/raid1/www/Hosts/bankrupt/TCREUR_Public/100316.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, March 16, 2010, Vol. 11, No. 052
Headlines
C Y P R U S
REMEDIAL CYPRUS: Names Clarkson Offshore to Oversee Auction
F R A N C E
CMA CGM: In Talks with Potential Investors
G E R M A N Y
ALMATIS: To File for Chapter 11 with US$1-Bil. Debt Plan
ARCANDOR AG: Sun Capital Not Keen on Buying Karstadt
EUROPROP SA: S&P Lowers Rating on Class E Notes to 'B-'
N E T H E R L A N D S
LYONDELL CHEMICAL: Obtains Approval for Key Agreements
SENSATA TECH: Extends Participation Date to March 18 for Notes
R O M A N I A
* ROMANIA: Fitch Assigns 'BB+' Rating on Sovereign Bonds
R U S S I A
EIRLES FOUR: Fitch Downgrades Ratings on US$15 Mil. Notes to 'D'
INTERREGIONAL INVESTMENT: Moody's Withdraws 'C' National Rating
* RUSSIAN REPUBLIC OF KHAKASSIA: Fitch Assigns 'BB-' Ratings
S P A I N
COOPER-STANDARD: To Close Auto Fluid Plant in Spain
GENERAL MOTORS: Unions at Opel Figueruelas Plant Back Pay Freeze
IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes
SANTANDER EMPRESAS: Moody's Junks Rating on Series E Notes
T U R K E Y
* TURKEY: Fitch Assigns 'BB+' Rating on US$1 Bil. Eurobonds
U N I T E D K I N G D O M
BLOCKBUSTER INC: Puts European Arm for Sale to Raise Cash
BRITISH AIRWAYS: Cabin Crew Union Set Strike Dates
EMAP INT'L: GMG Faces Up to GBP150 Mil. Impairment on Investment
EMI GROUP: Loses Pink Floyd Case Over Online Royalties
GALA CORAL: Nears GBP2.6-Billion Debt Restructuring Deal
GENERAL MOTORS: UK to Provide Loan Guarantee for Vauxhall Plants
GS MEZZANINE: Fitch Changes Outlooks on Two Loans to Negative
JARVIS HOTELS: In Talks with Banks to Refinance GBP122 Mil. Debt
PEARL GROUP: Close to Resolving Dispute with Junior Bondholders
REC PLANTATION: Fitch Gives Stable Outlook; Affirms All Ratings
VEDANTA RESOURCES: To Spin Off Aluminum Project in India
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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C Y P R U S
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REMEDIAL CYPRUS: Names Clarkson Offshore to Oversee Auction
-----------------------------------------------------------
Remedial (Cyprus) PCL has named Clarkson Offshore to manage the
sale and auction process for substantially all of its assets,
according to Marine Log.
The report says bids for the Company's assets must filed by
April 9, 2010. A sale hearing is scheduled for April 22. The
assets will be offered for sale as one complete project. The
assets include:
* the Remedial ESV Solution at Cosco Shipyards in Qidong, China
and due for delivery in April, the Remedial ESV Guardian at
Yantai Raffles Shipyard in Yantai, China and due for delivery
later in 2010;
* two workover rigs each to be deployed on an ESV once
completed, located at Advanced Rig Services yard near
Houston, Texas;
* equipment and spare parts to be used for the ESVs and other
equipment purchased by Remedial in anticipation of
constructing additional vessels; and
* shares in the operating subsidiary, Remedial Offshore
Limited.
About Remedial (Cyprus)
Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels. The vessels facilitate offshore well intervention
activities and work-over services.
Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782). Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort. The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.
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F R A N C E
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CMA CGM: In Talks with Potential Investors
------------------------------------------
Robert Wright at The Financial Times reports that CMA CGM is
seeking capital from outside investors for the first time in an
attempt to tackle a liquidity crisis that has dragged on for
months and left it unable to complete payments for new ships.
According to the FT, CMA CGM has held talks with Louis Dreyfus
Group, France's only other large shipowner, Goldman Sachs and
Butler Capital Partners, among others.
The FT says the fresh capital injection is part of a wider
restructuring package which, if completed, would allow the company
to access a US$500 million loan facility its lenders agreed in
principle to make available in December. So far CMA CGM has been
able to access only US$80 million of the facility, the FT notes.
The FT relates people working with potential equity providers and
familiar with CMA CGM's thinking said a number of potential
investors were in talks with the company and might still invest.
The company has set a deadline of March 17 for investors to make a
decision, the FT discloses.
State Aid
Citing the FT, the Troubled Company Reporter-Europe reported on
March 1, 2010, that CMA CGM's finance director said the company
would receive no conventional state aid. According to the FT,
Mr. Schapiro said the company haf spent months trying to persuade
France's EUR20 billion (US$27 billion) sovereign wealth fund to
invest. Mr. Schapiro gave no indication of whether he expected
the talks with FSI eventually to succeed, the FT noted. CMA CGM
is expected to give an update on the restructuring talks in April,
when it reveals its 2009 results, the FT said.
Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- ships freight PDQ. The marine
transportation company is one of the world's leading container
carriers. Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries. In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail. The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.
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G E R M A N Y
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ALMATIS: To File for Chapter 11 with US$1-Bil. Debt Plan
--------------------------------------------------------
Bloomberg News reports that Almatis will implement a restructuring
by filing for bankruptcy protection in the United States under
Chapter 11 of the Bankruptcy Code. Almatis has said it has
approval from a two-thirds majority of senior lenders to
restructure US$1 billion of debt.
"The proposed restructuring would result in significant reduction
in financial indebtedness and allow the business to continue its
expansion in growth markets. The company is pleased that a
consensus has been reached by a majority of its senior lenders and
is presently considering its response," Almatis said in a
statement.
According to Bloomberg, Dubai International Capital LLC took
control of Almatis after a US$1.2 billion buyout in 2007. Banks
including UBS AG and Bahrain-based Arab Banking Corp. helped
finance Almatis' buyout with US$970 million of loans, including
US$235 million in junior debt. The company breached terms of the
loans in the first half of 2009 as the global economic slowdown
hurt demand for its products.
Oaktree Capital Management LLC, the biggest holder of Almatis'
senior loans with a 38% stake, was seeking control of the company
in exchange for writing off some of the debt.
According to Financial Times, the restructuring plan provides for
these terms:
-- The Plan would more than halve Almatis's debts to about
US$422 million, with senior lenders, which are owed about
US$680 million, being offered a choice of options under the
restructuring.
-- Oaktree would own 80% of the reorganized company.
-- Lenders can either opt for a share of new senior debt and a
cash pay-out equivalent to a recovery of their claims of
86.5 cents on the dollar, along with a share of a 13.5%
stake in the Company, in exchange for writing off their
debt. The alternative is a greater share of the equity in
the company, which Oaktree is expected to take, involving 45
cents worth of new subordinated debt and a share of 86.5% of
the equity. It is assumed that the remaining 54 per cent of
lenders will opt for the first option.
-- The Plan will wipe out the debt claims of more subordinated
mezzanine and second-lien lenders, as well as Dubai
International Capital's equity stake.
-- Subordinated lenders are expected to receive warrants that
will allow them a small share of any proceeds from a sale of
the Company.
About Almatis
Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products. With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries. Almatis operates nine
production facilities worldwide and serves customers around the
world. Until 2004, the business was known as the chemical
business of Alcoa. Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.
ARCANDOR AG: Sun Capital Not Keen on Buying Karstadt
----------------------------------------------------
Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that Sun Capital Partners Inc. isn't
interested in buying Arcandor AG's department-store chain
Karstadt.
According to Bloomberg, the newspaper said Sun Capital, which
acquired Arcandor's mail-order unit Neckermann two years ago,
decided not to take part in the final round of bidding.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
EUROPROP SA: S&P Lowers Rating on Class E Notes to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of EuroProp
(EMC) S.A. (Compartment) 1's commercial mortgage-backed floating-
rate notes.
In S&P's opinion, the loan creditworthiness has deteriorated due
to increased refinance risk.
At closing, in July 2006, EuroProp (EMC) S.A. (Compartment) 1
acquired eight loans secured on 142 properties in Germany, France,
Portugal, Sweden, and Belgium. Since closing, three of the loans
have fully repaid and the outstanding note balance is
EUR423.72 million (from EUR648.55 million at closing). The final
maturity date of the notes is in April 2013.
The largest loan in the pool is the Sunrise loan, which accounts
for 63% of the total pool balance. The loan represents 50% of the
senior whole-loan, while the remaining 50% is securitized in
another European commercial mortgage-backed securities
transaction, DECO 9 -- Pan Europe 3 PLC. The two halves are pari
passu pieces. A portfolio of 60 properties across Germany,
predominantly secondary retail assets, secures this loan.
Deutsche Bank AG, acting as loan facility agent, has been trapping
the excess cash since Q3 2008 as a result of the breach of the
1.45x whole-loan interest coverage ratio and the 80% whole-loan
loan-to-value ratio trap covenants. Current trapped cash amounts
to EUR13.2 million, of which EUR6.1 million was released to partly
repay the loan in January 2010. The most recently reported whole-
loan LTV ratio is 81.19%.
S&P understand that Deutsche Bank is in negotiation with the
borrower over a cash flow restructure. The loan matures in
January 2011. As two different lenders advanced each pari passu
piece, any resolution may result in a deadlock if agreement cannot
be reached between the lenders. It is S&P's understanding that
the loan-facility agent and/or the special servicers have no
ultimate override rights in case of disagreement between the
lenders.
Two of the loans, Elancourt (17% of the total pool balance) and
Selaht (14% of the total pool balance) are each secured on mixed-
use properties across France. Thales and/or EADS occupy the
properties. The reported senior LTV ratios are 41.52% and 55.80%,
respectively. Both loans have been advanced to the same borrower.
S&P has lowered its ratings to reflect its adjusted view of the
creditworthiness of the loans remaining in the collateral pool.
In its opinion, most of the properties securing the loans are of
secondary quality, but they have not experienced material declines
in net operating income since closing (with the exception of
Sunrise). S&P's rating changes reflect the recent market value
declines observed in the various European real estate markets and
the concentration of refinance risk around 2010 to 2011 --
particularly for the Sunrise loan, which accounts for the majority
of the loan pool. S&P has also reflected its opinion of increased
risk of principal losses under the Sunrise and Selaht loans.
S&P initially placed the notes on CreditWatch negative in June
2009 in light of market conditions and the upcoming refinancing
date of the loans.
Ratings List
EuroProp (EMC) S.A. (Compartment) 1
EUR648.55 Million Commercial Mortgage-Backed Floating-Rate Notes
Series 4
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A A AAA/Watch Neg
X A AAA/Watch Neg
B BBB AA/Watch Neg
C BB A/Watch Neg
D B BBB/Watch Neg
E B- BBB-/Watch Neg
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N E T H E R L A N D S
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LYONDELL CHEMICAL: Obtains Approval for Key Agreements
------------------------------------------------------
LyondellBasell has three significant developments toward its
emergence from bankruptcy protection. Specifically,
LyondellBasell:
* obtained bankruptcy court approval of its Third Amended
Disclosure Statement, permitting LyondellBasell to begin
soliciting votes on its Third Amended Plan of Reorganization;
* obtained bankruptcy court authorization for a settlement
resolving various claims asserted against LyondellBasell's
prepetition secured senior and bridge lenders and providing for
treatment of its 2015 noteholders and Millennium noteholders;
and
* obtained bankruptcy court approval of an Equity Commitment
Agreement entered into on Dec. 11, 2009 with respect to a
backstopped US$2,800 million rights offering.
Holders of the majorities of the Company's prepetition senior and
bridge debt have agreed to support confirmation of the Plan, as
have the following groups: a majority of the holders of its 2015
Notes and its Millennium Notes, the Indenture Trustees for each of
the 2015 Notes and the Millennium Notes, and the Official
Committee of Unsecured Creditors.
With the approval of the Disclosure Statement, LyondellBasell can
commence solicitation of acceptances of the Plan. It also can now
commence the rights offering to holders of its senior secured debt
who will be receiving rights under the Plan.
The Bankruptcy Court set the record date for being able to vote on
the Plan and to participate in the rights offering as March 11,
2010 and the deadline for voting on the Plan and exercising rights
as April 15, 2010. The Confirmation Hearing of the Plan is
currently scheduled to commence on April 23, 2010.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors. On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code. All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes. The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SENSATA TECH: Extends Participation Date to March 18 for Notes
--------------------------------------------------------------
Sensata Technologies B.V. has extended the Early Participation
Date to 5:00 P.M., New York City time, on March 18, 2010, with
respect to its previously announced cash tender offer to purchase
the maximum aggregate principal amount of its Notes (as defined
below) that it can purchase for US$350,000,000. The Early
Participation Date was previously scheduled for 5:00 P.M., New
York City time, on March 11, 2010. As of that time, Sensata had
received tenders of approximately US$98,700,000 (or the equivalent
amount in euros) aggregate principal amount of its outstanding 8%
Senior Notes due 2014 (the "Dollar Notes"), its 9% Senior
Subordinated Notes due 2016 (the "9% Notes") and its 11.25% Senior
Subordinated Notes due 2014 (the "11.25% Notes" and, together with
the 9% Notes, the "Euro Notes"). The Dollar Notes and the Euro
Notes are collectively referred to herein as the "Notes."
Each Holder who validly tenders (and does not withdraw) his or her
Notes prior to the Early Participation Date, and whose Notes are
accepted for purchase in the Tender Offer, will receive an early
participation payment of US$30.00 per $1,000 principal amount of
Dollar Notes or EUR30.00 per EUR1,000 principal amount of Euro
Notes tendered in the Tender Offer (the "Early Participation
Payment"). Holders tendering their Notes in the Tender Offer
after the Early Participation Date will not be eligible to receive
the Early Participation Payment.
Sensata is extending the Early Participation Date to permit
Holders of the Notes more time to consider and tender their Notes
into the Tender Offer and still receive the Early Participation
Payment. During this extension, Sensata will continue to evaluate
its alternatives with respect to the Tender Offer.
Sensata has also determined to extend the withdrawal date relating
to the Tender Offer to 5:00 P.M., New York City time, on March 18,
2010 (the "Withdrawal Date"). Notes tendered (and not withdrawn)
prior to the Withdrawal Date and Notes that are tendered after the
Withdrawal Date may not be withdrawn. The Tender Offer is
scheduled to expire at 11:59 P.M., New York City time, on March
25, 2010, unless such time and date is extended or earlier
terminated by Sensata (the "Expiration Date"). Except as set
forth herein, the terms of the Tender Offer remain the same as
those set forth in the Offer to Purchase and related documents.
The Tender Offer is conditioned upon the satisfaction or waiver of
certain conditions as described in the Offer to Purchase,
including Sensata's ultimate parent company, which is currently
undertaking a financing transaction, having received sufficient
net proceeds to make the payments contemplated by the Tender
Offer. Subject to applicable law, Sensata may also terminate the
Tender Offer at any time prior to the applicable Expiration Date
in its reasonable discretion in the event that one or more of the
conditions to the Tender Offer are not satisfied or waived by
Sensata.
About Sensata Technologies
Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- supplies sensing, electrical
protection, control and power management solutions. Owned by
affiliates of Bain Capital Partners, LLC, a global private
investment firm, and its co-investors, Sensata employs
approximately 9,500 people in nine countries. Sensata's products
improve safety, efficiency and comfort for millions of people
every day in automotive, appliance, aircraft, industrial,
military, heavy vehicle, heating, air-conditioning, data,
telecommunications, recreational vehicle and marine applications.
* * *
As reported by the Troubled Company Reporter on December 7, 2009,
Moody's Investors Service has upgraded Sensata Technologies B.V.'s
Corporate Family and Probability of Default ratings to Caa1 from
Caa2, as well as the company's senior secured credit facility to
B2, senior unsecured notes to Caa2, and senior subordinated notes
to Caa3. In a related rating action, Moody's affirmed the
company's Speculative Grade Liquidity rating at SGL-3. The
outlook is positive.
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R O M A N I A
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* ROMANIA: Fitch Assigns 'BB+' Rating on Sovereign Bonds
--------------------------------------------------------
Fitch Ratings has assigned the Republic of Romania's 5-year EUR1
billion sovereign bond a rating of 'BB+'. The rating is in line
with Romania's Long-term foreign currency Issuer Default Rating of
'BB+', which has a Stable Outlook.
Fitch revised the Outlook on Romania's Long-term IDRs to Stable
from Negative on February 2, 2010, on the passing of the 2010
budget and the normalization of Romania's IMF/EU funding program,
which eased downward pressures on Romania's sovereign ratings.
The IMF-agreed 2010 budget deficit target is 5.9%, compared with
an estimated general government deficit of 7.8% in 2009. Fitch
notes that there are risks related to the implementation of
politically challenging policies contained in the 2010 budget,
including the public wage freeze and redundancies, while fiscal
consolidation will need to continue beyond 2010 to sustain the
economy's external adjustment and lessen the upward trend in
public debt ratios. Fitch forecasts Romania's general government
debt (including guarantees) at 33% of GDP at end-2010, compared
with 21.8% at end-2008.
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R U S S I A
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EIRLES FOUR: Fitch Downgrades Ratings on US$15 Mil. Notes to 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded Eirles Four Limited Series 42's
US$15,000,000 synthetic investment grade CDO notes, due June 2014:
-- US$15 million (ISIN: XS0171953796): downgraded to 'D' from
'CCC'
The downgrade follows the default of Series 42 after principal of
the notes was written-down by credit losses from the reference
portfolio. So far, seven credit events in the portfolio, which is
partially managed by Sarco Holdings, have been triggered with a
weighted average recovery of 18.7%. The Series 42 portfolio is
heavily concentrated in the automotive sector which has led to low
recoveries. Losses from credit events total 5.3% of the portfolio
notional which exceeds the initial subordination of 4% of the
Series 42 notes. This has resulted in a principal impairment to
the noteholders. A further one or two credit events could result
in the complete loss of the tranche.
Eirles Four Limited Series 42 is a synthetic securitization of a
portfolio of 100 largely investment grade corporate credits, which
were geographically diversified.
In 2003, Fitch assigned ratings to the US$115m credit-linked notes
issued by Eirles Four Limited Series 42, under the Eirles Four
Limited program incorporated in the Republic of Ireland, and due
2013. At closing, the note proceeds were used by the issuer to
purchase US$115 million 'AAA'-rated Freddie Mac Bonds, due 15
January 2013, issued by the US-based Federal Home Loan Mortgage
Corporation. At the same time, the issuer entered into a 10-year
credit default swap with Deutsche Bank AG London for the
reimbursement of potential losses in the reference portfolio
exceeding the threshold amount and up to the notional amount of
the tranche.
The reference portfolio was selected pursuant to a services
agreement between Sarco Holdings, the service provider, and
Deutsche Bank AG London. Under the agreement, Sarco Holdings
could make a maximum of five reference entity substitutions per
year.
Fitch used its Global Rating Criteria for Synthetic CDOs to
analyze the credit risk of Eirles Four Limited Series 42's
Synthetic Investment Grade CDO.
INTERREGIONAL INVESTMENT: Moody's Withdraws 'C' National Rating
---------------------------------------------------------------
Moody's Interfax Rating Agency has withdrawn the C.ru national
scale rating of Russia-based Interregional Investment Bank because
the issuer has entered bankruptcy. Moscow-based Moody's Interfax
is majority owned by Moody's, a leading global rating agency.
The bank had no global scale deposit rating and no senior
unsecured, subordinate or structured finance obligations rated by
Moody's Interfax or Moody's.
The last rating action on Interregional Investment Bank was on
November 19, 2009, when Moody's Interfax downgraded its NSR to
C.ru (lowest possible level) from Baa1.ru. This downgrade was
triggered by the bank losing its banking license due to violation
of banking laws, failure to conduct client transactions, failure
to create adequate loan loss and general provisions, as well as
substantial manipulation with regard to regulatory reporting
(source: Central Bank of Russia).
Interregional Investment Bank was declared bankrupt in January
2010 by the Moscow Arbitration Court. In February, its temporary
administration was terminated and the bank is now collecting
claims from creditors. Once this process is completed, the bank
will be liquidated.
Domiciled in Moscow, Russia, Interregional Investment Bank
reported -- as of October 1, 2009 (under Russian GAAP) -- total
assets of RUB6.6 billion (US$220 million) and total shareholders'
equity of RUB1.6 billion (US$53 million). Those figures could be
substantially misstated and differ from the real numbers, as
indicated by the CBR.
* RUSSIAN REPUBLIC OF KHAKASSIA: Fitch Assigns 'BB-' Ratings
------------------------------------------------------------
Fitch Ratings has assigned the Russian Republic of Khakassia Long-
term foreign and local currency ratings of 'BB-', a Short-term
foreign currency rating of 'B' and a National Long-term rating of
'A+(rus)'. The Outlooks for the Long-term ratings are Stable.
The ratings reflect the modest scale of the republic's economy,
its high tax concentration, and contingent liabilities stemming
from its public sector enterprises. The ratings also factor in
the republic's sound budget performance and low debt burden.
The Stable Outlooks reflect Fitch's expectation that prudent
fiscal discipline and a recovery of the local economy will
continue to support a sound budget performance. Fitch expects
Khakassia's debt burden will remain manageable despite an expected
direct debt increase.
The republic has a modest economy with per capita gross regional
product equal to 55% of the national average in 2008. The region
recorded stable, but moderate economic development with annual GRP
growth below the national level in 2004-2008. However, Khakassia
demonstrated better resilience to the national economic recession
in 2009 when its GRP declined just 0.8% y-o-y in real terms,
compared to the national decline of 7.9%. The republic has high
tax concentration and the 10 largest taxpayers generated 46% of
tax revenue proceeds to republic's budget, which Fitch views as a
credit weakness.
Khakassia has demonstrated a sound budget performance over the
last five years, as the operating balance increased to 14.6% of
operating revenue in 2008 from 8.9% in 2005. Despite the downturn
of the national economy, the republic continued to demonstrate a
sound budget performance in 2009 with an operating margin of about
9%. Fitch expects the operating margin to increase above 10% in
2010.
The republic's administration has demonstrated conservative budget
management in the past aiming at minimizing the budget deficit and
funding investment through its own resources. As of end 2008, the
direct risk of the republic's budget was immaterial, but in 2009
the republic recorded a moderate deficit before debt variation,
and its direct risk grew to a manageable RUB866 million (7.2% of
current revenue in 2009). In 2010, the administration budgeted
RUB1.5 billion deficit before debt variation, which will be
financed by new bank loans and a domestic bond issue. The loans
and bond issue will increase the direct risk of the republic to
RUB2.3bn or about 12% of total revenue. However, direct risk will
remain moderate given the republic's well structured debt profile.
The republic is exposed to contingent risk totaling RUB453 million
stemming from public sector entities. This debt mostly consists
of the RUB380 million bond of the Mortgage Agency of the Republic
of Khakassia, which is guaranteed by the republic. The agency
recorded losses in 2008 and 2009 and defaulted on RUB10.4 million
coupon payments in late 2009. The republic's guarantee was
declared invalid by regional courts, but the republic continues to
support the agency and has undertaken direct negotiations with the
bond holder to restructure the payment schedule.
Khakassia is located in southwest Siberia. Its GRP accounts for
0.2% of national GDP, and the republic has 538,000 inhabitants,
representing 0.4% of the national population.
=========
S P A I N
=========
COOPER-STANDARD: To Close Auto Fluid Plant in Spain
---------------------------------------------------
Cooper-Standard Holdings Inc., a leading global automotive
supplier, announced that the subsidiary company Coper-Standard
Automotive Espana SL will initiate legal proceedings to close its
automotive Fluid plant located at Polgono Industrial San Marcos
in Getafe, Madrid, Spain. The closure is slated to be complete by
August -- September 2010.
This is the result of an in-depth analysis of the facility's
situation and current market conditions. The closure is due, in
part, to the continued deterioration of the automotive industry.
As a result, the Getafe plant does not have the necessary minimum
production volumes necessary to continue operations.
"This announcement comes as part of Cooper-Standard's ongoing
effort to better align our manufacturing operations with current
industry demand," said Keith D. Stephenson, President
International Division, Cooper-Standard Automotive. "While other
possibilities were studied, the current economic climate,
unfavorable fixed cost structure and expiration of two customer
contracts this year at the Getafe facility hinder the on-going
viability of the facility's business."
The Getafe operation employs approximately 75 employees and
manufactures fuel and brake products, such as brake boosters,
vapor and clutch lines, and water valves. Cooper-Standard is
working with the appropriate government agencies to assist the
effected workers throughout the transition.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total US$1,733,017,000 while debts total
US$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
GENERAL MOTORS: Unions at Opel Figueruelas Plant Back Pay Freeze
----------------------------------------------------------------
Daniel Schafer, Andrew Bounds and Gerrit Wiesmann at The Financial
Times report that Spanish unions agreed on a pay freeze and job
cuts at the plant in Figueruelas, the biggest factory of General
Motor Co.'s Opel unit.
The FT relates the Comisiones Obreras union said in a statement
that it had accepted a wage freeze this year and in 2011, with 2%
increases in the following two years. According to the FT, GM
will reduce the 6,300-strong workforce by 900 employees through
early retirement or attrition.
GM wants to restructure its European operations under a EUR3.7
billion (US$5 billion) plan, for which it is seeking around EUR1.8
billion in loans and guarantees from five European countries where
it has plants -- the UK, Germany, Spain, Poland and Austria -- the
FT notes.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes
--------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by IM Banco Popular MBS 2:
-- Aaa to the EUR596,000,000 Class A due 2052
-- Caa1 to the EUR89,000,000 Class B due 2052
The transaction represents the securitization of Spanish High LTV
mortgage loans originated by Banco Popular, S.A. The assets
supporting the notes are prime mortgage loans secured on
residential and some commercial properties located in Spain. The
portfolio will be serviced by Banco Popular, S.A.
Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) an analysis
of the collateral historical performance; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.
The expected portfolio loss of 6.0% and the MILAN Aaa required
credit enhancement of 22.5% serve as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000. Specific
characteristic of this High LTV pool such as missing information
on employment type, combined with uncertainty in the real estate
sector and the deteriorating economic environment drove to a Milan
Aaa CE in excess of that which would be driven by the MILAN model
outcome.
The V Score for this transaction is Medium, which is in line with
the V score assigned for the Spanish RMBS sector. Only three sub
components underlying the V Score have been assessed higher than
the average for the Spanish RMBS sector. The Sector's Historical
Downgrade Rate, Disclosure of Securitisation Collateral Pool
Characteristics and Transaction Complexity are assessed as Medium,
which are higher than the Low/Medium V score assigned for the
Spanish RMBS sector for those sub components. This is due to the
exposure of the transaction to HLTV's which have suffered more
downgrades than traditional mortgages pools in recent years, no
employment data and no months current data available and because
HLTV loans are more exposed to house price declines.
Issuer/Sponsor/Originator's Historical Performance Variability is
Medium, which is in line the V score assigned for the Spanish RMBS
sector for this sub component, although High LTV (HLTV) pools have
historically higher defaults and arrears than traditional
mortgages pools, the historical 1-year notch-weighted Baa
downgrade rate is comparable to Spanish corporates. V-Scores are
a relative assessment of the quality of available credit
information and of the degree of dependence on various assumptions
used in determining the rating. High variability in key
assumptions could expose a rating to more likelihood of rating
changes. The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.
The definitive ratings address the expected loss posed to
investors by the legal final maturity. The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.
SANTANDER EMPRESAS: Moody's Junks Rating on Series E Notes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
outstanding Series B, C, D and E notes issued by Santander
Empresas 3, FTA, to Aa3, Baa3, B3 and Ca, from Aa2, A3, Baa3 and
Ba1, respectively and confirmed the Aaa ratings of the Series A2
and A3 notes. The rating downgrades conclude the review for
possible downgrade that Moody's initiated on March 18, 2009.
The downgrades were prompted by the weaker-than-expected
collateral performance of the pool of loans backing the notes.
The rating review also incorporated Moody's refinement of its ABS
SME approach, as described in the Rating Methodology report
"Moody's Probability of Default Assumptions in the Rating Analysis
of Granular Small and Mid-sized Enterprise Portfolios in EMEA",
published on March 17, 2009.
As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector.
The deterioration of the Spanish economy has been reflected in
Moody's negative sector outlook for Spanish SME securitization
transactions.
Moody's rating review also took into account the repurchase by the
originator, Banco Santander S.A. (rated Aa2/P-1), on February 25
and March 5, 2010, of all outstanding 121 bullet loans (total
principal balance of EUR136 million) -- as notified to Moody's by
the servicer, Santander de Titulizacion. Bullet loans accounted
for approximately 9% of the portfolio balance before the
repurchase. According to the servicer, the cash from the
repurchase will be treated as loan amortization. It will
therefore result in accelerated amortization on the Class A1 and
A2 notes on the next payment date.
Collateral Performance
Outstanding 90+ delinquencies (i.e. the balance of loans with
arrears for more than 90 days) reached 1.30% of the portfolio
current balance, as of the January 2010 investor report. While
this is down from the peak of 1.98% reported in April 2009,
Moody's notes that the cumulative balance of defaulted loans has
now increased to 0.97% of the original portfolio balance (January
2010 report). In this transaction, a loan is in default if it has
been in arrears for 12 months or over. In addition, the reserve
fund has been reported drawn since January 2009 and it was at only
71% of its target balance in January 2010.
As a result of the increased delinquencies, the balance of loans
in arrears first exceeded the threshold of 1.50% of the
outstanding portfolio balance in October 2008, prompting the pro-
rata amortization of the Series A2 and A3 notes (the Series A1
notes were redeemed in June 2008). Although in the latest
reporting period, the delinquency ratio fell below the threshold
(1.30% in the January 2010 report), the pro-rata amortization of
the senior notes is irreversible.
During its review, Moody's was unable to obtain detailed and
complete information on some of the characteristics of the
outstanding pool of loans, particularly at the loan level, as was
also the case for the Santander Empresas 4 transaction review (see
press release from February 4, 2010). Therefore, in some
instances Moody's made assumptions relying on aggregate
information or loan-level data obtained at closing, as detailed
below.
Default Probability Adjustments
Moody's first revised its assumption for the default probability
of the SME debtors to an equivalent rating in the single B-range
for debtors operating in the real estate sector, and in the low
Ba-range for non-real estate debtors. Approximately 28% of the
outstanding December 2009 pool balance related to borrowers in the
building and real estate sector based on loan-level data.
However, Moody's was unable to verify the sector of activity for
nearly 12% of the outstanding pool balance and assumed that a
proportion of these loans related to activities in the building
and real estate sector. According to Moody's industry
classification, the concentration in the "building and real
estate" sector was approximately 37% of the portfolio balance at
closing.
In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies. Based on stratification data at closing,
Moody's assumed that approximately 40% of the loans were to micro-
size SMEs (including self-employed borrowers) and therefore
notched down its rating proxy to reflect additional default risk
associated with these debtors. Similarly, Moody's assumed that
approximately 10% of the outstanding portfolio comprised loans to
large-size SMEs and accordingly notched up its rating proxy for
these debtors.
Moody's also increased its DP assumptions for the loans that have
not made any principal payment since the transaction closed. Non-
amortized loans amount to approximately 5% of the remaining
outstanding portfolio balance after taking into account Banco
Santander's repurchase of all outstanding bullet loans on 25
February and March 5, 2010. The servicer has indicated that all
non-amortized loans remaining in the pool following the repurchase
were still in their principal payment grace periods. The rating
agency believes there is a payment shock risk associated with the
end of non-amortizing periods and therefore made a 10% DP
adjustment for such loans.
Finally, Moody's equivalent rating for loans in arrears for more
than 30 days was notched down depending on the length of time the
loans had been in arrears, and notched up for performing loans not
in the building and real estate sector originated prior to 2006,
depending on their actual seasoning. Loans originated prior to
2006 contributed nearly half of the outstanding portfolio balance
(including loans in the building and real estate sector) in
December 2009.
Revised WAL and DP Assumptions
Moody's separately revised its weighted-average remaining life
assumption for the pool of loans to 4.5 years. With a 4.5-year
average life, the high single-B overall DP equivalent rating
resulting from the above DP adjustments translate into an
increased cumulative mean default assumption of 12.5% of the
current outstanding portfolio amount. Moody's DP assumption
relates to the typical 90-day past due default definition, which
is different from the actual default definition in this
transaction (12-month past due). Moody's recovery assumption is
consistent with the default definition reflected in its DP
assumption. Expressed as a percentage of the original portfolio
balance, Moody's revised cumulative mean default rate is 6.5%
(assuming cumulative defaults on a 90-day basis of 1.9% of the
original portfolio). This compares to an initial mean cumulative
DP assumption of 2.64% at closing.
Recovery and Prepayment Assumptions
Moody's increased its initial mean recovery expectation to 45%
from 42.5% to reflect the increased proportion of properties
backed by mortgage guarantees (approximately 58% of the
outstanding balance against 42% at closing), but only made a
marginal adjustment given the lack of recovery data available and
the absence of detailed data on the type of properties serving as
collateral for these mortgage securities. However, Moody's tested
the sensitivity of results to recovery assumptions in a 40%-50%
range. Stochastic recoveries were modeled assuming a 20% standard
deviation.
The constant prepayment rate assumption used in Moody's cash flow
model has decreased to 5% from 15% at closing. This rate is
consistent with the most recently reported prepayment rate data
and Moody's revised default rate expectation for the remainder of
the transaction.
Large Loan Concentrations
Although the portfolio remains granular with more than 10,000
outstanding loans in January 2010, exposures to some very large
borrowers have increased. In particular, the largest single loan,
now over 3% of the portfolio outstanding balance, has not
amortized since closing (it was confirmed by the servicer as still
in its grace period). Therefore, the exposure of the transaction
to very large loans should continue to increase in the short to
medium term, as smaller loans amortize.
Given the remaining granularity of the outstanding portfolio,
Moody's used a normal inverse distribution to derive the
probabilities of its default scenarios in its cash flow model,
ABSROM. However, to reflect increasing concentrations of large
loans in the pool, Moody's has increased its asset correlation
assumption, driving up the standard deviation of the loss
distribution. As Moody's simultaneously increased its mean
cumulative DP in a larger proportion, it has ultimately lowered
its coefficient of variation assumption (standard deviation over
mean DP) to 43% from 60% at closing.
The Transaction
Santander 3 is a securitization fund which purchased a pool of
loans granted by Banco Santander, S.A., to Spanish SMEs. At
closing, in May 2007, the portfolio consisted of over 25,000
loans. The loans were originated between 1994 and 2006, with a
weighted-average seasoning of 1.85 years and a weighted-average
remaining term of 9.3 years. Geographically the pool was well
diversified with the highest concentrations in Madrid (25%),
Catalonia (17.5%) and Andalusia (12%) at closing.
Meaning of Rating and Methodologies
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transaction. Other
risks have not been addressed, but may have a significant effect
on yield to investors.
Detailed Rating Actions
-- Series A2: Confirmed at Aaa; previously on March 18, 2009 Aaa
placed under review for possible downgrade
-- Series A3: Confirmed at Aaa; previously on March 18, 2009 Aaa
placed under review for possible downgrade
-- Series B: Downgraded to Aa3; previously on March 18, 2009 Aa2
placed under review for possible downgrade
-- Series C: Downgraded to Baa3; previously on March 18, 2009 A3
Placed Under Review For Possible Downgrade
-- Series D: Downgraded to B3; previously on March 18, 2009 Baa3
placed under review for possible downgrade
-- Series E: Downgraded to Ca; previously on March 18, 2009 Ba1
placed under review for possible downgrade
===========
T U R K E Y
===========
* TURKEY: Fitch Assigns 'BB+' Rating on US$1 Bil. Eurobonds
-----------------------------------------------------------
Fitch Ratings has assigned the Republic of Turkey's US$1 billion
eurobond, due on 30 March 2021, a 'BB+' rating. The eurobond has
a coupon rate of 5.625%, with a yield to investors of 5.75% and a
spread over benchmark US Treasury bonds of 203 basis points.
The rating is in line with Turkey's Long-term foreign currency
Issuer Default Rating, which has a Stable Outlook.
On December 3, 2009, Fitch upgraded Turkey's Long-term foreign
currency IDR to 'BB+' from 'BB-', reflecting Turkey's relative
resilience to the global financial crisis.
===========================
U N I T E D K I N G D O M
===========================
BLOCKBUSTER INC: Puts European Arm for Sale to Raise Cash
---------------------------------------------------------
Ben Marlow at The Sunday Times reports that Blockbuster Inc. has
put its European arm for sale.
Accoding to the report, Blockbuster, which is struggling with
spiraling losses and more than US$1 billion (GBP660 million) of
debts, wants to offload the European division -- including 650
stores in the UK and more than 5,000 staff -- as part of a drive
to raise cash.
The company has appointed Winchester Capital, an American
corporate finance house, to find a buyer for the European
operation, which it values at about GBP50 million, the report
says.
About Blockbuster Inc.
Dallas-based Blockbuster Inc. (NYSE: BBI, BBI.B) is a global
provider of rental and retail movie and game entertainment. The
Company provides its customers with convenient access to media
entertainment anywhere and any way they want it -- whether in-
store, by-mail, through vending and kiosks or digital download.
With a highly recognized brand name and a library of over 125,000
movie and game titles, Blockbuster leverages its multi-channel
presence to further build upon its leadership position in the
media entertainment industry and to best serve the two million
daily global customers and over 50 million annual global
customers. The Company may be accessed worldwide at
http://www.blockbuster.com/
Adverse Going Concern Opinion Anticipated
The Company expects to file its Annual Report on Form 10-K for
fiscal 2009 with the Securities and Exchange Commission on or
before March 19, 2010. Management anticipates the report of the
Company's independent registered public accounting firm relative
to the Company's 2009 consolidated financial statements will
contain an explanatory paragraph indicating that substantial doubt
exists with respect to the Company's ability to continue as a
going concern. The Company's independent public accountants have
advised management that such an opinion will be related to the
risk that the Company will have a low level of liquidity,
particularly as a result of decreased cash from operations. As
the Company noted, it intends to explore strategic alternatives,
one or more which could improve its liquidity.
As reported by the Troubled Company Reporter on March 4, 2010,
Moody's Investors Service downgraded Blockbuster's long term
ratings, including its Probability of Default Rating and its
Corporate Family Rating to Caa3 from Caa1. The outlook is
negative. The speculative grade liquidity rating remains SGL-3.
"The Caa3 Probability of Default Rating reflects the significant
increase in the likelihood of a transaction Moody's would consider
a distressed exchange and hence a default" said Maggie Taylor,
Vice President and Senior Credit Officer at Moody's. "This is
given Blockbuster's stated desire to pursue a transaction which
would strengthen its capital structure, which when given its weak
financial performance, may well result in it making an offer to
exchange some of its debt at a material discount to par," Ms.
Taylor added.
As reported by the TCR on September 18, 2009, Standard & Poor's
Ratings Services raised its corporate credit rating on Blockbuster
to 'B-' from 'CCC'. The outlook is stable.
BRITISH AIRWAYS: Cabin Crew Union Set Strike Dates
--------------------------------------------------
Gill Plimmer and George Parker at The Financial Times report that
representatives of British Airways plc's 12,000 cabin crew members
announced a series of walkouts to take place later this month.
According to the FT, the strikes -- for three days from March 20
and four days from March 27 -- will cause travel disruption to
thousands of passengers in the run-up to Easter and hit BA's
profits.
The FT says at the heart of the dispute is a GBP62.5 million cost-
savings program, which both sides agree is needed to repair
profits at the loss-making airline, which is burning through an
estimated GBP1.5 million cash a day, and struggling with
competition from low-cost carriers and a prolonged slump in
lucrative premium-class bookings.
The FT notes while BA wants to achieve this through cutting staff
numbers from 16 to 15 on long haul flights -- a program it
implemented through 1,100 voluntary redundancies last November --
the Unite union wants these positions reinstated and has offered a
2.6% pay cut instead. The union -- which has also conceded that
new staff can be hired on lower pay and more stringent contractual
conditions -- claims management's proposals exceed the airline's
annual savings target of GBP60 million, the FT recounts.
Warning
Roland Watson and Philip Pank at Times Online report that Lord
Adonis, the Transport Secretary on Sunday warned that the future
of British Airways is at risk if threatened strikes by cabin crew
go ahead.
The FT relates Lord Adonis appealed to union members to "put the
public first and put the company first" and call off the action.
According to the FT, Lord Adonis said he "absolutely deplored" the
strike and that it was "totally unjustified". He called on both
sides to return to the negotiating table before the first planned
walkout next weekend, the FT states.
"The stakes are incredibly high. The impact will not only be
deeply damaging on passengers, it will threaten the very existence
of British Airways," the FT quoted Lord Adonis as saying.
Unite says it will not strike during the first two weeks of April,
but further dates will be set on April 14, the FT 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.
EMAP INT'L: GMG Faces Up to GBP150 Mil. Impairment on Investment
----------------------------------------------------------------
John O'Doherty and Andrew Edgecliffe-Johnson at The Financial
Times report that Guardian Media Group is examining an impairment
of as much as GBP150 million on its investment in Emap.
According to the FT, GMG is undergoing an impairment review on all
the group's assets, and said it was likely that there would be an
impairment on Emap, in which it holds a 29.5% stake.
The FT says no figure has yet been reached by auditors but the
impairment could be as much as GBP150 million, knocking 50% off
the value of GMG's original investment.
An impairment of this size would push GMG into a loss for the
second year in a row, when it reports annual results in July or
August, the FT states.
The FT relates both Apax and GMG are in the process of buying back
some of Emap's GBP700 million debt pile to ease building pressure
on Emap's banking covenants.
The buy-back of about GBP100 million is expected to be completed
within the next few weeks, the FT says. Apax is expected to make
the lion's share of these purchases, with GMG spending only a
"minimal amount" -- perhaps as little as 10% -- the FT discloses.
The buy-back will free up a GBP100 million facility originally
earmarked for Emap to make acquisitions, the FT notes.
Emap International Ltd. -- http://www.emap.com/-- is a business-
to-business (B2B) publisher. It is a producer of trade magazines
(Broadcast, Construction News, Retail Week) through its Emap
Inform unit. It provides business intelligence, analysis, and
forecasting tools through its Emap Data and Insight unit. In
addition, Emap organizes conferences such as the World Retail
Congress through Emap Network, and exhibitions such as the Cannes
Lions International Advertising Festival, through Emap Connect.
Subsidiary Worth Global Style Network covers the fashion industry.
Emap targets the retail, media, finance, fashion,
health, education, government, and automotive sectors.
EMI GROUP: Loses Pink Floyd Case Over Online Royalties
------------------------------------------------------
Jane Croft at The Financial Times reports that Pink Floyd has won
a court claim against EMI that prevents the record company from
selling single downloads of the band's concept albums on the
Internet.
The FT recalls the band had gone to the High Court in London to
seek clarification of its contract with EMI, which was last
negotiated in 1998-99, before the massive expansion of music
online.
According to the FT, the band had sought that EMI should not be
allowed to unbundle songs from its albums and sell them online
individually, but that albums should be sold as a whole with the
tracks in a predetermined order.
The FT relates Sir Andrew Morritt, chancellor of the High Court,
gave an oral judgment on Thursday, holding that EMI was bound by a
contract preventing it from selling its records other than as
complete albums without written consent.
The Pink Floyd case was heard in the High Court last week but went
into private session part way through the hearing after EMI made
an application citing commercial confidentiality, the FT recounts.
Mr. Morritt gave part of his oral judgment in private -- excluding
the public and media -- relating to a challenge over the level of
royalties paid by the record company, the FT notes. He later
ordered that EMI pay Pink Floyd's legal costs and refused to give
the record company leave to appeal, the FT discloses.
Going Concern Doubt
As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said KPMG, EMI Group's accountants,
raised "significant doubt" about the company's ability to continue
as a going concern. The FT disclosed Guy Hands, Terra Firma's
founder and chairman, has written to investors in two of its
private equity funds asking them to inject another GBP120 million,
subject to EMI Music producing a new strategic plan. He must come
up with the money by June 14 or risk losing the company to
Citigroup, his bankers, the FT said. According to the FT,
accounts for the year to March 2009, released on February 9,
however, make clear that even if Terra Firma secures this equity,
it will face another "significant shortfall" against a test on
covenants in its loans by March 2011. Unless it can persuade Citi
to restructure its GBP3.2 billion in loans by then, investors face
further cash calls, the FT stated. The FT disclosed EMI's pre-tax
losses for the year to March 2009 widened to GBP1.7 billion,
against a GBP414 million loss for the previous period, which
covered the first eight months and 21 days of Terra Firma's
ownership.
EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group). It houses
recorded music segment EMI Music and EMI Music Publishing. EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz. EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland). Private equity firm
Terra Firma owns EMI.
GALA CORAL: Nears GBP2.6-Billion Debt Restructuring Deal
--------------------------------------------------------
Anousha Sakoui at The Financial Times reports that committees
representing Gala Coral's senior and mezzanine lenders have agreed
to the terms of a GBP2.6 billion restructuring that would cut the
group's debts by a quarter.
According to the FT, a group of five lenders holding 20% of the
senior debt, which includes Alcentra, Lloyds Banking Group and
Royal Bank of Scotland, have agreed to the plan, but 66.6% of
these creditors need to approve it.
Citing a person close to Gala, the FT says a further 20 senior
lenders are understood to be supportive of the plan.
The plan is set to be presented to the rest of the mezzanine
creditors this week, the FT states.
The deadline for votes is April 1, the FT discloses. If met, the
restructuring could be completed by the end of May, the FT says.
The proposal will also require the approval of Gala's three
shareholders, whose equity stakes will be all but wiped out, the
FT states. Citing people close to the situation, the FT notes if
they do not agree terms under which shareholders would support the
plan, the restructuring could still be implemented via a pre-
packaged administration.
The FT says under the plan, mezzanine creditors will provide
GBP200 million in new funds in exchange for 70% of the company and
write off all their existing GBP550 million debt claims in
exchange for the remaining 30%.
This cuts the company's net debt by GBP750 million from GBP2.6
billion to GBP1.85 billion, the FT discloses. Gala would also
have a new set of financial covenants that will give it added
flexibility, the FT notes.
Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is a
gaming company in the UK, with operations encompassing bingo,
casinos, and sports betting. It runs more than 150 bingo halls
throughout the country, as well as some 30 casinos. The company
is also a bookmarker with nearly 1,600 betting shops and online
betting sites. Gala Coral Group was formed in 2005 when Gala
Group acquired Coral Eurobet. The company is jointly owned by
private equity firms Cinven Group, Candover Investments, and
Permira.
GENERAL MOTORS: UK to Provide Loan Guarantee for Vauxhall Plants
----------------------------------------------------------------
Daniel Schafer, Andrew Bounds and Gerrit Wiesmann at The Financial
Times report that the British government on Friday said it will
provide General Motors Co. with a GBP270 million (US$410 million)
loan guarantee for its two Vauxhall plants.
According to the FT, Lord Mandelson, UK business secretary, said
the deal meant the plants in Ellesmere Port and Luton and their
4,700 jobs were safe.
"I said we would support the company and we have," Lord Mandelson
told the FT on a visit to Manchester. "They are first-rate plants
with a first-rate workforce."
GM wants to restructure its European operations under a EUR3.7
billion (US$5 billion) plan, for which it is seeking around EUR1.8
billion in loans and guarantees from five European countries where
it has plants -- the UK, Germany, Spain, Poland and Austria -- the
FT notes.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GS MEZZANINE: Fitch Changes Outlooks on Two Loans to Negative
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on GS Mezzanine Partners
III's US$130.3 million and EUR431.9 million multi-currency
revolving loan agreements to Negative from Stable whilst affirming
the loans' respective ratings at 'BBB-'. A Loss Severity Rating
of 'LS-3' was assigned to both loans.
The revision of the Outlooks to Negative reflects the fact that
the portfolio credit quality has deteriorated since the last
review in December 2008. The portfolio has experienced two
additional defaults representing 19.2% of the portfolio balance as
of December 2008. In addition, 21% of the portfolio balance as of
December 2008 has been rated 'CCC+' or below, indicating that the
portfolio may suffer from further defaults. The manager has
indicated that around US$100 million of cash received from the
portfolio will be reserved to support existing portfolio
companies. This will most likely consist of equity investments.
While this support could mitigate future portfolio deterioration,
the Outlooks on both loans have been revised to Negative from
Stable due to the substantial risk of additional defaults for the
concentrated portfolio.
However, the notes have been affirmed as the current levels of
credit enhancement and excess spread of the loans are deemed
consistent with the current ratings. Since the last review, the
loans have been repaid by US$202 million from interest and
principal proceeds received from the portfolio. The credit
enhancement level of the loans now stands at 46.9%. The
transaction also benefits from the generous amount of excess
spread currently representing up to 5% of the current portfolio
size per year that is used to redeem the loans. In Fitch's view,
the loans could sustain six obligor defaults from the current
portfolio of nine obligors.
Looking forward, Fitch expects the fund to continue to delever as
interest and principal proceeds are received. The agency believes
that excess spread that continues to be captured will mitigate
limited portfolio deterioration.
JARVIS HOTELS: In Talks with Banks to Refinance GBP122 Mil. Debt
----------------------------------------------------------------
Dominic Walsh and Helen Power at The Times report that Jarvis
Hotels is in advanced talks with Grant Thornton, acting on behalf
of the company's bank lenders, over a refinancing of its GBP122
million debt facility. The company is in breach of its financial
covenants.
The company has yet to lodge its accounts for the year to
March 2009, which Companies House records show are six weeks
overdue, the report notes.
The report recalls in its previous accounts, filed in July 2009,
auditors from KPMG indicated "a material uncertainty which may
cast doubt on the group's ability to continue as a going concern".
The accounts show that Jarvis was forced to seek waivers over
covenant breaches as the downturn in trading that started in the
second half of 2008 caused a cashflow crisis, the report
discloses.
Citing the accounts, the report says discussions are over a new
debt facility, to run until 2012 with revised covenants. To date
no such agreement has been announced. The report notes insiders
close to the process said Sunday night that a resolution was in
sight.
Jarvis Hotels -- http://www.jarvis.co.uk/-- operates more than 40
mid-market hotels under the Ramada banner throughout England,
Wales, and Scotland. About half of its properties are located
near airports, while five are located in the London area. The
company is led by John Jarvis, who founded Jarvis Hotels in 1990,
when he purchased about 40 properties from Allied-Lyons (which
later became Allied Domecq).
PEARL GROUP: Close to Resolving Dispute with Junior Bondholders
---------------------------------------------------------------
Paul J. Davies at The Financial Times reports that Pearl Group is
close to a settlement with holders of GBP500 million worth of
junior bonds.
According to the FT, the deal being discussed has the unanimous
support of a committee of bondholders who have been leading
negotiations with the company and addresses most of the concerns
bondholders had with the previous settlement offer.
The FT relates Pearl said Friday it was "in substantive and
positive discussions" with the bondholder committee, which
controls about 60% of the notes. It "hopes to be able to make a
full announcement shortly".
The FT says a deal would ease Pearl's plans to move to a full FTSE
100 listing later this year, following its financial
restructuring.
The FT recalls that in January, investors including Abaci, Axa,
F&C, Fidelity, MSD Capital, Oceanwood Capital and Rathbones
Investment Management rejected a proposed settlement from Pearl
that the company said was its best offer.
The FT recounts that in the January proposal, Pearl offered to
swap GBP100 million of the bonds for cash at 45p in the pound and
to improve investor protection on the remaining bonds, in exchange
for a cut in their value to 75p in the pound. Pearl would not pay
the missed coupon, the FT discloses.
According to the FT, the bondholders said they wanted greater
protection against future company reorganizations or changes of
control. They also wanted their missed coupon made good, the FT
states.
The FT notes one person said Friday that the main points the
bondholders had been seeking had been addressed. The company, as
cited by the FT, said any agreement would be subject to approval
by regulators and its lending banks.
Pearl Group Limited -- http://www.pearlgrouplimited.co.uk/--
operates through two primary operating companies: Pearl Assurance
and Phoenix Life Limited. It also operates London Life, NPI Ltd,
and Scottish Mutual. However, its companies don't sell new
policies but instead maintain blocks of life insurance policies
and pension products bought from other insurers (called closed
life funds). It has more than 7 million such policies in force.
Its asset and risk management business operates as Ignis Asset
Management. Pearl Group intends to list on the London Stock
Exchange.
REC PLANTATION: Fitch Gives Stable Outlook; Affirms All Ratings
---------------------------------------------------------------
Fitch Ratings has revised the Outlook of REC Plantation Place
Limited's senior floating-rate notes to Stable from Negative and
affirmed all ratings:
-- GBP287.7 million Class A (XS0262650889) affirmed at 'AAA';
Outlook revised to Stable from Negative
-- GBP39.6 million Class B (XS0262650962) affirmed at 'AA-';
Outlook revised to Stable from Negative
-- GBP44.5 million Class C (XS0262651002) affirmed at 'BBB-';
Outlook revised to Stable from Negative
-- GBP39.6 million Class D (XS0262651184) affirmed at 'B-';
Outlook Negative
-- GBP14.8 million Class E (XS0262651341) affirmed at 'CCC';
Recovery Rating 'RR4'
Following two years of value depreciation, the reported value for
the underlying property (Plantation Place, a Grade A office
building in the City of London) rose during the last two quarters.
It stood at GBP400 million in January 2010, compared to peak and
trough values of GBP620 million (in July 2007) and GBP356 million
(in July 2009), respectively. The Outlook revisions and
affirmation reflect the reduced leverage of the notes and the
stability of the income profile.
The loan remains in primary servicing despite the ongoing loan-to-
value ratio (LTV) covenant breach. Although the LTV improved to
102.5% from 110.9% in October 2009 on the securitized A-note and
to 108.7% from 117.5% on the whole loan, both ratios are still
well in excess of the covenant ratios of 77.7% and 82.1%,
respectively. Income has remained stable between closing in
August 2006 and September 2009, when a six-month rent-free period
was granted to one of the main tenants, Royal & Sun Alliance
(rated 'BBB+'/Outlook Positive), in exchange for the removal of
certain break options on some of the tenant's leases. Despite the
temporary income reduction, the interest coverage ratio (ICR)
covenant has not been breached on either the A-note or whole loan.
Following the removal of the break options, the weighted average
unexpired lease term was 15.9 years at the January 2010 interest
payment date. The weighted average tenant rating is 'A'.
Although the loan has not been accelerated as a result of the LTV
covenant breaches, excess rental income is being trapped within
the rental income account, after senior expenses and
interest/principal payments on the A-note and B-note have been
made. Fitch understands that the surplus has been fully drawn to
cover legal and other professional expenses related to the loan
default.
Fitch employed its criteria for European CMBS surveillance to
analyze the quality of the underlying commercial loan.
VEDANTA RESOURCES: To Spin Off Aluminum Project in India
--------------------------------------------------------
The Economic Times reports that Vedanta Resources plc is likely to
demerge a large aluminium project in Orissa, India, into a
separate entity to help the conglomerate get a better valuation
for the aluminium business. According to the report, London-
listed Vedanta has hired Morgan Stanley, Credit Suisse and JP
Morgan Cazenove to put together a plan that would result -- if
approved by shareholders and creditors -- in Vedanta Aluminium,
the subsidiary which has operations in Orissa, being listed on NSE
and BSE.
The report, citing people familiar with the development, says
Bharat Aluminium, or Balco, another aluminium company in the
Vedanta fold, is not part of this plan, since the government owns
49% of it.
ET's source said Vedanta wanted to make its Indian business --
which are currently consolidated under Sterlite Industries which
directly makes copper and holds stakes in companies smelting
aluminium and zinc -- easier for investors to understand. If the
plan is approved by shareholders and regulators, Sterlite will end
up as primarily a maker of copper, zinc and lead while the bulk of
the aluminium business will be with the new listed company,
Vedanta Aluminium.
Both entities, Sterlite and Vedanta Aluminium, will be majority
owned by the London-based parent, Vedanta Resources, the report
notes. Vedanta Aluminium is 70% owned by Vedanta Resources and
the rest is with Sterlite Industries.
Vedanta Resources plc (LON:VED) is United Kingdom-based company.
The Company is the parent company of a diversified metals and
mining companies. The Company is organized in five segments:
aluminium, copper, zinc, iron ore and others. Aluminum includes
bauxite mining, alumina refining and aluminum smelting operations
in India. Copper include smelting and refining operations in
India, copper ore mining in Australia and an integrated copper
production operation in Zambia. Zinc includes zinc-lead mining
and smelting operations in India. Iron ore include iron ore mine
in India. The Company acquired Zambia Copper Investment Limited's
28.4% stake in Konkola Copper Mines PLC in April 2008.
* * *
As reported in the Troubled Company Reporter-Europe on March 5,
2010, Moody's Investors Service said Vedanta Resources plc's
announcement that it has raised US$805 million through a
convertible bond offering due 2017 has no impact on the company's
ratings or outlook. Vedanta has a Ba1 corporate family rating and
Ba2 senior unsecured rating, both with stable outlook.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
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BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CROATIA
-------
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
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CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSK DC -532868894.9 7876687324
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FRANCE
------
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SELCODIS SPVX IX -21481214.33 175720770.8
SELCODIS SLCO EU -21481214.33 175720770.8
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TECHNICOLOR TMSGBX EU -587281616.7 6690514315
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THOMSON (EX-TMM) TMS TQ -587281616.7 6690514315
THOMSON (EX-TMM) TMS US -587281616.7 6690514315
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THOMSON MULT-ADR TMS-P US -587281616.7 6690514315
THOMSON MULTIMED TMM FP -587281616.7 6690514315
THOMSON MULTI-NE ZTM FP -587281616.7 6690514315
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE LN -107879893.8 1235370057
DEVELICA DEUTSCH DDE PG -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
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O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
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GERMANY
-------
AGOR AG DOO EU -482446.6262 144432986.2
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG NDAGF US -482446.6262 144432986.2
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AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
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ALNO AG ALNO IX -68516656.94 290459933.8
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CBB HOLDING AG CUBDF US -42994732.85 904723627.8
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CBB HOLDING AG COB2 EU -42994732.85 904723627.8
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.8
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CINEMAXX AG MXCUSD EU -42008900.33 144431938.3
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CINEMAXX AG MXCG IX -42008900.33 144431938.3
CINEMAXX AG CNEMF US -42008900.33 144431938.3
CINEMAXX AG-RTS MXC8 GR -42008900.33 144431938.3
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.7
EDOB ABWICKLUNGS ESC BQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC GR -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC EO -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC EU -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323463.23 425598807.8
EM.TV & MERCHAND ETV VX -22067409.41 849175624.7
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.7
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EM.TV & MERCHAND ETV NM -22067409.41 849175624.7
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EM.TV & MERCHAND ETVMF US -22067409.41 849175624.7
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EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.7
ESCADA AG ESCG IX -22323463.23 425598807.8
ESCADA AG -PFD ESC3 GR -22323463.23 425598807.8
ESCADA AG-NEW ESCD GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EU -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EO -22323463.23 425598807.8
ESCADA AG-RTS ESCE GR -22323463.23 425598807.8
ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -17804909.71 189933668.6
MATERNUS-KLINIKE MNUKF US -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EO -17804909.71 189933668.6
MATERNUS-KLINIKE MAK GR -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EU -17804909.71 189933668.6
MATERNUS-KLINIKE MAKG IX -17804909.71 189933668.6
MATERNUS-KLINIKE MAK PZ -17804909.71 189933668.6
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RILB EU -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 2916157Q EU -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 GR -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127548039.7
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HANDELS-AG SPHFF US -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 EO -120075877.7 410015192
TA TRIUMPH-ADLER TWN GR -120075877.7 410015192
TA TRIUMPH-ADLER TWNG IX -120075877.7 410015192
TA TRIUMPH-ADLER TWN PZ -120075877.7 410015192
TA TRIUMPH-ADLER TTZAF US -120075877.7 410015192
TA TRIUMPH-ADLER TWN EU -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 VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ GR -36788613.11 258762040.3
AG PETZETAKIS SA PZETF US -36788613.11 258762040.3
AG PETZETAKIS SA PETZK PZ -36788613.11 258762040.3
AG PETZETAKIS SA PTZ1 GR -36788613.11 258762040.3
AG PETZETAKIS SA PETZK EU -36788613.11 258762040.3
AG PETZETAKIS SA PETZK GA -36788613.11 258762040.3
AG PETZETAKIS SA PETZK EO -36788613.11 258762040.3
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 -118834340 160209968.7
ALTEC SA INFO ALTEC PZ -118834340 160209968.7
ALTEC SA INFO ALTEC EU -118834340 160209968.7
ALTEC SA INFO ALTEC GA -118834340 160209968.7
ALTEC SA INFO ATCQF US -118834340 160209968.7
ALTEC SA INFO ALTEC EO -118834340 160209968.7
ALTEC SA INFO AXY GR -118834340 160209968.7
ALTEC SA INFO-RT ALTECR GA -118834340 160209968.7
ALTEC SA INFO-RT ALTED GA -118834340 160209968.7
ARIES MARITIME T RAMS US -57875000 197992000
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -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 APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -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 -38449174.63 221302771.2
KOUMBAS RTS KOUMR GA -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM PZ -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM GA -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EO -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EU -38449174.63 221302771.2
KOUMBAS SYNERGY KOUMF US -38449174.63 221302771.2
NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
NAOUSSA SPIN-AUC NAOYKE GA -130380438 326934399.4
NAOUSSA SPINNING NML1 GR -130380438 326934399.4
NAOUSSA SPINNING NML GR -130380438 326934399.4
NAOUSSA SPIN-RTS NAOYKR GA -130380438 326934399.4
NEWLEAD HOLDINGS A1M GR -57875000 197992000
NEWLEAD HOLDINGS NEWL US -57875000 197992000
PETZET - PFD-RTS PETZPD GA -36788613.11 258762040.3
PETZETAKIS - RTS PETZKD GA -36788613.11 258762040.3
PETZETAKIS-AUC PETZKE GA -36788613.11 258762040.3
PETZETAKIS-PFD PETZP GA -36788613.11 258762040.3
PETZETAKIS-PFD PTZ3 GR -36788613.11 258762040.3
RADIO KORASSIDIS RKC GR -100972173.9 180679253.6
RADIO KORASSIDIS RAKOF US -100972173.9 180679253.6
RADIO KORASSIDIS KORA GA -100972173.9 180679253.6
RADIO KORASSI-RT KORAD GA -100972173.9 180679253.6
RADIO KORASS-RTS KORAR GA -100972173.9 180679253.6
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR INVHY US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN NQ -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR QUNELN AU -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 MCI PO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EU -113397336.3 441922391.7
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MCINERNEY HLDGS MK9 GR -113397336.3 441922391.7
MCINERNEY HLDGS MCI IX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
MCINERNEY HLDGS MNEYF US -113397336.3 441922391.7
MCINERNEY HLDGS MK9C PZ -113397336.3 441922391.7
MCINERNEY HLDGS MK9 PO -113397336.3 441922391.7
MCINERNEY HLDGS MCII IX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EU -113397336.3 441922391.7
MCINERNEY HLDGS MCI ID -113397336.3 441922391.7
MCINERNEY HLDGS MCI VX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBP EO -113397336.3 441922391.7
MCINERNEY PROP-A MYP LN -113397336.3 441922391.7
MCINERNEY PROP-A MYP ID -113397336.3 441922391.7
MCINERNEY PROP-A MCIYF US -113397336.3 441922391.7
MCINERNEY -RT FP MCIF LN -113397336.3 441922391.7
MCINERNEY -RT FP MCIF ID -113397336.3 441922391.7
MCINERNEY -RT NP MCIN ID -113397336.3 441922391.7
MCINERNEY -RT NP MCIN LN -113397336.3 441922391.7
MCINERNEY-ADR MNEYY US -113397336.3 441922391.7
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
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PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
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WATERFORD - RTS WWWB ID -505729895.2 820803256
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WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
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WATERFORD WED-RT 586552Q LN -505729895.2 820803256
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WATERFORD WE-RTS WTFN ID -505729895.2 820803256
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WATERFORD WE-RTS WTFF LN -505729895.2 820803256
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WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AEDI IX -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 BNDAF US -11146475.29 128859802.9
BINDA SPA BND IM -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA 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 CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
I VIAGGI DEL VEN VVE EO -92020221.43 318192568.6
I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.6
I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IX -92020221.43 318192568.6
I VIAGGI DEL VEN IV7 GR -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IM -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EU -92020221.43 318192568.6
I VIAGGI DEL VEN VVE TQ -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 TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
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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 SNIB GR -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
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SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
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SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI PZ -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 SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
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TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
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TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
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TISCALI SPA TISGBX EO -421259823.5 632152613.6
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TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
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TISCALI SPA TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
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TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
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TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN BY IM -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
JAMES HARDIE IND HAH AU -131100008 2130899840
JAMES HARDIE IND HAH NZ -131100008 2130899840
JAMES HARDIE IND 600241Q GR -131100008 2130899840
JAMES HARDIE IND 726824Z NA -131100008 2130899840
JAMES HARDIE NV JHXCC AU -131100008 2130899840
JAMES HARDIE-ADR JHINY US -131100008 2130899840
JAMES HARDIE-ADR JHX US -131100008 2130899840
JAMES HARDIE-CDI JHIUF US -131100008 2130899840
JAMES HARDIE-CDI JHA GR -131100008 2130899840
JAMES HARDIE-CDI JHX AU -131100008 2130899840
LIBERTY GL EU-A UPC NA -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
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NEXUS FLOATING P NEXUSGBX EU -158054000 353053024
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PETROLIA DRILLIN PDR NO -25943000 499350016
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PETROLIA DRI-NEW PDRN NO -25943000 499350016
PETROLIA DRI-RTS PDRT NO -25943000 499350016
POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
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KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
BENFICA SLBENX PX -16614056.44 234366255.6
BENFICA SLBE IX -16614056.44 234366255.6
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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
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EASYNET GROUP EAY GR -60380609.34 334049332.2
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EMI GROUP -ASSD EMIA LN -2265916257 2950021937
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FAREPAK PLC FPK LN -14328735.16 110864081.4
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GALIFORM PLC MFI IX -116415877.1 612420067.1
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GALIFORM PLC GFRM LN -116415877.1 612420067.1
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GALIFORM PLC GLFMF US -116415877.1 612420067.1
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GALIFORM PLC MFI VX -116415877.1 612420067.1
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GALIFORM PLC GFRM NQ -116415877.1 612420067.1
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GALIFORM PLC MFIFF US -116415877.1 612420067.1
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HAWTIN PLC HTI EU -3873861.331 110875080.8
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HILTON G-CRT OLD HIGT BB -97533918.57 1748505414
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JARVIS PLC JRVS IX -64739862.73 130951086
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JESSOPS PLC JSPEUR EO -42702021.2 112964060.4
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JESSOPS PLC JS4 GR -42702021.2 112964060.4
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LADBROKES PLC LAD BQ -97533918.57 1748505414
LADBROKES PLC LAD PZ -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
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LADBROKES PLC HG/ VX -97533918.57 1748505414
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LADBROKES PLC LAD LN -97533918.57 1748505414
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LONDON TOWN PLC LTW LN -21897636.36 175672299.2
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LONDON TOWN PLC LTW IX -21897636.36 175672299.2
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LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
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PATIENTLINE PLC PTL PO -54677284.64 124948245.8
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REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC REGSF US -46111835.37 367181111
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RENTOKIL INITIAL RTO PZ -242381476.4 3231214649
RENTOKIL INITIAL RTOEUR EU -242381476.4 3231214649
RENTOKIL INITIAL RTO EB -242381476.4 3231214649
RENTOKIL INITIAL RTO1 GR -242381476.4 3231214649
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RENTOKIL INITIAL RTO VX -242381476.4 3231214649
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SAATCHI & SA-ADR SSI$ LN -119260804.2 705060824.5
SAATCHI & SA-ADR SSA US -119260804.2 705060824.5
SAATCHI & SAATCH SSI LN -119260804.2 705060824.5
SAATCHI & SAATCH 188190Q GR -119260804.2 705060824.5
SAATCHI & SAATCH SSATF US -119260804.2 705060824.5
SCOTTISH MEDIA SSM LN -49061227.23 212049868
SCOTTISH MEDIA 1442Q GR -49061227.23 212049868
SCOTTISH MEDIA SSMR LN -49061227.23 212049868
SCOTTISH TELEV SCTVF US -49061227.23 212049868
SETON HEALTHCARE 2290Z LN -10585179.82 156822902.8
SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SKYEPHARMA PLC SK8C GR -134177517.4 149159301.6
SKYEPHARMA PLC SKYEF US -134177517.4 149159301.6
SKYEPHARMA PLC SKPEUR EU -134177517.4 149159301.6
SKYEPHARMA PLC SKP VX -134177517.4 149159301.6
SKYEPHARMA PLC SKP PO -134177517.4 149159301.6
SKYEPHARMA PLC SKPGBP EO -134177517.4 149159301.6
SKYEPHARMA PLC SKP LN -134177517.4 149159301.6
SKYEPHARMA PLC SKP PZ -134177517.4 149159301.6
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SKYEPHARMA PLC SKP EO -134177517.4 149159301.6
SKYEPHARMA PLC SKP EU -134177517.4 149159301.6
SKYEPHARMA PLC SKP1 VX -134177517.4 149159301.6
SKYEPHARMA PLC SK8A GR -134177517.4 149159301.6
SKYEPHARMA -SUB 2976665Z LN -134177517.4 149159301.6
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SKYEPHARMA-ADR SK8N GR -134177517.4 149159301.6
SKYEPHARMA-ADR AP80 LI -134177517.4 149159301.6
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SKYEPHAR-RTS F/P SKPF VX -134177517.4 149159301.6
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SKYEPHAR-RTS N/P SKPN LN -134177517.4 149159301.6
SKYEPHAR-RTS N/P SKPN VX -134177517.4 149159301.6
SMG PLC SMG PO -49061227.23 212049868
SMG PLC SMG LN -49061227.23 212049868
SMG PLC-FUL PAID SMGF LN -49061227.23 212049868
SMG PLC-NIL PAID SMGN LN -49061227.23 212049868
SMITHS NEWS PLC NWS1 EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS VX -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 EO -111380853.7 310693960.2
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SMITHS NEWS PLC SMWPF US -111380853.7 310693960.2
SMITHS NEWS PLC NWS IX -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 EU -111380853.7 310693960.2
SMITHS NEWS PLC SMWPY US -111380853.7 310693960.2
SMITHS NEWS PLC NWS2EUR EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS LN -111380853.7 310693960.2
SMITHS NEWS PLC NWS2EUR EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS1GBP EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 TQ -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 BQ -111380853.7 310693960.2
SMITHS NEWS PLC NWS2GBP EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS PO -111380853.7 310693960.2
STAGECOACH GROUP SGC1EUR EU -113434621.8 2507562892
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STAGECOACH GROUP SGC1AUD EU -113434621.8 2507562892
STAGECOACH GROUP SGC1EUR EO -113434621.8 2507562892
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STAGECOACH GROUP SGC1USD EU -113434621.8 2507562892
STAGECOACH GROUP SGC LN -113434621.8 2507562892
STAGECOACH GROUP SGC1 EO -113434621.8 2507562892
STAGECOACH GROUP SGC1GBP EO -113434621.8 2507562892
STAGECOACH GROUP SGC2 VX -113434621.8 2507562892
STAGECOACH GROUP SGC1 EU -113434621.8 2507562892
STAGECOACH GROUP SAGKF US -113434621.8 2507562892
STAGECOACH GROUP SGC1 NQ -113434621.8 2507562892
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STAGECOACH GRP-B SGCB LN -113434621.8 2507562892
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STV GROUP PLC STVGGBP EO -49061227.23 212049868
STV GROUP PLC STVGEUR EU -49061227.23 212049868
STV GROUP PLC STVG VX -49061227.23 212049868
STV GROUP PLC STVG EO -49061227.23 212049868
STV GROUP PLC SMG IX -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 SMG VX -49061227.23 212049868
STV GROUP PLC STVG LN -49061227.23 212049868
STV GROUP PLC STVGEUR EO -49061227.23 212049868
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES PLC TPTJF US -85010363.51 146193829.2
TOPPS TILES PLC TPT EO -85010363.51 146193829.2
TOPPS TILES PLC TPT PO -85010363.51 146193829.2
TOPPS TILES PLC TPT BQ -85010363.51 146193829.2
TOPPS TILES PLC TPT IX -85010363.51 146193829.2
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TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPTJY US -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
TOPPS TILES PLC TPT PZ -85010363.51 146193829.2
TOPPS TILES PLC TPT VX -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 VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
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VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY PZ -27530263.14 313453511
WHITE YOUNG GREE WHY VX -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG GREE WHY EO -27530263.14 313453511
WHITE YOUNG GREE WHY EU -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 WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN1 BQ -63105009.98 1416979806
WINCANTON PLC WNCNF US -63105009.98 1416979806
WINCANTON PLC WIN PO -63105009.98 1416979806
WINCANTON PLC WIN VX -63105009.98 1416979806
WINCANTON PLC WIN1USD EO -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN1 EO -63105009.98 1416979806
WINCANTON PLC WIN IX -63105009.98 1416979806
WINCANTON PLC WIN1EUR EO -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WYG PLC WYGGBP EO -27530263.14 313453511
WYG PLC WYG LN -27530263.14 313453511
WYG PLC WYG PZ -27530263.14 313453511
WYG PLC WHY IX -27530263.14 313453511
WYG PLC WYGEUR EO -27530263.14 313453511
WYG PLC WYGEUR EU -27530263.14 313453511
WYG PLC WYG EO -27530263.14 313453511
WYG PLC WYG EU -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-Fernandez, 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 * * *