/raid1/www/Hosts/bankrupt/TCREUR_Public/100202.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, February 2, 2010, Vol. 11, No. 022
Headlines
D E N M A R K
BARK GROUP: Files Amendment No. 1 to Q3 2009 Report
F R A N C E
PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw
VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules
G E R M A N Y
GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale
G R E E C E
ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss
H U N G A R Y
OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1'
I R E L A N D
COGNOTEC LTD: Has Accumulated Losses of US$50 Million
MCGRORY CONTRACTORS: Files Petition to Appoint Examiner
PRIME SHOP: Creditors Meeting Set for February 9
RACEFIELD CATERING: Creditors Meeting Set for February 9
VIRGIN ISLAND: Creditors Meeting Set for February 12
I T A L Y
ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements
FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant
K A Z A K H S T A N
ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1'
BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt
KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1'
L U X E M B O U R G
CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds
N E T H E R L A N D S
ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs
STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal
R O M A N I A
ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM
R U S S I A
UC RUSAL: May Start Trading Shares in Russia Within a Year
S L O V E N I A
PROBANKA DD: Fitch Affirms Individual Rating at 'D'
S P A I N
DOGI INT'L: Expects to Conclude Insolvency Proceedings by March
IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B
IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3'
IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca'
S W I T Z E R L A N D
OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations
U N I T E D K I N G D O M
BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator
BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound
COCKBURNS OF LEITH: In Administration; Ernst & Young on Board
FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved
MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid
MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded
MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal
SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern
THPA FINANCE: Fitch Publishes Performance Report on Notes
UK COAL: Expects Losses to Widen by GBP100 Mln in 2009
WEST ONE: Sold Out of Administration; 63 Jobs Secured
WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected
* UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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D E N M A R K
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BARK GROUP: Files Amendment No. 1 to Q3 2009 Report
---------------------------------------------------
As reported in the Troubled Company Reporter on December 15, 2009,
Bark Group Inc. and subsidiaries reported a net loss of US$699,000
for the three months ended September 30, 2009, compared with a net
loss of US$532,000 for the same period of 2008.
For the nine months ended September 30, 2009, the Company reported
a net loss of US$2,073,000, compared with a net loss of
US$2,340,000
for the same period last year.
On January 29, 2010, the Company filed Amendment No. 1 to its
quarterly report for the period ended September 30, 2009, in order
to provide clarification regarding statements that the Company has
made regarding growth in the Company's customer base experienced
by the Company in the first nine months of 2009 and anticipated to
be experienced in future years. The disclosure also includes risk
factors associated with the experienced and prospective growth in
the Company's customer base.
Revenues declined to US$2,841,000 during the nine months ended
September 30, 2009, as compared to US$7,150,000 during the nine
months ended September 30, 2008, representing a decrease of
US$4,309,000 or 60%. This decrease was caused by the loss of the
Company's biggest customer S. Trading (Totempo) in the fourth
quarter of 2008 and the general decline in business activities due
to the global economic downturn. S. Trading represented 37% of
the Company's revenues in the nine months ended September 30,
2008.
The Company is continuously working with the objectives of
expanding its business with existing customers and securing new
customers. For the nine months ended September 30, 2009, the
Company gained five additional new customers. The Company gained
a further two customers in the fourth quarter of 2009. These
additional customers represent an increase in the number of the
Company's customers from the beginning of fiscal 2009 and
accordingly represent growth in the Company's business from the
beginning of fiscal 2009. The new customers had resulted in
revenues of approximately US$670,000 during the nine months ended
September 30, 2009. Additional revenue is anticipated from these
customers based on marketing budgets discussed with these clients,
which revenues will be realized in future fiscal periods,
including during the fourth quarter of 2009 and in fiscal 2010.
The revenues from these new customers for the nine months ended
September 30, 2009, were not sufficient to offset the loss of
revenues for the nine months ended September 30, 2008, from the
Company's former largest customer S. Trading (Totempo) in the
fourth quarter of 2008. The Company anticipates further revenues
from these new customers from recurring projects based on
discussions with these new clients and proposed marketing budgets,
however the Company does not have long term contracts with these
new customers and there is no assurance that client indications of
future projects will materialize into revenues. Accordingly,
there is no assurance that this growth in the Company's customer
base will continue or, if it continues, that it will offset the
loss of revenues attributable to the loss of S. Trading (Totempo)
in the fourth quarter of 2008. The Company also anticipates that
this growth in its client base will continue in the next few years
based on the increase in its client base since January 1, 2009.
A full-text copy of Amendment No. 1 to the September 30, 2009
quarterly report on Form 10-Q/A is available at no charge at:
http://researcharchives.com/t/s?4f30
Balance Sheet
At September 30, 2009, the Company's consolidated balance sheets
showed US$9,741,000 in total assets, US$11,671,000 in total
liabilities, and US$1,505,000 in non-controlling interests,
resulting in a US$3,435,000 shareholders' deficit.
The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$1,187,000 in total current
assets available to pay US$7,259,000 in total current liabilities.
Liquidity/Going Concern
As of September 30, 2009, the Company had cash of US$11,000, a
decrease of US$75,000 from cash of US$86,000 as of December 31,
2008. The Company's working capital deficit increased from
US$4,135,000 at December 31, 2008, to US$6,072,000 at September
30, 2009, an increase of US$1,937,000. The increase in working
capital deficit is mainly due to loss in the nine months ended
September 30, 2009, and delayed payments to suppliers.
The Company currently has limited financial resources available to
pay ongoing financial obligations as they became due. Further, at
September 30, 2009, the Company had a shareholder's deficit of
US$3,435,000 which resulted primarily from operating losses
incurred in 2007, 2008 and 2009. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
The Company expects to use cash of approximately US$319,000 per
quarter in operations and accordingly, the Company estimates that
it will use approximately US$7,347,000 over the next twelve months
in order to sustain its current obligations and to continue to pay
outstanding obligations as they become due. This amount does not
include any funds necessary for the Company to expand its business
or to pay costs that have been incurred in relation to the
listing of its common shares in the United States. The Company
will require further additional financing in order to pursue the
expansion of its business, either through growth or acquisitions.
The Company's current source of funding, in addition to cash from
operations and its operating line of credits, is the loan
commitment of DKK4,000,000 (US$786,798) from Bark Holding, a
related party.
About Bark Group
Based in Copenhagen K, Denmark, Bark Group Inc. (OTC BB: BKPG) --
http://bark-group.com/-- formerly Exwal Inc. is a commercial
communication services Company that provides integrated
traditional and new media advertising and marketing consulting
services to its clients. Clients are comprised primarily of
European businesses that range in size from small local businesses
to larger trans-national and multi-national corporations. These
clients include a range of businesses including financial
institutions and banks, consumer products companies and luxury
goods companies.
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F R A N C E
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PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw
------------------------------------------------------------------
Rudy Ruitenberg and Cornelius Rahn at Bloomberg News report that
PSA Peugeot Citroen will recall more than 90,000 cars because they
may share a gas-pedal flaw that prompted Toyota Motor Corp. to
recall millions of vehicles.
According to Bloomberg, Jean-Marc Sarret, a spokesman for the
Paris-based carmaker, said in a telephone interview the action
affects about 10% of Peugeot 107 and Citroen C1 models sold
throughout Europe, or fewer than 100,000 vehicles.
The accelerator-pedal defect may cause crashes, Bloomberg says.
According to Bloomberg, the vehicles were made at a plant in the
Czech Republic where Toyota and Peugeot Citroen jointly
manufacture small cars. The factory is managed by Toyota and
produces about 330,000 cars a year, split between the 107, C1 and
Toyota Aygo models, Bloomberg says citing the venture's Web site.
"We'll have the same recall campaign as Toyota for the affected
cars," Bloomberg quoted Mr. Sarret as saying Saturday. "The
faulty component isn't used in all the vehicles. It represents
about 10 percent of C1s and 107s in circulation."
As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Bloomberg News said Peugeot and Mitsubishi Motors Corp.'s
managers met in Tokyo to negotiate a deal that may give the French
carmaker a controlling stake in the Japanese company. According
to Bloomberg, two people familiar with the matter said a
transaction would involve a share swap. Bloomberg said acquiring
a Mitsubishi stake may stretch finances at Peugeot, which had EUR2
billion (US$2.9 billion) in net industrial debt as of June 30 and
bonds rated below investment grade by Standard & Poor's. PSA
Peugeot is rated BB+ by Standard & Poor's.
PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles. It produces vehicles under the Peugeot and
Citroen brands. In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles. In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.
VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules
------------------------------------------------------------------
David Glovin and Don Jeffrey at Bloomberg News report that the
Manhattan federal court jury ruled that Vivendi SA misled
investors 57 times from 2000 to 2002.
According to Bloomberg, the jury fund that the company misled
investors with upbeat statements that hid a liquidity crisis.
Bloomberg relates after the verdict in the class-action suit in
New York, the winning law firm Abbey Spanier Rodd & Abrams LLP
said investors may recover US$9.3 billion.
"This is the largest securities class action going to verdict
ever," Bloomberg quoted Arthur Abbey, an investors' lawyer, as
saying Friday in an interview. "We had 57 statements that we
claimed were false, and the jury found that 57 statements were
false."
Bloomberg discloses lawyers for investors said more than 1 million
shareholders are covered by the case, which went to trial in
October. About two-thirds of the investors in the New York case
are in France, Bloomberg says citing Vivendi.
Mr. Abbey, as cited by Bloomberg, said immediately after the
verdict that the liability might reach US$4 billion if every
shareholder submitted a valid claim.
Vivendi says it is impossible to determine at this point how many
shareholders are covered, Bloomberg notes.
"We are gratified that the damage amount will be about half the
damage amount originally claimed by the plaintiffs," Bloomberg
quoted Paul Saunders, a lawyer for Vivendi, as saying in an
interview. "This is a partial victory for us. We're just really
beginning to fight."
Appeal
Vivendi said it disagrees with the decision returned on
January 29, 2010 by a jury in the U.S. securities class action
trial before the U.S. District Court for the Southern District of
New York. The jury found that several public statements made by
Vivendi between October 30, 2000 and August 14, 2002 violated the
U.S. securities laws.
Vivendi said it strongly disagrees with the findings against the
company, which the company believes are contrary to the facts and
the law, in particular with respect to an alleged hidden liquidity
risk.
According to Vivendi, the amount of damages that Vivendi may be
required to pay as a result of this verdict remains uncertain and
will be known at a later and as yet undetermined stage. The
verdict calculates the damages on a per-share and per-day basis
and it is impossible to know at this time the total number of
shares traded by class members, the dates of the relevant sales
and the number of class members who will submit a valid claim
after receiving notice of the decision, Vivendi said.
Vivendi said the company intends to pursue all available paths of
action to overturn the verdict.
Vivendi said it believes that there are many grounds for appeal,
including, but not limited to the Court's decision to include
French shareholders in the class, its rulings on jurisdiction and
the plaintiffs' erroneous method of proving and calculating
damages, as well as the numerous incorrect rulings made during the
course of the trial. Furthermore, the company believed, and
continues to believe strongly, that it did nothing wrong and that
this case raises significant legal issues for foreign corporations
doing business in the United States that need to be definitively
resolved.
Vivendi said it remains confident concerning the ultimate
confirmation of the legal integrity of its actions and its public
statements.
About Vivendi
Vivendi SA -- http://www.vivendi.com/-- is a France-based company
principally engaged in telecommunications services and media
entertainment. The Company operates five core subsidiaries:
Activision Blizzard, a 54% subsidiary, is a worldwide pure-play
online and console game publisher; Universal Music Group, a 100%
subsidiary, is a recorded music company; SFR, a telecommunications
operator in France is a 56% subsidiary of Vivendi (the new SFR,
created via a merger with Neuf Cegetel, is a mobile and fixed-line
operator in Europe); Maroc Telecom, a 53% subsidiary, is a mobile
and fixed-line and internet access operator in Morocco; Groupe
Canal+, a 100% subsidiary, offers premium and theme channel
distribution and programming in France. Vivendi holds 20% of NBC
Universal. Vivendi Mobile Entertainment was founded as a 100%
subsidiary of Vivendi in 2007, its innovative subscription
service, branded zaOza, was launched in France in 2008.
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G E R M A N Y
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GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale
-----------------------------------------------------------------
According to Dow Jones Newswires' Patricia Jiayi Ho, a spokeswoman
for machinery manufacturer Sichuan Tengzhong Heavy Industrial
Machinery Co., said Monday the deadline for the Chinese company to
buy General Motors Co.'s truck brand Hummer has been pushed back
from the end of January to the end of February.
According to Dow Jones, Zhao Tong, a spokeswoman for a public
relations firm hired by Tengzhong, GM and Tengzhong agreed to
extend the deadline.
Dow Jones recalls GM completed an agreement in October to sell
Hummer to Tengzhong.
As reported by the Troubled Company Reporter on October 13, 2009,
GM and Sichuan Tengzhong entered into a definitive agreement that
will allow Tengzhong to acquire GM's premium all-terrain HUMMER
brand. Under the terms of the definitive agreement, the buyer
will acquire the ownership of the HUMMER brand, trademark and
tradenames, as well as specific IP license rights necessary for
the manufacture of HUMMER vehicles. The buyer will also assume
the existing dealer agreements relating to HUMMER's dealership
network.
Tengzhong will purchase HUMMER through an investment entity, in
which it will hold an 80 percent stake. Mr. Suolang Duoji, a
private entrepreneur with holdings that include the Hong Kong-
listed thenardite producer Lumena, will hold the remaining 20%
stake. Financial terms of the agreement were not disclosed.
The deal is awaiting approval from the Chinese government, Ms.
Zhao said, according to Dow Jones. She declined to elaborate, the
report adds.
About Sichuan Tengzhong
The investment entity buying Hummer will be jointly owned by
Tengzhong and private entrepreneur Suolang Duoji. Tengzhong will
hold 80 percent of the entity and Mr. Suolang 20 percent.
Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. is one of
China's major privately owned engineering companies. Tengzhong is
a manufacturer of heavy machinery equipment with a presence in
special-use vehicles, road and bridge construction equipment and
construction and energy industry equipment.
Since its establishment, Tengzhong has quickly become a major
manufacturer of machinery and construction components through a
series of successful acquisitions. Tengzhong prides itself on its
automated manufacturing equipment, its processing systems,
significant research and development initiatives and commitment to
innovation.
Mr. Suolang Duoji, a private entrepreneur from Sichuan Province
has holdings that include thenardite producer Lumena which was
recently listed on the Hong Kong Stock Exchange.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had USUS$107.45 billion in total assets
against USUS$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
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G R E E C E
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ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss
---------------------------------------------------------------
Aries Maritime Transport Limited, now known as Newlead Holdings
Ltd., reported a net loss of US$111,300,000 for the three months
ended September 30, 2009, from a net loss of US$4,275,000 for the
same period in 2008. The Company posted a net loss of
US$123,762,000 for the nine months ended September 30, 2009, from
net income of US$2,014,000 for the same period in 2008.
Effective December 21, 2009, the Company changed its name from
"Aries Maritime Transport Limited" to "NewLead Holdings Ltd."
Operating revenues were US$12,167,000 for the three months ended
September 30, 2009, from US$21,509,000 for the same period in
2008. Operating revenues were US$42,898,000 for the nine months
ended September 30, 2009, from US$58,085,000 for the same period
in 2008.
As of September 30, 2009, the Company had US$197,992,000 in total
assets against US$255,867,000 in total liabilities, all current,
resulting in US$57,875,000 in stockholders' deficit.
In January 2010, the Company sold the MSC Seine and the Saronikos
Bridge for an aggregate purchase price resulting in gross proceeds
to the Company of US$13.0 million, payable in cash. The Saronikos
Bridge was delivered to her new owners on January 7, 2010 and the
MSC Seine was delivered on January 20, 2010. Each of the MSC
Seine and the Saronikos Bridge is a 2,917 TEU container vessel
built in 1990. As a result of the sale and delivery of these
vessels, the Company has exited the container market.
As of September 30, 2009, the Company had a working capital
deficit of US$244.4 million, which include its total outstanding
borrowing of US$221.4 million.
In connection with the Company's recapitalization, it was provided
a waiver of all financial covenants (excluding working capital and
minimum liquidity covenants) for a period ranging from 30 to 36
months to allow a sufficient period of time for new management to
implement its business strategy.
During the nine months ended September 30, 2009, the Company was
in breach of certain financial covenants of its credit facility.
As part of the waiver received with a Fifth Supplemental
Agreement, the Company was required, among other covenants, to
reduce the outstanding borrowings under the original facility
agreement from US$223.7 million to US$200.0 million. In June
2009, the Company sold one vessel, the Ocean Hope, for net
proceeds of US$2.3 million and reduced outstanding borrowings to
US$221.4 million.
From the months following the sale of the Ocean Hope until the
recapitalization, the Company was in negotiations with its lenders
to enter into a new US$221.4 million facility agreement to
refinance the Company's existing revolving credit facility. The
execution of this agreement also coincided with the Company's
assumption of a US$37.4 million credit facility in relation to the
three vessels transferred to the Company as part of the US$400.0
million recapitalization.
On October 13, 2009, these actions occurred in connection with the
US$400.0 million recapitalization:
-- The Company's existing syndicate of lenders entered into a
new US$221.4 million Facility Agreement to refinance the
Company's existing revolving credit facility. Upon its
refinancing, the financial covenants in the Facility
Agreement were waived (excluding working capital and
minimum liquidity covenants) for a period ranging from 30
to 36 months. The amount outstanding under the Facility
Agreement is currently US$191.4 million.
-- The issuance of US$145.0 million of the 7% Notes, that are
convertible into common shares at a conversion price of
US$0.75 per common share. There are currently US$125.0
million of 7% Notes outstanding.
-- The Company assumed a US$37.4 million credit facility in
relation to the three vessels transferred to the Company
as part of the recapitalization. Pursuant to a Share
Purchase Agreement entered into on September 16, 2009,
Grandunion, a company controlled by Michail S. Zolotas and
Nicholas G. Fistes, acquired 18,977,778 newly issued
common shares of the Company in exchange for three drybulk
carriers. Of such shares, 2,666,667 were transferred to
Rocket Marine, a company controlled by two former
directors and principal shareholders in the Company, in
exchange for Rocket Marine and its affiliates entering
into a voting agreement with Grandunion. Subsequent to
its assumption, this facility has been, and continues to
be, periodically paid down and drawn upon to minimize the
Company's cost of capital. As of January 26, 2010, there
was no outstanding balance under this facility.
A full-text copy of the Company's financial report is available at
no charge at http://ResearchArchives.com/t/s?4f27
Based in Athens, Greece, NewLead Holdings Ltd. (NASDAQ: NEWL) is
an international shipping company that owns and operates product
tanker and dry bulk vessels. The Company's products tanker fleet
consists of five MR tankers and four Panamax tankers, all of which
are double-hulled. The Company also owns three dry bulk vessels
secured on period charters.
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H U N G A R Y
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OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1'
------------------------------------------------------------
Moody's Investors Service downgraded its rating on OTP Bank's
hybrid securities, in line with its revised Guidelines for Rating
Bank Hybrids and Subordinated Debt published in November 2009.
OTP Bank's Upper Tier 2 perpetual subordinated bond issue was thus
downgraded to Ba1 with negative outlook from Baa2. This concludes
the review for possible downgrade initiated on November 18, 2009.
All other ratings of OTP Bank remain unchanged, together with
their negative outlook, in place since 2009.
Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors. The systemic support for these instruments
has not been forthcoming in many cases. The revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action. In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.
Rating Action in Detail
The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA). The Adjusted BCA reflects the bank's standalone credit
strength, including parental and/or cooperative support, if
applicable. The Adjusted BCA excludes systemic support.
The Adjusted BCA for OTP Bank is Baa3 and is the same as the
bank's BCA as neither parental nor cooperative support apply.
The Upper Tier 2 perpetual subordinated debt of OTP Bank (ISIN:
XS0274147296) was downgraded to Ba1, which is one notch below the
bank's Adjusted BCA reflecting its subordinated claim in
liquidation and cumulative coupon deferral features.
Moody's last rating action on OTP Bank was on November 18, 2009
when the bank's Baa2 (negative outlook) Upper Tier 2 perpetual
subordinated debt rating was placed on review for a possible
downgrade.
Headquartered in Budapest, Hungary, OTP Bank reported consolidated
IFRS net income of HUF130 billion (EUR481 million) after the first
nine months of 2009 and total assets of HUF9.7 trillion
(EUR35.9 billion) as of 30 September 2009.
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I R E L A N D
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COGNOTEC LTD: Has Accumulated Losses of US$50 Million
-----------------------------------------------------
IrishDev.com, citing the Independent Newspaper, reports that
Cognotec has accumulated losses of almost US$50 million, even
though it has slashed its annual losses from US$7 million in 2007
to US$1.25 million in 2008.
As reported by the Troubled Company Reporter-Europe on Jan. 29,
2010, Kieran Wallace of KPMG was appointed receiver and manager of
Cognotec Limited, Cognotec Ireland Limited and Cognotec Holdings
Limited by Barclays Banks Ireland PLC on Jan. 22.
The company, IrishDev.com says, has been trying to restructure its
debt and finances over several months, however Barclays has now
appointed KPMG to try and sell the business as a going concern.
The IrishDev.com relates the company's order book dried up as the
global banking crisis bit during 2008 and 2009.
The appointment of a receiver is bound to threaten the value of
the company and the viability as the remaining 40 Dublin
personnel, IrishDev.com notes.
Cognotec is a Dublin-based software company. It produces
financial automated FX trading solutions.
MCGRORY CONTRACTORS: Files Petition to Appoint Examiner
-------------------------------------------------------
McGrory Contractors Limited has filed a petition to appoint an
examiner. The company's solicitor is Houlihan O'Donnell Flaherty.
The petition will be heard on February 2, 2010.
The registered address of the company is at:
25 River Valley
Callaghs
Ballyconnel
Co. Cavan
Ireland
PRIME SHOP: Creditors Meeting Set for February 9
------------------------------------------------
A meeting of creditors of Prime Shop Interiors Limited will take
place at 8:00 a.m. on February 9, 2010, at:
Harcourt Hotel
60 Harcourt Street
Dublin 2
Ireland
The registered address of the company is at:
Enterprise Centre
Melitta Road
Kildare
Co. Kildare
Ireland
RACEFIELD CATERING: Creditors Meeting Set for February 9
--------------------------------------------------------
A meeting of creditors of Racefield Catering Limited will take
place at 10:00 a.m. on February 9, 2010, at:
Conference Centre
Pearse Road
Raheen Industrial Estate
Limerick
Ireland
The registered address of the company is at:
Hi-Way Bar & Restaurant
Dooradoyle
Limerick
Ireland
VIRGIN ISLAND: Creditors Meeting Set for February 12
----------------------------------------------------
A meeting of creditors of Virgin Island Limited will take place at
4:00 p.m. on February 12, 2010, at:
Johnstown House Hotel
Enfield
Co Meath
Ireland
The registered address of the company is at:
Main Street
Tullamore
Co Offaly
Ireland
=========
I T A L Y
=========
ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements
--------------------------------------------------------------
Giulia Segreti and Guy Dinmore at The Financial Times report that
Alitalia faces disruption by striking workers this week for the
first time since it emerged from bankruptcy just over a year ago.
According to the FT, transport union FiltCgil is calling a
four-hour strike on Friday, declaring that the state of industrial
relations at the company is "insufficient" and that employment and
wage agreements have not been respected.
Unions say they had tried to call strikes earlier, but the
transport ministry was able to use its authority to defer them,
the FT notes.
"Alitalia is following a road of unilateral relations, with
decisions and rules decided in splendid isolation," the FT quoted
Mauro Rossi, secretary-general of Filt, as saying.
Recovery
The FT relates in the third quarter of 2009, Alitalia posted a
trading profit of EUR15 million (US$20.8 million), its first in
almost four years. It says it expects to have closed the year
with a loss of about EUR300 million, the FT relates. Debt at the
end of the third quarter was EUR831 million, the FT discloses.
Unions and analysts suspect that in the absence of published
final-year results the losses were higher than forecast, the FT
states.
The company says it is on track with its "phoenix" recovery plan
to break even by the end of 2011, the FT notes.
Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina. The Italian
government owns 49.9% of Alitalia.
As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the
court.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively. Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection. The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.
In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.
On August 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome. Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.
FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant
-------------------------------------------------------------
Steve Scherer at Bloomberg News reports that Italy's Industry
Minister Claudio Scajola said the government is studying as many
as seven proposals to convert Fiat SpA's Termini Imerese plant for
other uses after the company suspends car production at the site
in Sicily.
"There are six or seven proposals that will have to be evaluated
with great care," Bloomberg quoted Mr. Scajola as saying after
meeting Fiat executives and unions in Rome.
Bloomberg relates Fiat has said that it plans to suspend
production at Termini Imerese at the end of next year because
costs are too high at the Sicilian site. Mr. Scajola, as cited by
Bloomberg, said the next meeting on the future of Termini would be
held Feb. 5.
According to Bloomberg, Raffaelle Lombardo, head of the regional
government in Siciliy who attended the talks, said some of the
proposals to convert the plant involve maintaining car production
there.
Offers
As reported by the Troubled Company Reporter-Europe on Jan. 29,
2010, MF-Dow Jones and Dow Jones Newswires said the government has
received another four offers to acquire the plant. Dow Jones
disclosed people with knowledge of the situation, said Thursday
among the possible interested companies is the German car maker
Audi AG. The sources told Dow Jones an adviser could be appointed
in the future to evaluate all the potential offers.
Two-Week Shutdown
Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Jan. 28, 2010, that Fiat is to close all its
production facilities in Italy for two weeks from next month
because of poor sales figures in January. The FT disclosed the
company will close its six production facilities for the last week
of February and the first week of March, a move that will affect
some 30,000 workers. The FT said Fiat posted a net loss of EUR848
million and a trading profit of EUR1.1 billion in 2009 and said
2010 would be "a year of transition and stabilization".
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.
===================
K A Z A K H S T A N
===================
ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of three Kazakh banks, namely Kazkommertsbank,
ATF Bank and Bank CenterCredit. This rating action is in line
with the rating agency's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009.
This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.
Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors. The systemic support for these instruments has
not been forthcoming in many cases. Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action. In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.
Rating Action in Detail
The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA). The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable. The Adjusted BCA excludes systemic support.
The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.
The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.
The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.
The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation. Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios. Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.
The affected securities of the banks are:
* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
rating was downgraded from B3 to Caa1, which is two notches
below the bank's Adjusted BCA of B2.
* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
was downgraded from Ba3 to B1, which is two notches below the
Adjusted BCA of Ba2.
* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
rating was downgraded from B2 to B3, which is two notches below
the Adjusted BCA of B1.
BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt
------------------------------------------------------------------
Moody's Investors Service has corrected the ISIN number of Bank
CenterCredit's junior subordinated debt.
Moody's downgraded the ratings on certain hybrid securities of
three Kazakh banks, namely Kazkommertsbank, ATF Bank and Bank
CenterCredit. This rating action is in line with the rating
agency's revised Guidelines for Rating Bank Hybrids and
Subordinated Debt, published in November 2009.
This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.
Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors. The systemic support for these instruments has
not been forthcoming in many cases. Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action. In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.
Rating Action in Detail
The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA). The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable. The Adjusted BCA excludes systemic support.
The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.
The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.
The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.
The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation. Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios. Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.
The affected securities of the banks are:
* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
rating was downgraded from B3 to Caa1, which is two notches
below the bank's Adjusted BCA of B2.
* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
was downgraded from Ba3 to B1, which is two notches below the
Adjusted BCA of Ba2.
* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
rating was downgraded from B2 to B3, which is two notches below
the Adjusted BCA of B1.
KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of three Kazakh banks, namely Kazkommertsbank,
ATF Bank and Bank CenterCredit. This rating action is in line
with the rating agency's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009.
This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.
Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors. The systemic support for these instruments has
not been forthcoming in many cases. Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action. In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.
Rating Action in Detail
The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA). The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable. The Adjusted BCA excludes systemic support.
The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.
The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.
The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.
The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation. Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios. Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.
The affected securities of the banks are:
* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
rating was downgraded from B3 to Caa1, which is two notches
below the bank's Adjusted BCA of B2.
* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
was downgraded from Ba3 to B1, which is two notches below the
Adjusted BCA of Ba2.
* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
rating was downgraded from B2 to B3, which is two notches below
the Adjusted BCA of B1.
===================
L U X E M B O U R G
===================
CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' issue rating and '4' recovery rating on the proposed
EUR600 million senior secured bond issue of Cirsa Funding
Luxembourg S.A., a fully owned finance subsidiary of Spain-based
Cirsa Gaming Corp. S.A. (B+/Stable/--).
The rating withdrawal follows Cirsa's announcement on Jan. 28,
2010, that it has decided to withdraw and terminate its offer
proposing to exchange EUR600 million of bonds maturing in 2020
issued by Cirsa Funding Luxembourg S.A. for the existing 2012-
maturity bonds issued by Cirsa Capital Luxembourg S.A. and the
existing 2014-maturity bonds issued by Cirsa Finance Luxembourg
S.A.
All other group entity ratings, including the corporate credit
rating on Cirsa (B+/Stable/--), remain unchanged.
=====================
N E T H E R L A N D S
=====================
ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs
-------------------------------------------------------
Anousha Sakoui and Ben Fenton at The Financial Times report that
three hedge funds are pushing for Endemol to agree to halt any
further debt buy-backs, which could help it avoid breaching its
debt covenants.
The funds, Centerbridge, GoldenTree and Sankaty Advisers, hold
about 20% of the company's senior debt, the FT discloses.
According to the FT, if its debt covenants are breached, the
company could be forced into restructuring talks with its
creditors. Some lenders have objected to the use of buy-backs
because they consider the resulting gains do not meet the
definition of key terms in the covenants, the FT notes. Citing
two people familiar with the situation, the FT says Endemol is
understood to have made about EUR80 million (US$110.9 million) in
gains from debt buy-backs.
The FT relates Endemol lenders have asked Barclays, the agent
bank, to gauge support from other debtholders to formally request
the company to commit to no further buy-backs. If the company
does not agree to do so within five days of such a request, the
lenders plan to seek a so-called declaratory judgment from the
English courts to obtain a judge's verdict on whether the company
should be allowed to use the gains in this way, the FT states.
Citing debt information provider CapitalStructure, the FT says as
of September 30, Endemol's net debt was EUR2.22 billion.
Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition. The production
company also creates scripted dramas and soap operas, and develops
digital content for online distribution. It has more than 2,000
programming formats in its library and exports shows to more than
25 countries around the world. Formed in 1994, Endemol is owned
by a consortium led by private equity firm Goldman Sachs and
Italian television company Mediaset.
STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal
------------------------------------------------------------
David Whitehouse at Bloomberg News, citing French daily La
Tribune, reports that Carlyle Group LP last week made a proposal
to holders of Stahl Holdings BV debt.
According to Bloomberg, La Tribune said the offer includes the
injection of EUR20 million of senior debt.
Bloomberg notes the French daily said the move is unlikely to
succeed as banks find it less favorable than the offer already
made by Wendel.
As reported by the Troubled Company Reporter-Europe on Oct. 7,
2009, the Financial Times said the proposal from Wendel involves a
EUR60 million equity injection by the French group to pay down
debt at Stahl. The FT said the equity injected by Wendel will be
used to buy back senior debt. Stahl's EUR70 million of mezzanine
loans and EUR45 million of second lien loans would be swapped for
small equity stake, the FT stated. Stahl's debt would fall from
about EUR375 million to EUR190 million, the FT noted. According
to the FT, if successful, the offer would end up with Wendel
holding a 90% stake in Stahl, which has been hit hard by falling
demand for its products used in the auto, furniture, flooring and
shoe industries.
The FT recalled Wendel and Carlyle jointly acquired Stahl EUR520
million (US$762 million) three years ago.
Stahl is 48%-owned by Wendel SA -- http://www.wendelgroup.com/--
a France-based investment company. It primarily invests in the
industrial and service sector, in France and abroad. As of
December 31, 2008, Wendel held 100% stakes in Oranje-Nassau, a
Dutch group focused on energy production as well as on private
equity. Oranje-Nassau's energy sector is active in the
exploration, development and production of oil and gas, with the
main regions of interest in Europe, Africa and the Middle East,
while the private equity sector primarily invests in
internationally oriented companies. Wendel also held stakes in
Bureau Veritas (52%), Materis (76%), Stallergenes (47%), Deutsch
(89%), Saint-Gobain (18%) and Legrand (31%), as well as various
non-strategic listed holdings.
=============
R O M A N I A
=============
ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM
-----------------------------------------------------------------
Cristina Stoian at Ziarul Financiar reports that Romanian
Distribution Group entered insolvency proceedings late last year
after being saddled with debt.
ZF says the company, which has a turnover worth around EUR8.5
million and 20 stores under Cavaliere men's apparel brand, owes
approximately EUR6 million.
The report relates Mihaela Murariu, manager associate with Elva
Cont SPRL, the legal administrator in charge with the internal
reorganization of Cavaliere network, told ZF "For the time being,
the preliminary list of debts has been presented and the final
list of creditors will be finalized in March. There are debts of
around RON25 million (EUR6 million), to banks (50% of the total)
and to suppliers."
Murariu, as cited by ZF, said, "The crisis fallout pushed sales
down by around 50%, while contractual obligations from rents,
denominated in euros, rose as a result of the RON depreciation."
The company is controlled by Monica and Nicolae Toader Caluda
(with a 65% stake) and Italian Deli Priscoli Pirolamo (35%), the
report discloses. The report recalls the shareholder tried to
restructure the business as early as mid-2009, cutting the number
of employees by 25% and closing six stores in cities such as
Galati, Ploiesti or Brasov. However, as cost cuts had no major
impact, the shareholder decided to being on internal
reorganization, the report recounts.
Insolvency allows the company to sell the stocks it has left
without having to pay maturing debt, ZF notes.
===========
R U S S I A
===========
UC RUSAL: May Start Trading Shares in Russia Within a Year
----------------------------------------------------------
Maria Kolesnikova at Bloomberg News reports that United Co. Rusal
Chief Executive Officer Oleg Deripaska said the company's shares
may start trading in Russia within 12 months.
"We think that within 12 months Russian investors who bought Rusal
shares will secure us a Russian depositary program," Bloomberg
quoted Mr. Deripaska as saying in an interview with Rossiya 24
state television that was broadcast late Friday.
According to Bloomberg, Mr. Deripaska said Rusal has no immediate
acquisition plans and expects to resume investment in technical
upgrades in the next two years.
Bloomberg recalls Rusal shares began trading in Hong Kong and
Paris last week after the company raised HK$16.7 billion (US$2.2
billion) in an initial public offering this month to help to pay
down US$14.9 billion of debt.
RUSAL -- http://www.rusal.com/-- is among the world's top
aluminum producers, along with Rio Tinto Alcan and Alcoa. Formed
in 2000 from various parts of the old Soviet state apparatus,
RUSAL produces about 4 million tons of aluminum, 11 million tons
of alumina, and 6 million tons of bauxite. Its aluminum business
include packaging and foil operations in addition to a network of
smelters. Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit. RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.
===============
S L O V E N I A
===============
PROBANKA DD: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed Probanka d.d.'s Long-term Issuer
Default Rating at 'BB' with a Stable Outlook. Fitch has
simultaneously upgraded the Slovenia-based bank's Support Rating
to '4' from '5' and revised the Support Rating Floor to 'B+' from
'No Floor'. The agency has affirmed Probanka's Short-term IDR at
'B' and its Individual Rating at 'D.'
Probanka's ratings reflect its regional corporate franchise in its
home town of Maribor, one of Slovenia's wealthier regions, where
about 40% of its customers are based. The upgrade of the Support
Rating and the revision of the Support Rating Floor reflect
Fitch's view that because Probanka is of regional importance,
there is a limited probability of support from the public
authorities in case of need.
However, the ratings also consider Probanka's deteriorating asset
quality, which has put pressure on profitability, as well as the
bank's equity size. Nevertheless, the Stable Outlook on the Long-
term IDR reflects, among other factors, Fitch's view that the
capital base still provides a comfortable buffer to absorb a
moderate increase in NPLs. Operating ROAA and operating ROAE were
a weak 0.51% and 6.08%, respectively, in 9M09, albeit higher than
in FY08.
Non-performing loans (defined as loan categories 'D' and 'E' and
those in category 'C' past due by 90 days) rose to 7.1% of gross
loans at end-Q309 from 4.9% at end-2008, resulting in a loan
impairment charges to pre-impairment operating profit ratio of a
high 60% in 9M09. This increase in NPLs was largely driven by a
single exposure to an insolvent financial holding, albeit with
good quality collateral, Fitch understands.
The agency believes that Probanka's NPLs could rise further,
particularly given ongoing difficulties in the operating
environment. Slovenia's GDP contracted by almost 8% in 2009 due
to a sharp domestic economic slowdown, and particularly due to the
slowdown in the Germany economy to which Slovenia has close
trading links. Fitch expects only a gradual renewal of growth in
Slovenia in 2010.
Loan impairment charges are likely to remain a key performance
driver, particularly given the level of concentration in
Probanka's loan book. Fitch notes that a sharp deterioration in
asset quality, resulting in pressure on capitalization, could
result in a downgrade of the bank's ratings. The bank plans to
raise new equity (EUR5 million) and subordinated debt (EUR5
million) in 2010.
Probanka's Tier 1 capital ratio remained broadly flat at end-Q309
at 7.53%. However, capitalization should also be considered in
light of the bank's weakened profitability and heightened credit
risk in the current operating environment, rising NPLs, related-
party lending (which was equal to 38% of equity), as well as the
risks associated with its equities' holdings and concentration
risks. Market risk remains significant, despite having fallen,
with the bank's equities exposure (net of forward contracts with
customers) equal to 49.5% of its end-Q309 capital.
Probanka is a medium-sized regional universal bank. It is part of
a financial group, including a real estate company, a fund
manager, and two leasing companies (one of which is in Croatia).
At end-Q309, Probanka had a 2.5% share of banking sector assets,
ranking it 12th in Slovenia. Probanka's largest shareholder with
a 19.9% stake is Medaljon d.d., an investment company owned by
Probanka's management board and 12 members of the bank's senior
management. Medaljon is among Probanka's largest borrowers.
=========
S P A I N
=========
DOGI INT'L: Expects to Conclude Insolvency Proceedings by March
---------------------------------------------------------------
Intelex reports that Dogi International Fabric expects to conclude
by March 2010 the insolvency proceedings it has been negotiating
since last June.
"The company is currently reaching an agreement with the majority
of its creditors," the report quoted Dogi's marketing director
Sergi Domenech as saying at the French-based fabrics show
Interfiliere. "Despite far slower demand, the Spanish unit of
Dogi Internationale reported a positive period during the last
quarter of 2009."
As reported by the Troubled Company Reporter-Europe, just-style
said bankrupt Spanish stretch fibers firm Dogi International
Fabric posted a EUR25.6 million (US$37.7 million) loss in the
first half of 2009, up from EUR6.6 million in the same 2008
period. According to just-style, the company's first-half results
were hurt by restructuring costs and plunging sales.
IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B
--------------------------------------------------------------
Fitch Ratings is maintaining IM Grupo Banco Popular EMPRESAS 2's
Class A, B and C notes on Rating Watch Negative, as Banco Popular
Espanol ('AA-'/Outlook Negative/'F1+') has notified the agency of
its intention to restructure the transaction.
The RWN was originally assigned in August 2009 pending full
analysis after the implementation of Fitch revised SME CDO rating
criteria for European granular corporate balance-sheet
securitizations.
Therefore, the current ratings of the Class A, B and C notes
remain:
* EUR2,225,000,000 class A notes (ISIN ES0349047003): 'AAA' on RWN
* EUR100,000,000 class B notes (ISIN ES0349047011): 'A' on RWN
* EUR175,000,000 class C notes (ISIN ES0349047029): 'BBB-' on RWN
Fitch expects to receive shortly the full restructuring proposal
from Banco Popular Espanol, after which the agency will undertake
a full analysis of the proposal and resolve the RWN. However, if
a restructuring is not completed within the next 90 days, the
agency will thereafter take rating action based on the existing
structure and the latest available information. This provides
category level guidance as to the likely ratings if the
restructuring is not implemented by Banco Popular Espanol:
* EUR2,225,000,000 class A notes (ISIN ES0349047003): 'BBB'
category
* EUR100,000,000 class B notes (ISIN ES0349047011): 'BB' category
* EUR175,000,000 class C notes (ISIN ES0349047029): 'B' category
This rating action above is principally linked to the application
of the new SME CDO criteria published on July 23, 2009. However,
the transaction has not benefited from any de-leveraging, the
assets are all unsecured, the portfolio has high obligor
concentration and the largest obligor was recently delinquent.
More specifically, as the transaction is still within its
replenishment phase, the notes have not benefited from any
principal amortization and therefore remain at their original
subordination levels. The portfolio also suffers from high
obligor concentration with the top five obligors representing 7.9%
of the portfolio. Also, according to the most recent portfolio
information, the top obligor representing 3.9% of the portfolio
was delinquent, but according to Banco Popular Espanol this
obligor is now current on its payments. Finally, all of the
assets in the portfolio are unsecured, which significantly lowers
potential for recoveries in the event of a default.
On the positive side, the transaction has experienced relatively
good performance when compared to its peers, with 90+ day
delinquency rate of 2.0% versus an average of 2.9% for the Fitch-
rated Spanish SME universe.
IM Grupo Banco Popular EMPRESAS 2 is a cash flow securitization of
a EUR2.5 billion revolving pool of traditional corporate and SME
loans granted by six entities of Grupo Banco Popular -- Banco
Popular Espanol SA, Banco de Andalucia, Banco de Castilla, Banco
de Credito Balear, Banco de Galicia and Banco de Vasconia.
IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:
-- the senior and junior notes issued by IM Pastor 3 ( IM 3)
-- all the notes issued by IM Pastor 4 ( IM 4)
Last rating action date for IM 3 and IM 4 was June 29, 2009.
All the notes were placed on review for possible downgrade as a
consequence of the downgrade to A3/P-2 of the long-term and short-
term rating of Banco Pastor. The action concludes the review and
it is mainly due to the deterioration of the collateral
performance. 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 2010.
Portfolio Performance
IM 3 and IM 4 closed in June 2005 and June 2006 respectively.
Both transactions are backed by a portfolio of first-ranking
mortgage loans secured on residential properties located in Spain,
for an overall balance at closing of EUR 1 billion (IM 3) and EUR
920 million (IM 4). The securitized mortgage portfolios benefit
from a relatively low weighted average LTV (currently 56% and 57%
respectively), with no loan exceeding 80% LTV at closing. The two
pools are fairly exposed to the Mediterranean coast. A
significant portion of the pools has been originated via brokers
or other external channels, representing 39% (IM 3) and 32% (IM 4)
of current pool balance at the end of December 2009.
The collateral performance in IM 3 and IM 4 has deteriorated
further since the last rating review in May 2009, when Moody's
took action on the subordinated notes in IM 3 and the mezzanine
and subordinated notes in IM 4. Credit trends in IM 3 and IM 4
continue to under-perform arrears and defaults experienced by
similarly seasoned low LTV Spanish RMBS and both transactions are
performing worse than anticipated as of the last rating review.
Moody's notes that the share of loans being written-offs has
nearly doubled since the last rating review. Cumulative write-
offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM
4 respectively at the end of December 2009, compared to
approximately 1.5% of original balance at the end of March 2009.
Moody's observes that the balance of loans more than 90 days in
arrears has recently improved and it is currently equal to 3.1%
and 2.0% of current pool balance in IM 3 and IM 4 -- compared to
respectively 3.9% and 3.2% of current pool balance as at the last
rating review. Moody's believe that the stabilization in arrears
may be attributed to the low interest rate environment. Despite
the seemingly improving arrears trends in the deals recently,
Moody's remain concerned about the prolonged weakening in macro-
economic conditions in Spain.
The weak performance of IM 3 and IM 4 has been mainly driven by
the exposure to loans originated via external channels,
particularly in the region of Valencia and Catalonia.
Additionally, non-Spanish borrowers (representing about 12% and 8%
of current pool balance respectively) have been affected by
difficult economic conditions such as increasing unemployment and
declining house prices. Loans to non-Spanish nationals are
experiencing significantly higher defaults than loans granted to
Spanish borrowers.
Reserve Funds / PDLs /Amortization
The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve funds in both transactions and
build-up in unpaid principal deficiencies ledgers in IM 3
(EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last
payment date. The unpaid PDLs currently represent 0.9% and 1.3%
of current pool balance of IM 3 and IM 4 respectively. Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected and properties being acquired
are sold. However, Moody's remain concerned about the
uncertainties relating to the timing and the amount of recoveries.
So far, recoveries only amount to 15% and 10% of cumulative
defaults in IM 3 and IM 4 respectively. The slow pace of the
recoveries suggests that the unpaid PDL may not be cured rapidly.
The amortization of the mezzanine and junior notes is likely to
remain sequential as a consequence of the breach of pro-rata
amortization triggers.
Remedial Actions Taken Following
Banco Pastor Downgrade to A3/P2
Banco Pastor acts as swap counterparty in both transactions. In
IM 4, Banco Pastor's payment obligations under the swap are
guaranteed by Banco Popular (Aa3/P1) since February 2009.
Following its downgrade to A3/P2 in June 2009, Banco Pastor has
been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3,
which is in line with the requirements described in Moody's report
titled "the Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions."
The treasury account that was held at Banco Pastor was transferred
to Banco Sabadell (A2/P-1) after the loss of P-1 as required by
the transaction documents. Banco Sabadell also replaces Banco
Pastor as Paying Agent following the downgrade of Banco Pastor.
In the review Moody's has also assessed the commingling risk
exposure taking into account the daily (IM 4) and weekly (IM 3)
sweeps from the collection account to the reinvestment account in
the name of the Fondo. Moody's notes that the frequency of
collection sweeps have increased from monthly to daily (IM 4) /
weekly (IM3) following the loss of P-1 rating of Banco Pastor.
Insufficient Liquidity in the Deals
As described in the press release of 29 of June, the main exposure
to Banco Pastor in IM 3 and IM 4 is linked to the servicing role
that Banco Pastor plays in the transactions. Moody's notes that
the reserve fund of both transactions is fully depleted and that
no other sources of liquidity are available in the two
transactions. Moody's believes that the absence of liquidity in
the transactions could impair the ability of the Issuer to make
timely payment of interest on the Notes, particularly in case of a
servicing transfer. Moody's considers that the risk of a missed
payment of interest on the Class A of IM 3 is not commensurate
with a Aaa-rating and therefore has downgraded the rating for this
class of notes.
Revised Lifetime Loss and Milan Aaa CE
Moody's has reassessed its lifetime loss expectation for IM 3 and
IM 4 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 increase in defaulted loans and the low recovery rate to
date in IM 3 and IM 4, Moody's have updated the portfolio expected
loss assumption from 1.4% to 1.8% of original balance in IM 3 and
from 1.6% to 2.4% of original balance in IM 4.
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. As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 7.5% for both IM 3 and IM4, up from respectively
5.8% and 5.2% as at the last rating review. 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 the Class A notes (including
subordination and reserve fund and taking into consideration the
amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4
respectively as at the last payment date in December.
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: IM PASTOR 3 Fondo de Titulizacion Hipotecaria
-- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa
Placed Under Review for Possible Downgrade
-- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3
Placed Under Review for Possible Downgrade
-- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2
Placed Under Review for Possible Downgrade
-- Class D, Downgraded to Caa2; previously on June 29, 2009 B3
Placed Under Review for Possible Downgrade
Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos
-- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa
Placed Under Review for Possible Downgrade
-- Class B, Downgraded to Ba1; previously on June 29, 2009 A1
Placed Under Review for Possible Downgrade
-- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2
Placed Under Review for Possible Downgrade
-- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2
Placed Under Review for Possible Downgrade
IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:
-- the senior and junior notes issued by IM Pastor 3 ( IM 3)
-- all the notes issued by IM Pastor 4 ( IM 4)
Last rating action date for IM 3 and IM 4 was June 29, 2009.
All the notes were placed on review for possible downgrade as a
consequence of the downgrade to A3/P-2 of the long-term and short-
term rating of Banco Pastor. The action concludes the review and
it is mainly due to the deterioration of the collateral
performance. 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 2010.
Portfolio Performance
IM 3 and IM 4 closed in June 2005 and June 2006 respectively.
Both transactions are backed by a portfolio of first-ranking
mortgage loans secured on residential properties located in Spain,
for an overall balance at closing of EUR 1 billion (IM 3) and EUR
920 million (IM 4). The securitized mortgage portfolios benefit
from a relatively low weighted average LTV (currently 56% and 57%
respectively), with no loan exceeding 80% LTV at closing. The two
pools are fairly exposed to the Mediterranean coast. A
significant portion of the pools has been originated via brokers
or other external channels, representing 39% (IM 3) and 32% (IM 4)
of current pool balance at the end of December 2009.
The collateral performance in IM 3 and IM 4 has deteriorated
further since the last rating review in May 2009, when Moody's
took action on the subordinated notes in IM 3 and the mezzanine
and subordinated notes in IM 4. Credit trends in IM 3 and IM 4
continue to under-perform arrears and defaults experienced by
similarly seasoned low LTV Spanish RMBS and both transactions are
performing worse than anticipated as of the last rating review.
Moody's notes that the share of loans being written-offs has
nearly doubled since the last rating review. Cumulative write-
offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM
4 respectively at the end of December 2009, compared to
approximately 1.5% of original balance at the end of March 2009.
Moody's observes that the balance of loans more than 90 days in
arrears has recently improved and it is currently equal to 3.1%
and 2.0% of current pool balance in IM 3 and IM 4 -- compared to
respectively 3.9% and 3.2% of current pool balance as at the last
rating review. Moody's believe that the stabilization in arrears
may be attributed to the low interest rate environment. Despite
the seemingly improving arrears trends in the deals recently,
Moody's remain concerned about the prolonged weakening in macro-
economic conditions in Spain.
The weak performance of IM 3 and IM 4 has been mainly driven by
the exposure to loans originated via external channels,
particularly in the region of Valencia and Catalonia.
Additionally, non-Spanish borrowers (representing about 12% and 8%
of current pool balance respectively) have been affected by
difficult economic conditions such as increasing unemployment and
declining house prices. Loans to non-Spanish nationals are
experiencing significantly higher defaults than loans granted to
Spanish borrowers.
Reserve Funds / PDLs /Amortization
The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve funds in both transactions and
build-up in unpaid principal deficiencies ledgers in IM 3
(EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last
payment date. The unpaid PDLs currently represent 0.9% and 1.3%
of current pool balance of IM 3 and IM 4 respectively. Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected and properties being acquired
are sold. However, Moody's remain concerned about the
uncertainties relating to the timing and the amount of recoveries.
So far, recoveries only amount to 15% and 10% of cumulative
defaults in IM 3 and IM 4 respectively. The slow pace of the
recoveries suggests that the unpaid PDL may not be cured rapidly.
The amortization of the mezzanine and junior notes is likely to
remain sequential as a consequence of the breach of pro-rata
amortization triggers.
Remedial Actions Taken Following
Banco Pastor Downgrade to A3/P2
Banco Pastor acts as swap counterparty in both transactions. In
IM 4, Banco Pastor's payment obligations under the swap are
guaranteed by Banco Popular (Aa3/P1) since February 2009.
Following its downgrade to A3/P2 in June 2009, Banco Pastor has
been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3,
which is in line with the requirements described in Moody's report
titled "the Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions."
The treasury account that was held at Banco Pastor was transferred
to Banco Sabadell (A2/P-1) after the loss of P-1 as required by
the transaction documents. Banco Sabadell also replaces Banco
Pastor as Paying Agent following the downgrade of Banco Pastor.
In the review Moody's has also assessed the commingling risk
exposure taking into account the daily (IM 4) and weekly (IM 3)
sweeps from the collection account to the reinvestment account in
the name of the Fondo. Moody's notes that the frequency of
collection sweeps have increased from monthly to daily (IM 4) /
weekly (IM3) following the loss of P-1 rating of Banco Pastor.
Insufficient Liquidity in the Deals
As described in the press release of 29 of June, the main exposure
to Banco Pastor in IM 3 and IM 4 is linked to the servicing role
that Banco Pastor plays in the transactions. Moody's notes that
the reserve fund of both transactions is fully depleted and that
no other sources of liquidity are available in the two
transactions. Moody's believes that the absence of liquidity in
the transactions could impair the ability of the Issuer to make
timely payment of interest on the Notes, particularly in case of a
servicing transfer. Moody's considers that the risk of a missed
payment of interest on the Class A of IM 3 is not commensurate
with a Aaa-rating and therefore has downgraded the rating for this
class of notes.
Revised Lifetime Loss and Milan Aaa CE
Moody's has reassessed its lifetime loss expectation for IM 3 and
IM 4 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 increase in defaulted loans and the low recovery rate to
date in IM 3 and IM 4, Moody's have updated the portfolio expected
loss assumption from 1.4% to 1.8% of original balance in IM 3 and
from 1.6% to 2.4% of original balance in IM 4.
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. As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 7.5% for both IM 3 and IM4, up from respectively
5.8% and 5.2% as at the last rating review. 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 the Class A notes (including
subordination and reserve fund and taking into consideration the
amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4
respectively as at the last payment date in December.
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: IM PASTOR 3 Fondo de Titulizacion Hipotecaria
-- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa
Placed Under Review for Possible Downgrade
-- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3
Placed Under Review for Possible Downgrade
-- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2
Placed Under Review for Possible Downgrade
-- Class D, Downgraded to Caa2; previously on June 29, 2009 B3
Placed Under Review for Possible Downgrade
Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos
-- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa
Placed Under Review for Possible Downgrade
-- Class B, Downgraded to Ba1; previously on June 29, 2009 A1
Placed Under Review for Possible Downgrade
-- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2
Placed Under Review for Possible Downgrade
-- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2
Placed Under Review for Possible Downgrade
=====================
S W I T Z E R L A N D
=====================
OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations
-----------------------------------------------------------------
Haig Simonian at The Financial Times reports that Moscow on Friday
warned the Swiss government that a proposed CHF40 million (US$37.7
million) fine on Russian tycoon Viktor Vekselberg could strain
bilateral relations between the two countries.
The FT relates Alexei Kudrin, Russia's finance minister, told
Hans-Rudolf Merz, his Swiss opposite number, that Moscow was
"concerned" about the regulatory penalty.
Mr. Kudrin told Mr. Merz at the World Economic Forum in Davos, "I
do not believe this will improve Swiss-Russian relationships."
Mr. Kudrin, as cited by the FT, said Russia had no plans to
retaliate, but hoped the Swiss government would reconsider the
fine which was imposed for alleged breaches of market disclosure
rules.
Mr. Vekselberg, the FT discloses, warned that the penalty could
affect foreign investment in Switzerland.
As reported by yesterday by the Troubled Company Reporter-Europe,
the FT said the Swiss authorities are seeking to impose a record
CHF120 million (US$114 million) fine on Mr. Vekselberg and two
Austrian investors for allegedly breaching reporting rules in
building stakes in the troubled Oerlikon industrial group. The FT
disclosed Renova, Mr. Vekselberg's holding company, denied it had
broken any rules in buying two stakes in Oerlikon in 2006, and
said it would challenge the decision in court. The FT said the
fine represents about 20% of the value of Renova's full stake in
Oerlikon, whose shares have plunged in recent months on falling
orders, stretched finances and restructuring needs. According to
the FT, Oerlikon is locked in restructuring talks with its banks,
with an initial CHF600 million debt repayment due before the end
of the first quarter.
The FT relates some Swiss commentators have warned that the fine
could affect Renova's willingness to take part in a restructuring
in which it would play a big part. Mr. Vekselberg declined to
comment on refinancing talks between Oerlikon and its creditor
banks, the FT notes.
Oerlikon, the FT says, has suffered heavy losses and requires
recapitalization.
OC Oerlikon Corporation AG Pfaeffikon -- http://www.oerlikon.com/
-- is a Swiss company engaged in the industrial sector. The
Company divides its activities into six segments: Oerlikon
Textile, providing equipment for the textile production; Oerlikon
Coating, offering protective coatings for precision tools and
components; Oerlikon Solar, which provides solutions for the
manufacturing of thin film silicon solar modules; Oerlikon Vacuum,
providing systems for producing vacuums and conveying process
gases; Oerlikon Drive Systems, which offers propulsion technology,
and Oerlikon Advanced Technologies, providing aerospace and
production systems for nanotechnology applications. The Company's
solutions are used in a range of industries, including the solar
energy, clean technologies, automotive, information technology
(IT), textile, machinery and tool manufacturing industry, as well
as in the process, space and advanced nanotechnology applications.
The Company operates worldwide through 180 sites in 37 countries.
===========================
U N I T E D K I N G D O M
===========================
BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator
----------------------------------------------------
Coventry Telegraph.net reports that Mazars has been appointed as
liquidator to wind up Benfield Construction, a unit of Benfield
Group.
The report relates the company went bust on Jan. 25 with the loss
of more than 20 jobs, including two executive directors.
According to the report, Birmingham-based Mazars have instructed
Naismiths LLP to take an immediate look at the company's order
books and assets.
The report notes Benfied Group chairman Clive Benfield said the
company had no choice but to fold with the construction industry
so badly hit by the recession.
Benfield Construction is based in Coventry.
BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound
------------------------------------------------------------
Catherine Neilan at The Bookseller reports that Borders UK's
unsecured creditors could receive as little as 1.5p in the
GBP1, with just GBP600,000 ring-fenced to pay what is estimated to
be in excess of GBP40 million-worth of debt.
According to the Bookseller, publishers, who were confident of
having their GBP10.8 million debts largely repaid in full last
year, have so far received GBP2.2 million due to successful
retention of title (ROT) claims.
Bookseller relates Borders' administrator MCR said "a commercial
settlement" had been reached with most suppliers, though the
situation with Hachette UK, which took the administrator to court
last year in order to have its ROT enforced, was ongoing.
Among those with the biggest exposure were HarperCollins (GBP1.1
million), Macmillan Distribution (GBP885,000) and Gardners
(GBP885,000 across all divisions), the Bookseller says.
The debt figure contained in the creditor's report for the
business does not take into account any reduction should new
tenants take up surrendered leaseholds, or ROT claims, the
Bookseller notes.
MCR, the Bookseller discloses, realized a surplus of GBP1.3
million from GBP12.2 million of sales during Borders'
administration period. A further GBP14 million income is expected
to come through, but it is not known how much will be left after
further outgoings, which could include more ROT payments,
Bookseller says.
The Bookseller relates Geoffrey Bouchier, joint administrator,
said it was unlikely the final surplus would reach the GBP14.5
million owed to Valco, which takes priority in being repaid as the
ranking secured creditor. A second secured creditor, Bookshop
Acquisitions Ltd., owed GBP12.4 million, is unlikely to receive
anything, the Bookseller states.
Mr. Bouchier, as cited by the Bookseller, said the report also
makes plain that Borders' stock control systems were inadequate to
deal with ROT claims.
The Bookseller recounts the report revealed that Borders UK went
into administration following a winding-up petition served on the
business by 2 Entertain Video in November. In the period from
February to November 26, the retailer made a loss of GBP32 million
on sales of GBP115 million and a loss of close to GBP5 million on
sales of GBP190 million in the year to end-January 2009, though
this performance was actually an improvement on its previous three
years trading, the Bookseller recalls.
COCKBURNS OF LEITH: In Administration; Ernst & Young on Board
-------------------------------------------------------------
Hamish Rutherford at Scotland On Sunday reports that Cockburns of
Leith has gone into administration after more than 200 years of
trading.
The report relates the company called in administrators Ernst &
Young on Friday after its directors concluded that the business
"could no longer continue to trade".
According to the report, the company, which was founded in 1796,
has fallen victim to effects of the global economic downturn and
increased competition from the supermarkets.
FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved
---------------------------------------------------------------
FlightTech Distribution Limited, a supplier of batteries and model
accessories for the Radio Controlled (RC) hobby industry, entered
into liquidation on December 11, 2009.
Jeremy French and Glyn Mummery, Client Partners at Vantis Business
Recovery Services, a division of Vantis, the UK accounting, tax
and business advisory group, were appointed Joint Liquidators.
They have subsequently sold FlightTech's assets and goodwill to
some of the company's former directors, saving 5 jobs and the
future of the business.
FlightTech's product range will continue to be marketed under the
FlightTech brand by the company's new owners and their business,
Energon Solutions Ltd.
Commenting on the case, Jeremy French said: "FlightTech
Distribution Ltd had a successful product range, with recognized
brands. Even though it is sad that, in this case, liquidation was
the only solution to an escalated shareholder conflict, we are
glad that we could find a place for the business and release it
from a situation of uncertainty."
Speaking on the buy out of FlightTech, Andrew Kirby, Director of
Energon Solutions Ltd., said: "FlightTech products are ubiquitous
in the hobby sector and we are delighted to have them in our
portfolio of leading brands. Together with the passionate
FlightTech talent that has now joined us, we are looking forward
to providing an even broader range of new and innovative products
to the hobby world."
MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid
---------------------------------------------------------
Bob Bensch at Bloomberg News reports that several "wealthy"
Manchester United supporters are considering a takeover bid for
the team.
"We've been approached by several different groups of wealthy
Manchester United supporters," Bloomberg quoted Duncan Drasdo of
the Manchester United Supporters Trust, which has campaigned
against the club's ownership by the U.S.-based Glazer family, as
saying in a telephone interview Saturday. "We're clearly
interested in seeing if there is an opportunity to change the
ownership at Manchester United because we feel the current owners
are very damaging for the club and for the supporters."
According to Bloomberg, Mr. Drasdo and the potential bidders, whom
he declined to identify, have spoken with Keith Harris, the
chairman of the London-based investment bank Seymour Pierce, about
a takeover of the club.
Bloomberg relates Mr. Harris said Saturday in an interview with
the British Broadcasting Corp. that he had been approached about a
potential takeover by fans who have become disgruntled with the
debt the club has incurred under Malcolm Glazer and his family.
Manchester United, which was bought by the Glazers in 2005 in a
leveraged buyout, has debt of GBP716.6 million (US$1.15 billion),
Bloomberg discloses. Bloomberg recalls the club issued more than
GBP500 million of seven- year bonds in pounds and dollars this
month to refinance a similar amount of bank borrowing.
Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world. Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles. Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902. It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.
MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded
-------------------------------------------------------------
Helen Morris at Print Week reports that the Midas Press has been
bought by it former management, securing 85 jobs.
Print Week recalls the company on Jan. 29 appointed Peter Yeldon
of Middleton Partners as administrator.
"The existing management team has successfully secured the
on-going business of the Midas Press PLC with an agreed MBO," the
report quoted Clive Merritt, commercial director at the company,
as saying. "This will enable the continuation of a 40-year
tradition with the Midas brand offering top-level high quality
printing backed by a wealth of experience."
Midas Press was established more than 40 years ago and produces
business stationery, point of sale items, annual reports and long-
run catalogues.
MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal
----------------------------------------------------
Tim Sheahan at Print Week reports Brian Stanfield, from the
Reading office of administrator Harrisons, confirmed that Midway
Colour Print has been sold to Trowbridge in a pre-pack deal a day
after the company went into administration.
Print Week recalls Midway Colour Print went into administration on
January 28.
Citing the administrator's report, Print Week discloses the
40-staff business had a peak turnover of GBP3.3 million, with a
gross profit of GBP1.1 million.
Based in Holt, near the town of Trowbridge, Midway Colour Print
operated an all-Heidelberg pressroom, with two five-color B1
presses, along with a two-color B1 and finishing kit. The company
listed clients including Future Magazines Group and The
Independent newspaper.
SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern
---------------------------------------------------------------
Adam Hooker at Print Week reports that Sage Print, which trades as
CTD Printers, has gone into administration, with a buyer being
sought for the business as a going concern.
The report relates Andrew Andronikou and Peter Kubik, of
insolvency firm UHY Hacker Young, had been appointed as
administrators for the company on January 25.
At this stage, it is unclear whether the company has already been
sold or if there are any interested parties, the report notes.
Based in Sunbury-on-Thames, Middlesex, Sage Print is owned by
former Wace director Mike Sage, who bought the assets of CTD
Printers out of administration in November 2005. The company
employs around 50 staff.
THPA FINANCE: Fitch Publishes Performance Report on Notes
---------------------------------------------------------
Fitch Ratings has published a performance report on THPA Finance
Limited's notes.
Fitch downgraded THPA's class A2 notes to 'A-' from 'A', removed
the notes from Rating Watch Negative and assigned a Stable Outlook
on 17 December, 2009. The class B notes were downgraded to 'BB+'
from 'BBB', removed from RWN and assigned a Stable Outlook. The
class C notes were downgraded to 'BB-' from 'BB', removed from RWN
and assigned a Stable Outlook.
The report published provides further details on Fitch's credit
analysis, which underpins its rating actions. Fitch used its UK
whole business securitization criteria to review the transaction
structure, and the drivers and risks affecting its operational and
financial performance.
THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group which owns the port of Tees &
Hartlepool on the northeast coast of England.
UK COAL: Expects Losses to Widen by GBP100 Mln in 2009
------------------------------------------------------
William MacNamara at The Financial Times reports that UK Coal on
Friday warned that its losses would widen by GBP100 million in
2009.
The FT relates ahead of preliminary results to be released in
April, UK Coal, the country's largest coalminer, said it expects
to report an annual pre-tax loss of GBP115 million, compared with
a 2008 pre-tax loss of GBP15.7 million.
The FT says the troubled mining and property company continues to
be squeezed on several fronts even after completing a GBP100
million rights issue last year. It invested heavily in its plan
of opening new coal faces using new technology, but production
gains from this plan will not come through until February or
March, the FT notes.
Analysts expect the company to remain loss-making in 2010, then
record a 2011 profit -- a figure that roughly doubles in 2012 as
new production comes through and more favorable contracts are
potentially settled with coal-burning power providers, the FT
discloses.
UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-based
company engaged in surface and underground coal mining, property
regeneration and management, and power generation. The Company
operates four deep mines, located in Central and Northern England.
Its deep mines business consists of Daw Mill (Warwickshire),
Kellingley (Yorkshire) and Thoresby and Welbeck (Nottinghamshire).
The Company had five active surface mines. Total surface mining
reserves and resources are estimated at approximately 55 million
tons. The Company owns approximately 45,000 acres (18,200
hectares) of predominantly agricultural land. During the year
ended December 31, 2008, it acquired 50% of UK Strategic
Partnership Limited as a joint venture company with Strategic
Sites Limited for the development of certain investment
properties. In January 2009, it sold 50% share in Coal4Energy
Limited to Hargreaves Services PLC.
WEST ONE: Sold Out of Administration; 63 Jobs Secured
-----------------------------------------------------
All 63 jobs at West One Express have been saved after the Cardiff
distribution company was sold out of administration.
West One Express, based in Rumney, went into administration
earlier this month. The business and its assets have been
acquired by West One Overnight.
The deal was arranged by administrators David Hill and Peter Dewey
from the Cardiff office of business recovery specialists Begbies
Traynor.
David Hill said, "West One Express was trading profitably until
March last year, when it began to accumulate losses. Thankfully,
we were able to secure a swift sale, with all employees
transferring across to the new business."
West One Express, established in 1997, mainly served the
automotive sector, specializing in haulage and warehousing,
overnight pallets and same-day delivery.
WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected
----------------------------------------------------
BBC News reports that Whiteinch Asbestos Ltd. has gone into
liquidation, resulting in the loss of 20 jobs.
According to the report, the company ceased trading on January 11.
The report relates liquidators PKF said the company had seen a
dramatic fall in turnover in the last few years due to the
recession. It said the firm had also been the victim of
considerable undercutting at the tender stage by rival businesses
keen to capture the few contracts, the report notes.
"The directors felt that they could not compete with contractors
who, they believe, are operating at a loss simply to gain work so
they decided to close the business," the report quoted PKF
corporate recovery partner Bryan Jackson as saying.
Bishopbriggs-based Whiteinch Asbestos Ltd. specialized in asbestos
removal. The company was founded in 1989.
* UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop
---------------------------------------------------------------
While PricewaterhouseCoopers LLP figures show that the number of
corporate insolvencies continued to tail off in the final quarter
of last year, pension scheme trustees must remain prudent as there
is often a spike in the number of firms failing during economic
upturns.
Jonathon Land, partner and pension credit advisory leader,
PricewaterhouseCoopers LLP, explained: "The number of companies
going insolvent dropped off in the second half of last year but
evidence suggests that, as companies confidence returns and they
start to grow, working capital can absorb cash and this combined
with a reduced focus on expenditure leads to insolvencies.
Trustees have a responsibility to ensure they continue to monitor
their sponsors strength and are open to different ways to optimize
their schemes positions."
As organizations begin to increase their capital expenditure,
trustees should ensure they challenge their scheme sponsors
discretionary spend when forecasting future pension scheme funding
payments. In particular, trustees that agreed to lower or no
increase to contributions while cash was scarce need to ensure
they challenge this if the employers position changes."
PwCs analysis found there were 19,431 corporate insolvencies in
2009. The quarterly breakdown is as follows:
Q4 09 - 4,380
Q3 09 - 4,672
Q2 09 - 4,931
Q1 09 - 5,448
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
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SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CROATIA
-------
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
CYPRUS
------
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LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
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CZECH REPUBLIC
--------------
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSK DC -532868894.9 7876687324
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ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
FRANCE
------
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GEORGIA
-------
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GERMANY
-------
AGOR AG DOOD PZ -482446.6262 144432986.2
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EM.TV & MERCHAND ETV VX -22067409.41 849175624.7
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EM.TV & MERCHAND ETV LN -22067409.41 849175624.7
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.7
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.7
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ESCADA AG ESCG IX -22323463.23 425598807.8
ESCADA AG -PFD ESC3 GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EO -22323463.23 425598807.8
ESCADA AG-NEW ESCD GR -22323463.23 425598807.8
ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EU -22323463.23 425598807.8
ESCADA AG-NEW ESCN GR -22323463.23 425598807.8
ESCADA AG-RTS ESCE GR -22323463.23 425598807.8
ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -17804909.71 189933668.6
MATERNUS-KLINIKE MAK GR -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EO -17804909.71 189933668.6
MATERNUS-KLINIKE MNUKF US -17804909.71 189933668.6
MATERNUS-KLINIKE MAKG IX -17804909.71 189933668.6
MATERNUS-KLINIKE MAK PZ -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EU -17804909.71 189933668.6
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC EO -18656728.68 610380925.7
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PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127548039.7
SANDER (JIL) AG JLSDF US -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127548039.7
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127548039.7
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127548039.7
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SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
TA TRIUMPH-ACQ TWNA EU -120075877.7 410015192
TA TRIUMPH-ACQ TWNA GR -120075877.7 410015192
TA TRIUMPH-ADLER TWNG IX -120075877.7 410015192
TA TRIUMPH-ADLER TWN EU -120075877.7 410015192
TA TRIUMPH-ADLER TWN EO -120075877.7 410015192
TA TRIUMPH-ADLER TTZAF US -120075877.7 410015192
TA TRIUMPH-ADLER TWN GR -120075877.7 410015192
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TA TRIUMPH-A-RTS 1018916Z GR -120075877.7 410015192
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TA TRIUMPH-RTS 3158577Q GR -120075877.7 410015192
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VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
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VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ GR -30790135.48 234437763.5
AG PETZETAKIS SA PZETF US -30790135.48 234437763.5
AG PETZETAKIS SA PETZK EU -30790135.48 234437763.5
AG PETZETAKIS SA PETZK PZ -30790135.48 234437763.5
AG PETZETAKIS SA PTZ1 GR -30790135.48 234437763.5
AG PETZETAKIS SA PETZK GA -30790135.48 234437763.5
AG PETZETAKIS SA PETZK EO -30790135.48 234437763.5
ALMA-ATERM-AUCT ATERME GA -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EO -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EU -4110971.317 105276552.2
ALMA-ATERMON SA ATERM PZ -4110971.317 105276552.2
ALTEC SA -AUCT ALTECE GA -103590250.3 177563163.7
ALTEC SA INFO ALTEC EU -103590250.3 177563163.7
ALTEC SA INFO ALTEC EO -103590250.3 177563163.7
ALTEC SA INFO ALTEC PZ -103590250.3 177563163.7
ALTEC SA INFO ALTEC GA -103590250.3 177563163.7
ALTEC SA INFO AXY GR -103590250.3 177563163.7
ALTEC SA INFO ATCQF US -103590250.3 177563163.7
ALTEC SA INFO-RT ALTECR GA -103590250.3 177563163.7
ALTEC SA INFO-RT ALTED GA -103590250.3 177563163.7
ARIES MARITIME T RAMS US -57875000 197992000
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
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ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATERMON DYNAMIC ATERM GA -4110971.317 105276552.2
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
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KOUMBAS RTS KOUMR GA -39842421.26 236519943.7
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KOUMBAS SYNERGY KOUM EO -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM EU -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM PZ -39842421.26 236519943.7
KOUMBAS SYNERGY KOUMF US -39842421.26 236519943.7
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.1
NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.1
NAOUSSA SPINNING NML1 GR -44175513.67 341686153.1
NAOUSSA SPINNING NML GR -44175513.67 341686153.1
NAOUSSA SPIN-RTS NAOYKR GA -44175513.67 341686153.1
NEWLEAD HOLDINGS A1M GR -57875000 197992000
NEWLEAD HOLDINGS NEWL US -57875000 197992000
PETZET - PFD-RTS PETZPD GA -30790135.48 234437763.5
PETZETAKIS - RTS PETZKD GA -30790135.48 234437763.5
PETZETAKIS-AUC PETZKE GA -30790135.48 234437763.5
PETZETAKIS-PFD PTZ3 GR -30790135.48 234437763.5
PETZETAKIS-PFD PETZP GA -30790135.48 234437763.5
RADIO KORASSIDIS KORA GA -100972173.9 180679253.6
RADIO KORASSIDIS RKC GR -100972173.9 180679253.6
RADIO KORASSIDIS RAKOF US -100972173.9 180679253.6
RADIO KORASSI-RT KORAD GA -100972173.9 180679253.6
RADIO KORASS-RTS KORAR GA -100972173.9 180679253.6
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES UTEX EU -44175513.67 341686153.1
UNITED TEXTILES NAOSF US -44175513.67 341686153.1
UNITED TEXTILES NAOYK GA -44175513.67 341686153.1
UNITED TEXTILES UTEX GA -44175513.67 341686153.1
UNITED TEXTILES UTEX EO -44175513.67 341686153.1
UNITED TEXTILES UTEX PZ -44175513.67 341686153.1
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN NQ -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI ID -113397336.3 441922391.7
MCINERNEY HLDGS MCI LN -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBP EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EU -113397336.3 441922391.7
MCINERNEY HLDGS MK9 PO -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EU -113397336.3 441922391.7
MCINERNEY HLDGS MK9C PZ -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY HLDGS MNEYF US -113397336.3 441922391.7
MCINERNEY HLDGS MCII IX -113397336.3 441922391.7
MCINERNEY HLDGS MK9 GR -113397336.3 441922391.7
MCINERNEY HLDGS MCI IX -113397336.3 441922391.7
MCINERNEY HLDGS MCI PO -113397336.3 441922391.7
MCINERNEY HLDGS MCI VX -113397336.3 441922391.7
MCINERNEY PROP-A MYP LN -113397336.3 441922391.7
MCINERNEY PROP-A MYP ID -113397336.3 441922391.7
MCINERNEY PROP-A MCIYF US -113397336.3 441922391.7
MCINERNEY -RT FP MCIF ID -113397336.3 441922391.7
MCINERNEY -RT FP MCIF LN -113397336.3 441922391.7
MCINERNEY -RT NP MCIN LN -113397336.3 441922391.7
MCINERNEY -RT NP MCIN ID -113397336.3 441922391.7
MCINERNEY-ADR MNEYY US -113397336.3 441922391.7
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
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WATERFORD - RTS 508519Q LN -505729895.2 820803256
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WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
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WATERFORD WED-RT 586556Q LN -505729895.2 820803256
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WATERFORD WED-RT 586552Q LN -505729895.2 820803256
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WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
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WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-RTS AEAA IM -24405906.61 1350851664
AEDES SPA-RTS AESA IM -24405906.61 1350851664
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
BINDA SPA BNDAF US -11146475.29 128859802.9
BINDA SPA BND IM -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA 965089Q GR -151690764.8 791310848.7
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COIN SPA GC IX -151690764.8 791310848.7
COIN SPA/OLD GC IM -151690764.8 791310848.7
COIN SPA-RTS GCAA IM -151690764.8 791310848.7
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
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CORNELL BHN CBX IM -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
I VIAGGI DEL VEN VVE TQ -92020221.43 318192568.6
I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.6
I VIAGGI DEL VEN IV7 GR -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IM -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EU -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IX -92020221.43 318192568.6
I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EO -92020221.43 318192568.6
I VIAGGI-RTS VVEAA IM -92020221.43 318192568.6
INNOTECH SPA ELIOF US -178432.4639 134255668.5
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
RISANAMENTO -OPA RNOPA IM -165887753.7 4800733024
RISANAMENTO -RNC RNR IM -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RN IM -165887753.7 4800733024
RISANAMENTO SPA RN TQ -165887753.7 4800733024
RISANAMENTO SPA RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO-RTS RNAA IM -165887753.7 4800733024
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
TAS TECNOLOGIA TAS EU -405622.1721 172796509.7
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -421259823.5 632152613.6
TISCALI - RTS TISAAW IM -421259823.5 632152613.6
TISCALI SPA TISN NA -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TISGBX EU -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA TSCXF US -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TIS PZ -421259823.5 632152613.6
TISCALI SPA TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TIS EU -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TISGBX EO -421259823.5 632152613.6
TISCALI SPA TIS TQ -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TIQG IX -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN BY IM -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
JAMES HARDIE IND 600241Q GR -153000000 2120699904
JAMES HARDIE IND 726824Z NA -153000000 2120699904
JAMES HARDIE IND HAH NZ -153000000 2120699904
JAMES HARDIE IND HAH AU -153000000 2120699904
JAMES HARDIE NV JHXCC AU -153000000 2120699904
JAMES HARDIE-ADR JHX US -153000000 2120699904
JAMES HARDIE-ADR JHINY 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 -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
NORWAY
------
NEXUS FLOATING P NEXU NO -158054000 353053024
NEXUS FLOATING P NEXUSEUR EU -158054000 353053024
NEXUS FLOATING P NEXUS EO -158054000 353053024
NEXUS FLOATING P NEXUS NO -158054000 353053024
NEXUS FLOATING P NEXUS BY -158054000 353053024
NEXUS FLOATING P NEXUSGBX EU -158054000 353053024
NEXUS FLOATING P NEXUS PZ -158054000 353053024
NEXUS FLOATING P NEXUSEUR EO -158054000 353053024
NEXUS FLOATING P NEXUS EU -158054000 353053024
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROLIA DRILLIN PDREUR EU -25943000 499350016
PETROLIA DRILLIN PDR1 IX -25943000 499350016
PETROLIA DRILLIN PDR PZ -25943000 499350016
PETROLIA DRILLIN PDREUR EO -25943000 499350016
PETROLIA DRILLIN PDR EO -25943000 499350016
PETROLIA DRILLIN PDR NO -25943000 499350016
PETROLIA DRILLIN PDR TQ -25943000 499350016
PETROLIA DRILLIN P8D GR -25943000 499350016
PETROLIA DRILLIN PDR EU -25943000 499350016
PETROLIA DRILLIN PDR BY -25943000 499350016
PETROLIA DRI-NEW PDRN NO -25943000 499350016
PETROLIA DRI-RTS PDRT NO -25943000 499350016
PORTUGAL
--------
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
BENFICA SLBENX PX -16614056.44 234366255.6
BENFICA SLBEN PZ -16614056.44 234366255.6
BENFICA SLBEN EU -16614056.44 234366255.6
BENFICA SLBEN EO -16614056.44 234366255.6
BENFICA SLBEN PL -16614056.44 234366255.6
BENFICA SLBE IX -16614056.44 234366255.6
LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6
LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.6
PORCELANA VISTA PVAL PL -75871846.95 148731546.6
SPORT LISBOA E B 1249Z PL -16614056.44 234366255.6
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PL -75871846.95 148731546.6
VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.6
VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EU -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EO -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EU -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EO -75871846.95 148731546.6
VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PL -75871846.95 148731546.6
ROMANIA
-------
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
AMO ZIL ZILL RM -186141084.1 448501182.5
AMO ZIL-CLS ZILL* RU -186141084.1 448501182.5
AMO ZIL-CLS ZILL RU -186141084.1 448501182.5
AMUR SHIP-BRD AMZS RU -99051792.6 1089408985
AMUR SHIP-BRD AMZS* RU -99051792.6 1089408985
DAGESTAN ENERGY DASB* RU -33465586.31 128437866.5
DAGESTAN ENERGY DASB RM -33465586.31 128437866.5
DAGESTAN ENERGY DASB RU -33465586.31 128437866.5
EAST-SIBERIA-BRD VSNK* RU -125269473.1 155047305.2
EAST-SIBERIA-BRD VSNK RU -125269473.1 155047305.2
EAST-SIBERIAN-BD VSNK$ RU -125269473.1 155047305.2
FINANCIAL LEASIN 137282Z RU -28157479.23 503349976.1
FINANCIAL LEASIN FLKO RM -28157479.23 503349976.1
FINANCIAL LE-BRD FLKO* RU -28157479.23 503349976.1
FINANCIAL LE-BRD FLKO RU -28157479.23 503349976.1
GUKOVUGOL GUUG RU -57835245.31 143665227.2
GUKOVUGOL GUUG* RU -57835245.31 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.2
KOLENERGOSBY-CLS KOSB RU -8070130.628 103789430.5
KOLENERGOSBY-CLS KOSB* RU -8070130.628 103789430.5
KOLENERGOSBY-PFD KOSBP RU -8070130.628 103789430.5
KOLENERGOSBY-PFD KOSBPG RU -8070130.628 103789430.5
KOLENERGOSBY-PFD KOSBP* RU -8070130.628 103789430.5
KOLENERGOSBYT KOSB RM -8070130.628 103789430.5
KOLENERGOSBY-T+0 KOSBG RU -8070130.628 103789430.5
KOMPANIYA GL-BRD GMST* RU -69058321.52 1307372498
KOMPANIYA GL-BRD GMST RU -69058321.52 1307372498
MZ ARSENAL-$BRD ARSE RU -4671159.212 193672793.3
MZ ARSENAL-BRD ARSE$ RU -4671159.212 193672793.3
MZ ARSENAL-BRD ARSE* RU -4671159.212 193672793.3
SAMARANEFTEGA-P$ SMNGP RU -331600428.5 891998590.7
SAMARANEFTEGAS SMNG* RU -331600428.5 891998590.7
SAMARANEFTEGAS SVYOF US -331600428.5 891998590.7
SAMARANEFTEGAS SMNG$ RU -331600428.5 891998590.7
SAMARANEFTEGAS SMNG RM -331600428.5 891998590.7
SAMARANEFTEGAS-$ SMNG RU -331600428.5 891998590.7
SAMARANEFTEGAS-P SMNGP$ RU -331600428.5 891998590.7
SAMARANEFTEGAS-P SMNGP RM -331600428.5 891998590.7
SAMARANEFTEGAS-P SMNGP* RU -331600428.5 891998590.7
TERNEYLES-BRD TERL RU -15178937.2 182115156.8
TERNEYLES-BRD TERL* RU -15178937.2 182115156.8
TRANSAERO AIRLIN TRNS RU -24618275.96 740576227.5
TRANSAERO AIRLIN TRNS* RU -24618275.96 740576227.5
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.1
URGALUGOL-BRD YRGL RU -15706613.04 105440541.1
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.1
VOLGOGRAD KHIM VHIM* RU -9340386.757 133590956.9
VOLGOGRAD KHIM VHIM RU -9340386.757 133590956.9
ZIL AUTO PLANT ZILL$ RU -186141084.1 448501182.5
ZIL AUTO PLANT-P ZILLP* RU -186141084.1 448501182.5
ZIL AUTO PLANT-P ZILLP RM -186141084.1 448501182.5
ZIL AUTO PLANT-P ZILLP RU -186141084.1 448501182.5
SERBIA
------
DUVANSKA DIVR SG -7729350.776 109207260.5
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -148097530.9 674738808.3
AGRUPACIO - RT AGR/D SM -148097530.9 674738808.3
FERGO AISA SA AISA EU -148097530.9 674738808.3
FERGO AISA SA AISA EO -148097530.9 674738808.3
FERGO AISA SA AISA SM -148097530.9 674738808.3
FERGO AISA SA AISA PZ -148097530.9 674738808.3
MARTINSA FADESA MTF EU -1847997044 8832898708
MARTINSA FADESA 4PU GR -1847997044 8832898708
MARTINSA FADESA MFAD PZ -1847997044 8832898708
MARTINSA FADESA MTF1 LI -1847997044 8832898708
MARTINSA FADESA MTF SM -1847997044 8832898708
MARTINSA FADESA MTF EO -1847997044 8832898708
MARTINSA-FADESA MTF NR -1847997044 8832898708
TURKEY
------
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.3
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.3
BESIKTAS FUTBOL BWX GR -10396040.97 175760356.3
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.9
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR BFJG IX -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM JSC FORM UZ -5331676.798 2243068982
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.8
DNIPROOBLENERGO DNON UZ -3607242.033 284973578.6
DONETSKOBLENERGO DOON UZ -209532649.1 360933615
LUGANSKOBLENERGO LOEN UZ -26290526.22 191765121.2
NAFTOKHIMIK PRIC NAFP UZ -19746288.63 299014707.5
NAFTOKHIMIK-GDR N3ZA GR -19746288.63 299014707.5
UNITED KINGDOM
--------------
4LESS GROUP FLG OF -3088436.068 106650689.4
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP BYH PO -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
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SKYEPHAR-RTS F/P SKPF VX -134177517.4 149159301.6
SKYEPHAR-RTS N/P SKPN VX -134177517.4 149159301.6
SKYEPHAR-RTS N/P SKPN LN -134177517.4 149159301.6
SMG PLC SMG PO -49061227.23 212049868
SMG PLC SMG LN -49061227.23 212049868
SMG PLC-FUL PAID SMGF LN -49061227.23 212049868
SMG PLC-NIL PAID SMGN LN -49061227.23 212049868
SMITHS NEWS PLC NWS IX -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 TQ -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS1GBP EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS2GBP EO -111380853.7 310693960.2
SMITHS NEWS PLC SMWPY US -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 BQ -111380853.7 310693960.2
SMITHS NEWS PLC NWS LN -111380853.7 310693960.2
SMITHS NEWS PLC NWS2EUR EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS VX -111380853.7 310693960.2
SMITHS NEWS PLC NWS PZ -111380853.7 310693960.2
SMITHS NEWS PLC NWS PO -111380853.7 310693960.2
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SMITHS NEWS PLC SMWPF US -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 EO -111380853.7 310693960.2
STAGECOACH GROUP SGC1 EU -113434621.8 2507562892
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STAGECOACH GROUP SGC1 BQ -113434621.8 2507562892
STAGECOACH GROUP SGC1EUR EO -113434621.8 2507562892
STAGECOACH GROUP SGC1AUD EU -113434621.8 2507562892
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STAGECOACH GROUP SHP4 GR -113434621.8 2507562892
STAGECOACH GROUP SGC IX -113434621.8 2507562892
STAGECOACH GROUP SGC1 EB -113434621.8 2507562892
STAGECOACH GROUP SGC LN -113434621.8 2507562892
STAGECOACH GROUP SGC1 NQ -113434621.8 2507562892
STAGECOACH GROUP SGC2 VX -113434621.8 2507562892
STAGECOACH GROUP SGC1GBP EO -113434621.8 2507562892
STAGECOACH GROUP SGC1USD EU -113434621.8 2507562892
STAGECOACH GROUP SHP GR -113434621.8 2507562892
STAGECOACH GROUP SAGKF US -113434621.8 2507562892
STAGECOACH GRP-B SGCB LN -113434621.8 2507562892
STAGECOACH-NEW SGCN LN -113434621.8 2507562892
STV GROUP PLC SMG PZ -49061227.23 212049868
STV GROUP PLC STVGGBP EO -49061227.23 212049868
STV GROUP PLC STVGEUR EU -49061227.23 212049868
STV GROUP PLC SMG IX -49061227.23 212049868
STV GROUP PLC STVG LN -49061227.23 212049868
STV GROUP PLC STVG VX -49061227.23 212049868
STV GROUP PLC SMGPF US -49061227.23 212049868
STV GROUP PLC SMG VX -49061227.23 212049868
STV GROUP PLC STVG EU -49061227.23 212049868
STV GROUP PLC STVG EO -49061227.23 212049868
STV GROUP PLC STVGEUR EO -49061227.23 212049868
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES PLC TPT BQ -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPT PZ -85010363.51 146193829.2
TOPPS TILES PLC TPT EO -85010363.51 146193829.2
TOPPS TILES PLC TPT PO -85010363.51 146193829.2
TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
TOPPS TILES PLC TPTJF US -85010363.51 146193829.2
TOPPS TILES PLC TPT VX -85010363.51 146193829.2
TOPPS TILES PLC TPTGBP EO -85010363.51 146193829.2
TOPPS TILES PLC TPTJY US -85010363.51 146193829.2
TOPPS TILES PLC TPT IX -85010363.51 146193829.2
TOPPS TILES-NEW TPTN LN -85010363.51 146193829.2
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY EO -27530263.14 313453511
WHITE YOUNG GREE WHY EU -27530263.14 313453511
WHITE YOUNG GREE WHY PZ -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHY VX -27530263.14 313453511
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHY LN -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 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WNCNF US -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WINCANTON PLC WIN1USD EO -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
WINCANTON PLC WIN VX -63105009.98 1416979806
WINCANTON PLC WIN PO -63105009.98 1416979806
WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WINCANTON PLC WIN1 BQ -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN IX -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN1 EO -63105009.98 1416979806
WINCANTON PLC WIN1EUR EO -63105009.98 1416979806
WYG PLC WYGEUR EO -27530263.14 313453511
WYG PLC WYG PZ -27530263.14 313453511
WYG PLC WYG EU -27530263.14 313453511
WYG PLC WYG EO -27530263.14 313453511
WYG PLC WYGEUR EU -27530263.14 313453511
WYG PLC WHY IX -27530263.14 313453511
WYG PLC WYG LN -27530263.14 313453511
WYG PLC WYGGBP EO -27530263.14 313453511
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 2010. 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 * * *