/raid1/www/Hosts/bankrupt/TCREUR_Public/100330.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 30, 2010, Vol. 11, No. 062
Headlines
G E R M A N Y
BRENNTAG HOLDING: Raises EUR747.5MM in Initial Public Offering
IKB DEUTSCHE: CDS Fall to Two-Year Low on Lone Star Sale Rumors
SILVER TOWER: Moody's Confirms Rating on Tranche 3 Loan at 'Ba2'
I R E L A N D
AER LINGUS: Cabin Crew Backs EUR97 Mil. Cost-Saving Plan
ANGLO IRISH: Explores Options to Reduce Exposure to Quinn Group
CELTIC RESIDENTIAL: S&P Lowers Rating on Class C Notes to 'B'
DOCKLANDS DEVELOPMENT: Must Be Declared Insolvent, Hogan Says
FUTURE PRINT: Enters Examinership After Cashflow Difficulties
TWEEDY GROUP: Faces Liquidation After Examinership Bid Fails
I T A L Y
BANCA MONTE: Posts EUR181.3-Mil. Net Loss in Fourth Qtr. 2009
FIAT SPA: To Boost Chrysler Stake to 35% in 24 Months, CEO Says
R U S S I A
* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds
S L O V E N I A
GRADIS CELJE: Files for Receivership Following Insolvency
VEGRAD DD: Puts Up Housing Complex for Sale to Secure Liquidity
S P A I N
AYT UNICAJA: Fitch Affirms Rating on Class D Notes at 'BB-'
FTPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BB-'
S W E D E N
FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely
U K R A I N E
* CITY OF KHARKOV: Fitch Gives Stable Outlook; Keeps 'B-' Rating
* CITY OF ODESSA: Fitch Affirms Low-B Ratings; Outlook Negative
U N I T E D K I N G D O M
123 FINANCE: High Court to Hear Winding-Up Petition on June 1
AMBAC ASSURANCE: Moody's Places 'Caa2' IFSR on Review
ARDENT PRODUCTIONS: Liquidation Left Investors with GBP40
BUSINESS MORTGAGE: Fitch Affirms Junk Ratings on Class C Notes
CABLE & WIRELESS: S&P Raises Corporate Credit Ratings to 'BB'
JAMESON BUILDING: In Administration; 40 Jobs Affected
LEHMAN BROTHERS: PwC In Dispute with Songbird Over Rent Payments
LUPUS CAPITAL: Falls Into the Red In 2009 After Covenant Breach
MEZZVEST INVESTMENTS: Moody's Junks Rating on Class C Notes
MICHELIN TYRE: Dundee Factory Seeks Aid to Safeguard Future
MONDI FINANCE: S&P Assigns 'BB+' Rating on EUR500 Mil. Bonds
SPIRIT ISSUER: Fitch Downgrades Ratings on Notes to 'BB'
WEYMOUTH FC: Creditors Back Company Voluntary Arrangement
* UK: Lawmakers Call for Tougher Rules for Large Banks
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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G E R M A N Y
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BRENNTAG HOLDING: Raises EUR747.5MM in Initial Public Offering
--------------------------------------------------------------
Dick Schumacher and Julie Cruz at Bloomberg News report that
Brenntag Holding GmbH raised EUR747.5 million (US$1 billion) in
Germany's second-biggest initial public offering since 2007.
Bloomberg relates Brenntag said in a regulatory statement Saturday
the company sold 14.95 million shares at 50 euros each in an IPO
that was "multiple times" oversubscribed. The shares were due to
start trading yesterday, March 29, Bloomberg notes.
According to Bloomberg, Brenntag sold 10.5 million new shares and
4.45 million from existing shareholders including an overallotment
option. The company plans to use the money raised to expand in
emerging markets and finance acquisitions, Bloomberg says.
Deutsche Bank AG in Frankfurt and Goldman Sachs Group Inc. of New
York managed Brenntag's IPO, along with Charlotte, North Carolina-
based Bank of America Corp.'s Merrill Lynch unit and JPMorgan
Chase & Co. in New York, Bloomberg states.
Brenntag Holding GmbH & Co. KG -- http://www.brenntag.com/-- is
Europe's largest chemical distributor (ahead of Univar) and among
the top three in the US (along with the likes of Ashland); it also
ranks as the top distributor in Latin America. From its 400
locations in 60 countries, Brenntag offers lab services (blending,
compounding, preparation), storage, and logistics activities.
Among the companies whose products Brenntag supplies are global
giants like Arkema, BASF, and Yara. Its industrial and specialty
chemicals serve the oil and gas, cosmetics, coatings, plastics,
mining, and pulp and paper industries. European private equity
group BC Partners owns Brenntag.
* * *
As reported by the Troubled Company Reporter-Europe on March 3,
2010, Standard & Poor's Ratings Services said that it had placed
all of its ratings, including its 'B+' long-term corporate credit
rating, on Germany-based chemical distributor Brenntag Holding
GmbH on CreditWatch with positive implications. S&P's '2'
recovery ratings on Brenntag's senior secured debt and '6'
recovery ratings on its second-lien notes remain unchanged,
indicating S&P's expectation for substantial recovery (70%-90%)
and neglible recovery (0-10%), respectively, for lenders in an
event of payment default. The current rating is constrained by
Brenntag's highly leveraged debt structure, which is a result of
its private equity ownership and strong growth focus in recent
years.
IKB DEUTSCHE: CDS Fall to Two-Year Low on Lone Star Sale Rumors
---------------------------------------------------------------
Karen Eeuwens at Bloomberg News reports that credit-default swaps
linked to IKB Deutsche Industriebank AG fell to the lowest in
almost two years after it was reported that private equity owner
Lone Star Funds is trying to sell the bank.
According to Bloomberg, CMA DataVision prices show swaps on the
Dusseldorf-based bank dropped 60 basis points to 260.5, the lowest
since June 2008.
IKB, which had to be bailed out in 2007 after investments in
asset-backed securities soured, has more than US$21 billion of
debt, according to data compiled by Bloomberg.
Bloomberg relates Financial Times Deutschland reported Friday Lone
Star is in talks with HSBC Trinkhaus & Burkhardt AG about a
possible sale of IKB.
About IKB Deutsche Industriebank
IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing. It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners. The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate. As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies. The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.
* * *
As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support. The outlook on the senior and junior debt ratings
remains negative. IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook. Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3. Moody's said the
outlook on the instruments is stable.
SILVER TOWER: Moody's Confirms Rating on Tranche 3 Loan at 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of three
subordinated loans granted to Silver Tower 125 Inc.
The rating actions conclude the review for possible downgrade,
which was initiated on 23 March 2009 as a result of Moody's
revision of its methodology for SME granular portfolios in EMEA
(published on 17 March 2009).
As a result of its revised methodology, Moody's has reviewed its
assumptions for the collateral portfolio of German SME loans
backing the loans granted to Silver Tower 125 Inc., taking into
account anticipated performance deterioration of the pool in the
current down cycle for German small and medium-sized entities.
The deterioration of the economy is reflected in Moody's negative
sector outlook for German SME securitization transactions.
Moody's also considered borrower characteristics such as size and
industry in the portfolio as well as the performance of the
transaction. As of February 22, 2010, cumulative defaults were
below expectations at closing and had reached 0.1% of the original
pool balance plus replenishments.
Moody's now considers that the default probability of the pool of
SME debtors backing the loans to Silver Tower 125 Inc. is
equivalent to a Ba3 rating over 1.4 years of the portfolio's
remaining weighted-average life. The transaction's revolving
period ended in December 2009 and the option to extend the
revolving period by one year was not exercised by the originator.
The revised assumptions have translated into a cumulative mean
default assumption of 3.5% over the remaining 1.4 year weighted-
average life of the portfolio, reflecting Moody's negative outlook
for this sector. Expressed as a percentage of the original
portfolio balance plus replenishments, Moody's revised cumulative
mean default rate is 0.4%. This number is diluted by the total
replenished portfolio amount of approximately EUR23 billion in the
past four years and takes into account the low cumulative defaults
in the transaction so far. This compares to a mean default
assumption at closing of 2.38% over 1.75 years, which corresponded
to a Ba1/Ba2 rating. Moody's revised the coefficient of variation
(defined as the ratio between the standard deviation and the mean)
to 60% whereas it was assumed at 58% at closing. The average
recovery rate assumption remains unchanged at 25%. Given the
granularity of the portfolio (effective number at group level of
536), Moody's used a normal inverse default distribution and
distributed recoveries, whereas initially it applied a lognormal
default distribution and fixed recoveries.
The higher default assumptions in Moody's cash flow analysis are
offset by increased relative credit enhancement during the
amortization period. Due to the rapid amortization since December
2009 to approximately 61% of the maximum portfolio balance, credit
enhancement has increased for the outstanding rated loans from
trapped excess spread, trapped bonification amounts and over-
collateralization.
As of December 2009, the number of borrowers in the portfolio had
increased to 3,998 from 2,407 at closing. Due to maximum industry
concentrations based on NACE codes with a maximum of 13% or less
for different high level industry categories during the
replenishment period, the portfolio is diversified in terms of
industries. As of December 2009, the top industry concentrations
in terms of new Moody's industry codes were: Capital Equipment
with 14.3%, Construction & Building with 11.4% and Beverage, Food
& Tobacco with 10.7% of the outstanding portfolio balance. Larger
borrowers with an annual turnover above EUR50 million accounted
for approximately 29% of the portfolio in December 2009.
In this transaction, Dresdner Bank AG and later Commerzbank AG (as
legal successor of Dresdner Bank AG) sold a portfolio of
receivables arising under loans originated by the bank to German
small and medium sized companies with a nominal amount of up to
EUR3.0 billion to RCL Securitization GmbH. In order to refinance
the purchase price of the portfolio, RCLS issued Senior Notes and
Junior Notes in an aggregate amount equal to EUR2.94 billion. The
difference in the nominal amount of the portfolio and the notes
issuance amount is equal to an over-collateralization of 2%.
During the amortization phase bonification amounts related to
over-collateralization and guaranteed excess spread of 0.75% p.a.
are trapped in the structure as additional credit enhancement, if
not needed to cover defaults in the actual period. The
EUR1.0 billion senior notes were paid back in full at the last
payment date in March 2010.
The junior notes were purchased by Silver Tower 125 Inc., which in
turn refinanced the purchase price of the junior notes through,
among others, three subordinated loans: the Tranche 1 Loan, the
Tranche 2 Loan and the Tranche 3 Loan. At the last payment date
in Mach 2010, EUR1.8 billion of junior notes were outstanding.
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 non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.
Detailed rating actions for Silver Tower 125 Inc.:
-- EUR60,000,000 Tranche 1 Loan, confirmed at A1; previously on
March 23, 2009 placed under review for possible downgrade;
-- EUR60,000,000 Tranche 2 Loan, confirmed at Baa1; previously on
March 23, 2009 placed under review for possible downgrade; and
-- EUR60,000,000 Tranche 3 Loan, confirmed at Ba2; previously on
March 23, 2009 placed under review for possible downgrade.
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I R E L A N D
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AER LINGUS: Cabin Crew Backs EUR97 Mil. Cost-Saving Plan
--------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the cabin crew at
Aer Lingus voted Friday to accept the terms of a EUR97 million
cost-saving plan.
The report notes the crew's approval is a reversal of a previous
vote by the crew, and means all five union groups at the airline
have now accepted the plan, which is aimed at cutting 7.5% off Aer
Lingus' cost base.
The acceptance by Impact cabin crew averts the threat of 230
compulsory redundancies, the report says. It also removes any
possibility of industrial action by staff, the report notes.
According to the report, Impact said 828 staff voted on the
ballot, with 92% accepting and 8% rejecting the proposal.
The report relates Aer Lingus said it would now proceed with the
implementation of the so-called Greenfield plan, which will result
in about 670 redundancies, pay cuts across the board, and changes
in work practices.
The report recalls that Aer Lingus on March 10 said it made an
EUR81 million operating loss in 2009.
As reported by the Troubled Company Reporter-Europe on March 8,
2010, the Financial Times said Aer Lingus cabin crew on March 5
rejected the carrier's rescue plan, casting renewed doubt over the
company's financial survival. The FT disclosed management said
the plan is vital to secure the company's short term survival.
About Aer Lingus Group Plc
Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul). The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo. During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.
ANGLO IRISH: Explores Options to Reduce Exposure to Quinn Group
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank is
assessing measures to reduce the bank's exposure to the Quinn
Group, the conglomerate controlled by businessman Sean Quinn and
his family, as the bank plans its long-term restructuring.
According to the report, among the options thought to be under
consideration by the bank are asset disposals and debt-for-equity
swaps where the state-owned lender would take a stake in the
group, which has interests in insurance, cement, hotels, glass-
making and property. The report notes a spokesman for the group
said that it was "well able to pay its debts and has no plans for
any asset disposals".
The bank is also believed to be assessing the possible refinancing
of part of the group's loans to other financial institutions, the
report relates.
The report says the group has loans of more than EUR2.5 billion
with Anglo, making it the bank's largest borrower, in addition to
its loans with a syndicate of banks and bondholders led by UK bank
Barclays. Some EUR1.3 billion was owing to this group at the end
of 2008, the report discloses. This debt is due to mature in
October and the group has already begun talks to refinance the
loans, the report says.
Anglo plans to restructure itself after the transfer of EUR35.6
billion in loans -- half its loan book -- to the National Asset
Management Agency, splitting itself into a good bank and a bad
bank, the report states.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
* * *
As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch affirmed Anglo Irish Bank Corporation Ltd.'s
individual rating at 'E'.
CELTIC RESIDENTIAL: S&P Lowers Rating on Class C Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd. and
Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.'s
class A3, B, and C notes. At the same time, in each transaction
S&P removed from CreditWatch negative its rating on the class A3
notes and affirmed its ratings on all other notes.
Irish house prices have continued to decline and are currently
31.5% lower than their peak in February 2007, according to the
Permanent TSB House Price Index. Since S&P's last rating action
on these transactions in November 2009, Irish House prices have
fallen by 6.6%.
In addition, severe delinquencies have increased in recent
quarters. In Celtic 12, the percentage of loans more than 90 days
in arrears increased to 5.02% in November 2009 from 4.66% in
September. In Celtic 13, the percentage increased to 1.93% in
January 2010 from 1.71% in October 2009.
These two factors have led to an increase in S&P's weighted-
average foreclosure frequency and weighted-average loss severity
assumptions. The WAFF represents the total mortgage balance S&P
assumes will default and the WALS represents the total amount of
the defaulted balance that S&P assume will not be recovered. S&P
applies these values in its cash flow analysis.
S&P's analysis shows that the class A3, B, and C notes are no
longer able to pass the current rating stresses S&P apply and thus
S&P has lowered its ratings accordingly in both transactions. The
downgrades in Celtic 13 are by fewer notches (compared with
closing ratings) than those in Celtic 12 due to Celtic
13's lower arrears and higher credit enhancement at closing.
While high repossessions are yet to materialize in these
transactions (and generally in Irish RMBS) S&P looks to 90+ and
180+ day arrears as indicators of possible future repossessions in
the market.
These indicators continue to increase and, along with various
programs assisting borrowers, S&P feels that the average length of
the foreclosure process in Ireland will likely extend. As such,
S&P has increased the foreclosure period in its model, which S&P
believes will place further stress on future cash flows. Rapidly
decreasing house prices in Ireland also signals an increased
likelihood of higher realized loss severities for loans that
ultimately default.
Celtic 12 and 13 are Irish residential mortgage-backed securities
transactions. First Active PLC originated the loans backing
Celtic 12 and Ulster Bank Ireland Ltd. originated the loans
backing Celtic 13. Celtic 12 closed in June 2007 and Celtic 13
closed in December 2007.
Ratings List
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A3 AA- AAA/Watch Neg
Ratings Lowered
Rating
------
Class To From
----- -- ----
B BBB BBB+
C B B+
Rating Affirmed
Class Rating
----- ------
A2 AAA
Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.
EUR1,996.2 Million Residential Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A3 AA AAA/Watch Neg
Ratings Lowered
Rating
------
Class To From
----- -- ----
B BBB A
C BB BB+
Ratings Affirmed
Class Rating
----- ------
A1 AAA
A2 AAA
DOCKLANDS DEVELOPMENT: Must Be Declared Insolvent, Hogan Says
-------------------------------------------------------------
RTE News reports that Taoiseach Brian Cowen has dismissed claims
by Fine Gael that he ignored legal and official advice in relation
to the Dublin Docklands Development Authority while he was
Minister for Finance.
RTE recalls that Fine Gael TD Phil Hogan accused the Taoiseach of
"rushing" a decision to sign off on approval for the Authority to
increase its borrowing levels to take part in a deal to buy the
Irish Glass Bottle site.
According to RTE, Mr. Hogan said the Authority should now be wound
up and declared insolvent.
RTE notes Mr. Cowen on Friday afternoon said he had acted in
accordance with the legal advice received.
As reported by the Troubled Company Reporter-Europe on Nov. 26,
2009, The Irish Examiner, citing Mr. Hogan, said that the Dublin
Docklands Development Authority was facing bankruptcy after making
losses of EUR27 million in 2008. The Irish Examiner disclosed
Mr. Hogan said there were serious concerns that the taxpayer would
be forced to bail out the organization and those responsible for
the massive losses would get away scot-free.
FUTURE PRINT: Enters Examinership After Cashflow Difficulties
-------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Future Print entered
examinership Friday. The report relates David Carson of Deloitte
was appointed examiner to the company by Justice Frank Clarke.
According to the report, the court heard that a shortfall in bank
funding and bad debt contributed to "cashflow difficulties" at the
company. The company, the report says, blamed the decision by
State bodies to award contracts to companies abroad as one of the
main reasons behind its difficulties.
The report notes managing director Brian Reilly said he was
confident the company would survive, and it was currently in talks
with an investor.
The examinership case is due in court again on April 13, the
report states.
Future Print is a commercial printing firm. The company employs
some 100 people.
TWEEDY GROUP: Faces Liquidation After Examinership Bid Fails
------------------------------------------------------------
Laura Noonan at Irish Independent reports that the Tweedy Group of
pubs and clubs is to be formally liquidated in early April
following the collapse of an examinership attempt a fortnight ago.
Banks have already sent receivers into most of the key Tweedy
companies and it is understood that all 10 venues will continue to
trade despite the impending liquidations, Irish Independent
discloses.
According to Irish Independent, creditors of the four main Tweedy
companies -- Eylewood, Woodman, Cherryfox Taverns and Ulysses
Taverns -- have been invited to wind-up meetings on April 7.
Frank Wallace will be appointed liquidator, Irish Independent
says.
Irish Independent relates well-placed sources said unsecured
creditors were "very unlikely" to recoup any of their debts since
the banks have first call on majority of the assets. The
company's debts are estimated at EUR6.6 million, Irish Independent
notes.
As reported by the Troubled Company Reporter-Europe on March 8,
2010, The Irish Times said the High Court's Ms. Justice Mary
Finlay Geoghegan ruled March 5 that survival schemes for Tweedy
companies proposed by examiner Kevin Hughes did not demonstrate a
reasonable prospect of survival. According to The Irish Times,
the judge found the schemes did not include a binding commitment
to invest in the companies due to issues over guarantees on loans
given by the group's directors Robert Tweedy and his sister Anne.
Tweedy Group is based in Waterford, Ireland.
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I T A L Y
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BANCA MONTE: Posts EUR181.3-Mil. Net Loss in Fourth Qtr. 2009
-------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA posted a fourth-quarter loss on higher
provisions for bad loans.
Bloomberg relates the bank said Friday in a statement the net loss
was EUR181.3 million (US$243 million), compared with profit of
EUR282 million a year earlier.
Bloomberg says Monte Paschi, which received EUR1.9 billion in
state aid in 2009, is selling assets and cutting costs to
strengthen its finances after the credit crunch and its
acquisition of Banca Antonveneta SpA. According to Bloomberg,
provisions for bad debt rose to EUR440 million in the quarter,
from EUR427 million a year ago, while net interest income fell 9%.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is an
Italy-based company engaged in the banking sector. It provides
traditional banking services, asset management and private
banking, including life insurance, pension funds and investment
trusts. In addition, it offers investment banking, including
project finance, merchant banking and financial advisory services.
The Company comprises more than 3,000 branches, and a structure of
channels of distribution. Banca Monte dei Paschi di Siena Group
has subsidiaries located throughout Italy, Europe, America, Asia
and North Africa. It has numerous subsidiaries, including Mps Sim
SpA, MPS Capital Services Banca per le Imprese SpA, MPS Banca
Personale SpA, Banca Toscana SpA, Monte Paschi Ireland Ltd and
Banca MP Belgio SpA.
FIAT SPA: To Boost Chrysler Stake to 35% in 24 Months, CEO Says
---------------------------------------------------------------
Sara Gay Forden and Marco Bertacche at Bloomberg News report that
Fiat SpA Chief Executive Officer Sergio Marchionne said that the
Italian carmaker will boost its stake in Chrysler Group LLC to 35%
within 24 months.
Bloomberg relates Mr. Marchionne said Friday Fiat, which obtained
a 20% stake in Chrysler in June as the U.S. company emerged from
bankruptcy, will probably add another 5% by the end of this year
when it meets a target to introduce its 500 subcompact model in
the U.S.
Bloomberg says Fiat must meet specific goals to increase its
control of Chrysler, including selling a car in the U.S. that gets
more than 40 miles per gallon, producing a fuel-efficient engine
in a U.S. factory and boosting Chrysler's international sales.
According to Bloomberg, Fiat can gain control of the company after
repaying government loans.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.
===========
R U S S I A
===========
* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds
--------------------------------------------------------------
Fitch Ratings has assigned the Republic of Sakha (Yakutia)'s
RUB2 billion domestic bond (ISIN RU000A0JQTH6), due September 19,
2013, a final Long-term local currency rating of 'BB' and a final
National Long-term rating of 'AA-(rus)'. The region is rated
Long-term foreign and local currency 'BB' with Stable Outlooks,
respectively, Short-term foreign currency 'B', and National Long-
term 'AA-(rus)' with a Stable Outlook.
The bond issue has a fixed-rate quarterly coupon at 9.75% (per
annum). The initial placement price of the bond was set at the
auction on 25 March 2010 at 104% of the bond's face value. The
principal will be amortized by 20% of the initial bond issue value
on March 22, 2012, by another 20% of the initial value on
September 20, 2012, and by 30% of the initial value on March 21,
2013. The remaining 30% of the initial value will be redeemed on
September 19, 2013. The proceeds from the new bond will be used
to finance the region's budget deficit.
Sakha is Russia's largest region, rich in natural resources. It
accounts for 18% of the country's land and 0.7% of the national
population; its 2007 gross regional product totalled 0.9% of the
national GDP.
===============
S L O V E N I A
===============
GRADIS CELJE: Files for Receivership Following Insolvency
---------------------------------------------------------
Slovenska Tiskovna Agencija reports that Gradis Celje d.d. has
filed for receivership after months of insolvency.
Gradis Celje d.d. is a Slovenian construction company.
VEGRAD DD: Puts Up Housing Complex for Sale to Secure Liquidity
---------------------------------------------------------------
Slovenska Tiskovna Agencija reports that Vegra d.d. put up its
Celovski dvori housing complex in the north of Ljubljana up for
sale in a bid to generate much needed liquidity and avoid
bankruptcy.
In a Feb. 17 report, STA said Vegrad asked the state to provide it
with aid to help the company overcome its current liquidity
problems. STA disclosed the company has found itself in trouble
due to the recession, which has taken a toll on the real estate
market. While prices have not dipped significantly, the number of
transactions all but ground to a halt, STA noted.
Vegra d.d. is a Slovenian construction company.
=========
S P A I N
=========
AYT UNICAJA: Fitch Affirms Rating on Class D Notes at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed AyT Unicaja Financiacion I, FTA's
floating-rate notes following its recent review of the
transaction's performance. The transaction was originated by
Montes de Piedad y Caja de Ahorros de Ronda, Cadiz, Almeria,
Malaga y Antequera (rated 'A+'/Stable/'F1') in October 2008
involving a collateral pool of mixed auto and consumer loans.
The rating actions are:
-- EUR452.8m class A: affirmed at 'AAA'; Outlook Stable;
assigned Loss Severity rating 'LS-1'
-- EUR63.7m class B: affirmed at 'A'; Outlook Stable; assigned
'LS-3'
-- EUR40.9m class C: affirmed at 'BBB-'; Outlook Stable;
assigned 'LS-3'
-- EUR20.1m class D: affirmed at 'BB-'; Outlook revised to
Negative from Stable; assigned 'LS-4'
The transaction switched into amortization after the 90+ day
delinquency rate breached the 0.31% trigger on the first payment
date in April 2009. Fitch considers the breaching of the tight
performance trigger as positive in that it allows the structure to
build up its credit enhancement level to withstand future losses
through de-leveraging. As of end-January 2010, the transaction
has amortized by approximately 37% of its initial size.
Fitch noticed that during the last quarter ended in January 2010
the amount of defaulted loans, defined as being delinquent for
more than 12 months, has significantly increased. Fitch net
default rate (calculated as an annualized percentage of the
current period defaults divided by the outstanding pool) reached
2.5% in January 2010, up from 0.6% in October 2009. As a result
Fitch excess spread (after deduction of the defaults) dropped
sharply to 0.3% from the 1.4% level in October 2009. Fitch
expects the current default trend will likely continue in the
coming quarters, which will result in the drawdown of the
transaction's reserve (EUR45.5 million as of January 2010) to
absorb losses not covered by the available excess spread. The
revision of the Outlook on the class D reflects Fitch's concern
over the potential weakening in the credit protection received by
the junior tranche as a result of the reserve draw.
FTPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed FTPYME TDA CAM 2 Fondo de Titulizacion
de Activos' notes due July 2042:
-- EUR4,067,845 Series 1SA (ES0339758007) affirmed at 'AAA';
Outlook Stable; Loss Severity 'LS-1'
-- EUR143,500,000 Series 1CA(G) (ES0339758015) affirmed at
'AAA'; Outlook Stable
-- EUR27,473,384 Series 2SA (ES0339758023) affirmed at 'A';
Outlook Negative; Loss Severity 'LS-1'
-- EUR7,726,889 Series 3SA (ES0339758031) affirmed at 'BB-';
Outlook Negative; Loss Severity 'LS-2'
Fitch reviewed the transaction due to a decrease of the reserve
fund. The reserve fund was reduced to EUR5.8 million in February
2010 from EUR8.1 million in October 2009 due to a lack of income
proceeds caused by the provisioning for defaulted loans. This
reduced the credit enhancement to 3.2% from 4%. While the
decrease of the reserve fund exposes the transaction to single
obligor default and recovery risk, the agency found that the
transaction performs in line with the expectations as of the last
review in October 2009 and maintains the current ratings.
The transaction has continued to structurally de-leverage to 24.7%
as of its initial balance from 27% since October 2009. Loans in
arrears of more than 90 days have decreased to 2.3% from 3.9%
since October 2009. Currently, 18 loans with an aggregate
outstanding balance of EUR3 million are in arrears between 181
days to 365 days. Fitch expects these amounts to default,
resulting in a further decrease of the reserve fund.
The Negative Outlook on the class 3SA notes reflects single
obligor concentration risk as a result of the decreasing reserve
fund. However, most of the top obligors are performing and are
secured by real estate. Currently, 93% of the assets are secured
by mortgage collateral with an average current LTV of 31%.
Nevertheless, in case of a top obligor default the performance of
the transaction may depend on the successful realization of
recovery proceeds. The Negative Outlook on the class 2SA notes
reflects the decreasing credit enhancement resulting from the
declining reserve fund.
Over the next 12 to 18 months, Fitch expects the notes to continue
amortizing gradually and that ultimately all notes will be paid
off. However, Fitch expects the reserve fund to decrease again
significantly at the next payment date, given the expected
additional default provisions. Over the long run, Fitch expects
recovery proceeds to reinstate reserve fund amounts, which led the
agency to affirm the outstanding ratings.
The Class 2CA is guaranteed by the Kingdom of Spain
('AAA'/'F1+'/Outlook Stable). As a result, the notes are credit-
linked to Spain's rating, which is why these notes have not been
assigned a Loss Severity rating.
Fitch has assigned an Issuer Report Grade of two stars ("basic")
to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The assignment of
IRG two star reflects the lack of information in the investor
report on structural triggers for the reserve fund amortization
and interest deferral mechanism and the rating triggers for the
transaction's counterparties. The report consists of a variety of
files in different formats with different information, making it
difficult to extract key performance information.
===========
S W E D E N
===========
FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely
---------------------------------------------------------------
Ford Motor Company has entered into a definitive agreement to sell
Volvo Car Corporation and related assets to Zhejiang Geely Holding
Group Company Limited.
The sale is expected to close in the third quarter of 2010, and is
subject to customary closing conditions, including receipt of
applicable regulatory approvals.
The purchase price for Volvo Cars and related assets (primarily
intellectual property) is $1.8 billion (U.S.), which will be paid
in the form of a note in the amount of $200 million (U.S.), and
the remainder in cash. The cash portion of the purchase price
will be adjusted at close for customary purchase price adjustments
relating to pension deficits, debt, cash and working capital, the
net effect of which could be a significant decrease in the cash
proceeds to Ford.
"Volvo is a great brand with an excellent product lineup. This
agreement provides a solid foundation for Volvo to continue to
build its business under Geely's ownership," said Alan Mulally,
Ford's president and CEO. "At the same time, the sale of Volvo
will allow us to further sharpen our focus on building the Ford
brand around the world and continue to deliver on our One Ford
plan serving our customers with the very best cars and trucks in
the world."
Ford will continue to cooperate with Volvo Cars in several areas
after the sale has been completed in order to ensure a smooth
transition, but will not retain any ownership in the Volvo Cars
business.
Following completion of the sale, Ford will continue to supply
Volvo Cars with, for differing periods, powertrains, stampings and
other vehicle components.
As part of the sale, Ford also has committed to provide
engineering support, information technology, access to tooling for
common components, and other selected services for a transition
period to ensure a smooth separation process.
Ford and Geely have established agreements to govern the use of
intellectual property; these agreements will allow both Volvo and
Ford to deliver their business plans and provide appropriate
safeguards against misuse. These agreements also will allow Volvo
Cars to grant sublicenses to certain portions of Ford's
intellectual property used by Volvo Cars to third parties,
including Geely.
"The Volvo team has done an exceptional job of restructuring its
business and remaining focused on delivering its plan during the
sale process," said Lewis Booth, Ford's chief financial officer.
"With Ford's continued investment in Volvo, it has launched its
best-ever product range and remained true to its core values --
safety, quality, environmental responsibility and modern
Scandinavian design.
"We look forward to continuing to work with Volvo Cars, and wish
the management team, employees and new owners every success for
the future."
"Zhejiang Geely would like to pay tribute to Ford's stewardship of
the Volvo brand, and we look forward to continued cooperation as
Volvo embarks on the next stage of its evolution with Geely," said
Li Shufu, chairman of Zhejiang Geely Holding Group Company
Limited.
Stephen Odell, CEO of Volvo Cars, added, "The Volvo management
team fully endorses Ford's sale of Volvo Cars to Geely. We
believe this is the right outcome for the business, and will
provide Volvo Cars with the necessary resources, including the
capital investment, to strengthen the business and to continue to
move it forward in the future.
"Geely has been very supportive of Volvo Cars' business plans and
management team. We look forward to building a strong
relationship between Volvo Cars and Geely, and to maintaining a
strong relationship with Ford in those areas where we will
continue to work together to ensure a smooth transition."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents. With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo. The Company provides financial
services through Ford Motor Credit Company.
At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.
On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.
As reported by the Troubled Company Reporter on March 18, 2010,
Moody's Investors Service raised Ford's Corporate Family Rating
(CFR) and Probability of Default Rating (PDR) to B2 from B3,
secured credit facility to Ba2 from Ba3, senior unsecured debt to
B3 from Caa1, trust preferred to Caa1 from Caa2, and Speculative
Grade Liquidity rating to SGL-2 from SGL-3. Also raised is Ford
Credit's senior debt rating to B1 from B2.
On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'. Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.
=============
U K R A I N E
=============
* CITY OF KHARKOV: Fitch Gives Stable Outlook; Keeps 'B-' Rating
----------------------------------------------------------------
Fitch Ratings has revised Ukraine's City of Kharkov's Outlooks to
Stable from Negative and affirmed the city's Long-term foreign and
local currency ratings at 'B-', its Short-term rating at 'B' and
its National Long-term rating at 'AA-(ukr)'.
The rating action follows the revision of Ukraine's Outlook to
Stable and affirmation of its Long-term foreign and local currency
Issuer Default Ratings at 'B-'.
The City of Kharkov's ratings factor in its good financial
management, adequate budgetary performance in 2009 and expected
satisfactory performance in 2010, sufficient liquidity as well as
the maintenance of its debt-free status in 2009 and in Q110.
* CITY OF ODESSA: Fitch Affirms Low-B Ratings; Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian City of Odessa's
International Long-term foreign and local currency ratings at 'B-'
with Negative Outlooks and Short-term foreign currency rating at
'B'. The agency has also downgraded the National Long-term rating
to 'A-(ukr)' from 'AA-(ukr)'. The Outlook is Negative.
The ratings reflect the deterioration in the city's budget
performance, its foreign currency risk exposure, declining
liquidity and the short horizon of Odessa's budget-planning. They
also reflect its strong and diversified local economy and its
moderate debt burden. The Negative Outlooks reflect the lack of
visibility on the city's budgetary prospects and weak liquidity
along with refinancing needs in late 2010.
The city's diversified and strong local economy provides a broad
tax base. Odessa hosts the largest Ukrainian port, on the Black
Sea, making transport services the most important segment of the
city's economy. Nevertheless, the economic downturn in 2008-2009
led to the tax base deterioration, affecting operating revenue.
The operating balance fell to 2.7% of operating revenue in 2009
from 18.6% in 2007. However, the decline of tax proceeds in 2009
was partially mitigated by current transfers from the central
government. The administration's cut in capex for 2009 by 50%
helped to narrow the deficit before debt variation to
UAH70.6 million from UAH121.4 million in 2008 and avoid direct
debt increase. Fitch expects the city to maintain a low operating
margin at 1%-3% in 2010.
The city's debt burden was moderate at UAH387 million at end-2009,
or 20% of current revenue. Direct debt largely consists of a
long-term bank loan of CHF50 million, exposing the city to
exchange-rate volatility. According to the payment schedule the
city is required to repay CHF10 million in December 2010 and the
remaining CHF40 million in 2012 resulting in short-term
refinancing pressure for the city. Given the shrinking liquidity
position of the city, future debt amortization causes some
refinancing pressure on the city's budget in 2010 and,
particularly, in 2012. The city does not have guarantee issues,
but some contingent risk is stemming from public sector entities.
Fitch notes that the short overall horizon for the city's
budgetary projections -- which does not exceed one financial year
-- has been further affected by the late adoption of the national
budget, causing a delay in the passing of the city's budget. That
causes lack of visibility on the city's budgetary prospects and
hinders budget management.
The City of Odessa is the capital of the Odessa region, which is
located in south-western Ukraine, on the Black Sea. The City of
Odessa is the fifth-largest city in Ukraine with a population of
just over 1 million, and has the largest sea port in the country.
===========================
U N I T E D K I N G D O M
===========================
123 FINANCE: High Court to Hear Winding-Up Petition on June 1
-------------------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up 123 Finance Ltd.
in the public interest.
The company, which traded from premises in Bolton, signed up
members of the public, who were experiencing severe financial
difficulties, to a debt management plan under which it attempted
to negotiate a settlement with their creditors in return for a
fee.
The petition to wind up the company was presented following an
investigation carried out by Company Investigations Directorate of
the Insolvency Service under section 447 of the Companies Act 1985
(as amended).
The Official Receiver has been appointed provisional liquidator of
123 Finance. The role of the provisional liquidator is to protect
assets in the possession or under the control of the company
pending the determination of the petition. The provisional
liquidator also has the power to investigate the affairs of the
company insofar as it is necessary to protect the assets including
any third party or trust monies or assets in the possession of or
under the control of the company.
The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on June 1, 2010.
123 Finance was incorporated on June 17, 2009. Its registered
office is at Oceanic House, Navigation Business Park, Waters
Meeting Road, Bolton BL1 8SW, as of 13 November 2009. Previously,
the registered office was at 20 Springvale, Edgeworth, Bolton, BL7
0FS.
The petition was presented on March 16, 2010 under s124A of the
Insolvency Act 1986. The Official Receiver was appointed as
provisional liquidator of 123 Finance on March 23, 2010.
All public inquiries concerning the affairs of the company should
be made to: The Official Receiver, Public Interest Unit, 3
Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234
8531. E-mail: piu.north@insolvency.gsi.gov.uk
AMBAC ASSURANCE: Moody's Places 'Caa2' IFSR on Review
-----------------------------------------------------
Moody's Investors Service has lowered the rating of the senior
unsecured debt of Ambac Financial Group Inc. to C from Ca, and
placed the Caa2 insurance financial strength ratings of Ambac
Assurance Corporation on review for possible upgrade. Moody's
also placed the Caa2 IFSR for Ambac Assurance UK Limited (AUK) on
review with direction uncertain.
The rating actions may have implications for certain transactions
wrapped by AAC and AUK as discussed later in this press release.
Transaction Overview
The rating action was prompted by Ambac's announced restructuring.
AAC established a segregated account, containing AAC's most risky
exposures such as RMBS and Las Vegas Monorail. The Office of the
Commissioner of Insurance of the State of Wisconsin (OCI), Ambac's
regulator, has placed the segregated account under rehabilitation.
AAC also entered into a non-binding agreement to commute all of
its remaining ABS CDOs. These actions are expected to improve the
credit standing of AAC's senior unsecured policyholders by
settling the insurer's most risky exposures, and effectively
subordinating (via the segregated account) policyholders with
outstanding claims. Moody's IFSR addresses senior policy
obligations residing within AAC's general account, but not the
now-subordinated segregated account claims.
The segregated account is capitalized by a US$2 billion secured
note due 2050 issued by AAC, and an aggregate excess of loss
reinsurance agreement provided by AAC. The secured note is
collateralized by installment premiums, reinsurance premiums and
certain recoveries related to the policies in the segregated
account. All claims payments related to the segregated account
will be suspended, until the Segregated Account Rehabilitation
Plan is approved by the court. The OCI indicated that the process
may take about six months. The rehabilitation plan calls for the
future payment of claims out of the segregated account to be made
with a combination of cash and surplus notes.
Ambac also reached a non-binding agreement to settle ABS CDOs with
counterparties. In exchange for the termination of the ABS CDO
obligations, AAC would pay the counterparties US$2.6 billion in
cash, and US$2 billion surplus notes issued by AAC. The surplus
notes would have the same terms as the ones issued as part of the
rehabilitation plan. Given the non-cash component of the payments
and the size of the payments compared to likely losses that would
have been sustained from these contracts, Moody's considers this
transaction to represent a distressed exchange.
Rationale For Ambac Assurance Corporation
The review for upgrade of AAC's financial strength rating reflects
the enhanced credit profile of general account policyholders
following the group's restructuring. Policies allocated to the
segregated account have been effectively subordinated to the
policies remaining in the general account, said Moody's. The
general account's insured book contains mainly less risky public
finance securities, largely free of legacy risks, and appears to
be well supported by the corresponding claims paying resources
(such as loss reserves and unearned premiums) and surplus notes to
fund future reinsurance claims. The surplus notes are
subordinated to general account's insurance claims.
Moody's said that the potential for upward rating movement is
tempered, however, by charges related to potential lawsuits and
AAC's inability to write new business before the full repayment of
the surplus notes. During its review, Moody's will evaluate the
full impact of the restructuring on AAC's financial strength,
including the extent to which senior unsecured policyholders of
the general account are truly insulated from segregated account
losses.
Moody's believes that policies allocated to the segregated account
are no longer appropriately considered to be senior policyholder
obligations of AAC and that, consequently, Moody's insurance
financial strength rating for AAC would not apply to such
exposures.
Rationale for Ambac Assurance Uk Limited
AUK has sent AAC notices of termination with respect to AUK's
reinsurance agreement (from AAC), but per Ambac's Form 8-K filing,
AAC does not believe that AUK has a right to terminate the
agreement. AUK has demanded payment of unearned premium reserves,
loss reserves, contingency reserves and loss adjustment expense
reserves related to the reinsured policies, less ceding
commissions and certain adjustments. Currently, the liabilities
of AAC under the AUK reinsurance agreement have been allocated to
the segregated account, and they are subject to the same payment
terms as the other obligations under the segregated account.
The review direction uncertain of AUK's Caa2 insurance financial
strength rating reflects the potential for AUK's financial profile
to either improve, if successful in its efforts to terminate the
reinsurance agreement and obtain cash in lieu of previously ceded
reserves. The rating may be lowered if such efforts are
unsuccessful and its reinsurance protection becomes further
subordinated to AAC's general account policyholder claims.
Rationale for Ambac Financial Group, Inc
The downgrade of Ambac Financial's senior debt rating to C, in
Moody's opinion, reflects the heightened risk of default and very
low ultimate recovery on the debt, whether through distressed
exchange or potential bankruptcy proceedings, due to the holding
company's modest cash position and limited financial flexibility.
In Moody's view, it is unlikely that the holding company will be
able to access operating company resources over a reasonable
timeframe to satisfy its obligations.
Treatment of Wrapped Transactions
Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of these: a) the rating of the guarantor (if rated at
the investment grade level); or b) the published underlying rating
(and for structured securities, the published or unpublished
underlying rating). Moody's approach to rating wrapped
transactions is outlined in Moody's special comment entitled
"Assignment of Wrapped Ratings When Financial Guarantor Falls
Below Investment Grade" (May, 2008); and Moody's November 10, 2008
announcement entitled "Moody's Modifies Approach to Rating
Structured Finance Securities Wrapped by Financial Guarantors".
In light of the rating actions, Moody's will position the ratings
of wrapped transactions remaining in AAC's general account, and
the ratings of transactions wrapped by AUK, according to these
criteria. If the rating of AAC or AUK should subsequently move
back into the investment grade range, or if the agency should
subsequently publish the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations and the rating agency believes
that policies allocated to the segregated account are no longer
senior obligations of Ambac Assurance Corporation. As a result,
wrapped transactions allocated to the segregated account will be
rated at the published underlying rating (and for structured
securities, the published or unpublished underlying rating).
List of Rating Actions
These ratings actions have taken place:
* Ambac Assurance Corporation -- insurance financial strength to
Caa2 on review for upgrade, from Caa2;
* Ambac Assurance UK Limited -- insurance financial strength to
Caa2 on review with direction uncertain, from Caa2;
* Ambac Financial Group, Inc. -- senior unsecured debt to C, from
Ca.
The last rating action related to Ambac was on July 29, 2009, when
Moody's downgraded Ambac's financial strength ratings to Caa2 and
Ambac Financial's ratings (senior debt to Ca).
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provide financial guarantees and
financial services to clients in both the public and private
sectors around the world.
ARDENT PRODUCTIONS: Liquidation Left Investors with GBP40
---------------------------------------------------------
Robin Henry at The Sunday Times reports that the collapse of
Ardent Productions has left its multi-million-pound investors with
just GBP40.
Ardent posted losses for all years of its existence except one and
eventually went into voluntary liquidation last June, the report
notes. A statement of assets reveals that Ardent had just
GBP1,336.27 left in its bank account, with a debt of GBP104 owed
to it at the time, the report says citing The Mail on Sunday.
After GBP1,400 in liquidation costs, just GBP40.27 was left for
investors, including the DFS founder Lord Kirkham, who ploughed
GBP724,660 into the venture, the report states.
Ardent Productions is a television production company owned by the
Earl of Wessex. Prince Edward launched the company in 1993.
BUSINESS MORTGAGE: Fitch Affirms Junk Ratings on Class C Notes
--------------------------------------------------------------
Fitch Ratings has upgraded two tranches and affirmed 45 tranches
of the Business Mortgage Finance PLC series and revised the
Outlooks on five tranches. The BMF transactions are
securitizations of mortgages to small and medium-sized enterprises
and the owner managed business community.
The rating actions follow a satisfactory review of all of the
transactions. The upgrades to BMF 1 and 2 are primarily due to
sequential pay-down continuing to increase credit enhancement,
while their reserve funds remain at 100% of their target levels.
The class A notes for both BMF 1 and 2 were repaid in full on
January 20, 2010, and August 10, 2009, respectively.
Fitch's revision of the outlooks on BMF 3, 4 and 5 are in
recognition of the stabilization of the reserve funds for the last
three collection periods (between June 2009 and February 2010) and
the upward trend in collection ratios supported by the
historically low interest rates currently payable by borrowers.
BMF1 (due 2036):
-- GBP13.5m class M (XS0186220769): affirmed at 'AAA'; Outlook
Stable
-- GBP5.3m class B (XS0186221577): upgraded to 'AA' from 'AA-';
Outlook Stable
BMF2 (due 2037):
-- GBP23.8m class M notes (XS0203851380): affirmed at 'AA';
Outlook Positive
-- GBP10.1m class B notes (XS0203851463): upgraded to 'A' from
'BBB+'; Outlook Stable
BMF3 (due 2038):
-- GBP19m class A1 notes (XS0223481325): affirmed at 'AAA';
Outlook Stable
-- Detachable A1 coupon (XS0223483610): affirmed at 'AAA';
Outlook Stable
-- EUR19.7m class A2 notes (XS0223481598): affirmed at 'AAA';
Outlook Stable
-- Detachable A2 coupon (XS0223483883): affirmed at 'AAA';
Outlook Stable
-- GBP42.5m class M notes (XS0223481838): affirmed at 'A';
Outlook Stable
-- GBP9.5m class B1 notes (XS0223482307): affirmed at 'BBB';
Outlook Stable
-- EUR8m class B2 notes (XS0223482729): affirmed at 'BBB';
Outlook Stable
-- GBP2.5m class C notes (XS0223483024): affirmed at 'BB';
Outlook revised to Stable from Negative
-- MERCs (XS0224878099): affirmed at 'AAA'; Outlook Stable
BMF4 (due 2045):
-- GBP83.5m class A (XS0249507947): affirmed at 'AAA'; Outlook
Stable
-- Detachable A coupon (XS0250410114): affirmed at 'AAA';
Outlook Stable
-- GBP41.3m class M (XS0249508242): affirmed at 'A'; Outlook
Stable
-- GBP15m class B (XS0249508754): affirmed at 'BB'; Outlook
revised to Stable from Negative
-- GBP7.3m class C (XS0249509133): affirmed at 'B'; Outlook
revised to Stable from Negative
-- MERCs (XS0250413563): affirmed at 'AAA'; Outlook Stable
BMF5 (due 2039):
-- GBP61.9m class A1 notes (XS0271320060): affirmed at 'AAA':
Outlook revised to Stable from Negative
-- Detachable A1 coupon (XS0271321035): affirmed at 'AAA':
Outlook Stable
-- EUR111.5m class A2 notes (XS0271323163): affirmed at 'AAA':
Outlook revised to Stable from Negative
-- Detachable A2 coupon (XS0271323676): affirmed at 'AAA':
Outlook Stable
-- GBP27m class M1 notes (XS0271324724): affirmed at 'BBB+';
Outlook Negative
-- EUR36.5m class M2 notes (XS0271324997): affirmed at 'BBB+';
Outlook Negative
-- GBP12m class B1 notes (XS0271325291): affirmed at 'B+';
Outlook Negative
-- EUR11.5m class B2 notes (XS0271325614): affirmed at 'B+';
Outlook Negative
-- GBP8.7m class C notes (XS0271326000): affirmed at 'CC';
Recovery Rating of 'RR5'
-- MERCs (XS0271326778): affirmed at 'AAA': Outlook Stable
BMF6 (due 2040):
-- GBP78.8m class A1 notes (XS0299445808): affirmed at 'AAA',
Outlook Negative
-- Detachable A1 coupon (XS0299535384): affirmed at 'AAA':
Outlook Stable
-- EUR297.9m class A2 notes (XS0299446103): affirmed at 'AAA':
Outlook Negative
-- Detachable A2 coupon (XS0299536515): affirmed at 'AAA':
Outlook Stable
-- GBP38m class M1 notes (XS0299446442): affirmed at 'BBB';
Outlook Negative
-- EUR55.6m class M2 notes (XS0299446798): affirmed at 'BBB';
Outlook Negative
-- EUR39.1m class B2 notes (XS0299447507): affirmed at 'B';
Outlook Negative
-- GBP17.3m class C notes (XS0299447846): affirmed at 'CC';
Recovery Rating of 'RR5'
-- MERCs (XS0300896775): affirmed at 'AAA': Outlook Stable
BMF7 (due 2041):
-- GBP158.9m class A1 notes (XS0330211359): affirmed at 'AAA':
Outlook Negative
-- Detachable A1 coupon (XS0330212597): affirmed at 'AAA':
Outlook Stable
-- GBP38.7m class M1 notes (XS0330220855): affirmed at 'BBB';
Outlook Negative
-- EUR5m class M2 notes (XS0330222638): affirmed at 'BBB';
Outlook Negative
-- GBP12.4m class B1 notes (XS0330228320): affirmed at 'BB-';
Outlook Negative
-- GBP7.9m class C notes (XS0330229138): affirmed at 'CCC';
Recovery Rating of 'RR5'
-- MERCs (XS0330232439): affirmed at 'AAA': Outlook Stable
CABLE & WIRELESS: S&P Raises Corporate Credit Ratings to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit ratings on U.K.-based telecommunications
service provider Cable & Wireless Ltd. (formerly Cable & Wireless
PLC) to 'BB' from 'BB-'. This rating has been removed from
CreditWatch, where it was placed with positive implications on
Nov. 17, 2009. The 'B' short-term corporate credit rating was
affirmed. The outlook is stable.
At the same time, S&P raised its rating on the $500 million senior
secured bonds issued by C&W's subsidiary, Sable International
Finance Ltd. to 'BB' from 'BB-'. This rating has been removed
from CreditWatch, where it was placed with positive implications
on Feb. 2, 2010.
In addition, S&P assigned a long-term corporate credit rating of
'BB' and a short-term corporate credit rating of 'B' to the newly
created listed entity, Cable & Wireless Communications PLC.
Furthermore, S&P affirmed the 'B+' issue ratings on the
GBP200 million unsecured bond issued by C&W, due 2012, and the
GBP200 million bond issued by Cable & Wireless International
Finance B.V. and guaranteed by C&W, due 2019. These ratings have
been removed from CreditWatch, where they were placed with
negative implications on Nov. 17, 2009.
These rating actions follow the successful demerger of Cable &
Wireless Worldwide from the Cable & Wireless Communications group
(C&W Communications group). The 'BB' corporate credit rating on
Cable & Wireless Communications PLC, the parent company of C&W
Communications group reflects S&P's assessment of C&W
Communications group. S&P does not rate Cable & Wireless
Worldwide.
"Following the spin-off of the Worldwide operations, S&P has
raised its assessment of C&W Communications group's business risk
profile to fair from weak, according to its criteria," said
Standard & Poor's credit analyst Helen O'Toole. "The group's
business risk profile benefits from established market positions
in either fixed-line or mobile services (or both) in a variety of
relatively small markets across the world."
In addition, S&P believes that the group should generate steady,
high operating margins approaching 40% (on a consolidated,
reported basis, before exceptional items), despite current
underperformance in the Caribbean. These factors are offset,
however, by country risks, including risks associated with co-
ownership with governments or other corporate entities, such as in
Panama or Macau, and the group's materially less-than-100%
ownership of its largest and most cash-generative assets, which
include Panama and Macau.
In S&P's view, C&W Communications group will maintain its market
positions and profitability metrics. S&P also anticipate that
cash generation will at least be maintained at current levels.
The ratings could come under downward pressure if cash generation
were to deteriorate, or if a more aggressive attitude were taken
towards shareholder returns or mergers and acquisitions.
Furthermore, if adjusted debt to EBITDA were to exceed 3.0x, this
would likely result in a downward revision to the ratings.
Rating upside is limited, in S&P's opinion, by business risk
considerations, notably significant country risk and the lack of
full ownership of key assets.
JAMESON BUILDING: In Administration; 40 Jobs Affected
-----------------------------------------------------
Portadown Times reports that Jameson Building has gone into
administration, resulting in the loss of 40 jobs. The report
relates that the company was taken over by Belfast administrators
Moore Stephens last Thursday and all contracts ceased.
According to the report, a spokesman for the company said that the
slump in the construction industry -- allied to the difficulties
in banks giving loans -- were the main reasons for the building
firm going into administration.
Jameson Building had been founded in 1974. Bobby Jameson is the
company's managing director, according to Portadown Times.
LEHMAN BROTHERS: PwC In Dispute with Songbird Over Rent Payments
----------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Songbird
Estates, the majority owner of Canary Wharf, is in dispute with
the administrator of Lehman Brothers in Europe over rental
payments at the failed bank's London headquarters.
According to the report, PricewaterhouseCoopers has told Songbird
Estates and Canary Wharf Group that it will move out of 25-30 Bank
Street on March 31, and will only pay rent for the first quarter
of 2010 on the 290,146-sq. ft it presently occupies.
The report relates Songbird said in its annual results on Friday
that it believes PwC is liable for the entire building and faces a
GBP2.6 million loss of rental income if PwC does not increase its
payment. The report notes Songbird added that Canary Wharf Group,
of which it owns 69.3%, "continues to demand full performance of
the Lehman obligations under the lease, and payment of rent on the
whole of 25 Bank Street is being pursued in line with a recent
High Court ruling on administrator liability".
PwC is relocating its Lehman operations to offices in Citigroup's
tower at Canary Wharf, the report states.
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LUPUS CAPITAL: Falls Into the Red In 2009 After Covenant Breach
---------------------------------------------------------------
David Blackwell at The Financial Times reports that Lupus Capital
fell GBP649,000 (US$966,094) into the red last year as financing
costs rose after a breach of its banking covenants.
According to the FT, the company, which made a pre-tax profit of
GBP10.8 million in 2008, said the first extraordinary meeting
called by ousted executive chairman Greg Hutchings, who has an 11%
stake, cost about GBP500,000. The cost of the second in February,
when Mr. Hutchings again failed to procure his reappointment, will
be taken in this year's accounts, the FT notes.
Total revenues for the year to December 31, 2009, fell 9% to
GBP241.6 million, the FT discloses.
The restructuring of the debt constrained the resumption of a
dividend, but the City expects one to be reinstated next year, the
FT states.
The new banking facilities for GBP200 million run until mid-2012,
the FT says. The FT recalls last year the company paid down GBP23
million of debt, leaving the net amount owing at GBP111 million.
Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company. The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings. Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company. On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.
MEZZVEST INVESTMENTS: Moody's Junks Rating on Class C Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Mezzvest Investments I Limited.
-- EUR290M Class A1 Secured Floating Rate Facilities, due 2023,
Downgraded to Baa2; previously on July 10, 2009 Downgraded to
A2
-- EUR75M Class A2 Secured Floating Rate Variable Funding
Facilities, due 2023, Downgraded to Baa2; previously on
July 10, 2009 Downgraded to A2
-- EUR50M Class B Secured Floating Rate Facilities, due 2023,
Downgraded to B1; previously on July 10, 2009 Downgraded to
Ba1
-- EUR55M Class C Secured Deferrable Floating Rate Facilities,
due 2023, Downgraded to Caa2; previously on July 10, 2009
Downgraded to Ba3
-- EUR75M Class D Secured Deferrable Floating Rate Variable
Funding Facilities, due 2023, Downgraded to Caa3; previously
on July 10, 2009 Downgraded to Caa1
The transaction is a managed high yield CLO referencing a
portfolio of European mezzanine as well as second lien loans, a
number of which pay some, or all, of their interest in kind. Due
to the constraints placed upon the manager due to the failure of
its OC tests, Moody's modeled the deal as static using a
simulation approach.
According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio. This
is observed in, among other measures as per trustee report dated
February 28, 2010, a decline in the average credit rating as
measured through the weighted average rating factor to 3377 now
from 3196 at the last monitoring, an increase in the amount of
defaulted securities, and a failure of all par value tests.
Moody's also performed some sensitivity analyses, including
amongst others, a decrease in the expected recovery rates.
The pool is a concentrated portfolio with the largest three loans
constituting 36.6% of the performing portfolio, with over 50% of
the performing portfolio from a single industry sector,
healthcare, though this is mitigated by the sector's performance
and positive outlook.
Moody's also notes that all of the collateral pool consists of
debt obligations whose credit quality has been assessed through
Moody's Credit Estimates. As credit estimates do not carry credit
indicators such as ratings reviews and outlooks, a stress of a
quarter notch-equivalent assumed downgrade was applied to each of
these estimates.
Furthermore, Moody's notes that a Termination Event has occurred,
giving the lenders the right to request the liquidation of the
portfolio. The Termination Event occurred because the Class D OC
test is below the 103% trigger level. The Class D OC breached
this level in the second half of 2009. However, Moody's notes
this is not a driver of the current ratings actions.
MICHELIN TYRE: Dundee Factory Seeks Aid to Safeguard Future
-----------------------------------------------------------
Erikka Askeland at Scotland On Sunday reports that the Michelin
tire factory in Dundee wants the Scottish Government to provide
substantial grant support for investment in new technology to
safeguard its future. According to the report, John Reid, the
factory's new manager, is putting proposals to Michelin executives
and government ministers to ensure the company remains viable over
the next three to five years.
"Dundee is a good plant, but in the future there will only be
excellent plants. There won't be good plants," the report quoted
Mr. Reid as saying. "We have to drive harder to become an
excellent factory. That is the next challenge over the next three
to five years."
"We will be looking for government support and grants," Mr. Reid
said, according to the report. "If we can get support from local
government to bear a percentage of the costs, then it is a little
easier to fish in the investment."
The Michelin Group -- http://www.michelin.co.uk/-- operates in
more than 170 countries, from China to Brazil and from The United
States of America to Germany and Russia. The group manufactures
and sells tires for all kinds of vehicles, publish maps and guides
and operate a number of digital services.
MONDI FINANCE: S&P Assigns 'BB+' Rating on EUR500 Mil. Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term issue rating to the proposed EUR500 million
unsecured bonds due 2017 to be issued by Mondi Finance PLC, a
fully owned finance subsidiary of South Africa-based Mondi Group
(BB+/Stable/--), and guaranteed by Mondi PLC. At the same time,
Standard & Poor's has assigned a recovery rating of '4' to the
bonds, reflecting its expectations of average (30%-50%) recovery
for creditors in the event of a payment default. The issue rating
is the same as the corporate credit rating on Mondi.
The recovery and issue ratings are supported by S&P's valuation of
Mondi as a going concern, which reflects its view of Mondi's well-
invested asset base and leading position in emerging markets. S&P
estimate Mondi's stressed enterprise value at its simulated point
of default in 2012 to be about EUR2.4 billion, based on debt
maturities that year; however, S&P expects to push back the
simulated year of default as the company's refinancing plans
evolve in the coming years.
The recovery and issue ratings are constrained by the unsecured
nature of the proposed bonds and by S&P's view that the bond
documentation is weak, providing only limited protection for
bondholders. In addition, although S&P considers South Africa to
be a relatively favorable jurisdiction for creditors, S&P believes
that Mondi's widespread operations and potential exposure to
various insolvency regimes post-default could delay and/or lower
ultimate recovery prospects.
S&P has assumed in its analysis that Mondi's capital structure at
default will be similar to its current one. In particular, S&P
has assumed that the EUR1.55 billion unsecured revolving credit
facility due 2012 (not rated) taken on by Mondi Finance PLC, Mondi
Ltd., and Mondi PLC will continue to rank pari passu with the
proposed unsecured bonds.
However, if there were any significant change to Mondi's capital
structure -- such as, in particular, the RCF lenders obtaining
priority over the holders of the proposed unsecured bonds ahead of
default -- recovery prospects for bondholders would, in S&P's
opinion, be materially lower.
Recovery Analysis
To calculate potential recoveries, S&P has simulated a default
scenario. S&P views Mondi's business risk profile as "fair" and
believe that a default would most likely be triggered by a
combination of distressed operations -- stemming from reduced
demand, pressure on selling prices, higher input costs, or adverse
exchange rates -- and Mondi's incapacity to refinance its debt in
2012. S&P has assumed that the RCF will be fully drawn at
default.
S&P has valued the business using a market multiple approach. S&P
has estimated that EBITDA at default would be equal to Mondi'
stressed fixed charges (that is, its stressed interest expense,
maintenance capital expenditures, and yearly pension
contributions), which S&P has assumed would total about
EUR440 million. Assuming a stressed EBITDA multiple of 5.5x, S&P
arrives at a stressed enterprise value at default of about
EUR2.4 billion.
S&P then deducts from the stressed enterprise value about
EUR1.1 billion of priority claims, consisting principally of
priority debt, enforcement costs, and 50% of the pension deficit.
S&P has assumed that only 85% of the resulting net enterprise
value would be available to the bondholders and pari passu
unsecured lenders, reflecting Mondi's lack of 100% ownership of
some of its subsidiaries that it fully consolidates in its
accounts.
Assuming the pari passu ranking of the proposed unsecured bonds
with the unsecured RCF and unsecured bank lines taken on by the
obligors of the bond and RCF, S&P arrives at recovery prospects in
the 30%-50% range, hence its recovery rating of '4' on the
proposed bonds.
However, if Mondi had to grant prior ranking or security to the
lenders as a condition for a maturity extension or covenant waiver
prior to the simulated default in 2012, S&P believes that recovery
prospects for the unsecured bondholders would be materially
weaker.
A recovery report with further details of S&P's recovery analysis
will be available shortly on RatingsDirect.
SPIRIT ISSUER: Fitch Downgrades Ratings on Notes to 'BB'
--------------------------------------------------------
Fitch Ratings has downgraded all Spirit Issuer plc's notes to 'BB'
from 'BB+'. The Outlook is Negative. Spirit is a whole business
securitization of 683 managed pubs and 578 leased and tenanted
pubs across the UK owned and operated (for the managed part) by
Punch Taverns Group.
Since Fitch's last rating action in March 2009, Spirit's
performance has continued to decline with Fitch's estimated
trailing 12 month EBITDA per pub falling 12.2% year-on-year for
the managed estate and 13.7% for the tenanted one. Overall, Fitch
is concerned that an estimated three quarters of the decline
observed in the combined EBITDA can be attributed to operating
factors (other than the decrease in the number of pubs and weeks
reported). More specifically, Fitch calculated that half of this
operating decline is due to the decrease in sales per pub on the
tenanted estate. The rest is attributed to managed pubs' gross
margin compression (due to the increase share of less profitable
food sales vs. drinks sales) and increase in operating costs
(mainly due to increasing utilities, rent and labor costs).
However, Fitch also notes that Spirit's management is actively de-
leveraging the transaction, as between March and August 2009,
Spirit bought back and cancelled 20.3% (i.e. GBP253.8 million)
worth of debt using the proceeds of pubs disposals. As a result,
debt service has reduced on average by around GBP20 million
annually (i.e. by 22%). Nevertheless, and despite this de-
leveraging exercise, the debt profile still contains various peaks
representing points of stress for the transaction, notably in 2014
(corresponding to the beginning of the amortization), 2020 and
2026.
As part of its review, Fitch also made some forecasts on the
transaction's future cash flow, which indicate that the annual
actual free-cash-flow debt service cover ratio could potentially
fall below 1x in 2014 if performance does not improve, hovering
around 1.2x thereafter. However, these point-in-time stresses are
partly mitigated by the credit enhancements included in this
transaction, notably the large liquidity facility (sized to cover
18 months of peak debt service) and the significant potential
amount of trapped cash which could accumulate until then.
The Negative Outlook reflects uncertainty over the level at which
performance will stabilize, due to industry-related issues (e.g.
disputed tied tenanted model under close review by regulators,
alcohol duty with +20.1% increase in two years, plus a further
increase from 29 March 2010 of 2% above inflation for beer, wine
and spirit and a steeper 10% for cider), changing consumer
behavior, further potential hikes in VAT post-election and the
weak economic recovery.
Fitch used its UK whole business securitization criteria to review
the transaction structure, financial data and cash flow
projections and to stress-test each of the rated instruments.
The notes' ratings are:
-- GBP150.0m Class A1 notes due 2028: downgraded to 'BB' from
'BB+'; Outlook Negative
-- GBP191.0m Class A2 notes due 2031: downgraded to 'BB' from
'BB+'; Outlook Negative GBP126.1m Class A3 notes due 2021:
downgraded to 'BB' from 'BB+'; Outlook Negative
-- GBP303.3m Class A4 notes due 2027: downgraded to 'BB' from
'BB+'; Outlook Negative GBP225.8m Class A5 notes due 2034:
downgraded to 'BB' from 'BB+'; Outlook Negative
WEYMOUTH FC: Creditors Back Company Voluntary Arrangement
---------------------------------------------------------
Derek Bish at Dorset Echo reports that Weymouth FC Ltd. is to go
into a Company Voluntary Arrangement after 80.9% of creditors
agreed to accepting 9% of funds owed over the next five years.
According to Dorset Echo, the CVA will reduce the Terras' debt
from around GBP900,000 to in the region of GBP80,000.
No amendments have been made to the CVA, Dorset Echo notes.
As reported by the Troubled Company Reporter-Europe on March 26,
2010, Dorset Echo said Steve Beasant, one of Weymouth FC's
creditors, called for amendments to the CVA. Dorset Echo
disclosed that in a letter to insolvency practitioner Alistair
Whipps, Beasant and eight others have requested that these six
amendments be made to the CVA proposal:
-- inclusion in the document of the notification of breaches in
the Insolvency Act and the intention to pursue legal action;
-- full validation and reconciliation of all creditors.
-- full management accounts be provided for the last three
months;
-- minimum of two independent valuations of the Wessex Stadium;
-- a meeting to vote on the amended CVA to be held in Weymouth,
at a time convenient to the majority of shareholders and
creditors; and
-- proposal to collect all outstanding debts to Weymouth FC
Ltd.
Weymouth F.C., nicknamed "The Terras", is an English football club
based in the town of Weymouth, who currently play in the
Conference South.
* UK: Lawmakers Call for Tougher Rules for Large Banks
------------------------------------------------------
Gonzalo Vina at Bloomberg News reports that British lawmakers
called on Chancellor of the Exchequer Alistair Darling to impose
tougher rules to curb excessively risky practices at large banks,
saying existing policy changes don't go far enough.
Bloomberg relates the Parliament's Treasury Committee said in a
report Monday that plans for "evolutionary reform" of banking
rules fall short of protecting society from institutions deemed
"too big to fail." It demanded Darling looks again at splitting
retail deposit operations from riskier investment banking,
Bloomberg notes.
"We can never guarantee failures will not occur again," Bloomberg
quoted John McFall, a ruling Labour Party lawmaker and chairman of
the cross-party committee, as saying. "It is crucial therefore
that in addition to improving risk management, regulation and
raising capital and liquidity requirements, wider structural
reform remains on the agenda."
Bloomberg recalls Mr. Darling has introduced laws for more
intrusive supervision of the largest banks, forcing them to hold
more capital and prepare for their possible failure. The
Financial Services Authority and Bank of England were given more
powers to probe executive pay and the question of who shoulders
the risk when a bank fails, Bloomberg states.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CROATIA
-------
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
FRANCE
------
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP CAR2 EO -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
CARRERE GROUP CRRHF US -9829592.638 279906700
CARRERE GROUP XRR GR -9829592.638 279906700
CHAINE ET TRAME CHTR FP -58947458.16 116889783.9
CHAINE ET TRAME CTRM FP -58947458.16 116889783.9
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
IMMOB HOTEL BALN IMHB FP -170171676.3 212556594.4
IMMOB HOTELIERE IMBHF US -170171676.3 212556594.4
IMMOB HOTELIERE IMH GR -170171676.3 212556594.4
IMMOB HOTELIERE IMHO EO -170171676.3 212556594.4
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GEORGIA
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GERMANY
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GREECE
------
AG PETZETAKIS SA PETZK EO -36788613.11 258762040.3
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NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
NAOUSSA SPIN-AUC NAOYKE GA -130380438 326934399.4
NAOUSSA SPINNING NML GR -130380438 326934399.4
NAOUSSA SPINNING NML1 GR -130380438 326934399.4
NAOUSSA SPIN-RTS NAOYKR GA -130380438 326934399.4
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 KORA GA -100972173.9 180679253.6
RADIO KORASSIDIS RAKOF US -100972173.9 180679253.6
RADIO KORASSIDIS RKC GR -100972173.9 180679253.6
RADIO KORASSI-RT KORAD GA -100972173.9 180679253.6
RADIO KORASS-RTS KORAR GA -100972173.9 180679253.6
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR INVHY US -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
IRELAND
-------
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELN NQ -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EU -113397336.3 441922391.7
MCINERNEY HLDGS MCI ID -113397336.3 441922391.7
MCINERNEY HLDGS MCI IX -113397336.3 441922391.7
MCINERNEY HLDGS MCI LN -113397336.3 441922391.7
MCINERNEY HLDGS MCI PO -113397336.3 441922391.7
MCINERNEY HLDGS MCI VX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBP EO -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EU -113397336.3 441922391.7
MCINERNEY HLDGS MCII IX -113397336.3 441922391.7
MCINERNEY HLDGS MK9 GR -113397336.3 441922391.7
MCINERNEY HLDGS MK9 PO -113397336.3 441922391.7
MCINERNEY HLDGS MK9C PZ -113397336.3 441922391.7
MCINERNEY HLDGS MNEYF US -113397336.3 441922391.7
MCINERNEY PROP-A MCIYF US -113397336.3 441922391.7
MCINERNEY PROP-A MYP ID -113397336.3 441922391.7
MCINERNEY PROP-A MYP LN -113397336.3 441922391.7
MCINERNEY -RT FP MCIF ID -113397336.3 441922391.7
MCINERNEY -RT FP MCIF LN -113397336.3 441922391.7
MCINERNEY -RT NP MCIN ID -113397336.3 441922391.7
MCINERNEY -RT NP MCIN LN -113397336.3 441922391.7
MCINERNEY-ADR MNEYY US -113397336.3 441922391.7
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-RTS AEAA IM -24405906.61 1350851664
AEDES SPA-RTS AESA IM -24405906.61 1350851664
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
BINDA SPA BND IM -11146475.29 128859802.9
BINDA SPA BNDAF US -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
INNOTECH SPA ELIOF US -178432.4639 134255668.5
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
RISANAMENTO -OPA RNOPA IM -165887753.7 4800733024
RISANAMENTO -RNC RNR IM -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO SPA RN IM -165887753.7 4800733024
RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO SPA RN TQ -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO-RTS RNAA IM -165887753.7 4800733024
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SSMLF US -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 SNIWF US -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS EU -405622.1721 172796509.7
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -421259823.5 632152613.6
TISCALI - RTS TISAAW IM -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TIQG IX -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TIS EU -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TIS PZ -421259823.5 632152613.6
TISCALI SPA TIS TQ -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TISGBX EO -421259823.5 632152613.6
TISCALI SPA TISGBX EU -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TISN NA -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TSCXF US -421259823.5 632152613.6
TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
YORKVILLE BHN BY IM -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -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 600241Q GR -131100008 2130899840
JAMES HARDIE IND 726824Z NA -131100008 2130899840
JAMES HARDIE IND HAH AU -131100008 2130899840
JAMES HARDIE IND HAH NZ -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 JHA GR -131100008 2130899840
JAMES HARDIE-CDI JHIUF US -131100008 2130899840
JAMES HARDIE-CDI JHX AU -131100008 2130899840
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
NORWAY
------
INTEROIL EXPLORA INOX NO -9700000 249326000
INTEROIL EXPLORA IOX BY -9700000 249326000
INTEROIL EXPLORA IOX EO -9700000 249326000
INTEROIL EXPLORA IOX EU -9700000 249326000
INTEROIL EXPLORA IOX IX -9700000 249326000
INTEROIL EXPLORA IOX NO -9700000 249326000
INTEROIL EXPLORA IOX PZ -9700000 249326000
INTEROIL EXPLORA IOXEUR EO -9700000 249326000
INTEROIL EXPLORA IOXEUR EU -9700000 249326000
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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
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POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
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KROSNO SA KRNFF US -2241614.766 111838141.2
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TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6
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LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.6
PORCELANA VISTA PVAL PL -75871846.95 148731546.6
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SPORTING-SOC DES SCDF EO -22452984.49 177676573.7
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ROMANIA
-------
DUVANSKA DIVR SG -7729350.776 109207260.5
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
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RAFO SA RAF RO -457922636.3 356796459.3
SERBIA
------
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
RUSSIA
------
AMUR SHIP-BRD AMZS RU -99051792.6 1089408985
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RBC INFO-ADR RINFY US -125838573.3 180731395.2
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SPAIN
-----
ACTUACIONES ACTI AGR SM -195705447.2 561851834.6
AGRUPACIO - RT AGR/D SM -195705447.2 561851834.6
FERGO AISA SA AISA EO -195705447.2 561851834.6
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NYESA VALORES CO BES EO -68174952.1 813033334.5
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SWEDEN
------
ALLOKTON AB ALOKB SS -81031119.44 273830723.9
NOBINA 1099Z SS -44206989.56 501246031.8
TURKEY
------
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
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EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
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IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
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ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.9
UNITED KINGDOM
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DE LA RUE PLC DLAR IX -49140782.93 785933430.9
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EMI GROUP -ASSD EMIA LN -2265916257 2950021937
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GALIFORM PLC GFRM BQ -117673114.1 573836054.4
GALIFORM PLC GFRM EB -117673114.1 573836054.4
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GALIFORM PLC GFRM LN -117673114.1 573836054.4
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HAWTIN PLC HTI EO -3873861.331 110875080.8
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KLEENEZE PLC KLZ LN -14328735.16 110864081.4
LADBROKE GROUP LADB LN -97533918.57 1748505414
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MYTRAVEL GROUP 3544280Q IX -379721841.6 1817512774
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PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
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PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
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PREMIER FARNELL PFL VX -13610199.87 727265033
PREMIER FARNELL PFLEUR EO -13610199.87 727265033
PREMIER FARNELL PFLEUR EU -13610199.87 727265033
PREMIER FARNELL PFLGBP EO -13610199.87 727265033
PREMIER FARNELL PFLSEK EO -13610199.87 727265033
PREMIER FARNELL PFLSEK EU -13610199.87 727265033
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PROSTRAKAN GROUP PKNGF US -8881399.87 126115878.2
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PROSTRAKAN GROUP PSK LN -8881399.87 126115878.2
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PROSTRAKAN GROUP PSK VX -8881399.87 126115878.2
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PROSTRAKAN GROUP PSKEUR EU -8881399.87 126115878.2
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REAL ESTATE OP-O REO ID -145048365.8 2933767507
REAL ESTATE OP-O REO IX -145048365.8 2933767507
REAL ESTATE OP-O REO LN -145048365.8 2933767507
REAL ESTATE OP-O REO PZ -145048365.8 2933767507
REAL ESTATE OP-O REO VX -145048365.8 2933767507
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REGUS PLC-ADS REGS US -46111835.37 367181111
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REGUS PLC-ADS REGSY US -46111835.37 367181111
REGUS PLC-ADS RGUA GR -46111835.37 367181111
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RENTOKIL INITIAL RTO LN -242381476.4 3231214649
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RENTOKIL INITIAL RTO NR -242381476.4 3231214649
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RENTOKIL-SP ADR RTOKY US -242381476.4 3231214649
SAATCHI & SA-ADR SSA US -119260804.2 705060824.5
SAATCHI & SA-ADR SSI$ LN -119260804.2 705060824.5
SAATCHI & SAATCH 188190Q GR -119260804.2 705060824.5
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SAATCHI & SAATCH SSI LN -119260804.2 705060824.5
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SCOTTISH MEDIA SSMR LN -51512119.25 207340304
SCOTTISH TELEV SCTVF US -51512119.25 207340304
SFI GROUP PLC SUF LN -108067115.8 177647536.1
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SKYEPHARMA PLC SK8A GR -134177517.4 149159301.6
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SKYEPHARMA -SUB 2976665Z LN -134177517.4 149159301.6
SKYEPHARMA-ADR AP80 LI -134177517.4 149159301.6
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SKYEPHAR-RTS N/P SKPN VX -134177517.4 149159301.6
SMG PLC SMG LN -51512119.25 207340304
SMG PLC SMG PO -51512119.25 207340304
SMG PLC-FUL PAID SMGF LN -51512119.25 207340304
SMG PLC-NIL PAID SMGN LN -51512119.25 207340304
SMITHS NEWS PLC NWS IX -111380853.7 310693960.2
SMITHS NEWS PLC NWS LN -111380853.7 310693960.2
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SMITHS NEWS PLC NWS VX -111380853.7 310693960.2
SMITHS NEWS PLC NWS1 BQ -111380853.7 310693960.2
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SMITHS NEWS PLC NWS1 EU -111380853.7 310693960.2
SMITHS NEWS PLC NWS1GBP EO -111380853.7 310693960.2
SMITHS NEWS PLC NWS2 EO -111380853.7 310693960.2
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SMITHS NEWS PLC NWS2 TQ -111380853.7 310693960.2
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SMITHS NEWS PLC SMWPF US -111380853.7 310693960.2
SMITHS NEWS PLC SMWPY US -111380853.7 310693960.2
STAGECOACH GROUP SAGKF US -113434621.8 2507562892
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STAGECOACH GROUP SGC1 QM -113434621.8 2507562892
STAGECOACH GROUP SGC1 TQ -113434621.8 2507562892
STAGECOACH GROUP SGC1AUD EO -113434621.8 2507562892
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STAGECOACH GROUP SGC1GBP EO -113434621.8 2507562892
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STAGECOACH GROUP SGC2 VX -113434621.8 2507562892
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STAGECOACH GROUP SHP GR -113434621.8 2507562892
STAGECOACH GROUP SHP4 GR -113434621.8 2507562892
STAGECOACH GRP-B SGCB LN -113434621.8 2507562892
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STV GROUP PLC SMG IX -51512119.25 207340304
STV GROUP PLC SMG PZ -51512119.25 207340304
STV GROUP PLC SMG VX -51512119.25 207340304
STV GROUP PLC SMGPF US -51512119.25 207340304
STV GROUP PLC STVG EO -51512119.25 207340304
STV GROUP PLC STVG EU -51512119.25 207340304
STV GROUP PLC STVG LN -51512119.25 207340304
STV GROUP PLC STVG VX -51512119.25 207340304
STV GROUP PLC STVGEUR EO -51512119.25 207340304
STV GROUP PLC STVGEUR EU -51512119.25 207340304
STV GROUP PLC STVGGBP EO -51512119.25 207340304
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM TWT VX -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 BQ -85010363.51 146193829.2
TOPPS TILES PLC TPT EO -85010363.51 146193829.2
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES PLC TPT IX -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
TOPPS TILES PLC TPT PO -85010363.51 146193829.2
TOPPS TILES PLC TPT PZ -85010363.51 146193829.2
TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
TOPPS TILES PLC TPT VX -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPTGBP EO -85010363.51 146193829.2
TOPPS TILES PLC TPTJF US -85010363.51 146193829.2
TOPPS TILES PLC TPTJY US -85010363.51 146193829.2
TOPPS TILES-NEW TPTN LN -85010363.51 146193829.2
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -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
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY EU -35008863.49 305242409.9
WHITE YOUNG GREE WHY LN -35008863.49 305242409.9
WHITE YOUNG GREE WHY PO -35008863.49 305242409.9
WHITE YOUNG GREE WHY PZ -35008863.49 305242409.9
WHITE YOUNG GREE WHY VX -35008863.49 305242409.9
WHITE YOUNG GREE WHYEUR EO -35008863.49 305242409.9
WHITE YOUNG GREE WHYEUR EU -35008863.49 305242409.9
WHITE YOUNG GREE WHYGBP EO -35008863.49 305242409.9
WHITE YOUNG-NEW WHYN LN -35008863.49 305242409.9
WINCANTON PL-ADR WNCNY US -63105009.98 1416979806
WINCANTON PLC WIN IX -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
WINCANTON PLC WIN PO -63105009.98 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN VX -63105009.98 1416979806
WINCANTON PLC WIN1 BQ -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN1 EO -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WINCANTON PLC WIN1EUR EO -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WIN1USD EO -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WINCANTON PLC WNCNF US -63105009.98 1416979806
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WYGGBP EO -35008863.49 305242409.9
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 * * *