/raid1/www/Hosts/bankrupt/TCREUR_Public/100720.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 20, 2010, Vol. 11, No. 141
Headlines
C R O A T I A
* CROATIA: Government Introduces Amendments to Bankruptcy Act
G E O R G I A
GEORGIAN RAILWAY: Fitch Assigns 'B+' Rating on Senior Notes
G E R M A N Y
CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
TS CO.MIT: S&P Downgrades Ratings on Class E Notes to 'CCC-'
G R E E C E
AGRICULTURAL BANK: Fitch Downgrades Individual Rating to 'D/E'
EFG EUROBANK: Fitch Downgrades Individual Rating to 'D'
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'B+'
PIRAEUS BANK: Fitch Downgrades Individual Rating to 'D'
PIRAEUS BANK: S&P Puts 'BB' Rating on CreditWatch Negative
I R E L A N D
ALLIED IRISH: Santander Still in the Race for Zachodni Stake
BANK OF IRELAND: Mulls Cutting 750 Jobs Over Next Two Years
BRACKLAGH CONSTRUCTION: Ceol na Mara Estate Put Up for Sale
FAIRLEE PROPERTIES: Jerry Beades Challenges Receivership Move
LARIONOVO: Director Withdrew EUR1MM to Fund Private Investments
MCELHINNEY'S: Set to Reopen Following Debt Restructuring
* IRELAND: Company Bad Debt Hit EUR1.2BB in 1H 2010, Survey Shows
* IRELAND: LRC Says Sacked Workers Have to Deal With Liquidators
I T A L Y
FIAT SPA: Has Debt Refinancing Deal With Banks, Il Sole Says
L U X E M B O U R G
UNICREDIT LUXEMBOURG: S&P Assigns 'BB' Senior Unsec. Debt Rating
N E T H E R L A N D S
BERNARD MADOFF: SNS Asked to Send US$55MM Feeder Funds Claim
S P A I N
CAJASUR: Bilbao Bizkaia Kutxa to Take Over Operations
T U R K E Y
EKSPO FAKTORING: Moody's Affirms 'Ba3' Issuer Ratings
U N I T E D K I N G D O M
CANDOVER INVESTMENTS: Faces Funding Woes as AIMCO Takeover Fails
DALZIEL PARK: In Administration; Owes GBP2.5 Mil. to Santander
DFS FURNITURE: Moody's Assigns 'B1' Corporate Family Rating
DFS FURNITURE: S&P Assigns 'B' Long-Term Corporate Credit Rating
FORGE DAM: In Administration; 19 Jobs Affected
GOLDTRAIL TRAVEL: Begbies Traynor Appointed as Administrators
HALLIWELLS: Barlow Lyde to Buy Insurance Practice
HAMMER AND THEELEN: In Administration; FRP Advisory Seeks Buyer
MISS SIXTY: Mourant Challenges Company Voluntary Arrangement
PAG HOTELS: In Administration; 30 Jobs at Risk
PREMIERTEL PLC: S&P Downgrades Rating on Class B Notes to 'B'
* UK: Company Insolvencies Down 13% in June, Experian Data Shows
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=============
C R O A T I A
=============
* CROATIA: Government Introduces Amendments to Bankruptcy Act
-------------------------------------------------------------
The Croatian government on Thursday introduced into Parliament
amendments to the Bankruptcy Act, under which the Finance Ministry
and the Tax Administration would be able to initiate summary
bankruptcy proceedings against firms which have no employees, but
whose accounts have been blocked for an uninterrupted period of 60
days, vlada.hr reports.
According to the report, Prime Minister Jadranka Kosor said the
amendments were one of the key measures in the government's
economic recovery program for tackling the problem of illiquidity.
"We're talking about 19,215 firms which don't have a single
employee and which owe more than 12 billion kuna," the report
quoted Mr. Kosor as saying, adding that the proposed amendments
would also act as "a strong anti-corruption lever."
The report says the Finance Ministry and the Tax Administration
would be given until December 31, 2012, to launch summary
bankruptcy proceedings against all firms with up to five employees
which have failed to meet their liabilities within 60 days.
Projections showed that the government would need to secure an
additional 80 million kuna for the implementation of the law over
the next three years -- five million in 2010, 35 million in 2011
and 40 million in 2012, the report notes.
=============
G E O R G I A
=============
GEORGIAN RAILWAY: Fitch Assigns 'B+' Rating on Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned Georgian Railway LLC's debut
US$250 million senior unsecured notes, due 2015, an expected
rating of 'B+'.
The final rating is contingent upon the receipt of final documents
conforming to information already received. Change of control
(government ownership of 50% or less of GR) is a put event under
the proposed terms of the notes. Proceeds from the bond issue
will primarily be used to fund GR's capex plans including Tbilisi
by-pass and modernization projects.
The current ratings of GR are:
-- Long-term foreign and local currency Issuer Default Ratings:
'B+'; Outlooks Stable
-- Short-term foreign and local currency IDRs: 'B'
-- Foreign and local currency senior unsecured ratings: 'B+'
-- Recovery Ratings: 'RR4'
The IDRs of GR are aligned with the sovereign ratings of Georgia
('B+'/Stable/'B'), reflecting the company's strong linkage with
the government. This stems from the company's 100% ownership by
the government, its importance to the economy as the largest
contributor to the state budget and employer, its dominance of
Georgia's freight transportation sector, its strategic importance
as the regional transit corridor and government backing for its
two key investment projects. The latter is, among other factors,
evidenced by a dividend moratorium, future assistance with land
disposals and refundable VAT. The government currently guarantees
part of GR's debt, but future lending is assumed to be guarantee-
free. Unauthorized change of control would be an event of default
under some of the loan covenants.
=============
G E R M A N Y
=============
CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Continental AG's Long-term Issuer
Default rating at 'B+' following the announcement on 9 July 2010
of Conti-Gummi Finance BV's issuance of EUR750 million of senior
secured notes due 2015, which are guaranteed on a senior basis by
Continental. The Outlook on the Long-term IDR is Stable.
Fitch has assigned Conti-Gummi Finance BV's senior secured notes
an issue rating of 'BB-' and a Recovery Rating of 'RR3'.
Simultaneously, Continental's senior unsecured rating, which was
previously placed on Rating Watch Negative has been withdrawn.
Continental's Short-term IDR is affirmed at 'B'.
The affirmation of the IDR reflects the group's progress in
resolving its short-term refinancing issues, in particular its
EUR2.5bn syndicated term loan due in August 2010. The term loan
is to be refinanced from the proceeds of the notes issued on 16
July 2010 and a EUR2.5 billion syndicated forward term loan
facility granted in December 2009 with a two year maturity from
draw down. As at end-Q110, the group reported liquidity of
approximately EUR3.5 billion consisting of cash and equivalents of
EUR1.4 billion, and unused credit lines of EUR2.1 billion.
The senior secured notes issued by Conti-Gummi Finance B.V. will
be unconditionally and irrevocably guaranteed by Continental AG
and certain subsidiaries, together constituting 80% of last twelve
months ended March 2010 group EBITDA. In late June 2010, the bulk
of the group's debt was changed to secured creditor status, and
has acceded to a Security Pooling Agreement. As such, secured
creditors, including the holders of the EUR750 million notes,
benefit from a Transaction Security package consisting of a pledge
on shares, accounts and inter company loans. The note holders
rank equally with all other secured creditors whose claims are
subject to the Security Pooling Agreement. The documentation also
includes a "Limitation on Restricted Payments" clause, which
curtails the ability of Continental to pay dividends to its
shareholders, among other Schaeffler GmbH.
In assessing the secured notes' recovery rating of 'RR3', Fitch
has factored in that the notes will be structurally subordinated
to the indebtedness of non-guarantor subsidiaries, amounting to
about EUR1 billion at March 2010, and junior to the EUR300 million
European Investment Bank ('AAA'/Stable) loan and the EUR162
million factoring facility which both benefit from direct security
on trade receivables.
TS CO.MIT: S&P Downgrades Ratings on Class E Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TS Co.mit One GmbH's class C, D, and E notes. At the same time,
S&P removed the ratings on classes C and D from CreditWatch
negative, and affirmed classes A, B, and F.
The rating actions follow a review of the transaction's
performance and amortization since S&P's rating actions in March
2010. S&P has examined the impact of further defaults in the
pool, and assessed the likely benefit of the expected rapid
amortization of the pool.
During Q1 and Q2 2010, the transaction has been subject to five
principal-deficiency events. Of these, four obligors have been in
a position to perform their debt service in full, and the servicer
expects full recoveries. However, one obligor -- representing
nearly half the principal balance affected (EUR1.02 million at the
June 2010 determination date) -- has filed for insolvency, and the
servicer expects no recovery. Since December 2009, the balance of
the principal deficiency ledger has decreased by EUR273,852 to
EUR10.6 million.
The transaction is approaching its scheduled maturity date in June
2011, and a significant portion of the remaining portfolio assets
is scheduled to mature before this date. S&P's analysis indicates
that the class A and B notes are likely to be fully redeemed
before the SMD, while class C is likely to redeem on that date.
Furthermore, S&P's analysis indicates that class D relies on
repayment of assets scheduled to mature after the SMD, recoveries
from assets currently classified as defaulted, or repayments from
borrowers with very poor credit quality. In S&P's view, classes E
and F continue to rely on recovery proceeds to fully repay at
maturity.
S&P's downgrade of the class D notes is primarily due to the
maturity profile of the underlying portfolio, but the action on
the class C notes is also driven by concentration. S&P's analysis
indicates that this tranche is exposed to significant
idiosyncratic risk, where the default of a small number of
obligors could affect the capacity of the transaction to repay
principal on this tranche. Given the short maturity profile and
the correspondingly short default horizon, S&P's view is that the
tranche retains sufficient enhancement to achieve an investment-
grade rating.
S&P will continue to monitor the development of the credit quality
and amortization of the pool.
Ratings List
TS Co.mit One GmbH
EUR503 Million Floating-Rate Asset-Backed Notes
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
C BBB- A-/Watch Neg
D B BB/Watch Neg
Rating Lowered
Rating
------
Class To From
----- -- ----
E CCC- CCC
Ratings Affirmed
Class Rating
----- ------
A AAA
B AA
F CCC-
===========
G R E E C E
===========
AGRICULTURAL BANK: Fitch Downgrades Individual Rating to 'D/E'
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.
Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.
The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues. Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e. reducing the
volatility of deposits). So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.
As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'. Following this, the banks' Long-term IDRs are
now support-driven and on their SRF. Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-'). Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.
Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'. The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece. On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital. The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).
In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving. This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits. Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received. If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.
Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources. State-guaranteed issues
have been affirmed at 'BBB-'.
As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels. ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term. However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets. Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns. Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure. Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.
While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change. This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.
Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it. Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
Negative (RWN); Outlook Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Alpha Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Junior Subordinated notes downgraded to 'B+' from 'BB';
removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Piraeus Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; remains on
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
Agricultural Bank of Greece (ATEbank)
-- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
RWN; Outlook Negative
-- Short-term IDR upgraded to 'F3' from 'B'
-- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
Rating Watch Evolving
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
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.
EFG EUROBANK: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.
Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.
The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues. Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e. reducing the
volatility of deposits). So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.
As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'. Following this, the banks' Long-term IDRs are
now support-driven and on their SRF. Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-'). Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.
Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'. The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece. On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital. The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).
In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving. This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits. Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received. If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.
Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources. State-guaranteed issues
have been affirmed at 'BBB-'.
As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels. ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term. However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets. Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns. Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure. Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.
While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change. This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.
Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it. Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
Negative (RWN); Outlook Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Alpha Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Junior Subordinated notes downgraded to 'B+' from 'BB';
removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Piraeus Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; remains on
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
Agricultural Bank of Greece (ATEbank)
-- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
RWN; Outlook Negative
-- Short-term IDR upgraded to 'F3' from 'B'
-- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
Rating Watch Evolving
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
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.
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.
Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.
The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues. Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e. reducing the
volatility of deposits). So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.
As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'. Following this, the banks' Long-term IDRs are
now support-driven and on their SRF. Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-'). Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.
Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'. The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece. On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital. The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).
In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving. This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits. Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received. If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.
Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources. State-guaranteed issues
have been affirmed at 'BBB-'.
As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels. ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term. However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets. Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns. Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure. Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.
While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change. This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.
Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it. Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
Negative (RWN); Outlook Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Alpha Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Junior Subordinated notes downgraded to 'B+' from 'BB';
removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Piraeus Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; remains on
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
Agricultural Bank of Greece (ATEbank)
-- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
RWN; Outlook Negative
-- Short-term IDR upgraded to 'F3' from 'B'
-- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
Rating Watch Evolving
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
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.
PIRAEUS BANK: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.
Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.
The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues. Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e. reducing the
volatility of deposits). So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.
As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'. Following this, the banks' Long-term IDRs are
now support-driven and on their SRF. Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-'). Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.
Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'. The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece. On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital. The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).
In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving. This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits. Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received. If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.
Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources. State-guaranteed issues
have been affirmed at 'BBB-'.
As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels. ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term. However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets. Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns. Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure. Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.
While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change. This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.
Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it. Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
Negative (RWN); Outlook Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Alpha Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; removed from
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
-- Subordinated notes affirmed at 'BB+'; removed from RWN
-- Junior Subordinated notes downgraded to 'B+' from 'BB';
removed from RWN
-- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN
Piraeus Bank S.A.
-- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
Negative
-- Short-term IDR affirmed at 'F3'; removed from RWN
-- Individual Rating downgraded to 'D' from 'C/D'; remains on
RWN
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
-- Senior notes affirmed at 'BBB-'; removed from RWN
Agricultural Bank of Greece (ATEbank)
-- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
RWN; Outlook Negative
-- Short-term IDR upgraded to 'F3' from 'B'
-- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
Rating Watch Evolving
-- Support Rating upgraded to '2' from '3'
-- Support Rating Floor revised to 'BBB-' from 'BB'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
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.
PIRAEUS BANK: S&P Puts 'BB' Rating on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB'
long-term and 'B' short-term counterparty credit ratings on
Piraeus Bank S.A. on CreditWatch with negative implications.
The CreditWatch placement follows the bank's announcement that it
has presented an offer to buy the Greek government's 77.31% stake
in Agricultural Bank of Greece S.A. and its 33.04% stake in the
Hellenic PostBank S.A. Negotiations between Piraeus and the Greek
government are still underway, but the rating action reflects
S&P's opinion that if the deal is completed, it may weaken
Piraeus' financial profile.
"The eventual consolidation of the acquired entities with Piraeus
would certainly benefit the bank's business profile, creating the
second-largest Greek bank, with a sizable customer base and
leading market shares in domestic business," said Standard &
Poor's credit analyst Luigi Motti. "The acquisition would also
slightly improve Piraeus' funding profile, as the consolidated
entity would have a larger deposit base and better liquidity."
Mr. Motti continued: "Nonetheless, S&P believes that these
benefits would be offset by the higher credit risk that would be
embedded in the consolidated entity's loan book compared with
Piraeus' own credit portfolio."
S&P also believes that the execution risks that would arise from
the acquisition would be exacerbated by the current sharp economic
contraction and the weak operating environment S&P expects in
Greece for the coming years.
Additionally, if the acquisition is completed under the terms of
the offer presented by Piraeus, the bank estimates a pro forma
solvency ratio for the consolidated entity of 9%, 80 basis points
below Piraeus' current total solvency indicator.
Standard & Poor's aims to resolve the Credit Watch placement when
Piraeus and the Greek government finish their negotiations. If
the parties reach an agreement, S&P will review the final terms of
the deal and assess the impact that the acquisition and
integration of Agricultural Bank of Greece and Hellenic Postbank
may have on Piraeus' asset quality, solvency, and profitability.
When S&P resolves the CreditWatch placement, S&P could affirm the
long- and short-term counterparty credit ratings on Piraeus or
lower them by one or more notches if S&P believes that the
consolidated bank's financial fundamentals are no longer
consistent with the current ratings.
=============
I R E L A N D
=============
ALLIED IRISH: Santander Still in the Race for Zachodni Stake
------------------------------------------------------------
Marta Waldoch at Bloomberg News, citing Puls Biznesu, reports that
Banco Santander SA of Spain is among three bidders for a stake in
Poland's Bank Zachodni WBK SA that Allied Irish Banks Plc is
selling.
According to Bloomberg, the newspaper said PKO Bank Polski SA and
BNP Paribas are also bidding for the stake.
As reported by the Troubled Company Reporter-Europe on June 24,
2010, The Financial Times said the Polish government supported a
potential bid from state-owned PKO for Bank Zachodni WBK, which is
being put up for sale by AIB. The FT disclosed Poland's treasury
ministry said it may defer a dividend payment to enable PKO, which
is 51% state owned to buy BZ WBK. The FT said the 70% stake in BZ
WBK owned by AIB is thought to be worth about PLN11 billion
(US$3.4 billion). AIB is being forced to sell off its Polish
affiliate in order to meet capital targets after receiving aid
from the Irish government, according to the FT.
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.
BANK OF IRELAND: Mulls Cutting 750 Jobs Over Next Two Years
-----------------------------------------------------------
Daniel McConnell and Don Lavery at Sunday Independent report that
the Bank of Ireland has confirmed that it will cut up to 750 jobs
over the next two years.
According to the report, the BoI voluntary redundancy program will
apply to staff working across the group's businesses in Ireland,
the North and the rest of the UK.
The job cuts will represent a 5% cut in the bank's workforce of
more than 14,000 people, the report says. It has already shed
over 2,000 jobs in the last two years, the report notes.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed the rating on Bank of Ireland's
Tier 1 notes at 'CCC' (ISINs: XS0268599999, US055967AA11 and
USG12255AA64).
At the same time, Moody's Investors Service placed Bank of
Ireland's D bank financial strength rating (BFSR -- mapping to a
baseline credit assessment of Ba2) on review for possible upgrade,
previously they had a developing outlook.
BRACKLAGH CONSTRUCTION: Ceol na Mara Estate Put Up for Sale
-----------------------------------------------------------
Maeve Sheehan at Sunday Independent reports that Bracklagh
Construction Ltd.'s receiver brought in a new firm to finish off
the company's Ceol na Mara housing estate and put 18 of them on
the market at half the original asking price of EUR250,000.
The report relates David Reynolds of Gunne Reynolds, which is
handling the sale, said he took booking deposits on six
properties, some from first-time buyers, while other potential
buyers were interested in a holiday home on the estate.
According to the report, the selling points included location, two
miles from the seaside village of Mullaghmore and 20 minutes from
Sligo town; lawns, front and back; fitted kitchens; solid oak
doors throughout; and tarmac driveways.
The report recalls Bracklagh was put into receivership by ACC Bank
in November on foot of unpaid loans.
Bracklagh Construction Ltd. is a property developer owned by
Michael Roper.
FAIRLEE PROPERTIES: Jerry Beades Challenges Receivership Move
-------------------------------------------------------------
Ian Kehoe and Dick O'Brien at The Sunday Business Post report that
Jerry Beades is seeking an injunction to prevent ACC from
appointing a receiver over his company, Fairlee Properties.
The report relates ACC earlier appointed KPMG accountant Kieran
Wallace as receiver to Fairlee, claiming that Mr. Beades had
defaulted on loan repayments. The bank has taken possession of
Fairlee's main asset -- a string of properties on Richmond Road on
the northside of Dublin, the report discloses.
The report notes Mr. Beades claims that ACC breached its loan
agreement with him by failing to provide him with 14 days' notice
prior to the appointment of a receiver. The matter is scheduled
to come before the High court on Thursday, July 22, the report
discloses. Pending the outcome of the court case, the appointment
of the receiver still stands, the report states.
According to the report, the case stems from a previous action
between Mr. Beades and ACC. The report recalls in that case, the
High Court told ACC to pay Mr. Beades EUR4.6 million in damages
over losses suffered by the businessman, because of the bank's
negligence in losing title deeds to certain properties. The court
award to Mr. Beades was offset against loans of EUR6.27 million
that Fairlee owed to ACC, the report recounts. As part of the
case, the court ruled that Mr. Beades had 15 months to repay the
remaining EUR1.6 million to ACC, the report states. That period
expired at the end of June, and the bank moved quickly to secure
payment, the report notes.
Fairlee Properties is a property developer based in Ireland.
LARIONOVO: Director Withdrew EUR1MM to Fund Private Investments
---------------------------------------------------------------
The Sunday Business Post reports that evidence has been presented
in the High Court showing that one of the directors of Larionovo,
Ray Norton, withdrew almost EUR1 million from the company's
reserves to fund a number of private investments.
According to the report, the money was withdrawn through a series
of directors' loans prior to the collapse of Larionovo. The
liquidator of Larionovo, the accountancy firm Grant Thornton, is
now in talks with Mr. Norton about recovering the money, the
report says.
The report notes that although no client funds were involved, the
liquidator has expressed a number of concerns about the
transactions. The report recalls Larionovo collapsed in late
2008, and more than 300 Irish people who paid a total of EUR4
million in deposits on properties in India are still attempting to
get their money back from the Indian developer behind the project.
Larionovo was one of Ireland's most high-profile overseas property
agents that sold thousands of properties in Dubai, the United Arab
Emirates, Morocco, India, Hungary, Portugal, Spain and France,
according to the Sunday Business Post.
MCELHINNEY'S: Set to Reopen Following Debt Restructuring
--------------------------------------------------------
Niamh Cahill at Irish Independent reports that McElhinney's
Department Stores Ltd. is set to reopen before the end of the
month.
The report recalls a winding-up petition was served on
McElhinney's Department Stores by creditor and German-owned shoe
manufacturer Peter Kaiser Schuhfabrik. The store closed its doors
on June 5 and went into voluntary liquidation, the report
recounts. The store suffered losses of up to 50% last year, the
report discloses.
According to the report, the owners have since been able to
"restructure" its debt with the support of Irish suppliers and
banks. The report relates the Sweeney family raised funds
privately in order to buy stock and other goods back from the
liquidator.
The report notes general manager Neal Sweeney, grandson of the
founding owner, said all of the 56 staff who lost their jobs last
month will return on the same hours worked prior to the closure.
The report says the store will open from Monday, July 26, and will
resume normal opening hours, trading from Monday to Saturday at
10:00 a.m. to 5:30 p.m.
McElhinney's Department Stores Ltd. is a clothing store based in
Athboy, Co Meath. It was founded in 1937 on the town's Main
Street by Molly McElhinney.
* IRELAND: Company Bad Debt Hit EUR1.2BB in 1H 2010, Survey Shows
-----------------------------------------------------------------
Fiachra O Cionnaith at Irish Examiner reports that company bad
debt in Ireland hit EUR1.2 billion in the first six months of
2010.
According to the report, new figures compiled by www.vision-net.ie
show that the ongoing financial crisis is having a crippling
impact on payments to creditors across the business spectrum.
The report notes an online survey by the group over the past six
months indicates that liquidated Irish companies now owe a fortune
in bad debt because they either cannot afford to pay back
creditors or are still waiting on repayments from other firms
themselves. The report says some 32 companies owe a massive
EUR770 million between them.
The report states with liquidity problems continuing to damage a
host of industries, there appears to be no immediate end to the
crisis.
According the report, the figures show 3.8% of liquidated
companies surveyed each owe more than EUR5 million, including 32
companies with bad debt of EUR770 million. The report notes a
further 18.5% of firms questioned by www.vision-net.ie owe between
EUR1 million and EUR5 million, while 14.6% are responsible for
individual bad debt ranging between EUR500,000 and EUR1 million.
Just over half of all liquidated companies surveyed -- 50.7% --
owe less than EUR500,000, the report discloses.
The figures are likely to further increase over the coming months
as the financial crisis further impacts on Irish businesses, the
report says.
* IRELAND: LRC Says Sacked Workers Have to Deal With Liquidators
----------------------------------------------------------------
Daniel McConnell and Don Lavery at Sunday Independent report that
Labour Relations Commission CEO Kieran Mulvey said huge numbers of
employees taking cases to the commission end up dealing with
liquidators because their firm has gone bust.
"As a result of the recession, in some cases there is no employer
left -- all that's there is a liquidator," the report quoted Mr.
Mulvey as saying in a conference in Dublin Thursday.
The report relates Mr. Mulvey said that services at the LRC are
overwhelmed as a result of a huge surge in cases in recent months
and he revealed that there are thousands of cases in which workers
are going to the LRC to try to prevent pay cuts.
The report notes Mr. Mulvey said due to the thousands of referrals
currently being received by the commission, investigating all the
cases is impossible. According to the report, he said there are a
number of reasons for this high number of referrals, including the
recession, problems under a number of pieces of legislation and
collective bargaining or certain provisions like the Payment of
Wages Act.
=========
I T A L Y
=========
FIAT SPA: Has Debt Refinancing Deal With Banks, Il Sole Says
------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News, citing Il Sole 24 Ore, reports
that Fiat SpA agreed with banks to refinance EUR4 billion of debt
before the spinoff of the company's industrial unit.
According to Bloomberg, Il Sole 24 Ore said Fiat reached an accord
with Intesa Sanpaolo SpA, Unicredit SpA, BNP Paribas SA, Calyon,
Societe Generale SA, Royal Bank of Scotland Group Plc, Barclays
Plc and Citigroup Inc, and each bank will contribute EUR500
million to the deal.
About EUR2.4 billion will be used as a bridge loan for the
spinoff, Bloomberg says, citing the Italian daily.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
As reported by the Troubled Company Reporter-Europe on April 27,
2010, Standard & Poor's Ratings Services said that it placed its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications. At the
same time, the 'B' short-term credit rating on Fiat was affirmed.
In addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications. "The CreditWatch placement reflects S&P's view that
Fiat's credit quality could weaken due to increased business risk
as a consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.
===================
L U X E M B O U R G
===================
UNICREDIT LUXEMBOURG: S&P Assigns 'BB' Senior Unsec. Debt Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
senior unsecured debt rating to the proposed loan participation
notes to be issued by Unicredit Luxembourg S.A.
The LPNs will have limited recourse to UniCredit Luxembourg S.A.
The latter is acting as the financing vehicle of Turkish Yapi ve
Kredi Bankasi A.S. (BB/Positive/B) in this transaction and the
sole purpose of the notes is to finance a loan to YapiKredi. The
amount and maturity are expected to be determined during the
placement.
The proceeds will be used to fund YapiKredi's lending operations.
The rating is subject to final documentation.
The rating on the notes reflects the long-term counterparty credit
rating on YapiKredi. Under the terms of the program, noteholders
have direct access to the company and are exposed to YapiKredi's
credit risk only. As this rating is based on draft documentation,
S&P could change the rating if the final terms and conditions of
the issue materially differ from those presented in the drafts.
In turn, the rating on YapiKredi is based on the risky economic
and financial environment in the Republic of Turkey (foreign
currency BB/Positive/B, local currency BB+/Positive/B) and the
increased pressure on its asset quality due to the economic
slowdown. Positive rating factors include the bank's adequate
financial position, good risk management systems, strong brand
name and group franchise, and the benefits derived from its
shareholding structure.
The ratings on YapiKredi reflect its stand-alone credit profile,
and do not factor in any uplift for extraordinary shareholder or
government support. Yapi Kredi is exposed to the economic
deterioration in Turkey through its broad lending to the economy,
although it is in a strong position to benefit once economic
growth resumes.
=====================
N E T H E R L A N D S
=====================
BERNARD MADOFF: SNS Asked to Send US$55MM Feeder Funds Claim
------------------------------------------------------------
Maud van Gaal at Bloomberg News reports that SNS Reaal NV, the
second-largest Dutch life insurer, was asked to send on a claim
for as much as US$55 million to private investors that
participated in feeder funds to Bernard Madoff's fraudulent
investment business.
"It concerns a claim on the investors, not on SNS," Bloomberg
quoted Hendrik Jan Eijpe, a spokesman for SNS in Utrecht,
Netherlands, as saying. According to Bloomberg, Mr. Eijpe said
the administrators of Fairfield Sentry Ltd. and Fairfield Sigma
Ltd. sent the writ to SNS because they don't have the names of the
individual investors.
Bloombeg relates Fairfield Sentry, the biggest feeder fund in Mr.
Madoff's investment business, has asked a New York bankruptcy
court for protection from creditors. Affiliates Fairfield Sigma
and Fairfield Lambda Ltd. also filed, Bloomberg notes.
Mr. Eijpe, as cited by Bloomberg, said the funds' administrators
want to "claw back" the proceeds Dutch private investors had from
selling their shares in them "in time". Bloomberg notes he said
the request goes back to as far as 2004.
"No money can be claimed from SNS as SNS didn't invest in the
funds," Bloomberg quoted Mr. Eijpe as saying.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.
On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).
The Chapter 15 case was later transferred to Manhattan. In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.)
=========
S P A I N
=========
CAJASUR: Bilbao Bizkaia Kutxa to Take Over Operations
-----------------------------------------------------
Victor Mallet at The Financial Times reports that Spain's Fund for
Orderly Bank Restructuring (Frob) has disposed of CajaSur, which
was taken over by the central bank in an emergency operation in
May.
The FT says the buyer is Bilbao Bizkaia Kutxa (BBK), a savings
bank from the prosperous Basque country in the north.
According to the FT, completion of the auction -- which will see
BBK take over the operations of CajaSur with the help of Frob
financing up to a maximum of EUR392 million (US$506 million) to
cover bad property loans -- marks the end of the current phase of
savings bank restructuring in Spain.
"The Frob believes that the BBK offer, which was chosen through a
competitive process, ensures the most efficient use of public
money," the FT quoted Frob as saying in a statement.
The FT notes that although CajaSur accounted for only 0.6% of the
assets of the Spanish banking system, its collapse shook financial
markets and undermined confidence in Spain and the eurozone.
As reported by the Troubled Company Reporter-Europe on May 25,
2010, the the Bank of Spain said CajaSur was seized because it had
"viability problems" and because of the failure to reach agreement
on a merger with Unicaja despite an ultimatum from the central
bank.
CajaSur is a savings bank previously run by Roman Catholic priests
in Cordoba.
===========
T U R K E Y
===========
EKSPO FAKTORING: Moody's Affirms 'Ba3' Issuer Ratings
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba3 issuer ratings (for
local and foreign currency) and the Baa1.tr National Scale Rating
of Ekspo Faktoring A.S. The outlook of the ratings is stable.
Moody's said that the Ba3 rating is supported by the company's
robust profitability, its adequate capitalization and asset
quality metrics, and by a well defined strategic positioning.
Since its inception in 2001, Ekspo has ranked amongst the top ten
factoring companies in Turkey and it is one of the largest non-
bank-affiliated factoring companies in the market.
Moody's noted that the ratings are constrained by Ekspo's modest
size, its considerable loan portfolio concentrations, and the high
dependence on domestic short term wholesale funding. Furthermore,
the uncertainty regarding the sustainability of current high
profitability trends in the Turkish factoring industry, which is
in its early stages of development, is an additional constraint on
the rating. Moreover, Ekspo's Ba3 rating does not benefit from
any uplift from possible support from its shareholders.
The Baa1.tr National Scale Rating is derived directly from the Ba3
local currency issuer rating. Whereas the Ba3 issuer rating
reflects the company's overall default risk, NSRs rank Turkish
issuers relative to each other and not relative to absolute
default risks. National scale ratings isolate systemic risks:
they do not address loss expectation associated with systemic
events that could affect all issuers, even those that receive the
highest ratings on the national scale.
The last rating action on Ekspo Faktoring A.S. was on
September 27, 2007, when the Ba3 issuer ratings (in local and
foreign currency) and the Baa1.tr National Scale rating were
assigned.
Ekspo Faktoring A.S. had total assets of TL189 million
(US$124 million) under BRSA at the end of March 2010.
===========================
U N I T E D K I N G D O M
===========================
CANDOVER INVESTMENTS: Faces Funding Woes as AIMCO Takeover Fails
----------------------------------------------------------------
Elliot Wilson at Mail Online reports that Candover Investments is
weighing up its future after a planned takeover by Canadian
pension fund Alberta Investment Management fell through.
The report relates AIMCO approached Candover in late April, hoping
to secure the London-based buyout firm for around GBP225 million,
but talks stalled. According to the report, some Candover
bondholders were unwilling to roll over their holdings, while
others wanted improved conditions on around GBP200 million which
they were owed. AIMCO ultimately cut its offer, forcing Candover,
which owns bingo-to-bookies group Gala Coral, to walk away, the
report recounts.
Focus now shifts to Candover's underlying financial strength, the
report notes. The report says many rivals believe the firm must
unwind its portfolio to survive.
"Candover's problem is what to do next," the report quoted one
industry insider as saying. "To move forward they need money but
they aren't going to raise a fund and they don't have access to
new finance. It's going to be a worrying few months for them."
The report recalls the group's woes began when it was forced to
write off the value of luxury boat maker Ferretti, a once prized-
asset bought for GBP1.1 billion at the height of the market. With
debt on its own balance sheet rising, Candover then failed to meet
an GBP850 million commitment to a 2008 fund, and has called a halt
to all new investments, the report discloses.
According to the report, the group now faces a pressing need to
shed assets. Candover is now left with a dwindling collection of
15 assets and, in the wake of the AIMCO collapse, a need to thrash
out a new strategy, the report notes.
Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984. It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house. As well as investing money on behalf of
Candover Investments plc, Candover raises substantial funds for
buyout investment from third parties such as pension funds,
insurance companies, endowments, charities and other professional
investors.
DALZIEL PARK: In Administration; Owes GBP2.5 Mil. to Santander
--------------------------------------------------------------
Euan Hamilton at Sunday Mail reports that The Dalziel Park and
Conference Centre has gone into administration.
The report relates Dalziel Park, which was owned by Mario Rea, has
been forced into the hands of administrators KPMG after it failed
to pay its creditors. According to the report, the hotel in
Motherwell is set to be sold after banking bosses called in the
administrators to take charge of Mr. Rea's firm, Dalziel Assets
Limited. Dalziel Park has lost its drinks license but is still
trading under administrators, the report notes.
The report says banking group Santander, who provided security for
the purchase, claim it is owed GBP2.5 million from Dalziel Assets.
The administrators have admitted they are unlikely to recoup all
of the money, the reports states.
According to the report, the administrators said: "On being
appointed, we met with the director, and attempted to carry out a
review of the company's financial position and trading prospects.
(Santander) holds a bond and floating charge over the business and
assets of the company, with the total of the sums due by the
company to the bank at the date of administration estimated to be
GBP2.5 million. It is unclear if the bank will receive their
indebtedness in full as a result of the administration process.
Any distribution to the bank under their bond and floating charge
is entirely dependent on the net realisations in the
administration, particularly the Dalziel facility."
Dalziel Hotel and Conference Centre is a luxury hotel and country
club. It has historically been a popular venue for weddings,
leisure and conferencing.
DFS FURNITURE: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) B1
corporate family rating and Probability of Default Rating to DFS
Furniture Holdings plc and a (P) B1 to the senior secured notes
maturing in 2017 and issued at DFS Furniture Holdings plc. The
outlook is stable.
The (P) B1 CFR reflects the company's excellent brand recognition
and leading market share in the UK market for upholstered
furniture, and the expectation that the market will grow at a
modest pace over the medium term after two years of contraction in
2008/09. The rating is constrained, however, by the relatively
high adjusted pro forma leverage following the most recent
acquisition by private equity firm Advent International, and the
company's relatively small scale and geographic scope. Moody's
estimates that on a pro forma basis for this transaction, gross
leverage, as adjusted by Moody's and principally for lease
commitments should be in the range of 6.3x.
Moody's expects that under its new ownership the company will
adopt a somewhat more ambitious growth strategy than the previous
owners, in particular through greater stores openings in areas
that are deemed under-penetrated. The strategy will also target
potential marketing efficiencies, and to increase the share of on-
line sales.
The company's liquidity is expected to be satisfactory. After the
transaction, and following the re-financing of a vendor loan, it
will consist principally of an undrawn GBP30 million revolving
credit facility. As the initial debt structure will consist
entirely of the proposed GBP240 million notes due 2017, with the
undrawn RCF maturing in 2016, the company is not expected to have
any short-term debt post refinancing. Moody's notes that the
company has generated free cash flows in recent years, which has
benefited from a relatively low capex/depreciation ratio.
The issuer of the senior secured notes is DFS Furniture Holdings
plc. The notes and the RCF are guaranteed by and secured on the
assets of the guarantors which represented 100% of the group's
EBITDA and 99.9% of assets in FY2009. The (P) B1 rating of the
senior secured notes (LGD 3), at the same level as the Corporate
Family Rating, reflects the limited amount of debt ranking ahead
of the notes in the overall capital structure, notably the
GBP30 million RCF. Under the terms of an intercreditor agreement,
the liens securing the Senior Secured Notes will rank pari passu
with the liens that secure the Revolving Credit Facility, while in
the event of enforcement of the security, holders of the Senior
Secured Notes will receive proceeds from the security only after
the lenders under the Revolving Credit Facility have been repaid.
For the current rating Moody's would expect gross leverage to
trend below 6x over the medium term. As such, the stable outlook
reflects Moody's view that while this metric is deemed somewhat
high immediately following the transaction, the company will be
able to improve this largely through internally-financed growth.
While not expected in the short-term, upward pressure could result
if gross leverage were to trend below 5x. Alternatively, negative
pressure on the rating or outlook could develop if earnings were
not to improve with the leverage metric remaining sustainably
above 6x.
In June 2010, private equity firm Advent International acquired
100% of DFS' share capital, which was financed in part with a
vendor loan, as well as Advent International's equity
contribution. The vendor loan will be repaid using some of the
proceeds from the issuance of the senior secured notes.
DFS, based in Doncaster England, is the leading retailer in the
UK upholstered furniture market. The company generated
GBP655.7 million and GBP66.2 million in revenues and operating
profits, respectively, in the twelve months to 1 May 2010.
This is the first time Moody's has assigned a rating to the
company. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the notes. A definitive
rating may differ from a provisional rating.
DFS FURNITURE: S&P Assigns 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to DFS Furniture Holdings PLC.
The outlook is stable.
At the same time, S&P assigned a 'B' issue rating to the proposed
GBP240 million senior secured notes (proposed notes) to be issued
by DFS. S&P also assigned a recovery rating of '3' to the
proposed notes, indicating S&P's expectation of meaningful (50%-
70%) recovery in the event of a payment default.
"The rating reflects S&P's view of DFS' relatively high leverage
under the proposed capital structure following a leveraged buyout
by private equity group Advent International in April 2010," said
Standard & Poor's credit analyst Marketa Horkova.
S&P expects the company's Standard & Poor's-adjusted net debt to
EBITDA to be about 7x by the financial year ending July 2010. In
accordance with S&P's criteria, its estimates include financial
debt of GBP240 million, operating lease commitments of about
GBP400 million, and GBP219 million in the form of preference
shares. The leverage ratio, excluding preference shares, would be
about 5x. S&P believes that DFS is capable of generating
sufficient free cash flow, provided that capital investments are
carefully managed, to gradually reduce its leverage. In addition,
S&P views positively DFS' relatively robust EBITDA interest
coverage, which S&P believes the company should be able to sustain
at about 2x.
This is in the context of what S&P considers to be a "fair"
business risk profile. This reflects S&P's view of the company's
position as leading retailer of upholstered furniture in the U.K.,
supported by a well-invested and recognized brand. Further
support stems from DFS' established track record of withstanding
difficult market conditions, the leveraging of its significant
scale, and its steadily increasing market share despite a more
aggressive push into the market from general retailers.
"The stable outlook reflects S&P's view that DFS will sustain
positive same-store sales growth of at least low single digits
while maintaining its operating performance momentum, despite the
gloomy retail consumption environment in the U.K.," said Ms.
Horkova. "Moreover, S&P believes that the company will retain a
financial profile commensurate with the ratings, supported by
positive FOCF."
A weakening of the company's financial profile due to poor trading
or capital investments not fully mitigated by improvements in
earnings could lead us to lower the ratings. Specifically, if
Standard & Poor's-adjusted EBITDA interest coverage were to
decrease to below 1.5x.
S&P could consider taking a positive rating action if DFS'
projected profitable growth were to generate sufficient
discretionary cash to make a positive step-change in debt leverage
toward Standard & Poor's-adjusted debt to EBITDA of below 5x
(including preference shares).
FORGE DAM: In Administration; 19 Jobs Affected
----------------------------------------------
At the request of the director, Howard Smith and Mark Firmin from
KPMG Restructuring in Leeds have been appointed Joint
Administrators of Forge Dam Limited, the sheet metal designer and
fabricator.
Forge Dam Limited trades as both Formtech Creative Engineering and
AMA Displays, with sites in Leeds and Dewsbury. The company also
has a division trading as Intersign in Stockton-on-Tees, which is
involved in printing and signage.
In total, Forge Dam employs 41 staff and has an annual turnover of
approximately GBP2.2 million. There have been 19 redundancies as
a result of the administration.
Howard Smith, associate partner and joint administrator,
commented: "Forge Dam Limited had been experiencing severe cash
flow issues, which ultimately prompted the director to appoint us
as administrators. We intend to continue to trade the business in
Leeds and Dewsbury in the short to medium term while we seek a
buyer for the business and its assets. However, the business in
Stockton-on-Tees will cease to trade with immediate effect."
GOLDTRAIL TRAVEL: Begbies Traynor Appointed as Administrators
-------------------------------------------------------------
Mark Fry and Jamie Taylor of Begbies Traynor were appointed
administrators of Goldtrail Travel Limited, the specialist Greek
and Turkey budget holiday operator, based in New Malden, Surrey,
on July 16, 2010.
The company has ceased trading with immediate effect.
HALLIWELLS: Barlow Lyde to Buy Insurance Practice
-------------------------------------------------
Emma Sadowski at City AM reports that Halliwells will learn today,
July 20, whether it will be forced into administration.
According to the report, Barlow Lyde & Gilbert has agreed to buy
up Halliwells' insurance practice. The deal is one of many that
Halliwells is looking to secure in a bid to avoid going into
administration, the report states.
Halliwells, which filed for a second notice of intent to appoint
an administrator at the end of June, is also in talks with Hill
Dickinson and HBJ Gateley Wareing, the report notes. The report
says the deals are expected to be finalized by today and could
save hundreds of jobs.
As reported by the Troubled Company Reporter-Europe on July 1,
2010, The Lawyer said Halliwells filed a notice of its intention
to appoint an administrator, claiming that high property costs
exacerbated by the current economic climate adversely
impacted its finances.
Halliwells is a law firm based in Manchester.
HAMMER AND THEELEN: In Administration; FRP Advisory Seeks Buyer
---------------------------------------------------------------
Eve Oxberry at Drapers reports that Hammer and Theelen, which
trades as Hillbrow Fashions and suppliers retailers including
Debenhams and the Arcadia group, has been put into administration.
The report relates Hammer and Theelen went into administration
Thursday with the appointment of joint administrators Geoff Rowley
and Jason Baker, partners at restructuring, recovery and
insolvency firm FRP Advisory. The report notes Mr. Rowley said
"In common with many suppliers in the UK retail market, the
business has found its margins under increasing pressure,
particularly given intensifying competition from suppliers in
Asia."
According to the report, the supplier will continue to operate as
a going concern with no redundancies made while the administrators
seek a buyer for the business.
Hammer and Theelen, based in Stratford, East London, sources and
supplies fashion clothing accessories for retail chains including
Debenhams, Dorothy Perkins, Topshop, Asos and Jane Norman. The
company employs five members of staff and has an annual turnover
of around GBP3 million according to Drapers.
MISS SIXTY: Mourant Challenges Company Voluntary Arrangement
------------------------------------------------------------
Mail Online reports that British commercial landlord Mourant & Co
Trustees has gone to the High Court to challenge a Company
Voluntary Arrangement agreed by Miss Sixty UK in 2009 with
creditors.
According to the report, as part of that agreement, Mourant was
stripped of the right to ask Miss Sixty's parent firm in Italy,
the guarantor of two leases it had agreed, to pay what was owed by
Miss Sixty UK.
After a hearing in the court, a decision is expected by the end of
this month, the report notes.
Miss Sixty UK is a fashion chain.
PAG HOTELS: In Administration; 30 Jobs at Risk
----------------------------------------------
Sharon Liptrott at Dumfries Standard Friday reports that PAG
Hotels Ltd., which owns Auchen Castle Hotel near Moffat and its
sister venture Castle Venlaw Hotel in Peebles, has gone into
administration, putting 30 jobs at risk.
According to the report, administrators say the hotels will
continue operating while new owners are sought. Convivial
Management Services Limited has been appointed as managing agent
to run both hotels, the report discloses.
It is understood that the Santander bank called in KPMG who placed
the PAG Hotels in administration, the report notes. The report
relates Blair Nimmo and David Costley-Wood of KPMG have been
appointed joint administrators.
The report relates Mr. Nimmo, joint administrator and head of
restructuring for KPMG in Scotland, said: "PAG Hotels Ltd has
suffered, like many companies in the leisure and tourism sector,
from the wider challenging economic conditions."
PAG Hotels Ltd. owns hotel properties.
PREMIERTEL PLC: S&P Downgrades Rating on Class B Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on Premiertel PLC's class B
commercial mortgage-backed fixed-rate bonds. At the same time,
S&P affirmed the rating on the class A bonds.
In February 2010, S&P placed the rating on the class B bonds on
CreditWatch negative. This was pending completion of S&P's review
of the impact of deferred scheduled principal payments due on
these bonds at the February interest payment date. S&P notes that
a portion of this principal has since been repaid on the May IPD.
The transaction is structured as a pass-through whereby rental
payments from BTPLC (BBB-/Stable/A-3), as tenant in the underlying
properties, are used to repay a secured loan from the issuer. The
maturity date of this loan falls in 2032, as does the expiry date
of the various leases to BT.
The issuer uses the loan payments to fully amortize its own
obligations. The class A bonds are scheduled to fully amortize by
2029 and the class B bonds by 2032, soon after the loan maturity
date.
A number of factors contributed to the deferment of principal in
February. Shortfalls on scheduled principal at the loan level had
previously occurred. This was due to the negative carry
occasioned by the drawdown of the liquidity facility, upon the
downgrade to 'A-1' from 'A-1+' of ABN AMRO Bank N.V. (now The
Royal Bank of Scotland N.V.). (S&P notes that its current
counterparty criteria envisage liquidity facility providers
remaining in securitization transactions while rated 'A-1'.) The
issuer initially met these shortfalls by drawing on a reserve fund
originally established to supplement rental cash flow in the early
years of the transaction. This fund is now fully depleted, and
rental income remains insufficient to cover both senior expenses
and full debt service.
The extent of the shortfall has been exacerbated by high and
irregular transaction costs, and low interest generated from
amounts on deposit. S&P understands that the servicer is
discussing alternative arrangements with a view to smoothing the
payment of transaction costs. Nonetheless, even if the payments
of these costs are staggered, contracted rental cash flow and
deposit interest will not be sufficient to prevent further
deferments of principal, increasing the risk that the class B
bonds will not fully amortize by maturity. In view of this and
the absence of a period between loan and note maturity in which
repayment could otherwise be funded by enforcement proceeds -- for
example--S&P has lowered its rating on the class B bonds. The
above notwithstanding, the rating on the class B bonds continues
to be capped at the rating on the tenant.
The class A bonds are unaffected by the above factors. The rating
on this particular class remains delinked from the rating on the
tenant. As such, S&P's analysis assumes that, in the event of a
tenant default, transaction liquidity available to this class
would be sufficient to meet debt service until the properties were
re-let or sold. Accordingly, S&P has affirmed its rating on the
class A bonds.
This is a single-loan transaction that closed in November 2003.
Since closing, the loan has been secured on five office
properties. Two are located in England, two in Scotland, and the
remaining property in Northern Ireland. The properties were all
built between 1998 and 2001 and are of good quality, in S&P's
view. All five properties are currently let to BT PLC on full
repairing and insuring leases, all expiring in 2032.
Ratings List
Premiertel PLC
GBP286.207 Million Fixed-Rate Bonds
Rating Affirmed
Class Rating
----- ------
A AA
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
B BB BBB-/Watch Neg
* UK: Company Insolvencies Down 13% in June, Experian Data Shows
----------------------------------------------------------------
Emma Sadowski at City AM reports that the number of company
insolvencies in June in the United Kingdom has declined by more
than 13% from last year.
According to the report, information from data services group
Experian shows that 1,771 UK businesses failed last month down
from the 2,044 that became insolvent in June last year.
The report relates Experian said the overall financial strength of
UK businesses has also improved but that a geographical divide
between the North and South continues to exist.
"June's data indicates that the UK's business community as a whole
is stabilizing, however it also points to the existence of a north
versus south divide. Businesses in the north of England seem to
be faring slightly worse than their southern counterparts across
all industry sectors," the report quoted Rolf Hickman, managing
director of Experian's pH Group, as saying.
The report notes the number of insolvencies among the UK's largest
businesses almost doubled last month compared with last year as
the knock on effects of the global downturn continued to take its
toll. Companies employing over 500 people made up for 0.14% of
the total failures in the UK last month after 13 businesses went
under, the report discloses.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
(US$)
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LIBR AV -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
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
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
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SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -2811647.728 7972333363
OBTEC OBT DC -18360748.78 147485890.1
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SCANDINAVIAN BRA SBSC IX -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1EUR EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBS DC -18360748.78 147485890.1
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FRANCE
------
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GEORGIA
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GERMANY
-------
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ESCADA AG-NEW ESCN GR -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCD GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EU -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EO -22323463.23 425598807.8
ESCADA AG-RTS ESCE GR -22323463.23 425598807.8
ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KABEL DEUTSCHLAN KD8 GR -1408286725 3144138917
KABEL DEUTSCHLAN KD8USD EO -1408286725 3144138917
KABEL DEUTSCHLAN KD8USD EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 IX -1408286725 3144138917
KABEL DEUTSCHLAN KD8 TH -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EB -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EO -1408286725 3144138917
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
LLOYD FONDS AG LLOG IX -1314098.03 141766952.6
LLOYD FONDS AG L1O GR -1314098.03 141766952.6
LLOYD FONDS AG L1O EO -1314098.03 141766952.6
LLOYD FONDS AG L1O PZ -1314098.03 141766952.6
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
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
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
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PRC TH -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127546738.8
SANDER (JIL) AG JLSDF US -6153256.917 127546738.8
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
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
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
JAMES HARDIE-CDI JHA GR -117900000 2178800128
JAMES HARDIE-CDI JHA TH -117900000 2178800128
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY -RT FP MCIF ID -132691148.8 374303706.5
MCINERNEY -RT FP MCIF LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY -RT NP MCIN LN -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-RTS AESA IM -24405906.61 1350851664
AEDES SPA-RTS AEAA IM -24405906.61 1350851664
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
BINDA SPA BNDAF US -11146475.29 128859802.9
BINDA SPA BND IM -11146475.29 128859802.9
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
BIOERA BIE1 PZ -6731364.698 131141946.1
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
EUROFLY SPA EEZ IX -4509742.055 181807336
EUROFLY SPA -RTS EEZAXA IM -4509742.055 181807336
EUROFLY SPA-RTS EURAXA IM -4509742.055 181807336
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
INNOTECH SPA ELIOF US -178432.4639 134255668.5
MERIDIANA FLY E7N GR -4509742.055 181807336
MERIDIANA FLY MEF IM -4509742.055 181807336
MERIDIANA FLY EEZ TQ -4509742.055 181807336
MERIDIANA FLY EEZ PZ -4509742.055 181807336
MERIDIANA FLY EEZ EO -4509742.055 181807336
MERIDIANA FLY EFLYF US -4509742.055 181807336
MERIDIANA FLY EEZ EU -4509742.055 181807336
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
RISANAMENTO -OPA RNOPA IM -165887753.7 4800733024
RISANAMENTO -RNC RNR IM -165887753.7 4800733024
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RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO-RTS RNAA IM -165887753.7 4800733024
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
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SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
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TISCALI SPA TIS EB -91679652.81 569172229.5
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TISCALI SPA TIS NQ -91679652.81 569172229.5
TISCALI SPA TIS VX -91679652.81 569172229.5
TISCALI SPA TISN NA -91679652.81 569172229.5
TISCALI SPA TIS EO -91679652.81 569172229.5
TISCALI SPA TIS NA -91679652.81 569172229.5
TISCALI SPA TIQ1 GR -91679652.81 569172229.5
TISCALI SPA TISN IX -91679652.81 569172229.5
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YORKVILLE BHN BY TQ -178432.4639 134255668.5
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YORKVILLE BHN BY IM -178432.4639 134255668.5
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REAL ESTATE OP-O REOGBP EO -145048365.8 2933767507
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CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
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INTELSAT ILMA GR -325921984 17266143232
INTELSAT SA 2237Z US -325921984 17266143232
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
INTEROIL EXPLORA IROIF US -48022000 186064000
INTEROIL EXPLORA INOX NO -48022000 186064000
INTEROIL EXPLORA IOX PZ -48022000 186064000
INTEROIL EXPLORA IOXUSD EU -48022000 186064000
INTEROIL EXPLORA IOXEUR EO -48022000 186064000
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INTEROIL EXPLORA IOX NO -48022000 186064000
INTEROIL EXPLORA IOX EO -48022000 186064000
INTEROIL EXPLORA IOX BY -48022000 186064000
INTEROIL EXPLORA IOX IX -48022000 186064000
INTEROIL EXPLORA IOXEUR EU -48022000 186064000
INTEROIL EXPLORA IOX EU -48022000 186064000
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
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PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
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KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFI PL -4067307.986 329785890.1
COFINA COFSI IX -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PORCELANA VISTA PVAL PL -64841467.39 140647736.3
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCP1 PZ -22452984.49 177676573.7
SPORTING-SOC DES SCP PL -22452984.49 177676573.7
SPORTING-SOC DES SCG GR -22452984.49 177676573.7
SPORTING-SOC DES SCDF EO -22452984.49 177676573.7
SPORTING-SOC DES SCPX PX -22452984.49 177676573.7
SPORTING-SOC DES SCPL IX -22452984.49 177676573.7
SPORTING-SOC DES SCDF PL -22452984.49 177676573.7
SPORTING-SOC DES SCDF EU -22452984.49 177676573.7
TAP SGPS TAP PL -239565845.5 3126533533
VAA VISTA ALEGRE VAF PZ -64841467.39 140647736.3
VAA VISTA ALEGRE VAF PL -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EO -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EU -64841467.39 140647736.3
VAA VISTA ALEGRE VAFX PX -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EU -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EO -64841467.39 140647736.3
VAA VISTA ALTAN VAFKX PX -64841467.39 140647736.3
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
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
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
DAGESTAN ENERGY DASB RM -23504511.21 181781762
DAGESTAN ENERGY DASB RU -23504511.21 181781762
DAGESTAN ENERGY DASB* RU -23504511.21 181781762
FINANCIAL LEASIN 137282Z RU -45555537.68 466377160.5
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
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GLOBEX-FINANS OSOLC RU -2727106.54 130285030.8
KOMPANIYA GL-BRD GMST* RU -24995189.6 1208685689
KOMPANIYA GL-BRD GMST RU -24995189.6 1208685689
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
MIG-FINANS MIGF RU -3698157.596 135166236.6
PARNAS-M PRSM RU -138592.4742 127637318.8
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
TERNEYLES-BRD TERL RU -11828435.57 197558375.8
TERNEYLES-BRD TERL* RU -11828435.57 197558375.8
TRANSAERO AIRLIN TRNS RU -21542426.88 1094294837
TRANSAERO AIRLIN TRNS* RU -21542426.88 1094294837
VOLGOGRAD KHIM VHIM* RU -22920234.24 142367839.8
VOLGOGRAD KHIM VHIM RU -22920234.24 142367839.8
ZAPSIBGASP-Q PFD ZSGPP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP* RU -1248066.61 125676622.6
ZAPSIBGASPROM-B ZSGP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-PFD ZSGPP* RU -1248066.61 125676622.6
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
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
INBESOS SA NYE TQ -68174952.1 813033334.5
INBESOS SA BESS PZ -68174952.1 813033334.5
INBESOS SA NYE SM -68174952.1 813033334.5
INBESOS SA NYE EU -68174952.1 813033334.5
INBESOS SA NYE EO -68174952.1 813033334.5
MARTINSA FADESA 4PU GR -1929870022 7764140388
MARTINSA FADESA MTF EU -1929870022 7764140388
MARTINSA FADESA MTF SM -1929870022 7764140388
MARTINSA FADESA MFAD PZ -1929870022 7764140388
MARTINSA FADESA MTF EO -1929870022 7764140388
MARTINSA FADESA MTF1 LI -1929870022 7764140388
MARTINSA-FADESA MTF NR -1929870022 7764140388
NYESA VALORES CO BES EU -68174952.1 813033334.5
NYESA VALORES CO BES TQ -68174952.1 813033334.5
NYESA VALORES CO BES SM -68174952.1 813033334.5
NYESA VALORES CO BES EO -68174952.1 813033334.5
SWEDEN
------
ALLOKTON AB ALOKB SS -81949466.05 495641682.4
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
TURKEY
------
BESIKTAS FUTBOL BWX GR -10396040.97 175760356.3
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.3
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.3
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR BFJG IX -5331676.798 2243068982
BANK FORUM JSC FORM UZ -5331676.798 2243068982
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.8
DONETSKOBLENERGO DOON UZ -215090745.2 394460346.2
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -27621096.54 197769532.3
NAFTOKHIMIK PRIC NAFP UZ -19746288.63 299014707.5
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JESSOPS PLC JS4 GR -42702021.2 112964060.4
JESSOPS PLC JSP LN -42702021.2 112964060.4
JESSOPS PLC JSPEUR EU -42702021.2 112964060.4
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JESSOPS PLC JSP EU -42702021.2 112964060.4
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KLEENEZE PLC KLZ LN -14328735.16 110864081.4
KOP FOOTBALL HOL 3315203Z LN -214487094.9 590218957.6
KOP FOOTBALL LTD 901297Z LN -105207451.9 474568063.7
LADBROKE GROUP LADB LN -97533918.57 1748505414
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LADBROKES PLC LAD IX -97533918.57 1748505414
LADBROKES PLC LADEUR EO -97533918.57 1748505414
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LADBROKES PLC HG/ VX -97533918.57 1748505414
LADBROKES PLC LAD NR -97533918.57 1748505414
LADBROKES PLC LAD EO -97533918.57 1748505414
LADBROKES PLC LAD QM -97533918.57 1748505414
LADBROKES PLC LAD VX -97533918.57 1748505414
LADBROKES PLC LAD TQ -97533918.57 1748505414
LADBROKES PLC LAD NQ -97533918.57 1748505414
LADBROKES PLC LAD EU -97533918.57 1748505414
LADBROKES PLC LADEUR EU -97533918.57 1748505414
LADBROKES PLC LADNZD EU -97533918.57 1748505414
LADBROKES PLC LDBKF US -97533918.57 1748505414
LADBROKES PLC LADNZD EO -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
LADBROKES PLC LADGBP EO -97533918.57 1748505414
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LADBROKES PLC LAD LN -97533918.57 1748505414
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LADBROKES PLC-AD LDBKY LN -97533918.57 1748505414
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LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
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LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
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LONDON TOWN PLC LTW EO -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
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M 2003 PLC 203055Q LN -2203513803 7204891602
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PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
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PARK GROUP PLC PKG EO -52867263.19 185089877.3
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PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
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PATIENTLINE PLC PTL VX -54677284.64 124948245.8
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PROSTRAKAN GROUP PSK VX -8881399.87 126115878.2
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REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
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SAATCHI & SA-ADR SSI$ LN -119260804.2 705060824.5
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SCOTTISH MEDIA SSM LN -51512119.25 207340304
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
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STV GROUP PLC SMGPF US -51512119.25 207340304
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UTC GROUP UGR LN -11904426.45 203548565
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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 * * *