/raid1/www/Hosts/bankrupt/TCREUR_Public/100615.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, June 15, 2010, Vol. 11, No. 116
Headlines
B E L G I U M
DEXIA SA: Says Capital Stood at EUR8.44 Billion
F R A N C E
CASINO GUICHARD-PERRACHON: Fitch Keeps 'BB' Preferred Swap Rating
RENAULT SA: To Start Repaying EUR500 Million of State Loan
G E R M A N Y
ESCADA AG: Court Confirms U.S. Unit's Liquidation Plan
HEAT MEZZANINE: Fitch Cuts Rating on Class B Notes to 'CC'
OSTREGION INVESTMENTGESELLSCHAFT: Moody's Raises Rating From 'Ba1'
PFLEIDERER AG: Eyes Return to Profitability Next Year
* GERMANY: Seeks Changes to Insolvency Rules, WiWo Says
G R E E C E
GLITNIR BANK: To Start Paying Creditors Late in 2011, Visir Says
I R E L A N D
EGRET FUNDING: Moody's Lifts Rating on Class E Notes to 'Caa3'
QUINN INSURANCE: Lobby Group Proposes Government Bond
K A Z A K H S T A N
BMB MUNAI: Enters Agreement to Amend Note Redemption Terms
KAZKOMMERTSBANK JSC: Fitch Gives Stable Outlook; Keeps B- Rating
L U X E M B O U R G
BERNARD L. MADOFF: UBS Faces Forgery Probe on Luxembourg Funds
N E T H E R L A N D S
HERMES XV: Fitch Affirms Rating on Class E Notes at 'BB'
MAYFAIR EURO: S&P Affirms 'CC' Ratings on Three Classes of Notes
R U S S I A
INTERNATIONAL INDUSTRIAL: S&P Cuts Counterparty Ratings to 'B-/C'
PROGNOZ SILVER: Starts Bankruptcy Proceedings
S P A I N
CAJA SAN FERNANDO: S&P Cuts Rating on Class D Notes to 'B+'
CIRSA GAMING: Moody's Confirms Corporate Family Rating at 'B2'
SAGRES SOCIEDADE: S&P Cuts Ratings on Class D & E Notes to Low-B
T U R K E Y
ARCELIK AS: Fitch Upgrades Issuer Default Ratings to 'BB'
U N I T E D K I N G D O M
AMBAC ASSURANCE: Moody's Withdraws Rating on 6.933% Notes
ARLO VII: Moody's Cuts Rating on US$75 Mil. Notes to 'Caa3'
BP PLC: US Government Wants Trust Fund Set Up to Pay Off Claims
BRITISH AIRWAYS: Turns Down GBP334,000 Annual Bonus of Shares
GREEN PARCS: In Administration; Deloitte Appointed
JERMON DEVELOPMENTS: Anglo Appoints Receiver to Three Assets
MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCC'
MCCORMICK MACNAUGHTON: Receiver Appointed to Two Companies
PORTSMOUTH FOOTBALL: Ukrainian Businessmen Pull Out of Deal
SOUTHERN PACIFIC: Fitch Cuts Rating on Class E 05-1 Notes to 'B'
ST. MARGARET'S: Parent Consortium Launches Takeover Bid
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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B E L G I U M
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DEXIA SA: Says Capital Stood at EUR8.44 Billion
-----------------------------------------------
Alessandro Torello at Dow Jones Newswires reports that Dexia SA
said Friday that its capital was EUR8.44 billion, after it
recently increased capital and issued bonus shares.
The company's capital amounts to about EUR8.44 billion, "following
the capital increase and the issue of bonus shares decided by the
extraordinary general meeting on May 12, 2010, the realization of
which was observed on June 11, 2010," Dow Jones quoted the company
as saying in a statement.
Joanna Ossinger at Bloomberg News reports that the bank said its
share count rose by 4.76% after the distribution of bonus shares.
About Dexia SA
Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance. The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients. It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services. The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments. The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products. Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group. The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.
* * *
As reported by the Troubled Company Reporter-Europe on Feb. 16,
2010, Moody's Investors Service upgraded to C- from D+ the bank
financial strength ratings of Dexia Group's main banking entities,
Dexia Bank Belgium, Dexia Credit Local and Dexia Banque
Internationale a Luxembourg. The rating agency also affirmed the
A1 long-term debt and deposit ratings of DBB, DCL and DBIL. The
outlooks on the long-term debt and deposit ratings and on the
BFSRs were changed to stable from negative. The short-term debt
and deposit ratings were affirmed at Prime-1. Moody's also
affirmed, with a stable outlook, the A2 dated subordinated debt
ratings of DBB, DCL and DBIL.
This rating action follows the agreement reached by Dexia and the
European Commission on the group's restructuring plan, including,
inter alia, Dexia's upcoming exit from the State guarantee scheme,
earlier than previously anticipated, in light of the improvements
in its funding situation. Moody's rating action also reflects
Dexia's satisfactory capital adequacy according to the rating
agency's stress-test scenario analysis.
In addition, Moody's upgraded to B3 from Caa1 the ratings of the
preferred stock securities issued by DCL and by Dexia Funding
Luxembourg (guaranteed by Dexia Group) and to B1 from Caa1 the
ratings of the preferred stock securities issued by DBIL. The
rating of the junior subordinated debt issued by DBB was confirmed
at Ba2. These subordinated debt ratings now carry a stable
outlook.
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F R A N C E
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CASINO GUICHARD-PERRACHON: Fitch Keeps 'BB' Preferred Swap Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's Long-
term Issuer Default Rating and senior unsecured rating at 'BBB-'
and affirmed its Short-term IDR at 'F3'. Fitch has also affirmed
Casino's EUR600 million perpetual preferred constant maturity swap
securities at 'BB'. The Outlook for the Long-term IDR is Stable.
The affirmation of Casino's ratings reflects the retail group's
overall resilient business performance in a difficult economic
environment, due to its multi-format strategy, private label
development and a more focused international portfolio of
activities. Although improving, the group's lease adjusted
leverage remains high due to its off-balance sheet obligations,
resulting in still low rating headroom at the current rating
level.
"The French food retail market continues to be challenging due to
an anaemic economic recovery and intense competition among main
food retailers," said Johnny Da Silva, a Director in Fitch's
European Retail Leisure Consumer Products team. "In France, most
of Casino's retail formats have performed in line with
management's expectations, except Geant Casino Hypermarket and
Leader Price discount stores, for which management is developing
commercial initiatives and cost measures to improve performance."
Casino has refocused its international portfolio (34% of the
group's FY09 operating profit) mainly towards Brazil, Colombia and
Thailand, where the group enjoys strong market positions. Key
challenges for the group's international portfolio include
consolidating leading positions and managing country risks. Fitch
also notes that Casino does not fully control its overseas
operations and therefore does not benefit from 100% of its
overseas cash flow.
Casino's financial profile slightly improved at FYE09 thanks to
better free cash flow generation and asset disposals. The group's
lease-adjusted net debt/EBITDAR improved to 3.6x at FY09 (FYE08:
3.8x). Fitch's calculation of these ratios includes adjustments
of EUR146 million for the group's securitized assets, EUR300
million related to its deeply subordinated notes, EUR275 million
for the equity swap with Exito, and EUR428 million of annual
operating leases that Fitch capitalizes by 8x.
Fitch also computes and monitors an all-in leverage ratio
encompassing all of Casino's off-balance sheet obligations (mainly
put options) which was at 4.1x as of FY09. This adjusted leverage
ratio is high for the current rating, although it is likely to be
reduced over the next two years due to the group's asset disposal
program and progress in the trading performance.
Casino has adequate liquidity with cash and equivalent of about
EUR2.7 billion, and undrawn bank facilities of about EUR1.9
billion as of FYE09. Casino's parent company, Rallye, presently
has sufficient liquidity and a favorable debt maturity profile.
The agency does not expect Rallye to significantly constrain
Casino's de-leveraging financial policy in the near term.
Marc Ladreit de Lacharriere, Fitch's Chairman and member of the
board, is also a member of Casino's board. Mr. Ladreit de
Lacharriere does not participate in any rating committees
including Casino.
RENAULT SA: To Start Repaying EUR500 Million of State Loan
----------------------------------------------------------
Joanna Ossinger at Bloomberg News reports that Renault SA Chief
Executive Officer Carlos Ghosn told Europe 1 radio in an interview
that the company, which received EUR3 billion in state loans as
part of France's aid package for the country's automaking
industry, aims to start repaying at least EUR500 million.
According to Bloomberg, the company's shares rose 0.7% to EUR30.62
on Sunday, June 13.
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.
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G E R M A N Y
=============
ESCADA AG: Court Confirms U.S. Unit's Liquidation Plan
------------------------------------------------------
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York, on June 10, 2010, confirmed the
First Amended Joint Chapter 11 Plan of Liquidation of ESCADA
(USA), Inc., now known as EUSA Liquidation, Inc., and the Official
Committee of Unsecured Creditors, as Plan proponents.
The Amended Plan is centered on, among other things, an overall
purpose to provide for the wind down and efficient liquidation of
the Debtor in a manner designed to maximize the recovery to all
creditors. It specifically contemplates the establishment of a
liquidating trust, to be executed through a Liquidating Trust
Agreement by the Debtor and the Creditors' Committee. The
Liquidating Trust will be established for the sole purpose of
liquidating and distributing the Trust Assets, in accordance with
Section 301.7701-4(d) of the Treasury Regulation under the
Internal Revenue Service, with no objective to continue or engage
in the conduct of a trade or business.
Plan Satisfies Section 1129 Requirements
In a 28-page decision, Judge Bernstein concluded that the Plan
complied with the statutory requirements of Sections 1129 of the
Bankruptcy Code, and has satisfied all conditions precedent to
its confirmation:
A. Section 1129(a)(1) requires that the Second Amended Plan
comply with all applicable provisions of the Bankruptcy Code,
which includes compliance with Sections 1122 and 1123,
governing classification and contents of the Plan.
As required by Section 1123(a)(1), the Plan provides for the
separate classification of Claims into 19 Classes, based on
the legal attributes of those claims and interests. As
required by Section 1122(a), each Class of Claims has a
priority in the Debtors' capital structure that is
substantially similar to the other Claims within the Class.
Valid business, factual and legal reasons exist for separately
classifying the various Classes of Claims and Interests
created under the Plan; the classifications were not done for
any improper purpose and the Classes do not unfairly
discriminate between or among holders of Claims or Interests.
Accordingly, the Plan satisfies Sections 1122 and 1123(a)(1)
of the Bankruptcy Code. Specifically, with respect to the
Claims, the Plan:
(i) specifies that Priority Non-Tax Claims are unimpaired,
thereby satisfying Section 1123(a)(2) of the Bankruptcy
Code;
(ii) designates Class 3 Unsecured Claims and Class 4
Interests as Impaired; specifies the treatment of
the Class 3 Claims and Class 4 Interests under the
Plan; treats certain Holders of Allowed Claims in Class
2 Miscellaneous Secured Claims as may be Impaired; and
designates that Holders of Allowed Claims in Class 2
will either receive payment in full of their Allowed
Claims or the indubitable equivalent of their Allowed
Claims through the return to them of any Property
securing their Allowed Claim and the provision of an
Allowed General Unsecured Claim for any deficiency,
thereby satisfying Section 1123(a)(3) of the Bankruptcy
Code;
(iii) provides for the same treatment by the Debtor for each
Claim or Interest in each Class, unless the Holder of a
Claim or Interest has agreed to a less favorable
Treatment, resulting in satisfaction of Section
1123(a)(4) of the Bankruptcy Code;
(iv) provides adequate and proper means for the Plan's
implementation, by contemplating the creation of a
Liquidating Trust on the Effective Date, which will be
responsible for making all distributions under the Plan
and effecting the orderly wind-down of the Estate,
thereby satisfying Section 1123(a)(5) of the Bankruptcy
Code;
(vi) prohibits the issuance of non-voting equity securities,
thereby satisfying Section 1123(a)(6) of the Bankruptcy
Code; and
(vii) designates Christian D. Marques as the president,
treasurer and sole employee of the Debtor; and
identifying Clingman & Hanger Management Associates,
LLC as the Liquidating Trustee which will have the
authority to take all necessary actions to dissolve the
Debtor and withdraw the Debtor from applicable state,
thereby satisfying Section 1123(a)(7) of the Bankruptcy
Code.
The Plan's additional provisions are appropriate and
consistent with Section 1123(b)(6) of the Bankruptcy Code.
The Plan also reflects the date it was filed with the Court
and identifies the entities submitting it as Plan Proponents.
This satisfies Rule 3016(a) of the Federal Rules of Bankruptcy
Procedure.
B. The Plan satisfies Section 1129(a)(2) of the Bankruptcy Code,
because, among other things:
* the Debtor is a proper debtor under Section 109(d) of the
Bankruptcy Code;
* the Debtor has complied with applicable provisions of the
Bankruptcy Code, except as otherwise provided or permitted
by order of the Court; and
* the Debtor has complied with the applicable provisions of
the Bankruptcy Code, the Federal Rules of Bankruptcy
Procedure and the Order Approving Disclosure Statement in
(i) transmitting the Disclosure Statement, the Plan and
related documents and notices, and (ii) soliciting and
tabulating votes on the Plan.
C. The Debtor and the Creditors' Committee have proposed the Plan
in good faith and not by any means forbidden by law, thereby
satisfying Section 1129(a)(3) of the Bankruptcy Code.
Moreover, the Plan was the product of arm's-length
negotiations between the Debtor and the Committee, and
supported by the Debtor's creditors. The Plan was proposed
with the legitimate and honest purpose of maximizing the value
of the Debtor's estate and to effectuate an effective
liquidation of the Debtor.
D. Any payment made or to be made by the Debtor for services or
for costs and expenses in or in connection with the Chapter 11
Case, or in connection with the Plan and incident to the
Chapter 11 case, has been approved by, or is subject to the
approval of, the Court as reasonable. Accordingly, the Plan
satisfies Section 1129(a)(4) of the Bankruptcy Code.
E. The Plan complies with the requirements of Section 1129(a)(5)
of the Bankruptcy Code, because the Debtor identifies
Christian D. Marques as the sole employee of the Debtor.
Clingman & Hanger will be the Liquidating Trustee. The nature
of the process for any compensation to be received by any
insider in winding down the Debtor has been disclosed.
F. Section 1129(a)(6) of the Bankruptcy Code requires that any
regulatory commission having jurisdiction over the rates
charged by a reorganized debtor in the operation of its
business approve any rate change provided for in a plan of
reorganization. The Debtor's business is not subject to any
regulated rates.
G. The Plan satisfies Section 1129(a)(7) of the Bankruptcy Code.
Each Holder of an Impaired Claim or Interest either has
accepted the Plan or will receive or retain under the Plan, on
account of that Claim or Interest, property of a value, as of
the Effective Date, that is not less than the amount that the
holder would receive or retain if the Debtor was liquidated
under Chapter 7 of the Bankruptcy Code on that date.
H. Class 3 voted to accept the Plan in accordance with section
1126(c) of the Bankruptcy Code. No classes voted against the
Plan. Class 2 consists of Miscellaneous Secured Claims.
Certain Holders of Allowed Claims in Class 2 may be Impaired
under the Plan, did not vote in favor of the Plan, and thus
are deemed to have rejected the Plan. Class 4 is not entitled
to receive or retain any property under the Plan and,
therefore, is deemed to have rejected the Plan pursuant to
Section 1126(g) of the Bankruptcy Code. Holders of Allowed
Claims in Class 2 will either receive payment in full of their
Allowed Claims or the indubitable equivalent of their Allowed
Claims. Accordingly, the Plan satisfies Section 1129(b) of
the Bankruptcy Code with respect to those Classes.
I. The treatment of Administrative Expense Claims pursuant to the
Plan satisfies the requirements of Section 1129(a)(9)(A) of
the Bankruptcy Code. The treatment of Priority Tax Claims
pursuant to the Plan satisfies the requirements of Section
1129(a)(9)(C) of the Bankruptcy Code. The treatment of
Priority Non-Tax Claims pursuant to the Plan satisfied the
requirements of Section 1129(a)(9) of the Bankruptcy Code.
Accordingly, the Plan satisfies the requirements of Section
1129(a)(9) of the Bankruptcy Code.
J. Class 3 is an Impaired Class and has voted to accept the Plan,
without including any acceptance of the Plan by any insider.
Accordingly, there is at least one Class of Claims against the
Debtor that is Impaired under the Plan and has accepted the
Plan, determined without including any acceptance of the Plan
by any insider. Accordingly, the Plan satisfies the
requirements of Section 1129(a)(10) of the Bankruptcy Code.
K. The Plan satisfies Section 1129(a)(11) of the Bankruptcy Code
because it provides for the liquidation of the Debtor. The
Debtor has sold or abandoned substantially all of its assets
and will distribute cash to creditors.
L. As provided in the Plan, all fees payable pursuant to section
1930(a) of title 28 of the United States Code, and any
interest accruing thereon, as determined by the Court, will be
paid on or before the Effective Date. All fees and interest
accruing payable after the Effective Date will be paid by the
Liquidating Trustee until the entry of a final decree closing
the Chapter 11 Case. Accordingly, the Plan satisfies the
requirements of Section 1129(a)(12) of the Bankruptcy Code.
M. Section 1129(a)(13) of the Bankruptcy Code does not apply in
the Debtor's Chapter 11 case because the Debtor is not '
obligated to pay any retiree benefits.
N. Section 1129(a)(14) of the Bankruptcy Code does not apply in
the Debtor's Chapter 11 case because the Debtor is not
required to pay any domestic support obligations.
O. Section 1129(a)(15) of the Bankruptcy Code does not apply in
the Debtor's Chapter 11 case because the Debtor is not an
individual.
P. Section 1129(a)(16) of the Bankruptcy Code does not apply in
the Debtor's Chapter 11 case because the Debtor is a moneyed,
business or commercial corporation.
Based on the evidence proffered or adduced at the Confirmation
Hearing, the Disclosure Statement and all other evidence, Judge
Bernstein ruled that the Plan does not discriminate unfairly and
is fair and equitable with respect to Classes 2 and 4, as required
by Sections 1129(b)(1) and (2) of the Bankruptcy Code. Thus, the
Plan may be confirmed notwithstanding the Debtor's failure to
satisfy Section 11 1129(a)(8) of the Bankruptcy Code, he said.
In addition, the Plan is fair and equitable in that no holder that
is junior to the Class 4 Interests will receive or retain under
the Plan on account of that junior interest any property.
Therefore, the Plan satisfies Section 1129(b)(2)(C)(ii) of the
Bankruptcy Code.
The Plan is fair and equitable in that Holders of Class 2 Claims
will either receive payment in full of their Allowed Secured
Claims, or the indubitable equivalent of their Allowed Claims --
through the return to them of any Property securing their Allowed
Claim -- and the provision of an Allowed General Unsecured Claim
for any deficiency. Therefore, the Plan satisfies Section
1129(b)(2)(A).
Upon confirmation and the occurrence of the effective date of the
Plan, the Plan will be binding upon the members of all Classes
including those of Classes 2 and 4, the Court ruled.
The Plan is the only plan filed in the Debtor's Chapter 11 case.
Accordingly, Section 1129(c) of the Bankruptcy Code is
inapplicable. Moreover, the principal purpose of the Plan, as
evidenced by its terms, is not the avoidance of taxes or the
avoidance of the application of Section 5 of the Securities Act,
Mr. Bernstein held.
Based on the record before the Court in the Chapter 11 Case, the
Exculpated Persons, as that term is defined in the Plan, have
acted in 'good faith' within the meaning of Section 1125(e) of the
Bankruptcy Code in connection with all of their activities
relating to the solicitation of acceptances to the Plan and their
participation in the activities described in Section 1125 of the
Bankruptcy Code. The Exculpated Persons under the Plan are
entitled to the protections afforded by Section 1125(e) of the
Bankruptcy Code, according to Judge Bernstein.
A full-text copy of the Confirmation Order is available for free
at http://bankrupt.com/misc/Escada_PlanConfORD.pdf
Court Enters Post-Confirmation Order
Subsequent to confirming the Amended Liquidation Plan, Judge
Bernstein directed EUSA Liquidation and the Liquidating Trustee,
or any other responsible party as the Court may direct, to comply
with these requirements before the Plan Effective Date:
(a) Subject to the requirements set forth in Section
1106(a)(7) of the Bankruptcy Code, the Responsible Party
will file, on or before August 24, 2010, a status report
detailing the actions taken by the Responsible Party and
the progress made toward the consummation of the Plan.
Reports will be filed thereafter, on or before every
January 15th, April 15th, July 15th, and October 15th
until a final decree has been entered.
(b) The Responsible Party will mail a copy of the Confirmation
Order and Post-Confirmation Order to the Debtor, the
attorneys for the Debtor, the Official Committee of
Unsecured Creditors, the attorneys for the Creditors'
Committee, and all parties who filed a notice of
appearance.
(c) Within 14 days following the payment of the first
distribution required by the Plan, the Responsible Party
will file a closing report in accordance with Local
Rule 3022-1 of the Federal Rules of Bankruptcy Procedure,
and an application for a final decree.
(d) The Responsible Party will submit the Closing Report and
Final Decree Application including a final decree closing
the case, within six calendar months from the date of the
Confirmation Order. If the Responsible Party fails to
comply with the Order, the Clerk will so advise the Judge
and an order to show cause may be issued.
Objections Withdrawn
The County of Hays and Dallas County and San Marcos CISD withdrew
their objections to the confirmation of the Plan. The basis for
the Objection Withdrawals is the inclusion of language in the Plan
Confirmation Order that is "satisfactory" to the Claimants.
Plan Has Creditors' Support
Majority of the creditors entitled to vote on the First Amended
Joint Chapter 11 Plan of Liquidation of EUSA Liquidation, Inc.,
formerly known as ESCADA (USA), Inc., voted to accept the Plan,
according to a tabulation filed with the U.S. Bankruptcy Court for
the Southern District of New York on June 2, 2010, by Kurtzman
Carson Consultants LLC, the Debtor's voting and claims agent.
Judge Bernstein approved on April 29, 2010, the Disclosure
Statement accompanying the Amended Plan as containing "adequate
information" within the meaning of Section 1125 of the Bankruptcy
Code. The Court also entered an order confirming the Amended Plan
on June 10, 2010.
David M. Sharp, director at KCC, notes that pursuant to the
Disclosure Statement Order and in accordance with the Solicitation
and Voting Procedures, on May 3, 2010, KCC caused to be served
Solicitation Packages and other solicitation materials. The
Disclosure Statement Order established June 1, 2010, at 5:00 p.m.,
prevailing Eastern Time, as the deadline for receiving Ballots to
accept or reject the Plan, Mr. Sharp notes.
Pursuant to the Disclosure Statement Order, Holders of Claims in
Class 3 Allowed Unsecured Claims were entitled to vote to accept
or reject the Plan. No other classes were entitled to vote on the
Plan.
KCC's Summary Ballot Report indicates that 283 Holders of Class 3
Allowed Unsecured Claims, including Note Guarantee Claims voted on
the Plan. The voting results indicate that (i) 267 Holders or
94.35% voted to accept the Plan; and (ii) 16 Holders or 5.65%
voted to reject, the Plan, with these voting amounts:
US$ US$ % US$ % US$
Total $ Voted Accepted Rejected Accepted Rejected
------------- -------- -------- -------- --------
US$95,922,576 US$95,243,961 US$678,614 99.29% 0.71%
KCC's Tabulation Report also details Ballots that were not
included in the tabulation because they did not satisfy the
requirements for a valid Ballot as set forth in the Disclosure
Statement Order. Specifically, the Non-Tabulated Ballots were:
(i) Abstained Ballots, which do not indicate an acceptance or
rejection of the Plan;
(ii) Electronic Ballots for Note Guarantee Claims in Class 3,
which were submitted via electronic mail or facsimile and
no original is received within one day of the Voting
Deadline;
(iii) Improperly Submitted Ballots for Note Guarantee Claims in
Class 3, which were submitted by parties other than the
identified and confirmed record holder;
(iv) Late Filed Ballots, which were not received on or before
the Voting Deadline; and
(v) Unimpaired Claim Ballots, which were submitted on account
of a claim in an Unimpaired Class.
A full-text copy of the Tabulation Report is available for free at
http://bankrupt.com/misc/Escada_VotingResults.pdf
In a separate filing, Monika Parel at KCC informed the Court that
the notice of deadline for casting votes to accept or reject the
Plan, and the schedule of Plan confirmation hearing, were sent via
First Class Mail on Aurelia Lavernhe, Dreier LLP, Jessica Hair,
Lilliam Yim, Northeast Automatic Sprinkler, NYS Promptax Sales
Tax, Pitney Bowes Global, the Association of Management Consulting
Firms, and White Lilac, Inc.
Votes on the Plan were solicited after disclosure of "adequate
information" as defined in Section 1125 of the Bankruptcy Code.
As evidenced by the Vote Tabulation, votes to accept the Plan have
been solicited and tabulated fairly, in good faith and in a manner
consistent with the Disclosure Statement Approval Order, the
Bankruptcy Code and the Bankruptcy Rules, Judge Bernstein noted in
the Plan Confirmation Order.
About Escada AG
The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market. It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.
As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end. Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees. Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.
Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008). Judge Stuart
M. Bernstein handles the case. O'Melveny & Myers LLP has been
tapped as bankruptcy counsel. Kurtzman Carson Consultants serves
as claims and notice agent. Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units. (http://bankrupt.com/newsstand/or 215/945-7000)
HEAT MEZZANINE: Fitch Cuts Rating on Class B Notes to 'CC'
----------------------------------------------------------
Fitch Ratings has downgraded H.E.A.T Mezzanine S.A. Compartment
2's class B notes, due April 2014, as detailed below following
increased defaults since February 2009 and an overall portfolio
deterioration.
* EUR30.8 million class B notes (ISIN: XS02512933261): downgraded
to 'CC' from 'CCC'
Fitch believes a default on the notes is probable given the high
cumulative notional amount of default events since closing, which
significantly exceeds the available subordination of the class B
notes. The transaction is a cash securitization of subordinated
loans to German medium-sized enterprises. The portfolio companies
were selected by HSBC Trinkaus & Burkhardt AG ('AA'/Outlook
Stable/'F1+'), the transaction advisor.
The agency believes it is unlikely that the high balance of the
principal deficiency ledger -- reflecting defaulted amounts that
have not been reduced through excess spread or recoveries -- would
be reduced sufficiently by the maturity of the transaction. Given
the bullet maturities of the loans, Fitch expects weaker borrowers
to have difficulties re-financing loans at maturity, which could
lead to additional defaults. Due to the subordinated nature of
the securitized loan instruments, Fitch expects no recoveries.
The balance of the PDL is expected to rise to at least EUR55.3
million by the next payment date in October 2010 from EUR42.8
million reported in April 2010, due to a recent insolvency of one
of the largest borrowers (EUR12.5 million). This exceeds the
subordination of the class B notes of EUR30.8 million. Fitch
believes it is unlikely that the future excess spread and possible
recoveries can reduce the PDL sufficiently for class B notes not
to suffer a loss.
Fitch has constructed an unlikely scenario in which the class B
notes do not suffer a loss at maturity. In this scenario, no
further defaults occur during the remaining three years until
scheduled maturity and the excess spread remains at the level
stated in April 2010 investor report (EUR1.8 million).
Additionally, recoveries would need to equal approximately 20% of
the defaulted notional in order to reduce the PDL balance below
the subordination of class B notes. However, the agency believes
this scenario is unrealistic and improbable.
Since the transaction closed in April 2006, there have been five
insolvencies and four default events, altogether amounting to
EUR68 million or 24.3% of the initial portfolio notional, three of
which have occurred since the last review of the transaction by
Fitch in February 2009. The portfolio has further decreased since
closing by three early terminations with full repayment amounting
to EUR14 million or 5% of the initial pool notional. The
portfolio currently contains 35 performing obligors compared with
47 obligors initially. The largest exposure accounts for 6.3% of
the non-defaulted portfolio and the top five obligors for 27.5%.
Fitch has assigned an Issuer Report Grade of two stars ("basic")
to the publicly available reports on the transaction. The
reporting is accurate and timely. It contains the priority of
payments, cumulative default figures, and detailed information on
the companies closely watched by the recovery manager. However,
the reports lack stratifications of the pool, information on the
key counterparties of H.E.A.T Mezzanine S.A. Compartment 2 and the
corresponding rating triggers mitigating the counterparty risk.
OSTREGION INVESTMENTGESELLSCHAFT: Moody's Raises Rating From 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
ratings of Ostregion Investmentgesellschaft Nr. 1 S.A. The
outlook remains positive. The upgrade was driven by the
resolution of the Issuer's potential short-term funding problems.
Moody's has maintained a positive outlook as the project's
construction phase is complete and the project is expected to
transition to a higher steady-state rating.
In 2007, Bonaventura Strassenerrichtungs-GmbH (ProjectCo), entered
into a concession agreement with the Autobahnen- und
Schnellstrassen-Finanzierungs AG to plan, develop, construct and
operate a concession route comprising four motorway sections with
a total length of 51.5km in northern Vienna, Austria (the
Project). The four motorway sections include the A5 and the S1 &
S2 roads. The A5 is an inter-urban highway with limited
competition, which will partly replace an existing main road (B7).
The S1 & S2 roads are newly built bypass and distributor roads,
with the A22, which passes through Vienna, as major competitor.
The Issuer is a financing conduit which raised approximately
EUR775 million of senior secured debt (EUR425 million of bonds and
EUR350 million EIB Loan) to finance the construction phase of the
project. Total construction costs, including interest & fees
during construction, are close to EUR1 billion.
Scheduled principal and interest payments of the bonds and the EIB
Loan are unconditionally and irrevocably guaranteed by Ambac,
pursuant to financial guarantee insurance policies. The insured
or "wrapped" rating of the senior debt is the higher of (i)
Ambac's insurance financial strength rating; and (ii) the
underlying rating. Prior to 13 April 2009, Ambac's rating was
higher than the underlying rating. However, following Ambac's
downgrade to Ba3 from Baa1 on 13 April 2009, the underlying rating
was higher than Ambac's rating, hence the insured ratings became
equal to the underlying rating.
As discussed in Moody's rating action publication of December 21,
2009, the rating was constrained to Ba1 given some funding
concerns with respect to the senior forward purchase agreement.
The Issuer successfully completed its last May drawdown under the
SFPA and therefore no longer has any funding needs. This resolves
the Issuer's potential short-term funding issues and Moody's has
therefore upgraded the transaction to Baa3.
Final inspection and official handover of S1 East and S2 took
place on October 31, 2009. With respect to the S1 West/A5
section, final inspection and completion were scheduled for early
January 2010. Although there is no updated technical advisor
report yet available, Moody's understands that these last sections
have also been successfully completed. Moody's has assigned a
positive outlook now that the Project's construction phase is
complete and is expected to transition to a higher steady-state
rating.
The rating is currently constrained by the absence of an updated
technical advisor report, traffic report and financial model.
Moody's expects all this information to be available by
September/October 2010. The agency will then assess actual
traffic volume compared to projections, the impact of any
remaining construction defects and works, availability deductions
and the extent to which the higher EIB margin (following the Ambac
downgrade) impacts projected debt service coverage ratios. This
review could potentially lead to a further upgrade later this
year. The rating agency expects to further upgrade the Project
gradually as it builds a traffic and O&M track record. This
process will be spread over the Project's ramp-up period.
The previous rating action was on 21 December 2009 when the issuer
was upgraded to Ba1 from Ba2.
The Project's revenues includes three elements: (i) availability
based payments; (ii) shadow toll payments (ST); (ii) a "minimum
traffic guarantee" by Autobahnen- und Schnellstrassen-
Finanzierungs AG. The availability based payments are paid by
Asfinag. The minimum traffic guarantee is also provided by
Asfinag, the government company hereby effectively provides a
backstop for a minimum level of traffic revenues. The structure
is therefore a hybrid of (i) a PPP with availability based
payments only (given the availability based payments and minimum
traffic guarantee); and (ii) a PPP with Market Revenue Risk (given
the shadow toll payments).
PFLEIDERER AG: Eyes Return to Profitability Next Year
-----------------------------------------------------
Wirtschaftswoche, citing Pfleiderer AG Chief Executive Officer
Hans Overdiek, reported that the company expects to return to
profit next year as the company increases prices, and markets
recover, Joanna Ossinger writes for Bloomberg News reports.
According to Bloomberg, the company's shares fell 0.4% to EUR3.68
on Sunday, June 13.
Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- is a producer and supplier of
engineered wood products. It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide. The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings. The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on March 26,
2010, Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'B-' from 'B'. The rating remains on Rating
Watch Negative. At the same time, the agency has downgraded the
company's EUR275 million undated subordinated fixed- to floating-
rate capital securities to 'C' from 'CC' and removed them from
RWN. In addition, the Short-term IDR of 'B' has been placed on
RWN. The Recovery Rating on the capital securities is 'RR6'.
Fitch said the downgrade reflects increased leverage and an
overall stretched financial profile for the rating level, as a
result of materially weaker-than-expected 2009 operating
profitability and cash generation.
* GERMANY: Seeks Changes to Insolvency Rules, WiWo Says
-------------------------------------------------------
Andreas Cremer at Bloomberg News reports that Germany's Justice
Minister Sabine Leutheusser-Schnarrenberger, as cited by
WirtschaftsWoche magazine, said that the government wants to
propose changes to insolvency rules for large companies soon to
better coordinate legal proceedings under a single liquidator at a
single court.
According to Bloomberg, the magazine said changes should also help
weed out red tape and better engage creditors in legal dealings.
===========
G R E E C E
===========
GLITNIR BANK: To Start Paying Creditors Late in 2011, Visir Says
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Reykjavik-
based newspaper Visir, citing Arni Tomasson, head of Glitnir Bank
hf's resolution committee, said that the resolution committee will
begin paying the bank's creditors late in 2011 and already has
ISK200 billion in available funds.
According to Bloomberg, the newspaper said on its Web site that
the bank hopes to sell its domestic offspring, Islandsbanki hf,
within three to five years and has hired UBS AG to assist the
resolution committee on the sale.
About Glitnir Banki
Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.
Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding. The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008. Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank. The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.
Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757). According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies. The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long- term notes for about US$7 billion in the country.
Judge Stuart M. Bernstein presides over the case. Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative. The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.
On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.
=============
I R E L A N D
=============
EGRET FUNDING: Moody's Lifts Rating on Class E Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Egret Funding CLO I Plc:
Issuer: Egret Funding CLO I Plc
-- EUR24.6M Class C Deferrable Floating Rate Notes due 2022,
Upgraded to Ba3; previously on Oct 29, 2009 Downgraded to B1
-- EUR23.1M Class D Deferrable Floating Rate Notes due 2022,
Upgraded to Caa1; previously on Oct 29, 2009 Downgraded to
Caa2
-- EUR12.25M Class E Deferrable Floating Rate Notes due 2022,
Upgraded to Caa3; previously on Oct 29, 2009 Downgraded to Ca
-- EUR7M Class P Combination Notes due 2022, Upgraded to Ba3;
previously on Oct 29, 2009 Downgraded to B1
This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 20% Second Lien and/or
Mezzanine Loans obligations.
According to Moody's, the upgrade rating actions taken on the
Class C, Class D, Class E and Combo P notes result primarily from
improvement in the overcollateralization of the notes and a
significant reduction in the exposure to defaulted assets.
Moody's also notes that the credit quality of the collateral has
been generally stable and that the Class C, D and E notes have not
been deferring interest since the last rating action in October
2009.
In particular, as of the trustee report dated April 30, 2010, the
Class A/B, Class C, Class D and Class E overcollateralization
ratios are reported at 124.48%, 115.51%, 108.20% and 105.07%,
respectively, versus September 2009 levels of 122.86%, 114.06%,
106.88% and 103.81%, respectively, and are currently in
compliance. Additionally, defaulted assets have decreased
substantially from EUR 24.9 million in September 2009 to EUR5.9
million currently. Many of these defaulted assets which were
carried at market values previously have been restructured with
limited par losses. Moreover, the portfolio weighted average
rating factor 'WARF' has been relatively stable since the last
rating action in October 2009.
The actions as to the Class C and D notes also reflect a
correction to the last rating action on 29 October 2009, which
used an inaccurately low defaults recovery amount. The correct
defaults recovery amount has been applied, and is reflected in the
ratings announced.
Moreover, Moody's revised assumptions with respect to default
probability and the calculation of the diversity score as
described in the press release dated February 4, 2009, titled
"Moody's updates key assumptions for rating CLOs." These revised
assumptions have been applied to all corporate credits in the
underlying portfolio, the revised assumptions for the treatment of
ratings on "Review for Possible Downgrade", "Review for Possible
Upgrade", or with a "Negative Outlook" being applied to those
corporate credits that are publicly rated.
Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
QUINN INSURANCE: Lobby Group Proposes Government Bond
-----------------------------------------------------
Geoff Percival at Irish Examiner.com reports that Pro-Quinn
Insurance lobbyists have proposed the issuing of a government bond
as a way of raising the funding to facilitate its "return to
normal trading".
According to the report, a spokesperson for Concerned Irish
Business -- the lobby group made up of a number of border-
community firms -- said the best solution is for "an institution
to issue the required funding and the only way this can be
achieved in the present financial climate is through the issue of
a bond or surety from the Government".
The report notes the spokesperson added that this would facilitate
QIL to return to normal trading and -- over the next seven years
-- "generate the profits and potential company value to repay the
Quinn family debt with Anglo Irish Bank, including interest".
Sale
The report says regarding the possible sale of QIL, the company's
administrators have completed the drawing up of the information
memorandum that is likely to be sent to the 48, or so, interested
parties -- but is currently being advised by investment bank
Macquarie over the sales process.
On May 26, 2010, the Troubled Company Reporter-Europe, citing The
Irish Times, reported that Liberty Mutual, one of the largest US
insurance companies, has said it is interested in buying Quinn
Insurance as a means of significantly expanding its operations in
Europe. The Irish Times disclosed if a takeover proceeds, the
sale could leave the Cavan-based insurer intact and minimize
further job losses beyond the 902 sought from the 2,450-strong
workforce.
As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company.
Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family. The company has just more than 20% of the motor and
health insurance market in Ireland. It has more than one million
customers in the country. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.
===================
K A Z A K H S T A N
===================
BMB MUNAI: Enters Agreement to Amend Note Redemption Terms
----------------------------------------------------------
BMB Munai, Inc., disclosed that in connection with its efforts to
restructure its US$60,000,000 aggregate principal amount of 5.0%
Convertible Senior Notes due 2012 issued in 2007, it has entered
into Supplemental Indenture No. 1 with The Bank of New York Mellon
as trustee for the holders of the Notes.
Pursuant to the terms of the original Indenture, the Noteholders
had the right to redeem the Notes on July 13, 2010, by delivering
notice on or prior to June 13, 2010. The parties entered into the
Supplemental Indenture that will allow additional time to
negotiate a restructuring of the Notes. The Supplemental
Indenture grants the Noteholders an additional right to require
redemption of the Notes upon two days notice any time after
June 13, 2010, but on or before September 13, 2010.
In exchange for the additional redemption right, the Noteholders
separately agreed they will not exercise any redemption right
prior to September 1, 2010, except in certain circumstances. The
Noteholders also separately agreed to waive existing defaults
under the Indenture until the earlier of September 1, 2010 or the
date they may exercise the new redemption right.
About BMB Munai
BMB Munai, Inc., focuses on oil and natural gas company
exploration and production in the Republic of Kazakhstan. The
Company holds an exploration contract that allows it to conduct
exploration drilling and oil production in the Mangistau Province
in the southwestern region of Kazakhstan. BMB's contract area
consists of the ADE Block, which includes Aksaz, Dolinnoe and Emir
oil and gas fields. Its drilling activities consist of drilling a
range of exploratory wells to delineate reservoir structures and
developmental wells, which provides revenue to the Company. As of
March 31, 2009, the Company had drilled 24 wells.
KAZKOMMERTSBANK JSC: Fitch Gives Stable Outlook; Keeps B- Rating
----------------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Kazkommertsbank's
Outlook to Stable from Negative, while affirming the bank's Long-
term foreign currency Issuer Default Rating at 'B-'.
The Outlook revision reflects KKB's somewhat eased liquidity
pressures following fresh deposit inflows after large foreign debt
repayments in 2009, and more evidence of regulatory forbearance in
respect of the bank's loan impairment recognition. It also
reflects the more positive outlook for the Kazakh economy, which
makes a further substantial deterioration in the bank's asset
quality less likely.
Fitch had previously cited capital pressure as one of the drivers
of the Negative Outlook. The agency continues to believe that
eventual loan impairment recognition may exceed the bank's current
loss absorption capacity, meaning there will likely be a potential
need for future recapitalization. KKB's reported asset quality
metrics have continued to deteriorate in recent months, with NPLs
rising to 23.0% at end-Q110 from 21.1% at end end-2009.
Furthermore, Fitch understands that underlying asset quality is
considerably weaker than the NPL number suggests, with the
majority of large corporate exposures having clear signs of
impairment and accrued interest comprising a large 34% of gross
interest income under IFRS in 2009. Fitch understands that little
has been done to date to accelerate work-outs of impaired loans,
and write-offs have been close to zero since the beginning of the
crisis in H207.
Nevertheless, it is becoming increasingly clear that the regulator
will continue to allow KKB to recognize impairment only to the
extent that it enables the bank to show reasonable performance and
to comply with prudential regulations. This provides KKB with the
necessary time to generate some profit from the performing parts
of its business in order to cover NPL losses. The agency also
expects that Kazakhstan's anticipated economic recovery will
likely help boost collateral values and improve the condition of
some borrowers, thereby ultimately enhancing bad loan recoveries.
In addition, sovereign-owned entities continue to keep large
deposits with the bank, supporting its funding profile. Fitch
views these funds as unlikely to be withdrawn in any substantial
amount in the medium-term, or at least until KKB's liquidity
profile permits. Coupled with only moderate foreign debt
repayments in the coming two years and continuous deposit inflows,
this currently provides the bank with some financial flexibility,
contributing to the Stable Outlook.
That said, Fitch notes that KKB's poor asset quality, resultant
capital adequacy concerns, poor profitability and weaknesses in
its funding profile continue to be major constraints for its
ratings. Despite the Outlook revision, until there is more
certainty with respect to the value of its assets and/or
recapitalization takes place, there will be very limited upside
potential for the bank's ratings.
The rating actions are:
-- Long-term foreign and local currency IDRs: affirmed at 'B-';
Outlooks revised to Stable from Negative
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Support Rating: affirmed at '5'
-- Individual Rating: affirmed at 'E'
-- Support Rating Floor: affirmed at 'No Floor'
-- Senior unsecured debt: affirmed at 'B-'; Recovery Rating
'RR4'
-- Subordinated debt: affirmed at 'CC'; Recovery Rating 'RR6'
-- Tier 1 perpetual subordinated notes: affirmed at 'CC';
Recovery Rating 'RR6'
KKB is the largest bank in Kazakhstan. Significant stakes are
held by the chairman of the board, Samruk-Kazyna National Fund and
a private fund Alnair Capital Holding.
===================
L U X E M B O U R G
===================
BERNARD L. MADOFF: UBS Faces Forgery Probe on Luxembourg Funds
--------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that UBS AG's
Luxembourg unit is being probed by prosecutors over allegations of
forgery when it oversaw two funds linked to Bernard Madoff.
"A preliminary investigation by the prosecutor's office is under
way," Bloomberg quoted Henri Eippers, a spokesman for the
Luxembourg Court of Justice, as saying on Thursday. "The police
already submitted a first report."
Bloomberg recalls Access International Advisors LLC's LuxAlpha
Sicav-American Selection Fund and Luxembourg Investment Fund were
among Luxembourg funds forced to suspend customer redemptions
after Mr. Madoff's December 2008 arrest.
Bloomberg relates UBS and its local units have been sued for
damages and compensation in more than 100 Luxembourg cases by
investors who lost millions of dollars through the funds.
LuxAlpha, which lost 95% of its approximately US$1.4 billion in
assets, was dissolved four months after Mr. Madoff's arrest in
December 2008, Bloomberg recounts.
According to Bloomberg, Mr. Eippers said the prosecutors are in
the process of gathering more information and will, based on the
evidence, decide whether to file a lawsuit against UBS.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.
On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).
The Chapter 15 case was later transferred to Manhattan. In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.).
=====================
N E T H E R L A N D S
=====================
HERMES XV: Fitch Affirms Rating on Class E Notes at 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Hermes XV B.V.'s EUR150,000,000 class A
mortgage-backed floating-rate notes, due 2042, an expected rating
of 'AAA' with a Stable Outlook. The agency has assigned the notes
a Loss Severity rating of 'LS-1'. Hermes XV's outstanding notes
have been affirmed as detailed at the end of this comment.
The final rating of the class A notes is contingent on the receipt
of final documents conforming to information already received.
Hermes XV is a securitization of residential mortgage loans which
is being restructured. The loans were originated in the
Netherlands by SNS Bank N.V., a wholly-owned subsidiary (SNS Bank,
rated 'A-'/Outlook/ 'F2') and its wholly owned subsidiaries BLG
Hypotheekbank N.V. and SNS Regio Bank N.V.
On the closing date, the proceeds of the class A notes, and part
of the portfolio, will be used to fully redeem the outstanding
class A notes ("AAA" outlook stable, LS-1), and to partially
redeem the class B and C notes on a pro-rata basis. At closing,
the credit enhancement will increase: class A to 7.3% from 5.1%;
class B to 6.7% from 4.3%, class C to 4.0% from 1.6% and class E
to 1.6% from 0.9%.
The ratings are based on the quality of the underlying assets, the
origination, servicing and underwriting practices and the
transaction's structure, as well as available credit enhancement.
The ratings address the likelihood of investors receiving full and
timely interest payments in accordance with the terms of the
underlying documents by legal final maturity in 2042.
Under the restructuring, the structure will no longer feature a
revolving period and the call and step up date will be changed to
April 2015 from April 2013. In addition, the legal maturity date
will be shortened to April 2042 from April 2045 to reflect the
updated portfolio and removal of the revolving period, and the
swap counterparty will be novated from SNS bank to Deutsche Bank
AG London branch ('AA-'/ Outlook Stable/ 'F1+'). All other
existing structural features in Hermes XV will be retained in the
restructured transaction.
Fitch has taken these rating actions with respect to the
outstanding notes issued by Hermes XV B.V.:
-- Class B (ISIN XS0367264230): affirmed at 'AA+'; Outlook
Stable; Loss Severity rating revised to 'LS-4' from 'LS-2'
-- Class C (ISIN XS0367267092): affirmed at 'A'; Outlook revised
to Stable from Negative; Loss Severity rating revised to 'LS-
3' from 'LS-1'
-- Class D (ISIN XS0367268736): affirmed at 'BBB+'; Outlook
Negative; Loss Severity rating 'LS-3'
-- Class E (ISIN XS0367269031): affirmed at 'BB'; Outlook
Negative; Loss Severity rating revised to 'LS-3' from 'LS-2'.
MAYFAIR EURO: S&P Affirms 'CC' Ratings on Three Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all rated classes in Mayfair Euro CDO I B.V.
Mayfair is a cash flow collateralized bond obligation transaction
that securitizes bonds to investment- and speculative-grade
corporate firms.
The affirmations reflect S&P's view that the tranches have
adequate credit support to maintain their current ratings under
its updated criteria.
Ratings List
Mayfair Euro CDO I B.V.
EUR317.7 Million Senior and Subordinated Deferrable Fixed-
And Floating-Rate Notes
Ratings Affirmed
Class Rating
----- ------
A AAA
B CC
C-1 CC
C-2 CC
===========
R U S S I A
===========
INTERNATIONAL INDUSTRIAL: S&P Cuts Counterparty Ratings to 'B-/C'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term counterparty credit ratings on Russia-based
International Industrial Bank to 'B-/C' from 'BB-/B'. At the same
time, S&P placed the long- and short-term counterparty credit
ratings on IIB on CreditWatch with negative implications.
"The downgrade reflects IIB's very weak liquidity position and
increased refinancing risk, in S&P's opinion, as well as its
concerns regarding IIB's ability to accumulate sufficient
liquidity to repay its wholesale debt maturing, including a
EUR200 million Eurobond due on July 6, 2010," said Standard &
Poor's credit analyst Mikhail Nikitin.
In S&P's opinion, IIB is experiencing significant strain on its
liquidity and now relies extensively on funding from the Central
Bank of Russia. Based on IIB's unconsolidated financial
statements as of June 1, 2010 (prepared in accordance with Russian
generally accepted accounting principles), S&P is of the view that
IIB's liquid assets may be insufficient to allow it to repay
obligations maturing in the next few months, including the
EUR200 million Eurobond reportedly due on July 6, 2010. S&P
estimates that IIB's total liquid assets (cash and net short-term
interbank position) amounted to only about 4% of its total assets
as of June 1, 2010.
S&P understands that in order to compensate for some deposit
outflow in 2009, and to finance the growth of its loan portfolio,
IIB has repeatedly availed itself of unsecured funding from the
CBR (a facility introduced in late 2008 to support the Russian
banking sector). S&P understands that unlike many of its peers,
which have partly or fully repaid these unsecured loans, IIB
continues to rely extensively on this source of funds.
IIB is involved in financing commercial and industrial projects
run by United Industrial Corporation (not rated), which is
affiliated with Sergey Pugachyov, a businessman and member of the
Federation Council of Russia (upper chamber of parliament or
senate). Mr. Pugachyov and his family (with an 81% stake) and the
bank's senior managers (19% stake) are the ultimate shareholders
of IIB.
IIB reportedly expects to boost its liquidity through the sale of
some of Mr. Pugachyov's nonbanking assets. Press reports have
stated that Mr. Pugachyov has been negotiating the sale of some
nonbanking assets that could generate a significant amount of
liquidity.
While an infusion of funds could significantly improve IIB's
liquidity position, S&P nevertheless believe that the conclusion
of this transaction is not certain or could prove to be more time
consuming than anticipated. To resolve the negative CreditWatch
placement, S&P will continue to review IIB's liquidity position
and assess the various steps taken by IIB and Mr. Pugachyov to
address IIB's liquidity position.
"S&P could downgrade IIB if its liquidity situation is not
addressed, particularly in light of its forthcoming debt
maturities," said Mr. Nikitin.
By contrast, S&P would likely remove the ratings from CreditWatch
if IIB addresses its liquidity issues by accumulating sufficient
cash, reduces its reliance on CBR funding, while S&P's concerns on
the bank's asset quality recede.
PROGNOZ SILVER: Starts Bankruptcy Proceedings
---------------------------------------------
High River Gold Mines Ltd. was informed that the Arbitration Court
of the City of Moscow has approved the application of OJSC
Buryatzoloto for official bankruptcy procedures for Prognoz Silver
LLC, which operates the Prognoz silver project in the Republic of
Sakha (Yakutia), Russia, which the Company has an interest in.
The commencement of the procedures will result in the preservation
of Prognoz Silver LLC's assets, an analysis of its financial
condition, the preparation of the list of creditors and the
holding of the first creditors' meeting. It is anticipated that
the bankruptcy procedures may last at least seven months and may
permit Buryatzoloto to collect or restructure the indebtedness of
Prognoz.
Buryatzoloto is 85% owned by High River. High River holds a 50%
indirect interest in Prognoz Silver LLC. In October 2009,
Buryatzoloto filed a claim to the Arbitration Court of the City of
Moscow against Prognoz Silver LLC to recover an outstanding debt
due under the contract for exploration work on the Prognoz silver
project. The amount of claim including interest and other
expenses was approximately US$18 million. The outstanding debt of
Prognoz Silver LLC originated from the inability of the
shareholders other than High River to finance their share of
expenditures at Prognoz Silver LLC. In December 2009, the court
ruled in favour of Buryatzoloto. Later, in March 2010, the ruling
was confirmed by the appellate court. The court awarded
Buryatzoloto the claimed amount; however Buryatzoloto did not
succeed in collecting it.
About High River
High River is unhedged gold company with interests in producing
mines and advanced exploration projects in Russia and Burkina
Faso. Two underground mines, Zun-Holba and Irokinda, are situated
in the Lake Baikal region of Russia. Two open pit gold mines,
Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also
in production. Finally, High River has two advanced exploration
projects with NI 43-101 compliant resource estimates, the Bissa
gold project in Burkina Faso and 50% interest in the Prognoz
silver project in Russia.
=========
S P A I N
=========
CAJA SAN FERNANDO: S&P Cuts Rating on Class D Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on all five classes of
notes in Caja San Fernando CDO I Fondo de Titulizacion de Activos
series EUR.
S&P placed these notes on CreditWatch negative on Sept. 17, 2009,
as a result of S&P's revised corporate collateralized debt
obligation criteria.
The rating actions follow a review of this transaction under S&P's
updated CDO criteria, which apply to corporate CDOs and
transactions that are backed by pools of corporate CDO securities,
as well as its assessment of the credit deterioration in the
transaction portfolio.
According to S&P's analysis, the portfolio comprises about 98%
collateralized loan obligations and about 2% CDOs of asset-backed
securities. S&P's analysis shows that S&P currently rate 43% of
these assets below investment-grade (below 'BBB-'). Out of those,
about 2.4% are rated 'CCC-'.
In S&P's view, the portfolio is highly concentrated. There are 14
obligors remaining in the portfolio with the largest single
obligor representing about 12% of the portfolio, while the five
largest obligors account for about 47%. The largest country
exposures, according to S&P's analysis, are to the U.K. (about
50%) and to Germany (about 29%). In a concentrated portfolio, the
default of a small number of obligors can rapidly reduce credit
enhancement levels for the rated notes.
As a result of these developments, the existing ratings on the
class A1 to D notes are, in S&P's opinion, no longer commensurate
with the available credit enhancement, and S&P has therefore
lowered the ratings on these notes.
Ratings List
Ratings Lowered and Removed From CreditWatch Negative
Caja San Fernando CDO I Fondo de Titulizacion de Activos
EUR119.7 Million Fixed- and Floating-Rate Notes Series EUR
Rating
------
Class To From
----- -- ----
A1 AA+ AAA/Watch Neg
A2 A+ AAA/Watch Neg
B BBB+ AA/Watch Neg
C BB+ A-/Watch Neg
D B+ BBB/Watch Neg
CIRSA GAMING: Moody's Confirms Corporate Family Rating at 'B2'
--------------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating and probability of default rating of Cirsa Gaming
Corporation S.A. The rating agency has also confirmed the B3
rating on the EUR230 million 7.875% senior notes due 2012 issued
by Cirsa Capital Luxembourg S.A. Concurrently, Moody's has removed
the provisional status on the B3 rating of the new EUR400 million
8.75% senior notes due 2018 issued by Cirsa Funding Luxembourg
S.A., following the successful completion of the bond issue. The
outlook on all ratings is stable.
This confirmation concludes the rating review initiated by Moody's
on 1 February 2010, following Cirsa's decision to withdraw and
terminate the exchange offer for its EUR230 million notes due 2012
and EUR270 million notes due 2014, which had put pressure on the
company's liquidity profile and refinancing requirements.
"The rating confirmation reflects the strengthening in the
company's liquidity profile and reduced refinancing risk following
the successful completion of the EUR400 million bond due 2018,"
said Ivan Palacios, a Moody's Vice President -- Senior Analyst,
and lead analyst for the company.
Cirsa has used the proceeds from this bond issuance to repay
short-to medium-term debt maturities, including the EUR270 million
notes due 2014, as well as to strengthen its cash balance. In
addition to the new bond issue, Cirsa is putting in place a new
EUR30 million senior secured revolving facility.
"Cirsa has therefore alleviated the pressures on its liquidity
profile, at a time when the company's operating performance is
showing signs of improvement despite the adverse macroeconomic
environment," added Mr. Palacios.
In Q1 2010, Cirsa reported EUR57.6 million EBITDA, representing
12% growth on a sequential basis, driven by improved performance
in the Slots division in Spain as well the recovery in the Bingo
division. Based on this performance, Moody's believes that the
company is on track to meet the business plan for the year ended
December 2010.
The B2 rating factors in Moody's expectation that Cirsa will
continue to improve its operating performance, particularly in the
Slots and B2B divisions, while successfully rolling-out bingo hall
plans in Mexico, smoothly implementing its agreement with Casino
Club in Argentina and managing execution risk from its new venture
in Italy.
Moody's notes that as a result of the weak economic environment in
Spain, Cirsa is showing greater reliance on Latin America as a
driver of group profitability, a trend which is unlikely to change
in the short term. While Moody's remains cautious as regards
further impact of the economic downturn on Cirsa's business in
Spain, Moody's note that the company is also likely to benefit
from the growth prospects of projects that are expected to start
generating revenue and EBITDA from 2010, including Casino de
Rosario in Argentina, Mexican electronic bingo, Casino Valencia in
Spain, or the Video Lottery Terminals -- VLT -- project in Italy.
The B2 rating assumes Cirsa will be able to successfully withstand
(i) the current European recessionary environment as well as
(ii) currency volatility and economic and regulatory instability
in Latin America.
The rating also factors in Moody's expectation that Cirsa will
continue to operate within the framework of its leverage and
coverage targets (as reported by the company and not adjusted by
Moody's) of Net debt/EBITDA below 4x, and EBITDA/Net interest
expense above 4x.
Downward pressure could be exerted on Cirsa's rating if the
company's leverage were to increase over 5.25x on an adjusted
basis, whether as a result of a change in the financial policy or
as a result of a deterioration in operating performance. The
rating could also come under pressure if liquidity is deemed to
have become inadequate to support operating performance or debt
servicing, particularly in light of the bond maturity in 2012.
Conversely, upward rating pressure will depend on Cirsa's ability
to operate under a financial profile consistent with credit
metrics such as Debt/EBITDA (as adjusted by Moody's) below 4.25x
on a sustainable basis.
The ratings confirmed are:
-- B2 CFR and PDR of Cirsa Gaming Corporation S.A.
-- B3 rating (equivalent to a Loss Given Default assessment of
LGD 4) on the EUR230 million 7.875% senior notes due 2012
issued by Cirsa Capital Luxembourg S.A.
-- B3 rating (LGD 4) on the recently issued EUR400 million 8.75%
senior notes due 2018 issued by Cirsa Funding Luxembourg S.A.
The last rating action was implemented on April 27, 2010, when
Moody's assigned a (P)B3 to Cirsa's new senior notes due 2018.
Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company with substantial operations in Italy and Latin
America. In FY2009, Cirsa reported net operating revenues of ca.
EUR1.1 billion and EBITDA of EUR209 million.
SAGRES SOCIEDADE: S&P Cuts Ratings on Class D & E Notes to Low-B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on the class D and E notes
in SAGRES Sociedade de Titularizacao de Creditos, S.A.'s series
CHAVES SME CLO No. 1. At the same time, S&P placed its ratings on
the class A, B, and C notes on CreditWatch negative.
The rating actions follow S&P's review of the performance of the
underlying portfolio. The transaction has seen an increase in the
number of defaults since the beginning of 2009. Although defaults
peaked in Q3 2009, the last three payment dates have also seen
significant levels of defaults.
The transaction has allocated these defaults to the relevant
principal deficiency ledgers. As of May 2010, the class E PDL was
fully loaded, while that of class D was at 95%. As the structure
provides interest-deferral triggers based on PDL amounts, interest
payments to class E have been deferred since August 2009.
Interest payments to class D, which were partially deferred in
November 2009, were fully paid by the fund at the February and May
2010 payment dates.
The transaction benefits from excess spread, which is available to
reduce the PDL balances. In particular, the excess spread reduced
the PDL balances from their high point in November 2009. However,
the net effect of defaults being debited and excess spread being
credited has led to a slight increase in the class D PDL balance
at the May payment date. As the transaction amortizes, the level
of excess spread available for this purpose reduces in absolute
terms.
S&P's analysis indicates that the levels of credit enhancement
available to the class D and E notes are no longer commensurate
with an investment-grade rating; S&P has lowered the ratings on
these classes as a result. S&P will resolve the CreditWatch
negative placements following an in-depth cash flow analysis of
the transaction, which S&P will undertake in due course.
Ratings List
SAGRES Sociedade de Titularizacao de Creditos, S.A.
EUR616.57 Million Asset-Backed Floating-Rate Securitisation Notes
(Chaves SME CLO No. 1) Series CHAVES SME CLO No. 1
Ratings Lowered and Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
D BB+/Watch Neg BBB
E BB-/Watch Neg BBB
Ratings Placed On CreditWatch Negative
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A-/Watch Neg A-
===========
T U R K E Y
===========
ARCELIK AS: Fitch Upgrades Issuer Default Ratings to 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded Arcelik A.S.'s Long-term foreign and
local currency Issuer Default Ratings to 'BB' from 'BB-'. The
Outlook is Stable. Fitch has also affirmed Arcelik's National
Long-term rating at 'AA-(tur)'. The Outlook on the National
rating is also Stable.
The upgrade reflects the further improvement in the company's
operating and financial profile in 2009 & Q110 and the rapid pace
of develeraging that is ahead of Fitch expectations. The ratings
also reflect Arcelik's leading position in the domestic market as
well as increased market share in Western Europe and other export
markets in a tough economic environment in 2009. Arcelik's 2009
results marked a turnaround, with the company generating positive
free cash flow due to a major reversal in working capital, no
dividend distribution and large reductions in capex in some of its
business lines. Arcelik has deleveraged significantly from peak
leverage (5.1x at FY08) to a moderate 1.5x at 2009 (1.1x at Q110
annualized) in a challenging market environment. Fitch Ratings
sees it as positive that the leverage metrics are back to the more
conservative levels of 2005.
Arcelik's EBITDA margin increased to 13.47% at end-2009 and 13.2%
at Q110, well above management's sustainable long-term target of
10-11%. Restructuring efforts, higher value product mix,
efficient inventory management, and higher capacity utilization
supported the operating margins. However, Fitch notes that the
rapid depreciation of the Euro starting in May 2010, the main
export market for Arcelik, may take its toll on operating margins
going forward. Accordingly, Fitch expects a return to normalized
levels by 2011.
Fitch expects net leverage (net debt/EBITDA) to remain at 2.0x
during 2010 and 2011, as a result of working capital outflows.
This compares with Arcelik management's expectation of lower
leverage metrics. Fitch notes that FCF generation in 2010 will be
based on Arcelik's working capital needs. Therefore, further
deleveraging may prove challenging in 2010 and beyond, but more
evidence on the long-term sustainability of lower working capital
needs and improved credit metrics would be positive for Arcelik's
ratings.
Arcelik's gross debt decreased to TRY1,781 million at Q110 from
2,112 million at 2009 and TRY3,492 million at end-2008. Of the
TRY1,781 million gross debt, TRY1,587 million (89% of the total)
was due within one year. However, the company refinanced TRY1bn
of its upcoming maturities on May 2010 and extended the maturity
profile. The company's cash position also improved markedly from
TRY338 million at 9M08 to TRY709m at Q110 easing most of the
short-term liquidity concerns.
Arcelik is Turkey's largest household appliances manufacturer. It
produced 9.7 million units of white goods and 1.5 million LCD TVs
and reported TRY6.6bn in consolidated sales in FY09. The company
is 57%-owned by Koc Group of Turkey, while 23% of its shares are
quoted on the Istanbul Stock Exchange.
===========================
U N I T E D K I N G D O M
===========================
AMBAC ASSURANCE: Moody's Withdraws Rating on 6.933% Notes
---------------------------------------------------------
Moody's Investors Service has announced that it has withdrawn the
rating on the 6.933% notes issued by Communaute Urbaine de Lille
and guaranteed by AMBAC Assurance UK Limited due February 15,
2027. Moody's has withdrawn this rating for business reasons.
The rating withdrawal reflects Moody's current policy to withdraw
ratings on AMBAC Assurance UK Limited wrapped securities for which
there is no published underlying rating. Should AMBAC Assurance
UK Limited's rating subsequently move back into the investment-
grade range or should Communaute Urbaine de Lille subsequently
request publication of the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.
This rating has been withdrawn:
-- Communaute Urbaine de Lille's 6.933% notes due 15 February
2027, which have the benefit of a guarantee from AMBAC
Assurance UK Limited.
The last rating action on these notes was implemented on April 13,
2009, when Moody's placed the Baa1 rating on review with direction
uncertain due to the downgrade of AMBAC Assurance UK Limited to
Ba3 with developing outlook. AMBAC Assurance UK Limited is
currently rated at Caa2 on review with direction uncertain.
ARLO VII: Moody's Cuts Rating on US$75 Mil. Notes to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by ARLO VII Limited, a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities.
Issuer: ARLO VII - Charleston CDO (Long/Short)
-- Series 2007-CSTON-7A-2 US$75,000,000 Secured Limited Recourse
Credit-Linked Notes due 2014, Downgraded to Caa3; previously
on Mar 10, 2009 Downgraded to Caa2
-- Series 2007-CSTON-10A-2 US$31,000,000 Secured Limited
Recourse Credit-Linked Notes due 2017, Downgraded to Caa2;
previously on Mar 10, 2009 Downgraded to Caa1
Moody's explained that the rating actions taken are the result of
the deterioration of the credit quality of the reference
portfolio. The 10 year weighted average rating factor of the
portfolio, adjusted with forward looking measures, has
deteriorated from 1006, equivalent to an average rating of the
current portfolio of Ba2, from the last rating action, to 1477,
equivalent to an average rating of Ba3. The reference portfolio
includes an exposure to iStar Financial Inc. and Residential
Capital LLC which have experienced substantial credit migration in
the past few months and are now rated respectively Ca and C.
Since the last rating action in March 2009, the subordination of
the rated tranches has been reduced due to credit events on Aiful
Corporation, Cemex, Ambac Assurance Corporation, Chemtura
Corporation. These credit events lead to a decrease of
approximately 1.5% of the subordination for both of the series.
The Insurance, Banking, Finance, and Real Estate industry sectors
are the most represented, weighting 15%, 11%, 10% and 8%,
respectively, of the portfolio initial notional.
BP PLC: US Government Wants Trust Fund Set Up to Pay Off Claims
---------------------------------------------------------------
The Wall Street Journal's Amy Schatz and Guy Chazan report that
White House officials on Sunday said they wanted BP Plc to put
"substantial" funds into an escrow account to cover claims by Gulf
Coast businesses and residents affected by the oil spill. The
report says the Obama administration plans to ask BP to establish
an independently administered fund for reimbursing victims -- in
effect, taking some of the compensation decisions out of BP's
hands.
BP said in a statement on Monday the cost of the response to date
amounts to approximately US$1.6 billion, including the cost of the
spill response, containment, relief well drilling, grants to the
Gulf states, claims paid, and federal costs. This includes new
grants of US$25 million each to the states of Florida, Alabama and
Mississippi and the first US$60 million in funds for the Louisiana
barrier islands construction project. BP said it is too early to
quantify other potential costs and liabilities associated with the
incident.
According Dow Jones Newswires' Selina Williams, one analyst
estimated Friday that the ultimate figure would be between
US$3 billion and US$6 billion.
According to BP, more than 51,000 claims have been submitted to
date, and more than 26,500 payments have been made, totaling over
US$62 million.
The WSJ report drew comparisons of the BP fund with those of trust
funds set up with court approval by Johns Manville Corp. and later
other companies with asbestos liabilities. The report says those
asbestos trusts now oversee about US$20 billion in assets, a sum
that has nearly tripled since 2005, consultants say.
The Journal says the calls for a fund came as BP said over the
weekend it was now collecting about 15,000 barrels of oil a day at
the site, due to a special cap installed over the leaking pipe.
U.S. officials upped their leak estimate last week to as much as
40,000 barrels a day, although on Sunday, Coast Guard Admiral Thad
Allen said they believe the leak was closer to 35,000 barrels a
day.
The report says President Barack Obama plans to bring up the idea
at a White House meeting Wednesday with top BP executives,
including Chairman Carl-Henric Svanberg. The call was echoed by
congressional leaders and state officials, the report adds.
Chapter 11 or Receivership Seen
As reported by the Troubled Company Reporter on June 10, 2010,
Tennille Tracy at Dow Jones Newswires said energy specialist Matt
Simmons, founder and chairman emeritus of Simmons & Co., has told
Fortune magazine that BP Plc has "about a month before they
declare Chapter 11."
According to the TCR, Jeff Plungis and Christopher Condon at
Bloomberg's Businessweek reported that Representative Steve Cohen,
a Tennessee Democrat, said because BP is likely to end up in
bankruptcy, the Obama administration should consider placing the
company in receivership to preserve company assets. "The
president could put it in receivership to protect the people," Mr.
Cohen said.
The TCR also cited Businessweek, which said more than 40 U.S.
lawmakers on June 9 called for BP to suspend its dividend, stop
its advertising and spend the money instead cleaning up its oil
spill in the Gulf of Mexico. Businessweek said a dividend
moratorium would hit BP shareholders led by BlackRock Inc. and
Legal & General Group Plc. According to Bloomberg data drawn from
regulatory filings, New York-based BlackRock was the biggest
holder of BP shares, with 5.92% as of December 31, 2009.
Bloomberg said Legal & General Group, the U.K. insurer and money
manager, holds 4% of the shares as of May 4.
BP has committed to fund the entire US$360 million cost of six
berms in the Louisiana barrier islands project. On June 7, BP
said it would make an immediate payment of US$60 million to the
State of Louisiana. The initial US$60 million payment is intended
to permit the State to begin work on the project immediately. BP
would then make five additional US$60 million payments when the
Coastal Protection and Restoration Authority of Louisiana, which
is chaired by Garret Graves, certifies that the project has
satisfied 20%, 40%, 60%, 80% and then 100% completion milestones.
The entire US$360 million will be funded by the completion of the
project. BP plans to make payments directly to the State of
Louisiana rather than establishing an escrow fund for this
project.
BP already has provided US$170 million to Louisiana, Alabama,
Mississippi, and Florida to help with those state's response costs
and to help promote their tourism industries. The company also
has paid approximately US$51 million in compensation to people and
companies affected by the spill.
About BP Plc
BP Plc -- http://www.bp.com/-- is one of the world's largest
energy companies, providing its customers with fuel for
transportation, energy for heat and light, retail services and
petrochemicals products for everyday items.
Bloomberg's Businessweek notes BP represents 5.6% of the FTSE 100
Index, the second biggest weighting of the top U.K.-listed
companies behind London-based bank HSBC Holdings Plc. BP also
represents the biggest portion of the FTSE 350 Oil & Gas Producers
Index at 31%, and the MSCI EAFE/Energy Index at 16%.
BRITISH AIRWAYS: Turns Down GBP334,000 Annual Bonus of Shares
-------------------------------------------------------------
BBC News reports that British Airways said Willie Walsh, the
airline's chief executive of British Airways, has turned down an
annual bonus of shares worth GBP334,000, the second year in a row.
According to BBC, Mr. Walsh's salary remains at GBP735,000,
although he earned GBP674,000 last year after voluntarily giving
up July's pay as part of cost-cutting measures.
BBC says the pay committee at the airline has set him and other
directors the challenge of "improving industrial relations", as a
specific target for assessing their eligibility for a bonus in
2010/2011. If Mr. Walsh hits all the targets he will double his
annual pay of GBP674,000, BBC notes.
Ballot
On June 11, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that BA's cabin-crew union said it will
ballot members on further strike action, with the timing of the
vote the only issue to be resolved. Bloomberg disclosed Brian
Boyd, the Unite union's national officer for aviation, said that
in addition to contract terms, the vote will concern the removal
of travel perks for striking workers and disciplinary action taken
during the dispute. The union, Bloomberg said, estimates the
strike has cost the carrier GBP7 million (US$10.2 million) a day.
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 March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively. Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term. Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS). Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees
GREEN PARCS: In Administration; Deloitte Appointed
--------------------------------------------------
Donna MacAllister at The Press and Journal reports that Green
Parcs has gone into administration. According to the report, the
company is now being run by business advisory specialist Deloitte,
which hopes to sell its sites at Lossiemouth, Forres and Dornoch
as going concerns.
The report says the holiday complexes will continue to trade and
have been put on the market.
It could be several weeks before the extent of the financial
problems, which forced Green Parcs into administration become
clear, the report notes.
Leicester-based Green Parcs is owner of a Moray caravan park which
was at the center of a major fraud investigation, according to The
Press and Journal.
JERMON DEVELOPMENTS: Anglo Appoints Receiver to Three Assets
------------------------------------------------------------
BBC News reports that Anglo-Irish Bank has placed a number of
Jermon Developments properties in receivership.
According to the report, Anglo is understood to have appointed a
receiver to three of the company's assets including an office
development in Belfast.
The bank appointed a receiver on May 28, the report says, citing
documents filed at Companies House detail.
The receivership applies to a small part of Jermon's portfolio and
it retains control of most of it properties, the report notes.
Based in Dungannon, Jermon Developments specializes in property
development, retail leisure development, industrial development,
and commercial development. The company has interests in offices
and shopping centers in Northern Ireland, Scotland, England and
Poland, according to BBC.
MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCC'
-------------------------------------------------------------
Fitch Ratings has affirmed 18 tranches of Marble Arch Residential
Securitization Limited Series of UK non-conforming RMBS
transactions.
The affirmations of the older two vintages, MARS 2 and MARS 3,
reflect improved overall collateral performance and significant
increases in credit enhancement. The performance of MARS 4 has
also improved over the last year; however, a depleted reserve fund
and an outstanding balance on a principal deficiency ledger
resulted in the Outlooks on junior notes remaining Negative.
Low interest rates have continued to benefit the performance of
the transactions by improving borrower affordability and arrears
levels have begun to fall over the last six months. Although the
loss severities observed in the pools have increased over the last
year, the transactions generated sufficient excess spread to cover
these losses. In addition, all three transactions have much lower
levels of current repossessions than at any point in the last two
years.
The reserve fund in MARS 2 has experienced a slight draw, caused
by a combination of realized losses and reduced excess spread
available to the transaction as a result of increased note margins
following step-up date. Although the reserve fund is partially
drawn, current strong credit enhancement levels provide sufficient
support for the current ratings of the notes. Fitch expects that
the transaction may see further reserve fund draws as the
remaining balance of the pool (currently 8% of the original)
continues to decline. MARS 3 is expected to face similar stresses
once the step-up date is reached in March 2012. Fitch recognizes
that the current pro rata payment of principal accelerates pay-
down on junior notes and is a limiting factor for future credit
enhancement growth, however, current credit enhancement levels are
sufficient to support the ratings. In addition, any draw on the
reserve fund will switch the transaction back to sequential note
redemption.
The performance of the underlying assets of MARS 4 has also
improved over the last year. The expiration of the class A3c DAC
notes has allowed additional excess spread to flow through the
transaction waterfall. This was a contributing factor that
allowed the transaction to reduce its class E PDL to GBP1.4m from
GBP2.7m at the last IPD. Although Fitch believes that the PDL
balance is likely to be further reduced there remains a real
possibility of default on the note and therefore a 'CCC' rating
has been maintained.
MARS 4 continues to remain unhedged in respect of loans linked to
Bank of England base rate (BBR) and the notes linked to three
month LIBOR following the 2008 bankruptcy of Lehman Brothers which
previously provided a basis rate swap. Fitch expects this
situation to continue and has therefore considered a stress on the
divergence between the BBR and 3 month LIBOR as part of its
analysis.
The rating actions are:
Marble Arch Residential Securitisation Ltd No 2:
-- Class A1a (ISIN XS0186951462) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class A1b (ISIN XS0186951629) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class M (ISIN XS0186951975) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class B (ISIN XS0186952353) affirmed at 'AA+'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-2'
Marble Arch Residential Securitisation Ltd No 3:
-- Class A1a (ISIN XS0214916081) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class A1b (ISIN XS0214916917) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class M1 (ISIN XS0214917303) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-3'
-- Class M2 (ISIN XS0214917642) affirmed at 'AA-'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-3'
-- Class B1 (ISIN XS0214918533) affirmed at 'BBB+'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-3'
Marble Arch Residential Securitisation Ltd No 4
-- Class A3c (ISIN XS0270513590) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class B1a (ISIN XS0270496994) affirmed at 'AA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class B1b (ISIN XS0270510224) affirmed at 'AA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class B1c (ISIN XS0270513756) affirmed at 'AA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class C1a (ISIN XS0270497612) affirmed at 'A'; Outlook
Negative; assigned a Loss Severity rating of 'LS-3'
-- Class C1c (ISIN XS0270513830) affirmed at 'A'; Outlook
Negative; assigned a Loss Severity rating of 'LS-3'
-- Class D1a (ISIN XS0270498180) affirmed at 'BB'; Outlook
Negative; assigned a Loss Severity rating of 'LS-3'
-- Class D1c (ISIN XS0270513913) affirmed at 'BB'; Outlook
Negative; assigned a Loss Severity rating of 'LS-3'
-- Class E1c (ISIN XS0270514309) affirmed at 'CCC'; assigned a
Recovery rating of 'RR5'
MCCORMICK MACNAUGHTON: Receiver Appointed to Two Companies
----------------------------------------------------------
Simon Carswell at The Irish Times reports that Billy O'Riordan was
appointed to McCormick Macnaughton and McCormick Macnaughton Power
Services, two companies in the McCormick Macnaughton Group, by
Caterpillar Financial Services after they ran into financial
difficulties.
The report relates Caterpillar Financial Services has committed to
paying the wages of the company's employees for six weeks.
According to the report, company filings show that the debts of
McCormick Macnaughton are guaranteed by the group's overall
company, Ballymana Holdings, which made a loss of EUR13 million in
2008 compared to a profit of EUR7 million the previous year, as
turnover plummeted 35% to EUR123 million.
The report notes the company said in its 2008 accounts that it
renegotiated debt facilities, which enabled the group to extend
the repayment terms of certain debts due within a year.
"Economic developments, in particular the downturn in the property
market, have created uncertainty about the appropriateness of the
carrying value of land and properties," the report quoted the firm
as saying. "Because of this uncertainty, no adjustments have been
made that would alter the value of this land and properties."
McCormick Macnaughton Group is the sole distributor of Caterpillar
building equipment and power generators in Ireland. The company
operates branches in Dublin, Lisburn and Cork, with dealers in
Donegal, Kerry and Limerick. It is owned by businessman Malcolm
Macnaughton, according to The Irish Times.
PORTSMOUTH FOOTBALL: Ukrainian Businessmen Pull Out of Deal
-----------------------------------------------------------
Michael Powell at The News reports that a group of Ukrainian
businessmen pulled out of a deal to buy Portsmouth Football Club
on June 9.
Andrew Andronikou, Portsmouth's administrator said, told The News
the potential new owners relinquished their interest after rival
insolvency firm Griffins said the club can afford to fork out
around GBP65 million to pay back the club's creditors, rather than
the GBP20 million deal Mr. Andronikou has offered.
According to The News, the administrator said he is now trying to
talk them back round.
Griffin's Offer
As reported by the Troubled Company Reporter-Europe on June 9,
2010, BBC News said Portsmouth's creditors have been offered by
Griffin of potentially 99 pence in the pound, a figure far in
excess of the one on the table from the administrator. BBC
disclosed Griffins says creditors could receive a minimum 65 pence
in the pound, but if former owner Sacha Gaydamak drops his GBP32
million claim against Pompey that rises to 99 pence. Griffins'
proposal refers to the possibility that Mr. Gaydamak could be
liable for a claim of over GBP50 million if there was evidence he
had breached his duties -- for example if he was found to have
allowed Portsmouth to trade while insolvent before entering
administration, according to BBC. Griffins' proposal is based on
the principle that Pompey's creditors, who have funded the
struggling club over the last few years, should have the first
claim to the future income generated by the club, BBC noted. BBC
said the creditors are due to meet on June 17 to vote on the CVA
with Portsmouth needing the support of 75% of creditors to have it
approved.
As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Portsmouth on Feb. 26 became the first team in England's
Premier League to go into administration after U.K. authorities
tried to force its closure over unpaid tax of GBP12.1 million.
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League. Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
SOUTHERN PACIFIC: Fitch Cuts Rating on Class E 05-1 Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 12 tranches from
three transactions issued from the Southern Pacific Securities
series of UK non-conforming RMBS.
The downgrades in SPS 05-1 reflect Fitch's concern that the high
level of current arrears could result in higher default levels
especially if interest rates rise. Fitch therefore believes that
the risk associated with the junior tranches of SPS 05-1 is no
longer compatible with 'BBB' and 'BB' ratings, and the notes have
been downgraded accordingly.
Although the performance of the collateral portfolio within SPS
05-1 has exhibited similar trends to SPS04-1 and SPS04-2 over the
last year, credit enhancement growth to provide protection against
potential future losses has been much slower due to lower
prepayment rates. In addition, current arrears levels have
remained high, although they have stabilized over the last year.
Fitch believes this represents an increased risk for the
transaction, as borrowers who are unable to reduce arrears during
a period of low interest rates will likely struggle to do so once
interest rates increase.
The two older transactions, SPS 04-1 and SPS04-2, have experienced
significant deleveraging. Arrears levels, although high, have
stabilized over the last year. Current credit enhancement levels
provide substantial support to the rated notes even with high
current arrears levels. Due to the high levels of arrears, the
performance trigger set on arrears (less than 22.5%) has been
breached and resulted in a continued sequential pay-down of the
notes. Fitch expects this pay-down structure to continue to apply
and, although this has prevented an accelerated pay-down of the
junior notes, it has resulted in further growth in credit
enhancement.
In SPS04-1, the revision of the class B notes' Outlook to Stable
from Positive is due to the fact that the credit enhancement is
provided solely by the reserve fund deposited in the account bank,
Barclays ('AA-'/'F1+'/Stable Outlook). As per Fitch's
counterparty criteria, Fitch would not upgrade junior notes beyond
the rating of the counterparty where the majority of credit
enhancement is provided by a reserve fund held in the account of
one entity.
The ratings actions are:
Southern Pacific Securities 04-1 plc
-- Class A2 (ISIN XS0186713797) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class M (ISIN XS0186714506) affirmed at 'AAA' ; Outlook
Stable; assigned a Loss Severity rating of 'LS-1'
-- Class B (ISIN XS0186715222) affirmed at 'AA-'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-3'
Southern Pacific Securities 04-2 plc
-- Class B1b (ISIN XS0196613425) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class B1c (ISIN XS0196614829) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class C1a (ISIN XS0196615396) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class C1c (ISIN XS0196616360) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class D1a (ISIN XS0196616527) affirmed at 'A'; Outlook
Positive; assigned a Loss Severity rating of 'LS-2'
-- Class D1c (ISIN XS0196618069) affirmed at 'A'; Outlook
Positive; assigned a Loss Severity rating of 'LS-2'
-- Class E (ISIN XS0196618499) affirmed at 'BBB-'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-5'
Southern Pacific Securities 05-1 plc
-- Class B1c (ISIN XS0212691660) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity rating of 'LS-2'
-- Class C1c (ISIN XS0212691744) affirmed at 'AA-'; Outlook
revised to Stable from Positive; assigned a Loss Severity
rating of 'LS-3'
-- Class D1c (ISIN XS0212692122) downgraded to 'BB' from 'BBB';
Outlook Negative; assigned a Loss Severity rating of 'LS-3'
-- Class E (ISIN XS0212692478) downgraded to 'B' from 'BB';
Outlook Negative; assigned a Loss Severity rating of 'LS-5'
ST. MARGARET'S: Parent Consortium Launches Takeover Bid
-------------------------------------------------------
Edinburgh Evening News reports that parents have launched a bid to
take over St. Margaret's. According to the report, a consortium
of 10 families hopes to rescue the school.
The report says the group, which includes experts in banking,
property and marketing, have put together a business plan which
involves finding GBP2 million to pay off creditors.
As reported by the Troubled Company Reporter-Europe on June 14,
2010, Blair Nimmo, of KPMG was appointed Provisional Liquidator of
St Margaret's School (Edinburgh) Limited and of its 100%
subsidiary St Hilary's House Limited on June 10, 2010.
The Edinburgh-based School, which has charitable status and was
incorporated in 1960, provides private education for girls at
nursery, primary and secondary level (from 18 months to 18-years-
old) and for boys at nursery and primary level (from 18 months to
10-years-old).
St Hilary's provides boarding facilities during term and operates
as a hotel and youth hostel during the School holidays.
The School has been affected by a sustained decline in pupil
numbers over recent years and despite actions taken by the Board
of Governors, the School could not continue to operate viably.
At the time of the Provisional Liquidator's appointment the School
and nursery comprised 397 pupils and 143 staff (69 teaching and 74
non-teaching).
The School and nursery will continue to operate and provide its
services under the Provisional Liquidator's supervision through to
the end of term (June 29, 2010). The School and nursery will
close on June 29, 2010.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKY PW -89480486.93 159076577.5
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SKYEUROPE HLDG SKYPLN EO -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 LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
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LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
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LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
CZECH REPUBLIC
--------------
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
OBTEC OBT DC -18360748.78 147485890.1
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FRANCE
------
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TECHNICOLOR TNM GR -649203365.6 6191078453
TECHNICOLOR -RTS TCHDS FP -649203365.6 6191078453
TECHNICOLOR-ADR TCH US -649203365.6 6191078453
THOMSON - NEW TMSNV FP -649203365.6 6191078453
THOMSON - NEW 2336061Q FP -649203365.6 6191078453
THOMSON (EX-TMM) TMS FP -649203365.6 6191078453
THOMSON (EX-TMM) TMS TQ -649203365.6 6191078453
THOMSON (EX-TMM) TMM VX -649203365.6 6191078453
THOMSON (EX-TMM) TMS QM -649203365.6 6191078453
THOMSON (EX-TMM) TNMA GR -649203365.6 6191078453
THOMSON (EX-TMM) TMMN FP -649203365.6 6191078453
THOMSON (EX-TMM) TMM ES -649203365.6 6191078453
THOMSON (EX-TMM) TMS VX -649203365.6 6191078453
THOMSON (EX-TMM) TMS US -649203365.6 6191078453
THOMSON (EX-TMM) TMM LN -649203365.6 6191078453
THOMSON MULT-ADR TMS-P US -649203365.6 6191078453
THOMSON MULTIMED TMM FP -649203365.6 6191078453
THOMSON MULTI-NE ZTM FP -649203365.6 6191078453
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE IX -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
DEVELICA DEUTSCH DDE LN -107879893.8 1235370057
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE PG -107879893.8 1235370057
O TWELVE ESTATES OTE LN -7152968.898 297722697.4
O TWELVE ESTATES OTE EU -7152968.898 297722697.4
O TWELVE ESTATES OTE EO -7152968.898 297722697.4
O TWELVE ESTATES O2T GR -7152968.898 297722697.4
O TWELVE ESTATES OTE IX -7152968.898 297722697.4
O TWELVE ESTATES OTE PZ -7152968.898 297722697.4
O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
O TWELVE ESTATES OTE PG -7152968.898 297722697.4
GERMANY
-------
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
AGOR AG DOO EU -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG NDAGF US -482446.6262 144432986.2
AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
ALNO AG ANO EO -101940692.7 236502063.1
ALNO AG ANO GR -101940692.7 236502063.1
ALNO AG ALNO IX -101940692.7 236502063.1
ALNO AG ANO PZ -101940692.7 236502063.1
ALNO AG ANO EU -101940692.7 236502063.1
ALNO AG-NEW ANO1 GR -101940692.7 236502063.1
ALNO AG-RTS 2259765Z GR -101940692.7 236502063.1
BROKAT AG BROFQ US -27139391.98 143536859.7
BROKAT AG BROAF US -27139391.98 143536859.7
BROKAT AG BRKAF US -27139391.98 143536859.7
BROKAT AG BKISF US -27139391.98 143536859.7
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.7
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.7
BROKAT AG-ADR BROA US -27139391.98 143536859.7
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.7
BROKAT TECH AG BRJ GR -27139391.98 143536859.7
BROKAT TECH AG BRJ NM -27139391.98 143536859.7
BROKAT TECH AG BSA LN -27139391.98 143536859.7
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.7
CBB HOLDING AG COBG PZ -42994732.85 904723627.8
CBB HOLDING AG COBG IX -42994732.85 904723627.8
CBB HOLDING AG COB GR -42994732.85 904723627.8
CBB HOLDING AG COB2 EO -42994732.85 904723627.8
CBB HOLDING AG CUBDF US -42994732.85 904723627.8
CBB HOLDING AG COB2 EU -42994732.85 904723627.8
CBB HOLDING-NEW COB1 GR -42994732.85 904723627.8
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.8
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.8
CINEMAXX AG MXC EO -14445849.72 194465786.9
CINEMAXX AG MXC PZ -14445849.72 194465786.9
CINEMAXX AG MXCUSD EU -14445849.72 194465786.9
CINEMAXX AG MXC GR -14445849.72 194465786.9
CINEMAXX AG CNEMF US -14445849.72 194465786.9
CINEMAXX AG MXCG IX -14445849.72 194465786.9
CINEMAXX AG MXC EU -14445849.72 194465786.9
CINEMAXX AG MXCUSD EO -14445849.72 194465786.9
CINEMAXX AG-RTS MXC8 GR -14445849.72 194465786.9
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.7
EDOB ABWICKLUNGS ESC EO -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC GR -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC EU -22323463.23 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323463.23 425598807.8
EM.TV & MERCHAND ETV NM -22067409.41 849175624.7
EM.TV & MERCHAND ETV LN -22067409.41 849175624.7
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.7
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.7
EM.TV & MERCHAND ETV VX -22067409.41 849175624.7
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067409.41 849175624.7
ESCADA AG ESCG IX -22323463.23 425598807.8
ESCADA AG -PFD ESC3 GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EU -22323463.23 425598807.8
ESCADA AG-NEW ESCN EO -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCD GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN GR -22323463.23 425598807.8
ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
ESCADA AG-RTS ESCE GR -22323463.23 425598807.8
ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KABEL DEUTSCHLAN KD8USD EO -1408286725 3144138917
KABEL DEUTSCHLAN KD8USD EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EO -1408286725 3144138917
KABEL DEUTSCHLAN KD8 GR -1408286725 3144138917
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -17804909.71 189933668.6
MATERNUS-KLINIKE MAKG IX -17804909.71 189933668.6
MATERNUS-KLINIKE MAK GR -17804909.71 189933668.6
MATERNUS-KLINIKE MNUKF US -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EO -17804909.71 189933668.6
MATERNUS-KLINIKE MAK EU -17804909.71 189933668.6
MATERNUS-KLINIKE MAK PZ -17804909.71 189933668.6
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PRC EO -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 NM -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -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 RSTHF US -1744121.914 217776125.8
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB 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 2916161Q EO -6153256.917 127548039.7
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127548039.7
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127548039.7
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -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 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PETZK PZ -49833882.19 235624993.7
AG PETZETAKIS SA PZETF US -49833882.19 235624993.7
AG PETZETAKIS SA PETZK EU -49833882.19 235624993.7
AG PETZETAKIS SA PETZK GA -49833882.19 235624993.7
AG PETZETAKIS SA PTZ GR -49833882.19 235624993.7
AG PETZETAKIS SA PTZ1 GR -49833882.19 235624993.7
AG PETZETAKIS SA PETZK EO -49833882.19 235624993.7
ALMA-ATERM-AUCT ATERME GA -5087117.061 107164792.1
ALMA-ATERMON SA ATERM EO -5087117.061 107164792.1
ALMA-ATERMON SA ATERM EU -5087117.061 107164792.1
ALMA-ATERMON SA ATERM PZ -5087117.061 107164792.1
ALTEC SA -AUCT ALTECE GA -118834340 160209968.7
ALTEC SA INFO AXY GR -118834340 160209968.7
ALTEC SA INFO ALTEC GA -118834340 160209968.7
ALTEC SA INFO ALTEC EU -118834340 160209968.7
ALTEC SA INFO ATCQF US -118834340 160209968.7
ALTEC SA INFO ALTEC PZ -118834340 160209968.7
ALTEC SA INFO ALTEC EO -118834340 160209968.7
ALTEC SA INFO-RT ALTECR GA -118834340 160209968.7
ALTEC SA INFO-RT ALTED GA -118834340 160209968.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATERMON DYNAMIC ATERM GA -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 EO -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM GA -38449174.63 221302771.2
KOUMBAS SYNERGY KOUMF US -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EU -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM PZ -38449174.63 221302771.2
NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
NAOUSSA SPIN-AUC NAOYKE GA -130380438 326934399.4
NAOUSSA SPINNING NML1 GR -130380438 326934399.4
NAOUSSA SPINNING NML GR -130380438 326934399.4
NAOUSSA SPIN-RTS NAOYKR GA -130380438 326934399.4
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 PTZ3 GR -49833882.19 235624993.7
PETZETAKIS-PFD PETZP GA -49833882.19 235624993.7
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -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 THEMER GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR INVHY US -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -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 LN -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WTFR LN -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 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE TQ -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 RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-RTS AEAA IM -24405906.61 1350851664
AEDES SPA-RTS AESA IM -24405906.61 1350851664
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
BINDA SPA BND IM -11146475.29 128859802.9
BINDA SPA BNDAF US -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA GC IX -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 BY EU -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -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 ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
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
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
RISANAMENTO -OPA RNOPA IM -165887753.7 4800733024
RISANAMENTO -RNC RNR IM -165887753.7 4800733024
RISANAMENTO SPA RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RN IM -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO SPA RN TQ -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO-RTS RNAA IM -165887753.7 4800733024
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
TAS TECNOLOGIA TAS EU -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -421259823.5 632152613.6
TISCALI - RTS TIQA GR -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TIS PZ -421259823.5 632152613.6
TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA TIQG IX -421259823.5 632152613.6
TISCALI SPA TSCXF US -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TIS EB -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TISN NA -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TIS TQ -421259823.5 632152613.6
TISCALI SPA TISGBX EO -421259823.5 632152613.6
TISCALI SPA TIS NQ -421259823.5 632152613.6
TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
TISCALI SPA TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TISGBX EU -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TIS EU -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
YORKVILLE BHN BY IM -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
JAMES HARDIE IND HAH NZ -131100008 2130899840
JAMES HARDIE IND 726824Z NA -131100008 2130899840
JAMES HARDIE IND HAH AU -131100008 2130899840
JAMES HARDIE IND 600241Q GR -131100008 2130899840
JAMES HARDIE NV JHXCC AU -131100008 2130899840
JAMES HARDIE-ADR JHINY US -131100008 2130899840
JAMES HARDIE-ADR JHX US -131100008 2130899840
JAMES HARDIE-CDI JHIUF US -131100008 2130899840
JAMES HARDIE-CDI JHA GR -131100008 2130899840
JAMES HARDIE-CDI JHX AU -131100008 2130899840
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
NORWAY
------
INTEROIL EXPLORA IOXUSD EO -9700000 249326000
INTEROIL EXPLORA IOX EO -9700000 249326000
INTEROIL EXPLORA IOX PZ -9700000 249326000
INTEROIL EXPLORA IOX EU -9700000 249326000
INTEROIL EXPLORA INOX NO -9700000 249326000
INTEROIL EXPLORA IOX NO -9700000 249326000
INTEROIL EXPLORA IOXEUR EU -9700000 249326000
INTEROIL EXPLORA IOXUSD EU -9700000 249326000
INTEROIL EXPLORA IOX IX -9700000 249326000
INTEROIL EXPLORA IROIF US -9700000 249326000
INTEROIL EXPLORA IOX BY -9700000 249326000
INTEROIL EXPLORA IOXEUR EO -9700000 249326000
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
POLAND
------
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
LISGRAFICA IMPRE LIG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.6
LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.6
PORCELANA VISTA PVAL PL -75871846.95 148731546.6
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EU -22452984.49 177676573.7
SPORTING-SOC DES SCDF EO -22452984.49 177676573.7
SPORTING-SOC DES SCDF PL -22452984.49 177676573.7
SPORTING-SOC DES SCPL IX -22452984.49 177676573.7
SPORTING-SOC DES SCPX PX -22452984.49 177676573.7
SPORTING-SOC DES SCP1 PZ -22452984.49 177676573.7
SPORTING-SOC DES SCG GR -22452984.49 177676573.7
SPORTING-SOC DES SCP PL -22452984.49 177676573.7
VAA VISTA ALEGRE VAF EU -75871846.95 148731546.6
VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EO -75871846.95 148731546.6
VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.6
VAA VISTA ALEGRE VAF PL -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EU -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.6
VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PL -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EO -75871846.95 148731546.6
ROMANIA
-------
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
RUSSIA
------
AMUR SHIP-BRD AMZS RU -99051792.6 1089408985
AMUR SHIP-BRD AMZS* RU -99051792.6 1089408985
RBC INFO-ADR RINFY US -125838573.3 180731395.2
RBS INFORMATION RBCI$ RU -125838573.3 180731395.2
ROSBUSINESSC-CLS RBCI* RU -125838573.3 180731395.2
ROSBUSINESSC-CLS RBCI RU -125838573.3 180731395.2
ROSBUSINESSCON-3 RBCI3 RM -125838573.3 180731395.2
ROSBUSINESSCONS RBCI004D RM -125838573.3 180731395.2
ROSBUSINESSCONSU RBCI RM -125838573.3 180731395.2
ROSBUSINESSC-T+0 RBCIG RU -125838573.3 180731395.2
TRANSAERO AIRLIN TRNS* RU -24618275.96 740576227.5
TRANSAERO AIRLIN TRNS RU -24618275.96 740576227.5
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
DUVANSKA DIVR SG -7729350.776 109207260.5
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
FERGO AISA SA AISA PZ -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
MARTINSA FADESA MFAD PZ -2021642096 8362308561
MARTINSA FADESA MTF1 LI -2021642096 8362308561
MARTINSA FADESA MTF EO -2021642096 8362308561
MARTINSA FADESA 4PU GR -2021642096 8362308561
MARTINSA FADESA MTF SM -2021642096 8362308561
MARTINSA FADESA MTF EU -2021642096 8362308561
MARTINSA-FADESA MTF NR -2021642096 8362308561
NYESA VALORES CO NYE SM -68174952.1 813033334.5
NYESA VALORES CO NYE EU -68174952.1 813033334.5
NYESA VALORES CO BES TQ -68174952.1 813033334.5
NYESA VALORES CO BESS PZ -68174952.1 813033334.5
NYESA VALORES CO BES SM -68174952.1 813033334.5
NYESA VALORES CO BES EO -68174952.1 813033334.5
NYESA VALORES CO NYE EO -68174952.1 813033334.5
NYESA VALORES CO BES EU -68174952.1 813033334.5
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FARNELL ELEC-ADR FRN$ LN -13610199.87 727265033
FARNELL ELEC-ADR FRNZ LN -13610199.87 727265033
FARNELL ELEC-RFD FRNR LN -13610199.87 727265033
FARNELL ELECTRON FRNL LN -13610199.87 727265033
GALIFORM PLC MFI PO -117673114.1 573836054.4
GALIFORM PLC GFRMNOK EO -117673114.1 573836054.4
GALIFORM PLC GFRMEUR EU -117673114.1 573836054.4
GALIFORM PLC MFIFF US -117673114.1 573836054.4
GALIFORM PLC GFRM QM -117673114.1 573836054.4
GALIFORM PLC GFRM TQ -117673114.1 573836054.4
GALIFORM PLC GFRMNOK EU -117673114.1 573836054.4
GALIFORM PLC GFRM IX -117673114.1 573836054.4
GALIFORM PLC GFRMEUR EO -117673114.1 573836054.4
GALIFORM PLC GFRM EO -117673114.1 573836054.4
GALIFORM PLC MFI VX -117673114.1 573836054.4
GALIFORM PLC GFRM LN -117673114.1 573836054.4
GALIFORM PLC GFRM EU -117673114.1 573836054.4
GALIFORM PLC GFRMGBP EO -117673114.1 573836054.4
GALIFORM PLC GFRM EB -117673114.1 573836054.4
GALIFORM PLC GFRM PO -117673114.1 573836054.4
GALIFORM PLC GFRM NQ -117673114.1 573836054.4
GALIFORM PLC GFRM BQ -117673114.1 573836054.4
GALIFORM PLC GFRM VX -117673114.1 573836054.4
GALIFORM PLC GFRM PZ -117673114.1 573836054.4
GALIFORM PLC GFRM NR -117673114.1 573836054.4
GALIFORM PLC GLFMF US -117673114.1 573836054.4
GALIFORM PLC MFI IX -117673114.1 573836054.4
GARTLAND WHALLEY GWB LN -10986769.42 145352034.5
GO-AHEAD GRO-ADR GHGUY US -44415250.72 1780324810
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GREEN (E) & PART GEP LN -35008863.49 305242409.9
HAWTIN PLC HWN GR -3873861.331 110875080.8
HAWTIN PLC HTI VX -3873861.331 110875080.8
HAWTIN PLC HTI PO -3873861.331 110875080.8
HAWTIN PLC HTI EU -3873861.331 110875080.8
HAWTIN PLC HTI IX -3873861.331 110875080.8
HAWTIN PLC HTI PZ -3873861.331 110875080.8
HAWTIN PLC HTI PG -3873861.331 110875080.8
HAWTIN PLC HTI EO -3873861.331 110875080.8
HAWTIN PLC HTI LN -3873861.331 110875080.8
HILTON G-CRT OLD HIGT BB -97533918.57 1748505414
HILTON GROUP PLC HG/ LN -97533918.57 1748505414
HILTON GROUP PLC HG PO -97533918.57 1748505414
HILTON GROUP PLC HLTGF US -97533918.57 1748505414
HILTON GROUP-ADR HLTGY US -97533918.57 1748505414
HILTON GROUP-CER HG BB -97533918.57 1748505414
HILTON GROUP-CRT HIG BB -97533918.57 1748505414
HOGG ROBINSON GR HRG PZ -11371715 739481804.8
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JARVIS PLC JRVSGBP EO -64739862.73 130951086
JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JVR GR -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JRVS PZ -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
JARVIS PLC JRVS EO -64739862.73 130951086
JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVSEUR EO -64739862.73 130951086
JARVIS PLC JVSPF US -64739862.73 130951086
JARVIS PLC JRVS EU -64739862.73 130951086
JESSOPS PLC JSP VX -42702021.2 112964060.4
JESSOPS PLC JSPEUR EU -42702021.2 112964060.4
JESSOPS PLC JSP PO -42702021.2 112964060.4
JESSOPS PLC JSP PZ -42702021.2 112964060.4
JESSOPS PLC JSPGBP EO -42702021.2 112964060.4
JESSOPS PLC JSP LN -42702021.2 112964060.4
JESSOPS PLC JSP IX -42702021.2 112964060.4
JESSOPS PLC JSP EO -42702021.2 112964060.4
JESSOPS PLC JSPEUR EO -42702021.2 112964060.4
JESSOPS PLC JS4 GR -42702021.2 112964060.4
JESSOPS PLC JSP EU -42702021.2 112964060.4
KAZAKHSTAN MNRLS KMC/U CN -123563000 104843000
KAZAKHSTAN MNRLS KMCO CN -123563000 104843000
KAZAKHSTAN MNRLS KMCO/U CN -123563000 104843000
KAZAKHSTAN MNRLS KMCOF US -123563000 104843000
KLEENEZE PLC KLZ LN -14328735.16 110864081.4
LADBROKE GROUP LADB LN -97533918.57 1748505414
LADBROKE GRP-IDR 695767Q BB -97533918.57 1748505414
LADBROKE GRP-OLD LADB BB -97533918.57 1748505414
LADBROKES - FPR LADF LN -97533918.57 1748505414
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LADBROKES PLC LADGBP EO -97533918.57 1748505414
LADBROKES PLC LDBKF US -97533918.57 1748505414
LADBROKES PLC LAD IX -97533918.57 1748505414
LADBROKES PLC LAD PZ -97533918.57 1748505414
LADBROKES PLC LADUSD EO -97533918.57 1748505414
LADBROKES PLC LAD BQ -97533918.57 1748505414
LADBROKES PLC LAD LN -97533918.57 1748505414
LADBROKES PLC LAD EU -97533918.57 1748505414
LADBROKES PLC LADNZD EO -97533918.57 1748505414
LADBROKES PLC LAD QM -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
LADBROKES PLC LAD NR -97533918.57 1748505414
LADBROKES PLC HG/ VX -97533918.57 1748505414
LADBROKES PLC LAD TQ -97533918.57 1748505414
LADBROKES PLC LAD VX -97533918.57 1748505414
LADBROKES PLC LADEUR EU -97533918.57 1748505414
LADBROKES PLC LAD NQ -97533918.57 1748505414
LADBROKES PLC LAD GR -97533918.57 1748505414
LADBROKES PLC LADEUR EO -97533918.57 1748505414
LADBROKES PLC LAD EO -97533918.57 1748505414
LADBROKES PLC LAD PO -97533918.57 1748505414
LADBROKES PLC LADNZD EU -97533918.57 1748505414
LADBROKES PLC-AD LDBKY US -97533918.57 1748505414
LADBROKES PLC-AD LDBKY LN -97533918.57 1748505414
LADBROKES PLC-CE LAD BB -97533918.57 1748505414
LADBROKES PLC-NP LADN PZ -97533918.57 1748505414
LADBROKES PLC-NP LADN LN -97533918.57 1748505414
LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
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LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
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M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
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MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
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ORANGE PLC 951641Q LN -593935051 2902299502
ORANGE PLC 1460Q GR -593935051 2902299502
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ORBIS PLC OBG PO -4168498.479 127701679.5
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PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
PARK GROUP PLC PRKGF US -52867263.19 185089877.3
PARK GROUP PLC PKG VX -52867263.19 185089877.3
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PARK GROUP PLC PKG EU -52867263.19 185089877.3
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PARK GROUP PLC PRKG IX -52867263.19 185089877.3
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
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PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
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REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
REGUS PLC RGU GR -46111835.37 367181111
REGUS PLC REGSF US -46111835.37 367181111
REGUS PLC-ADS REGS US -46111835.37 367181111
REGUS PLC-ADS REGSY US -46111835.37 367181111
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SCOTTISH MEDIA SSMR LN -51512119.25 207340304
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SKYEPHARMA PLC SKPGBP EO -128538078.1 135158758
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SKYEPHARMA -SUB 2976665Z LN -128538078.1 135158758
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SMG PLC SMG PO -51512119.25 207340304
SMG PLC SMG LN -51512119.25 207340304
SMG PLC-FUL PAID SMGF LN -51512119.25 207340304
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SMITHS NEWS PLC NWS2 EO -99944882.2 279114366.1
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STV GROUP PLC STVG LN -51512119.25 207340304
STV GROUP PLC SMG IX -51512119.25 207340304
STV GROUP PLC SMG VX -51512119.25 207340304
STV GROUP PLC STVGGBP EO -51512119.25 207340304
STV GROUP PLC STVGEUR EU -51512119.25 207340304
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STV GROUP PLC STVG EO -51512119.25 207340304
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THORN EMI PLC THNE FP -2265916257 2950021937
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TOPPS TILES PLC TPT IX -85010363.51 146193829.2
TOPPS TILES PLC TPT BQ -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
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TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES-NEW TPTN LN -85010363.51 146193829.2
UNIGATE PLC UNGAF US -24544959.64 626057950.8
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UTC GROUP UGR LN -11904426.45 203548565
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WINCANTON PL-ADR WNCNY US -63105009.98 1416979806
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WINCANTON PLC WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
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WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
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XXPERT RENTAL XPRT CN -123563000 104843000
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan 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 * * *