/raid1/www/Hosts/bankrupt/TCREUR_Public/100209.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 9, 2010, Vol. 11, No. 027
Headlines
B O S N I A & H E R Z E G O V I N A
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
F R A N C E
NATIXIS: Fitch Affirms 'BB' Rating on Hybrid Capital Instruments
PEUGEOT CITROEN: Mitsubishi Motors Says Equity Tie-Up an Option
G E R M A N Y
FLEET STREET: Restructuring Proposal Not Coercive Debt Exchange
I R E L A N D
BUSINESS INTERIORS: Faces Winding-Up Petition; Hearing Set Feb. 22
CALLERVIEW PROPERTIES: Butler Homes Files Winding-Up Petition
CARLUCCIO'S IRELAND: Gets Rent Reduction; May Reopen This Week
CHEYNE CLO: S&P Downgrades Ratings on Class B & C Notes to 'CC'
DULEEK FORM: Creditors Meeting Set for February 25
GUILSTEP LTD: Owes EUR2.6MM to Creditors at April 30, Report Says
H.T.E. LIMITED: Creditors Meeting Set for February 16
INSTINCT TECHNOLOGY: Creditors Meeting Set for February 22
LARKIN PARTNERSHIP: Feldimont Files Winding-Up Petition
MATRIX CONTRACTING: Creditors Meeting Set for February 18
MCGOWANS FOODSTORE: Creditors Meeting Set for February 18
PAYZONE PLC: Has Debt Restructuring Agreement with Banks
I T A L Y
SAFILO GROUP: Has Restructuring Agreement with Creditor Banks
SNAI SPA: Moody's Withdraws 'Ba3' Corporate Family Rating
SNAI SPA: S&P Downgrades Long-Term Corporate Credit Rating to 'B'
K A Z A K H S T A N
BTA BANK JSC: Chapter 15 Case Summary
L A T V I A
PAREX BANKA: Latvia Agrees to Guarantee Syndicated Loans
L U X E M B O U R G
IIB LUXEMBOURG: Fitch Assigns 'B' Rating on US$200 Mil. Notes
N E T H E R L A N D S
E-MAC DE: S&P Puts 'BB-' Rated Class D Notes on Watch Negative
KROYMANS: Ferrari Collection Sold
ODEONABS 2007-1: S&P Junks Rating on Class B Notes From 'BBB-'
PROLIANCE INTERNATIONAL: Auctions NRF Stock on February 17
R O M A N I A
RCS & RDS: Moody's Assigns 'Ba3' Corporate Family Rating
RCS & RDS: S&P Assigns 'B' Long-Term Corporate Credit Rating
R U S S I A
GAZPROMBANK MORTGAGE: S&P Downgrades Ratings on Notes to 'D'
SISTEMA JSFC: Moody's Upgrades Corporate Family Rating to 'B1'
S L O V E N I A
ISTRABENZ DD: Nova Ljubljanska Increases Stake to 13.1%
ISTRABENZ DD: Tourism Unit Invites Bids for Portoroz Hotel
S P A I N
TDA CAM 8: S&P Puts 'BB'-Rated Class C Notes on Watch Negative
TDA CAM 9: S&P Junks Rating on Class C Notes From 'BB'
TDA CAM 10: S&P Junks Rating on Class C Notes From 'B'
S W I T Z E R L A N D
PETROPLUS HOLDINGS: S&P Puts 'BB-' Rating on CreditWatch Negative
U N I T E D K I N G D O M
BRITISH AIRWAYS: Posts Operating Profit as Employee Costs Decline
BRITISH AIRWAYS: In Cabin Crew Talks; Union Optimistic on Solution
COCKBURNS OF LEITH: Edinburgh Wine Importers Buys Business
NORTEL NETWORK: UK Units Have C$726 million Cash
ROYAL BANK: Resolution Group, Blackstone May Join NAB Bid
ROYAL BANK: Moody's Cuts Bank Financial Strength Rating to 'D'
SNOWSPORT GB: Enters Administration; BDO LLP On Board
YELL GROUP: Pre-Tax Profit Down 57% in Nine Months to December
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=======================================
B O S N I A & H E R Z E G O V I N A
=======================================
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of the ProCredit Banks in
Bosnia & Herzegovina and Kosovo:
ProCredit Bank (Bosnia & Herzegovina):
-- Long-term foreign currency Issuer Default Rating: 'B';
Outlook Stable
-- Long-term local currency IDR: 'B+', Outlook Stable
-- Short-term foreign and local currency IDRs: 'B'
-- Individual Rating 'D/E'
-- Support Rating '4'
ProCredit Bank (Kosovo):
-- Long-term foreign currency IDR: 'B-'; Outlook Stable
-- Short-term foreign currency IDR: 'B'
-- Individual Rating 'D'
-- Support Rating '5'
The IDRs and Support Ratings of both banks reflect Fitch's view of
the potential support available from the bank's owners, in
particular Frankfurt-based ProCredit Holding AG ('BBB-'/Outlook
Stable; end-2009 total assets: EUR4.7 billion. PCH is the largest
shareholder in both banks, with stakes of 92% and 83% in PCBiH and
PCBK, respectively, at end-2009. PCH's IDRs and Support Ratings
reflect the agency's view of the strong potential support
available from its owners, and in particular from a group of
international financial institutions which are key voting
shareholders.
However, the potential support for both banks, and hence their
Support ratings and foreign currency IDRs, are constrained by the
potential country risk of Bosnia & Herzegovina and Kosovo,
respectively. Consequently, in both cases, their ratings would be
affected if Fitch's view of the respective country risks changed.
Furthermore, due to limited economic and financial data on Kosovo,
the Long-term IDR of PCKB is capped at 'B-.'
The Individual Rating of PCBiH reflects ongoing pressure on the
bank's performance, as a result of negative growth and high loan
impairment charges. In 9M09 the bank reported a BAM13.3 million
net loss. Asset quality has deteriorated as a result of the
difficult operating environment, although Fitch notes it has been
stronger to date than at other banks in the sector. While the
rise in impaired loans, in particular, has put pressure on
capitalization, this has been supported by capital injections from
shareholders, the latest of which, amounting to BAM5 million, took
place in December 2009. The bank is budgeting for the level of
impaired loans to start to tail off in 2010, although it will
remain fairly high. PCBiH expects, at best, to break even in
2010.
The Individual Rating also considers PCBiH's bank's small equity
size. However, it also considers access to liquidity from PCH and
IFIs and the bank's adequate liquidity.
The Individual Rating of PCBK reflects the weak operating
environment, and the bank's deteriorating asset quality, albeit
from a low base. Fitch expects continued pressure on asset
quality from the challenging operating environment. While the
bank reported a strong operating ROAE of 46.7% in 9M09, capital
ratios are kept tight due to the dividend payments to PCH. At
end-Q309 the bank reported Basel II tier 1 and total capital
ratios of 11% and 18%, respectively, compared with minimum targets
of 10% and 14%, respectively. There is also some concentration in
the bank's deposit base, although this has fallen, and should
continue its downward trend, Fitch understands.
However, the Individual Rating also considers PCBK's good cost
efficiency, although profitability is coming under pressure from
modest loan growth and a tightening net interest margin. It also
reflects the bank's well-established domestic franchise, which is
unusual among the PCH group of banks, and its strong customer
funding base. At end-2009 PCBK was the largest bank in Kosovo
with a market share of 36% of banking sector assets and customer
deposits.
===========
F R A N C E
===========
NATIXIS: Fitch Affirms 'BB' Rating on Hybrid Capital Instruments
----------------------------------------------------------------
Fitch Ratings has affirmed Groupe BPCE's Long-term Issuer Default
Rating at 'A+', Short-term IDR at 'F1+' Individual Rating at
'C/D', Support Rating at '1' and Support Rating Floor at 'A+'.
The Outlook on the Long-term IDR is Stable.
Fitch has simultaneously affirmed BPCE's (GBPCE's central body)
Long-term IDR at 'A+', Short-term IDR at 'F1+', Support Rating at
'1' and Support Rating Floor at 'A+'. The Outlook on the Long-
term IDR is Stable. At the same time, the agency has removed the
hybrid instruments issued by group entities from Rating Watch
Negative.
A full rating breakdown is provided at the end of this comment.
GBPCE ranks second in French retail banking, controlling over 21%
of the market. It is the third-largest banking group in France in
terms of equity and generates three quarters of its operating
income from retail/commercial banking. While its IDRs are driven
by support from the French state, its Individual Rating reflects
the group's impressive domestic retail franchise, sound loan
quality in its traditional retail business and satisfactory
liquidity. The Individual Rating further reflects GBPCE's low
profitability, moderate capital ratios given the volume of risky
assets, and dependence on wholesale funding. In line with Fitch's
"Rating Criteria for European Banking Structures Backed by Mutual
Support Mechanisms", the Long- and Short-term IDRs assigned to
GBPCE also apply to its regional banks (the Banques Populaires --
BPs -- and the Caisses d' Epargne et de Prevoyance -- CEPs) as
well as BPCE given the legally binding cross-guarantee mechanism
in place.
GBPCE's profitability was weak until end-June 2009 due to
significant write-downs and impairment charges at Natixis. The
group returned to modest net profit only in Q309. While Fitch
expects operating profit and net income to be positive for the
second quarter in a row in Q409, the group is likely to record an
operating loss for full year 2009. At 75% in Q309 (Fitch
calculations), GBPCE's cost-to-income ratio is high and will
require improvement. Looking forward, Fitch expects GBPCE to post
around EUR2 billion annual net income from its core businesses.
Were the troubled or illiquid assets isolated in the bad bank to
require significant additional write-downs, these expectations
could be all jeopardized.
GBPCE's loan quality is sound, with a 3% NPL ratio, a 68% coverage
ratio and loan impairment charges representing less than 50bp of
the loan book in 9M09, marking the best ratio among large French
banks over the period. This position is not expected to
deteriorate substantially in the near future. Nevertheless, the
group is still carrying around EUR24bn of troubled or illiquid
assets that may require additional provisioning.
While the CEPs and the BPs enjoy an acceptable 119% loan-to-
deposit ratio, the loan book is only 74% financed by customer
resources on a consolidated basis. Although Natixis requires
liquidity support from its parent, liquidity is not a problem to
the group, notably due to its large stock of repoable assets.
Of the EUR7 billion capital received from the state since end-
2008, EUR3.9 billion of Tier 1 qualifying subordinated debt has
been downstreamed to Natixis and EUR3 billion of preference shares
remain at BPCE level. While GBPCE repaid EUR750 million in
November 2009, it is the only French bank that has not fully
repaid state aid, and full repayment is not expected before 2011.
The rating action on the hybrid instruments reflects the decreased
risk of deferral of interest payments as GBPCE's profitability
improves.
The rating actions are:
Groupe BPCE
-- Long-term IDR: affirmed at 'A+'; Stable Outlook
-- Short-term IDR: affirmed at 'F1+'
-- Individual Rating: affirmed at 'C/D'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A+'
BPCE (Groupe BPCE's central body)
-- Long-term IDR: affirmed at 'A+'; Stable Outlook
-- Short-term IDR: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A+'
-- Senior Unsecured debt: affirmed at 'A+'
-- Innovative Tier 1: affirmed at 'BB'; off RWN
-- Non-Innovative Tier 1: affirmed at 'BB'; off RWN
-- Lower Tier 2: affirmed at 'A'
-- Commercial paper: affirmed at 'F1+'
These entities' Long-term IDRs of 'A+' and Short-term IDRs of
'F1+' have been affirmed with Stable Outlooks:
-- Banque Populaire Atlantique
-- Banque Populaire Bourgogne, Franche-Comte
-- Banque Populaire Centre Atlantique
-- Banque Populaire Cote d'Azur
-- Banque Populaire d'Alsace
-- Banque Populaire de l'Ouest
-- Banque Populaire de Lorraine-Champagne
-- Banque Populaire des Alpes
-- Banque Populaire du Massif-Central
-- Banque Populaire du Nord
-- Banque Populaire du Sud
-- Banque Populaire du Sud-Ouest
-- Banque Populaire Loire et Lyonnais
-- Banque Populaire Occitane
-- Banque Populaire Provencale et Corse
-- Banque Populaire Rives de Paris
-- Banque Populaire Val-de-France
-- BRED - Banque Populaire
-- CASDEN - Banque Populaire
-- Credit Cooperatif
-- Groupe Credit Cooperatif
-- Credit Maritime Mutuel
-- Societe Centrale de Credit Maritime Mutuel
Natixis:
-- Hybrid capital instruments: affirmed at 'BB'; off RWN
-- Other ratings: not affected
NBP Capital Trust I
-- Preferred stock: affirmed at 'BB'; off RWN
PEUGEOT CITROEN: Mitsubishi Motors Says Equity Tie-Up an Option
---------------------------------------------------------------
Kiyori Ueno and Yuki Hagiwara at Bloomberg News report that
Mitsubishi Motors Corp., in a partnership with PSA Peugeot Citroen
since 2005, said an equity tie-up is an option if the alliance
with Europe's second-biggest carmaker expands.
"We have succeeded in three businesses together so far, and if
this goes to the fourth, or fifth or more, such a relation may
come naturally," Bloomberg quoted Mitsubishi Motors President
Osamu Masuko as saying in an interview Thursday, referring to a
capital tie-up. "Peugeot is a good partner."
Bloomberg recalls people familiar with the matter said last month
managers at Peugeot and Mitsubishi Motors met in Tokyo to
negotiate a deal that may give the Paris-based carmaker a
controlling stake in the Japanese company. Mr. Masuko on Thursday
denied such a meeting took place and also denied that Peugeot is
taking a majority stake in Mitsubishi, Bloomberg notes.
"We have never talked about the specific stake," Mr. Masuko said,
according to Bloomberg. "We have a friendly relationship but
aren't in a situation where we need to sign a marriage contract."
As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Bloomberg News 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.
=============
G E R M A N Y
=============
FLEET STREET: Restructuring Proposal Not Coercive Debt Exchange
---------------------------------------------------------------
Fitch Ratings said that the restructuring proposal published on
February 2, 2010, for Fleet Street Finance Two plc is not a
coercive debt exchange, especially in the case of the Class D
notes, which are currently rated 'CCC' and therefore already have
a real possibility of default according to Fitch's rating
definitions. Fitch performed this assessment in accordance with
its CDE criteria and concluded that the terms of the restructuring
do not constitute a CDE for any of the note classes.
This is the first case in European CMBS of a restructuring
proposal that includes an extension of the legal final maturity of
the notes by three years (from July 2014 to July 2017). In the
absence of mitigating factors this maturity extension could be
considered by Fitch to materially impair the economic position of
the note holders and therefore likely to constitute a CDE.
However, Fitch is of the opinion that other terms of the
restructuring proposal sufficiently mitigate the negative impact
of the maturity extension. These include, amongst others, the
margin increase of approximately 52 basis points to all note
classes (decreasing over time due to amortization) and the
diversion of all excess cash from both the mezzanine debt and the
equity, which currently continues to be serviced, to the
amortization of the notes which will now be sequential. While the
positive impact of these terms is immediately skewed toward the
most senior note classes, it still improves the entire capital
structure, including the Class D notes.
The circumstances of the proposed restructuring are unusual due to
the insolvency of Karstadt Warenhaus GmbH (accounting for 97.7% of
contracted rent), the sole remaining tenant in the transaction.
Fitch understands that the insolvency administrator requires
evidence of the landlord's lenders' (ie the note holders) approval
of the proposal by the end of February at the latest. This is to
demonstrate the financial stability of the landlord (ie the
borrower) to the creditors' assembly when presenting the
insolvency plan. If this approval is not received, there is a
significant risk that the insolvency receiver will decide to
liquidate Karstadt, in which case it could execute its
extraordinary right to withdraw from the master lease agreement.
The restructuring proposal will be put to an extraordinary general
meeting on February 24, 2010, and will be approved if at least 75%
of each class of noteholders votes in favor. In the event that
the restructuring is approved, Fitch will undertake a full rating
review of the transaction based on its new terms and
documentation. Although the agency does not consider the
restructuring proposal to constitute a CDE for any class of notes
-- hence execution of the restructuring, in and of itself, will
not result in the existing ratings of the notes being downgraded
to 'D'. However, this does not rule out other rating actions,
either negative or positive. These will be determined by the
final details of the restructuring when and if it is executed or
changes to Fitch's view of the portfolio.
It should be noted that, although in the case of the restructuring
proposal for this transaction, Fitch is of the opinion that it
would not cause a CDE, this should not be assumed to represent a
precedent for future restructuring proposals for either this -- or
other -- transactions. The rating impact of all restructuring
proposals is considered on a case-by-case basis according to the
specific terms proposed. Fitch may view other such proposals as
having insufficient mitigating factors to not effectively
constitute a CDE, depending on their specific terms.
Fleet Street Finance Two Plc is a single-borrower securitization
backed by a portfolio of department stores located throughout
Germany, all of which are leased to Arcandor AG's subsidiaries
Karstadt and Quelle GmbH. In September 2009 Arcandor AG and its
subsidiaries, Karstadt and Quelle, commenced formal insolvency
proceedings. While the outcome of the proceedings regarding
Karstadt remains unclear, the insolvency administrator decided to
liquidate Quelle. The impact of this was reflected in the rating
action taken in November 2009. The current ratings of the
transaction are:
-- EUR724.7 million class A (XS0268932836) due 2014: 'A';
Outlook Negative
-- EUR166.5 million class B (XS0268933487) due 2014: 'BBB-';
Outlook Negative
-- EUR140.1 million class C (XS0268934451) due 2014: 'B+';
Outlook Negative
-- EUR96.9 million class D (XS0268934618) due 2014: 'CCC';
Recovery Rating 'RR6'
=============
I R E L A N D
=============
BUSINESS INTERIORS: Faces Winding-Up Petition; Hearing Set Feb. 22
------------------------------------------------------------------
Ireland's Collector General has filed a petition to wind up
Business Interiors & Design (BID) Limited. The petitioner's
solicitor is Frances Cooke, Revenue Solicitor.
The winding-up petition will be heard on February 22, 2010.
The registered address of the company is at:
Unit 11 Metro Business Park
Ballycurreen
Cork
Ireland
CALLERVIEW PROPERTIES: Butler Homes Files Winding-Up Petition
-------------------------------------------------------------
Michael Butler, Felicity Butler, Patrick Butler, Sam Butler and
Butler Homes Limited Butler Homes Limited have filed a petition to
wind up Callerview Properties Limited. The petitioner's solicitor
is Dundon Callanan.
The winding-up petition will be heard on February 15, 2010.
The registered address of Callerview Properties Limited is at:
Unit 4 Steamboat Quay
Dock Road
Limerick
Ireland
CARLUCCIO'S IRELAND: Gets Rent Reduction; May Reopen This Week
--------------------------------------------------------------
Colm Keena at The Irish Times reports that Carluccio's Restaurant
in Dublin has negotiated a reduction in rent that will see it
reopen for business this week.
The report relates the restaurant closed earlier last week and
said it would not be reopening unless it could secure a rent
reduction. The operator, Carluccio's Ireland Ltd, said it had
been seeking a rent reduction since early 2009, the report notes.
According to the report, a partnership that owns the premises
entered into a 20-year lease with Carluccio's, at an annual rent
understood to be EUR680,000.
"Carluccio's Ireland Ltd. and its landlord wish to confirm that
following very constructive engagement this week, agreement in
principle has been reached on a revised rental agreement," the
report quoted the parties as saying Friday night.
"Carluccio's is confident that as a result of this agreement, the
restaurant will be in a position to reopen early next week.
"Carluccio's recognizes that current market conditions are
extremely difficult for landlords, who have financial obligations
to banks and tenants alike, and wish to acknowledge the
constructive response of the landlord in these discussions, who
were represented by D2 Private."
Carluccio's Restaurant is located on the corner of Dawson Street
and Duke Street.
CHEYNE CLO: S&P Downgrades Ratings on Class B & C Notes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cheyne CLO Investments I Ltd.'s class B and C notes. At the same
time S&P affirmed its ratings on the classes A, D, and E.
The rating actions follow S&P's observation that the issuer paid
no interest on any class of notes on the transaction's January
payment date.
Cheyne CLO Investments I is a hybrid cash flow collateralized debt
obligation of CDOs that closed in April 2005.
In July 2009, the issuer reported an event of default under the
conditions of the notes when the class A failed to pay due
interest in full. At that time S&P lowered the rating on the
nondeferrable class A notes to 'D', the ratings on the class B and
C notes to 'CCC-', and the ratings on the class D and E to 'CC'.
S&P's rating action on the classes B and C in July 2009 took into
account the possibility that, under certain circumstances,
interest payments could resume on the class A, B, and C notes.
S&P acknowledges that this is still a possibility. However, given
the continuing nonpayment of interest on the notes, S&P now
considers that S&P's rating of 'CC' is appropriate on the B and C
classes.
Ratings List
Cheyne CLO Investments I Ltd.
US$140.5 Million Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
B CC CCC-
C CC CCC-
Ratings Affirmed
Class Rating
----- ------
A D
D CC
E CC
DULEEK FORM: Creditors Meeting Set for February 25
--------------------------------------------------
A meeting of creditors of Duleek Form Work Limited will take place
at 11:30 a.m. on February 25, 2010 at:
Harry's Mell
Drogheda
Co Louth
Ireland
Ken Fennell of Kavanagh Fennell is the company nominee.
The registered address of Duleek Form Work Limited is at:
11 Riverview
Duleek
Co Meath
Ireland
GUILSTEP LTD: Owes EUR2.6MM to Creditors at April 30, Report Says
-----------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Guilstep Ltd., the
holding company for the Venu restaurant, owed EUR2.6 million to
creditors at April 30, 2009. Of the amount, EUR1.8 million is
attributed to "directors accounts".
The report says it is not known which directors are owed this
money, which is listed under "amounts falling due within one
year".
Patrick Guilbaud is one of the directors of Guilstep, the report
discloses. Stephane Robin and Guillaume Lebruna are the other
directors, along with Patrick Guilbaud's son Charles, the report
notes. Venu is run by Charles Guilbaud.
The report relates that Venu posted a loss of over EUR230,000 in
the 12 months to the end of April 2009.
According to the report, the company's annual return shows that
Patrick Guilbaud owns 50% of the business's issued share capital,
Mr. Lebrun holds 30%, while Charles Guilbaud and Mr. Robin each
hold 10% of the ordinary shares issued.
Guilstep, the report says, has fixed assets totaling EUR2.3
million.
H.T.E. LIMITED: Creditors Meeting Set for February 16
-----------------------------------------------------
A meeting of creditors of H.T.E. Limited will take place at 9:00
a.m. on February 16, 2010 at:
Ardmore Hotel
Finglas Road
Tolka Valley
Dublin 11
Ireland
The registered address of the company is at:
Drumsillagh
Drumconrath
Navan
Co Meath
Ireland
INSTINCT TECHNOLOGY: Creditors Meeting Set for February 22
----------------------------------------------------------
A meeting of creditors of Instinct Technology Limited will take
place at 1:00 p.m. on February 22, 2010 at:
Fort Dunree
Dunree
Buncrana
Co Donegal
Ireland
The registered address of the company is at:
Drumhaggart
Muff
Co Donegal
Ireland
LARKIN PARTNERSHIP: Feldimont Files Winding-Up Petition
-------------------------------------------------------
Feldimont Limited has filed a petition to wind up The Larkin
Partnership Limited. The petitioner's solicitor is Philip Lee
Solicitors.
The winding-up petition will be heard on February 15, 2010.
The registered address of The Larkin Partnership Limited is at:
23 Fitzwilliam Place
Dublin 2
Ireland
MATRIX CONTRACTING: Creditors Meeting Set for February 18
---------------------------------------------------------
A meeting of creditors of Matrix Contracting Limited will take
place at 9:30 a.m. on February 18, 2010 at:
The City North Hotel
Gormanston
Co Meath
Ireland
Ken Fennell of Kavanagh Fennell is the company nominee.
The registered address of Matrix Contracting Limited is at:
Quayside Business Park
Mill Street
Dundalk
Co Louth
Ireland
MCGOWANS FOODSTORE: Creditors Meeting Set for February 18
---------------------------------------------------------
A meeting of creditors of McGowans Foodstore Limited will take
place at 11:30 a.m. on February 18, 2010 at:
The Maldron Hotel
South Ring Road
Roxboro
Limerick
Ireland
The registered address of the company is at:
Ballycummin Shopping Centre
Ballycummin Road
Raheen
Limerick
Ireland
PAYZONE PLC: Has Debt Restructuring Agreement with Banks
--------------------------------------------------------
Payzone plc, together with its subsidiaries, said that agreement
has been reached between Duke Street and the Group's banking
syndicate on the terms of a debt and share capital restructuring,
which will provide the business with a more appropriate long-term
capital structure. The restructuring will involve the appointment
of receivers to the Company and the disposal of the direct
subsidiaries of the Company to a newly formed company.
Following the Restructuring, Duke Street will have a controlling
stake in the business and the amount of debt owing to the
Syndicate will be reduced from EUR320 million to EUR82 million.
Shareholders in Payzone will not have an ongoing interest in the
business.
The Restructuring will be implemented by means of a disposal of
the subsidiaries of the Company to a newly formed company.
Accordingly, the Syndicate has appointed Alan Hudson, David Hughes
and Niall Coveney of Ernst & Young LLP as joint receivers to the
Company under the terms of the current security agreements. The
Joint Receivers will execute the transaction.
Trading in the Company's ordinary shares on the Alternative
Investment Market of the London Stock Exchange, was suspended
earlier this morning, and is expected to be cancelled, following
the completion of the transaction.
The Joint Receivers have entered into agreements to dispose of the
entire issued share capital of the two subsidiaries of the
Company, Cardpoint Limited and Alphyra Holdings Limited, and to
novate the intercompany debt owed to the Company by its
subsidiaries to a newly-formed group of companies, controlled by
Duke Street in return for the consideration and assumption of part
of the Group's debt. On completion, the Purchasing Group will be
the new owner of all the operating subsidiaries of the Company,
which will continue to trade as usual and will maintain existing
relationships with customers, suppliers and employees. None of
the Company's subsidiaries have been placed into administration or
any other insolvency process.
As part of the Restructuring, Duke Street will invest EUR45
million in the Continuing Group. The Continuing Group will assume
approximately EUR109 million of bank debt and guarantees owed to
the Syndicate, of which EUR27 million will be repaid by the
Continuing Group out of the funds invested by Duke Street. The
funds invested by Duke Street will also provide working capital to
the Continuing Group in addition to EUR11 million of headroom in
the form of an RCF provided by the Syndicate. The Syndicate will
acquire a 16% interest in the Purchasing Group, with the balance
being held by Duke Street (69%) and by certain of the current
senior management of the Company (15%).
Completion is subject to satisfaction of certain conditions
precedent, including clearance from the Irish and German
competition authorities.
Mike Maloney, Chief Executive of the Company, said: "The actions
announced [Fri] day, in conjunction with the steadfast support of
the banking syndicate and our new investor, Duke Street, will
safeguard the future of the Company's operating companies, secure
over 500 jobs and allow our operations, our suppliers and our
customers to continue with business as normal.
"The transaction will bring to a conclusion a period of
restructuring that included the sale of the Company's German,
Polish and Dutch Mobile Top-Up businesses and the sale of its
Dutch Electronic Funds Transfer business. Regrettably, it has not
been possible to provide existing shareholders with an ongoing
interest in the business.
"We believe that the Continuing Group has a bright future ahead
and we look forward to guiding it into a period of growth as our
markets start to recover. The support of Duke Street and the
banks demonstrates their faith in the strength of the underlying
business."
Background to the Restructuring
As noted in the AGM Statement released by the Company on
March 12, 2009, given the challenging market conditions the
Company appointed Rothschild to seek new finance for the business
and instigated discussions with its finance providers to consider
a range of financing options with a view to establishing a more
appropriate long term capital structure.
In addition, the Company implemented a vigorous operational
restructuring of the business, cutting costs and eliminating loss-
making contracts.
In order to reduce debt and assist in refocusing the business on
its core markets, the Company disposed of its Mobile Top-Up
businesses in Germany, Poland and the Netherlands and its
Electronic Funds Transfer business in the Netherlands.
The Company has followed a strategy aimed at maximizing value for
all stakeholders while at the same time ensuring certainty of
outcome.
However, following a period of due diligence conducted by
interested parties, the value of the Company was assessed to be
significantly below its existing senior debt level, being EUR320
million, and accordingly the Restructuring is unable to provide
any value to existing shareholders.
Restructuring Overview
The Restructuring is designed to put in place an appropriate
long-term capital structure to enable the business to trade
through the current adverse economic conditions and to have the
capability to grow as its markets recover.
The Board believes that the proposed transaction represents the
only realistic route to achieving a long-term sustainable capital
structure for the business in current market conditions.
Duke Street and the Syndicate have notified the Company that the
key terms of the transaction are:
* EUR45 million cash investment by Duke Street (through the
Purchasing Group) in the Continuing Group, being used for part
repayment of bank debt being assumed by the Continuing Group and
for working capital purposes of the Continuing Group
* The transfer of the shares in Cardpoint Limited and Alphyra
Holdings Limited to the Puchasing Group and the novation of inter
company debt owed by Cardpoint Limited and Alphyra Holdings
Limited to the Company to the Purchasing Group
* The assumption of approximately EUR109 million of bank debt
and guarantees owed to the Syndicate by the Continuing Group, of
which EUR27 million will be prepaid by the Continuing Group out of
the funds invested by Duke Street
* A member of the Purchasing Group will issue a deferred
consideration note in favor of the Syndicate, payments under which
are capped at EUR6 million and are contingent upon performance
over the three years following completion
* An additional RCF of EUR11 million to be provided by the
Syndicate to fund the Continuing Group's working capital
requirements
* Immediately following the transaction, in each case through
the Purchasing Group, Duke Street will hold a 69% interest in the
Continuing Group, with the Syndicate holding a 16% interest and
certain of the senior management holding a 15% interest
The proposals are conditional upon, among other things, no
material adverse change occurring in the Continuing Group and
first phase unconditional competition clearance by the Irish and
German competition authorities. Applications for clearances are
expected to be made promptly.
Future of Payzone
Following the completion of the Restructuring, the Company, which
is a holding company, will have divested the all of its
subsidiaries, with certain funds set aside to satisfy certain
liabilities of the Company, and will cease to trade. It is
expected that the listing of the Company's ordinary shares on AIM
will be cancelled following the completion of the transaction.
Payzone plc, along with its subsidiaries, --
http://www.payzone.co.uk/-- is engaged in the deployment of a
network of Payzone-owned terminals and automated teller machines
(ATM), which process a variety of electronic transaction services.
The principal products of the network include electronic phone
mobile top-up, utility top-up, electronic fund transfer (EFT)
processing and ATM cash withdrawal. Payzone's network is
primarily engaged in the acceptance of cash payments for the
services of its partners through its retailer network. In
September 2009, the Company announced the completion of the sale
of its mobile top-up business in Germany, Poland and The
Netherlands. The businesses have been sold to Quam Equity
International GmbH.
=========
I T A L Y
=========
SAFILO GROUP: Has Restructuring Agreement with Creditor Banks
-------------------------------------------------------------
Marco Bertacche at Bloomberg News reports that Safilo Group SpA
said in a statement distributed through the Italian stock exchange
that the company reached a restructuring agreement with creditor
banks to modify terms of a EUR400-million financing loan signed in
2006.
According to Bloomberg, the company said the total amount of the
senior loan will be EUR300 million. The agreement is conditioned
on the completion of Safilo's capital increase, Bloomberg notes.
Italy-based Safilo Group SpA -- http://www.safilo.com/-- designs,
produces and distributes eyewear products like frames for reading
glasses, sunglasses, glasses for sport, ski masks, goggles and
visors. Its products are primarily manufactured in four plants in
Italy, one in Slovenia and China and are marketed in 130 countries
worldwide through 39 direct commercial subsidiaries and more than
130,000 retail distributors. The Group has 38 principal brands of
which 10 directly owned and 28 licensed. Brands include Safilo,
Oxydo, Carrera, Smith, Alexander McQueen, A/X Armani Exchange,
Banana Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel,
Valentino, Dior, Emporio Armani and others.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 14,
2009, Moody's Investors Service upgraded Safilo S.p.A.'s Corporate
Family Rating to Caa2 from Caa3, the Probability of Default Rating
(PDR) to Caa3/LD (Limited Default) from Ca/LD and the senior
unsecured rating on the EUR195 million notes due 2013 issued by
Safilo Capital International SA to Caa3 (LGD3, 43%) from C. At
the same time all ratings have been placed under review for
further possible upgrade.
The Troubled Company Reporter-Europe reported on Dec. 14, 2009,
that Standard & Poor's Ratings Services said that it lowered to
'D' (Default) from 'SD' (Selective Default) its long-term
corporate credit rating on Italy-based eyewear manufacturer Safilo
SpA. At the same time, S&P lowered the issue rating on the
EUR195 million 9.625% second-lien notes due 2013 issued by Safilo
Capital International S.A. to 'D' from 'C'. The recovery rating
on the second lien notes is unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.
SNAI SPA: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn SNAI Spa's ratings for
business reasons. The decision follows the company's announcement
to cancel the planned EUR350 million notes issuance, which success
was one of the basic assumptions supporting the ratings.
These ratings are withdrawn:
* Corporate Family Rating of Ba3
* Probability of Default Rating of Ba3
* The provisional senior secured rating on the proposed
EUR350 million notes of (P)Ba3, LGD 3, 45%
The last rating action on SNAI was on January 25, 2010, when
Moody's assigned to the issuer the above mentioned ratings. That
was the first time Moody's assigned a rating to SNAI.
SNAI's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
(i) scale and competitive position of the company, (ii) its
diversification and exposure to regulatory risk, (iii)
profitability, (iv) growth opportunities and management strategy,
(v) financial policies, and (vi) the projected performance of the
company over the near to intermediate term.
SNAI, which reported consolidated net turnover of EUR533 million
in 2008, is one of the largest gaming industry players in Italy.
The company is controlled (50.68%) by SNAI Servizi S.r.l., which
is owned by 167 betting shops, owners and managers. The remaining
part (49.32%) is listed on the Italian stock exchange, with market
capitalisation of EUR286 million. SNAI is active in five lines of
business: (i) horse betting; (ii) sports betting; (iii) slot
machines; (iv) services to the network; and (v) other ancillary
activities related to the gaming sector.
SNAI SPA: S&P Downgrades Long-Term Corporate Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Italy-based gaming company SNAI
SpA to 'B' from 'B+'. The outlook is negative.
At the same time, S&P's 'B+' issue rating on the proposed
EUR350 million senior secured bond due 2017 and the associated
recovery rating of '4' were withdrawn following the postponement
of the issue.
"The rating actions follow SNAI's announcement that it has
postponed its planned bond issue, and that the timing of a
possible new issue is uncertain," said Standard & Poor's credit
analyst, Diego Festa. "We understand that the postponement is due
to volatile market conditions, and follows a claim for
EUR20 million in damages by investment firm Bridgepoint Capital
Ltd. This claim is due to SNAI's nonacceptance of Bridgepoint's
offer for SNAI's gaming and betting units in December 2009."
S&P notes that most of SNAI's outstanding debt is due in March
2011, and S&P believes that the postponement of the refinancing of
SNAI's existing credit facilities may put pressure on its
liquidity position, which is weak in S&P's view. S&P notes,
however, that SNAI's operating profits have proved resilient to
recession in the first nine months of 2009. In S&P's view, this
positive trend is underpinned by fairly good growth prospects in
the Italian gaming and betting industry, and should support stable
operating cash generation and consequently strengthen SNAI's
refinancing prospects.
In S&P's view, there is continuing uncertainty surrounding SNAI's
ability to tap the debt capital markets for refinancing its
existing credit facilities, most of which are due in March 2011.
Narrow headroom under SNAI's financial covenants in 2010 is also a
risk, in S&P's opinion. S&P notes, however, that this covenant
breach would be primarily the result of SNAI's payment of the
second installment of EUR37.9 million for its share of
videolotteries' concessions, on which SNAI has a certain
flexibility.
In the very short term, S&P sees successful debt maturity
management as a prerequisite for maintaining the ratings at their
current level.
Any deterioration in SNAI's operating performance would in S&P's
view increase pressure on the rating momentum that is already
signaled by the negative outlook on S&P's rating on SNAI, and
could lead to a further downgrade.
===================
K A Z A K H S T A N
===================
BTA BANK JSC: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Anvar Galimullaevich Saidenov,
foreign representative
Chapter 15 Debtor: JSC BTA Bank
dba Bank TuranAlem JSC
97 Zholdasbekov Street
'samal 2" microdistrict
Almaty 050051
Republic of Kazakhstan
Chapter 15 Case No.: 10-10638
About the Business: BTA Bank AO (BTA Bank JSC), formerly Bank
TuranAlem AO -- http://bta.kz/-- is a
Kazakhstan-based financial institution, which
is involved in the provision of banking and
financial products for private and corporate
clients.
The BTA Group is one of the leading banking
groups in the Commonwealth of Independent
States and has affiliated banks in Russia,
Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan
and Turkey. In addition, the Bank maintains
representative offices in Russia, Ukraine,
China, the United Arab Emirates and the United
Kingdom. The Bank has no branch or agency in
the United States, and its primary assets in
the United States consist of balances in
accounts with correspondent banks in New York
City.
As of November 30, 2009, the Bank employed
5,043 people inside and 4 people outside
Kazakhstan. It has no employees in the United
States. Most of the Bank's assets, and nearly
all its tangible assets, are located in
Kazakhstan.
Chapter 15 Petition Date: February 4, 2010
Court: Southern District of New York (Manhattan)
Chapter 15 Petitioner's Counsel: Evan C. Hollander, Esq.
White & Case LLP
1155 Avenue of the Americas
New York, NY 10036
Tel: (212) 819-8660
Fax: (212) 354-8113
Email: ehollander@whitecase.com
Estimated Assets: More than 1,000,000,000
Estimated Debts: More than 1,000,000,000
===========
L A T V I A
===========
PAREX BANKA: Latvia Agrees to Guarantee Syndicated Loans
--------------------------------------------------------
As the leading shareholder at the Parex banka, the Latvian
government in March 2009 issued guarantees in relation to
syndicated loans that have to be repaid, and it was fully informed
about the additional finances that would be required for this
purpose. Parex banka has managed to stabilize the situation at
the bank, improve its liquidity, and find most of the money that's
needed to pay back the loans. Accordingly, the level of support
needed from the government is smaller than had been expected in
2009.
According to the bank, approximately LVL218 million will be needed
for the next repayment of the loan, of which the bank itself will
be able to provide around LVL118 million. The government, as a
co-owner of the bank, will offer support in this regard in
accordance with previously established schedules and sums. The
government will make a new term deposit of around LVL100 million
(EUR145 million) after the Cabinet of Ministers takes a decision
on the matter today, February 9.
It's important to note that the Parex banka's obligations vis-a-
vis the government will be reduced as a result of this
transaction. The state's guarantees covered the whole sum of the
syndicated loans, but the amount of money that is actually needed
is smaller than had been expected.
When the government agreed to guarantee the bank's syndicated
loans in March 2009, it undertook obligations related to
guaranteeing those repayments. The agreement between the bank and
the lenders spoke to changes in the repayment schedule, which
called for 30% of the total sum (EUR232.5 million, or around
LVL163.4 million) to be repaid in March 2009, 40% (EUR310 million,
or LVL217.8 million) to repaid in February 2010, and 30%
(EUR232.5 million or LVL163.4 million) in May 2011.
According to the National Treasury, the government has deposited
LVL622 million at the Parex banka through seven term deposits. The
restructuring plan for the bank, which was approved by the Cabinet
of Ministers on May 8, 2009, says that the state will maintain its
support for the bank until the bank starts to repay the
investments. So far the bank has paid out LVL42.12 million in
interest on the term deposits.
About Parex banka
Founded in 1992, Parex banka -- http://www.parexgroup.com/--
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden. Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors. Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development. Parex banka has signed up to the
European Code of Conduct on housing loans.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 23,
2009, Fitch Ratings affirmed Parex Banka's Long- and Short-term
Issuer Default Ratings at 'RD'. The affirmation of Parex's IDRs
at 'RD' reflects the extension of deposit restrictions imposed on
the bank by the Latvian banking regulator till June 30, 2010.
===================
L U X E M B O U R G
===================
IIB LUXEMBOURG: Fitch Assigns 'B' Rating on US$200 Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned IIB Luxembourg S.A.'s US$200 million
11% upcoming issue of limited recourse notes an expected Long-term
rating of 'B'. The Recovery Rating is 'RR4'. The notes will have
an expected maturity of three years. The final ratings are
contingent on the receipt of final documentation conforming
materially to information already received.
The notes are to be used solely for financing a loan to Russia's
International Industrial Bank, which is rated Long-term Issuer
Default 'B', Short-term IDR 'B', Individual 'D', Support '5',
Support Rating Floor 'No floor', and National Long-term
'BBB(rus)'. The Outlooks on both Long-term Issuer Default and
National Long-term ratings are Stable.
IIB Luxembourg will only pay noteholders amounts (principal and
interest) received from IIB under the loan agreement. The claims
under the loan agreement will rank at least equally with the
claims of other senior unsecured creditors of IIB, save those
preferred by relevant laws. Under Russian law, the claims of
retail depositors rank above those of other senior unsecured
creditors. At end-Q309, retail depositors accounted for around 3%
of IIB's non-equity funding, according to the bank's reviewed
interim consolidated IFRS accounts.
At end-2009, IIB was one of the top 30 Russian banks by total
assets. IIB is controlled by Sergei Pugachev (with a 81% stake),
who since 2001 has been a member of the upper house of the Russian
parliament (the Federation Council).
=====================
N E T H E R L A N D S
=====================
E-MAC DE: S&P Puts 'BB-' Rated Class D Notes on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings on E-MAC DE 2006-II B.V.'s class A2, B, C, and D
notes, and E-MAC DE 2007-I B.V.'s class A2, B, C, and D notes.
S&P correctly listed the ratings in a Jan. 19 media release
placing these notes on CreditWatch negative. Additionally, on
Jan. 19, S&P correctly placed the class A1 notes in both
transactions on CreditWatch negative and left the class E notes
unaffected. However, due to a data entry error that resulted in
the rating actions on the programs not being reflected in S&P's
database, users of RatingsDirect and other information sources
researching these programs would not have found the correct
CreditWatch indications.
Ratings List
E-MAC DE 2006-II B.V.
EUR703.5 Million Mortgage-Backed Floating-Rate Notes
Ratings Placed On Creditwatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
B A/Watch Neg A
C BBB/Watch Neg BBB
D BB/Watch Neg BB
E-MAC DE 2007-I B.V.
EUR569.9 Million Mortgage-Backed Floating-Rate Notes
Ratings Placed On Creditwatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
B A/Watch Neg A
C BBB/Watch Neg BBB
D BB/Watch Neg BB
KROYMANS: Ferrari Collection Sold
---------------------------------
What was once one of the most important collections of vintage and
collector Ferraris in the world has been salvaged from bankruptcy
wreckage and sold by Hamann Classic Cars of Greenwich,
Connecticut.
Founded in 1902 by the great grandfather of current Chairman Frits
Kroymans, Kroymans was the exclusive Ferrari Distributor in
Holland. The US$3 billion automobile empire ended in early 2009,
when the company filed for bankruptcy.
"We are thrilled to be a part of the salvation of this very
important collection of vintage Ferraris," said Thomas Hamann,
Owner of Hamann Classic Cars and Chairman of the New York City
Concours d'Elegance, who brokered the deal between the European
banks and Tom Price, a prominent classic car collector from
Northern California.
Experts and collectors agree that this has been the most
significant sale of classic Ferraris within the last twenty years.
Among the collection recently sold include the following
automotive masterpieces:
250 Europa GT
375 America
250 Boano
250 SWB Berlinetta
250 Testarossa
250 GTO
275 GTB/4 Alloy ex N.A.R.T.
330 GTC
365 GTS
365 GTB/4 Daytona Coupe
365 GTB/4 Daytona Spyder
246 GTS Dino Spyder
365 GT4/BB
512 BB
550 Barchetta
Enzo 2002 Formula1 Winner of US Grand Prix
This exquisite collection of cars is now coming to the U.S.
About Hamann Classic Cars
Hamann Classic Cars is one of the leading classic car brokerage
houses in the world for specialty collector automobiles.
Dedicated to procuring European vintage race and sports cars,
Hamann Classic Cars is the world's preeminent source for fine
classic European cars specializing in classic Ferraris.
http://www.hamannclassiccars.com
About Thomas Hamann
Thomas Hamann is passionate about cars. For 30 years, he has
built an enterprise connecting equally passionate collectors with
the vehicles of their dreams. He has become one of the most
recognized and established classic car dealers in the world.
Specializing in Ferraris, Mr. Hamann is also an authority in all
European race and sports cars of the 50s, 60s, 70s and select
European pre-war sports and luxury automobiles. He is a
consultant to many private collectors, automotive museums, and
auction houses. Mr. Hamann assists in managing some of the
largest classic car collections in the world.
ODEONABS 2007-1: S&P Junks Rating on Class B Notes From 'BBB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on OdeonABS 2007-1 B.V.'s
class X, A1, A2, A3, and B notes.
The rating actions follow S&P's assessment of the deterioration in
the credit quality of the reference portfolio and the number of
reference assets currently on CreditWatch negative. According to
S&P's analysis, assets rated below investment grade (i.e. below
'BBB-') now account for approximately 27% of the reference
portfolio compared, with zero at closing. In addition, about 21%
of the reference assets are currently on CreditWatch negative. On
April 6, 2009, S&P published revised assumptions governing
structured finance assets with ratings on CreditWatch held within
collateralized debt obligation transactions. Under these revised
assumptions, ratings on CreditWatch are adjusted downward by at
least three notches.
From the information provided by the trustee, S&P note that one
credit event occurred with respect to a reference asset accounting
for about 0.2% (EUR1.1 million) of the portfolio. In addition,
according to S&P's analysis there is one 'CCC-' rated asset with a
principal amount of EUR3.25 million. Given the limited credit
enhancement for the class B notes -- provided mainly by the
EUR9.5 million class C subordinated notes -- in S&P's view, class
B is highly vulnerable to losses resulting from potential credit
events as specified in the credit default swap. S&P also notes
that the ten largest reference obligors have notional amounts
larger than the size of the class C subordinated notes.
According to the latest available trustee report of December 2009,
the transaction fails its overcollateralization tests and the
issuer is currently reducing the size of the senior unfunded
tranche notional amount to try to bring the tests back into
compliance. When the size of the senior unfunded tranche is
reduced to zero, the principal amount of classes A-1, A-2, A-3 and
B is to be repaid in order of their priority, starting with class
A-1.
Although the issuer applied both interest and principal proceeds
to reduce the notional of the senior unfunded tranche on the
November 2009 payment date, reported OC ratios have nevertheless
deteriorated. This is mainly due to discounts applied to the
principal balance of assets rated 'BB+' and lower in the
calculation of the ratio. The diversion of proceeds to cure the
failing OC tests has resulted in the deferral of interest due to
classes A-3 and B. Given the extent of the OC test breaches with
reported levels below 95%, in S&P's view it is unlikely that
interest payments to the class A3 and B notes will resume in the
short term. S&P also notes that the transaction is currently
failing its weighted-average spread test.
As a result of the above developments, S&P concludes that the
credit enhancement on classes X, A1, A2, A3, and B is no longer
sufficient to maintain their previous ratings. As such S&P has
lowered the ratings assigned to those notes to levels which, in
its view, reflect the current likelihood of repayment to
noteholders.
Odeon ABS 2007-1 is a CDO of asset-backed securities transaction
that closed in July 2007. Its structure incorporates a synthetic
and a cash element. On the synthetic side, the issuer at closing
entered into a CDS selling protection on a reference portfolio of
largely European ABS securities. On the cash side, the issuer
issued the class X to C notes; EUR71.125 million of proceeds from
these notes were invested in certain collateral bonds held by the
custodian. At the same time, the issuer entered into a total
return swap whereby the default and market-value risk on these
collateral bonds is borne by the total return swap counterparty.
Following the notification of a credit event under the CDS, the
issuer funds any protection payments by selling a required portion
of the collateral bonds at its face value to the TRS counterparty,
thereby reducing the available collateral for the repayment of the
notes.
Ratings List
Odeon ABS 2007-1 B.V.
EUR75.5 Million Floating-Rate and Deferrable Floating-Rate Notes
Ratings Lowered and Removed From Creditwatch Negative
Rating
------
Class To From
----- -- ----
X(1) AA AAA/Watch Neg
A1 A AAA/Watch Neg
A2 BBB AA/Watch Neg
A3 BB A/Watch Neg
B CCC BBB-/Watch Neg
(1) This class receives a fixed principal amount on each payment
date and is due to fully repay in August 2012. Interest and
amortizing principal payments to this class rank pari passu
with interest payments on the class A-1 notes.
PROLIANCE INTERNATIONAL: Auctions NRF Stock on February 17
----------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Proliance International, Inc.,
and its debtor-affiliates to sell stock of Nederlandse Radiateuren
Fabriek B.V. subsidiary, subject to bigger and better offers,
under Section 363 of the U.S. Bankruptcy Code.
As reported in the Troubled Company Reporter on January 6, 2010,
Proliance International executed a definitive agreement for the
sale of 100% of the stock of its Nederlandse Radiateuren Fabriek
B.V. subsidiary to Mentha Capital for approximately
EUR13.5 million in cash.
Established in 1927, NRF is a leading European aftermarket
manufacturer and distributor of automotive, industrial and railway
heat transfer products with a manufacturing and distribution
presence in almost every Western European country.
The auction is scheduled for February 17, 2010, at the offices of
Jones Day, located at 222 East 41st Street, New York City.
Qualified bids must be submitted not later than 4:00 p.m.
(prevailing Eastern Time) on February 15, 2010.
The sale hearing will be on February 19, 2010, at 2:00
p.m.(prevailing Eastern Time.) Objections, if any, are due on
February 17, 2010, at 4:00 p.m. (prevailing Eastern Time.)
The Debtors are authorized to offer the break-up fee not to exceed
EUR500,000 and an expense reimbursement not to exceed EUR100,000.
TM Capital Corp. and Holland Corporate Finance are acting
as exclusive advisors with respect to the sale process and will
collect bid submissions on the Company's behalf.
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of US$160.3 million and total debts of US$133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
=============
R O M A N I A
=============
RCS & RDS: Moody's Assigns 'Ba3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned new corporate family and
probability of default ratings of Ba3 to RCS & RDS S.A. with
stable outlook. At the same time Moody's assigned a (P)Ba3 to
senior unsecured notes being issued by the company.
RCS is the leading triple and quadruple play cable services
provider in Romania, with a growing presence in Hungary, as well
as DTH (direct to home) satellite TV operations throughout CEE.
The Ba3 rating is underpinned by the company's robust organic
growth and its solid market position within the Romanian and
Hungarian Cable TV, Internet, Telephony and Satellite TV markets.
The company is also the market leader in providing satellite TV in
Slovakia, Czech Republic and Croatia and is number two in Serbia.
Moody's understands that the company's strategic focus on its
integrated triple play offering and broadband/telephony
penetration should underpin revenue growth and margins.
The company's sound credit metrics also support the ratings.
Despite strong revenue growth, management has been careful to keep
the business's leverage low and, by extension ample interest
coverage. Due to capital expenditure commitments to maintain and
upgrade the cable network and to provide equipment to new
customers, free cash flow has been negative through Q3 2009.
However, the company has now built out its network and has started
to reduce its provision of subsidized equipment such that capex
requirements are expected to drop steadily going forward and
thereby increasing free cash flow.
The rating is constrained by the company's relatively smaller size
compared to its similarly-rated peer group and its exposure to
emerging market economies. Although Moody's anticipate the
company turning free cash flow positive in 2010, this remains a
constraining factor on the rating at present.
The stable outlook on the ratings reflects Moody's expectations
that RCS will continue to grow its revenue and EBITDA and adhere
to its disciplined financial policy. The rating is underpinned by
the company's leverage remaining around 2.5x, as measured by
Moody's adjusted Debt to EBITDA ratio.
At this juncture, Moody's does not anticipate an upward movement
in the rating over the medium term. The rating is likely to be
constrained by the company's scale when compared to its peers and
exposure to emerging markets. Nevertheless, a track-record of
future growth with increasingly positive free cash flow generation
while maintaining its conservative financial strategy could lead
to a positive movement.
Negative pressure on the rating would develop should adjusted Debt
to EBITDA rise above 3.5x on a sustained basis.
RCS is headquartered in Bucharest, Romania. In the nine months
ended September 30, 2009, RCS generated US$518.3 million in
consolidated revenue and US$77.8 million in reported operating
profit.
RCS & RDS: S&P Assigns 'B' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to Romania-headquartered
quadruple-play telecom and pay-TV services provider RCS & RDS S.A.
At the same time, the rating was placed on CreditWatch with
positive implications.
In addition, S&P assigned its 'B+' debt rating to the proposed
US$200 million senior unsecured bond due 2017, to be issued by RCS
& RDS. S&P understands that the bond is not underwritten by the
arrangers. The rating on the proposed bond is subject to its
successful issue, and to S&P's review of the final documentation.
In the event of any changes to the amount or terms of the bond,
the corporate credit rating and issue ratings could be subject to
further review.
"The rating on RCS & RDS is constrained by S&P's view of
increasing competition in its core markets of operation, Romania
and Hungary, as market players are focused on competing on bundled
offers to attract customers," said Standard & Poor's credit
analyst Michael O'Brien.
In addition, RCS & RDS has exposure to a number of Central and
Eastern European markets that have experienced considerable
economic and foreign-exchange volatility recently that may dampen
the company's future growth as consumers remain cautious on
spending. The ratings are also constrained by RCS & RDS's weak
free cash flow generation to date, given its high level of network
investments. In addition, the company faces the need to refinance
significant amounts of debt compared with what S&P considers a
relatively low, but increasing, level of free cash flow generation
over the next three years.
The rating is supported by RCS & RDS's established and leading
presence in pay TV in Romania, via cable (in which it had a market
share of 46% at the end of September 2009) and direct-to-home
satellite (45% market share), and in Hungary primarily via DTH
(estimated 56% market share). In addition, S&P considers that the
company has a substantial growth opportunity in bundled service
offerings in Romania and Hungary for pay-TV, broadband, and fixed
and mobile telephony, with the possibility to capitalize on the
current low broadband penetration in Romania, in particular.
Triple-play and quadruple-play offers may protect and increase
revenue streams, improve customer stickiness, and keep churn
levels low for RCS & RDS. The company has already completed
significant network investments and upgrades, which means that its
free operating cash flow should improve from 2010 on the back of
EBITDA growth and lower capital expenditures than in prior years.
"The positive CreditWatch placement reflects S&P's view that the
pending bond issue, if successful under the preliminary terms and
conditions that S&P has reviewed, would significantly improve RCS
& RDS's debt maturity profile and liquidity position, such that
S&P could raise the corporate credit rating to 'B+' and assign a
stable outlook," said Mr. O'Brien. "We expect to resolve the
CreditWatch placement on completion of the pending bond issue or,
if the issue is delayed or cancelled, over the next three months."
===========
R U S S I A
===========
GAZPROMBANK MORTGAGE: S&P Downgrades Ratings on Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all the rated notes issued by Gazprombank Mortgage Funding 2 S.A.
Specifically, S&P:
* Lowered to 'D' and withdrew S&P's ratings on all the rated
notes; and
* Assigned new ratings, assessed on the basis of the amended terms
and conditions.
The rating actions reflect the passing of the extraordinary
resolution of the noteholders on Jan. 22, 2010. The extraordinary
resolution consented to an amendment of certain transaction
documents allowing for the redenomination of the principal and
interest of the class A1 notes to Russian rubles from euros, and
an amendment of the interest payable on the class A1 notes from
floating-rate to fixed-rate.
The downgrade of the class A1 notes to 'D' reflects S&P's view
that the redenomination constitutes a material change in the
original terms of the debt obligation.
The redenomination is based on an exchange rate of EUR1 to
RUR34.7, which is the currency exchange rate specified in the swap
agreement the issuer entered at closing with Lehman Brothers
Special Financing. The swap was terminated in March 2009
following the default of the swap counterparty and the issuer's
inability to replace it. As this exchange rate is significantly
below the current euro-ruble spot rate, the redenomination causes
a material devaluation of the class A1 notes (at current currency
spot rates, the devaluation is about 18%).
The extraordinary meeting also resulted in an amendment of the
interest rate to be paid on the class A1 notes. The coupon on the
class A1 notes has now become fixed, set at a rate of 7.35% per
year up to the payment date falling in June 2012, and 8.35%
thereafter.
In S&P's view, the redenomination of the class A1 notes removed
currency risk and interest rate risk in the transaction, as the
underlying collateral portfolio is denominated in rubles and bears
fixed-rate installments. Furthermore, the redenomination of the
class A1 notes leads to an asset-liability rebalancing in the
transaction, as it reduces the value (in ruble terms) of the
liabilities. Finally, it stops the gradual erosion of
collateralization due to the redemption of the class A1 notes.
This erosion was connected to the conversion of a portion of
principal-available funds at a less advantageous currency rate
than that paid under the original swap agreement.
As of the January 2010 interest payment date, the ruble-euro
conversion mechanism caused a cumulative undercollateralization of
the notes of about 4.7%.
S&P lowered to 'D' the ratings on the subordinated rated notes and
the class A2 notes because S&P considered the redenomination of
the class A1 notes as a distressed exchange in accordance with
S&P's published criteria. The 'B' and 'CCC' ratings previously
assigned to these notes reflected a high probability of default
related to the relevant exposure to currency and interest-rate
risk in the transaction. In S&P's view, this redenomination
benefits subordinated classes of notes and class A2 notes for the
reasons explained in the paragraph above and, as a consequence,
materially reduces risk on these notes.
To reflect the change in S&P's rating assessment connected to the
extensive change in the debt document terms and conditions, S&P is
withdrawing its ratings on all outstanding notes and assigning new
ratings reflecting the new terms and conditions.
At closing, the class A1 notes (accounting for more than 70% of
the issuer's total liabilities) were denominated in euros and bore
floating interest rates. All the other notes were denominated in
Russian rubles. Exchange risk and interest rate risk connected to
the class A1 notes were covered through a cross-currency and
interest rate swap provided by Lehman Brothers Special Financing,
with a liquidity facility provided by Lehman Commercial Paper
Inc., both guaranteed by Lehman Brothers. Following Lehman
Brothers' insolvency and the inability to find a replacement for
the swap counterparty, in December 2008 S&P lowered its ratings on
all the notes issued by GZB 2 to reflect unhedged currency and
interest rate risk.
Ratings List
Gazprombank Mortgage Funding 2 S.A.
EUR147 Million and RUR2,082.8 Million Mortgage-Backed
Floating- And Fixed-Rate Notes
(Gazprombank Mortgage-Backed Securities Series 2007-1)
Ratings Lowered to 'D'
Rating
------
Class To From
----- -- ----
A1 D B
A2 D B
B D CCC
C D CCC
Ratings Withdrawn
Rating
------
Class To From
----- -- ----
A1 NR D
A2 NR D
B NR D
C NR D
Gazprombank Mortgage Funding 2 S.A.
RUR7,188.9 Million Mortgage-Backed Fixed-Rate Notes
(Gazprombank Mortgage-Backed Securities Series 2007-1)
Ratings Assigned According to New Terms and Conditions
Class Rating
----- ------
A1 BBB
A2 BBB
B BB
C B
NR -- Not rated.
SISTEMA JSFC: Moody's Upgrades Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded the B1 and B2 (on review
for upgrade) corporate family and senior unsecured ratings of
Sistema JSFC to Ba3. The outlook on the ratings is stable. The
action concludes the review initiated by the agency in October
2009 and reflects positive changes in the company's business
profile, removal of subordination of rated senior unsecured debt
and successful addressing of liquidity needs.
In particular, Moody's positively note finalized consolidation of
the Bashkir assets acquired by Sistema in the beginning of 2009,
and progress with respect to re-distribution of debt obligations
within the group in relation to the cash-generating capability of
subsidiaries. Moody's note that the notching on the senior
unsecured bond introduced by Moody's in April 2009 has been now
removed due to the shift of acquisition-related financing to the
subsidiary level and effective elimination of the higher-ranking
acquisition-related secured debt from Sistema's holding balance
sheet.
Moody's notes that the event risk associated with Sistema's
activities will remain embedded in the company's ratings given its
ambitious development plans; any opportunistic M&A and investment
activities materially altering business mix and exercising
pressure on the leverage and coverage metrics would be considered
by the agency for their effect on the ratings. Current rating
category assumes that the company on a sustainable basis maintains
debt service coverage at the Sistema holding level measured as
dividends and other distributions received from subsidiaries to
gross interest in the range of 2.0x-3.0x. Upward pressure could
develop if the consolidated leverage as measured by gross adjusted
debt to EBITDA improves to below 2.0x, while debt at the holding
company level does not exceed 25% of total gross debt. Any upward
pressure will be contingent upon the group continuing to
demonstrate improvement in the performance of its weaker
subsidiaries resulting in an improving balance and diversification
of cash flow contributions across its portfolio of holdings.
Moody's previous rating action on Sistema was on October 26, 2009,
when the rating agency placed the ratings of Sistema on review for
upgrade. The rating action concludes the review.
Domiciled in Moscow, Russia, Sistema Joint Stock Financial
Corporation is a diversified company operating in
telecommunications, oil & energy, technology, banking, media,
retail and other businesses. During fiscal year 2008, Sistema
reported revenue of US$16.7 billion and OIBDA of US$5.5 billion.
The founder of the company, Vladimir Evtushenkov, holds 64.2% of
Sistema's common shares; and 24.2% is in free float on the London
Stock Exchange, Moscow Interbank Currency Exchange and Russian
Stock Exchange.
===============
S L O V E N I A
===============
ISTRABENZ DD: Nova Ljubljanska Increases Stake to 13.1%
-------------------------------------------------------
Boris Cerni at Bloomberg News reports that Nova Ljubljanska Banka
d.d., Slovenia's biggest lender, increased its stake in Istrabenz
Group d.d.
According to Bloomberg, Istrabenz said in a bourse filing Thursday
the Ljubljana-based bank raised its holding to 13.1% from 9.3%.
Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members. The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group. As of December 31, 2008 Istrabenz Group comprised 77
companies. The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.
ISTRABENZ DD: Tourism Unit Invites Bids for Portoroz Hotel
----------------------------------------------------------
Slovenska Tiskovna Agencija reports that Istrabenz Turizem, the
tourism division of Istrabenz d.d., published on Saturday a call
for bids for Istrabenz hoteli Portoroz, the company owning the
Kempinski Palace hotel in Portoroz, and the company operating
Grand Hotel Adriatic on Croatia's Opatija.
As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing Boris Dolamic, the court-appointed receiver for
Istrabenz, said the company owes 19 banks in Slovenia
EUR436 million (US$6 million). The company declared insolvency in
March.
Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members. The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group. As of December 31, 2008 Istrabenz Group comprised 77
companies. The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.
=========
S P A I N
=========
TDA CAM 8: S&P Puts 'BB'-Rated Class C Notes on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative several credit ratings across four Spanish
residential mortgage-backed securities transactions originated by
Caja de Ahorros del Mediterraneo.
Specifically, S&P:
* Downgraded class B and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 7, Fondo de Titulizacion de Activos
(CAM 7);
* Placed on CreditWatch negative classes A, B, and C in TDA CAM 8,
Fondo de Titulizacion de Activos (CAM 8);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 9, Fondo de Titulizacion de Activos
(CAM 9);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, A4, and B in TDA CAM 10, Fondo de Titulizacion de
Activos (CAM 10).
S&P's credit analysis of the most recent transaction information
shows further deterioration in the performance of the underlying
collateral pools for these four CAM deals.
These transactions feature a structural mechanism that traps
excess spread to provide for defaults. As a significant portion
of loans was classified as defaulted, all transactions have drawn
under their cash reserves. This reduces the credit enhancement
available from the reserves to supplement any future interest
shortfalls in the transactions.
Defaults in these transactions are defined as arrears greater than
12 months.
All the transactions feature a deferral of interest trigger based
on cumulative default as a percentage of the initial collateral
balance. The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:
CAM 7:
* Current cumulative default level: 3.66%.
* Trigger levels: Class B: 10.00%.
CAM 8:
* Current cumulative default level: 2.56%.
* Trigger levels: Class B: 6.50%, class C: 4.50%.
CAM 9:
* Current cumulative default level: 3.84%.
* Trigger levels: Class B: 9.50%, class C: 5.10%.
CAM 10:
* Current cumulative default level: 5.32%.
* Trigger levels: Class B: 10.00%, class C: 6.75%.
The current cumulative default levels in TDA CAM 9 and 10 are
close to their respective lower trigger levels. Given the steep
gradient of the cumulative default curves of these transactions,
they could breach the trigger level for class C in the next two
IPDs. Cumulative defaults went up to 3.84% in December 2009 from
0.63% in December 2008 in TDA CAM 9, and 5.32% from 0.26% in TDA
CAM 8 in the same period. If the cash reserves are depleted when
the issuer postpones interest payments in these securitizations,
there will be no funds which could have otherwise been used to
cure the interest shortfalls. This will likely result in default
on these notes if they miss timely payment of interest.
The mortgage portfolios underlying these transactions are also
experiencing high delinquency levels. As of the end of December,
S&P calculates severe delinquencies -- defined as arrears greater
than 90 days (including outstanding defaulted loans) -- at around
5.25% (CAM 7), 3.73% (CAM 8), 5.12% (CAM 9), and 6.84% (CAM 10) of
the current collateral balance.
TDA CAM 7, 8, 9, and 10 issued their notes in October 2006, March
2007, July 2007, and December 2007 respectively. Caja de Ahorros
del Mediterraneo originated and services the loans.
Ratings List
TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
B BBB/Watch Neg A
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B BBB/Watch Neg BBB
C BB/Watch Neg BB
TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.5 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC BB
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
B BBB/Watch Neg BBB
TDA CAM 10, Fondo de Titulizacion de Activos
EUR1.4 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC B
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
A4 AAA/Watch Neg AAA
B BBB-/Watch Neg BBB-
TDA CAM 9: S&P Junks Rating on Class C Notes From 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative several credit ratings across four Spanish
residential mortgage-backed securities transactions originated by
Caja de Ahorros del Mediterraneo.
Specifically, S&P:
* Downgraded class B and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 7, Fondo de Titulizacion de Activos
(CAM 7);
* Placed on CreditWatch negative classes A, B, and C in TDA CAM 8,
Fondo de Titulizacion de Activos (CAM 8);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 9, Fondo de Titulizacion de Activos
(CAM 9);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, A4, and B in TDA CAM 10, Fondo de Titulizacion de
Activos (CAM 10).
S&P's credit analysis of the most recent transaction information
shows further deterioration in the performance of the underlying
collateral pools for these four CAM deals.
These transactions feature a structural mechanism that traps
excess spread to provide for defaults. As a significant portion
of loans was classified as defaulted, all transactions have drawn
under their cash reserves. This reduces the credit enhancement
available from the reserves to supplement any future interest
shortfalls in the transactions.
Defaults in these transactions are defined as arrears greater than
12 months.
All the transactions feature a deferral of interest trigger based
on cumulative default as a percentage of the initial collateral
balance. The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:
CAM 7:
* Current cumulative default level: 3.66%.
* Trigger levels: Class B: 10.00%.
CAM 8:
* Current cumulative default level: 2.56%.
* Trigger levels: Class B: 6.50%, class C: 4.50%.
CAM 9:
* Current cumulative default level: 3.84%.
* Trigger levels: Class B: 9.50%, class C: 5.10%.
CAM 10:
* Current cumulative default level: 5.32%.
* Trigger levels: Class B: 10.00%, class C: 6.75%.
The current cumulative default levels in TDA CAM 9 and 10 are
close to their respective lower trigger levels. Given the steep
gradient of the cumulative default curves of these transactions,
they could breach the trigger level for class C in the next two
IPDs. Cumulative defaults went up to 3.84% in December 2009 from
0.63% in December 2008 in TDA CAM 9, and 5.32% from 0.26% in TDA
CAM 8 in the same period. If the cash reserves are depleted when
the issuer postpones interest payments in these securitizations,
there will be no funds which could have otherwise been used to
cure the interest shortfalls. This will likely result in default
on these notes if they miss timely payment of interest.
The mortgage portfolios underlying these transactions are also
experiencing high delinquency levels. As of the end of December,
S&P calculates severe delinquencies -- defined as arrears greater
than 90 days (including outstanding defaulted loans) -- at around
5.25% (CAM 7), 3.73% (CAM 8), 5.12% (CAM 9), and 6.84% (CAM 10) of
the current collateral balance.
TDA CAM 7, 8, 9, and 10 issued their notes in October 2006, March
2007, July 2007, and December 2007 respectively. Caja de Ahorros
del Mediterraneo originated and services the loans.
Ratings List
TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
B BBB/Watch Neg A
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B BBB/Watch Neg BBB
C BB/Watch Neg BB
TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.5 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC BB
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
B BBB/Watch Neg BBB
TDA CAM 10, Fondo de Titulizacion de Activos
EUR1.4 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC B
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
A4 AAA/Watch Neg AAA
B BBB-/Watch Neg BBB-
TDA CAM 10: S&P Junks Rating on Class C Notes From 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative several credit ratings across four Spanish
residential mortgage-backed securities transactions originated by
Caja de Ahorros del Mediterraneo.
Specifically, S&P:
* Downgraded class B and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 7, Fondo de Titulizacion de Activos
(CAM 7);
* Placed on CreditWatch negative classes A, B, and C in TDA CAM 8,
Fondo de Titulizacion de Activos (CAM 8);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, and B in TDA CAM 9, Fondo de Titulizacion de Activos
(CAM 9);
* Downgraded class C and placed on CreditWatch negative classes
A1, A2, A3, A4, and B in TDA CAM 10, Fondo de Titulizacion de
Activos (CAM 10).
S&P's credit analysis of the most recent transaction information
shows further deterioration in the performance of the underlying
collateral pools for these four CAM deals.
These transactions feature a structural mechanism that traps
excess spread to provide for defaults. As a significant portion
of loans was classified as defaulted, all transactions have drawn
under their cash reserves. This reduces the credit enhancement
available from the reserves to supplement any future interest
shortfalls in the transactions.
Defaults in these transactions are defined as arrears greater than
12 months.
All the transactions feature a deferral of interest trigger based
on cumulative default as a percentage of the initial collateral
balance. The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:
CAM 7:
* Current cumulative default level: 3.66%.
* Trigger levels: Class B: 10.00%.
CAM 8:
* Current cumulative default level: 2.56%.
* Trigger levels: Class B: 6.50%, class C: 4.50%.
CAM 9:
* Current cumulative default level: 3.84%.
* Trigger levels: Class B: 9.50%, class C: 5.10%.
CAM 10:
* Current cumulative default level: 5.32%.
* Trigger levels: Class B: 10.00%, class C: 6.75%.
The current cumulative default levels in TDA CAM 9 and 10 are
close to their respective lower trigger levels. Given the steep
gradient of the cumulative default curves of these transactions,
they could breach the trigger level for class C in the next two
IPDs. Cumulative defaults went up to 3.84% in December 2009 from
0.63% in December 2008 in TDA CAM 9, and 5.32% from 0.26% in TDA
CAM 8 in the same period. If the cash reserves are depleted when
the issuer postpones interest payments in these securitizations,
there will be no funds which could have otherwise been used to
cure the interest shortfalls. This will likely result in default
on these notes if they miss timely payment of interest.
The mortgage portfolios underlying these transactions are also
experiencing high delinquency levels. As of the end of December,
S&P calculates severe delinquencies -- defined as arrears greater
than 90 days (including outstanding defaulted loans) -- at around
5.25% (CAM 7), 3.73% (CAM 8), 5.12% (CAM 9), and 6.84% (CAM 10) of
the current collateral balance.
TDA CAM 7, 8, 9, and 10 issued their notes in October 2006, March
2007, July 2007, and December 2007 respectively. Caja de Ahorros
del Mediterraneo originated and services the loans.
Ratings List
TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
B BBB/Watch Neg A
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B BBB/Watch Neg BBB
C BB/Watch Neg BB
TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.5 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC BB
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
B BBB/Watch Neg BBB
TDA CAM 10, Fondo de Titulizacion de Activos
EUR1.4 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC B
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
A4 AAA/Watch Neg AAA
B BBB-/Watch Neg BBB-
=====================
S W I T Z E R L A N D
=====================
PETROPLUS HOLDINGS: S&P Puts 'BB-' Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on Switzerland-based
Petroplus Holdings AG on CreditWatch with negative implications.
"The CreditWatch placement reflects a very weak performance in the
third and fourth quarters of 2009, when the group saw a sharp
deterioration in its credit metrics. This was largely a result of
increasingly challenging conditions in the refining sector," said
Standard & Poor's credit analyst Per Karlsson.
S&P view the group's adjusted EBITDA in the fourth quarter of 2009
(negative US$33 million) and full year 2009 (US$240 million) as
well below its previous expectations for the current 'BB-'
ratings. The figures are adjusted to reflect inventory gains and
a one-time cost for a pipeline accident in the third quarter.
The performance in the fourth quarter of 2009 was negatively
affected by a turnaround of the group's large Coryton refinery.
However, the main cause of the poor result was low utilization in
combination with tough market conditions and low refining margins.
S&P expects only a gradual improvement in the next few quarters,
and its market outlook remains negative due to persistent excess
capacity. As S&P believes the market is likely to remain
depressed for a lengthy period, S&P takes the view that Petroplus
is likely to continue to generate negative free operating cash
flow in the next few quarters.
S&P aims to resolve the CreditWatch placement before the end of
February, after meeting management and receiving more in-depth
information. S&P will discuss with management, in detail, the
group's plans for operating and free cash flow improvements and
evaluate any path to improved credit ratios. When S&P resolves
the CreditWatch placement, S&P may lower the ratings by one or two
notches, ultimately depending on S&P's view of the industry and
prospective liquidity and cash flow. Future covenant headroom
remains another area of concern.
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: Posts Operating Profit as Employee Costs Decline
-----------------------------------------------------------------
Steve Rothwell at Bloomberg News reports that British Airways plc
said Friday in a statement it posted an operating profit of
GBP25 million (US$39 million) in the fiscal third quarter ended
Dec. 31 as it trimmed employee costs and benefited from falling
fuel prices.
"The cost reductions seem to be kicking in quite well," Bloomberg
quoted Gert Zonneveld, a transport analyst at Panmure Gordon who
has a "hold" recommendation on the stock as saying. "It's a good
performance but there is still a long way to go."
Bloomberg relates BA said in a presentation to analysts the
airline reduced expenses by more than 10% in nine months, with
reductions gathering pace to 14% in the third quarter. Employee
costs declined 10.2% in the quarter to GBP492 million and the fuel
bill plunged 22%, Bloomberg discloses.
Losses
According to Bloomberg, BA said its nine-month loss widened, and
that it still expects to log a record deficit this year as the
slump in demand for air travel persisted in the wake of the global
recession.
Bloomberg relates BA said the company had a loss of GBP245
million, or 22.4 pence a share, in the three quarters though
Dec. 31, compared with a loss of GBP127 million, or 12 pence a
share, a year earlier. Sales fell almost 13% to GBP6.14 billion,
though the revenue slide eased to 11% in the fiscal third quarter,
Bloomberg notes.
"We still expect to make record losses this year," Bloomberg
quoted BA Chief Executive Officer Willie Walsh said in the
statement, according to Bloomberg. "Permanent structural change
is being introduced in all areas and will return us to sustained
profitability."
BA, as cited by Bloomberg, said it will have "similar" earnings
improvement in the fourth quarter compared with last year,
excluding "any impact of potential industrial action." The
operating profit progress refers to earnings before interest and
taxes, Bloomberg notes.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.
Moody's said the rating action reflects the continued weakening in
profitability in the first half of FY2010 (to September 2009),
with an operating loss of GBP111 million reported versus a profit
of GBP140 million a year earlier (post restructuring charges), and
Moody's view that losses in FY2010 will likely be higher than in
FY2009. This comes in spite of lower operating costs, notably for
fuel, as demand in the industry remains very depressed, while the
company has successfully reduced its employee and selling costs.
Reported net debt remained constant during the period, partly
benefiting from a positive exchange rate impact, although Moody's
debt metrics also incorporate the full value of the convertible
notes issued in August 2009.
BRITISH AIRWAYS: In Cabin Crew Talks; Union Optimistic on Solution
------------------------------------------------------------------
Pilita Clark at The Financial Times reports that the Unite union
said on Thursday the broad outlines of a settlement in the dispute
between British Airways and its cabin crew are emerging in
informal talks between the two sides.
"We're not miles apart," the FT quoted Steve Turner, national
officer for aviation at Unite, which represents BA's 12,000-plus
cabin crew and launched a second strike ballot last month, as
saying. "There is a way to resolve this."
Mr. Turner, as cited by the FT, said there remained a "fundamental
disagreement" between the two sides over the central issue in the
dispute -- BA's decision last November to remove at least one crew
member from most of its long-haul flights. However, he believed
an answer could be found, the FT notes.
According to the FT, discussions are understood to be focusing on
how crew levels could be maintained while allowing BA to introduce
more flexible working arrangements.
The dispute between the two sides centers on whether the cut in
crew numbers amounts to the imposition of a change of contract,
which would require negotiation with the union, the FT states.
The FT says a decision is not due for some time after that,
possibly after February 22, the day the second strike ballot is
due to close.
Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Dec. 18, 2009, that the High Court ruled that a union
ballot for a 12-day cabin crew strike over Christmas was invalid.
The FT disclosed Judge Laura Cox ruled the 92.5% vote in favor of
a strike that Unite union used to justify one of the longest walk-
outs BA has ever faced had included people who had already agreed
to take voluntary redundancy.
Iberia Tie-Up
Steve Rothwell at Bloomberg News reports BA said Feb. 1 it's
presenting proposals to employees to address a GBP3.7-billion
pension deficit and enable a merger with Iberia Lineas Aereas de
Espana SA.
According to Bloomberg, the tie-up with Madrid-based Iberia is
subject to resolution of discussions between BA and pension
trustees. The airline has a June 30 regulatory deadline to come
to a pension agreement, Bloomberg notes.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.
Moody's said the rating action reflects the continued weakening in
profitability in the first half of FY2010 (to September 2009),
with an operating loss of GBP111 million reported versus a profit
of GBP140 million a year earlier (post restructuring charges), and
Moody's view that losses in FY2010 will likely be higher than in
FY2009. This comes in spite of lower operating costs, notably for
fuel, as demand in the industry remains very depressed, while the
company has successfully reduced its employee and selling costs.
Reported net debt remained constant during the period, partly
benefiting from a positive exchange rate impact, although Moody's
debt metrics also incorporate the full value of the convertible
notes issued in August 2009.
COCKBURNS OF LEITH: Edinburgh Wine Importers Buys Business
----------------------------------------------------------
BBC News reports that Edinburgh Wine Importers, owned by Sir David
Murray, has acquired Cockburn's of Leith, which was put into
administration after facing declining orders in the economic
downturn.
According to the report, Livingston-based Edinburgh Wine Importers
bought the Cockburn's brand name, customer list, some debts and
part of the stock.
"We received a significant amount of interest in Cockburn's of
Leith and are pleased to have concluded a successful sale in a
short timescale," the report quoted Colin Dempster, joint
administrator of Cockburn's at Ernst and Young, as saying. "To
have safeguarded the historic name of Scotland's oldest wine
wholesaler is a great result."
Cockburn's of Leith -- http://www.cockburnsofleith.co.uk/-- is
Scotland's oldest wine merchant.
NORTEL NETWORK: UK Units Have C$726 million Cash
------------------------------------------------
Ernst & Young Inc., the firm appointed to monitor the assets of
Nortel Networks Corporation and its four affiliates that filed
for creditor protection under Canada's Companies' Creditors
Arrangement Act, delivered to the Ontario Superior Court of
Justice its 35th monitor report.
The Monitor Report provides updates on the consolidated cash
position and liquidity of NNC and its subsidiaries as of
January 2, 2010, actual receipts and disbursements, and cash flow
forecast, among other things.
Ernst & Young noted that as of January 2, 2010, NNC and its
subsidiaries had consolidated cash balance of about C$5 billion,
including C$2.9 billion of total treasury cash. Their
consolidated cash balance is held globally in various Nortel
units and joint ventures.
As of January 2, 2010, the Nortel companies based in North
America have cash available for operations and post-filing
intercompany settlements of about C$1 billion compared to a gross
cash position of about C$1.1 billion. Of this, about C$88 million
is held by the Canada-based Nortel units while approximately
C$917 million is held by the U.S.-based units.
The administrators of U.K.-based Nortel units have available cash
of approximately C$726 million for operations and post-filing
intercompany settlements for Nortel Networks UK and other
foreign-based units. Nortel entities in the Asia Pacific region
have about C$443 million of available cash for operations and
intercompany settlements.
NETAS, a joint venture in which NNC and its subsidiaries have a
53% stake, has approximately C$66 million of cash, of which about
$35 million represents Nortel's proportionate share.
Nortel Networks (CALA) Inc.'s available cash is $82 million.
Other Nortel units in the Caribbean and Latin America that are
not in bankruptcy have about $66 million of available cash, which
is expected to be used to fund their in-country operations and
intercompany settlements.
Divestiture Proceeds
Divesture proceeds of $2.059 billion are being held in escrow
until an agreement is reached regarding the allocation of these
proceeds to various Nortel units, including NNL, according to
Ernst & Young.
The proceeds relate to amounts held by JPMorgan Chase Bank N.A.
in escrow that include:
-- $1.026 billion from the sale of Code Division Multiple
Access (CDMA) business and Long Term Evolution (LTE)
assets;
-- $18 million from the sale of the Layer 4-7 business;
-- $9.86 million from the sale of the Next Generation Packet
Core business; and
-- $874 million from the sale of Enterprise Solutions
business.
The proceeds also relate to $70 million held in escrow by
CitiBank for the sale of the CDMA business and LTE assets, and
$60.6 million held in escrow by Wells Fargo Bank for the sale of
the Enterprise Solutions business.
The consolidated cash position balances do not reflect deposits
of $38 million received from Ciena Inc. for the sale of the Metro
Ethernet Networks assets.
Actual Receipts and Disbursements
from November 29, 2009 to January 2, 2010
The actual consolidated net cash outflow of NNC and the other
CCAA applicants for the period November 29, 2009 to January 2,
2010 was $75.5 million, according to the Monitor Report.
Available cash was higher than forecast by approximately $1.1
million as a result of a favorable foreign exchange translation
on Canadian dollar denominated cash balances due to the
appreciation of the Canadian dollar relative to the U.S. dollar.
Cash Flow Forecast for the Period
January 3 to April 24, 2010
NNC and its subsidiaries, with the assistance of Ernst & Young,
prepared a 16-week cash flow forecast for the period from
January 3 to April 24, 2010.
The cash flow forecast indicates that NNC and the other CCAA
applicants will have total receipts of $371 million and total
disbursements of $323.2 million, resulting in a net cash inflow
of $47.8 million.
As of January 2, 2010, the CCAA Applicants have available cash
balances of about $87.1 million, excluding restricted cash and
unavailable cash of about $64.6 million.
Full-text copies of the 35th Monitor Report and supplements to
the report are available without charge at:
http://bankrupt.com/misc/Nortel35thMonitorReport.pdf
http://bankrupt.com/misc/NortelSupp35thMonitorReport.pdf
ROYAL BANK: Resolution Group, Blackstone May Join NAB Bid
---------------------------------------------------------
Paul J. Davies and Sharlene Goff at The Financial Times report
that Resolution Group, the vehicle set up by Clive Cowdery, and
Blackstone, the US private equity group, are in the running to
join National Australia Bank in a potential bid for the 318
branches being sold by Royal Bank of Scotland.
NAB, which owns the Clydesdale and Yorkshire banks, is among a
number of groups believed to have given early expressions of
interest in bidding for the branches, which RBS has to sell to
comply with European state-aid rules, the FT states. NAB has 340
retail branches in the north of England and Scotland and 70
"business centers", which provide banking services for small and
medium-sized companies, the FT discloses. The bank, which has a
UK market share of less than 3%, is understood to be keen to
pursue an acquisition to accelerate its expansion, the FT says.
The FT relates people with knowledge of the situation said the
process of selling the RBS branches is expected to be long and
intensely complicated.
Other banks thought to have signaled an interest in buying the RBS
branches include Santander, the Spanish bank, and Virgin Money,
the FT notes.
NAB, Blackstone and Resolution all declined to comment, according
to the FT.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.
ROYAL BANK: Moody's Cuts Bank Financial Strength Rating to 'D'
--------------------------------------------------------------
Moody's Investors Service has downgraded to A2 from Aa3 the long-
term senior unsecured debt rating of Royal Bank of Scotland N.V.
(formerly ABN AMRO Bank N.V.), and downgraded the BFSR to D from
C+ (mapping to a Baseline Credit Assessment -- BCA -- of Ba2).
The short-term rating is affirmed at Prime-1. The long-term
deposit and senior debt ratings of the bank's branches were also
lowered to A2 from Aa3, and their short-term ratings, together
with the commercial paper rating of ABN AMRO North America Finance
Inc. (to be renamed RBS Finance NV (North America) Inc), were
affirmed at Prime-1. All these ratings have a stable outlook.
The ratings of subordinated and hybrid instruments are discussed
below. In a separate press release Moody's has also assigned
ratings to the new ABN AMRO Bank N.V. This concludes the
outstanding review of the ratings of ABN AMRO NV.
The rating action was taken in anticipation of the legal demerger
of the Dutch state-acquired business of ABN AMRO to a newly formed
bank, ABN AMRO II. Upon completion of the legal demerger, ABN
AMRO Bank N.V. will be renamed Royal Bank of Scotland N.V. For a
short period of time following the legal demerger both banks will
remain subsidiaries of ABN AMRO Holding N.V. but it is expected
that within two months after legal demerger ABN AMRO II will be
spun-off in a legal separation.
Downgrade of BFSR to D/ Stable Outlook
The downgrade of the BFSR to D reflects Moody's view of the
standalone creditworthiness of the soon to be renamed RBS NV,
following the demerger of the Dutch retail and commercial
activities to ABN AMRO II.
RBS NV has undergone a major restructuring process over the past
two years, reporting large loan impairments and trading
writedowns, but has also received additional capital from Royal
Bank of Scotland Group and deleveraged the balance sheet. In
addition, the financial position of the bank is supported by the
inclusion of assets in the UK government's Asset Protection
Scheme. However, Moody's expects that ongoing restructuring will
continue to pressure profitability and capitalization over the
next 1 -- 2 years and that there remains uncertainty regarding the
strength of the underlying franchise.
RBS NV is formed primarily from the businesses acquired by RBSG
from the acquisition of ABN AMRO in October 2007 together with
Banco Santander SA and Fortis SA. RBS NV is a commercial and
wholesale bank, and contains RBSG's equities business (except US
and large OTC transactions), onshore local markets (largely fixed
income activities in non-G11 countries), global transaction
services (outside the UK and Japan), trade finance and lending to
GBM clients (outside UK, US, Japan and Australia). The bank has a
small proportion of retail assets, but these are non-core and are
being run-down or disposed of.
Despite the deleveraging of the balance sheet, there are still
significant risks in the bank's lending book, albeit some of the
risk in these exposures will be offset by the APS. RBS NV also
takes on market risks through the bank's equity business, which
includes underwriting activities, although it is Moody's
understanding that large exposures are shared amongst group
entities (subject to their individual risk limits).
The true performance of the businesses is still difficult to gauge
given the previous losses relating to businesses and positions
which already have or are planned to be disposed of, as well as
the right-sizing of the cost base in line with the restructured
balance sheet. Whilst the bank's earnings profile benefits from a
relatively stable contribution from transaction banking, and from
a broad geographical diversification of key markets (particularly
within Western Europe), the potentially volatile profile of some
of its capital market activities, as well as the lack of
historical financials for the entity in its current form,
increases the unpredictability of future earnings.
The capital injections received from RBSG to date will enable the
bank to report strong capital ratios under Basel I, however the
ratios will be weaker upon transition from Basel I to Basel II in
H210 as this is expected to result in a significant increase in
the bank's RWA. Furthermore, based on Moody's expectations of
losses for the bank's loan books (taking into account the benefit
of APS cover for some assets), Moody's expect capitalization to
remain under pressure. Moody's current rating incorporates the
possibility of further capital support from the parent being
required.
The bank is dependent upon wholesale funding, as it does not have
a core retail deposit base, although it has less market- sensitive
funding from GTS clients and medium-term retail structured notes.
The bank currently has a large liquidity portfolio of highly-rated
government and other public bonds, which is positive for the
credit profile. In addition, the bank benefits from being fully
integrated within RBSG, although it has not relied on direct
funding from its parent to date.
Downgrade of Senior Debt and Deposit Ratings to A2/
Stable Outlook
The downgrade of the bank's senior debt and deposit ratings to A2
is largely a reflection of Moody's assessment of the lower
underlying financial strength of this entity. The ratings
incorporate the expectation of a very high probability of support
from its parent, RBS Group (rated A1/P1), as well as potential
systemic support from the UK and Dutch governments, which results
in a 6 notch uplift from the bank's Ba2 BCA. This support is
based on the importance of RBS NV for RBS Group (comprising c.
18% of total group assets at end Q309), the integration into the
overall RBS Group which has already been achieved, coverage
extended by the UK government's APS scheme, and the significant
position of this entity in the Dutch commercial lending market and
the Dutch payments system. RBS NV will also benefit from a legal
cross-guarantee from ABN AMRO II under Dutch demerger law,
although that guarantee is limited to the amount of capital
transferred to ABN AMRO II at the time of the demerger.
Downgrade of Subordinated Debt Ratings to A3/ stable outlook
Moody's downgraded the ratings for RBS NV's dated subordinated
debt to A3, one notch below the senior debt rating. For banks in
the Netherlands Moody's continues to incorporate systemic support
in its dated subordinated debt ratings to the same extent that it
incorporates such support in senior debt ratings. This reflects
the absence of a resolution framework in the Netherlands that
would allow for the imposition of losses on dated subordinated
creditors outside of a liquidation. This contrasts with Moody's
subordinated debt ratings for banks in the United Kingdom, where
such authority exists and has been utilized.
Confirmation of Hybrid Ratings at B3/ negative outlook
The rating agency also confirmed the B3 ratings on the non-
cumulative trust preferred securities of RBS Capital Funding Trust
V, VI and VII (formerly ABN AMRO Capital Funding Trust V, VI, and
VII). Those ratings were lowered to B3 from A2 in September 2009,
reflecting Moody's assumption that the securities faced a high
probability of skipped coupon payments. Subsequent to that
action, RBSG announced that these hybrid securities were likely to
suspend coupons for a period of two years, although the start of
the suspension would be delayed due to the specific terms of the
instrument. The B3 rating already reflects the expected loss
resulting from the missed coupons, the rating agency noted.
Although the downgrade of the bank's BFSR does imply a higher risk
of principal default for the hybrids, this is partially
ameliorated by the support which RBS NV receives from RBSG, which
results in an adjusted BCA of Baa2. As a result, the rating
agency concluded that the current B3 rating sufficiently reflects
the risk of these hybrid securities and no additional downgrade is
warranted. The outlook on these instruments is negative, in line
with the negative outlook on the BFSR of RBS plc and to
incorporate the risk of an extension of the coupon suspension
period.
The last rating action on ABN AMRO Bank NV was the downgrade of
hybrid securities on September 17, 2009.
Based in Amsterdam, the RBS acquired businesses of ABN AMRO had
total assets amounting to EUR305 billion and reported a net loss
from continuing operations of EUR3.6 billion for the year to
September 30, 2009.
Downgrades:
Issuer: ABN AMRO Bank N.V.
-- Bank Financial Strength Rating, Downgraded to D from C+
-- Issuer Rating, Downgraded to A2 from Aa3
-- Multiple Seniority Medium-Term Note Program, Downgraded to a
range of A3 to A2 from a range of A1 to Aa3
-- Subordinate Regular Bond/Debenture, Downgraded to A3 from A1
-- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
A2 from Aa3
-- Senior Unsecured Medium-Term Note Program, Downgraded to A2
from Aa3
-- Senior Unsecured Regular Bond/Debenture, Downgraded to a
range of (P)A2 to A2 from a range of (P)Aa3 to Aa3
-- Senior Unsecured Deposit Rating, Downgraded to A2, A2 from
Aa3, Aa3
-- Senior Unsecured Shelf, Downgraded to (P)A2 from (P)Aa3
Issuer: ABN AMRO Bank N.V. London Branch
-- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
A2 from Aa3
-- Senior Unsecured Regular Bond/Debenture, Downgraded to A2
from Aa3
Issuer: ABN AMRO Bank N.V., Chicago Branch
-- Senior Unsecured Deposit Rating, Downgraded to A2 from Aa3
Issuer: ABN AMRO Bank N.V., New York Branch
-- Multiple Seniority Deposit Program, Downgraded to A2, A3 from
Aa3, A1
-- Subordinate Deposit Note/Takedown, Downgraded to A3 from A1
Issuer: ABN AMRO Bank N.V., Paris Branch
-- Senior Unsecured Deposit Rating, Downgraded to A2, A2 from
Aa3, Aa3
Issuer: ABN AMRO Bank N.V., South Africa Branch
-- Senior Unsecured Deposit Rating, Downgraded to Aa2.za from
Aa1.za
Issuer: ABN AMRO Holding N.V.
-- Multiple Seniority Shelf, Downgraded to (P)A3, (P)Baa1 from
(P)A1, (P)A2
Outlook Actions:
Issuer: ABN AMRO Bank N.V.
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Bank N.V. London Branch
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Bank N.V., Chicago Branch
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Bank N.V., New York Branch
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Bank N.V., Paris Branch
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Bank N.V., South Africa Branch
-- Outlook, Changed To Stable From Rating Under Review
Issuer: ABN AMRO Holding N.V.
-- Outlook, Changed To Stable From Rating Under Review
Issuer: RBS Capital Funding LLC V
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RBS Capital Funding LLC VI
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RBS Capital Funding LLC VII
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RBS Capital Funding Trust V
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RBS Capital Funding Trust VI
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RBS Capital Funding Trust VII
-- Outlook, Changed To Negative From Rating Under Review
Confirmations:
Issuer: ABN AMRO Bank N.V.
-- Junior Subordinated Regular Bond/Debenture, Confirmed at Ba2
-- Subordinate Regular Bond/Debenture, Confirmed at A1
-- Senior Unsecured Regular Bond/Debenture, Confirmed at Aa3
Issuer: ABN AMRO Holding N.V.
-- Multiple Seniority Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding LLC V
-- Preferred Stock Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding LLC VI
-- Preferred Stock Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding LLC VII
-- Preferred Stock Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding Trust V
-- Preferred Stock Preferred Stock, Confirmed at B3
-- Preferred Stock Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding Trust VI
-- Preferred Stock Preferred Stock, Confirmed at B3
-- Preferred Stock Shelf, Confirmed at (P)B3
Issuer: RBS Capital Funding Trust VII
-- Preferred Stock Preferred Stock, Confirmed at B3
-- Preferred Stock Shelf, Confirmed at (P)B3
SNOWSPORT GB: Enters Administration; BDO LLP On Board
-----------------------------------------------------
Bob Bensch at Bloomberg News reports that Snowsport GB has entered
administration.
According to Bloomberg, the British Olympic Association said in a
statement that a contingency plan has been put in place to ensure
the 14 Sport athletes, as well as coaches and support personnel,
have the resources available to "compete at their highest level in
Vancouver."
The Winter Olympics will take place Feb. 12 to 28, Bloomberg
discloses.
Snowport said on its Web site James B. Stephen and Dermot Power of
BDO LLP, 4 were appointed joint administrators on February 5,
2010. The business and assets of the company are now managed by
the administrators.
The British Ski & Snowboard Federation, trading as Snowsport GB,
-- http://www.snowsportgb.com/-- is made up of 7 constituent
member groups, including the Home Nation Governing Bodies plus a
number of other organizations who collectively manage British
snowsports from grass roots to elite competitive level.
The role of the Snowsport GB is primarily the management and
promotion of Britain's top international snowsports competitors.
YELL GROUP: Pre-Tax Profit Down 57% in Nine Months to December
--------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that Yell Group
plc's pre-tax profit for the nine months to December 2009 fell 57%
from GBP175.3 million to GBP75.1 million from revenue down 13%
from GBP1.65 billion to GBP1.52 billion, slightly better than
forecast as its small business customers were gaining confidence.
According to the FT, the company's operating profit fell from
GBP390 million to GBP335.8 million.
Yell, as cited by the FT, said sales would decline 16% in the
fourth quarter before an improvement was reflected in its results.
The FT relates small to medium-sized businesses, Yell's core
client base, have been badly affected by the downturn. Directory
companies are also suffering a steady migration of advertisers
from print to online, where margins are often lower, the FT
states.
"We are beginning to see some confidence return," the FT quoted
Yell as saying. "The full benefits of this renewed confidence
should be felt in the second quarter of this year."
Yell makes half its revenue in the US, about 30% in the UK and the
rest in Spain and Latin America, the FT discloses.
Yell said its UK revenue fell 12% to GBP446.6 million while in the
US, Yellowbook revenue fell 13% to US$1.2 billion (GBP755
million), the FT notes.
Yell's net debt stands at GBP3 billion -- down GBP1.2 billion
since March -- after the company raised GBP559 million in an
equity placing, increased cash generation and benefited from
favorable foreign exchange rate movements, the FT recounts.
About Yell Group
Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US. Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America. Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 25,
2009, Moody's Investors Service confirmed Yell's B2 Corporate
Family Rating and B3 Probability of Default Rating. The outlook
is stable. This action concludes the review for possible
downgrade initiated on July 3, 2009 following the company's
announcement regarding the commencement of capital restructuring
negotiations to comprehensively refinance the company's debt
capital structure, and the update on its trading. The B2 CFR
incorporates Moody's assumption under its LGD methodology of an
above-average family recovery, in conjunction with the company's
current all first-lien bank debt capital structure.
The B2 rating reflects reduced default risk, while cautiously
factoring in the group's still challenging operating environment
due to recessionary and structural pressures, and therefore a
potential delay in the improvement of its credit metrics.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
SABENA SA SABA BB -84766501.61 2196477161
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
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SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
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SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
BELGIUM
-------
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
CROATIA
-------
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
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SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
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SETUZA AS SETU IX -61453764.17 138582273.6
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SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSK PZ -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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LAB DOLISOS LADL FP -27752176.19 110485462.4
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MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
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NORTENE NORT FP -35623999.56 117566786.9
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SDR CENTREST 117241Q FP -132420119.6 252176017.2
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Selcodis SPVX FP -21481214.33 175720770.8
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GERMANY
-------
AGOR AG DOO EU -482446.6262 144432986.2
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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 ROSG PZ -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RILB GR -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 JLSDF US -6153256.917 127548039.7
SANDER (JIL) AG SAD GR -6153256.917 127548039.7
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 GR -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127548039.7
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127548039.7
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
TA TRIUMPH-ACQ TWNA GR -120075877.7 410015192
TA TRIUMPH-ACQ TWNA EU -120075877.7 410015192
TA TRIUMPH-ADLER TWN PZ -120075877.7 410015192
TA TRIUMPH-ADLER TWNG IX -120075877.7 410015192
TA TRIUMPH-ADLER TWN GR -120075877.7 410015192
TA TRIUMPH-ADLER TWN EU -120075877.7 410015192
TA TRIUMPH-ADLER TTZAF US -120075877.7 410015192
TA TRIUMPH-ADLER TWN EO -120075877.7 410015192
TA TRIUMPH-A-RTS 1018916Z GR -120075877.7 410015192
TA TRIUMPH-NEW TWN1 GR -120075877.7 410015192
TA TRIUMPH-RT TWN8 GR -120075877.7 410015192
TA TRIUMPH-RTS 3158577Q GR -120075877.7 410015192
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
GEORGIA
-------
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
DEVELICA DEUTSCH DDE IX -107879893.8 1235370057
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE PG -107879893.8 1235370057
DEVELICA DEUTSCH DDE LN -107879893.8 1235370057
O TWELVE ESTATES OTE IX -7152968.898 297722697.4
O TWELVE ESTATES OTE EU -7152968.898 297722697.4
O TWELVE ESTATES OTE PG -7152968.898 297722697.4
O TWELVE ESTATES O2T GR -7152968.898 297722697.4
O TWELVE ESTATES OTE EO -7152968.898 297722697.4
O TWELVE ESTATES OTE PZ -7152968.898 297722697.4
O TWELVE ESTATES OTE LN -7152968.898 297722697.4
O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
GREECE
------
AG PETZETAKIS SA PETZK EU -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 PTZ GR -30790135.48 234437763.5
AG PETZETAKIS SA PETZK EO -30790135.48 234437763.5
AG PETZETAKIS SA PZETF US -30790135.48 234437763.5
AG PETZETAKIS SA PETZK PZ -30790135.48 234437763.5
ALMA-ATERM-AUCT ATERME GA -4110971.317 105276552.2
ALMA-ATERMON SA ATERM PZ -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EO -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EU -4110971.317 105276552.2
ALTEC SA -AUCT ALTECE GA -103590250.3 177563163.7
ALTEC SA INFO ALTEC PZ -103590250.3 177563163.7
ALTEC SA INFO ALTEC EO -103590250.3 177563163.7
ALTEC SA INFO ALTEC GA -103590250.3 177563163.7
ALTEC SA INFO ALTEC EU -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 ALTED GA -103590250.3 177563163.7
ALTEC SA INFO-RT ALTECR GA -103590250.3 177563163.7
ARIES MARITIME T RAMS US -57875000 197992000
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 GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
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
KOUMBAS INSUR-RT KOUMD GA -39842421.26 236519943.7
KOUMBAS RTS KOUMR GA -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM EU -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM EO -39842421.26 236519943.7
KOUMBAS SYNERGY KOUMF US -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM PZ -39842421.26 236519943.7
KOUMBAS SYNERGY KOUM GA -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 PETZP GA -30790135.48 234437763.5
PETZETAKIS-PFD PTZ3 GR -30790135.48 234437763.5
RADIO KORASSIDIS RAKOF US -100972173.9 180679253.6
RADIO KORASSIDIS KORA GA -100972173.9 180679253.6
RADIO KORASSIDIS RKC GR -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 THEMER GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
UNITED TEXTILES NAOYK GA -44175513.67 341686153.1
UNITED TEXTILES UTEX EU -44175513.67 341686153.1
UNITED TEXTILES UTEX GA -44175513.67 341686153.1
UNITED TEXTILES UTEX PZ -44175513.67 341686153.1
UNITED TEXTILES NAOSF US -44175513.67 341686153.1
UNITED TEXTILES UTEX EO -44175513.67 341686153.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
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 ELA PO -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN NQ -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
MCINERNEY HLDGS MK9 PO -113397336.3 441922391.7
MCINERNEY HLDGS MCII IX -113397336.3 441922391.7
MCINERNEY HLDGS MNEYF US -113397336.3 441922391.7
MCINERNEY HLDGS MCI IX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EU -113397336.3 441922391.7
MCINERNEY HLDGS MK9C PZ -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBP EO -113397336.3 441922391.7
MCINERNEY HLDGS MK9 GR -113397336.3 441922391.7
MCINERNEY HLDGS MCI EU -113397336.3 441922391.7
MCINERNEY HLDGS MCI PO -113397336.3 441922391.7
MCINERNEY HLDGS MCI LN -113397336.3 441922391.7
MCINERNEY HLDGS MCI VX -113397336.3 441922391.7
MCINERNEY HLDGS MCI ID -113397336.3 441922391.7
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY PROP-A MYP LN -113397336.3 441922391.7
MCINERNEY PROP-A MCIYF US -113397336.3 441922391.7
MCINERNEY PROP-A MYP ID -113397336.3 441922391.7
MCINERNEY -RT FP MCIF LN -113397336.3 441922391.7
MCINERNEY -RT FP MCIF ID -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 PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
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WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -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 WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
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WATERFORD WED-UT WTFU VX -505729895.2 820803256
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WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
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 LLB GR -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA 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 BND IM -11146475.29 128859802.9
BINDA SPA BNDAF US -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
COIN SPA GUCIF US -151690764.8 791310848.7
COIN SPA GC IX -151690764.8 791310848.7
COIN SPA 965089Q GR -151690764.8 791310848.7
COIN SPA/OLD GC IM -151690764.8 791310848.7
COIN SPA-RTS GCAA IM -151690764.8 791310848.7
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN INO1 IX -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 IV7 GR -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IX -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IM -92020221.43 318192568.6
I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.6
I VIAGGI DEL VEN VVE TQ -92020221.43 318192568.6
I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EO -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EU -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 EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
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PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
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RISANAMENTO SPA RSMNF US -165887753.7 4800733024
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RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO SPA RN IX -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-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 SIAI IX -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SN EO -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 SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS EU -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -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 TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TSCXF US -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
TISCALI SPA TIS EU -421259823.5 632152613.6
TISCALI SPA TISGBX EO -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TIS TQ -421259823.5 632152613.6
TISCALI SPA TISGBX EU -421259823.5 632152613.6
TISCALI SPA TIQG IX -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TISN NA -421259823.5 632152613.6
TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TIS PZ -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
YORKVILLE BHN BY IM -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -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 BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
JAMES HARDIE IND HAH AU -153000000 2120699904
JAMES HARDIE IND HAH NZ -153000000 2120699904
JAMES HARDIE IND 600241Q GR -153000000 2120699904
JAMES HARDIE IND 726824Z NA -153000000 2120699904
JAMES HARDIE NV JHXCC AU -153000000 2120699904
JAMES HARDIE-ADR JHINY US -153000000 2120699904
JAMES HARDIE-ADR JHX US -153000000 2120699904
JAMES HARDIE-CDI JHIUF US -153000000 2120699904
JAMES HARDIE-CDI JHA GR -153000000 2120699904
JAMES HARDIE-CDI JHX AU -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 UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
NORWAY
------
NEXUS FLOATING P NEXUSEUR EU -158054000 353053024
NEXUS FLOATING P NEXUSEUR EO -158054000 353053024
NEXUS FLOATING P NEXUS EO -158054000 353053024
NEXUS FLOATING P NEXUS BY -158054000 353053024
NEXUS FLOATING P NEXUS NO -158054000 353053024
NEXUS FLOATING P NEXUS PZ -158054000 353053024
NEXUS FLOATING P NEXUSGBX EU -158054000 353053024
NEXUS FLOATING P NEXU NO -158054000 353053024
NEXUS FLOATING P NEXUS EU -158054000 353053024
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROLIA DRILLIN PDREUR EO -25943000 499350016
PETROLIA DRILLIN PDR PZ -25943000 499350016
PETROLIA DRILLIN PDR EU -25943000 499350016
PETROLIA DRILLIN P8D GR -25943000 499350016
PETROLIA DRILLIN PDREUR EU -25943000 499350016
PETROLIA DRILLIN PDR1 IX -25943000 499350016
PETROLIA DRILLIN PDR TQ -25943000 499350016
PETROLIA DRILLIN PDR NO -25943000 499350016
PETROLIA DRILLIN PDR EO -25943000 499350016
PETROLIA DRILLIN PDR BY -25943000 499350016
PETROLIA DRI-NEW PDRN NO -25943000 499350016
PETROLIA DRI-RTS PDRT NO -25943000 499350016
POLAND
------
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS PZ -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-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PW -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
BENFICA SLBENX PX -16614056.44 234366255.6
BENFICA SLBEN EO -16614056.44 234366255.6
BENFICA SLBEN EU -16614056.44 234366255.6
BENFICA SLBEN PL -16614056.44 234366255.6
BENFICA SLBE IX -16614056.44 234366255.6
BENFICA SLBEN PZ -16614056.44 234366255.6
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PZ -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 SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -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 EU -75871846.95 148731546.6
VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EO -75871846.95 148731546.6
VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.6
VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EO -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EU -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PL -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.6
ROMANIA
-------
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -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 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 RM -33465586.31 128437866.5
DAGESTAN ENERGY DASB* RU -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 KOSBP* RU -8070130.628 103789430.5
KOLENERGOSBY-PFD KOSBPG 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 RM -331600428.5 891998590.7
SAMARANEFTEGAS SMNG* RU -331600428.5 891998590.7
SAMARANEFTEGAS-$ SMNG RU -331600428.5 891998590.7
SAMARANEFTEGAS-P SMNGP RM -331600428.5 891998590.7
SAMARANEFTEGAS-P SMNGP* RU -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 SM -148097530.9 674738808.3
FERGO AISA SA AISA PZ -148097530.9 674738808.3
FERGO AISA SA AISA EO -148097530.9 674738808.3
FERGO AISA SA AISA EU -148097530.9 674738808.3
MARTINSA FADESA MTF EU -1847997044 8832898708
MARTINSA FADESA MTF SM -1847997044 8832898708
MARTINSA FADESA 4PU GR -1847997044 8832898708
MARTINSA FADESA MTF EO -1847997044 8832898708
MARTINSA FADESA MFAD PZ -1847997044 8832898708
MARTINSA FADESA MTF1 LI -1847997044 8832898708
MARTINSA-FADESA MTF NR -1847997044 8832898708
TURKEY
------
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.3
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
BESIKTAS FUTBOL BWX GR -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
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM -GDR BFJG IX -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
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.9
UNITED KINGDOM
--------------
4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP BYH PO -3088436.068 106650689.4
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
4LESS GROUP FLG OF -3088436.068 106650689.4
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF PZ -215101594.9 121405070
AEA TECHNOLO-FPR AATF LN -215101594.9 121405070
AEA TECHNOLOGY AAT IX -215101594.9 121405070
AEA TECHNOLOGY AAT EU -215101594.9 121405070
AEA TECHNOLOGY AAT VX -215101594.9 121405070
AEA TECHNOLOGY AAT PO -215101594.9 121405070
AEA TECHNOLOGY AAT EO -215101594.9 121405070
AEA TECHNOLOGY AAT PZ -215101594.9 121405070
AEA TECHNOLOGY AAT LN -215101594.9 121405070
AEA TECHNOLOGY AATGBP EO -215101594.9 121405070
AEA TECHNOLOGY AEY GR -215101594.9 121405070
AEA TECHNOLOGY EAETF US -215101594.9 121405070
AEA TECHNOLO-NPR AATN PZ -215101594.9 121405070
AEA TECHNOLO-NPR AATN LN -215101594.9 121405070
AIRTOURS PLC ATORF US -379721841.6 1817512774
AIRTOURS PLC AIR LN -379721841.6 1817512774
AIRTOURS PLC AIR VX -379721841.6 1817512774
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK IX -207093345 1339139513
ATKINS (WS) PLC ATKGBP EO -207093345 1339139513
ATKINS (WS) PLC ATK EU -207093345 1339139513
ATKINS (WS) PLC ATK VX -207093345 1339139513
ATKINS (WS) PLC ATK PZ -207093345 1339139513
ATKINS (WS) PLC ATK TQ -207093345 1339139513
ATKINS (WS) PLC ATK EO -207093345 1339139513
ATKINS (WS) PLC ATK BQ -207093345 1339139513
ATKINS (WS) PLC ATKEUR EO -207093345 1339139513
ATKINS (WS) PLC ATK QM -207093345 1339139513
ATKINS (WS) PLC ATK EB -207093345 1339139513
ATKINS (WS) PLC ATKEUR EU -207093345 1339139513
ATKINS (WS) PLC 6W2 GR -207093345 1339139513
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ATKINS (WS) PLC ATK PO -207093345 1339139513
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STAGECOACH GROUP SHP4 GR -113434621.8 2507562892
STAGECOACH GROUP SGC1 EB -113434621.8 2507562892
STAGECOACH GROUP SGC1 NQ -113434621.8 2507562892
STAGECOACH GROUP SGC1 QM -113434621.8 2507562892
STAGECOACH GRP-B SGCB LN -113434621.8 2507562892
STAGECOACH-NEW SGCN LN -113434621.8 2507562892
STV GROUP PLC STVGEUR EU -49061227.23 212049868
STV GROUP PLC STVG EU -49061227.23 212049868
STV GROUP PLC SMGPF US -49061227.23 212049868
STV GROUP PLC SMG PZ -49061227.23 212049868
STV GROUP PLC STVGEUR EO -49061227.23 212049868
STV GROUP PLC STVG VX -49061227.23 212049868
STV GROUP PLC STVGGBP EO -49061227.23 212049868
STV GROUP PLC STVG EO -49061227.23 212049868
STV GROUP PLC SMG VX -49061227.23 212049868
STV GROUP PLC SMG IX -49061227.23 212049868
STV GROUP PLC STVG LN -49061227.23 212049868
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -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 EO -85010363.51 146193829.2
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES PLC TPT IX -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPTJY US -85010363.51 146193829.2
TOPPS TILES PLC TPT VX -85010363.51 146193829.2
TOPPS TILES PLC TPT PO -85010363.51 146193829.2
TOPPS TILES PLC TPT PZ -85010363.51 146193829.2
TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPT BQ -85010363.51 146193829.2
TOPPS TILES PLC TPTJF US -85010363.51 146193829.2
TOPPS TILES PLC TPTGBP EO -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 UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER PO -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 VX -27530263.14 313453511
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHY PZ -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 VX -63105009.98 1416979806
WINCANTON PLC WIN PO -63105009.98 1416979806
WINCANTON PLC WIN1EUR EO -63105009.98 1416979806
WINCANTON PLC WIN1USD EO -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN1 BQ -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN1 EO -63105009.98 1416979806
WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WINCANTON PLC WIN IX -63105009.98 1416979806
WINCANTON PLC WNCNF US -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WYG PLC WYG PZ -27530263.14 313453511
WYG PLC WHY IX -27530263.14 313453511
WYG PLC WYGEUR EU -27530263.14 313453511
WYG PLC WYGGBP EO -27530263.14 313453511
WYG PLC WYGEUR EO -27530263.14 313453511
WYG PLC WYG EO -27530263.14 313453511
WYG PLC WYG EU -27530263.14 313453511
WYG PLC WYG LN -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 * * *