/raid1/www/Hosts/bankrupt/TCREUR_Public/100504.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, May 4, 2010, Vol. 11, No. 086
Headlines
F R A N C E
RENAULT SA: May Defer Sale of 21.8% Volvo Stake
G E R M A N Y
ARCANDOR AG: Attracts Serious Bidders, Administrator Says
G R E E C E
ANAPTYXI 2006-1: S&P Puts 'B'-Rated Class D Notes on Watch Neg.
* GREECE: Secures EUR110-Bil. Rescue Package From European Union
* GREECE: Moody's Downgrades BFSRs of Five Banks to 'E+
I R E L A N D
APHEX CAPITAL: S&P Withdraws 'CCC-' Ratings on Two Tranches
ICR MOTOR: Nears Takeover Deal with Thrifty Care Rental
KITCHEN WORLD: In Liquidation; 40 Jobs Affected
I T A L Y
BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB+'
SEAT PAGINE: May Sell International Units, Milano Finanza Says
N E T H E R L A N D S
ALMATIS B.V.: Case Summary & 50 Largest Unsecured Creditors
LYONDELL CHEMICAL: Emerges from Chapter 11 Protection
R U S S I A
COMMERCIAL BANK: S&P Gives Stable Outlook; Affirms 'B-' Rating
CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsec. Bonds
* TOMSK OBLAST: S&P Raises Issuer Credit Ratings to 'B/ruA-'
S P A I N
AYT DEUDA: Fitch Downgrades Rating on Class C Notes to 'BB-'
U N I T E D K I N G D O M
ALERIS INT'L: European Unit Increases Price for Aluminum Products
AMEY LAGAN: S&P Corrects Ratings on Senior Secured Debt to 'BB+'
BRITISH AIRWAYS: Virgin's Branson Ordered Secret Fare Hike Talks
CORNERSTONE TITAN: S&P Cuts Ratings on Class G & H Notes to 'D'
EFFECTIVE COSMETICS: In Liquidation; Owes GBP3.3 Million
EMI GROUP: Has Until May 14 to Secure Support From Investors
INEOS GROUP: S&P Puts 'CCC+' Ratings on CreditWatch Positive
KERLING PLC: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
KEYDATA INVESTMENT: Investors Still Awaiting Compensation
MURRAY INTERNATIONAL: Lloyds Banking Increases Stake to 24%
PRELUDE EUROPE: S&P Withdraws 'CCC-' Rating on Class B Tranche
PUNCH TAVERNS: S&P Downgrades Rating on Class D1 Notes to 'BB'
ROYAL BANK: Chairman Defends High Senior Staff Remuneration
TITAN EUROPE: Fitch Affirms Rating on Class E Notes at 'BB-'
TOWERGATE FINANCE: Moody's Assigns 'B1' Rating on Senior Debt
* UK: Ailing Firms Forced to Pay High Premium on Lack of Credit
* UK: Insolvencies in Hotel Sector Up 61% in 2009
X X X X X X X X
* EUROPE: Rabobank Proposes Bonds Convertible Into Equity
* Large Companies with Insolvent Balance Sheet
*********
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F R A N C E
===========
RENAULT SA: May Defer Sale of 21.8% Volvo Stake
-----------------------------------------------
Laurence Frost and Ola Kinnander at Bloomberg News reports that
Renault SA may keep its Volvo AB stake until a rebounding heavy-
truck market boosts the price by 25%, allowing the carmaker to
raise about SEK50 billion (US$6.8 billion) and wipe out most of
its debt.
According to Bloomberg, Renault will probably wait for Volvo's
improving outlook to push the stock to SEK112.5 before unloading
its 21.8% holding.
Bloomberg recalls Renault Chief Executive Officer Carlos Ghosn
pledged last month to reduce the carmaker's net debt of
EUR5.9 billion (US$7.8 billion) through non-strategic asset sales.
Banks are preparing to bid for the stock sale and expect
invitations soon, Bloomberg says, citing people at two financial
institutions, who asked not to be identified because the
discussions are confidential.
"Renault's under no real pressure to refinance right now, so Ghosn
can wait for the U.S. recovery to be better reflected in Volvo's
share price," Bloomberg quoted Max Warburton, an analyst at
Sanford C. Bernstein in London who correctly predicted Renault's
share-swap deal with Daimler AG three weeks before it was
announced on April 7.
With credit conditions improving and a EUR3-billion French
government loan repayable next year at the earliest,
Mr. Warburton, as cited by Bloomberg, said Renault "may wait until
then and do a clean swap."
About Renault SA
Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services. The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries. The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.
* * *
Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns
Services with stable outlook. The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.
Renault continues to carry a Ba1 long-term corporate family rating
and senior unsecured debt rating from Moody's Investors Services
with stable outlook. The company's subordinated debt carries a
Ba2 rating from Moody's.
=============
G E R M A N Y
=============
ARCANDOR AG: Attracts Serious Bidders, Administrator Says
---------------------------------------------------------
Handelsblatt, citing an interview with Arcandor AG's insolvency
administrator Klaus Goerg, reported that there are "two and a
half" parties with serious interest in acquiring the company's
Karstadt warehouse chain, Richard Weiss writes for Bloomberg News.
Bloomberg News relates Mr. Goerg, as cited by the newspaper, said
that Karstadt's operating results are above plan and the warehouse
chain hasn't lost money in the past six months, making it viable
in the long term.
Sale Deadline
As reported by the Troubled Company Reporter-Europe on April 30,
2010, Reuters said Triton has won more time to negotiate a deal to
buy Karstadt after asking for further concessions from workers and
landlords. Reuters disclosed Mr. Goerg said the creditor
committee of Karstadt has agreed to extend the deadline for the
sale to May 28, having initially aimed to close the deal by the
end of April.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
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G R E E C E
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ANAPTYXI 2006-1: S&P Puts 'B'-Rated Class D Notes on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services place on CreditWatch negative
its credit ratings on all tranches in 11 Greek securitizations
following the downgrade of the Hellenic Republic (Greece). At the
same time, S&P affirmed its ratings on Karta 2005-1 PLC's class B
and C notes.
The CreditWatch negative actions are a result of the lowering of
the long-term sovereign rating on Greece to 'BB+' from 'BBB+' on
April 27, 2010; the outlook is negative. This downgrade results
from S&P's updated assessment of the political, economic, and
budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.
Under S&P's structured finance criteria, sovereign and country
risks are relevant rating factors. Country risk can affect S&P's
view of the credit quality of transactions originated in a
particular jurisdiction.
As a result of the Greece downgrade, S&P is reviewing its opinion
of Greek country risk and how it might affect Greek securitization
ratings following the recent developments.
In S&P's view, the Greek economy will likely grow significantly
more slowly over the medium term than S&P previously expected.
Moreover, S&P believes that Greece's recession will likely deepen
through next year. In S&P's opinion, these country risk factors
may result in increased pressure on the performance of the
underlying assets in Greek securitizations. To date,
creditworthiness has been generally supported by the moderate risk
profile of the underlying asset pools, conservative structural
features, and substantial deleveraging, in S&P's view.
S&P based its decision to affirm its rating on Karta 2005-1's
class B and C notes on the very high level of
overcollateralization that supports these notes as well as their
likely short time to maturity.
After the Greece downgrade, on April 27 S&P also downgraded to
BB/Negative/B three Greek banks -- Alpha Bank A.E., EFG Eurobank
Ergasias S.A., Piraeus Bank S.A. -- and to BB+/Negative/B the
National Bank of Greece S.A.
Greek structured finance transactions typically set their
counterparty rating triggers at the 'A-2' threshold. If the
counterparty's rating falls below that threshold, this generally
triggers remedies to mitigate commingling and set-off exposures.
The transaction documents typically require the downgraded
counterparty to take certain remedial actions within a short
timeframe.
Therefore, these bank downgrades, in and of themselves, do not
automatically translate into negative rating actions for Greek
structured finance transactions exposed to these banks as
counterparties. S&P will, though, monitor developments in these
transactions and may take appropriate rating actions if the banks
fail to take the remedial actions as indicated in the transaction
documents.
Ratings List
Ratings Placed On Creditwatch Negative
Anaptyxi 2006-1 PLC
EUR2.25 Billion Asset-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B A/Watch Neg A
C BBB-/Watch Neg BBB-
D B/Watch Neg B
Daneion 2007-1 PLC
EUR2.5 Billion Asset-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
Byzantium Finance PLC
EUR252.5 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B A/Watch Neg A
C BBB/Watch Neg BBB
Estia Mortgage Finance PLC
EUR750 Million Residential Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B AA/Watch Neg AA
C BBB+/Watch Neg BBB+
Estia Mortgage Finance II PLC
EUR1.25 Billion Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B A/Watch Neg A
C BBB/Watch Neg BBB
Kion Mortgage Finance PLC
EUR600 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B AA/Watch Neg AA
C BBB/Watch Neg BBB
Lithos Mortgage Financing PLC
EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B AA-/Watch Neg AA-
C BBB/Watch Neg BBB
Themeleion II Mortgage Finance PLC
EUR750 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
B A+/Watch Neg A+
C BBB/Watch Neg BBB
Themeleion III Mortgage Finance PLC
EUR1 Billion Mortgage-Backed Floating-Rate Notes Due 2043
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
M AA/Watch Neg AA
B A/Watch Neg A
C BBB/Watch Neg BBB
Themeleion IV Mortgage Finance PLC
EUR1.555 Billion Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
Pisti 2010-1 PLC
EUR956.3 Million Asset-Backed Fixed and Floating-Rate Notes
Series 2010-1
Rating
------
Class To From
----- -- ----
A AA/Watch Neg AA
Ratings Affirmed
Karta 2005-1 PLC
EUR750 Million Asset-Backed Floating-Rate Notes Series 2005-1
Class Rating
----- ------
B A
C BBB
* GREECE: Secures EUR110-Bil. Rescue Package From European Union
----------------------------------------------------------------
Gabi Thesing and Flavia Krause-Jackson at Bloomberg News report
that euro-region ministers agreed to a EUR110-billion (US$146
billion) rescue package for Greece to prevent a default and stop
the worst crisis in the currency's 11-year history from spreading
through the rest of the bloc.
Bloomberg relates Jean-Claude Juncker on Sunday said after
chairing a meeting of euro-region finance ministers in Brussels
that the first payment will be made before Greece's next bond
redemption on May 19.
According to Bloomberg, the 16-nation bloc will pay EUR80 billion
at a rate of around 5% and the International Monetary Fund
contributes the rest. Greece agreed to budget measures worth 13%
of gross domestic product, Bloomberg discloses.
European Union leaders will meet on May 7 to discuss the pace of
parliamentary approval of the Greek loans, Bloomberg says.
Germany plans to debate the plan on the same day, according
Bloomberg.
Germany will provide 28% of the euro region's overall
contribution, Bloomberg notes.
The financial lifeline lasts three years and forces Greece to cut
its budget deficit below the European Union's limit of 3% of gross
domestic product by the end of 2014, a year later than originally
planned, Bloomberg says.
According to Bloomberg, the package will also set up a "financial
stabilization" fund to help banks with potential bad loans
stemming from the austerity measures. EU Monetary Affairs
Commissioner Olli Rehn, as cited by Bloomberg, said ten billion of
the total rescue package will be earmarked for the fund.
* GREECE: Moody's Downgrades BFSRs of Five Banks to 'E+
-------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength ratings as well as the deposit and debt ratings of nine
Greek banks to reflect their weakening stand-alone financial
strength and the anticipated additional pressures stemming from
the country's challenged economic prospects. The banks' deposit
and debt ratings remain on review for possible downgrade and will
be concluded at the same time as Moody's ongoing review of the
country's sovereign rating, which serves as a reference point with
which to impute bank rating uplift as a result of possible
systemic support.
The banks affected by the rating action are: National Bank of
Greece, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus Bank,
Emporiki Bank of Greece, Agricultural Bank of Greece, General Bank
of Greece, Marfin Egnatia Bank and Attica Bank. A detailed list
of the rating actions is provided at the end of this release.
Moody's says that the acute economic strain facing Greece is
materially impacting the banking sector's financial condition,
requiring it to be further supported. "Increasingly challenging
economic prospects point to low business growth, increased loan
quality problems and continued pressure on margins. Based on the
events of the past few weeks, Moody's expects the Greek banking
system to face heightened challenges, thus necessitating a
fundamental repositioning of the banks' ratings", said Mardig
Haladjian, Senior Vice President.
Although additional measures taken to address fiscal imbalances at
the national level are positive for the sovereign's
creditworthiness, they may come at a cost of depressing economic
growth over the short to medium term. Negative growth will in
turn give rise to unemployment, lower consumer disposable income
and reduced profitability in the small- and medium-sized
enterprise (SME) and corporate sectors. Mr. Haladjian added that
"Moody's expects the upward trend in non-performing loans, which
began in 2008, to continue in 2010 and 2011. Taken together,
these factors will place significant additional pressure on the
banking sector's already weakened asset quality and
profitability."
The banks' funding franchises have also weakened over the past few
months. The erosion of market confidence caused by the country's
fiscal problems has curtailed the banks' access to the interbank
and bond markets. As a result, the banks have had to rely
increasingly on the ECB to manage their liquidity needs -- indeed,
ECB funding now accounts for approximately 15% of Greek commercial
banks' total liabilities. Moody's expects that, over the
foreseeable future, Greek banks are likely to face very difficult
conditions in the wholesale markets and will therefore continue to
rely on ECB funding. In this regard, Moody's takes comfort that
the ECB will remain a reliable source of funding for the banks
until market confidence can be restored. However, access to ECB
funding is not unlimited and Moody's will continue to closely
monitor each bank's funding needs and the assets available to post
as collateral for ECB funding.
The banks' BFSRs carry a negative outlook to capture the
possibility of further deterioration in the country's economic
conditions, which would necessitate additional liquidity and
solvency support.
The specific rating changes implemented are:
National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited:
-- Bank financial strength rating downgraded to D+ from C-
(mapping into a baseline credit assessment of Ba1); rating
remains on negative outlook
-- Deposit ratings downgraded to Baa2/Prime-2 from A3/Prime-2;
ratings remain on review for downgrade
-- Senior unsecured debt rating downgraded to Baa2 from A3;
rating remains on review for downgrade
-- Subordinated debt ratings downgraded to Baa3 from Baa1;
rating remains on review for downgrade
-- Backed (government-guaranteed) senior unsecured MTN remains
unchanged at A3 on review for downgrade
-- Preferred Stock (Hybrid Tier 1) downgraded to B1 from Ba1;
rating remains on negative outlook
EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman
Islands) Limited, and EFG Hellas Funding Limited:
-- Bank financial strength rating downgraded to D from C-
(mapping into a BCA of Ba2); rating remains on negative
outlook
-- Deposit ratings and senior unsecured debt ratings downgraded
to Baa3/Prime-3 from A3/Prime-2; ratings remain on review for
downgrade
-- Commercial paper downgraded to Prime-3 from Prime-2; rating
remains on review for downgrade
-- Subordinated debt ratings downgraded to Ba1 from Baa1; rating
remains on review for downgrade
-- Backed (government-guaranteed) senior unsecured MTN unchanged
at A3 on review for downgrade
-- Preferred Stock (Hybrid Tier 1) downgraded to B2 from Ba2;
rating remains on negative outlook
Alpha Bank AE, Alpha Credit Group plc, Alpha Group Jersey Limited:
-- Bank financial strength rating downgraded to D from C-
(mapping into a BCA of Ba2); rating remains on negative
outlook
-- Deposit and senior unsecured debt ratings downgraded to
Baa3/Prime-3 from A3/Prime-2; ratings remain on review for
downgrade
-- Commercial Paper downgraded to Prime-3 from Prime-2; rating
remains on review for downgrade
-- Backed (government-guaranteed) senior unsecured unchanged at
A3 on review for downgrade
-- Subordinated debt ratings downgraded to Ba1 from Baa1; rating
remains on review for downgrade
-- Preferred Stock (Hybrid Tier 1) downgraded to B2 from Ba2;
rating remains on negative outlook
Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited:
-- Bank financial strength rating downgraded to E+ from D+
(mapping into a BCA of B1); rating remains on negative
outlook
-- Deposit and senior unsecured debt ratings downgraded to
Ba1/Not Prime from Baa1/Prime-2; long-term rating remains on
review for downgrade
-- Backed (government-guaranteed) senior unsecured unchanged at
A3 on review for downgrade
-- Subordinated debt ratings downgraded to Ba2 from Baa2; rating
remains on review for downgrade
-- Commercial Paper downgraded to Not-prime from Prime-2
-- Preferred Stock (Hybrid Tier 1) downgraded to Caa1 from Ba3;
rating remains on negative outlook
Agricultural Bank of Greece SA, ABG Finance International plc:
-- Bank financial strength ratings downgraded to E+ from D
(mapping into a BCA of B2); rating remains on negative
outlook
-- Deposit and senior unsecured debt ratings downgraded to
Baa3/Prime-3 from Baa1/Prime-2; ratings remain on review for
downgrade
-- Subordinated debt ratings downgraded to Ba1 from Baa2; rating
remains on review for downgrade
Emporiki Bank of Greece SA, Emporiki Group Finance plc:
-- Bank financial strength ratings downgraded to E+ from D
(mapping into a BCA of B1); rating remains on negative
outlook
-- Deposit and senior unsecured debt ratings downgraded to
Baa2/Prime-2 from A3/Prime-2; ratings remain on review for
downgrade
The ratings of Emporiki Bank impute support from its French parent
bank, Credit Agricole SA.
-- Subordinated debt rating downgraded to Baa3 from Baa1; rating
remains on review for downgrade
Marfin Egnatia Bank SA, Egnatia Finance plc:
-- Bank financial strength ratings downgraded to E+ from D
(mapping into a BCA of B1); ratings remain on negative
outlook
-- Deposit and senior unsecured debt ratings downgraded to
Baa2/Prime-2 from Baa1/Prime-2; outlook changed to developing
On the down side, the rating could be lowered if the bank's BCA
were to be downgraded due to further weakening of the Greek
franchise, while on the upside the rating could converge with that
of its higher-rated Cyprus-based parent bank, once the merger is
concluded.
-- Subordinated debt ratings downgraded to Baa2 from Baa1, with
developing outlook
Bank of Attica SA, Attica Funds plc:
-- Bank financial strength ratings downgraded to E+ from D
(mapping into a BCA of B1); outlook changed to negative
-- Deposit and senior unsecured debt ratings downgraded to Ba2
from Ba1; rating remains on review for downgrade
-- Subordinated debt rating downgraded to Ba3 from Ba2; rating
remains on review for downgrade
General Bank of Greece SA:
-- Bank financial strength ratings downgraded to E+ from D
(mapping into a BCA of B1); rating remains on negative
outlook
-- Deposit ratings downgraded to Baa2/Prime-2 from Baa1/ Prime-
2; ratings remain on review for downgrade
The ratings of General Bank impute support from its French parent
bank, Societe Generale.
The previous rating actions on National Bank of Greece, EFG
Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of
Greece and Emporiki Bank of Greece, were implemented on 23 April
2010, when ratings were placed on review for possible downgrade.
The last rating action on Marfin Egnatia Bank SA was on 23
September 2009 when the BFSR was downgraded to D from D+. The
last rating action on Bank of Attica SA was implemented on 24
April 2007 when Moody's assigned global local currency deposit
ratings. The last rating action on General Bank of Greece SA was
implemented on 15 December 2009 when Moody's downgraded the bank's
BFSR to D.
The principal methodologies used in rating these issuers are
Moody's "Bank Financial Strength Ratings: Global Methodology",
published in February 2007, and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology",
published in March 2007, and "Moody's Guidelines for Rating Bank
Hybrid Securities and Subordinated Debt", published in November
2009, which are available on www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in
the process of rating these issuers can also be found in the
Rating Methodologies sub-directory on Moody's website.
All of the nine rated banks affected by the rating actions are
headquartered in Athens, Greece.
National Bank of Greece SA reported total assets of
EUR113.4 billion at the end of December 2009.
EFG Eurobank Ergasias reported total assets of EUR84.3 billion at
the end of December 2009.
Alpha Bank SA reported total assets of EUR69.6 billion at the end
of December 2009.
Piraeus Bank SA reported total assets of EUR54.3 billion at the
end of December 2009.
Agricultural Bank of Greece SA reported total assets of
EUR32.8 billion at the end of December 2009.
Emporiki Bank of Greece SA reported total assets of
EUR28.4 billion at the end of December 2009.
Marfin Egnatia Bank SA reported total assets of EUR23.2 billion at
the end of December 2009.
Bank of Attica SA reported total assets of EUR5.6 billion at the
end of December 2009.
General Bank of Greece SA reported total assets of EUR4.8 billion
at the end of December 2009.
=============
I R E L A N D
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APHEX CAPITAL: S&P Withdraws 'CCC-' Ratings on Two Tranches
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
seven European collateralized debt obligation tranches in four
transactions: Aphex Capital PLC, Brooklands ABS Euro Referenced
Linked Notes 2002-2 Ltd., Prelude Europe CDO Ltd., and SGA Societe
Generale Acceptance N.V.
The withdrawals follow the arrangers' recent notification to us
that issuers have fully repurchased these notes.
Additionally, before these withdrawals S&P affirmed and removed
from CreditWatch positive its ratings on four of the seven
tranches. S&P placed these four tranches on CreditWatch positive
on April 15, 2010, as part of S&P's regular monthly synthetic CDO
surveillance process. S&P subsequently received the repurchase
notifications, and for this reason S&P has first affirmed and
removed these four tranches from CreditWatch positive.
Ratings List
Ratings Withdrawn
Aphex Capital PLC
JPY500 Million Secured Portfolio Credit-Linked Floating-Rate Note
Rating
------
Series To From
------ -- ----
2007-42 NR CCC-
JPY500 Million Secured Portfolio Credit-Linked Fixed-Rate Notes
Rating
------
Series To From
------ -- ----
2007-43 NR CCC-
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
EUR225 Million Floating- and Fixed-Rate Notes
Rating
------
Series To From
------ -- ----
Class SA2 NR BBB-
Ratings Affirmed, Removed From Creditwatch Positive, and Withdrawn
Prelude Europe CDO Ltd.
EUR10 Million Secured Floating- and Fixed-Rate Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2005-1 class B CCC- CCC-/Watch Pos
NR CCC-
EUR20 Million Secured Floating-Rate Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2005-3 class A1 BBB- BBB-/Watch Pos
NR BBB-
SGA Societe Generale Acceptance N.V.
EUR10 Million Floating-Rate US Corporate Portfolio Notes
Rating
------
Series To From
------ -- ----
2794 A A/Watch Pos
NR A
EUR3.5 Million US Corporate Portfolio Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2901 BBB+ BBB+/Watch Pos
NR BBB+
NR - Not Rated
ICR MOTOR: Nears Takeover Deal with Thrifty Care Rental
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Colm
Menton and Eugene O'Reilly, the owners of the Irish franchise for
Thrifty Car Rental, have been selected as the preferred bidders to
buy the ICR Motor Group out of examinership.
According to the report, the businessmen are in final negotiations
with the firm's examiner, and a deal is expected to be finalized
over the coming eight days. The proposed investors had said they
wanted a clear out of the board, the report relates.
The report says if a deal is completed, the takeover by Thrifty
will save around 160 jobs at ICR.
Financial details of Thrifty's takeover are not known, but the
company is believed to have earmarked a multimillion euro sum to
acquire and expand the business, the report notes.
The report recalls ICR has struggled with a significant downturn
in business, forcing the examinership process. During the
examinership process, financial inaccuracies totaling more than
EUR6.6 million emerged in the accounts of ICR, the report
recounts. The High Court voiced concerns about the issue, which
relates to assets and liabilities, the report discloses.
ICR Motor Group has a fleet of 2,500 vehicles. It holds the
franchise for the Europcar, Alamo and National Car Rental brands.
KITCHEN WORLD: In Liquidation; 40 Jobs Affected
-----------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Kitchen
World has gone into liquidation, resulting in the loss of 40 jobs.
According to the report, Kitchen World's owners decided to shut
down the company's 10 shops in Ireland after a fall-off in
business.
The report relates that Paul McCann of Grant Thornton has been
appointed liquidator of the company, which has debts of almost
EUR11 million. Anglo Irish Bank, which backed a buyout of the
firm, has been left with losses of EUR7.5 million, the report
notes.
Creditors of Kitchen World were told that profit margins had been
squeezed, and the company was finding it difficult to compete with
rivals in the black market, the report states.
The liquidator has put the company's leasehold retail premises and
manufacturing facility in Dublin up for sale, the report
discloses.
The report recounts the liquidation of Kitchen World comes 16
months after the company went into examinership, having run up
debts of EUR14 million.
Kitchen World is a kitchen manufacturer based in Dublin, Ireland.
=========
I T A L Y
=========
BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Banca UBAE's ratings at Long-term
Issuer Default 'BB+' with a Stable Outlook, Short-term IDR ' B',
and Individual 'C/D'. The Support rating has been upgraded to '3'
from '5'. At the same time, the Support Rating Floor of 'No
Floor' has been withdrawn.
UBAE's ratings reflect its core activities in a niche market,
credit exposure to more volatile countries, and capitalization
that needs strengthening if the bank wants to pursue further
growth. They also take into account of UBAE's somewhat volatile
profitability in the past two years, low market risk and some
volatility in deposits it attracts from bank counterparties.
The upgrade of the Support rating reflects Fitch's view of the
potential support available to UBAE from Libya (rated BBB+/Stable)
through the Libyan Foreign Bank. The LFB is UBAE's main
shareholder with a 49.9% stake and is in turn fully owned by the
Central Bank of Libya. The LFB has been a shareholder of UBAE
since inception and has over time participated in providing
resources to UBAE.
UBAE's operating profitability has shown some volatility in the
past two years due to decreasing margins on the oil business and
higher impairment charges. However, trade finance-related fees
and commissions, which increased in 2009, are expected to grow
further as the bank expands its documentary business. Cost
efficiency is good.
UBAE's credit risk in its trade finance business is moderate. The
bank's exposure to emerging markets with significant political
risk is partly mitigated by its short-term nature and the bank's
sound knowledge of the countries and counterparties. Its exposure
to banks worldwide arising from its trade finance activity is
significant. Exposure to banks also arises from the deposits it
receives from correspondent banking counterparties which it
typically reinvests in the interbank market. It also has a small
book of loans extended to trade finance-related corporate
customers. Single-name concentrations on its books are material.
UBAE's balance sheet is mainly liability-driven, and some of the
deposits it attracts from correspondent banks can be volatile,
particularly when new relationships are being established. The
LFB provides a material proportion of UBAE's bank deposits.
UBAE's capitalization was acceptable at end-2009 (tier 1 ratio of
14.07%). Capital ratios are, however, exposed to some volatility
given rapid changes in risk-weighted assets driven by deposits
from correspondent banking counterparties.
UBAE is a niche provider of specialized short-term trade finance
to Mediterranean Arab markets, with a leading market share in
payment services related to oil trading between Libya and Italy.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
SEAT PAGINE: May Sell International Units, Milano Finanza Says
--------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News, citing Milano Finanza, reports
that Seat Pagine Gialle SpA may sell international units Telegate
AG and Thomson Directories Ltd. to focus on its Italian business.
Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers. It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing. Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others. Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1. At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative. The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.
=====================
N E T H E R L A N D S
=====================
ALMATIS B.V.: Case Summary & 50 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Alamtis B.V.
dba Alcoa Chemie Nederland B.V.
Theemsweg 30
3197 KM Botlek Rotterdam
Netherlands
Case No.: 10-12308
Chapter 11 Petition Date: April 30, 2010
Court: U.S. Bankruptcy Court
Southern District of New York (Manhattan)
Estimated Assets: US$500 million to US$1 billion
Estimated Debts: More than US$1 billion
Type of Business: Almatis, operationally headquartered in
Frankfurt, Germany, is a global leader
in the development, manufacture and supply
of premium specialty alumina products.
With nearly 900 employees worldwide, the
company's products are used in a wide variety
of industries, including steel production,
cement production, non-ferrous metal
production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.
Almatis operates nine production facilities
worldwide and serves customers around the
world. Until 2004, the business was known as
the chemical business of Alcoa. Almatis is now
owned by Dubai International Capital LLC, the
international investment arm of Dubai Holding.
Debtor's Counsel: Michael A. Rosenthal, Esq.
Gibson, Dunn & Crutcher LLP
200 Park Avenue
New York, NY 10166-0193
Tel. No. (212) 351-3889
E-mail: mrosenthal@gibsondunn.com
Debtors'
Special English
& German Counsel: Linklaters LLP
Debtors'
Dutch Counsel: De Brauw Blackstone Westbroek N.V.
Debtors' Counsel
to advise
management with
issues arising
under German law: Schultze & Braun GmbH Rechtsanwaltsgesellshaft
Debtors'
Investment Banker
and
Fin'l advisor: Close Brothers Corporate Finance
Limited and
Moelis & Company
Debtors'
Claims' Agent: Epiq Bankruptcy Solutions, LLC
Debtors'
Auditors: PricewaterhouseCoopers
Debtors'
Tax Advisor: Ernst & Young
Debtors'
Restructuring
Advisor: Talbot Hughes McKillop LLP
Debtor-affiliates filing separate Chapter 11 petitions:
Entity Case No.
------ --------
DIC Almatis Holdco B.V. 10-12309
DIC Almatis Midco B.V. 10-12310
DIC Almatis Bidco B.V. 10-12311
Almatis Holdings 3 B.V. 10-12312
Almatis Holdings 9 B.V. 10-12313
Blitz F07-neunhundert-sechzig-drei GmbH 10-12314
Almatis Holdings GmbH 10-12315
Almatis GmbH 10-12316
Almatis Holdings 7 B.V. 10-12317
Almatis US Holding, Inc. 10-12318
Almatis, Inc. 10-12319
Almatis Asset Holdings, LLC 10-12320
Almatis' List of 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Wilmington Trust (London) Almatis B.V. and
Limited Almatis Holdings US$203,600,000
6 Broad Street Place 9 B.V. Mezzanine
Fifth Floor indebtedness
London EC2M 7JH under Mezzanine
United Kingdom Credit Facility
Wilmington Trust (London) DIC Almatis Bidco
Limited B.V. junior US$81,200,000
6 Broad Street Place mezzanine
Fifth Floor indebtedness under
London EC2M 7JH Mezzanine Credit
United Kingdom Facility
UBS Limited Almatis B.V., Almatis
1 Finsbury Avenue US Holdings, Inc.,
London, EC2M 2PP Almatis Holding US$79,700,000
United Kingdom GmbH Second Lien
Subfacility
Indebtedness under
Senior Credit
Facility
MVV Energiedienstleistungen Trade US$1,253,777
GmbH
RWE Gas Verkoopmaatschappij Trade US$1,097,512
NV
Delta N.V. Trade US$729,387
BASF Construction Polymers Trade US$712,014
GmbH
BIS Maintenance Sdwest GmbH Trade US$623,691
Helmut Kreutz GmbH Trade US$616,575
SD Lehnkering Logistics BV Trade US$458,432
SD UPS Supply Chain Solutions Trade US$421,308
Inc.
SD Bauxite & Northern Railway Trade US$421,257
Co.
SD Wincanton GmbH Trade US$418,616
Coral Energy Resources, L.P. Trade US$400,000
EstronB.V. Trade US$374,336
UPS Supply Chain Solutions Trade US$365,143
Inc.
SD Wedig Int Spedition Trade US$327,396
Entergy Corp. Trade US$325,000
Aloysius Krenzer KG Trade US$301,663
Carrieres Fours Chaux Dumont Trade US$296,357
- Wautie
H.J. Schmidt MineraItechnik Trade US$266,453
GmbH
Geidel Kraftverkehr GmbH Trade US$248,346
Mondi Packaging Trebsen Trade US$239,038
GmbH
Trimet Schweiz AG Trade US$220,593
Exim Hande1sonderneming Trade US$204,162
Rotterdam B
Blok -Feedstock Trade US$201,844
P. van der Wegen Gears BV Trade US$169,835
RHIAG Trade US$162,627
Freudenberg IT-Information Trade US$153,472
Information Service KG
Exim Handelsonderneming Trade US$143,650
Rotterdam B
PKF B.V. Trade US$142,240
Mondi Packaging Trade US$140,331
American Express TMS Trade US$140,000
Rhenus Logistics Trade US$139,457
European Bulk Services BV Trade US$121,559
SD Wedig Int Spedition Trade US$119,844
Dadco Alumina & Chemicals Ltd Trade US$116,609
NV Gouda Vuurvast Trade US$100,358
CCC Construction Co. Inc. Trade US$99,158
Reikon Aandrijftechniek BV Trade US$98,742
SDSAE Trade US$90,500
Duquesne Light Co. Trade US$90,000
Foison Packaging, Inc. Trade US$88,340
Fercam S. p. A. Trade US$85,306
Little Rock Sheet Metal Co. Trade US$85,168
SD Ewals Cargo Care B.V. Trade US$83,609
Ludwig Gmbh Trade US$80,493
Applied Industrial Trade US$80,444
Technologies
Surface Chemists of Florida, Trade US$77,963
Inc.
Gericke Trade US$77,233
LYONDELL CHEMICAL: Emerges from Chapter 11 Protection
-----------------------------------------------------
LyondellBasell has emerged from Chapter 11 bankruptcy protection.
The company's Plan of Reorganization was confirmed last week by
the United States Bankruptcy Court for the Southern District of
New York with the approval of an overwhelming majority of the
voting creditor classes.
"This marks a new beginning for LyondellBasell. We emerge from
bankruptcy as a stronger, leaner, more competitive company, with
an improved balance sheet and liquidity, intent on making
LyondellBasell the industry leader," said Jim Gallogly, chief
executive officer. "Our employees have worked diligently for more
than one year to bring us to this point and I extend my
appreciation to each of them for their perseverance. Likewise, I
am grateful to our customers, suppliers and investors for their
unwavering confidence in our company.
"We can now devote our full attention to making LyondellBasell the
best company in our industry, committed to operational excellence,
further improving our competitiveness, and most of all, serving
our customers. We will continue to develop and deliver the
innovative products and technologies our customer's value,"
Gallogly said.
LyondellBasell has a significantly improved financial position at
emergence, with approximately US$5.2 billion of net consolidated
debt and approximately US$3 billion of opening liquidity. As part
of its exit financing, LyondellBasell raised US$3.25 billion of
first priority debt as well as US$2.8 billion through a rights
offering. The proceeds from the sale of notes, borrowings under a
term loan, an asset-based lending facility, a new European
securitization facility and the rights offering proceeds were used
to pay and replace certain existing debt and other obligations
including debtor-in-possession credit facilities, an existing
European securitization facility, to make certain other payments,
and to assure adequate liquidity for the company going forward.
LyondellBasell issued approximately 564 million shares of common
stock under its Plan of Reorganization. This included stock
issued in exchange for allowed claims as well as through a rights
offering. The company is arranging for the stock to be publicly
traded on the New York Stock Exchange with the goal of being
listed by the third quarter 2010.
A new parent company, LyondellBasell Industries N.V., incorporated
in the Netherlands, is the successor of the former parent company,
LyondellBasell Industries AF S.C.A., a Luxembourg company that is
no longer part of LyondellBasell. LyondellBasell Industries N.V.
owns and operates substantially the same businesses as the
previous parent company, including subsidiaries that were not
involved in the bankruptcy cases. LyondellBasell's corporate seat
is Rotterdam, Netherlands, with administrative offices in Houston
and Rotterdam.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===========
R U S S I A
===========
COMMERCIAL BANK: S&P Gives Stable Outlook; Affirms 'B-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Russia-based Commercial Bank Renaissance Capital to stable from
negative. At the same time, the 'B-' long-term and 'C' short-term
counterparty credit ratings were affirmed. The Russia national-
scale rating was raised to 'ruBBB' from 'ruBBB-'.
"The outlook revision reflects S&P's opinion that CBRC's financial
profile is stabilizing, particularly refinancing risk, which has
reduced thanks to CBRC's successful placement of a US$225 million
Eurobond in March 2010 and increasing deposit inflows," said
Standard & Poor's credit analyst Mikhail Nikitin. "These funding
inflows should offset the repayment of a US$180 million bond that
matures in June 2010. Other debt repayments due in the two
subsequent quarters should be manageable, in S&P's opinion."
As a result of the credit crisis and economic slowdown in Russia,
CBRC accumulated funds from sources such as loans from the Central
Bank of Russia and bilateral interbank loans in 2009. However,
the bank also took measures to substantially reduce leverage.
Consequently, CBRC's central bank borrowing decreased to about 21%
of its total liabilities as of March 31, 2010, from about 45% on
Dec. 31, 2009. S&P understand that the bank plans to obtain about
25% of total funding from retail deposits over the next two years,
in contrast to its precrisis funding model, which relied
substantially on wholesale sources.
However, CBRC's financial performance remains weak, in S&P's view,
owing to increased provisioning costs. Loans more than 90 days
overdue reached 20% of total loans at year-end 2009, compared with
13% at year-end 2008. With the ratio of provisions to loans more
than 90 days overdue at 75% as of Dec. 31, 2009, CBRC is still
exposed to continuing growth of nonperforming assets and
respective downward pressure on its profitability and
capitalization. The leading indicators of the bank's asset
quality have signified an improvement since August 2009, thanks to
higher collection efficiency and tighter underwriting criteria.
Still, high provisioning costs continued to weigh on CBRC's
profitability, resulting in a net loss of RUB4.2 billion for 2009.
S&P doesn't expect loan loss provisions to burden CBRC's profits
in 2010 as heavily as they did in 2009. Consequently, S&P's
baseline assumption is that the bank's profitability will improve
in 2010, although the recovery is still fragile.
The ratings reflect S&P's assessment of CBRC's stand-alone
creditworthiness and do not benefit from additional notches of
uplift stemming from external support either from the shareholders
or the government, given S&P's view of the bank's low systemic
importance.
"The outlook is stable because S&P believes that CBRC has now
passed the most difficult phase in the economic cycle," said Mr.
Nikitin. "S&P believes that CBRC's asset quality and
profitability will likely stabilize at the levels reached by year-
end 2009 and improve moderately as the Russian economy gradually
improves and the bank resumes lending."
The ratings could be lowered if S&P see that asset quality has
deteriorated more than S&P currently anticipate, materially
constraining profitability and capitalization, or if there is a
significant liquidity shortage triggered by repayment of the
wholesale debt. Conversely, S&P could consider a positive rating
action if CBRC were to demonstrate a more resilient funding
profile, without relying on central bank refinancing facilities.
CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsec. Bonds
------------------------------------------------------------
Fitch Ratings has assigned Credit Bank of Moscow's Series 8
RUB3 billion 9.7% issue of senior unsecured bonds, due April 2015,
a final Long-term local currency rating of 'B' and a National
Long-term rating of 'BBB-(rus)'.
Both ratings have simultaneously been placed on Rating Watch
Evolving (RWE) and a Recovery Rating of 'RR4' has been assigned to
the Long-term local currency rating.
* TOMSK OBLAST: S&P Raises Issuer Credit Ratings to 'B/ruA-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit and Russia national scale ratings on
Russian Tomsk Oblast to 'B/ruA-' from 'B-/ruBBB'. The outlook is
positive.
"The upgrade reflects S&P's view that Tomsk Oblast's cost-
containing measures and the availability of soft loans from the
federal government will enable the oblast to maintain moderate
budgetary performance and gradually reduce its debt burden in
2010-2012," said Standard & Poor's credit analyst Felix Ejgel.
The ratings reflect S&P's view that the oblast's liquidity is
still lower than adequate, and of its limited financial
flexibility and predictability and dependence on volatile
commodity markets.
However, the oblast has demonstrated a commitment to timely debt
repayment and it maintains a moderate debt level. Moreover, the
oblast received significant support from the federal government in
the form of soft budget loans in 2009 and 2010.
"The positive outlook reflects S&P's expectations that Tomsk
Oblast's currently good access to bank lending and capital markets
could allow it to extend its debt maturity and contract committed
facilities, thereby further limiting its refinancing risks," said
Mr. Ejgel.
In addition, currently high commodity prices and support from the
federal government might help the oblast achieve higher-than-
expected revenues in 2010.
Further mitigation of refinancing risks -- either through debt
reduction and build up of a cash cushion or better budgetary
performance -- will be positive for the ratings.
S&P could revise the outlook to stable if the oblast fails to keep
its fiscal policy tight and its operating balance deteriorates
significantly, or if its internal and external liquidity positions
further deteriorate, for example, as a result of tighter domestic
market conditions.
=========
S P A I N
=========
AYT DEUDA: Fitch Downgrades Rating on Class C Notes to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded AyT Deuda Subordinada I, FTA's
classes A, B and C notes as detailed below.
-- EUR214.5m Class A (ISIN: ES0312284005): downgraded to 'A'
from 'A+'; Outlook Negative; Loss Severity Rating is 'LS1'
-- EUR60.7m Class B (ISIN: ES0312284013): downgraded to 'BBB-'
from 'BBB'; Outlook Negative; Loss Severity Rating revised to
'LS3' from 'LS2'
-- EUR22.8m Class C (ISIN: ES0312284021): downgraded to 'BB-'
from 'BB'; Outlook Negative; Loss Severity Rating revised to
'LS5' from 'LS3'
AyT Deuda Subordinada I, FTA, is a cash flow securitization of
subordinated bonds to provide funding for nine Spanish financial
institutions. The transaction has an expected maturity date of
November 2016.
The downgrade of the notes reflects the continued deterioration in
the credit profile of the participating financial institutions
including Caja de Ahorros y Monte de Piedad de Cordoba which
currently is rated at its Support Ratings Floors of 'BB+'. The
subordinated debt from CajaSur accounts for 13.4% of the overall
portfolio. The current portfolio weighted average rating is
'BBB/BBB-' compared to 'BBB' as of the review May 2009 and an
initial WAR of 'A-/BBB+' at closing in November 2006.
Other key drivers of the transaction's credit risk include the
high industry and obligor concentration present in the portfolio.
The Spanish financial system is in a restructuring process,
particularly in the savings bank sector. Rising non-performing
loan ratios driven largely by construction and real estate
developer exposures, tight capital positions, limited access to
wholesale funding markets and higher funding costs have caused
several savings banks to consider mergers and solicit capital from
the Fund for Orderly Bank Restructuring created in June 2009.
Fitch expects that this process will lead to material
consolidation in the Spanish savings bank industry in 2010 and
could also weigh on asset growth as entities focus on the
integration process. Any negative bank rating actions as a result
of this could have an effect on Spanish structured credit
transactions to the extent such banks represent significant
concentrations in existing deals.
Although Fitch's analysis acknowledges the support available to
financial institutions, it remains unclear if that support will be
available for subordinated debt.
The Negative Outlook on the notes reflects the high percentage
(26.9%) of underlying obligations that are either on Rating Watch
Negative or have a Negative Outlook.
An investor report grade of three stars is assigned to the
investor reports of the transaction, reflecting that satisfactory
information is provided by the report. This includes line-by-line
priority of payment information, current and original portfolio
composition and reserve fund information. The lack of summary
performance commentary is holding the reports back from a higher
grade.
===========================
U N I T E D K I N G D O M
===========================
ALERIS INT'L: European Unit Increases Price for Aluminum Products
-----------------------------------------------------------------
Aleris Europe announced a price increase of up to 100 EUR per ton
on the total conversion price of aluminum coil and sheet products
delivered to European distributors and industrial end users.
The price increase is effective for all new monthly and quarterly
orders and contracts booked on or after April 23, 2010, that are
not covered by existing contractual agreements.
Aleris Europe is a business segment of Aleris International Inc. a
global leader in aluminum rolled products and extrusions, aluminum
recycling and specification alloy production.
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
AMEY LAGAN: S&P Corrects Ratings on Senior Secured Debt to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected to 'BB+' from 'BBB-'
its long-term senior secured monoline-insured debt ratings on two
debt tranches issued by U.K.-based special-purpose vehicle Amey
Lagan Roads Financial PLC. S&P also revised the outlook to stable
from negative. The 'BB+' ratings and stable outlook reflect the
Standard & Poor's underlying ratings and outlook on the project.
The affected ratings are:
* The GBP121.06 million European Investment Bank index-linked
senior secured bank loan due Sept. 30, 2035, guaranteed by Ambac
Assurance U.K. Ltd. (CC/Developing/--).
* The GBP146.42 million 2.267% senior secured bonds (including
GBP24 million variation bonds) due Dec. 13, 2037, also
guaranteed by Ambac Assurance U.K. Ltd.
Under S&P's criteria, the rating on a monoline-insured debt issue
reflects the higher of the rating on the monoline or the SPUR.
Ambac Assurance U.K. Ltd. has been rated lower than the SPUR on
these two tranches of monoline-insured debt since July 28, 2009.
S&P lowered the SPUR on Amey Lagan Roads Financial on Dec. 10,
2009, to 'BB+' from 'BBB-' and, due to an administrative error S&P
did not change the ratings on these debts at that time to reflect
the SPUR.
S&P has rectified this error.
Ratings List
Amey Lagan Roads Financial PLC
Downgraded
Amey Lagan Roads Financial PLC
Senior secured*
To From
-- ----
GBP121.06 mil EIB index linked BB+/Stable BBB-/Negative
gtd sr secd bank ln due 09/30/2035
Recovery rating 2 2
To From
-- ----
GBP146.42 mil 2.267% gtd sr secd BB+/Stable BBB-/Negative
(incl GBP24 mil variation bnds)
bnds due 12/13/2037
Recovery rating 2 2
* Insured by Ambac Assurance U.K. Ltd.
BRITISH AIRWAYS: Virgin's Branson Ordered Secret Fare Hike Talks
----------------------------------------------------------------
Michael Herman at The Times reports that a court on April 28 heard
that Sir Richard Branson, the founder and president of Virgin
Atlantic, ordered secret talks with rival British Airways about
coordinating fare increases on long distance flights.
According to The Times, it was alleged that Mr. Branson instructed
Willy Boulter, Virgin's commercial director, to "sound out" a
contact at BA about whether the carrier would follow suit if
Virgin introduced a particular kind of fare increase in 2005.
The Times relates Richard Latham, QC, for the prosecution, told a
jury at Southwark Crown Court that although Mr. Branson was not
involved in the day-to-day running of the airline, he intervened
on issues that interested him. Mr. Latham, as cited by The Times,
said one of these was fuel surcharges.
No one at Virgin is being prosecuted and Mr. Branson has not been
accused of any wrongdoing, The Times states.
Three senior Virgin executives accused of running the cartel were
granted immunity from prosecution in return for cooperating with
the OFT, The Times discloses. They will be called as witnesses
this week, The Times says.
As reported by the Troubled Company Reporter-Europe on April 28,
2010, the Financial Times said the Southwark Crown Court was told
on April 26 that four British Airways executives "colludes" with
Virgin Atlantic Airways as part of a price-fixing conspiracy that
led to millions of air passengers being overcharged for
transatlantic flights. The FT disclosed the court was told that
the four executives agreed with each other and with three Virgin
executives to make and implement agreements between July 2004 and
April 2006 that led to price fixing. The BA executives on trial
include Martin George, BA's former commercial director; Iain
Burns, BA's former head of communications; and Alan Burnett, the
airline's former head of UK and Ireland sales, the FT said. The
fourth man -- Andrew Crawley, BA's sales and marketing director --
still works for the carrier and was promoted to the company's
management board in 2008, according the FT. All men have pleaded
not guilty, the FT noted.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade. Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009. This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs. Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.
CORNERSTONE TITAN: S&P Cuts Ratings on Class G & H Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cornerstone Titan 2006-1 PLC's class G and H notes and affirmed
its rating on the class J notes at 'D'. At the same time, S&P
withdrew its rating on the class X notes and affirmed its ratings
on all remaining classes of notes.
In January 2010, the servicer sold property that secured the
Peacock Place loan for GBP5.15 million, and made available to the
issuer the net sale proceeds of GBP3.76 million to repay the
notes. The outstanding loan balance was GBP13.13 million.
On the April 2010 note interest payment date, the issuer used the
net sale proceeds of GBP3.76 million to partially repay the class
A notes. It also allocated the Peacock Place loan losses to the
class G, H, and J notes. As a consequence of the loss allocation,
the issuer reduced the principal balance of the class H and J
notes to zero, and reduced the principal balance of the class G
notes by approximately 10% to GBP11.16 million.
S&P has lowered its ratings on the class G and H notes to 'D' to
reflect these losses. S&P's rating on the class J notes remains
unchanged at 'D'.
S&P has also withdrawn its rating on the class X note to reflect
S&P's application of its updated criteria for rating interest-only
securities, which S&P published on April 15, 2010.
Ratings List
Cornerstone Titan 2006-1 PLC
GBP564.27 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From Creditwatch Negative
Ratings
-------
Class To From
----- -- ----
G D CCC-/Watch Neg
H D CCC-/Watch Neg
Rating Withdrawn
Class Rating
----- ------
X A+
Ratings Affirmed
Class Rating
----- ------
A A+
B BBB
C BB+
D BB
E BB-
F B
J D
EFFECTIVE COSMETICS: In Liquidation; Owes GBP3.3 Million
--------------------------------------------------------
The administrator's final report for Effective Cosmetics Retail,
remnants of Virgin's retail cosmetics business, reveals that the
owed GBP3.3 million when it was placed into liquidation, David
Robertson writes for The Times.
The Times, citing the administrator's report, says that among the
largest creditors are landlords such as the Trafford Centre, which
is owed GBP80,000. British Gas is owed GBP16,000, while various
VIE at Home companies are owed money for stock and services, the
report notes.
The report recalls Effective Cosmetics was put into administration
last year.
EMI GROUP: Has Until May 14 to Secure Support From Investors
------------------------------------------------------------
James Ashton at The Sunday Times reports that Guy Hands has 10
days to persuade investors to inject fresh funds for EMI or risk
losing control of the troubled music group.
According to the report, a handful of the largest backers of Terra
Firma, Mr. Hands's investment vehicle, have given verbal
commitments to contribute GBP105 million -- enough to plug the
latest breach of its borrowing agreement with Citigroup.
But Mr. Hands still needs to secure the support of 75% of his
fund's 200 investors by May 14 for the money to be drawn down, the
report notes. That is the date Terra Firma must submit a
"compliance certificate" to Citi showing EMI can meet the terms of
its GBP3.2 billion loan, the report discloses.
The report says if Terra Firma fails to win enough backing, it
will tap outside investors for fresh investment. However, it is
unlikely to have enough time to do so by a week on Friday, giving
Citi a chance to seize control, the report states. The cash needs
to reach Citi by June 11, according to the report.
EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing. EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs. EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland). Private
equity firm Terra Firma owns EMI.
INEOS GROUP: S&P Puts 'CCC+' Ratings on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed on
CreditWatch with positive implications its 'CCC+' ratings on U.K.-
based chemical group Ineos, which includes Ineos Group Holdings
PLC and Ineos Holdings Ltd.
S&P also placed on CreditWatch with positive implications the
'CCC-' issue ratings on the existing EUR650 million second-lien
bank loan (term loan D), and on the existing EUR1.63 billion and
$700 million fixed rate subordinated notes. The recovery rating
on these debt facilities is '6' and is not expected to change.
S&P placed on CreditWatch with negative implications the 'B-'
issue ratings on the existing senior secured credit facilities
(excluding the term loan D), which are expected to be
substantially repaid on completion of the transaction.
S&P has also assigned preliminary issue and recovery ratings to
the debt to be issued by Ineos as part of its proposed
restructuring. These ratings are subject to completion of the
proposed bond issuance and tender process, as well as satisfactory
review of final documentation. In the event of any material
differences compared with S&P's expectations based on draft
documentation, all the ratings above would be subject to further
review. S&P has assigned:
Preliminary recovery ratings of '2' and preliminary issue ratings
of 'B' to the EUR700 million proposed senior secured notes to be
issued by Ineos Finance PLC and the replacement first lien senior
secured credit facilities (a replacement term loan A, term loan B,
term loan C, term loan E, and revolving credit facility) to be
issued by Ineos Holdings Ltd. and Ineos US Finance LLC. A '2'
recovery rating indicates S&P's expectation of 70%-90% recovery in
the event of a payment default.
A '6' preliminary recovery rating (indicating S&P's expectation of
0%-10% recovery in the event of a payment default) and a
preliminary issue rating of 'CCC' to the replacement term loan D
facility.
"The CreditWatch placement reflects the potential for a one-notch
upgrade if the recently announced refinancing is successful and in
line with S&P's assumptions, since it will result in a clearly
enhanced amortization profile, with no major debt due before end
2012, and slightly more leeway under financial covenants," said
Standard & Poor's credit analyst Karl Nietvelt.
The potential one-notch upgrade also takes into account S&P's
revised upward expectations for 2010 EBITDA, on the back of first-
quarter 2010 EBITDA that was stronger than S&P anticipated and its
opinion that visibility is good for the second quarter. That
said, S&P remain cautious for the second half and next year, as
industry conditions may weaken.
S&P expects to resolve the CreditWatch status when the outcome of
the refinancing is clear. Were the refinancing to be successful
and in line with its assumptions, S&P anticipate raising the
rating to 'B-' with a stable outlook.
KERLING PLC: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B-' long-term corporate credit rating on U.K.-based PVC producer
Kerling PLC on CreditWatch with positive implications.
S&P has also placed all Kerling's issue ratings on CreditWatch
with positive implications.
The CreditWatch placement reflects these two factors:
* S&P's placement on CreditWatch positive of Kerling's sister
company Ineos, which S&P may upgrade to 'B-' from 'CCC+' if
Ineos' refinancing is successful and in line with S&P's
assumptions; and
* S&P's view that although a default at Ineos could still
adversely affect Kerling, the risks of such a default will
subside if the refinancing is successful.
"If S&P upgrade Ineos, S&P could raise its rating on Kerling to
'B' or 'B+', placing more emphasis on Kerling's intrinsic credit
profile," said Standard & Poor's credit analyst Lucas Sevenin.
"S&P's CreditWatch resolution will factor in S&P's CreditWatch
resolution for Ineos and a review of Kerling's 2009 annual and
first-quarter 2010 results," said Mr. Sevenin.
KEYDATA INVESTMENT: Investors Still Awaiting Compensation
---------------------------------------------------------
Alexandra Goss at The Sunday Times reports that thousands of
people affected by the collapse of Keydata, the investment firm,
may have to wait nearly a month to find out if they will get their
money back.
According to the report, PriceWaterhouseCoopers, Keydata's
administrator, is not expected to issue a proposal to investors
for up to three weeks.
The report notes 23,000 people who invested GBP350 million in
Keydata products backed by Lifemark have not received any income
since March, when the firm admitted it was in default.
The report recalls Keydata was forced into administration last
summer after the Revenue said high income and growth bonds it was
marketing as risk-free could not be held in Isas.
As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009. The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.
Keydata Investment Services Ltd. designs, distributes and
administers structured investment products. Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.
MURRAY INTERNATIONAL: Lloyds Banking Increases Stake to 24%
-----------------------------------------------------------
Andrew Bolger at The Financial Times reports that Lloyds Banking
Group has increased its stake Murray International Holdings from
11% to 24% after the downturn caused the group to break its
banking covenants.
According to the FT, the GBP150 million debt for equity swap will
reduce the group's debt -- which stood at GBP759 million -- by a
similar amount.
The FT relates delayed accounts show that Murray International
Holdings made a pre-tax loss of GBP174.8 million for the 17 months
to June 30 last year, compared with a profit of GBP5.1 million the
prior year. Most of this loss was attributable to a writedown of
GBP154.5 million in the group's development and investment
portfolio, GBP151 million of which was taken through the profit
and loss account, the FT notes.
Based in Edinburgh, Scotland, Murray International Holdings is a
metals and property group owned by Sir David Murray.
PRELUDE EUROPE: S&P Withdraws 'CCC-' Rating on Class B Tranche
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
seven European collateralized debt obligation tranches in four
transactions: Aphex Capital PLC, Brooklands ABS Euro Referenced
Linked Notes 2002-2 Ltd., Prelude Europe CDO Ltd., and SGA Societe
Generale Acceptance N.V.
The withdrawals follow the arrangers' recent notification to us
that issuers have fully repurchased these notes.
Additionally, before these withdrawals S&P affirmed and removed
from CreditWatch positive its ratings on four of the seven
tranches. S&P placed these four tranches on CreditWatch positive
on April 15, 2010, as part of S&P's regular monthly synthetic CDO
surveillance process. S&P subsequently received the repurchase
notifications, and for this reason S&P has first affirmed and
removed these four tranches from CreditWatch positive.
Ratings List
Ratings Withdrawn
Aphex Capital PLC
JPY500 Million Secured Portfolio Credit-Linked Floating-Rate Note
Rating
------
Series To From
------ -- ----
2007-42 NR CCC-
JPY500 Million Secured Portfolio Credit-Linked Fixed-Rate Notes
Rating
------
Series To From
------ -- ----
2007-43 NR CCC-
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
EUR225 Million Floating- and Fixed-Rate Notes
Rating
------
Series To From
------ -- ----
Class SA2 NR BBB-
Ratings Affirmed, Removed From Creditwatch Positive, and Withdrawn
Prelude Europe CDO Ltd.
EUR10 Million Secured Floating- And Fixed-Rate Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2005-1 class B CCC- CCC-/Watch Pos
NR CCC-
EUR20 Million Secured Floating-Rate Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2005-3 class A1 BBB- BBB-/Watch Pos
NR BBB-
SGA Societe Generale Acceptance N.V.
EUR10 Million Floating-Rate US Corporate Portfolio Notes
Rating
------
Series To From
------ -- ----
2794 A A/Watch Pos
NR A
EUR3.5 Million US Corporate Portfolio Credit-Linked Notes
Rating
------
Series To From
------ -- ----
2901 BBB+ BBB+/Watch Pos
NR BBB+
NR - Not Rated
PUNCH TAVERNS: S&P Downgrades Rating on Class D1 Notes to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the Punch Taverns Finance PLC and Punch Taverns Finance B Ltd. pub
securitizations.
Specifically, S&P:
* Lowered its ratings on the class M, B, C, and D notes in Punch A
and the class B and C notes in Punch B;
* Removed from CreditWatch negative its ratings on classes B, C,
and D in Punch A, and classes A, B, and C in Punch B; and
* Assigned a negative outlook to all classes in these
transactions.
The negative outlook on all the notes reflects S&P's view that the
business risk profile of Punch A and Punch B could decline further
if the transaction does not show improving performance trends
during the second half of 2010.
These rating actions are due to several factors. The continued
difficult trading conditions in the U.K. tenanted pub sector, has
led to the performance of the transactions, and the sector as a
whole, being below S&P's expectations to date, in its view.
The like-for-like pub contribution for the 28 weeks to March 2010
was down about 11% for the Punch Taverns PLC leased pubs. S&P
observed this decline in increased support to tenants and
declining beer sales. For this period, like-for-like drink
revenues were down 4.8% and rent was down 10.5%. S&P believes
similar declines are likely to persist for the rest of 2010. S&P
considers the above figures for the Punch Taverns group to be
representative of both Punch A and Punch B with respect to
operating performance.
In the 12 months to March 2010, Punch A's EBITDA had fallen 16.8%
and 18.7% on an adjusted basis. For Punch B, the EBITDA decline
was 14.2% and 17.2% on an adjusted basis. S&P adjusted the EBITDA
figures to remove the impact of support provided by the Punch
Taverns group. S&P understand that operating margins in Punch A
benefited by GBP4.6 million and that the support for Punch B was
GBP4.5 million. Also affecting the EBITDA performance, in S&P's
view, was a marked reduction in the number of pubs within the
respective estates, the sale proceeds of which Punch A and Punch B
have used to prepay debt. However, despite the deleveraging,
given the strain on the operating performance, S&P considers the
adjusted debt/EBITDA leverage on Punch A and Punch B to have
increased.
At the time of its CreditWatch placement in February 2010, S&P had
anticipated that Punch A would produce a less-marked EBITDA
decline in 2009, compared with the rest of the market. However,
Punch A reported an EBITDA decline for the financial year 2009 of
about 14.8%, which was a slightly higher decline than the market
average for rated tenanted pub operators. At the same time, S&P
noted that S&P expected Punch B to also perform in line with the
market in 2009, which it did overall, as EBITDA declined 11.6%.
The declines for both estates were worse than S&P previously
expected up to Q2 2010.
Over the next 12 months, S&P estimates that Punch A is likely to
report a per-pub EBITDA decline of about 10%. If the speed of
decline does not moderate in the second half of the fiscal year
and there are not clear signs that 2011 should be significantly
better than 2010, it is possible that S&P would reassess its view
of the business risk score. In S&P's view, a further year of
significant EBITDA decline would be inconsistent with its
assessment of a "satisfactory" business risk assessment. S&P will
also continue to monitor EBITDA margins and the speed of weakening
of the profit margin. S&P's view of these factors has led to the
negative outlook S&P has assigned to the notes.
Over the longer term, S&P believes risks are associated with the
shift away from on-trade sales and the continued decline in beer
consumption, even though this decline is offset by sales of
higher-margin products. S&P would expect both higher-margin beer
and wine sales, as well as food sales, to be more cyclical than
traditional beer sales. As a result, S&P believes that the pubs'
business risk scores could decline over time if they do not
address these risks. However, S&P would expect the good-quality
pubs included in Punch's securitization to gain from the current
high level of pub closures, which should reduce competition.
Additional details will be available in the transaction update,
which S&P will publish in due course.
Ratings List
Punch Taverns Finance PLC
GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes
Ratings Assigned a Negative Outlook
Rating
------
Class To From
----- -- ----
A1(R) AAA/Negative AAA
A2(R) AAA/Negative, AAA,
AAA/Negative(SPUR) AAA(SPUR)
Ratings Lowered and Assigned A Negative Outlook
Rating
------
Class To From
----- -- ----
M1 A-/Negative A
M2(N) A-/Negative, A,
A-/Negative(SPUR) A(SPUR)
Ratings Lowered, Removed From Creditwatch Negative, and
Assigned a Negative Outlook
Rating
------
Class To From
----- -- ----
B1 BBB-/Negative BBB+/Watch Neg
B2 BBB-/Negative BBB+/Watch Neg
B3 BBB-/Negative, BBB+/Watch Neg,
BBB-/Negative(SPUR) BBB+/Watch Neg(SPUR)
C(R) BB+/Negative BBB+/Watch Neg
D1 BB/Negative BBB/Watch Neg
Punch Taverns Finance B Ltd.
GBP1.574 Billion Fixed- and Floating-Rate Asset-Backed Notes
Ratings Removed From Creditwatch Negative
and Assigned a Negative Outlook
Rating
------
Class To From
----- -- ----
A3 A/Negative A/Watch Neg
A6 A/Negative A/Watch Neg
A7 A/Negative, A/Watch Neg,
A/Negative(SPUR) A/Watch Neg(SPUR)
A8 A/Negative, A/Watch Neg,
A/Negative(SPUR) A/Watch Neg(SPUR)
Ratings Lowered, Removed From Creditwatch Negative,
and Assigned a Negative Outlook
Rating
------
Class To From
----- -- ----
B1 BBB-/Negative BBB+/Watch Neg
B2 BBB-/Negative BBB+/Watch Neg
C1 BB+/Negative BBB/Watch Neg
SPUR -- Standard & Poor's underlying rating.
ROYAL BANK: Chairman Defends High Senior Staff Remuneration
-----------------------------------------------------------
Helen Power at Times Online reports that Sir Philip Hampton, the
chairman of Royal Bank of Scotland, bank has defended
multimillion-pound salaries for senior staff, despite widespread
objections.
The report relates Mr. Hampton told the BBC Today program that
although banking sector remuneration was "astonishingly high,"
staff at Royal Bank of Scotland would leave unless they were paid
the market rate.
Politicians in each of the main parties have called for caps on
bankers' bonuses, the report discloses.
According to the report, Mr. Hampton conceded that it was
difficult to defend the pay gap between most people and some bank
staff, but he told the BBC: "If we don't pay our top people, they
leave very quickly. Our top people are very much in demand and we
have seen a significant loss of our top people."
The report recalls Mr. Hampton told shareholders at the bank's
annual general meeting last week that he would listen to investor
concerns over its new bonus scheme for senior executives.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'. The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.
TITAN EUROPE: Fitch Affirms Rating on Class E Notes at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2007-1 Limited's notes and
removed them from Rating Watch Negative as detailed below:
-- GBP42.15 million class B secured floating-rate notes due
2017: affirmed at 'A+'; off RWN; Outlook Negative
-- GBP42 million class C secured floating-rate notes due 2017:
affirmed 'BBB+; off RWN; Outlook Negative
-- GBP58 million class D secured floating-rate notes due 2017:
affirmed 'BBB'; off RWN; Outlook Negative
-- GBP60 million class E secured floating-rate notes due 2017:
affirmed 'BB-'; off RWN; Outlook Negative
Titan Europe 2007-1 is the issuer behind the securitization of a
GBP638 million senior loan (Libra loan) granted to nursing homes
owned by NHP which are majority-operated by Southern Cross.
The affirmation reflects the stabilization of valuations for the
294 nursing homes and three residential properties securing the
GBP1,172 million Libra Whole Loan -- of which the Libra loan is
the senior securitized tranche.
The updated valuation of the properties as of December 2009 is
GBP886.2 million, slightly above a valuation of GBP863.3 million a
year ago but still 34% down compared to the valuation at closing.
The Libra Whole Loan has been in default since November 2008 and
there are still ongoing restructuring discussions between the
lenders and Capita Asset Services acting as special servicer.
Fitch understands that no solution has been agreed so far. The
standstill agreement continues to be extended and currently
expires on May 15, 2010.
Although the special servicer is having ongoing discussions to
reach a consensual restructuring, Fitch understands that the
special servicer continues to consider all options available,
including a potential sale of the mortgaged properties. This is
because it may not prove possible for all involved parties to
agree on a consensual restructuring. The special servicer has
notably engaged GVA Grimley to work on an exit strategy to
maximize recoveries from the disposal of the mortgaged properties.
On the other hand, the agency notes that an extension of the Libra
Whole Loan which was due in January 2009 is only possible with the
consent of the noteholders of each class by way of an
extraordinary resolution (including the senior ranking class A and
class X notes not rated by Fitch).
However, if the discussions become protracted, this could lead to
uncertainty over the outcome and length of the restructuring
process. This risk is reflected in the Negative Outlook.
Fitch continues to view the notes as still being protected by the
currently seven-year tail period provided by the 2017 legal final
maturity date, the senior ranking of the securitized Libra loan
within the inter-creditor agreement, and the presence of an
advance provider if shortfalls arise in the rental payments to
service the interest payments.
TOWERGATE FINANCE: Moody's Assigns 'B1' Rating on Senior Debt
-------------------------------------------------------------
Moody's Investors Service has assigned a debt rating of B1 to the
senior secured debt and B3 to the senior unsecured debt to be
issued by Towergate Finance plc. At the same time Moody's
affirmed the B2 Corporate Family Rating of Towergate Partnership
Limited and the negative outlook. The rating action is in
relation to the refinancing of substantially all of TPL's debt and
the acquisition of Countrywide and PowerPlace. Moody's said that
the ratings are based on the expectation that the final
documentation of the instruments and company structure will not
differ materially from the current documentation.
The transaction involves the refinancing of substantially all of
TPL's debt, to be replaced by an acquisition facility, term loan,
senior secured and unsecured notes, all to be issued by Towergate
Finance plc with a guarantee from Towergate Holdings II Limited
and all material and certain other subsidiaries of Towergate
Finance plc, and unrated PIK notes which are to be issued from
Towergate Holdings I plc. As part of the transaction, Countrywide
and PowerPlace, previously owned separately by Towergate's
shareholders, will also be acquired by Towergate. In conjunction
with the closing of the refinancing process, the Towergate group
will undergo a corporate reorganization. On closure, the CFR on
TPL will therefore be withdrawn and the CFR will be assigned to
Towergate Holdings II Limited, which will become the rated entity.
The debt ratings are assigned on the basis of the instruments'
position within the Towergate Group, with the secured notes
ranking parri passu with the acquisition facility and term loan
and the unsecured notes subordinated to these.
The current B2 rating incorporates Moody's expectation of the
EBITDA margin remaining consistently above 20% together with some
improvement in financial leverage and coverage metrics from the
2008 level (2008 debt-to-EBITDA of 7.3x and interest coverage of
0.7x, on a Moody's basis).
Whilst not considered likely in the short-term due to the current
negative outlook, factors that could lead to an upgrade include
adjusted free cash flow exceeding 10% of debt, a debt-to-EBITDA
ratio of less than 4.5 times and interest coverage exceeding 3.0
times (all on a Moody's basis). Conversely, further negative
rating action could result from a failure to improve
leverage/coverage metrics over the near-to medium term from the
current (end 2008) levels. Further negative rating pressure could
also arise in the event of a meaningful and unprofitable
acquisition strategy, although Moody's anticipate that Towergate's
future acquisition strategy is likely to focus on small scale
acquisitions.
This rating was affirmed with a negative outlook:
* Towergate Partnership Limited - Corporate Family Rating: B2
These ratings were assigned with a negative outlook:
* Towergate Finance plc (guaranteed by Towergate Holdings II
Limited and all material and certain other subsidiaries of
Towergate Finance plc) - GBP365 million senior secured notes
due 2017: B1
* Towergate Finance plc (guaranteed by Towergate Holdings II
Limited and all material and certain other subsidiaries of
Towergate Finance plc) - GBP300 million senior unsecured notes
due 2018: B3
The last rating action was on March 31, 2010, when the CFR was
affirmed at B2 and the outlook revised to negative from stable.
* UK: Ailing Firms Forced to Pay High Premium on Lack of Credit
---------------------------------------------------------------
Jonathan Moules at The Financial Times reports that struggling
companies are turning to specialist private equity backers and are
handing over a large slug of equity and paying interest rates of
as much as 12% in a bid to survive.
According to the FT, the trend is a sign of the lengths that
business owners are being forced to go to because of the lack of
credit being offered by the high street banks.
Insolvency funds are only one way that struggling companies can
turn their operations around, the FT says, citing Stephen Law,
president of R3, the insolvency industry trade body.
"The earlier a business can come to us, the more opportunities
there are to rescue them," the FT quoted Mr. Law as saying.
"Unfortunately, I see a lot of companies who cannot pay the wages
on Friday and the options then are limited."
* UK: Insolvencies in Hotel Sector Up 61% in 2009
-------------------------------------------------
The Press Association, citing figures from accountancy firm
Wilkins Kennedy, reports that the number of hotel companies that
failed last year in the United Kingdom soared 61% compared with
2008.
Wilkins Kennedy said there could be "more casualties" to come, the
report notes.
According the report, the accountancy firm said that while
staycationers did increase domestic demand at hotels,
establishments were hit by a slump in business travel.
===============
X X X X X X X X
===============
* EUROPE: Rabobank Proposes Bonds Convertible Into Equity
---------------------------------------------------------
Michael Steen at The Financial Times reports that Rabobank is
pushing for the adoption of a bond that converts into equity if
the lender runs into trouble as a way of staving off a global bank
tax.
The FT relates that, as an experiment, Rabo issued a EUR1.2
billion (US$1.7 billion) contingent convertible note in March that
acts like a normal bond but, should the bank's equity ratio breach
7%, 75% of the note's face value would be written down and
converted into core capital, with the remaining quarter returned
to investors. The FT says that allows the bonds to absorb losses
in a crisis and also ensures that bondholders pay closer heed to a
group's financial health.
The FT notes banks are looking to convince regulators of
alternative ways to strengthen the industry as they become
concerned about how any new taxes might be implemented.
The FT relates industry bodies have spoken out against proposals
from the International Monetary Fund that suggest tax revenue
could be used as an insurance against future bank failures,
arguing that this could in fact encourage more reckless behavior.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
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SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
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SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -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 LGWR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
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ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSKF US -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 XRR GR -9829592.638 279906700
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CHAINE ET TRAME CTRM FP -58947458.16 116889783.9
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IMMOB HOTEL BALN IMHB FP -170171676.3 212556594.4
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LAB DOLISOS LADL FP -27752176.19 110485462.4
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MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
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MB RETAIL EUROPE MBRE EO -58947458.16 116889783.9
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OROSDI OROS FP -7291.55004 131233317.6
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GERMANY
-------
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG NDAGF US -482446.6262 144432986.2
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EM.TV & MERCHAND ETV LN -22067409.41 849175624.7
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KAUFRING AG KFR EO -19296489.56 150995473.8
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MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
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NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG JLSDF US -6153256.917 127548039.7
SANDER (JIL) AG SAD GR -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 GR -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127548039.7
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127548039.7
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127548039.7
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
GEORGIA
-------
DEVELICA DEUTSCH DDE IX -107879893.8 1235370057
DEVELICA DEUTSCH DDE LN -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE PG -107879893.8 1235370057
O TWELVE ESTATES O2T GR -7152968.898 297722697.4
O TWELVE ESTATES OTE LN -7152968.898 297722697.4
O TWELVE ESTATES OTE IX -7152968.898 297722697.4
O TWELVE ESTATES OTE EU -7152968.898 297722697.4
O TWELVE ESTATES OTE PZ -7152968.898 297722697.4
O TWELVE ESTATES OTE PG -7152968.898 297722697.4
O TWELVE ESTATES OTE EO -7152968.898 297722697.4
O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
GREECE
------
AG PETZETAKIS SA PZETF US -49833882.19 235624993.7
AG PETZETAKIS SA PETZK GA -49833882.19 235624993.7
AG PETZETAKIS SA PETZK EU -49833882.19 235624993.7
AG PETZETAKIS SA PETZK PZ -49833882.19 235624993.7
AG PETZETAKIS SA PTZ1 GR -49833882.19 235624993.7
AG PETZETAKIS SA PETZK EO -49833882.19 235624993.7
AG PETZETAKIS SA PTZ GR -49833882.19 235624993.7
ALMA-ATERM-AUCT ATERME GA -5087117.061 107164792.1
ALMA-ATERMON SA ATERM EU -5087117.061 107164792.1
ALMA-ATERMON SA ATERM EO -5087117.061 107164792.1
ALMA-ATERMON SA ATERM PZ -5087117.061 107164792.1
ALTEC SA -AUCT ALTECE GA -118834340 160209968.7
ALTEC SA INFO ALTEC GA -118834340 160209968.7
ALTEC SA INFO ALTEC PZ -118834340 160209968.7
ALTEC SA INFO ALTEC EU -118834340 160209968.7
ALTEC SA INFO ATCQF US -118834340 160209968.7
ALTEC SA INFO AXY GR -118834340 160209968.7
ALTEC SA INFO ALTEC EO -118834340 160209968.7
ALTEC SA INFO-RT ALTED GA -118834340 160209968.7
ALTEC SA INFO-RT ALTECR GA -118834340 160209968.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATERMON DYNAMIC ATERM GA -5087117.061 107164792.1
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -38449174.63 221302771.2
KOUMBAS RTS KOUMR GA -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM GA -38449174.63 221302771.2
KOUMBAS SYNERGY KOUMF US -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EO -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM PZ -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EU -38449174.63 221302771.2
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 -49833882.19 235624993.7
PETZETAKIS - RTS PETZKD GA -49833882.19 235624993.7
PETZETAKIS-AUC PETZKE GA -49833882.19 235624993.7
PETZETAKIS-PFD PETZP GA -49833882.19 235624993.7
PETZETAKIS-PFD PTZ3 GR -49833882.19 235624993.7
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUC GR -75973000 835658048
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR INVHY US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY -RT FP MCIF LN -132691148.8 374303706.5
MCINERNEY -RT FP MCIF ID -132691148.8 374303706.5
MCINERNEY -RT NP MCIN LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -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 WWWC ID -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -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 VX -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -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
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA 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 AESA IM -24405906.61 1350851664
AEDES SPA-RTS AEAA 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 FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CORNELL BHN BY EU -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 IVGIF US -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -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 ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -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 ONT IM -47468652.4 322390901.7
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PRF IM -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 RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO SPA RN TQ -165887753.7 4800733024
RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RN IM -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 SSMLF US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIA GR -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 SNR IM -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
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YORKVILLE BHN BY IM -178432.4639 134255668.5
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REAL ESTATE OP-O REA GR -145048365.8 2933767507
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
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CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
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JAMES HARDIE IND HAH AU -131100008 2130899840
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JAMES HARDIE IND 600241Q GR -131100008 2130899840
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NORWAY
------
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PETROJACK AS JACK BY -54932000 191586000
POLAND
------
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PORTUGAL
--------
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6
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ROMANIA
-------
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RAFO SA RAF RO -457922636.3 356796459.3
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RUSSIA
------
AMUR SHIP-BRD AMZS RU -99051792.6 1089408985
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SERBIA
------
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IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
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SWEDEN
------
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TURKEY
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TUTUNBANK TUT TI -4024959602 2643810457
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UKRAINE
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UNITED KINGDOM
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HAWTIN PLC HTI IX -3873861.331 110875080.8
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KAZAKHSTAN MNRLS KMCOF US -123563000 104843000
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LADBROKE GROUP LADB LN -97533918.57 1748505414
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LADBROKES PLC LAD IX -97533918.57 1748505414
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LADBROKES PLC-CE LAD BB -97533918.57 1748505414
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LEEDS SPORTING LEDPF US -73166148.8 143762193.7
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LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
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M 2003 PLC MTWOF US -2203513803 7204891602
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ORANGE PLC 951641Q LN -593935051 2902299502
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PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
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PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
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SKYEPHARMA PLC SKP PZ -128538078.1 135158758
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SMG PLC SMG LN -51512119.25 207340304
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WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
XXPERT RENTAL XPRT CN -123563000 104843000
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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 U. Pascual, Marites O. Claro, Rousel Elaine
T. 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 * * *