompassing bingo, casinos, and sports betting. It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos. The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites. Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet. The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.
GLOBE PUB: S&P Withdraws Ratings on Two Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Globe Pub Issuer PLC's class A1 and B1 notes.
S&P withdrew these ratings due to a lack of timely communication
from relevant parties since the notice of an issuer event of
default.
Ratings List
Globe Pub Issuer PLC
GBP257 Million Fixed- and Floating-Rate Asset-Backed Notes
Rating
------
Class To From
----- -- ----
A1 NR CC
B1 NR D
NR -- Not rated.
JAGUAR MAILING: High Court Winds Up Business
--------------------------------------------
Liverpool-based Jaguar Mailing Systems Ltd. has been wound up in
the High Court after repeatedly sending unsolicited stationery to
businesses then pursuing the recipients for payment.
Investigators working for Companies Investigation Branch, an arm
of the Insolvency Service, found the company's telesales team
targeted junior and inexperienced employees. These staff members
were talked into agreeing to delivery of the stationery (labels
for franking machines) but no attempt was made to ascertain that
they were authorized to place such an order.
The Investigators further found that Jaguar Mailing Systems Ltd:
* Continued to pursue businesses which had already advised
they did not wish to receive further calls and had demanded
their details be removed from the company's database.
* Sent labels to businesses when the mailing company knew or
ought to have known that they were not wanted
* Charged a restocking fee (of up to 25% of the invoice value)
if the customer returned the labels and refused to accept
returns unless this fee was paid.
The High Court found that it was expedient in the public
interest that the company be wound up.
Colin Cronin, Investigations Supervisor of the Insolvency
Service's Companies Investigation Branch in Manchester said:
"The Insolvency Service investigations team will pursue companies
that persist in using misleading sales tactics in order to dupe
customers and will take steps to close down such companies where
appropriate."
Jaguar Mailing Systems Limited was incorporated in March 2001.
Its registered office and trading address is at Queens Dock
Commercial Centre, Suite 302, 3rd Floor, Mariners House, 67-83
Norfolk Street, Liverpool L1 0BG.
LANDSBANKI GUERNSEY: To Pay Third Distribution to Creditors
-----------------------------------------------------------
The Joint Administrators of Landsbanki Guernsey Limited intend to
pay a third distribution to creditors of between 11 and 12.5 pence
in the pound in January 2010. This will bring the total
repayments to date to between 66 and 67.5 pence in the pound. In
addition, the ultimate recovery for creditors is now estimated by
the Joint Administrators to be between 85 to 91 pence in the
pound.
The increase in the recovery range reflects the largely successful
realization of assets in 2009 driven, in part, by better than
feared market conditions and the intense efforts of the
Administration team.
However, it should be noted that these estimated returns are still
subject to a wide range of factors primarily connected to the UK
residential property market, many of which are outside of the
Joint Administrators control, which may result in the actual
return being lower or higher than this range.
The Joint Administrators are currently waiting for a further
significant asset sale to complete and the receipt of the second
distribution from Heritable Bank Plc (in Administration) and will
write to all creditors of the Bank in early January with details
of the third payment amount. The Joint Administrators will also
release their Third Interim Report to creditors at this time.
The Joint Administrators are also able to confirm that the
Administration of the Bank has been extended until
January 6, 2011. The key reason for the extension of the
Administration is to ensure the optimal realization of the Banks
remaining assets.
The Joint Administrators anticipate being able to make further
distributions in 2010 but note that the pace of further
realizations is now largely dependent on the successful
development and sale of UK residential property sites and the run
off of the Heritable Bank Plc (in Administration) UK residential
mortgage book while conditions for the sale of whole loans or
developments remain very weak.
The Joint Administrators continue to pursue prudently the Banks
claims in Iceland with the assistance of the States of Guernsey.
LEHMAN BROTHERS: Europe, Japan Units Exchange Custody Assets
------------------------------------------------------------
Following months of negotiation between Lehman Brothers
International Europe (in administration) and Lehman Brothers Japan
Inc (in civil rehabilitation), an exchange of certain custody
assets has taken place between the two parties. Approximately
US$1 billion of assets was passed by LBIE to LBJ and US$1 billion
from LBJ to LBIE. The exchange was completed on December 11
following intensive discussions between the parties.
The exchange of assets represents a significant step forward for
the Joint Administrators of LBIE, as client assets returned by LBJ
will now be made available for distribution under the Claims
Resolution Agreement between LBIE and claimants to Trust assets.
A Bar Date Order for claims to Trust Assets was made by the High
Court of England and Wales on December 15 and was set as
March 19, 2010.
Steven Pearson, joint administrator and Partner at
PricewaterhouseCoopers LLP, commented: "This is a significant
result for the estates and clients of both entities and
demonstrates the clear benefits of open and constructive dialogue
between the former Lehman Group companies. We are keen to
progress our ongoing negotiations with other affiliates around the
world to preserve value for all the Lehman estates and to benefit
clients."
The Joint Administrators continue to engage with other affiliates,
notably in the US and Hong Kong, regarding future asset exchanges.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MINERVA CORPORATE: High Court Winds Up Business After CIB Probe
---------------------------------------------------------------
Minerva Corporate Development Limited an unauthorized share
selling company based in Abertillery, South Wales, has been wound
up in the High Court following an investigation by Companies
Investigation Branch of the Insolvency Service.
Minerva Corporate Development Limited (Minerva) sold shares in two
main client companies, Magna Group plc (Magna) and Metal
Innovations Holdings plc (Metal Innovations). This raised over
7.5 million in sale proceeds, of which Minerva retained 3.8
million or just over 50%, by way of commissions and dubious
Investor Relations services. Minerva failed to keep adequate
records to even show how many shareholders had been lured into
share purchases, mainly on the back of unsubstantiated and over-
inflated claims it had made about the two client companies. One
of these Magna, was wound up in the High Court in July 2009
following a separate CIB investigation.
Minerva was in breach of a number of Financial Services and
Markets Act 2000 (FSMA) share selling regulations. Not only was
the company not authorized by the Financial Services Agency to
conduct a share selling business, it targeted prospective clients
through illegal cold calling approaches to unsuspecting members of
the public. In the case of Magna , Minerva made serious
misrepresentations as to the value of the business of Magna and
its future growth prospects, leading many investors to make
multiple share purchases.
The CIB investigation also found that Minerva:
* had failed to pay very substantial sums in tax (VAT, PAYE
and NI);
* had paid unexplained kickbacks;
* had allowed its assets to be used for the personal benefit
of a director; and
* was insolvent.
The registered office of Minerva was at 49 Somerset Street,
Abertillery, Gwent, NP13 1DL, the office of former company
accountants Theo Jones & Co.
All public inquiries concerning the affairs of the company should
be made to:
The Official Receiver
Public Interest Unit
Area 2.4, 21 Bloomsbury Street
London WC1B 3SS
Tel: 020 7637 6414
E-mail: piu.or@insolvency.gsi.gov.uk
MUTUAL SECURITIZATION: Moody's Junks Rating on Class A2 Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes of notes issued by Mutual Securitization plc and placed
one class of notes on watch for further possible downgrade.
Moody's complete rating actions on the rated notes are:
-- GBP140M Class A1 Limited Recourse Bonds due 2012, downgraded
from Ba3 to B1, on watch for possible downgrade.
-- GBP120M Class A2 Limited Recourse Bonds due 2022, downgraded
from B3 to Caa2.
Moody's notes that the performance of this transaction has
continued to deteriorate. Specifically, the most recent investor
report Moody's has received indicates that the assets of the
issuer is approximately GBP148 million, comprising GBP87 million
in cash and GBP61 million in future emerging surplus. This
represents an asset shortfall of approximately GBP 14 million when
compared to the current outstanding note balance of approximately
GBP162 million.
Moody's believes that under most scenarios, the Class A1- notes
are fully cash collateralized and the Class A2 notes are expected
to take a loss in the region of 10% to 20%. However there are
provisions under the documents that result in the assets of the
Issuer being distributed on a pro-rata basis which would result in
a loss of approximately 8% to each of the Class A1 and Class A2
notes.
The rating action on the Class A1 notes takes into account the
fact that it is fully cash collateralized, but may become pro-rata
with the class A2 notes under certain circumstances.
The rating action on the Class A2 note takes into account the fact
that it is almost certain to suffer a loss ranging from 8% to 20%.
Moody's believes that there are two scenarios under which the
assets of the Issuer are distributed on a pro-rata basis.
Firstly, the transaction documents make reference to a number of
trigger events, including any proceedings being initiated against
National Provident Institution under any applicable insolvency
laws. The occurrence of such an event would result in a Loan
Event of Default which in turn restricts the cash flows to both
classes of notes to the Class A1 Proportion and the Class A2
Proportion respectively. This effectively causes cash to be
allocated on a pro-rata basis between the note-holders resulting
in a loss to both classes of notes.
The inclusion of this trigger results in a high degree of linkage
between NPI and the Class A1 Notes. NPI is currently an unrated
entity and therefore Moody's must apply the guidelines detailed in
the report entitled "Updated Approach to the Usage of Credit
Estimates in Rated Transactions" published in October 2009.
Section III A of this report explains that when there is a high
degree of reliance on the rating of a single counterparty Moody's
must consider the case where the counterparty is rated Caa2, and
the rating of the security should lose no more than two notches in
this instance. Moody's arrives at a rating of B3 for the Class A1
note if the expected losses to the notes under the insolvency / no
insolvency scenarios are calculated and a Caa2 rating for NPI is
assumed to determine the probabilities of such scenarios. This
implies that the maximum rating Moody's can assign to this
security is B1 (two notches above B3).
Moody's believes that the second scenario which would cause assets
to be distributed on a pro-rata basis between each class of notes
arises upon the occurrence of an Issuer Event of Default. Under
Condition 11.c of the Terms and Conditions of the Bonds, an Issuer
Event of Default occurs if the Issuer is deemed to be unable to
pay its debts as and when they fall due within the meaning of 214
of the Companies Act 1963 of Ireland (as amended) and Section 2(3)
of the Companies (Amendment) Act, 1990 of Ireland. The provisions
of the relevant sections of these legislations contain a reference
to an asset/liability test, explicitly noting that a company is
unable to pay its debts as and when they fall due if, amongst
other things, the value of its assets is lower than the value of
its liabilities (including prospective and contingent
liabilities).
Given this information, Moody's is investigating whether an Issuer
Event of Default has already occurred and whether the Bond Trustee
could, as a result of this, give notice that the notes are
immediately due and payable. This would result in the assets of
the Issuer being distributed pro-rata between the Class A1 and
Class A2 note-holders, resulting in a loss to both classes of
notes. Moody's is investigating this further and the Class A1
note will remain of review for possible downgrade until a legal
analysis of the provisions of the documents is complete.
Methodology used: This transaction is a securitization of
receivables arising from annual surplus emerging from a portfolio
of life assurance and pension policies. Given the transaction
features, including the triggers which would cause assets to be
distributed on a pro-rata basis between the two classes of notes
(and therefore potentially creating losses on both classes of
notes), Moody's considers the ratings on the notes to be linked to
the creditworthiness of NPI. Please refer to the New Issue Report
dated April 1998 for further details as well as New Issue Reports
for Box Hill Life Finance plc and Gracechurch Life Finance p.l.c.
* Date of last rating action: 8 June 2007 where the class A1 notes
were downgraded from Ba1 to Ba3, and the class A2 notes were
downgraded from Ba3 to B3.
The rating addresses the expected loss posed to investors by the
legal final maturity. Moody's ratings address only the credit
risks associated with the transaction. Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.
PEMBERTON INTERNATIONAL: High Court Shuts Down Business
-------------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented petitions in the High Court to wind-up, in the public
interest, five companies involved in marketing plots of land as
investment opportunities.
The petitions to wind up Pemberton International Limited, Eldon
International Limited, Willow International Limited, Allied
Investment Management Limited and Abacus Investment management
(London) Limited were presented following confidential inquiries
carried out by Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985, as amended.
On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
companies. The role of the Official Receiver is to protect the
assets and financial records of the companies pending
determination of the petitions.
As the matter is before the Court no further information will be
made available until the petitions are determined. The petitions
are all listed for hearing on March 31, 2010.
The application to appoint a provisional liquidator was first
heard on October 8, 2009, but at this hearing the companies,
through their directors, offered to give undertakings to the Court
as to their future conduct and to cease trading pending the
determination of the petitions. The Court accepted that these
undertakings were sufficient to protect the public interest
pending trial of the petitions. The undertakings however were not
fully complied with and accordingly the Secretary of State
returned to Court on December 17, 2009 with a further application
to appoint a provisional liquidator. The companies did not oppose
this further application. The Court accepted there had been a
failure to comply with the undertakings and ordered the
appointment of the Official Receiver as provisional liquidator of
the companies.
Pemberton International Limited was incorporated on August 14,
2003. The registered office of the company is at 50 Ellison Road,
London, SW16 5BY. The sole recorded director of the company is
DeRial White who is shown to have been appointed on January 15,
2009. The previous directors of the company are shown to have
been Omar Eshpari (from April 7, 2008 until November 3, 2008) and
Steven David Lawrence Tagg (from November 3, 2008 until January 6,
2009). No company secretary is shown to have been appointed in
succession to Carl John Pearson who is recorded as secretary from
April 7, 2008 until December 17, 2008.
ROYAL BANK: Nears Sale of 50% Stake in Sempra Commodities
---------------------------------------------------------
Iain Dey at The Sunday Times reports that the Royal Bank of
Scotland is just weeks away from securing a sale of its U.S.-based
commodities trading joint venture, in a deal estimated to be worth
up to GBP2.5 billion.
According to the report, three bidders remain in the chase for the
bank's 51% stake in RBS Sempra Commodities. Citing sources close
to the negotiations, the report discloses JP Morgan, the American
bank, is competing against Deutsche Bank and Macquarie, the
Australian finance house.
The report notes the stake in the commodities business was one of
the assets that RBS was ordered to sell by the European Commission
as a punishment for receiving state aid from the British
government.
Lazard has been advising RBS and Sempra on the sale, the report
says.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch Ratings placed The Royal Bank of Scotland Group's (RBS
Group) and The Royal Bank of Scotland's Individual Ratings of 'E'
on Rating Watch Positive.
The rating actions follow the recent announcement of an additional
GBP25.5 billion capital injection by end-2009 from the UK
government, confirmation of the group's participation in the UK
government's asset protection scheme and the divestitures required
by the European Commission for approving state aid.
ROYAL BANK: Fitch Upgrades Individual Ratings to 'D/E'
------------------------------------------------------
Fitch Ratings has upgraded The Royal Bank of Scotland Group's (RBS
Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. Their other
ratings have been affirmed at Long-term Issuer Default 'AA-',
Short-term IDR 'F1+', Support '1' and Support Rating Floor AA-'.
The Outlooks on the Long-term IDRs are Stable. Various actions
have been taken on certain hybrid securities. For a full list of
ratings, please refer to the end of this rating action comment.
The affirmation of the Long- and Short-term IDRs, Support Rating
Floors and Support Ratings reflect the extremely high level of
capital and funding support for the group by the UK government.
The UK government's economic interest in RBS Group will stand at
84.4% after it makes a further capital injection when the APS is
implemented on 22 December 2009.
The upgrade of the Individual Ratings reflects improvements in the
group's capital combined with some progress in restructuring the
balance sheet. Total third party assets in the 'non-core'
division declined by 32% during the nine months to end-September
2009 as assets have been run off and written down. However, 'non-
core' assets remain substantial and winding down these assets will
be a complicated task, taking several years. The Individual
Ratings also reflect signs in Q309 that credit losses may be
levelling off although much depends on the future direction of
house prices and economic prospects in RBS Group's key markets --
UK, US and Ireland. Adjusting for the new share issue, the pro-
forma core capital ratio at end-Q309 for the group would have been
11.7%, providing the group with a materially better capital
position to continue its restructuring and de-leveraging strategy.
The ratios must be viewed in the context of the group's relatively
higher asset quality problems and weaker operating earnings,
although some comfort is provided by the GBP8bn contingent capital
facility from the UK government, which provides an additional
capital cushion for unexpected impairment charges should economic
conditions turn more severe.
The Individual Ratings also reflect the substantial challenges
faced by management in achieving its strategic and financial goals
and the group's heavy reliance on wholesale funding. Execution
risk for the new, lower risk strategy is high given the scale of
the task and is complicated by the European Commission's state aid
requirements, other political interference and regulatory changes.
Although liquidity and funding has strengthened over the course of
2009, RBS Group is a heavy user of the wholesale funding markets
and still has high levels of state-supported funding (eg credit
guarantee scheme). Re-shaping and improving the quality of its
funding remains one of the group's most critical and potentially
difficult challenges.
The rating actions in respect of the group's upper tier 2 and tier
1 securities reflect their "must pay" features. The European
Commission requires that RBS Group and its subsidiaries do not
make discretionary payments of coupons or dividends on hybrid
capital securities for a two year period starting no later than 30
April 2010. Tier 1 and upper tier 2 securities where Fitch
believes payments cannot be prevented have been removed from
Rating Watch Evolving. "Must pay" tier 1 securities have been
upgraded to 'B+' from 'B', in line with the rating of "must pay"
upper tier 2 securities, to reflect the minimal difference in
deferral risk.
Fitch has also downgraded certain lower tier 2 securities to 'A'
from 'A+' and removed the Rating Watch Negative, to reflect the
fact that, unlike other lower tier 2 securities, coupon deferral
is permitted (but only on a cumulative basis and with interest
accruing on deferred payments).
The ratings of RBS Group's US Subsidiaries are unaffected by the
rating actions. Concurrently, Citizens Financial Group's
Individual rating remains on Rating Watch Negative, and will be
resolved in the near term. The ratings of RBS Group's Irish
Subsidiaries are also unaffected by the rating actions.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
The ratings actions are:
The Royal Bank of Scotland Group plc (RBS Group)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+'
-- Individual rating: upgraded to 'D/E' from 'E'; removed from
RWP
-- Support rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
The Royal Bank of Scotland plc (RBS)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+';
-- Individual rating: upgraded to 'D/E' from 'E'; removed from
RWP
-- Support rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
-- Guaranteed senior long-term debt affirmed at 'AAA'
-- Guaranteed senior short-term debt affirmed at 'F1+'
National Westminster Bank plc (NatWest)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Short-term IDR: affirmed at 'F1+'
-- Support rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
Royal Bank of Scotland International Limited
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Short-term IDR: affirmed at 'F1+'
ABN AMRO Bank NV
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Subordinated debt: affirmed at 'A+'
-- Upper tier 2 instruments: 'B+'; remain on RWN
-- Tier 1 instruments: 'B'; remain on RWN
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper and short-term debt: affirmed at 'F1+'
-- Support rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A-'
-- Guaranteed senior long-term (AUD) debt affirmed at 'AAA'
-- Guaranteed senior short-term (EUR) debt affirmed at 'F1+'
-- Mortgage covered bonds: remain unaffected by the action
Actions on other tier 1, upper tier 2 and lower tier 2 debt
securities are:
The Royal Bank of Scotland Group plc (RBS Group)
-- Preference shares: upgraded to 'B+' from 'B'; removed from
RWE
-- US$300m non-cumulative preference shares, Series H
(US7800978790)
-- US$1bn non-cumulative preference shares, Series 1
(US780097AE13)
-- GBP 200m non-cumulative preference shares, Series 1
(XS0121856859)
-- Innovative tier 1: upgraded to 'B+' from 'B'; removed from
RWE
-- US$1.2bn regulatory tier 1 securities (US780097AH44)
All other rated preference shares and tier 1 securities affirmed
at 'CC'.
Dated subordinated bonds: downgraded to 'A' from 'A+'; removed
from RWN
-- US$350m subordinated bonds due 2018 (US780097AM39)
-- US$750m subordinated bonds due 2014 (US780097AN12)
-- US$1bn subordinated bonds due 2014 (US780097AL55)
-- US$300m subordinated bonds due 2011 (US780097AB73)
-- US$675m subordinated bonds due 2015 (US780097AP69)
-- All other subordinated bonds rated 'A+' are affirmed
The Royal Bank of Scotland plc (RBS)
-- Upper tier 2 securities: affirmed at 'B+'; removed from RWE
-- GBP175m undated subordinated notes (XS0116447599)
-- GBP400m undated subordinated callable step-up notes
(XS0247645160)
-- GBP350m fixed rate undated subordinated notes (XS0137784426)
-- EUR500m undated subordinated notes (XS0195230635)
-- EUR1bn undated subordinated notes (XS0195231526)
-- GBP500m undated subordinated notes (XS0193721544)
-- GBP500m undated subordinated notes (XS0164828385)
-- CAD700m undated subordinated callable step-up notes
(CA780097AR28)
-- GBP200m undated subordinated bonds (XS0045071932)
-- GBP600m undated subordinated notes (XS0206633082)
-- GBP500m undated subordinated notes (XS0144810529)
-- GBP900m undated subordinated notes (XS0154144132)
-- GBP500m undated subordinated notes (XS0138939854)
-- JPY25bn unsubordinated notes (XS0203781660)
-- Dated subordinated bonds: downgraded to 'A' from 'A+';
removed from RWN
-- EUR1bn dated subordinated bond due 2021 (XS0201065496)
All other subordinated bonds rated 'A+' are affirmed.
National Westminster Bank plc (NatWest)
-- Upper tier 2 securities: affirmed at 'B+'; removed from RWE
-- EUR100m undated subordinated notes (XS0102480786)
-- EUR400m undated subordinated notes (XS0102480869)
-- GBP200m undated subordinated step-up notes (XS0102493680)
-- GBP325m undated subordinated step-up notes (XS0102493508)
-- US$500m primary capital floating rate notes (Series 'A')
(GB0006267073)
-- US$500m primary capital floating rate notes (Series 'B')
(GB0006267180)
-- US$500m primary capital FRNs (Series 'C') (LU0001547172)
-- Subordinated debt (lower tier 2) affirmed at 'A+'
* Fitch does not rate all capital issued by RBS Group, RBS,
NatWest and ABN AMRO Bank.
STOCKPORT COUNTY: In Talks with Potential Buyer
-----------------------------------------------
Stockport County Association Football Club Limited (SCFC) entered
into Administration on April 30, 2009, with the appointment of
John Titley and Paul Reeves, Directors at Leonard Curtis, as Joint
Administrators.
According to the club's Administrators: "Further to our previous
statement on November 12, we can confirm that talks regarding the
possible sale of the Club and its exit from Administration are
proceeding with a potential purchaser and that Jim Melrose is
involved with that consortium. We have also been in discussions
with a number of other parties but no offers have been received
from them as of now.
"Despite the Club being marketed extensively for sale since day
one of it entering Administration the number of interested parties
has been disappointing. We have entered into protracted
negotiations with many parties which have largely proved to be
unable or unwilling to proceed. Our priority is and always has
been to establish which parties are credible and which are
timewasters so we can achieve a sale of the Club as quickly as
possible.
"A conditional agreement with the initial Melrose' consortium was
reached in the summer but several key issues prevented a speedy
sale. These issues involved funding to comply with The Football
League's minimum requirement; complying with the landlord's
expectations of a credible tenant; and primacy of fixtures by
balancing the demands of The Football League with those of Premier
Rugby.
"We continue to try and balance the interests of many parties
including the landlord of Edgeley Park and The Football League but
this is proving to be very difficult. A modest payment is being
sought to allow repayment of monies owed to secured creditors and
the completion of a Company Voluntary Agreement (CVA) which is a
requirement of the Football League. The prospective purchaser
hasn't yet satisfied the requirements of the landlord and The
Football League but we understand that it has a credible business
plan in place.
"We recently met with Stockport MP Ann Coffey and we believe she
is encouraging The Football League and the landlord to deal with
their own individual requirements as quickly as possible to hasten
the sale process.
"The financial position of the club remains tight and decision of
The Football League to retain media income due to the Club has
made matters more difficult. We have however, introduced robust
systems for cost control to ensure that finance is available to
cover trading costs and in particular, the salaries of players and
staff. We have had to sell some players and it may be necessary
to release others.
"Despite incurring substantial time costs to keep the club
operating and to secure a purchaser we have not received a fee to
date because any such fee depends on the outcome of the sale
process. We have not used available funds to cover our fees so
that essential trading costs -- mainly salaries -- can continue to
be paid."
ULYSSES PLC: Fitch Junks Ratings on Two Classes of CMBS Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Ulysses (European Loan Conduit No. 27)
Plc's class X1 and X2 CMBS notes and downgraded the class A, B, C,
D and E notes due 2017. The class A, B and C notes have Negative
Outlooks and Recovery Ratings have been assigned to the class D
and E notes.
The rating actions are:
-- GBP290m class A (XS0308745107) downgraded to 'AA' from 'AAA';
Outlook Negative
-- Class X1 affirmed at 'AAA'; Outlook Stable
-- Class X2 affirmed at 'AAA'; Outlook Stable
-- GBP76m class B (XS0308747657) downgraded to 'BBB' from 'AA';
Outlook Negative
-- GBP48m class C (XS0308748200) downgraded to 'B' from 'A';
Outlook Negative
-- GBP45m class D (XS0308748622) downgraded to 'CCC' from 'BBB';
assigned a Recovery Rating of 'RR3'
-- GBP11m class E (XS0308749356) downgraded to 'CCC' from 'BB+';
assigned 'RR6'
Despite some recent stabilization in prime central London office
yields, the upward shift in yields since the peak of the market
has resulted in a cumulative market value decline of approximately
40% since closing. This equates to an A-note Fitch loan-to-value
ratio of 110% and a whole loan Fitch LTV of 137%. The loan does
not include an LTV covenant and the property has not been re-
valued since closing.
The securitized interest coverage ratio stands at 1.20x, broadly
unchanged since closing. For the whole loan, the ICR is 0.93x.
The sponsor guarantor, a limited partnership managed by the loan
sponsor (Beacon Capital Partners), has topped up the difference
between net rental income and interest due since closing. The
sponsor guarantee terminates if, at any time after 1 January 2010,
the projected loan ICR exceeds 1.025x. From January 2011, the
guarantee is subject to a maximum aggregate payment of GBP5m for
the remaining life of the loan.
Rental income has improved marginally to GBP31.7m compared to
GBP31.5m at closing. Market research suggests that as of Q309 the
city office market experienced a year-on-year decline in prime
headline rents of 28%. This decline in rents implies that City
Point, the sole property securing the loan, is currently
significantly over rented. It was envisaged at closing that
depending on the outcome of future rent reviews, net income may
increase to the point where the whole loan ICR exceeds 1.0x.
While the rents on 70% of the leases are scheduled to be reviewed
in 2010, Fitch believes that a combination of declining estimated
rental values and incentives offered to tenants will prevent an
increase in effective rental income over the medium term, and may
even precipitate a fall. This risk has contributed to the rating
action.
Fitch will continue to monitor the performance of the transaction.
WATFORD LEISURE: Avoids Administration; Aschroft Assumes Debts
--------------------------------------------------------------
Roger Blitz at The Financial Times reports that Lord Ashcroft, the
Tory Peer and majority shareholder at Watford football club, has
offered to pay off the GBP4.9 million (US$7.9 million) debts of
the Championship side's parent company owed to fellow investor and
former chairman Jimmy Russo to prevent it from going into
administration.
The FT relates Mr. Russo and his brother Vince quit the board this
week following a feud with Lord Ashcroft and demanded immediate
repayment of their loans to Watford Leisure, a move that forced
the Aim-quoted company to suspend shares.
Mr. Russo served notice that he would seek the appointment of an
administrator if the loan was not repaid, a scenario that would
have seen Watford incur a 10-point deduction from the Football
League, the FT discloses.
The FT recalls Lord Ashcroft's Fordwat investment vehicle offered
to launch a GBP7.5 million rights issue to raise the funds to pay
off the Russo brothers' loans, but they rejected this approach.
Citing people with knowledge of the situation, the FT says Fordwat
investment vehicle has now informed the Russo brothers? lawyers
that it will pay off the loan directly early in the new year, plus
interest, provided the brothers drop their threat to call in an
administrator.
According to BBC News, Mr. Russo accepted a deal on Friday which
ensures the club's future.
"I'm relieved to have all this sorted out but it's disappointing
it has taken so long," Mr. Russo told BBC Radio 5 live. "It has
rescued the club and it is good for the club and I'm delighted. I
didn't want to put them into administration."
The Hornets have also confirmed the GBP7.5 million rights issue is
still going ahead, with Lord Ashcroft in effect taking over the
debt from Mr. Russo, BBC notes.
The rescue package, which will be underwritten by Lord Ashcroft,
means the club can be kept running at least until the end of the
season, BBC says.
Watford Leisure PLC -- http://www.watfordfc.com/-- is a United
Kingdom-based holding company. The principal activity of the
Company is to hold, as investments, the majority of the issued
share capital of The Watford Association Football Club Limited,
and the whole of the issued share capital of Watford Catering
Limited. The principal activity of Watford Association Football
Club is a professional football league club.
WILLOW INTERNATIONAL: High Court Shuts Down Business
----------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented petitions in the High Court to wind-up, in the public
interest, five companies involved in marketing plots of land as
investment opportunities.
The petitions to wind up Pemberton International Limited, Eldon
International Limited, Willow International Limited, Allied
Investment Management Limited and Abacus Investment management
(London) Limited were presented following confidential inquiries
carried out by Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985, as amended.
On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
companies. The role of the Official Receiver is to protect the
assets and financial records of the companies pending
determination of the petitions.
As the matter is before the Court no further information will be
made available until the petitions are determined. The petitions
are all listed for hearing on March 31, 2010.
The application to appoint a provisional liquidator was first
heard on October 8, 2009, but at this hearing the companies,
through their directors, offered to give undertakings to the Court
as to their future conduct and to cease trading pending the
determination of the petitions. The Court accepted that these
undertakings were sufficient to protect the public interest
pending trial of the petitions. The undertakings however were not
fully complied with and accordingly the Secretary of State
returned to Court on December 17, 2009 with a further application
to appoint a provisional liquidator. The companies did not oppose
this further application. The Court accepted there had been a
failure to comply with the undertakings and ordered the
appointment of the Official Receiver as provisional liquidator of
the companies.
Willow International Limited was incorporated on August 21, 2008.
The registered office of the company is at 50 Ellison Road,
London, SW16 5BY. The sole recorded director of the company is
DeRial White who is shown to have been appointed on January 15,
2009. The previous director of the company is shown to have
Jose Emilio Gongora (from August 21, 2008 until January 15, 2009).
No company secretary is shown to have been appointed in succession
to Carl John Pearson who is recorded as secretary from August 21,
2008 until January 15, 2009.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (U$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LIB AV -109013328.02 171684389.13
LIBRO AG LIBR AV -109013328.02 171684389.13
LIBRO AG LB6 GR -109013328.02 171684389.13
LIBRO AG LBROF US -109013328.02 171684389.13
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477160.83
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718.02
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718.02
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718.02
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718.02
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718.02
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718.02
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718.02
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718.02
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718.02
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718.02
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718.02
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718.02
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS 2994759Q EO -61453764.17 138582273.56
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
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ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
FRANCE
------
CARRERE GROUP CARG FP -9829536.83 279906699.95
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CHAINE ET TRAME CTRM FP -46169771.5 134467847.56
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LAB DOLISOS LADL FP -27752176.19 110485462.44
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MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.79
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MB RETAIL EUROPE MBRE EO -46169771.5 134467847.56
MB RETAIL EUROPE MBRE EU -46169771.5 134467847.56
MB RETAIL EUROPE MBRE FP -46169771.5 134467847.56
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ORBIS PLC OBS PO -4168498.48 127701679.5
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ORSU METALS CORP OSU LN -123563000 104843000
OUTSIDE LIVING I NORT PZ -35623999.56 117566786.87
OUTSIDE LIVING I NORT EU -35623999.56 117566786.87
OUTSIDE LIVING I OLIN PZ -35623999.56 117566786.87
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PAGESJAUNES PGJUF US -3303869370.49 970555919.29
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PAGESJAUNES GRP PAJ BQ -3303869370.49 970555919.29
PAGESJAUNES GRP PAJ NQ -3303869370.49 970555919.29
PREMIER FARNELL PFLSEK EO -53758146.86 722693619.54
RHODIA SA RHAGBP EO -913748142.24 6150227880.48
RHODIA SA RHA EB -913748142.24 6150227880.48
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RHODIA SA RHA VX -913748142.24 6150227880.48
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RHODIA SA RHAGBX EU -913748142.24 6150227880.48
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RHODIA SA RHAUSD EO -913748142.24 6150227880.48
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RHODIA SA RHAY IX -913748142.24 6150227880.48
RHODIA SA RHA TQ -913748142.24 6150227880.48
RHODIA SA RHA FP -913748142.24 6150227880.48
RHODIA SA RHD GR -913748142.24 6150227880.48
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RHODIA SA RHA NQ -913748142.24 6150227880.48
RHODIA SA RHDI GR -913748142.24 6150227880.48
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RHODIA SA RHA BQ -913748142.24 6150227880.48
RHODIA SA RHAUSD EU -913748142.24 6150227880.48
RHODIA SA RHAGBX EO -913748142.24 6150227880.48
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RHODIA SA - NEW 3156011Q FP -913748142.24 6150227880.48
RHODIA SA - NEW 2335921Q FP -913748142.24 6150227880.48
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RHODIA SA-RIGHTS RHADS FP -913748142.24 6150227880.48
RHODIA SA-RIGHTS 653447Q FP -913748142.24 6150227880.48
SDR CENTREST 117241Q FP -132420119.65 252176017.15
SELCODIS SLCO EO -21481214.33 175720770.81
SELCODIS SLCO FP -21481214.33 175720770.81
SELCODIS SLCO EU -21481214.33 175720770.81
SELCODIS SLCO PZ -21481214.33 175720770.81
Selcodis SPVX FP -21481214.33 175720770.81
SELCODIS SPVX IX -21481214.33 175720770.81
STAGECOACH GROUP SGC1AUD EU -113434621.81 2507562891.85
THOMSON - NEW 2336061Q FP -587281616.69 6690514314.58
THOMSON - NEW TMSNV FP -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS EB -587281616.69 6690514314.58
THOMSON (EX-TMM) TMM ES -587281616.69 6690514314.58
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THOMSON (EX-TMM) TMMLF US -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS NQ -587281616.69 6690514314.58
THOMSON (EX-TMM) TMSGBX EU -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS GK -587281616.69 6690514314.58
THOMSON (EX-TMM) TMMN FP -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS FP -587281616.69 6690514314.58
THOMSON (EX-TMM) TMSUSD EU -587281616.69 6690514314.58
THOMSON (EX-TMM) TMSGBP EO -587281616.69 6690514314.58
THOMSON (EX-TMM) TNMA GR -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS US -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS PZ -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS BQ -587281616.69 6690514314.58
THOMSON (EX-TMM) TMM IX -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS QM -587281616.69 6690514314.58
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THOMSON (EX-TMM) TMM VX -587281616.69 6690514314.58
THOMSON (EX-TMM) TMM LN -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS EU -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS EO -587281616.69 6690514314.58
THOMSON (EX-TMM) TMS VX -587281616.69 6690514314.58
THOMSON (EX-TMM) TMSUSD EO -587281616.69 6690514314.58
THOMSON (EX-TMM) TMSGBX EO -587281616.69 6690514314.58
THOMSON MULT-ADR TMS-P US -587281616.69 6690514314.58
THOMSON MULTI-NE ZTM FP -587281616.69 6690514314.58
THOMSON MULTIMED TMM FP -587281616.69 6690514314.58
TROUVAY CAUVIN ETEC FP -396978 133986439.74
TROUVAY CAUVIN TVYCF US -396978 133986439.74
GERMANY
-------
AGOR AG DOO GR -482446.63 144432986.17
AGOR AG DOOG IX -482446.63 144432986.17
AGOR AG DOO EU -482446.63 144432986.17
AGOR AG DOOD PZ -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
AGOR AG NDAGF US -482446.63 144432986.17
AGOR AG-RTS 2301918Z GR -482446.63 144432986.17
ALNO AG ANO EO -68516656.94 290459933.75
ALNO AG ANO GR -68516656.94 290459933.75
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ALNO AG ALNO IX -68516656.94 290459933.75
ALNO AG ANO EU -68516656.94 290459933.75
ALNO AG-NEW ANO1 GR -68516656.94 290459933.75
ALNO AG-RTS 2259765Z GR -68516656.94 290459933.75
BROKAT AG BKISF US -27139391.98 143536859.72
BROKAT AG BRKAF US -27139391.98 143536859.72
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BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
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BROKAT TECH AG BRJ NM -27139391.98 143536859.72
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
CBB HOLDING AG COBG PZ -42994732.85 904723627.84
CBB HOLDING AG COBG IX -42994732.85 904723627.84
CBB HOLDING AG COB2 EU -42994732.85 904723627.84
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
CBB HOLDING AG CUBDF US -42994732.85 904723627.84
CBB HOLDING AG COB GR -42994732.85 904723627.84
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CINEMAXX AG CNEMF US -42008900.33 144431938.27
CINEMAXX AG MXCG IX -42008900.33 144431938.27
CINEMAXX AG MXCUSD EU -42008900.33 144431938.27
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CINEMAXX AG MXC EO -42008900.33 144431938.27
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CINEMAXX AG MXC EU -42008900.33 144431938.27
CINEMAXX AG MXCUSD EO -42008900.33 144431938.27
CINEMAXX AG-RTS MXC8 GR -42008900.33 144431938.27
DEVELICA DEUTSCH DDE IX -107879893.78 1235370056.81
DEVELICA DEUTSCH DDE PG -107879893.78 1235370056.81
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
EDOB ABWICKLUNGS ESC PZ -22323463.23 425598807.76
EDOB ABWICKLUNGS ESC TQ -22323463.23 425598807.76
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EDOB ABWICKLUNGS ESC BQ -22323463.23 425598807.76
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EDOB ABWICKLUNGS ESC GR -22323463.23 425598807.76
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
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ESCADA AG-NEW 835345Q GR -22323463.23 425598807.76
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ESCADA AG-NEW ESCC GR -22323463.23 425598807.76
ESCADA AG-NEW ESCD GR -22323463.23 425598807.76
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.76
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ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.76
KAUFRING AG KFR PZ -19296489.56 150995473.81
KAUFRING AG KFR EU -19296489.56 150995473.81
KAUFRING AG KFR EO -19296489.56 150995473.81
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KAUFRING AG KFR GR -19296489.56 150995473.81
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.61
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MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.61
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.61
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.61
MATERNUS KLINI-N MAK1 GR -17804909.71 189933668.63
MATERNUS-KLINIKE MAK PZ -17804909.71 189933668.63
MATERNUS-KLINIKE MNUKF US -17804909.71 189933668.63
MATERNUS-KLINIKE MAKG IX -17804909.71 189933668.63
MATERNUS-KLINIKE MAK EO -17804909.71 189933668.63
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MATERNUS-KLINIKE MAK EU -17804909.71 189933668.63
NORDAG AG DOO1 GR -482446.63 144432986.17
NORDAG AG-PFD DOO3 GR -482446.63 144432986.17
NORDAG AG-RTS DOO8 GR -482446.63 144432986.17
NORDSEE AG 533061Q GR -8200552.05 194616922.62
PRIMACOM AG PRC GR -18656728.68 610380925.67
PRIMACOM AG PRC NM -18656728.68 610380925.67
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PRIMACOM AG-ADR PCAG US -18656728.68 610380925.67
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.67
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.67
RAG ABWICKL-REG ROS GR -1744121.91 217776125.75
RAG ABWICKL-REG ROS1 EU -1744121.91 217776125.75
RAG ABWICKL-REG ROSG PZ -1744121.91 217776125.75
RAG ABWICKL-REG RSTHF US -1744121.91 217776125.75
RAG ABWICKL-REG ROS1 EO -1744121.91 217776125.75
RINOL AG RILB IX -2.71 168095049.11
RINOL AG RILB EO -2.71 168095049.11
RINOL AG RIL GR -2.71 168095049.11
RINOL AG RNLAF US -2.71 168095049.11
RINOL AG RILB PZ -2.71 168095049.11
RINOL AG RILB EU -2.71 168095049.11
RINOL AG RILB GR -2.71 168095049.11
ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
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SANDER (JIL) AG JLSDF US -6153256.92 127548039.68
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SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
SANDER (JIL)-PRF SAD3 PZ -6153256.92 127548039.68
SINNLEFFERS AG WHG GR -4491629.96 453887060.07
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
TA TRIUMPH-A-RTS 1018916Z GR -120075877.67 410015192.03
TA TRIUMPH-ACQ TWNA EU -120075877.67 410015192.03
TA TRIUMPH-ACQ TWNA GR -120075877.67 410015192.03
TA TRIUMPH-ADLER TWNG IX -120075877.67 410015192.03
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TA TRIUMPH-ADLER TTZAF US -120075877.67 410015192.03
TA TRIUMPH-ADLER TWN EO -120075877.67 410015192.03
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TA TRIUMPH-ADLER TWN PZ -120075877.67 410015192.03
TA TRIUMPH-NEW TWN1 GR -120075877.67 410015192.03
TA TRIUMPH-RT TWN8 GR -120075877.67 410015192.03
TA TRIUMPH-RTS 3158577Q GR -120075877.67 410015192.03
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.35
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.35
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.35
VIVANCO GRUPPE VVA GR -22198683.12 111990951.35
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.35
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.35
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.35
GREECE
------
AG PETZETAKIS SA PTZ GR -30790135.48 234437763.45
AG PETZETAKIS SA PZETF US -30790135.48 234437763.45
AG PETZETAKIS SA PETZK EO -30790135.48 234437763.45
AG PETZETAKIS SA PETZK GA -30790135.48 234437763.45
AG PETZETAKIS SA PTZ1 GR -30790135.48 234437763.45
AG PETZETAKIS SA PETZK EU -30790135.48 234437763.45
AG PETZETAKIS SA PETZK PZ -30790135.48 234437763.45
ALMA-ATERM-AUCT ATERME GA -4110971.32 105276552.2
ALMA-ATERMON SA ATERM EO -4110971.32 105276552.2
ALMA-ATERMON SA ATERM EU -4110971.32 105276552.2
ALMA-ATERMON SA ATERM PZ -4110971.32 105276552.2
ALTEC SA -AUCT ALTECE GA -103590250.31 177563163.73
ALTEC SA INFO ALTEC PZ -103590250.31 177563163.73
ALTEC SA INFO ALTEC EU -103590250.31 177563163.73
ALTEC SA INFO AXY GR -103590250.31 177563163.73
ALTEC SA INFO ALTEC GA -103590250.31 177563163.73
ALTEC SA INFO ATCQF US -103590250.31 177563163.73
ALTEC SA INFO ALTEC EO -103590250.31 177563163.73
ALTEC SA INFO-RT ALTECR GA -103590250.31 177563163.73
ALTEC SA INFO-RT ALTED GA -103590250.31 177563163.73
ARIES MARITIME T RAMS US -57875000 197992000
ARIES MARITIME T A1M GR -57875000 197992000
ASPIS PRON-PF RT ASASPR GA -154558841.2 846005811.89
ASPIS PRONIA -PF ASAPR GA -154558841.2 846005811.89
ASPIS PRONIA GE AISQF US -154558841.2 846005811.89
ASPIS PRONIA GE ASASK GA -154558841.2 846005811.89
ASPIS PRONIA GE ASASK EU -154558841.2 846005811.89
ASPIS PRONIA GE ASASK PZ -154558841.2 846005811.89
ASPIS PRONIA GE ASASK EO -154558841.2 846005811.89
ASPIS PRONIA-PF ASASP GA -154558841.2 846005811.89
ASPIS PRONIA-PF APGV GR -154558841.2 846005811.89
ASPIS PRONIA-RT ASASKR GA -154558841.2 846005811.89
ASPIS PRONOIA GE APGG IX -154558841.2 846005811.89
ASPIS PRONOIA GE APG GR -154558841.2 846005811.89
ATERMON DYNAMIC ATERM GA -4110971.32 105276552.2
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -39842421.26 236519943.73
KOUMBAS RTS KOUMR GA -39842421.26 236519943.73
KOUMBAS SYNERGY KOUM GA -39842421.26 236519943.73
KOUMBAS SYNERGY KOUM EU -39842421.26 236519943.73
KOUMBAS SYNERGY KOUM PZ -39842421.26 236519943.73
KOUMBAS SYNERGY KOUM EO -39842421.26 236519943.73
KOUMBAS SYNERGY KOUMF US -39842421.26 236519943.73
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.14
NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.14
NAOUSSA SPIN-RTS NAOYKR GA -44175513.67 341686153.14
NAOUSSA SPINNING NML1 GR -44175513.67 341686153.14
NAOUSSA SPINNING NML GR -44175513.67 341686153.14
PETZET - PFD-RTS PETZPD GA -30790135.48 234437763.45
PETZETAKIS - RTS PETZKD GA -30790135.48 234437763.45
PETZETAKIS-AUC PETZKE GA -30790135.48 234437763.45
PETZETAKIS-PFD PETZP GA -30790135.48 234437763.45
PETZETAKIS-PFD PTZ3 GR -30790135.48 234437763.45
RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
RADIO KORASSI-RT KORAD GA -100972173.86 180679253.63
RADIO KORASSIDIS RAKOF US -100972173.86 180679253.63
RADIO KORASSIDIS RKC GR -100972173.86 180679253.63
RADIO KORASSIDIS KORA GA -100972173.86 180679253.63
THEMELIODOMI THEME GA -55751178.85 232036822.56
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.56
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
UNITED TEXTILES UTEX EO -44175513.67 341686153.14
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
HUNGARIAN TELEPH HUC EX -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.47
IRELAND
-------
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.54
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.54
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
MCINERNEY -RT FP MCIF LN -113397336.28 441922391.66
MCINERNEY -RT FP MCIF ID -113397336.28 441922391.66
MCINERNEY -RT NP MCIN ID -113397336.28 441922391.66
MCINERNEY -RT NP MCIN LN -113397336.28 441922391.66
MCINERNEY HLDGS MK9 GR -113397336.28 441922391.66
MCINERNEY HLDGS MK9C PZ -113397336.28 441922391.66
MCINERNEY HLDGS MCI IX -113397336.28 441922391.66
MCINERNEY HLDGS MCI EO -113397336.28 441922391.66
MCINERNEY HLDGS MNEYF US -113397336.28 441922391.66
MCINERNEY HLDGS MCII IX -113397336.28 441922391.66
MCINERNEY HLDGS MK9 PO -113397336.28 441922391.66
MCINERNEY HLDGS MCI PO -113397336.28 441922391.66
MCINERNEY HLDGS MCI LN -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBP EO -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBX EU -113397336.28 441922391.66
MCINERNEY HLDGS MCI EU -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBX EO -113397336.28 441922391.66
MCINERNEY HLDGS MCI VX -113397336.28 441922391.66
MCINERNEY HLDGS MCI ID -113397336.28 441922391.66
MCINERNEY PROP-A MYP ID -113397336.28 441922391.66
MCINERNEY PROP-A MYP LN -113397336.28 441922391.66
MCINERNEY PROP-A MCIYF US -113397336.28 441922391.66
MCINERNEY-ADR MNEYY US -113397336.28 441922391.66
PAYZONE PLC PAYZ LN -138030903.22 510010035.33
PAYZONE PLC PAYZ PG -138030903.22 510010035.33
PAYZONE PLC PAYZ EU -138030903.22 510010035.33
PAYZONE PLC PAYZ IX -138030903.22 510010035.33
PAYZONE PLC 4P6 GR -138030903.22 510010035.33
PAYZONE PLC PAYZ PZ -138030903.22 510010035.33
PAYZONE PLC PAYZ EO -138030903.22 510010035.33
WATERFORD - RTS WWWA ID -505729895.23 820803256.03
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
WATERFORD - RTS WWWB GR -505729895.23 820803256.03
WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
WATERFORD - RTS 508523Q LN -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
AEDES SPA-RTS AESA IM -24405906.61 1350851664.42
AEDES SPA-RTS AEAA IM -24405906.61 1350851664.42
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664.42
BINDA SPA BNDAF US -11146475.29 128859802.94
BINDA SPA BND IM -11146475.29 128859802.94
BROGGI IZAR FABB BIF IM -178432.46 134255668.53
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
COIN SPA/OLD GC IM -151690764.75 791310848.67
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
CORNELL BHN INN IM -178432.46 134255668.53
CORNELL BHN INO1 IX -178432.46 134255668.53
CORNELL BHN BY EO -178432.46 134255668.53
CORNELL BHN CBX IM -178432.46 134255668.53
CORNELL BHN BY EU -178432.46 134255668.53
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
ELIOS HOLDING EH IM -178432.46 134255668.53
ELIOS HOLDING-NE EH00 IM -178432.46 134255668.53
ELIOS HOLDING-RT EHAA IM -178432.46 134255668.53
ELIOS SPA EHM IM -178432.46 134255668.53
I VIAGGI DEL VEN IV7 GR -92020221.43 318192568.61
I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.61
I VIAGGI DEL VEN VVE IX -92020221.43 318192568.61
I VIAGGI DEL VEN VVE EO -92020221.43 318192568.61
I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.61
I VIAGGI DEL VEN VVE EU -92020221.43 318192568.61
I VIAGGI DEL VEN VVE IM -92020221.43 318192568.61
I VIAGGI DEL VEN VVE TQ -92020221.43 318192568.61
I VIAGGI-RTS VVEAA IM -92020221.43 318192568.61
INNOTECH SPA ELIOF US -178432.46 134255668.53
OLCESE SPA O IM -12846689.89 179691572.79
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
RISANAMEN-RNC OP RNROPA IM -84106314.4 4618461222.59
RISANAMENTO -OPA RNOPA IM -84106314.4 4618461222.59
RISANAMENTO -RNC RNR IM -84106314.4 4618461222.59
RISANAMENTO NAPO RN5 GR -84106314.4 4618461222.59
RISANAMENTO SPA RN EU -84106314.4 4618461222.59
RISANAMENTO SPA RN EO -84106314.4 4618461222.59
RISANAMENTO SPA RN IM -84106314.4 4618461222.59
RISANAMENTO SPA RN TQ -84106314.4 4618461222.59
RISANAMENTO SPA RNGBP EO -84106314.4 4618461222.59
RISANAMENTO SPA RNGBX EO -84106314.4 4618461222.59
RISANAMENTO SPA RSMNF US -84106314.4 4618461222.59
RISANAMENTO SPA RNGBX EU -84106314.4 4618461222.59
RISANAMENTO SPA RN IX -84106314.4 4618461222.59
RISANAMENTO SPA RN PZ -84106314.4 4618461222.59
RISANAMENTO-RTS RNAA IM -84106314.4 4618461222.59
SNIA BPD SN GR -141933883.93 150445252.43
SNIA BPD-ADR SBPDY US -141933883.93 150445252.43
SNIA SPA SNIXF US -141933883.93 150445252.43
SNIA SPA SN EU -141933883.93 150445252.43
SNIA SPA SBPDF US -141933883.93 150445252.43
SNIA SPA SN EO -141933883.93 150445252.43
SNIA SPA SN TQ -141933883.93 150445252.43
SNIA SPA SSMLF US -141933883.93 150445252.43
SNIA SPA SIAI PZ -141933883.93 150445252.43
SNIA SPA SIAI IX -141933883.93 150445252.43
SNIA SPA SNIB GR -141933883.93 150445252.43
SNIA SPA SNIA GR -141933883.93 150445252.43
SNIA SPA SN IM -141933883.93 150445252.43
SNIA SPA - RTS SNAAW IM -141933883.93 150445252.43
SNIA SPA- RTS SNAXW IM -141933883.93 150445252.43
SNIA SPA-2003 SH SN03 IM -141933883.93 150445252.43
SNIA SPA-CONV SA SPBDF US -141933883.93 150445252.43
SNIA SPA-DRC SNR00 IM -141933883.93 150445252.43
SNIA SPA-NEW SN00 IM -141933883.93 150445252.43
SNIA SPA-NON CON SPBNF US -141933883.93 150445252.43
SNIA SPA-RCV SNR IM -141933883.93 150445252.43
SNIA SPA-RCV SNIVF US -141933883.93 150445252.43
SNIA SPA-RIGHTS SNAW IM -141933883.93 150445252.43
SNIA SPA-RNC SNRNC IM -141933883.93 150445252.43
SNIA SPA-RNC SNIWF US -141933883.93 150445252.43
SNIA SPA-RTS SNSO IM -141933883.93 150445252.43
SNIA SPA-RTS SNAA IM -141933883.93 150445252.43
SOCOTHERM SPA SOCEF US -161739278.54 398222827.1
SOCOTHERM SPA SCTM IX -161739278.54 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.54 398222827.1
SOCOTHERM SPA SCT IM -161739278.54 398222827.1
SOCOTHERM SPA SCT EO -161739278.54 398222827.1
SOCOTHERM SPA SCT TQ -161739278.54 398222827.1
SOCOTHERM SPA SCT EU -161739278.54 398222827.1
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI - RTS TIQA GR -421259823.53 632152613.61
TISCALI - RTS TISAAW IM -421259823.53 632152613.61
TISCALI SPA TISN NA -421259823.53 632152613.61
TISCALI SPA TISN IX -421259823.53 632152613.61
TISCALI SPA TIQ GR -421259823.53 632152613.61
TISCALI SPA TISGBX EU -421259823.53 632152613.61
TISCALI SPA TIS EO -421259823.53 632152613.61
TISCALI SPA TIS NR -421259823.53 632152613.61
TISCALI SPA TIS IM -421259823.53 632152613.61
TISCALI SPA TIS VX -421259823.53 632152613.61
TISCALI SPA TISN VX -421259823.53 632152613.61
TISCALI SPA TIQG IX -421259823.53 632152613.61
TISCALI SPA TIQ1 GR -421259823.53 632152613.61
TISCALI SPA TISGBP EO -421259823.53 632152613.61
TISCALI SPA TISN IM -421259823.53 632152613.61
TISCALI SPA TIS EU -421259823.53 632152613.61
TISCALI SPA TISGBX EO -421259823.53 632152613.61
TISCALI SPA TSCXF US -421259823.53 632152613.61
TISCALI SPA TIS TQ -421259823.53 632152613.61
TISCALI SPA TIS NA -421259823.53 632152613.61
TISCALI SPA TISN FP -421259823.53 632152613.61
TISCALI SPA TIS PZ -421259823.53 632152613.61
TISCALI SPA TIS IX -421259823.53 632152613.61
TISCALI SPA TIS FP -421259823.53 632152613.61
TISCALI SPA- RTS TISAXA IM -421259823.53 632152613.61
TISCALI SPA- RTS 3391621Q GR -421259823.53 632152613.61
YORKVILLE BHN CBXI PZ -178432.46 134255668.53
YORKVILLE BHN BY IM -178432.46 134255668.53
YORKVILLE BHN BY TQ -178432.46 134255668.53
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITLE US -2543870 139709648
BUSINESSWAY INTL BITL US -2543870 139709648
CNW ORLANDO INC CNWD US -2543870 139709648
GLOBALNETCARE GBCRE US -2543870 139709648
GLOBALNETCARE GBCR US -2543870 139709648
ICBS INTERNATION ICBOE US -2543870 139709648
ICBS INTERNATION ICBO US -2543870 139709648
JAMES HARDIE IND 726824Z NA -153000000 2120699904
JAMES HARDIE IND 600241Q GR -153000000 2120699904
JAMES HARDIE IND HAH AU -153000000 2120699904
JAMES HARDIE IND HAH NZ -153000000 2120699904
JAMES HARDIE NV JHXCC AU -153000000 2120699904
JAMES HARDIE-ADR JHINY US -153000000 2120699904
JAMES HARDIE-ADR JHX US -153000000 2120699904
JAMES HARDIE-CDI JHIUF US -153000000 2120699904
JAMES HARDIE-CDI JHX AU -153000000 2120699904
JAMES HARDIE-CDI JHA GR -153000000 2120699904
LIBERTY GL EU-A UPC NA -5505478849.55 5112616630.06
ROYAL INVEST INT RIIC US -2543870 139709648
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
WAH KING INVEST WAHK US -2543870 139709648
WAH KING INVEST WAHKE US -2543870 139709648
RIICE US -2543870 139709648
NORWAY
------
NEXUS FLOATING P NEXU NO -158054000 353053024
NEXUS FLOATING P NEXUS EO -158054000 353053024
NEXUS FLOATING P NEXUSEUR EU -158054000 353053024
NEXUS FLOATING P NEXUS EU -158054000 353053024
NEXUS FLOATING P NEXUS BY -158054000 353053024
NEXUS FLOATING P NEXUS NO -158054000 353053024
NEXUS FLOATING P NEXUSEUR EO -158054000 353053024
NEXUS FLOATING P NEXUS PZ -158054000 353053024
NEXUS FLOATING P NEXUSGBX EU -158054000 353053024
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
PETROLIA DRI-NEW PDRN NO -25943000 499350016
PETROLIA DRI-RTS PDRT NO -25943000 499350016
PETROLIA DRILLIN PDR NO -25943000 499350016
PETROLIA DRILLIN PDR TQ -25943000 499350016
PETROLIA DRILLIN PDR1 IX -25943000 499350016
PETROLIA DRILLIN PDREUR EO -25943000 499350016
PETROLIA DRILLIN PDR BY -25943000 499350016
PETROLIA DRILLIN P8D GR -25943000 499350016
PETROLIA DRILLIN PDR PZ -25943000 499350016
PETROLIA DRILLIN PDREUR EU -25943000 499350016
PETROLIA DRILLIN PDR EO -25943000 499350016
PETROLIA DRILLIN PDR EU -25943000 499350016
POLAND
------
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS LI -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA TOR PW -288818.39 147004954.18
TOORA 2916661Q EO -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
BENFICA SLBENX PX -16614056.44 234366255.59
BENFICA SLBEN PZ -16614056.44 234366255.59
BENFICA SLBEN EU -16614056.44 234366255.59
BENFICA SLBE IX -16614056.44 234366255.59
BENFICA SLBEN EO -16614056.44 234366255.59
BENFICA SLBEN PL -16614056.44 234366255.59
LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.59
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.59
LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.59
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.59
LISGRAFICA IMPRE LIG EO -11584933.86 107940470.59
LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.59
LISGRAFICA IMPRE LIG EU -11584933.86 107940470.59
LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.59
PORCELANA VISTA PVAL PL -75871846.95 148731546.57
SPORT LISBOA E B 1249Z PL -16614056.44 234366255.59
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
VAA VISTA ALEGRE VAF EU -75871846.95 148731546.57
VAA VISTA ALEGRE VAF PL -75871846.95 148731546.57
VAA VISTA ALEGRE VAF EO -75871846.95 148731546.57
VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.57
VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.57
VAA VISTA ALTAN VAFK PL -75871846.95 148731546.57
VAA VISTA ALTAN VAFK EU -75871846.95 148731546.57
VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.57
VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.57
VAA VISTA ALTAN VAFK EO -75871846.95 148731546.57
ROMANIA
-------
ARDAF ARDF RO -57541345.69 142988411.25
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.85
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.85
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.85
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.85
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.85
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.85
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.85
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
RUSSIA
------
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
AMO ZIL ZILL RM -171193521.47 350870451.06
AMO ZIL-CLS ZILL* RU -171193521.47 350870451.06
AMO ZIL-CLS ZILL RU -171193521.47 350870451.06
AMUR SHIP-BRD AMZS* RU -99051792.6 1089408984.8
AMUR SHIP-BRD AMZS RU -99051792.6 1089408984.8
DAGESTAN ENERGY DASB* RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB RM -33465586.31 128437866.54
DAGESTAN ENERGY DASB RU -33465586.31 128437866.54
EAST-SIBERIA-BRD VSNK* RU -116177580.51 140342466.16
EAST-SIBERIA-BRD VSNK RU -116177580.51 140342466.16
EAST-SIBERIAN-BD VSNK$ RU -116177580.51 140342466.16
FINANCIAL LE-BRD FLKO RU -28157479.23 503349976.11
FINANCIAL LE-BRD FLKO* RU -28157479.23 503349976.11
FINANCIAL LEASIN 137282Z RU -28157479.23 503349976.11
FINANCIAL LEASIN FLKO RM -28157479.23 503349976.11
GUKOVUGOL GUUG RU -57835245.31 143665227.24
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
KOLENERGOSBY-CLS KOSB RU -8070130.63 103789430.5
KOLENERGOSBY-CLS KOSB* RU -8070130.63 103789430.5
KOLENERGOSBY-PFD KOSBP RU -8070130.63 103789430.5
KOLENERGOSBY-PFD KOSBP* RU -8070130.63 103789430.5
KOLENERGOSBY-PFD KOSBPG RU -8070130.63 103789430.5
KOLENERGOSBY-T+0 KOSBG RU -8070130.63 103789430.5
KOLENERGOSBYT KOSB RM -8070130.63 103789430.5
KOMPANIYA GL-BRD GMST RU -69058321.52 1307372497.9
KOMPANIYA GL-BRD GMST* RU -69058321.52 1307372497.9
MZ ARSENAL-$BRD ARSE RU -4671159.21 193672793.35
MZ ARSENAL-BRD ARSE* RU -4671159.21 193672793.35
MZ ARSENAL-BRD ARSE$ RU -4671159.21 193672793.35
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
TRANSAERO AIRLIN TRNS RU -32834680.5 456883935.5
TRANSAERO AIRLIN TRNS* RU -32834680.5 456883935.5
URGALUGOL-BRD YRGL RU -15706613.04 105440541.07
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
VOLGOGRAD KHIM VHIM* RU -6661016.16 113935933.35
VOLGOGRAD KHIM VHIM RU -6661016.16 113935933.35
ZIL AUTO PLANT ZILL$ RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP* RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RM -171193521.47 350870451.06
SERBIA
------
DUVANSKA DIVR SG -7729350.78 109207260.53
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
PINKI AD PNKI SG -36537862.34 120707517.98
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
SPAIN
-----
ACTUACIONES ACTI AGR SM -148097530.94 674738808.26
AGRUPACIO - RT AGR/D SM -148097530.94 674738808.26
FERGO AISA SA AISA EU -148097530.94 674738808.26
FERGO AISA SA AISA SM -148097530.94 674738808.26
FERGO AISA SA AISA EO -148097530.94 674738808.26
FERGO AISA SA AISA PZ -148097530.94 674738808.26
MARTINSA FADESA MTF1 LI -1847997044.09 8832898708.34
MARTINSA FADESA 4PU GR -1847997044.09 8832898708.34
MARTINSA FADESA MFAD PZ -1847997044.09 8832898708.34
MARTINSA FADESA MTF EO -1847997044.09 8832898708.34
MARTINSA FADESA MTF SM -1847997044.09 8832898708.34
MARTINSA FADESA MTF EU -1847997044.09 8832898708.34
MARTINSA-FADESA MTF NR -1847997044.09 8832898708.34
TURKEY
------
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.28
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.28
BESIKTAS FUTBOL BWX GR -10396040.97 175760356.28
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.28
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.28
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608103.96
TUTUNBANK TUT TI -4024959601.58 2643810456.86
YASARBANK YABNK TI -4024959601.58 2643810456.86
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.54
BANK FORUM -GDR FRMB038 RU -5331676.8 2243068981.53
BANK FORUM -GDR 639540Z LX -5331676.8 2243068981.53
BANK FORUM -GDR B5F GR -5331676.8 2243068981.53
BANK FORUM -GDR BFJG IX -5331676.8 2243068981.53
BANK FORUM JSC FORM UZ -5331676.8 2243068981.53
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81
DNIPROOBLENERGO DNON UZ -3607242.03 284973578.64
DONETSKOBLENERGO DOON UZ -209532649.12 360933614.97
LUGANSKOBLENERGO LOEN UZ -26290526.22 191765121.16
NAFTOKHIMIK PRIC NAFP UZ -19746288.63 299014707.54
NAFTOKHIMIK-GDR N3ZA GR -19746288.63 299014707.54
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.89
UNITED KINGDOM
--------------
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
ADVANCE DISPLAY ADTP PZ -3015578834.69 2590007903.69
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AEA TECHNOLOGY AAT PO -215101594.95 121405069.97
AEA TECHNOLOGY AATGBP EO -215101594.95 121405069.97
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AEA TECHNOLOGY AAT EU -215101594.95 121405069.97
AEA TECHNOLOGY AAT PZ -215101594.95 121405069.97
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
AIRTOURS PLC AIR LN -379721841.57 1817512773.61
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ALLDAYS PLC ALDYF US -120493900.04 252232072.87
ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
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AMEY PLC AMEYF US -48862569.33 931527720.46
AMEY PLC AMY LN -48862569.33 931527720.46
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.46
AMEY PLC-NEW AMYN LN -48862569.33 931527720.46
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
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ATKINS (WS) PLC ATK VX -207093344.95 1339139513.43
BCH GROUP PLC BCH LN -5728274.38 187993198.22
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BRADSTOCK GROUP BSKGF US -1855444.44 268563822.49
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JESSOPS PLC JSP EO -42702021.2 112964060.38
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STAGECOACH GROUP SHP4 GR -113434621.81 2507562891.85
STAGECOACH GROUP SGC1EUR EO -113434621.81 2507562891.85
STAGECOACH GROUP SGC1AUD EO -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 NQ -113434621.81 2507562891.85
STAGECOACH GROUP SAGKF US -113434621.81 2507562891.85
STAGECOACH GROUP SGC IX -113434621.81 2507562891.85
STAGECOACH GROUP SGC1USD EO -113434621.81 2507562891.85
STAGECOACH GROUP SGC2 VX -113434621.81 2507562891.85
STAGECOACH GROUP SGCG PZ -113434621.81 2507562891.85
STAGECOACH GROUP SGC1GBP EO -113434621.81 2507562891.85
STAGECOACH GROUP SGC1USD EU -113434621.81 2507562891.85
STAGECOACH GROUP SHP GR -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 BQ -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 EU -113434621.81 2507562891.85
STAGECOACH GROUP SGC PO -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 NR -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 QM -113434621.81 2507562891.85
STAGECOACH GROUP SGC1EUR EU -113434621.81 2507562891.85
STAGECOACH GROUP SGC LN -113434621.81 2507562891.85
STAGECOACH GROUP SGC1 TQ -113434621.81 2507562891.85
STAGECOACH GRP-B SGCB LN -113434621.81 2507562891.85
STAGECOACH-NEW SGCN LN -113434621.81 2507562891.85
STV GROUP PLC STVGEUR EU -49061227.23 212049868.01
STV GROUP PLC STVGEUR EO -49061227.23 212049868.01
STV GROUP PLC STVGGBP EO -49061227.23 212049868.01
STV GROUP PLC STVG EO -49061227.23 212049868.01
STV GROUP PLC SMG IX -49061227.23 212049868.01
STV GROUP PLC SMGPF US -49061227.23 212049868.01
STV GROUP PLC STVG EU -49061227.23 212049868.01
STV GROUP PLC SMG PZ -49061227.23 212049868.01
STV GROUP PLC SMG VX -49061227.23 212049868.01
STV GROUP PLC STVG LN -49061227.23 212049868.01
STV GROUP PLC STVG VX -49061227.23 212049868.01
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
TOPPS TILES PLC TPT EO -85010363.51 146193829.21
TOPPS TILES PLC TPT PO -85010363.51 146193829.21
TOPPS TILES PLC TPTGBP EO -85010363.51 146193829.21
TOPPS TILES PLC TPTJY US -85010363.51 146193829.21
TOPPS TILES PLC TPT IX -85010363.51 146193829.21
TOPPS TILES PLC TPT BQ -85010363.51 146193829.21
TOPPS TILES PLC TPT TQ -85010363.51 146193829.21
TOPPS TILES PLC TPTJF US -85010363.51 146193829.21
TOPPS TILES PLC TPT VX -85010363.51 146193829.21
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.21
TOPPS TILES PLC TPT PZ -85010363.51 146193829.21
TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.21
TOPPS TILES PLC TPT EU -85010363.51 146193829.21
TOPPS TILES PLC TPT LN -85010363.51 146193829.21
TOPPS TILES-NEW TPTN LN -85010363.51 146193829.21
UTC GROUP UGR LN -11904426.45 203548565.03
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WHITE YOUNG GREE WHY EU -27530263.14 313453511
WHITE YOUNG GREE WHY PZ -27530263.14 313453511
WHITE YOUNG GREE WHY VX -27530263.14 313453511
WHITE YOUNG GREE WHY IX -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHY LN -27530263.14 313453511
WHITE YOUNG GREE WHY EO -27530263.14 313453511
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG GREE WHY PO -27530263.14 313453511
WHITE YOUNG-NEW WHYN LN -27530263.14 313453511
WINCANTON PL-ADR WNCNY US -63105009.98 1416979805.92
WINCANTON PLC WIN LN -63105009.98 1416979805.92
WINCANTON PLC WNCNF US -63105009.98 1416979805.92
WINCANTON PLC WIN1USD EU -63105009.98 1416979805.92
WINCANTON PLC WIN1EUR EU -63105009.98 1416979805.92
WINCANTON PLC WIN1EUR EO -63105009.98 1416979805.92
WINCANTON PLC WIN1 NQ -63105009.98 1416979805.92
WINCANTON PLC WIN1 TQ -63105009.98 1416979805.92
WINCANTON PLC WIN1USD EO -63105009.98 1416979805.92
WINCANTON PLC WIN1 EU -63105009.98 1416979805.92
WINCANTON PLC WIN1GBP EO -63105009.98 1416979805.92
WINCANTON PLC WIN VX -63105009.98 1416979805.92
WINCANTON PLC WIN1 QM -63105009.98 1416979805.92
WINCANTON PLC WIN IX -63105009.98 1416979805.92
WINCANTON PLC WIN PO -63105009.98 1416979805.92
WINCANTON PLC WIN1 EO -63105009.98 1416979805.92
WINCANTON PLC WIN1 BQ -63105009.98 1416979805.92
WINCANTON PLC WIN1 EB -63105009.98 1416979805.92
WINCANTON PLC WIN PZ -63105009.98 1416979805.92
XXPERT RENTAL XPRT CN -123563000 104843000
*********
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 * * *