/raid1/www/Hosts/bankrupt/TCREUR_Public/100706.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, July 6, 2010, Vol. 11, No. 131
Headlines
A U S T R I A
DEXIA-KOMMUNALKREDIT BANK: Moody's Ups Rating on Notes From Ba1
B E L G I U M
KBC GROEP: Daiwa to Buy Convertible Bond, Equity Derivatives Biz
F R A N C E
NATIXIS SA: Sells French Private Equity Assets to Axa
SPARC EUROPE: Fitch Assigns 'BB-' Rating on Series D Notes
G E R M A N Y
ROHWEDDER AG: Sold In Pieces to Three Different Investors
TALISMAN-3 FINANCE: S&P Junks Ratings on Two Classes of Notes
G R E E C E
WIND HELLAS: Standstill Agreement Won't Affect Fitch's Ratings
* GREECE: EU Spokesman Rules Out Debt Restructuring Option
I R E L A N D
* IRELAND: Corporate Insolvencies Up 25% in First Half 2010
I T A L Y
ALITALIA SPA: To Join Air France & Delta Joint Venture
COMPAGNIA ITALPETROLI: Unicredit May Take Control of AS Roma
K A Z A K H S T A N
ALLIANCE BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'
TEMIRBANK AO: Fitch to Review 'RD' Long-Term Issuer Default Rating
R U S S I A
MECHEL OAO: Mulls Sale of RUR35 Billion Domestic Bonds
MOBILE TELESYSTEMS: In Talks to Buy More Programs for Omlet.ru
PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating
S P A I N
CAIXA D'ESTALVIS: Fitch Cuts Subordinated Debt Rating to 'BB+'
CAIXA DE TERRASSA: Fitch Cuts Subordinated Debt Rating to 'BB+'
CODERE SA: S&P Changes Outlook to Stable; Affirms 'B' Rating
FTA SANTANDER: Moody's Assigns 'Ca' Rating on EUR88.5M D Notes
PANRICO: Fails to Fetch Bids; Debt-for-Equity Swap Likely
TDA CAM: Fitch Affirms Ratings on Class D Notes at 'CC'
S W I T Z E R L A N D
BANQUE HERITAGE: Fitch Affirms Issuer Default Rating at 'BB+'
U N I T E D K I N G D O M
BEMROSEBOOTH: Nears Going Concern Sale; Has Three Main Offers
BRITISH SEAFOOD: Ex-Chief to Lodge Counter Claim v. Fraud Suits
EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
EQUINOX PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
GALA CORAL: Bingham Represents Junior Lenders in Restructuring
LEHMAN BROTHERS: PWC to Expedite LBIE Claims Determination
NORTEL NETWORKS: Ontario Court Rejects UK Regulator's Appeal
ROYAL BANK: Completes Sale of Commodities Arm to JPMorgan
TPT CONSTRUCTION: Put Into Compulsory Liquidation
X X X X X X X X
* EUROPE: Rehn Doesn't Rule Out Orderly Insolvency of Euro States
* EUROPE: Sovereign Default Scenario in Stress Tests Opposed
* EUROPE: Stress Tests May Spur Cash Calls for Up to 20 Banks
* S&P Withdraws Ratings on Spread-Based Leveraged Senior Notes
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
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DEXIA-KOMMUNALKREDIT BANK: Moody's Ups Rating on Notes From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Dexia-Kommunalkredit Bank
AG's long-term rating on the RON 100 million 7.05% medium-term
note due 2011 to Baa2 from Ba1. In addition, the rating agency
has also revised its outlook for the bond from review for
downgrade to stable. Moody's notes that this rating action aligns
the rating on this bond with the standalone rating of its parent,
Dexia Credit Local rated A1/Prime-1 for debt and deposits and C-
/Baa2 with a stable outlook for its bank financial strength
without taking into account systemic support.
The rating action concludes the review for possible downgrade of
Dexia Kom's long-term debt and deposit ratings, initiated in
December 2009.
At the same time, Moody's has withdrawn all other remaining
ratings of Dexia-Kom for business reasons including the standalone
Financial Strength Rating of E with a stable outlook, the Ba1
deposit and senior unsecured (domestic currency) program rating,
the Ba2 subordinate (domestic currency) program rating as well as
all short-term ratings at Not Prime. All long-term debt and
deposit ratings were previously on review for possible downgrade.
Please also refer to Moody's withdrawal policy on www.moodys.com.
In light of the high degree of integration between Dexia-Kom and
its parent, which includes funding support from the parent, the
rating agency decided to no longer apply a standalone long-term
rating to the bank, which will henceforth be aligned with that of
DCL, reflecting Moody's approach to rating selected "highly
integrated and harmonized subsidiaries". The remaining
subsidiary's long-term foreign currency debt rating which was
upgraded is expected to move in tandem with the parent's stand-
alone rating going forward. The rating action also reflects
Moody's understanding of DCL's commitment to maintain adequate
funding and minimum capital levels as well as completion of the
operational integration of Dexia-Kom. All other debt exposures
had moved previously to the parent entity.
Moody's also recognises that the parent's strategy to wind down
Dexia-Kom's businesses in central and eastern Europe is in line
with the agreement reached by Dexia Group and the European
Commission in early 2010. Dexia-Kom's Slovak entity, Dexia Banka
Slovensko (not rated), is expected to be sold in the medium-term.
Rating Action In Detail:
-- Standalone BFSR: Rating withdrawal of E, stable outlook;
-- Long-term Senior Unsecured (domestic currency) MTN: Rating
withdrawal of Ba1, on review for downgrade;
-- Long-term Subordinate (domestic currency) MTN: Rating
withdrawal of Ba2, on review for downgrade;
-- Short-term Bank Deposits: Rating withdrawal of Not-Prime;
-- Other short-term (domestic currency): Rating withdrawal of
Not-Prime;
-- ISIN XS0272417865, RON 100 million 7.05% medium term note,
Ser 2, due 11/07/2011: Upgrade to Baa2 stable from Ba1, on
review for downgrade.
The last rating action on Dexia-Kom was on December 18, 2009, when
Moody's downgraded its BFSR to E (stable) from C- and its long-
term debt and deposit ratings to Ba1 (on review for possible
downgrade) from Baa2.
Headquartered in Vienna, Dexia-Kom reported total assets of
EUR10 billion as of December 31, 2009, and a consolidated net loss
of EUR4 million during the same time period.
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B E L G I U M
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KBC GROEP: Daiwa to Buy Convertible Bond, Equity Derivatives Biz
----------------------------------------------------------------
Jones Hayden and Finbarr Flynn at Bloomberg News report that
Daiwa Securities Group Inc., Japan's second-largest brokerage,
agreed to buy KBC Groep NV's convertible bond unit and its Asia
equity derivatives business for about US$1 billion.
Bloomberg relates Daiwa and KBC said in a joint statement Monday
that under the agreement, Daiwa is paying about US$200 million for
assets and about US$800 million for the trading position.
According to Bloomberg, the release said the transaction is
subject to regulatory approval and is expected to be completed
early in the fourth quarter.
KBC, Belgium's biggest bank by market value, as cited by
Bloomberg, said the transaction will result in an increase in its
Tier 1 capital ratio of 10 basis points.
Restructuring Agreement
As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, The Financial Times said the KBC Groep reached an agreement
with the European Commission on its restructuring. The FT
disclosed, KBC would slim its balance sheet by nearly a fifth and
reimburse EUR7 billion (US$10.5 billion) of state aid by 2013
through the winding down of its businesses and through asset
disposals. The FT noted that while KBC would sell its merchant
banking and private banking arms, float part of its Czech banking
operation and forgo any acquisitions in the medium term, the group
would retain banking and insurance operations in its core markets.
The KBC restructuring would cut the bank's risk-weighted assets by
25% and entail no capital increase, the FT said. The group would
pay back the EUR7 billion of state aid it received from the
Belgian and Flemish governments through retained earnings, and by
paying no dividend until 2011 at the earliest, the FT noted.
About KBC Groep NV
Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises. It has expertise
in asset management and the financial markets. The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units. Each of these units has its own management
committee and oversees both the banking and the insurance
activities. The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia. KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia. The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.
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F R A N C E
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NATIXIS SA: Sells French Private Equity Assets to Axa
-----------------------------------------------------
Vidya Root at Bloomberg News reports that Natixis SA said it is
selling its French own-account private equity assets to Axa SA.
According to Bloomberg, the bank said in an e-mailed statement
that the sale values the assets at EUR534 million and that the
value may increase depending on the performance of the assets.
About Natixis SA
Natixis SA -- http://www.natixis.com/-- is a France-based bank
offering various services and engaged in different activities.
Its main activities comprise corporate and investment banking,
asset management, receivables management, private equity and
private banking, retail banking and other services. The Bank is
active in a number of countries in Europe, the Americas, Africa,
Asia and Oceania. As of December 31, 2008, Natixis SA had a
number of subsidiaries, including Ixis Corporate & Investment
Bank, Ixis Asset Management Group, Coface and Natixis Asset
Management, among others.
* * *
Natixis SA continues to carry a 'D' bank financial strength rating
from Moody's Investors Service with a stable outlook.
SPARC EUROPE: Fitch Assigns 'BB-' Rating on Series D Notes
----------------------------------------------------------
Fitch Ratings has assigned SPARC EUROPE (JUNIOR) COMPARTMENT
2010's Series D notes totaling EUR97.9 million, due in July 2013,
a final rating of 'BB-' with a Stable Outlook.
SPARC EUROPE (JUNIOR) is a compartmentalised Fonds Commun de
Creances set up by the custodian, Natixis rated 'A+'/Outlook
Stable/'F1+', and the management company, Eurotitrisation, in
2007. Its program has resulted in the SPARC EUROPE (JUNIOR)
COMPARTMENT 2007, SPARC EUROPE (JUNIOR) COMPARTMENT 2008, SPARC
EUROPE (JUNIOR) COMPARTMENT 2009 issuances. SPARC EUROPE (JUNIOR)
COMPARTMENT 2010 is the fourth and last compartment, dedicated to
the cover period of the year 2010. The underlying risk stems from
portfolios of motor insurance policies marketed to individuals by
AXA subsidiaries in Belgium, Germany, Italy and Spain.
The rating reflects the timely payment of interest and ultimate
payment of principal. It is based on the financial structure of
the transaction, credit quality of the underlying motor insurance
contract portfolios, and the premium and loss appraisal procedures
of each AXA subsidiary.
Nexgen Re, as the reinsurer, and the AXA subsidiaries have entered
into four reinsurance contracts, pursuant to which the
subsidiaries transfer to the reinsurer quota shares of premiums
and receive the same monetary amount of quota shares to be paid
under claims arising from the eligible motor insurance pools.
To secure its respective payment obligations, the reinsurer makes
a junior cash deposit of an aggregate amount of EUR225.0 million
for the benefit of the AXA subsidiaries. The subsidiaries pledge
financial instruments, in an amount of EUR225.0 million, which are
credited to specific accounts for the benefit of the FCC. The
deposit being set at an adequate level is a condition for the
confirmation of the ratings of the notes issued by a senior FCC
set up in parallel to SPARC EUROPE (JUNIOR) COMPARTMENT 2010 (the
junior FCC).
On the closing date, the reinsurer transferred to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit, as well as ancillary
rights such as the benefit of the above-mentioned pledge.
The risk covered by the reinsurance contracts and transferred to
noteholders reflects the evolution of the premium and claims of
the portfolios of insurance contracts, which is measured by the
global ratio of claims to premiums (the global loss ratio).
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (the loss
threshold at which noteholders are affected). Attachment points
for the class D notes are based on the global loss ratio at 5.9%
above the budgeted global loss ratio.
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G E R M A N Y
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ROHWEDDER AG: Sold In Pieces to Three Different Investors
---------------------------------------------------------
Anke Schroeter at evertiq reports that after the drop out of
potential buyer ATS, Rohwedder has now been sold in pieces to
three different investors.
According to the report, Elwema, based in Ellwangen, is the new
investor for the German manufacturing locations Bermatingen and
Bruchsal. The Guenther Holding -- shareholder at Elewa -- and a
bank are to facilitate the financial hedging and funding of the
new company, the report discloses.
The manufacturing location Radolfezll, formerly Rohwedder
Permatech, has been acquired by a Swiss engineering company ASIC
Robotics, the report says, citing the insolvency administrator.
The report notes the insolvency administrator also said that
promising talks were conducted for the Rohwedder subgroups in
Finland (JOT Automation Oy) and Canada.
As reported by the Troubled Company Reporter-Europe on June 4,
2010, evertiq said that the Konstanz District Court opened
insolvency proceedings in respect of the assets of Rohwedder.
evertiq disclosed Volker Grub was appointed as the insolvency
administrator.
About Rohwedder
Rohwedder AG -- http://www.rohwedder.de/-- is a Germany-based
company that supplies automation system solutions for the
assembly, production and testing technology within two segments.
Within the Mechatronics Production Solutions segment the Company
concentrates on Assembly Technologies in Europe and North America,
offering automation solutions for the automotive industry; and
Micro Technologies, which specializes in assembly solutions for
the production of micro products. The Electronics Production
Solutions segment includes MIMOT Surface Mount Technologies, which
provides surface mount device placement technology products;
Mobile Device Solutions, focusing on automation solutions for the
mobile communication industry; Standard Products, which offers
products through the brand JOT Automation; and Customer Specific
Solutions, providing fully automatic and semiautomatic as well as
manual solutions. The Company operates through numerous direct
and indirect subsidiaries as well as affiliated companies.
TALISMAN-3 FINANCE: S&P Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-3 Finance
PLC's class D, E, and F notes. At the same time, S&P affirmed its
ratings on all other classes of notes.
S&P placed the class D, E, and F notes on CreditWatch negative in
2009 in view of the imminent scheduled maturity of the combined
Berlin and Dresden loan (Berlin/Dresden), which accounts for 52%
of the total pool balance, and because S&P expected downward
pressure on property values. Since then, the Berlin/Dresden loan
failed to repay at maturity in January 2010.
The loan is secured on two office properties in Berlin and Dresden
and let to Verwaltungs-Berufsgenossenschaft on a long-term lease.
The servicer received a valuation report in November 2009 that
contained a combined market value of the properties of
EUR47.2 million. The current loan balance and updated valuation
reflect a loan-to-value ratio of 143%. S&P understand that the
special servicer, Hatfield Philips, is currently marketing the
properties for a net sale price of EUR60 million. As the
properties have not been sold at this price, S&P understand that
the special servicer is considering extending the loan. In the
meantime, the special servicer indicated in a recent investor
meeting that it is trapping excess cash, which S&P would expect it
to apply against the loan balance to reduce principal losses. S&P
believes, nonetheless, that there are scenarios in which the
special servicer would consider selling the properties before any
extended loan maturity date.
Considering the revised valuation, coupled with the absence of a
sale in the recent marketing period at the marketed price, S&P
believes there is a reasonable likelihood of principal losses
occurring if the properties are sold in the near term. In S&P's
opinion, the extent of principal losses will depend on the timing
of the sale. In view of the scale of potential losses, S&P has
lowered its ratings on the class D, E, and F notes.
S&P notes that the Trier loan, comprising 7% of the current loan
balance, is secured on a retail building in Trier, Germany and
matures in October 2010. The property has not been valued since
closing and S&P believes the original valuation does not reflect
the property's current market value. Therefore, S&P believes that
principal losses may occur if the loan fails to repay at maturity.
In April 2010, there was an interest shortfall on the class F
notes of EUR25,000 (representing 0.5% of the class F note balance)
triggered by special servicing fees on the Berlin/Dresden loan.
Unless default interest is charged to the borrower, S&P believes
that interest shortfalls on the class F notes may continue to
accrue in the near term, while the Berlin/Dresden loan remains in
special servicing.
Talisman-3 Finance closed in 2006 with notes totaling
EUR689.9 million. The notes have a legal final maturity of
January 2015. Of the 13 loans that originally backed the
transaction, eight have prepaid. The note balance has reduced to
EUR130.5 million as a result of the prepayment of eight loans.
Ratings List
Talisman-3 Finance PLC
EUR689.9 Million Commercial Mortgage-Backed Floating Rate Notes
Ratings Lowered and Removed From Creditwatch Negative
Rating
------
Class To From
----- -- ----
D BB+ BBB/Watch Neg
E CCC BB/Watch Neg
F CCC- B/Watch Neg
Ratings Affirmed
Class Rating
----- ------
A AAA
B AAA
C A
X AAA
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G R E E C E
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WIND HELLAS: Standstill Agreement Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says that Greek mobile operator WIND Hellas
Telecommunications S.A.'s ratings remain unaffected following its
July 1, 2010 announcement that it has reached a standstill
agreement with revolving facility lenders and hedging banks, which
supports Fitch's definition of the 'C' rating level.
Wind Hellas has announced a four-month standstill agreement to
defer payment of several payments of at least EUR40 million due
between June 30 and July 15, 2010, including the scheduled
amortization of its revolving credit facility and the interest due
to the senior secured floating rate noteholders. The company also
stated that in addition to the restructuring of its debt,
strategic alternatives under review include offers to acquire the
business or fresh funding from strategic or financial investors.
"Wind Hellas' ratings could benefit from an improvement to its
capital structure and liquidity profile through the raising of
equity and a re-profiling debt. However, a rating downgrade based
on a coercive debt exchange still remains a possibility," says
Richard Petit, Associate Director in Fitch's European telecoms,
media and technology team.
Fitch notes that approximately 88% of RCF lenders and 100% of
hedging banks have given consent to the standstill agreement,
which the company indicates is sufficient for it to be effective.
However, only approximately 48% of the senior secured floating
rate noteholders have supported the agreement so far, and more
than 75% of the noteholders would need to support the agreement by
July 20, 2010, for it to succeed. Fitch understands that a
failure to reach the required level of consent with noteholders
would invalidate the standstill agreement. This in turn would
result in a rating downgrade to 'RD'.
Fitch expects to review Wind Hellas' ratings further depending on
which of these scenarios first occurs: the expiry or invalidation
of the standstill agreement, other non-payment events not covered
by the standstill agreement (e.g. under the senior unsecured
notes), or a restructuring or sale of the business.
In Q110, WIND Hellas continued to report weak performance with
revenues and EBITDA respectively down 18.5% and 31.4% year-on-
year. Furthermore, the preview on trading performance for April
and May saw a material deterioration in revenues and profitability
due to the ongoing aggressive competitive climate but, also --
more importantly -- due to a visible reduction in consumer
spending on Wind Hellas' telecoms services and a visible increase
in late payments from subscribers. Given this volatile and
unpredictable environment, management declined to provide further
earnings guidance. The acceleration of cash consumption in April
and May left the company with virtually no financial flexibility
to meet its short-term debt obligations and to invest in the
business for the long-term.
Fitch currently rates WIND Hellas:
-- Long-term Issuer Default Rating: 'C'
-- Short-term IDR: 'C'
-- Hellas Telecommunications (Luxembourg) V senior revolving
credit facility: 'CC'; Recovery Rating 'RR3'
-- Hellas Telecommunications (Luxembourg) V senior secured
floating-rate notes due 2012: 'C'; Recovery Rating 'RR4'
-- Hellas Telecommunications (Luxembourg) III senior notes due
2013: 'C'; Recovery Rating 'RR6'
* GREECE: EU Spokesman Rules Out Debt Restructuring Option
----------------------------------------------------------
Meera Louis at Bloomberg News reports that Amadeu Altafaj, a
European Commission spokesman, on Friday said at a press briefing
in Brussels that there will be "no restructuring of debt for
Greece or any other member state".
As reported by the Troubled Company Reporter-Europe on June 30,
2010, Bloomberg News said that New York University professor
Nouriel Roubini wrote in the Financial Times that Greece is facing
an insolvency crisis and an orderly restructuring of its public
debt is required in order to avoid an "inevitable default".
Bloomberg disclosed that Mr. Roubini wrote that austerity measures
agreed as a condition of the country's bailout by the European
Union and International Monetary Fund will prolong Greece's
recession and still leave it with a debt-to-gross-domestic-product
ratio of 148% by 2016.
* * *
As reported by the Troubled Company Reporter-Europe on June 16,
2010, Moody's Investors Service downgraded Greece's government
bond ratings by four notches to Ba1 from A3, reflecting its view
of the country's medium-term credit fundamentals. The rating
action concludes the review for possible downgrade, which Moody's
initiated on April 22, 2010. Moody's also downgraded Greece's
short-term issuer rating to Not-Prime from Prime-1. Greece's
country ceilings for bonds and bank deposits are unaffected by the
review and remain at Aaa (in line with the Eurozone's rating).
The outlook on all ratings is stable.
"The Ba1 rating reflects Moody's analysis of the balance of the
strengths and risks associated with the Eurozone/IMF support
package. The package effectively eliminates any near-term risk of
a liquidity-driven default and encourages the implementation of a
credible, feasible, and incentive-compatible set of structural
reforms, which have a high likelihood of stabilizing debt service
requirements at manageable levels," said Sarah Carlson, Vice
President-Senior Analyst in Moody's Sovereign Risk Group and lead
analyst for Greece. "Nevertheless, the macroeconomic and
implementation risks associated with the program are substantial
and more consistent with a Ba1 rating."
Moody's believes that the Eurozone/IMF support package has
sheltered the Greek government from the markets while it enacts
the very ambitious fiscal austerity measures and structural
economic reforms stipulated by the package. These have the
potential to restore market confidence, depending on the
effectiveness of the government's execution, and place the country
on a more stable debt trajectory. The rating agency's base-case
scenario envisions Greece implementing the policy changes it needs
to stabilize its debt-to-GDP ratio at around 150% by 2013, and
reduce its debt burden, defined as the interest payment/revenues
ratio, gradually thereafter (expected at 20% in 2014). Should the
economy respond positively to the competitiveness-enhancing
structural reforms, debt stabilization could be achieved earlier.
"There is considerable uncertainty surrounding the timing and
impact of these measures on the country's economic growth,
particularly in a less supportive global economic environment,"
said Ms. Carlson. "This uncertainty represents a risk that leads
Moody's to believe that Greece's creditworthiness is now
consistent with a Ba1 rating, a rating which incorporates a
greater, albeit, low risk of default."
Moody's outlook on Greece's ratings is stable, reflecting the
substantial probability that the rating will not change over the
next 12 to 18 months. The key factors that will influence the
rating agency's view will be the performance of the Greek economy,
especially that of GDP and tax revenues. Information on these
developments will take some time to accumulate and may prove to be
either credit positive or negative.
Moody's previous rating action on Greece was implemented on
April 22, 2010, when the rating agency downgraded Greece's rating
to A3 and placed it under review for further downgrade.
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I R E L A N D
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* IRELAND: Corporate Insolvencies Up 25% in First Half 2010
-----------------------------------------------------------
The Irish Times reports that over 900 companies were officially
insolvent in the first six months of the year, a 25% jump on the
same period in 2009.
The Irish Times relates figures released at the weekend by
corporate restructuring specialists Farrell Grant Sparks (FGS)
show 922 companies went into liquidation, receivership or
examinership in the first six months of 2010.
According to The Irish Times, FGS partner, Declan Taite, said the
number of insolvencies in the Republic could hit between 1,850 and
1,900 for the year as a whole, compared with 1,570 failures in
2009.
Construction and engineering businesses were the worst hit, The
Irish Times notes.
Retail
Ian Kehoe at The Sunday Business Post reports that new figures
show a 133% spike in the number of retail businesses going bust so
far this year. According to Post.ie, FGS said that 119 retail
companies went into receivership, liquidation or examinership in
the first six months of this year, up from 51 for the same period
last year. The comparable figure for 2008 was just 26, Post.ie
says, citing FGS.
Post.ie relates Mr. Taite said the massive increase in retail
casualties was "due primarily to high rents that were originally
struck at the height of the economic boom". He also cited the
continued reduction in discretionary spending by consumers as
another reason for the surge in failures, Post.ie notes.
Construction
According to Post.ie, the construction sector also regressed, with
360 building and construction outfits going out of business. This
was up from 253 for 2009, Post.ie notes. Overall, FGS said there
was a 30% increase in the number of companies going out of
business -- from 733 for the first half of 2009 to 949 for this
year, Post.ie discloses.
Receivership
Post.ie says the figures also show that the number of firms going
into receivership has reached a record high, with financial
institutions adopting amore hardline approach to businesses.
Receivers were appointed to 162 businesses in the first half of
the year -- up from 79 for the previous year, Post.ie states.
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I T A L Y
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ALITALIA SPA: To Join Air France & Delta Joint Venture
------------------------------------------------------
Steve Scherer and Sara Forden at Bloomberg News report that
Alitalia SpA, already a member of the SkyTeam alliance run by Air
France KLM Group and Delta, will join a broader venture with those
airlines that lets it share costs and revenue across the Atlantic.
Bloomberg relates the companies confirmed Alitalia's new role in a
slide presentation before a press conference in Rome Monday.
Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina. The Italian
government owns 49.9% of Alitalia.
On August 29, 2008, Alitalia declared insolvency and commenced
extraordinary administration procedure at the Tribunal of Rome.
Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as
extraordinary commissioner. Under the Bankruptcy Bill, the
Administrator has supplanted the directors and other management of
Alitalia.
As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia filed for Chapter 15 protection with the U.S.
Bankruptcy Court in the Southern District of New York. Italy's
national airline experienced financial difficulties for a number
of years caused, in large measure, by a combination of competition
from low-cost air carriers, poor management and onerous union
obligations, according to papers filed with the court.
In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively. Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection. The
carrier booked annual net losses of EUR520 million in 2003, EUR813
million in 2004, EUR168 million in 2005, EUR625.6 million in 2006,
and EUR494.64 million in 2007.
COMPAGNIA ITALPETROLI: Unicredit May Take Control of AS Roma
------------------------------------------------------------
Francesca Cinelli at Bloomberg News, citing Il Sole 24, reports
that the Sensi family may agree to hand over the ownership of
Compagnia Italpetroli SpA, which controls Italian soccer club AS
Roma SpA, to UniCredit SpA.
According to Bloomberg, Il Sole said an arbitration hearing was
scheduled yesterday. Bloomberg relates Il Sole reported that the
two companies are involved in a dispute over a EUR325-million debt
(US$407.4 million).
Guy Dinmore at the Financial Times reports that the team's holding
company faces bankruptcy.
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of Alliance Bank to B3 from Caa3.
The bank's E bank financial strength rating, which now maps to a
Baseline Credit Assessment of Caa2, and Not Prime short-term
ratings have been affirmed. Concurrently, the bank's senior
unsecured and subordinated notes issued in the course of the
restructuring have been assigned long-term debt ratings of B3 and
Caa1, respectively. The bank's BFSR carries a stable outlook.
The outlook on the bank's long-term debt and deposit ratings is
developing.
This rating action concludes the review of Alliance Bank's long-
term deposit ratings initiated by Moody's on 6 April 2010.
"The upgrade of the bank's debt ratings was triggered by the
completion of the debt restructuring that facilitated
recapitalization of the bank by approximately a US$3.7 billion,
thus enabling it to (i) report shareholder's equity of
KZT31 billion (in accordance with local accounting standards) as
at end-March 2010, and (ii) meet the minimal capital adequacy
requirements of Kazakhstan's Financial Market Supervision
Authority," said Mr. Semyon Isakov, a Moody's Assistant Vice-
President and lead analyst for the bank. "At the same time,
Alliance Bank continues to operate with an IFRS capital deficit of
KZT128 billion as at end-March 2010, while its income from the
core banking operations currently does not fully cover operating
expenses, thereby constraining the bank's BFSR at E," added
Mr. Isakov.
Moody's notes that Alliance Bank is currently controlled by the
Kazakhstan government through the National Welfare Fund -- Samruk-
Kazyna, and the latter has supported the bank (in terms of capital
and liquidity) amid the global financial crisis. Therefore
Moody's assessment incorporates a moderate probability that
systemic support would be extended to the bank in order to honor
its liabilities in a timely manner. Moody's assessment also
reflects the government's plans to relinquish control of the bank
in the medium-to-long term. Therefore the bank's long-term B3
ratings currently benefit from a two-notch uplift from the bank's
BCA of Caa2. The Caa1 local currency long-term debt rating
assigned to the bank's subordinated debt is one notch below the B3
senior unsecured ratings assigned to the bank, and reflects
subordination of claims.
According to Moody's, Alliance Bank's ratings may be upgraded if
the bank restores its capital base and substantially improves
operating efficiency. Conversely, if the bank fails to improve
its operating efficiency and capital position within the next 12
months and reports recurring loss for a prolonged period of time,
the ratings could be downgraded, as reflected in the developing
outlook assigned to the bank's long-term ratings.
Moody's has assigned these debt ratings to Alliance Bank's notes
issued in the course of the restructuring:
-- B3 senior unsecured foreign currency debt rating:
US$615,138,144 Discount Dollar Notes due 2017
-- B3 senior unsecured foreign currency debt rating:
US$219,343,079 Par Dollar Notes due 2020
-- B3 senior unsecured local currency debt rating:
KZT1,248,534,571 Par Tenge Notes due 2020
-- B3 senior unsecured local currency debt rating:
KZT966,814,140 Discount Tenge Notes due 2017
-- Caa1 subordinated local currency debt rating:
KZT21,307,394,519 Subordinated Tenge B Notes due 2030
Moody's previous rating action on Alliance Bank was on April 6,
2010, when the rating agency placed the bank's Caa3 long-term
deposit ratings on review for possible upgrade and withdrew the
debt ratings assigned to the debt instruments that were cancelled
in the course of restructuring.
Headquartered in Almaty, Kazakhstan, Alliance Bank reported total
assets of KZT413 billion (US4.5 billion) and total capital deficit
of KZT128 billion (US$2.5 billion), in accordance with unaudited
IFRS financials as at March 31, 2010.
TEMIRBANK AO: Fitch to Review 'RD' Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings says that it plans to review the ratings of
Kazakhstan's Temirbank (currently rated Long-term foreign currency
IDR 'RD') following the bank's June 30 announcement that it has
completed a restructuring of its debts.
The agency anticipates completing this review in the next two
months during which it plans to review information to be provided
by the bank concerning its current financial position and future
plans.
Temirbank's current ratings are:
-- Long-term foreign currency IDR: 'RD' (Restricted Default)
-- Short-term foreign currency IDR: 'RD'
-- Individual Rating: 'F'
-- Support Rating: '5'
-- Support Rating Floor: 'No Floor'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
===========
R U S S I A
===========
MECHEL OAO: Mulls Sale of RUR35 Billion Domestic Bonds
------------------------------------------------------
OAO Mechel plans to sell as much as RUR35 billion (US$1.1 billion)
of domestic bonds, Ilya Khrennikov at Bloomberg News reports,
citing Alexander Tolkach, the company's head of investor
relations.
According to Bloomberg, Mechel is seeking funding to develop
Siberia's Elga deposit, Russia's largest untapped reserve of coal
used in making steel.
Mechel OAO (Mechel Steel Group OAO) (NYSE:MTL) --
http://www.mechel.com/-- is a Russia-based vertically integrated
mining and metals company. The Company's business comprises two
segments, mining and steel. The mining segment includes the
production and sale of coal, iron ore and nickel, while the steel
business covers the production and sale of semi-finished steel
products, carbon and stainless flat products as well as value
added downstream metal products, such as hardware, stampings and
forgings. In addition, Mechel OAO owns and operates two trade
ports, a railway and an energy company. It has production
facilities located in Russia, Romania and Lithuania. The Company
has 22 subsidiaries, of which 12 are wholly owned. Numerous
representative offices located worldwide, allow the Company to
offer its products on both domestic and international markets.
* * *
As reported by the Troubled Company Reporter-Europe on May 26,
2010, Moody's Investors Service assigned a B1 corporate family
rating to Mechel and a B1 Probability of Default Rating. The
outlook on the ratings is stable. This is the first
time that Moody's rates the company.
Moody's said the CFR of Mechel reflects: 1) aggressive
capital structure with high leverage and modest CF metrics which
will take some time before it improves; 2) the company's exposure
to the cyclicality of the steel and mining industry which was
recently evidenced by the worst downturn in decades; 3) on-going
refinancing risk with sizable repayments in 2010 and 2011 and a
liquidity profile depending on renewing or extending funding to
the extent that the expansion capex plans are carried out; 4) the
fact that future green field developments of Elga deposit would
require significant resources and provide technical and operating
challenges; 5) expectations of substantial capital expenditures
related to the current activity of steel assets which would
further negatively affect FCF generation; 6) possible negative
administrative/regulatory consequences for the Russian mining
sector following the recent incidents at the mining sector; 7) the
company's ownership concentration adding uncertainty and less
predictability to its financial strategy and dividend policy.
MOBILE TELESYSTEMS: In Talks to Buy More Programs for Omlet.ru
--------------------------------------------------------------
Mobile TeleSystems is in talks with media companies including News
Corp.'s Fox and Sony to acquire more films and television programs
for its online entertainment service, Kenneth Li and Andrew
Edgecliffe-Johnson at The Financial Times report, citing
executives familiar with the matter.
Mikhail Shamolin, chief executive of MTS, told the FT last week
that Omlet.ru is expected to have access to up to 5,000 films by
next year. "We have negotiated with all the major US and Russian
studios," the FT quoted Mr. Shamolin as saying. He did not
specify which discussions were active, the FT notes.
MTS has already secured deals with Walt Disney and NBC Universal,
the FT discloses.
According to the FT, Omlet.ru, the Moscow-based operator's portal
that is available on broadband-connected computers and mobile
phones, has become Russia's largest legal online source for
entertainment content.
Headquartered in Moscow, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is a provider of mobile cellular
communications services in Russia, Uzbekistan, Turkmenistan and
Armenia and Ukraine. During the year ended December 31, 2008, the
Company had a subscriber base of 91.33 million (64.63 million in
Russia, 18.12 million in Ukraine, 5.65 million in Uzbekistan, 0.93
million in Turkmenistan and 2.02 million in Armenia). In addition
to standard voice services, the Company offers its subscribers
value added services, including voice mail, short message service
(SMS), general packet radio service (GPRS), augmented by enhanced
data rates for GSM evolution (EDGE), high-speed downlink packet
access (HSDPA), and various SMS- and GPRS/EDGE/HSDPA-based
information and entertainment services (including multi media
message service (MMS)). It also offers its subscribers the
ability to roam automatically throughout Europe and in much of the
rest of the world.
* * *
As reported by the Troubled Company Reporter-Europe on June 18,
2010, Moody's Investors Service assigned a (P) Ba2, LGD4/58%
rating to Mobile TeleSystems OSJC's issuance of US$750 million
8.625% Loan Participation Notes due 2020. MTS's other ratings
remain unchanged (Ba2 corporate family and Ba2 senior unsecured
ratings). Moody's said the outlook for all ratings is stable.
PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B+' long-term corporate credit rating to Russia-based
diversified media holding ProfMedia Ltd. The outlook is stable.
At the same time, S&P assigned its preliminary 'B+' rating to the
proposed Russian ruble (RUB) 3 billion (about $95 million) bond to
be issued by ProfMedia-Finance LLC, which will be fully guaranteed
by ProfMedia Ltd. S&P assigned a preliminary recovery rating of
'4' to the bond, indicating its expectation of average (30%-50%)
recovery in the event of a payment default.
S&P will assign final ratings once the issuance of loans and the
bond has been completed.
"The preliminary corporate credit rating reflects S&P's view of
ProfMedia's high financial leverage, volatile cash flow
generation, high growth appetite, and negative free cash flow
projected for the near term," said Standard & Poor's credit
analyst Alexander GriazNov. "ProfMedia's exposure to the cyclical
media industry in one market and Russia's complex regulatory
environment also constrain the rating. These risks are moderated
by the company's diversification in terms of revenues and EBITDA,
the strong market position of its core content business, and
relatively low exposure to cyclical advertising markets."
A diversified holding, ProfMedia runs several media businesses in
Russia, including content production and distribution, TV and
radio broadcasting, film exhibition, publishing, and new-media
businesses. ProfMedia owns 75% of the leading filmed-content
production and distribution company in Russia, Central
Partnership, which produces both medium-length TV series and full-
length films for TV and movie theatres. It also acquires the
rights to quality content from major studios and distributes it in
Russia. Central Partnership accounted for 42% of ProfMedia's
adjusted EBITDA in 2009 and provides significant diversification
away from the more cyclical advertising-led businesses.
ProfMedia's second largest business is TV broadcasting, which
accounted for 36% of EBITDA for 2009 and includes ownership of
three niche free-to-air TV channels that have a joint audience
share of 4.4% in Russia's highly fragmented market. S&P expects
the broadcasting business to expand, supported by the growth of
the TV advertising market in Russia and management's efforts to
strengthen the audience shares of its channels. S&P note,
however, that the profitability of this segment is lower than that
of some of ProfMedia's peers.
Although ProfMedia's other businesses, including new media and
film exhibition, are smaller than the two largest segments, S&P
believes they should expand meaningfully over time. Internet-
related advertising is a rapidly expanding segment worldwide, and
S&P understands that ProfMedia is seeking various synergy
opportunities between its new-media division and other businesses.
ProfMedia also places a strategic emphasis on the growth of its
chain of cinema multiplexes, which should support future
diversification.
High leverage is a key rating constraint, in S&P's view. As of
Dec. 31, 2009, ProfMedia's adjusted debt-to-EBITDA ratio was 3.1x,
which S&P believes could reach 4x in 2010 if ProfMedia increases
investments in 2010 as planned. This will likely lead to negative
funds from operations in 2010 and significantly weaker cash flow
protection ratios. Still, S&P assume that the company's
investments will gradually decline and that it should be able to
generate positive free operating cash flow from 2012. The rating
incorporates the assumption that there will be no significant
acquisitions or dividend payments over the next two years.
"The outlook is stable because S&P expects ProfMedia's resilient
performance to continue, in line with the growth of the
advertising market in Russia," said Mr. GriazNov. "S&P also
believe ProfMedia's liquidity will likely remain adequate, despite
significant negative free cash flow generation in 2010."
At this rating level, S&P would expect to see ProfMedia report an
average debt-to-EBITDA ratio of about 3x for three consecutive
years, although S&P believes that in 2010 the company's debt
metrics could be weaker. The preliminary rating incorporates
S&P's assumption that liquidity will remain adequate at all times.
In particular, S&P expects the ruble bond to be issued for a
minimum of three years.
=========
S P A I N
=========
CAIXA D'ESTALVIS: Fitch Cuts Subordinated Debt Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Caixa d'Estalvis de Sabadell's and
Caixa d'Estalvis de Terrassa's ratings, removed the ratings from
Rating Watch Negative, and withdrawn the ratings. Fitch has
simultaneously assigned ratings to the newly-formed Caixa
d'Estalvis Unio de Caixes Manlleu, Sabadell i Terrassa (Unnim).
The rating actions follow the formalization of the merger of Caixa
Sabadell, Caixa Terrassa and Caixa d'Estalvis Comarcal de Manlleu
to form Unnim, which will receive EUR380m of temporary financial
assistance from Spain's Fund for Orderly Bank Restructuring in the
form of convertible preference shares. The three institutions
have been dissolved and their assets and liabilities have been
transferred into Unnim. The merger was approved by the General
Assemblies of each individual caja, the Bank of Spain, the FROB
and the Autonomous Community of Catalonia (rated 'A+'/Outlook
Negative/'F1'). Issue ratings for the former Caixa Sabadell and
the former Caixa Terrassa are now based on Unnim's Long-term IDR,
and are also provided at the end of this comment.
While forming a larger entity, the assigned ratings reflect
Fitch's opinion that the merged entity will operate in a difficult
operating environment, characterized by a weak Spanish economy for
which recovery prospects are uncertain, a high unemployment rate
and a sharp downturn of the property sector to which Unnim has
high risk concentration (around 26% of total loans, which is
slightly above the sector average). Unnim faces the significant
challenge of undertaking a restructuring process, while managing
asset quality and profitability, in this environment. Stiff
deposit competition and ongoing challenging market funding
conditions for Spanish banks could also weigh on Unnim's
profitability and liquidity.
The new entity's ratings also consider its sound retail franchise
in Catalonia and its good liquidity position, which is backed by
an enhanced level of deposits (around 65% of total loans),
sizeable liquid assets and balanced wholesale funding access.
Furthermore, cost and revenue synergies are expected to support
profits following the restructuring process, but these are likely
to be largely achieved in the medium-term.
Each of the former entities had experienced a rapid deterioration
in asset quality and Unnim has an above-sector-average level of
impaired loans and foreclosed assets. At end-Q110, the aggregate
impaired/total loans ratio was 6.8% and, if foreclosed assets (net
of reserves) were taken into account, this ratio would be 12.4%.
On a positive note, risk concentration in single exposures is low
given little overlap, and Unnim's larger equity base. However,
geographical diversification outside Catalonia is not achieved.
FROB funds and revaluation reserves arising from the merger
support capital and facilitate the bringing forward of asset
impairments for 2010-2012 and potential contingencies from the
rationalization of the insurance business, which are charged
against equity. However, Unnim's core capital ratio of around 6%
remains modest by international standards. Nonetheless,
restructuring costs will progressively be absorbed through future
profit and loss statements and should eventually enhance cost
efficiency. Strict oversight by the FROB and the Bank of Spain
and the high cost of funds provide a stimulus to manage the merger
well, and return financial assistance within the five-year
regulatory timeframe.
Unnim is Spain's 13th-largest caja by total assets at end-2009
(considering other mergers underway). It is retail-focused in the
region of Catalonia, with 3,413 staff and 763 branches.
The rating actions on the cajas and their debt issues are (Fitch
will no longer provide rating or analytical coverage of Caixa
Sabadell and Caixa Terrassa).
Caixa Sabadell:
-- Long-term Issuer Default Rating: downgraded to 'BBB-' from
'BBB+', removed from RWN, assigned Stable Outlook; rating
withdrawn
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN; rating withdrawn
-- Individual Rating: downgraded to 'C/D' from 'C'; removed from
RWN; rating withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
-- EUR150m of subordinated debt: downgraded to 'BB+' from 'BBB',
removed from RWN
-- EUR165m of preference shares: downgraded to 'B+' from 'BB',
removed from RWN
-- EUR670m of state-guaranteed debt: affirmed at 'AA+'
Caixa Terrassa:
-- Long-term Issuer Default Rating: downgraded to 'BBB-' from
'BBB+', removed from RWN, assigned Stable Outlook; rating
withdrawn
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN; rating withdrawn
-- Individual Rating: downgraded to 'C/D' from 'C'; removed from
RWN; rating withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
-- EUR125m of subordinated debt: downgraded to 'BB+' from 'BBB',
removed from RWN
-- EUR75m of Upper tier 2 subordinated debt: downgraded to 'BB'
from 'BBB-', removed from RWN
-- EUR125m of preference shares: downgraded to 'B+' from 'BB',
removed from RWN
-- EUR600m of state-guaranteed debt: affirmed at 'AA+'
Unnim:
-- Long-term IDR: assigned at 'BBB-'; Outlook Stable
-- Short-term IDR: assigned at 'F3'
-- Individual Rating: assigned at 'C/D'
-- Support Rating: assigned at '3'
-- Support Rating Floor: assigned at 'BB+'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
CAIXA DE TERRASSA: Fitch Cuts Subordinated Debt Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Caixa d'Estalvis de Sabadell's and
Caixa d'Estalvis de Terrassa's ratings, removed the ratings from
Rating Watch Negative, and withdrawn the ratings. Fitch has
simultaneously assigned ratings to the newly-formed Caixa
d'Estalvis Unio de Caixes Manlleu, Sabadell i Terrassa (Unnim).
The rating actions follow the formalization of the merger of Caixa
Sabadell, Caixa Terrassa and Caixa d'Estalvis Comarcal de Manlleu
to form Unnim, which will receive EUR380m of temporary financial
assistance from Spain's Fund for Orderly Bank Restructuring in the
form of convertible preference shares. The three institutions
have been dissolved and their assets and liabilities have been
transferred into Unnim. The merger was approved by the General
Assemblies of each individual caja, the Bank of Spain, the FROB
and the Autonomous Community of Catalonia (rated 'A+'/Outlook
Negative/'F1'). Issue ratings for the former Caixa Sabadell and
the former Caixa Terrassa are now based on Unnim's Long-term IDR,
and are also provided at the end of this comment.
While forming a larger entity, the assigned ratings reflect
Fitch's opinion that the merged entity will operate in a difficult
operating environment, characterized by a weak Spanish economy for
which recovery prospects are uncertain, a high unemployment rate
and a sharp downturn of the property sector to which Unnim has
high risk concentration (around 26% of total loans, which is
slightly above the sector average). Unnim faces the significant
challenge of undertaking a restructuring process, while managing
asset quality and profitability, in this environment. Stiff
deposit competition and ongoing challenging market funding
conditions for Spanish banks could also weigh on Unnim's
profitability and liquidity.
The new entity's ratings also consider its sound retail franchise
in Catalonia and its good liquidity position, which is backed by
an enhanced level of deposits (around 65% of total loans),
sizeable liquid assets and balanced wholesale funding access.
Furthermore, cost and revenue synergies are expected to support
profits following the restructuring process, but these are likely
to be largely achieved in the medium-term.
Each of the former entities had experienced a rapid deterioration
in asset quality and Unnim has an above-sector-average level of
impaired loans and foreclosed assets. At end-Q110, the aggregate
impaired/total loans ratio was 6.8% and, if foreclosed assets (net
of reserves) were taken into account, this ratio would be 12.4%.
On a positive note, risk concentration in single exposures is low
given little overlap, and Unnim's larger equity base. However,
geographical diversification outside Catalonia is not achieved.
FROB funds and revaluation reserves arising from the merger
support capital and facilitate the bringing forward of asset
impairments for 2010-2012 and potential contingencies from the
rationalization of the insurance business, which are charged
against equity. However, Unnim's core capital ratio of around 6%
remains modest by international standards. Nonetheless,
restructuring costs will progressively be absorbed through future
profit and loss statements and should eventually enhance cost
efficiency. Strict oversight by the FROB and the Bank of Spain
and the high cost of funds provide a stimulus to manage the merger
well, and return financial assistance within the five-year
regulatory timeframe.
Unnim is Spain's 13th-largest caja by total assets at end-2009
(considering other mergers underway). It is retail-focused in the
region of Catalonia, with 3,413 staff and 763 branches.
The rating actions on the cajas and their debt issues are (Fitch
will no longer provide rating or analytical coverage of Caixa
Sabadell and Caixa Terrassa).
Caixa Sabadell:
-- Long-term Issuer Default Rating: downgraded to 'BBB-' from
'BBB+', removed from RWN, assigned Stable Outlook; rating
withdrawn
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN; rating withdrawn
-- Individual Rating: downgraded to 'C/D' from 'C'; removed from
RWN; rating withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
-- EUR150m of subordinated debt: downgraded to 'BB+' from 'BBB',
removed from RWN
-- EUR165m of preference shares: downgraded to 'B+' from 'BB',
removed from RWN
-- EUR670m of state-guaranteed debt: affirmed at 'AA+'
Caixa Terrassa:
-- Long-term Issuer Default Rating: downgraded to 'BBB-' from
'BBB+', removed from RWN, assigned Stable Outlook; rating
withdrawn
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN; rating withdrawn
-- Individual Rating: downgraded to 'C/D' from 'C'; removed from
RWN; rating withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
-- EUR125m of subordinated debt: downgraded to 'BB+' from 'BBB',
removed from RWN
-- EUR75m of Upper tier 2 subordinated debt: downgraded to 'BB'
from 'BBB-', removed from RWN
-- EUR125m of preference shares: downgraded to 'B+' from 'BB',
removed from RWN
-- EUR600m of state-guaranteed debt: affirmed at 'AA+'
Unnim:
-- Long-term IDR: assigned at 'BBB-'; Outlook Stable
-- Short-term IDR: assigned at 'F3'
-- Individual Rating: assigned at 'C/D'
-- Support Rating: assigned at '3'
-- Support Rating Floor: assigned at 'BB+'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
CODERE SA: S&P Changes Outlook to Stable; Affirms 'B' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on the ratings on Spanish and Latin American gaming
company Codere S.A. to stable from negative. At the same time,
S&P affirmed the 'B' long-term corporate credit and senior
unsecured debt ratings on Codere.
The recovery rating on the EUR660 million senior notes issued by
Codere Finance (Luxembourg) S.A. remains '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.
"The outlook revision reflects reduced refinancing risk as a
result of the extension of Codere's senior credit facilities and
S&P's view that improved trading prospects in several markets and
continuing discipline over overheads and capital expenditure
should permit a gradual improvement in the company's still highly
leveraged credit metrics, despite its proposed Panamanian
acquisition," said Standard & Poor's credit analyst Philip Temme.
The ratings on Codere, which operates gaming machines in
Argentinian and Mexican bingo halls and Spanish bars, reflect
S&P's view of its "highly leveraged" financial risk profile,
significant exposure to volatile Latin American economies and
currency translation risks, and the heavy indebtedness of its
controlling shareholders. These weaknesses are somewhat mitigated
by the company's cash-generative characteristics, leading market
positions, and limited maintenance capex requirements.
Adjusted total EBITDA fell 5.5% in 2009 versus 2008, to
EUR226.1 million, on sales down 7.8% over the same period,
affected by the Spanish recession, temporary swine-flu-related
closures, and the depreciation of Latin American currencies versus
the euro. These factors were partly offset by the positive
effects of more coinless technology in Codere's Argentinian
premises. This result was, however, ahead of the company's full-
year guidance and adjusted EBITDA margins rose to 23.4% from
22.8%, on the back of reduced capex and lower overheads.
First-quarter unadjusted EBITDA of EUR54.5 million was ahead of
expectations and, despite limited evidence of any recovery in
Spanish trading in the first four months of the year, solid
trading in Argentina, more favorable currency trends, and the
nonrecurrence of last year's one-off items, suggest improved
trading prospects in 2010. Codere has given guidance that
unadjusted 2010 EBITDA will be EUR230 million-EUR240 million.
S&P could lower the ratings if the adjusted debt-to-EBITDA ratio
(including payment-in-kind notes) were to exceed 6.0x or if
covenant headroom under the senior credit facilities were to
tighten. Any ratings upgrade is unlikely until the company brings
the ratio of adjusted debt to EBITDA (including the PIK notes)
below 5.0x.
FTA SANTANDER: Moody's Assigns 'Ca' Rating on EUR88.5M D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
notes issued by FTA SANTANDER CONSUMER SPAIN AUTO 2010-1:
-- EUR493.5M A Notes, Assigned Aaa
-- EUR57.0M B Notes, Assigned Aa2
-- EUR49.5M C Notes, Assigned Baa2
-- EUR88.5M D Notes, Assigned Ca
FTA SANTANDER CONSUMER SPAIN AUTO 2010-1 is a cash securitization
of auto loans granted to borrowers resident in Spain and
originated by Santander Consumer, E.F.C., S.A. (Not Rated). The
pool will also be serviced by the same originator.
The provisional pool of underlying assets was, as of May 2010,
composed of a portfolio of 60,556 auto loans, extended to
individuals (96.3%) and small companies (3.7%), to finance the
acquisition of new (90.5%) and used cars (9.5%). The loans were
originated between 2004 and 2010 and have a weighted average
seasoning of less than a year and a weighted average remaining
life of 4.84 years. The pool has been mainly originated through
the broker channel (auto dealers) in accordance with the
originator's business model. The portfolio securitized includes
only fixed- rate loans with standard amortizing loans (French
amortization) and have monthly installments. Geographically, the
pool is concentrated in Andalusia (27.0%), Catalonia (10.9%) and
Madrid (10.6%). At closing, there will be no loans in arrears.
According to Moody's, this deal benefits from several credit
strengths, such as a very granular portfolio, a static structure
and a swap agreement guaranteeing an excess spread of 2.5% which
Moody's took into consideration in its analysis. However, Moody's
notes that the transaction features a number of credit weaknesses,
including a relatively short weighted average seasoning, the
performance deterioration above market average of previous deals
originated Santander Consumer EFC and the originator/servicer not
being rated by Moody's. However, this last feature is partially
mitigated due to Santander Consumer Finance (A2/P-1) acting as
backup servicer.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) the strict eligibility
criteria with which any receivable to be included in the
securitized pool must comply; (iii) historical performance
information; (iv) the swap agreement; (v) the credit enhancement
provided through the GIC account, the excess spread, the reserve
fund and the subordination of the notes; and (vi) the legal and
structural integrity of the transaction.
In Moody's quantiative assessment of the transaction, a mean
default rate of 12% and a fixed recovery rate of 30% were tested
in the model as the main input parameters for Moody's cash-flow
model ABSROM.
The V Score for this transaction is Medium, which is in line with
the score assigned for the Spanish Consumer loan ABS sector.
Nonetheless, Moody's note that some additional elements of
volatility were assessed for category "Disclosure of
Securitization Collateral Pool Characteristics" (M), due to the
lack of details on internal scoring data and for category
"Disclosure of Securitization Performance" (M/H), due to poor
performance disclosure on previous Santander Consumer EFC deals.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes (May 2023). In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B and C
notes, and for ultimate payment of interest and principal at par
with respect to the Series D notes, on or before the rated final
legal maturity date. Moody's ratings address only the credit
risks associated with the transaction. Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.
The previous rating action relates to the assignment of the
provisional rating on June 28, 2010.
PANRICO: Fails to Fetch Bids; Debt-for-Equity Swap Likely
---------------------------------------------------------
Panrico is set to be taken over by its creditor banks after
failing to fetch any binding bids by a June deadline, Marietta
Cauchi and Christopher Bjork at Dow Jones Newswires report, citing
people familiar with the matter.
According to Dow Jones, the people said the sales process has been
frozen while owner Apax Partners pursues talks with the company's
banks on a transfer of ownership.
Dow Jones relates the people said final bids were due at the end
of June but none of the remaining bidders, which include Permira
and Doughty Hanson & Co. Ltd., has submitted one.
Dow Jones says there is no equity left in Panrico and Apax, which
bought Panrico in 2005 in a leveraged deal reportedly worth EUR900
million, is unlikely to inject any more capital into the business.
Dow Jones notes the people familiar with the matter added the most
likely outcome now is a debt for equity swap whereby creditors
take control.
As reported by the Troubled Company Reporter-Europe on May 27,
2010, Dow Jones said the company has been severely hit by the
Spanish downturn, which has seen consumers shifting to cheaper
generic brands sold in supermarkets.
Based in Spain, Panrico makes branded pastries and sliced bread
and is best known for its Donuts brand.
TDA CAM: Fitch Affirms Ratings on Class D Notes at 'CC'
-------------------------------------------------------
Fitch Ratings has downgraded three TDA CAM transactions and
affirmed six others. The rating actions follow Fitch's assessment
of the current credit enhancement levels against the agency's
revised criteria assumptions for Spanish RMBS transactions. The
rating actions also take into account the performance of the deals
to-date, as well as Fitch's expectations on their future
performance.
With the level of gross cumulative defaults in the less seasoned
transactions (TDA CAM 5 to 9) exceeding the levels seen in the
earlier deals, Fitch has concerns over the performance of the
underlying assets. Due to the high volume of defaults in TDA CAM
7 and TDA CAM 9, the trigger for the pro-rata amortization of the
class A notes has been breached, and as it is linked to the gross
cumulative defaults, it will not be cured. As a result the
amortization of the notes will continue to be in order of
seniority. Fitch views the exposure of the less seasoned pools to
non-Spanish debtors or broker-originated loans, which have been
more severely hit by the current economic downturn, to be among
the drivers for the performance deterioration observed in these
more recent TDA CAM deals.
All nine transactions include a provisioning mechanism, whereby
loans in arrears by more than 12 months are provisioned for the
full outstanding amount. Due to the high volume of defaults being
recognized each period and limited recoveries received, the later
transactions in the series (TDA CAM 5 to 9) have all seen
significant reserve fund draws. As a result, the credit support
currently available to the junior tranches of these deals has
declined, despite the sequential amortization of the notes.
TDA CAM 6, 7, 8 and 9 have seen a significant portion of
recoveries come through in the past few months, which has led to
marginal replenishments of the reserve fund draws to date.
However, these transactions remain exposed to the lagging effect
of unemployment in Spain, as well as the inevitable increase in
interest rates. Both factors are expected to put additional
stress on the transactions' ability to generate sufficient revenue
necessary to cover future defaults.
The more seasoned transactions issued 2006, TDA CAM 1 to 4, have
to date generated sufficient revenue necessary to provision for
defaults. The underlying assets in these transactions have also
benefited from significant deleveraging, and report weighted
average loan-to-value ratios in the range of 46.1% to 50.9%. With
Fitch's expectations of house price declines 30% peak-to-trough,
the agency believes that the level of losses from the sale of
properties in the underlying pools will remain manageable. In
addition, the transactions have a fully sequential amortization
structure in place, which has led to a significant increase in the
credit enhancement levels of the rated tranches.
Similar to TDA CAM 5 to 9, the level of excess spread that TDA CAM
1 to 4 will generate, is highly dependent on the level of
recoveries the issuer is able to generate from defaulted loans.
However, the agency believes that excess spread generation in
these deals, with the exception of TDA CAM 4, will be more than
sufficient to cover the provisions on newly recognized defaults.
The Negative Outlook on class B of TDA CAM 4 is a reflection of
Fitch's expectation of reserve fund draws.
The latest investor reports for the TDA CAM series show
stabilization in the volume of loans in arrears by more than three
months. The portion of such loans makes up between 0.3% (TDA CAM
1) and 2.6% (TDA CAM 9) of the outstanding portfolios, compared to
0.5% (TDA CAM 1) to 5.4% (TDA CAM 9) 12 months ago. Fitch
believes that the stabilization in arrears in the higher buckets
has predominantly been driven by loans rolling into default,
although recoveries could also be benefiting from the originator's
recently strengthened servicing and recovery procedures.
Nevertheless, the agency has concerns over the sustainability of
the improved performance, which is reflected in the downgrades
taken on TDA CAM 5, 6 and 7.
The rating actions are:
TDA CAM 1, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0338448006) affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1';
-- Class B (ISIN ES0338448014) affirmed at 'AA'; Outlook Stable;
Loss Severity Rating 'LS-1';
TDA CAM 2, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0338449004) affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1';
-- Class B (ISIN ES0338449012) affirmed at 'AA-'; Outlook
Stable; Loss Severity Rating 'LS-1';
TDA CAM 3, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0377990009) affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1';
-- Class B (ISIN ES0377990017) affirmed at 'A+'; Outlook Stable;
Loss Severity Rating 'LS-1';
TDA CAM 4, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0377991007) affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1';
-- Class B (ISIN ES0377991015) affirmed at 'A'; Outlook
Negative; Loss Severity Rating 'LS-1';
TDA CAM 5, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0377992005) affirmed at 'AAA'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class B (ISIN ES0377992013) downgraded to 'BBB' from 'A-';
Outlook Negative; assigned Loss Severity Rating 'LS-2'
TDA CAM 6, Fondo de Titulizacion de Activos:
-- Class A1 (ISIN ES0377993003) downgraded to 'AA+' from 'AAA';
Outlook Negative; assigned Loss Severity Rating 'LS-1'
-- Class A2 (ISIN ES0377993011) downgraded to 'AA+' from 'AAA';
Outlook Negative; assigned Loss Severity Rating 'LS-1'
-- Class A3 (ISIN ES0377993029) downgraded to 'AA+' from 'AAA';
Outlook Negative; assigned Loss Severity Rating 'LS-1'
-- Class B (ISIN ES0377993037) downgraded to 'B' from 'BBB';
Outlook Negative; assigned Loss Severity Rating 'LS-3'
TDA CAM 7, Fondo de Titulizacion de Activos:
-- Class A2 (ISIN ES0377994019) affirmed at 'AA+'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class A3 (ISIN ES0377994027) affirmed at 'AA+'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class B (ISIN ES0377994035) downgraded to 'BB' from 'BB+';
Outlook Negative; assigned Loss Severity Rating 'LS-3'
TDA CAM 8, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0377966009) affirmed at 'AA'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class B (ISIN ES0377966017) affirmed at 'BBB'; Outlook
Negative; assigned Loss Severity Rating 'LS-3'
-- Class C (ISIN ES0377966025) affirmed at 'B'; Outlook
Negative; assigned Loss Severity Rating 'LS-4'
-- Class D (ISIN ES0377966033) affirmed at 'CC'; Recovery Rating
'RR5'
TDA CAM 9, Fondo de Titulizacion de Activos:
-- Class A1 (ISIN ES0377955002) affirmed at 'AA'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class A2 (ISIN ES0377955010) affirmed at 'AA'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class A3 (ISIN ES0377955028) affirmed at 'AA'; Outlook
Negative; assigned Loss Severity Rating 'LS-1'
-- Class B (ISIN ES0377955036) affirmed at 'BBB'; Outlook
Negative; assigned Loss Severity Rating 'LS-3'
-- Class C (ISIN ES0377955044) affirmed at 'B'; Outlook
Negative; assigned Loss Severity Rating 'LS-4'
-- Class D (ISIN ES0377955051) affirmed at 'CC'; Recovery Rating
'RR5'
=====================
S W I T Z E R L A N D
=====================
BANQUE HERITAGE: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Switzerland-based Banque Heritage's
Long-term Issuer Default Rating at 'BB+' with a Stable Outlook,
Short-term IDR at 'B', Individual Rating at 'C/D', Support Rating
at '5' and Support Rating Floor at 'NF'. Fitch has simultaneously
withdrawn all of BH's ratings.
Fitch will no longer provide ratings or analytical coverage of
Banque Heritage.
===========================
U N I T E D K I N G D O M
===========================
BEMROSEBOOTH: Nears Going Concern Sale; Has Three Main Offers
-------------------------------------------------------------
Simon Nias at PrintWeek reports that administrators for
BemroseBooth have said they are confident of selling the business
as a going concern, following the receipt of a number of
"substantial offers" for the company.
PrintWeek relates David Stephenson, senior manager with insolvency
practitioners David Rubin & Partners, said the number of potential
bids for the business has been narrowed to three main offers.
"Our agents have been conducting discussions with the top three
contenders, analyzing and refining detailed points on the offers,"
PrintWeek quoted Mr. Stephenson as saying. "Our confidence that a
going concern sale can be concluded continues to grow. Our
conversations with major customers have been friendly and
supportive and everybody wants this to work."
PrintWeek notes Mr. Stephenson added that he could not disclose
names of the three parties vying for the business, but said the
agency marketing the business, Edward Symmons, would "shortly be
in a position to recommend acceptance of the [best] offer".
As reported by the Troubled Company Reporter-Europe on July 1,
2010, Bemrosebooth appointed David Rubin and Henry Lan,
of David Rubin & Partners, as joint administrators on June 28.
PrintWeek disclosed Mr. Rubin said BemroseBooth suffered from
"over-capacity prevailing in the printing market," as well as
declining profitability in the telecom scratch cards market.
on June 24, the Troubled Company Reporter-Europe, citing
PrintWeek, reported that some 120 employees were made redundant
from Bemrosebooth's Derby plant on June 21, 40 from its Derby-
based head office and 26 from its Hull site on June 22.
BemroseBooth is a print firm based in Derby.
BRITISH SEAFOOD: Ex-Chief to Lodge Counter Claim v. Fraud Suits
---------------------------------------------------------------
Martin Arnold and Jane Croft at The Financial Times report that
Mark Holyoake, former chief executive of British Seafood, has
promised to bring a "counter claim" against those suing him over
an alleged fraud behind the collapse last February of the company
he founded.
The FT relates private equity group 3i and Deloitte, the
administrators of British Seafood, have both brought lawsuits
against Mr. Holyoake. He and 18 others are subject to a worldwide
asset-freezing order obtained by Deloitte on behalf of four
British Seafood companies in administration following allegations
of a fraud to invent sales and inflate the size of the company,
the FT discloses.
The Serious Fraud Office has confirmed it is investigating the
collapse of the company, the FT notes.
According to the FT, a spokesman for Mr. Holyoake said his parents
had no involvement in British Seafood and were equity holders in
name only. "They have already applied to the Court to be struck
out, as clearly they should not have been included in any claim,"
the FT quoted the spokesman as saying.
Deloitte, the FT discloses, has also launched a lawsuit on behalf
of creditors against Mr. Holyoake, who founded the company in 1995
as Bloomsbury International, and finance director David Wells. In
an e-mail to the FT, a spokesman for Mr. Holyoake and Mr. Wells
said the two cases were being defended in full: "All allegations
are totally denied and indeed viewed as spurious." According to
the FT, the spokesman promised to produce "defenses and indeed
substantial counter claim" which are expected to be lodged in
court next week. The spokesman, as cited by the FT said, the
counterclaim has the support of British Seafood's advisers,
executives and shareholders.
The FT notes in its lawsuit, 3i claims that it invested GBP71.8
million in late 2007 to acquire a minority interest in two groups
of companies known collectively as the British Seafood Group and
invested a further GBP2.85 million in a rights issue in August
last year. The company alleges that it was "induced to make these
investments by fraudulent misrepresentations" made by Mr. Holyoake
and Mr. Wells, the FT discloses. It claims that Mr. Holyoake and
his parents "have received substantial sums of money representing
the proceeds of money paid by the claimants", the report states.
Knightsbridge-based British Seafood, which was reputed to be the
UK's biggest importer of fish from Asia, distributed frozen
seafood to the retail trade in the UK. The company employed 163
people in 2008.
EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded EMC-III (Victoria Funding) plc's
junior commercial mortgage-backed floating-rate notes, due 2014,
and affirmed others:
-- GBP2.3m class B (XS0231020727) affirmed at 'AAA'; Outlook
Stable
-- GBP9.3m class C (XS0231022004) affirmed at 'AAA'; Outlook
Stable
-- GBP9.8m class D (XS0231023077) affirmed at 'AA'; Outlook
Stable
-- GBP1.9m class E (XS0231024802) downgraded to 'CC' from 'B';
assigned a Recovery Rating of 'RR2'
The rating actions reflect the contrasting credit quality of the
remaining two loans within the transaction. The affirmation
reflects the stable performance of the Zeloof Partnership loan as
well as the improved credit enhancement resulting from prepayments
and scheduled amortization on the notes. However, this is partly
mitigated by the increased risk of the Brisk loan, due to a
deteriorating lease profile and the current downturn in the UK
secondary commercial real estate market, which has resulted in the
downgrade of the most junior note.
The transaction is a securitization of a portfolio of seven
commercial mortgage loans. Since closing in October 2005, five of
the loans (91.2% of the pool) have been fully prepaid. Combined
with scheduled amortization, this has reduced the outstanding
balance to GBP22.1 million from GBP262.8 million at closing. The
remaining two loans are secured entirely by office properties
located in Coventry and London, with an aggregate market value of
GBP49.0m based on closing valuations.
The transaction has significant exposure to the Zeloof Partnership
loan, which accounts for 90% of the outstanding loan pool. This
loan is secured by the 2.7-acre Old Truman Brewery located in
Brick Lane, in east London. Despite a significant portion of the
property being vacant at closing, the property is now fully
occupied and currently reports a weighted average unexpired lease
term of four years. This has improved the interest coverage ratio
to 4.45x as at the April 2010 payment date from 2.49x at closing.
However, the interest coverage ratio is subject to unexpected
fluctuations as 23% of the space is leased on tenancies at will,
whereby tenants can choose to vacate their rented space at any
time. In addition, the property has significant exposure to
Interxion, a global provider of data centers and managed services,
which accounts for 53% of passing rent. Nevertheless, the strong
exit debt yield of 16.9% on estimated rental value and low Fitch
loan-to-value ratio of 48.1% identify the loan as a low-risk loan
relative to the Brisk loan.
The Brisk loan is secured by a single secondary retail property
located in Coventry. The asset, previously fully let to six
tenants, has experienced two tenant departures in the past year
leaving the property 24% vacant. The remaining leases have a WA
unexpired lease term of 8.9 years. The current loan ICR of 3.61x
is misleading in that the floating-rate loan is currently
benefitting from low interest rates. The net effect of lower
interest rates has had a positive impact on the debt service
coverage ratio which is now above 1x, after having been below this
level for six consecutive payment dates. During this period, the
sponsor topped up amortization shortfalls, so that the exit LTV
remains unaffected. However, with an EDY of 6.1% on current
passing rent the loan's refinancing prospects at maturity in
September 2011 appear limited. Fitch currently estimates the LTV
at 128% compared to a reported LTV of 71.1% due to the secondary
nature of the asset.
EQUINOX PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded five tranches of Equinox (Eclipse
2006-1) plc and affirmed one tranche. The rating actions are:
-- GBP262.4m class A (XS0259279585) downgraded to 'A' from 'AA';
Outlook Negative
-- GBP17.2m class B (XS0259280088) downgraded to 'BBB; from 'A';
Outlook Negative
-- GBP18.1m class C (XS0259280161 downgraded to 'BB; from 'BBB';
Outlook Negative
-- GBP20.9m class D (XS0259280591) downgraded to 'CCC' from
'BB'; assigned a Recovery Rating of 'RR2'
-- GBP8m class E (XS0259280674) downgraded to 'CC' from 'CCC';
Recovery Rating revised to 'RR6' from 'RR5'
-- GBP3.8m class F (XS0259280914) affirmed at 'CC'; Recovery
Rating revised to 'RR6' from 'RR5'
The rating actions primarily reflect the deterioration in the
performance of the Macallan and Redleaf commercial property loans
over the past year. They also reflect the continuing balloon risk
associated with certain other loans. Fitch estimates a weighted
average (WA) loan-to-value ratio of 95.2%, well in excess of the
reported WA LTV of 78%.
The GBP43.7m Macallan Portfolio whole loan (12% of the pool),
secured by 10 properties which are predominantly offices located
across the UK, has been in special servicing since November 2009
due to continuing income difficulties resulting from a combination
of lease roll-offs, tenant administrations and rental arrears. As
of the April 2010 interest payment date, the projected interest
coverage ratio on the whole loan was 0.78x. The special servicer
is no longer in discussions with the borrower. In April 2010, an
administrator and a Law of Property Act receiver were appointed
over the Scottish and English properties, respectively, with the
intention of liquidating the portfolio. Given the high A-note and
whole loan LTVs of 115% and 127%, respectively, Fitch expects the
sale of the assets to result in a loss allocation to the junior
notes.
The GBP 63.2m Redleaf Portfolio whole loan (17% of the pool) is
secured by five secondary/tertiary shopping centers across England
and is scheduled to mature on July 17, 2010. The loan breached
its 1.2x cash trap trigger in January 2009 and has recently
breached its increased default trigger of 1.5x, resulting in a
loan event of default. A September 2009 re-valuation showed a 48%
fall in value, leading to a whole loan LTV of 153%. Despite the
reasonable lease profile, the poor quality of the collateral and
the high LTV makes a successful repayment at loan maturity
extremely unlikely. Fitch understands that the servicer is
currently exploring potential strategies for the loan and that the
loan will be transferred to special servicing at loan maturity.
The other nine loans securitized in the transaction have shown
relatively stable performance over the past year, with most loans
having comparable lease profiles. The market value declines
estimated by Fitch are also roughly unchanged since the last
review in May 2009.
GALA CORAL: Bingham Represents Junior Lenders in Restructuring
--------------------------------------------------------------
Bingham McCutchen represented the ad hoc committee of mezzanine
lenders in driving through a successful restructuring of Gala
Coral, Britain's largest betting and gaming group. The mezzanine
committee proposed a debt for equity swap designed to recapitalize
the Group and transfer ownership to Mezzanine Lenders.
At the end of June, Mezzanine Lenders unanimously approved the
conversion of their GBP558 million debt into equity. They also
injected GBP200 million in cash in partial pay down of the senior
debt. Through these steps, Mezzanine Lenders have taken over the
Gala Coral group from a private equity consortium made up of
Permira, Cinven and Candover. The group's net debt has also been
reduced by more than GBP700 million to around GBP1.9 billion.
"In a series of restructurings and enforcement actions over the
past 18 months, junior creditors of highly leveraged companies
have been left with no recoveries," noted James Roome, co-Chair of
Bingham's global Financial Restructuring Group, who led the
representation of the mezzanine committee. "The Gala Coral
restructuring provides a clear demonstration that junior
creditors, working with responsible management, can achieve good
outcomes even in today's hostile environment."
Bingham provided advice to the committee of lead mezzanine lenders
throughout the restructuring, which took nearly 12 months to
complete. That committee was originally comprised of Park Square
and ICG, but in January changed to Park Square, Apollo Management
and Cerberus after ICG sold their mezzanine debt stake.
The Bingham team was led by London partners Roome and Vance
Chapman. They were joined by partners Elisabeth Baltay and Stuart
Sinclair, counsel Emma Simmonds, and associate Christopher
Blessley. Rothschild, led by Glen Cronin and Andrew Merrett,
joined Bingham in representing the committee of mezzanine lenders.
Kirkland & Ellis, led by partners Jim Learner and Matthew Dean,
also advised Apollo Management after it joined the committee in
January. Ashurst (led by Giles Boothman), Lazard and Ernst &
Young provided advice to Gala Coral.
In the past 12 months, Bingham's financial restructuring team in
London has advised creditors on numerous major European
restructurings including, among others, Corral Petroleum Holdings
AB, European Directories, the Icelandic Banks (Landsbanki, Glitnir
and Kaupthing), Head, Independent News and Media, Monier,
Northgate, Pendragon, Petromena, Phoenix Pharmahandel, Thomson, TI
Automotive, Skeie Drilling and Wind Hellas.
Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies. The
firm has 1,100 lawyers in 13 locations in the United States,
Europe and Asia.
LEHMAN BROTHERS: PWC to Expedite LBIE Claims Determination
----------------------------------------------------------
The Joint Administrators of Lehman Brothers International (Europe)
are issuing a notice of their current plans to unsecured creditors
which, if implemented, could see the time in which unsecured
claims are determined and distributions made materially shortened.
The proposal, referred to as the "Consensual Approach", will
involve LBIE determining the claim value of each financial trading
creditor using a standard comprehensive set of processes, data
sources and valuation methods, all subject to comprehensive review
and universally applied to all relevant unsecured creditors.
The Consensual Approach could enable the Joint Administrators to
agree the majority of the value of unsecured creditor claims by
the year end and pave the way for the first cash distribution in
2011. The Joint Administrators currently hold net cash of
approximately GBP7.3 billion.
Steven Pearson, joint administrator and partner at
PricewaterhouseCoopers LLP said:
"We are very pleased to be able to announce our proposed solution
for the determination of unsecured creditor claims. The
Consensual Approach is an innovative mechanism which will enable
the claims to be determined in an expeditious manner, resulting in
significant time and cost savings to both unsecured creditors and
LBIE. Further, the timing at which cash distributions can be made
will be accelerated materially."
The Consensual Approach is entirely dependant upon the willingness
of the overwhelming majority of financial trading counterparties
to support the process. In the short term, the Joint
Administrators will be opening a dialogue with a number of
financial trading counterparties with regard to their claims and
seeking their support in order to establish the feasibility of the
proposal.
Mr. Pearson continued:
"We have taken soundings from the market and been in active
dialogue with a working group including members of the Creditors
Committee in order to develop this proposal in a collaborative
manner. Last year we successfully launched the Claim Resolution
Agreement for progressing the return of Trust Assets to clients.
That was an innovative solution to a difficult problem and we are
committed to finding an equivalent solution for the rapid
determination of creditor claims that is fair, market acceptable
and pragmatic. We believe the Consensual Approach, with the
support of creditors, will prove to be that solution."
If the initial feedback to this announcement is positive and the
Joint Administrators and creditor working group conclude that
the Consensual Approach is feasible and will attract the necessary
support, then it is likely that meetings will be hosted in London
and New York in due course to further outline the proposal such
that the Consensual Approach could potentially be launched in the
autumn.
Mr. Pearson concluded:
"Clearly our timetable needs to be flexible but whilst the
Consensual Approach will be an innovative way to determine
creditor claims, we are optimistic that we can gain significant
support to enable this proposal to become a reality. The
conventional alternative process to determining claims using our
powers under the Insolvency Act is likely to mean the exercise
will be expensive and take many years and that cannot be in
anybody's interest."
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
NORTEL NETWORKS: Ontario Court Rejects UK Regulator's Appeal
------------------------------------------------------------
The Ontario Court of Appeals has dismissed an appeal of a U.K.
pensions regulator to overturn a decision of a judge who oversees
the cases of Nortel Networks Corp. and its affiliates.
The U.K. regulator earlier appealed the February 26, 2010 ruling
of Ontario Superior Court Judge Geoffrey Morawetz, which granted
in part the request of Ernst & Young Inc., as the Court-appointed
monitor for the CCAA Applicants, for a declaration that the
commencement of a proceeding by the U.K. regulator against the
CCAA Applicants is a violation of the Canadian Court's initial
order issued on January 14, 2009.
In a three-page order, the Ontario Court of Appeals said that it
agrees with Judge Morawetz's findings that the service of a
warning notice by the U.K. regulator breached the stay provisions
of the Initial CCAA Order.
"The service of the notice is, therefore a nullity for purposes
of the Companies' Creditors Arrangement Act proceedings," the
Ontario Court of Appeals held.
The U.K. regulator sent the warning notice early this year to NNC
and Nortel Networks Ltd., informing that it is considering the
issuance of a financial support direction against the CCAA
Applicants in connection with Nortel Networks UK Ltd. The
pensions regulator made the move after it found out that the
pension scheme sponsored by NNUK had a funding deficit of more
than GBP2 billion.
An FSD is a direction issued to an employer or an entity
connected with that employer to secure financial support for a
pension plan. Securing a FSD would allow the U.K. regulator to
make a claim on the far-flung assets of the Nortel entities;
without it, the regulator could only assert a claim on NNUK's
assets.
About Nortel Networks
Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
ROYAL BANK: Completes Sale of Commodities Arm to JPMorgan
---------------------------------------------------------
BreakingNews.ie reports that Royal Bank of Scotland has completed
the billion-pound sale of its commodities arm to US giant
JPMorgan.
According to BreakingNews.ie, the deal includes the metals, oil
and European energy business lines of RBS Sempra Commodities.
As reported by the Troubled Company Reporter-Europe on June 21,
2010, Reuters said that the European Commission cleared
JPMorgan's US$1.7 billion purchase of the non-U.S. assets of
commodities joint venture RBS Sempra from Royal Bank of Scotland
and Sempra Energy. Reuters disclosed part-nationalized RBS is
selling off assets in return for EU regulatory approval for state
aid received during the financial crisis.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'. The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.
TPT CONSTRUCTION: Put Into Compulsory Liquidation
-------------------------------------------------
Grant Prior at Construction Enquirer reports that TPT Construction
has been placed into compulsory liquidation.
The report relates creditors and staff have been left unpaid for
months.
The report recalls TPT was acquired by Gareth Darbyshire, who was
hailed as construction's youngest tycoon, in March 2009 for GBP7
million. Mr. Darbyshire lived the lifestyle of an entrepreneur
while the business was losing money, according to the report.
All inquiries are being dealt with by the Official Receiver, the
report says, citing records at Companies House.
TPT was founded in 1973 and had built-up a solid reputation before
the owners sold-out to Mr. Darbyshire, the report notes. It is
believed they have not been paid all the money promised following
the deal, the reports states.
TPT Construction is a contractor based in Pembrokeshire.
===============
X X X X X X X X
===============
* EUROPE: Rehn Doesn't Rule Out Orderly Insolvency of Euro States
-----------------------------------------------------------------
Angela Cullen at Bloomberg News, reports that European Union
Economic and Monetary Affairs Commissioner Olli Rehn said in an
interview with Handelsblatt that he doesn't rule out the
possibility of introducing changes that would allow for an orderly
insolvency of a euro-zone member.
According to Bloomberg, Mr. Rehn, as cited by Handeslblatt, said
for now he is concentrating on reforms that don't require
amendments to the EU's Lisbon Treaty. Bloomberg notes
Handelsblatt said the commissioner isn't against calls by Germany
for tougher action on countries who break the budget rules of
monetary union.
* EUROPE: Sovereign Default Scenario in Stress Tests Opposed
------------------------------------------------------------
Brian Rohan at Reuters, citing German magazine Der Spiegel,
reports that European regulators oppose including a sovereign
default scenario in stress tests they are conducting on banks.
According to Reuters, the news weekly said regulators opposed such
a scenario because they felt it would raise doubts over the
effectiveness of Europe's bailout mechanism, which was set up to
aid states if they are shut out of credit markets.
Instead, the magazine said regulators were looking into how banks
would react to rising prices in credit default insurance on
sovereign debt, Reuters notes.
* EUROPE: Stress Tests May Spur Cash Calls for Up to 20 Banks
-------------------------------------------------------------
Patrick Jenkins and Daniel Schafer at The Financial Times report
that bankers and analysts expect up to 20 of Europe's banks to be
forced into cash calls as a result of this month's stress tests,
raising up to EUR30 billion (US$37.3 billion) of fresh equity.
According to the FT, one senior European banker said that even in
the event of mild stress the capital shortfall would approach that
level. The views reflect a persistent nervousness about the
outlook for European banks amid continuing jitters over eurozone
sovereign debt, the FT says.
* S&P Withdraws Ratings on Spread-Based Leveraged Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its credit ratings on three spread-based
trigger leveraged super senior notes.
The rating actions follow recent notification to S&P that the
issuer has repurchased and subsequently cancelled the total
outstanding amount of each of the notes.
Ratings List
Ratings Removed From CreditWatch Negative And Withdrawn
Helix Capital (Jersey) Ltd.
EUR50 Million Variable Redemption Limited-Recourse Leveraged CDO
Notes Series 2006-1
Rating
------
To From
-- ----
CCC CCC/Watch Neg
NR CCC
Motif Capital B.V.
EUR45 Million Long-Short Variable Redemption Limited-Recourse
Leveraged CDO Notes Series 2005-07
Rating
------
To From
-- ----
CCC CCC/Watch Neg
NR CCC
Sceptre Capital B.V.
EUR20 Million Variable Redemption-Linked Recourse-Limited
Leveraged CDO Notes Series 2005-8
Rating
------
To From
-- ----
CCC CCC/Watch Neg
NR CCC
NR -- Not rated.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
(US$)
AUSTRIA
-------
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KA FINANZ AG 3730Z AV -359597327 30679270533
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STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
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CZECH REPUBLIC
--------------
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -2811647.728 7972333363
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FRANCE
------
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GEORGIA
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GERMANY
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
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EM.TV & MERCHAND ETV LN -22067409.41 849175624.7
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ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
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KABEL DEUTSCHLAN KD8 GR -1408286725 3144138917
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KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
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KAUFRING AG KFR GR -19296489.56 150995473.8
LLOYD FONDS AG LLOG IX -1314098.03 141766952.6
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LLOYD FONDS AG L10 BQ -1314098.03 141766952.6
LLOYD FONDS AG L1O EU -1314098.03 141766952.6
LLOYD FONDS AG L1O TQ -1314098.03 141766952.6
LLOYD FONDS AG L1O TH -1314098.03 141766952.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
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MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
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MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -16232020.37 171958727
MATERNUS-KLINIKE MAK EU -16232020.37 171958727
MATERNUS-KLINIKE MAK GR -16232020.37 171958727
MATERNUS-KLINIKE MAK EO -16232020.37 171958727
MATERNUS-KLINIKE MAK PZ -16232020.37 171958727
MATERNUS-KLINIKE MAKG IX -16232020.37 171958727
MATERNUS-KLINIKE MNUKF US -16232020.37 171958727
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
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NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC NM -18656728.68 610380925.7
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PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
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RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
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RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
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RINOL AG RILB EO -2.7111 168095049.1
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RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
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ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
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SANDER (JIL) AG SAD GR -6153256.917 127546738.8
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SANDER (JIL)-PRF SAD3 PZ -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.917 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127546738.8
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
TOM TAILOR HOLD TTI GR -97711555.56 358434780
TOM TAILOR HOLD TTI EU -97711555.56 358434780
TOM TAILOR HOLD TTI EO -97711555.56 358434780
TOM TAILOR HOLD TTI TH -97711555.56 358434780
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ1 GR -53415175.25 227965558
AG PETZETAKIS SA PETZK GA -53415175.25 227965558
AG PETZETAKIS SA PETZK EO -53415175.25 227965558
AG PETZETAKIS SA PTZ GR -53415175.25 227965558
AG PETZETAKIS SA PETZK EU -53415175.25 227965558
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
AG PETZETAKIS SA PZETF US -53415175.25 227965558
ALTEC SA -AUCT ALTECE GA -48733007.42 131910486.6
ALTEC SA INFO ALTEC EO -48733007.42 131910486.6
ALTEC SA INFO ALTEC GA -48733007.42 131910486.6
ALTEC SA INFO ATCQF US -48733007.42 131910486.6
ALTEC SA INFO ALTEC PZ -48733007.42 131910486.6
ALTEC SA INFO ALTEC EU -48733007.42 131910486.6
ALTEC SA INFO AXY GR -48733007.42 131910486.6
ALTEC SA INFO-RT ALTECR GA -48733007.42 131910486.6
ALTEC SA INFO-RT ALTED GA -48733007.42 131910486.6
ASPIS PRONIA GE ASASK GA -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 GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -62534014.1 194685439.4
KOUMBAS RTS KOUMR GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUMF US -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM PZ -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EO -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EU -62534014.1 194685439.4
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
OASA ATHENS URBA 3485398Z GA -1170161374 2292452052
PETZET - PFD-RTS PETZPD GA -53415175.25 227965558
PETZETAKIS - RTS PETZKD GA -53415175.25 227965558
PETZETAKIS-AUC PETZKE GA -53415175.25 227965558
PETZETAKIS-PFD PETZP GA -53415175.25 227965558
PETZETAKIS-PFD PTZ3 GR -53415175.25 227965558
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
INVITEL HOLD-ADR INVHY US -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLDINGS 3212873Z HB -73724000 827192000
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
MALEV LTD MALEV HB -75737819.4 251668964.4
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
VUPIK DD VPIKRA CZ -8496797.693 124051827
ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
IRELAND
-------
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH NZ -117900000 2178800128
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND 600241Q GR -117900000 2178800128
JAMES HARDIE IND 726824Z NA -117900000 2178800128
JAMES HARDIE NV JHXCC AU -117900000 2178800128
JAMES HARDIE-ADR JHINY US -117900000 2178800128
JAMES HARDIE-ADR JHX US -117900000 2178800128
JAMES HARDIE-CDI JHX AU -117900000 2178800128
JAMES HARDIE-CDI JHIUF US -117900000 2178800128
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ITALY
-----
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TAP SGPS TAP PL -239565845.5 3126533533
VAA VISTA ALEGRE VAF PZ -64841467.39 140647736.3
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VAA VISTA ALTAN VAFK PZ -64841467.39 140647736.3
ROMANIA
-------
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
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OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
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DAGESTAN ENERGY DASB RU -23504511.21 181781762
DAGESTAN ENERGY DASB* RU -23504511.21 181781762
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FINANCIAL LEASIN FLKO RM -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO RU -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO* RU -45555537.68 466377160.5
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MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
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PARNAS-M PRSM RU -138592.4742 127637318.8
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
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ZAPSIBGASPRO-PFD ZSGPP RU -1248066.61 125676622.6
SERBIA
------
DUVANSKA DIVR SG -32792314.86 122255596.4
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
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CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
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NYESA VALORES CO BES TQ -68174952.1 813033334.5
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SWEDEN
------
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NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
TURKEY
------
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BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
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MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
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UNITED KINGDOM
--------------
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SKYEPHARMA PLC SKP1 VX -128538078.1 135158758
SKYEPHARMA PLC SKP PO -128538078.1 135158758
SKYEPHARMA PLC SKP VX -128538078.1 135158758
SKYEPHARMA PLC SKPEUR EU -128538078.1 135158758
SKYEPHARMA PLC SKP PZ -128538078.1 135158758
SKYEPHARMA PLC SKPEUR EO -128538078.1 135158758
SKYEPHARMA PLC SKP EU -128538078.1 135158758
SKYEPHARMA PLC SK8C GR -128538078.1 135158758
SKYEPHARMA PLC SKP IX -128538078.1 135158758
SKYEPHARMA PLC SK8A GR -128538078.1 135158758
SKYEPHARMA PLC SKP EO -128538078.1 135158758
SKYEPHARMA PLC SKYEF US -128538078.1 135158758
SKYEPHARMA PLC SKP TQ -128538078.1 135158758
SKYEPHARMA -SUB 2976665Z LN -128538078.1 135158758
SKYEPHARMA-ADR SKYEY US -128538078.1 135158758
SKYEPHARMA-ADR SKYE US -128538078.1 135158758
SKYEPHARMA-ADR SKYPY US -128538078.1 135158758
SKYEPHARMA-ADR AP80 LI -128538078.1 135158758
SKYEPHARMA-ADR SK8N GR -128538078.1 135158758
SKYEPHARMA-ADR SK8 GR -128538078.1 135158758
SKYEPHAR-RTS F/P SKPF LN -128538078.1 135158758
SKYEPHAR-RTS F/P SKPF VX -128538078.1 135158758
SKYEPHAR-RTS N/P SKPN VX -128538078.1 135158758
SKYEPHAR-RTS N/P SKPN LN -128538078.1 135158758
SMG PLC SMG PO -51512119.25 207340304
SMG PLC SMG LN -51512119.25 207340304
SMG PLC-FUL PAID SMGF LN -51512119.25 207340304
SMG PLC-NIL PAID SMGN LN -51512119.25 207340304
SMITHS NEWS PLC NWS IX -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS VX -99944882.2 279114366.1
SMITHS NEWS PLC NWS PO -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 BQ -99944882.2 279114366.1
SMITHS NEWS PLC NWS2EUR EU -99944882.2 279114366.1
SMITHS NEWS PLC SMWPF US -99944882.2 279114366.1
SMITHS NEWS PLC NWS1GBP EO -99944882.2 279114366.1
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SMITHS NEWS PLC NWS2EUR EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 TQ -99944882.2 279114366.1
SMITHS NEWS PLC NWS LN -99944882.2 279114366.1
SMITHS NEWS PLC SMWPY US -99944882.2 279114366.1
SMITHS NEWS PLC NWS PZ -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 EU -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 EU -99944882.2 279114366.1
STV GROUP PLC SMGPF US -51512119.25 207340304
STV GROUP PLC STVG EU -51512119.25 207340304
STV GROUP PLC STVG EO -51512119.25 207340304
STV GROUP PLC SMG IX -51512119.25 207340304
STV GROUP PLC STVGEUR EO -51512119.25 207340304
STV GROUP PLC SMG VX -51512119.25 207340304
STV GROUP PLC STVG LN -51512119.25 207340304
STV GROUP PLC SMG PZ -51512119.25 207340304
STV GROUP PLC STVG VX -51512119.25 207340304
STV GROUP PLC STVGGBP EO -51512119.25 207340304
STV GROUP PLC STVGEUR EU -51512119.25 207340304
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNIG LN -24544959.64 626057950.8
UNIGATE PLC UNGAF US -24544959.64 626057950.8
UNIGATE PLC 1577Q GR -24544959.64 626057950.8
UNIGATE PLC UNGPF US -24544959.64 626057950.8
UNIGATE PLC-ADR UNGAY US -24544959.64 626057950.8
UNIQ PLC UNIQ VX -24544959.64 626057950.8
UNIQ PLC UNIQEUR EO -24544959.64 626057950.8
UNIQ PLC UNIQ LN -24544959.64 626057950.8
UNIQ PLC UGE GR -24544959.64 626057950.8
UNIQ PLC UNIQ PZ -24544959.64 626057950.8
UNIQ PLC UNIQ IX -24544959.64 626057950.8
UNIQ PLC UNQPF US -24544959.64 626057950.8
UNIQ PLC UNIQGBP EO -24544959.64 626057950.8
UNIQ PLC UNIQF US -24544959.64 626057950.8
UNIQ PLC UNIQ EU -24544959.64 626057950.8
UNIQ PLC UNIQ PO -24544959.64 626057950.8
UNIQ PLC UNIQ EO -24544959.64 626057950.8
UNIQ PLC UNIQEUR EU -24544959.64 626057950.8
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY EU -35008863.49 305242409.9
WHITE YOUNG GREE WHY VX -35008863.49 305242409.9
WHITE YOUNG GREE WHYEUR EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY LN -35008863.49 305242409.9
WHITE YOUNG GREE WHY PO -35008863.49 305242409.9
WHITE YOUNG GREE WHYGBP EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY PZ -35008863.49 305242409.9
WHITE YOUNG GREE WHYEUR EU -35008863.49 305242409.9
WHITE YOUNG-NEW WHYN LN -35008863.49 305242409.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
*********
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 * * *