/raid1/www/Hosts/bankrupt/TCREUR_Public/100803.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, August 3, 2010, Vol. 11, No. 151
Headlines
B U L G A R I A
KREMIKOVTZI AD: Vorskla Steela to Take Part in Public Tender
F R A N C E
ALCATEL-LUCENT: Net Losses Narrow to EUR184MM in 2nd Qtr. 2010
REXEL SA: To Pay Dividend Next Year if Debt Lowered, Chairman Says
G E R M A N Y
ARCANDOR AG: Borletti Hasn't Made Offer for Karstadt Unit
CONTINENTAL AG: Posts EUR121MM Net Income in 2nd Quarter 2010
HEIDELBERGCEMENT AG: Operating Profit Up 9.1% in Qtr Ended June 30
TUI AG: S&P Affirms 'B-' Long-Term Corporate Credit Rating
I C E L A N D
* ICELAND: Parliament May Oppose Proposal to Rescue Banks
I R E L A N D
ALLIED IRISH: Mulls 2,000 Job Cuts This Year
MENTON CDO: Moody's Corrects Report on Event of Default
WARNER CHILCOTT: S&P Retains 'BB' Corporate Credit Rating
R U S S I A
INTERNATIONAL BANK: Fitch Affirms 'B-' Issuer Default Rating
METALLOINVEST MANAGEMENT: Moody's Puts 'Ba3' Corp. Family Rating
VTB INSURANCE: Fitch Gives Positive Outlook; Affirms 'BB' Rating
S P A I N
AYT KUTXA: S&P Downgrades Ratings on Class C Notes to Low-B
U K R A I N E
FERREXPO PLC: S&P Raises Long-Term Foreign Currency Rating to B+
U N I T E D K I N G D O M
BRIDGEND BOAT: In Liquidation; 30 Jobs Affected
BRITISH AIRWAYS: Faces GBP250MM Loss Over Strikes, Volcanic Ash
BRITISH AIRWAYS: Regulator Approves Pension Recovery Plan
CARTHOW LIMITED: In Administration; Owes Nearly GBP40 Million
EPIC PLC: Fitch Downgrades Rating on Class D Notes to 'BB'
MAYBOURNE HOTEL: Nears GBP600 Million Debt Refinancing Deal
RMAC SECURITIES: Fitch Affirms Ratings on Two Tranches at 'CC'
SOUND TOO: In Administration; Joint Administrators Seek Buyer
STEWART & MCKENNA: In Liquidation; Owes GBP78,000
TOWER ARMS: Put Into Administration Following Shareholder Row
* UK: Real Estate Sector Hardest Hit by Recession, R3 Says
* UK: House of Lords Probes Big Four's Role in Financial Crisis
* UK: Few Passengers Consider Airline Insolvency, Poll Shows
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
===============
B U L G A R I A
===============
KREMIKOVTZI AD: Vorskla Steela to Take Part in Public Tender
------------------------------------------------------------
Steel Orbis reports that Vorskla Steel Bulgaria, part of the
industrial and financial group Finance and Credit controlled by
Ukrainian businessman Konstantin Zhevago, is still interested in
acquiring Kremikovtzi, which was cleared for liquidation in June
this year.
Citing Sofia News Agency, Steel Orbis says Vorskla Steel intends
to take part in the public tender for the mill's sale which is
planned for mid-September this year.
Steel Orbis relates Vorskla Steel Bulgaria CEO Viktor Demyanyuk
insists his company, which has been declared insolvent, has money
for the purchase, but first wants to check thoroughly the real
condition and state of Kremikovtzi in order to make ensure a
return on the investment and to ensure that the mill can really
produce goods that can be sold on the world market. According to
Steel Orbis, Mr. Demyanyuk said that Vorskla Steel already has a
recovery plan for Kremikovtzi, which he named "a jalopy with the
price of a Mercedes," and has conducted preliminary talks with the
companies to which the mill owes money and they were ready to
accept deferred payments.
As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News said Kremikovtzi will auction its assets on
Sept. 13. Bloomberg disclosed receiver Tsvetan Bankov said the
starting price for the steel mill's Soviet-era plant is set at
BGN565.52 million (US$375 million). Assets total BGN840 million,
while debt was estimated at BGN1.9 billion, Bloomberg said, citing
a report from the receiver. Sealed bids, along with 10% deposits,
are invited, according to Bloomberg. Bloomberg recalled the Sofia
City Court declared Kremikovtzi bankrupt May 31. The Sofia-based
plant was placed in receivership in 2008 after failing to pay
suppliers and investors holding BGN325 million (US$422 million) of
bonds, Bloomberg disclosed. Creditors rejected a restructuring
plan in October 2009, opting to be repaid under insolvency laws,
Bloomberg recounted. Bloomberg noted that of the total
liabilities, 42% are owed to state-run power and gas utilities,
the state railways and tax authorities.
About Kremikovtzi
Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes. The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others. The Company is 71%-owned by
Finmetals Holding AD.
===========
F R A N C E
===========
ALCATEL-LUCENT: Net Losses Narrow to EUR184MM in 2nd Qtr. 2010
--------------------------------------------------------------
Tim Bradshaw at The Financial Times reports that Alcatel-Lucent
maintained its guidance for the year, in spite of continuing
supply chain problems.
According to the FT, revenue fell 2.4% year-on-year in the second
quarter to EUR3.8 billion. Compared with the first quarter, sales
rose 17.4%, a better performance than rivals Nokia Siemens
Networks and Ericsson, the FT discloses.
The FT says net losses narrowed from EUR515 million in the first
quarter to EUR184 million. Alcatel-Lucent has not made an annual
net profit since the two companies merged more than three years
ago, the FT notes. Nonetheless, the company maintained its target
of "nominal" revenue growth and a 1 to 5% operating margin for the
full year, the FT states.
"Yes, there were component shortages. We suffered in the first
quarter," the FT quoted Ben Verwaayen, chief executive of Alcatel-
Lucent as saying. "People wanted more from us than we could
deliver. I think we have worked out a way to deal with that. The
component problems are still there but we are now much better
placed to help our customers."
About Alcatel-Lucent
France-based Alcatel-Lucent (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users. In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers. It has operations in more than 130 countries. It
has three segments: Carrier, Enterprise and Services. The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access. Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge. Its Services business
segment integrates clients' networks. In October 2008, the
company completed the acquisition of Motive, Inc.
* * *
Alcatel Lucent continues to carry a 'B' long-term corporate credit
rating from Standard & Poor's Ratings Services with a negative
outlook. S&P lowered the rating to its current level from 'B+' in
November 2009.
REXEL SA: To Pay Dividend Next Year if Debt Lowered, Chairman Says
------------------------------------------------------------------
Tara Patel at Bloomberg News reports that Investir, citing an
interview with Rexel SA Chairman Jean-Charles Pauze, said the
company will pay shareholders a dividend next year if it lowers
its debt.
According to Bloomberg, Mr. Pauze, as cited by Investir, said the
company also wants to cut debt to make acquisitions.
Headquartered in Paris, France, Rexel SA --
http://www.rexel.com/-- distributes more than one million kinds
of electrical parts and supplies, including wiring devices,
cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components. For the twelve months ended
Dec. 31, 2006, Rexel reported total sales and EBITDA of EUR9,299
million and EUR637 million, respectively.
* * *
As reported by the Troubled Company Reporter-Europe on May 14,
2010, Fitch Ratings assigned France-based electrical distributor
Rexel S.A.'s commercial paper program, aggregating EUR500 million,
a rating of 'B. In addition, the company's other ratings have
been affirmed at:
-- Long-term foreign currency Issuer Default 'BB-', with Stable
Outlook,
-- Short-term IDR 'B'
-- Senior unsecured 'BB-'
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G E R M A N Y
=============
ARCANDOR AG: Borletti Hasn't Made Offer for Karstadt Unit
---------------------------------------------------------
Nicholas Comfort at Bloomberg News report that Karstadt
administrator Klaus Hubert Goerg said a document sent by Italian
entrepreneur Maurizio Borletti regarding Arcandor AG's department-
store chain doesn't constitute an offer for the German retailer.
"To our knowledge, he hasn't done the due diligence. Offers look
different," Bloomberg quoted Thomas Schulz, a spokesman for
Mr. Goerg, as saying.
Berggruen Holdings Ltd. signed a contract to acquire Karstadt on
June 8, meaning subsequent expressions of interest can't be
considered offers, Bloomberg says, citing Mr. Schulz.
Bloomberg relates Bild am Sonntag reported that Borletti made a
EUR100 million (US$131 million) bid for Karstadt on July 30 in
case Berggruen's takeover fails. Mr. Schulz, as cited by
Bloomberg, said that while the EUR100 million figure does feature
in a document Mr. Borletti submitted to the insolvency
administrator, it isn't clear how a bid would be structured.
Mr. Borletti holds a stake in the Highstreet, Karstadt's main
landlord, Bloomberg discloses.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division. Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees. On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people. The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program. It also sought a further EUR437 million from a state-
owned bank.
CONTINENTAL AG: Posts EUR121MM Net Income in 2nd Quarter 2010
-------------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Continental AG
posted a net income of EUR121 million (US$158 million) in the
second quarter of 2010, compared with a EUR190 million loss a year
earlier.
Bloomberg says revenue rose 40% to EUR6.66 billion
Continental aims to reorganize more than EUR8 billion of debt as
it works toward merging with majority shareholder Schaeffler
Group, Bloomberg discloses.
According to Bloomberg, Chief Financial Officer Wolfgang Schaefer
said the company plans to sell a total of as much as EUR4 billion
in bonds to stretch out its debt repayment schedule, and will
makes the sales when it's "opportune".
Continental's debt stems from its 2007 purchase of Siemens AG's
VDO auto-component business, Bloomberg notes.
About Continental AG
Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier. The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort. It operates in six
divisions. Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components. Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others. Interior manufactures information management modules and
wireless mobile devices. Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles. Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles. ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors. In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.
* * *
As reported by the Troubled Company Reporter-Europe on July 20,
2010, Fitch Ratings affirmed Continental AG's Long-term Issuer
Default rating at 'B+' following the announcement on July 9, 2010
of Conti-Gummi Finance BV's issuance of EUR750 million of senior
secured notes due 2015, which were guaranteed on a senior basis by
Continental. Fitch said the Outlook on the Long-term IDR is
Stable. Fitch 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 was withdrawn.
Continental's Short-term IDR was affirmed at 'B'.
As reported by the Troubled Company Reporter-Europe on July 19,
2010, Moody's Investors Service affirmed the B1 corporate family
rating of Continental AG and assigned a definitive B1 rating
(LGD4, 51%) to its newly issued secured high-yield bond. At the
same time, the rating agency changed the outlook on the
ratings to stable from negative.
HEIDELBERGCEMENT AG: Operating Profit Up 9.1% in Qtr Ended June 30
------------------------------------------------------------------
Richard Weiss at Bloomberg News reports that HeidelbergCement AG
said sales rose for the first time in six quarters as a rebound in
the global economy revived demand.
According to Bloomberg, sales in the quarter ended June 30 rose
9.5% to EUR3.3 billion (US$4.3 billion), while operating profit
rose 9.1% to EUR693 million.
Bloomberg says HeidelbergCement Chief Executive Officer Bernd
Scheifele remains focused on cutting costs and debt, while
completing a four-year, 20 million metric-ton expansion of
production capacity in countries such as Poland and Russia by
2012. He widened his 2010 cost-cutting target by 50 percent to
EUR300 million in February after financing and other costs slashed
profit 98 percent last year, Bloomberg notes.
Bloomberg relates the company cut 3,239 jobs, or 5.7% of its
workforce, in the 12 months through June, and is in the process of
eliminating as many as 350 positions in North America.
Net debt at June 30 was EUR9.07 billion, up from EUR8.96 billion
on March 31, Bloomberg discloses. Bloomberg notes Chief Financial
Officer Lorenz Naeger said on a conference call the company will
fail to achieve credit metrics that would qualify it for
investment-grade credit rating this year.
About HeidelbergCement
Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials. The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete. It is also
engaged in the provision of such products as ready-mixed concrete,
as well as concrete products and elements. It divides its
activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products. Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others. In 2007, the
Company took over Hanson Group.
* * *
As reported by the Troubled Company Reporter-Europe on June 28,
2010, Fitch Ratings upgraded Germany-based HeidelbergCement AG's
Long-term Issuer Default and senior unsecured ratings to 'BB' from
'BB-'. Fitch said the Outlook on the Long-term IDR is Stable.
HC's Short-term IDR was affirmed at 'B'. Fitch also assigned a
senior unsecured rating of 'BB' to HC's EUR650 million 6.75% notes
due in December 2015, issued under its EMTN program.
TUI AG: S&P Affirms 'B-' Long-Term Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Germany-based tourism and
shipping conglomerate TUI AG and removed it from CreditWatch,
where it was originally placed with negative implications on
July 29, 2009. The outlook is negative.
At the same time, the issue ratings of 'CCC+' on the senior
unsecured debt, and of 'CCC-' on the junior subordinated debt,
were affirmed and removed from CreditWatch negative. The recovery
ratings of '5' on the senior unsecured debt, and of '6' on the
junior subordinated debt, are unchanged.
"The removal of the rating from CreditWatch negative reflects
S&P's assessment that TUI AG's near-term liquidity prospects have
improved, although S&P considers that the group remains dependent
on proceeds from further asset sales to maintain adequate
liquidity," said Standard & Poor's credit analyst Philip Temme.
"After the severe downturn in 2009, TUI stands to benefit from
stronger performance at its shipping associate Hapag-Lloyd AG in
2010."
A succession of refinancing measures in the past year has
contributed to improved near-term liquidity prospects. In the
final quarter of 2009, the group completed a EUR1.95 billion
government-assisted refinancing of HL, and the state loan
guarantees remain undrawn. Shortly afterwards, TUI issued a
EUR218 million convertible and TUI Travel PLC issued a
GBP350 million convertible and obtained GBP140 million of
additional bank facilities. Earlier in 2010, a EUR200 million TUI
loan to HL was refinanced by HL's majority shareholders and TTP
repaid EUR250 million of its shareholder loan. In April 2010, TTP
issued a GBP400 million convertible and signed up GBP150 million
of additional bank facilities. A further EUR509 million TTP
shareholder loan repayment is due in early December 2010.
Operating performance at HL has improved significantly after its
tumultuous 2009. Shipping freight rates troughed in July 2009 and
volumes have risen more recently on the back of the recovery in
world trade and progress toward achieving HL's $1.1 billion cost
savings target. TUI now expects HL's at-equity contribution for
financial 2010 to be positive, although dividends remain frozen
until the state loan guarantees are cancelled.
The group has initiated an asset-streamlining program totaling
EUR500 million, to comprise sales of businesses and real estate,
as well as sale-and-leasebacks. Progress with asset disposals has
been only modest to date.
In S&P's view, TUI's likely dependence on proceeds from further
asset sales to maintain adequate liquidity, notably from 2012
onward, as well as its still highly leveraged financial profile
and continuing substantial exposure to HL. In the absence of any
HL refinancing, S&P considers that TUI will need to accelerate its
disposal program to ensure adequate medium-term liquidity.
Ratings are conditional on TUI maintaining satisfactory progress
with asset disposals and could be lowered in the event of limited
progress in that respect or other evidence of liquidity-related
stress. Continuing weak credit metrics mean that S&P considers
rating upside minimal at this point.
=============
I C E L A N D
=============
* ICELAND: Parliament May Oppose Proposal to Rescue Banks
---------------------------------------------------------
Iceland's parliament may block any government attempt to
recapitalize the island's banks after a court ruling threatened to
leave some lenders insolvent, Omar R. Valdimarsson at Bloomberg
News reports, citing opposition party leaders and coalition
members.
Thirty-four lawmakers in the 63-seat Reykjavik-based assembly plan
to vote against a government proposal to rescue lenders, Bloomberg
says, citing three opposition party heads and three members of the
coalition. The government, which can't bail out the banks for a
second time in as many years without parliamentary backing, may
need to support the industry after a June 16 court ruling made
them liable for currency losses on as much as US$28 billion in
loans, Bloomberg notes.
The government and the country's financial regulator estimate the
June court ruling may cost the island's banks between US$1.1
billion and US$4.3 billion, Bloomberg notes.
Bloomberg says the island may be heading for its second financial
crisis while the legislature is on vacation. Parliament has been
in recess since June 24 and won't reconvene until Sept. 1,
Bloomberg discloses.
According to Bloomberg, with the legislature absent, the cabinet
could pass an emergency bill to allow a capital injection. Any
law would need to be approved by parliament no later than six
weeks after it reconvenes, Bloomberg notes, citing Gisli Kr.
Bjornsson, a constitutional expert at the Lagarok law firm in
Reykjavik.
=============
I R E L A N D
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ALLIED IRISH: Mulls 2,000 Job Cuts This Year
--------------------------------------------
Dara Doyle at Bloomberg News, citing the Sunday Tribune, reports
that Allied Irish Banks Plc may cut as many as 2,000 jobs later
this year.
According to Bloomberg, the newspaper said the bank, which
employed 24,681 people at the end of last year, won't detail any
job cuts until after the European Commission approves its
restructuring plan and it sells assets.
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 July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings. These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities. Moody's said the
outlook on these ratings is stable. AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.
MENTON CDO: Moody's Corrects Report on Event of Default
-------------------------------------------------------
Moody's Investors Service reported that the transaction
experienced an event of default on 28 February 2009 as a result of
non-payment of interest on the controlling class of notes but it
has since come to Moody's attention that this event of default did
not occur. Menton CDO III p.l.c. published an announcement on 27
April 2009 to confirm that the event of default had been reported
in error. Please see the Irish Stock Exchange website for further
information on that announcement. This had no impact on Moody's
decision to withdraw ratings in respect of all classes of notes,
as that rating action was prompted by the cancellation of those
notes.
Corrected press release:
Moody's Investors Service announced these rating actions on notes
issued by Menton CDO III p.l.c., a synthetic CDO backed by a
portfolio of structured finance securities.
-- US$54,000,000 Class A-1 Secured Floating Rate Notes due 2057,
Withdrawn; previously on March 28, 2008 Downgraded to C
-- US$15,000,000 Class A-2 Secured Floating Rate Notes due 2057,
Withdrawn; previously on March 28, 2008 Downgraded to C
-- US$37,000,000 Class B Secured Floating Rate Notes due 2057,
Withdrawn; previously on Feb. 22, 2008 Downgraded to C
-- US$30,000,000 Class C Secured Floating Rate Notes due 2057,
Withdrawn; previously on Feb. 22, 2008 Downgraded to C
-- US$27,700,000 Class D Secured Floating Rate Notes due 2057,
Withdrawn; previously on Feb. 22, 2008 Downgraded to C
-- US$19,800,000 Class E Secured Floating Rate Notes due 2057,
Withdrawn; previously on Feb. 22, 2008 Downgraded to C
All classes of notes suffered a 100% loss due to credit events on
the underlying portfolio assets. The rating withdrawals follow
the subsequent cancellation of the notes. Moody's Withdrawal
Policy can be found on moodys.com in the Ratings Process
subdirectory, in the Ratings Definitions subdirectory.
WARNER CHILCOTT: S&P Retains 'BB' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating and stable outlook on Ireland-based Warner Chilcott
plc remain unchanged following the company's announcement that it
will be issuing incremental debt to pay an entirely debt-financed
US$2.25 billion shareholder dividend.
S&P believes that the announcement of an all debt-financed
dividend is reflective of a more aggressive financial policy than
had been factored into S&P's previous assessment of the company's
financial risk profile. However, S&P notes that the full-year
contribution of revenue and cash flow from the acquisition of
Procter & Gamble's prescription pharmaceutical business (PGP) is
able to support the additional debt and keep financial metrics at
a level that still supports the current 'BB' rating. This is
exhibited by leverage of less than 4x and funds from operations to
total debt of more than 20%. While the business risk profile is
not directly impacted by this transaction, S&P will monitor the
results of the launch of the next generation of Actonel, currently
anticipated to be in early 2011, given that the current product
accounts for a significant portion of Warner Chilcott's revenues
and cash flow.
===========
R U S S I A
===========
INTERNATIONAL BANK: Fitch Affirms 'B-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed International Bank of Saint
Petersburg's Long-term Issuer Default Rating at 'B-', removed the
rating from Rating Watch Evolving and assigned a Stable Outlook.
A full rating breakdown is provided at the end of this comment.
The affirmation of IBSP's Long-term IDR takes into account the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. However, the
bank's ratings remain constrained due to its high level of
related-party business and significant exposure to the real estate
and construction sectors, the quality of which is of particular
concern. Further constraints are represented by the concentrated
balance sheet, tight capitalization and exposure to market risk.
The ratings also take into account the bank's reasonably managed
liquidity.
Exposure to related parties increased in 2009 and accounted for a
significant 31% of total loans at end-2009 (end-2008: 21%). About
half of this exposure was to the affiliated Interleasing group,
while the growth in related party lending was largely driven by
SPVs affiliated to the bank taking participation in the equity of
borrowers from the real estate/construction sectors. Management
has informed Fitch that this was done to improve security on the
loans, and that some of these participations have since been
unwound following registration of collateral. Overall
concentration on real estate/construction has remained high, yet
decreased relative to equity (at end-5M10: 153%, end-2008: 233%).
Fitch is concerned about the quality of these exposures as a
substantial portion of these loans were extended or restructured.
The concentration on top 20 borrowers remained high (60% of loans
or 351% of equity at end-5M10), although Interleasing group
accounted for 21% of these exposures. IBSP continues to report
moderate levels of overdue loans (1.9% of loans were overdue by
more than one day at end-5M10), however, the level of
extended/restructured loans stood at approximately 34% of total
loans. Loan impairment reserves were equal to a low 3.5% in local
accounts at end-5M10.
Capital is viewed as tight, with a regulatory capital ratio of
14.1% at end-5M10, particularly given the sizable (33%) Tier 2
component of capital, high credit risk and low reserves.
Funding is sourced primarily from concentrated corporate accounts,
with the top 20 and top five clients accounting for a high 52% and
30%, respectively, of customer funding at end-2009. Therefore,
IBSP's liquidity is potentially vulnerable and relies on these
accounts remaining stable. At end-5M10, highly liquid assets
stood at 10% of total assets, but RUB4.2bn of unpledged securities
eligible for CBR refinancing and RUB6.8bn of promissory notes
eligible for repo with other banks (together equal to 35% of
assets) represented a solid liquidity cushion.
IBSP is a medium-sized corporate Russian bank. It is 98%-owned by
Sergey Bazhanov, the former chairman of the bank's management
board and a senator of Russian Federation. The bank's network is
limited to a head office in Saint-Petersburg and five branches in
Russian regions, but to an extent supported by the regional
franchise of the Interleasing group, in which Mr. Bazhanov owns a
80% stake.
The rating actions are:
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Long-term local currency IDR: assigned at 'B-'; Outlook
Stable
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: affirmed at 'BB- (rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
METALLOINVEST MANAGEMENT: Moody's Puts 'Ba3' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Metalloinvest Management Company LLC and a Ba3
Probability of Default Rating. Concurrently, Moody's Interfax
Rating Agency has assigned an Aa3.ru national scale rating to the
company. Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency. The outlook on the
ratings is stable. This is the first time that Moody's rates the
company.
The CFR of Ba3 reflects Metalloinvest's proven iron ore production
capacity, its long-life reserve base and its good historic
profitability as measured by average 3-year EBIT margin at 24.3%.
Metalloinvest also benefits from its integrated steel business
model with a large share of niche and value-added products. Also
positive is the ability of the company in 2009 to generate free
cash-flow. Weighing negatively on the rating is the high debt
level and leverage at the end of the year 2009, largely induced by
the recent economic crisis, and a weak liquidity profile depending
on operating cash flow generation.
Moody's also considers that the company is a low cost producer of
hot briquette iron supported by its own iron ore reserves and the
general low input costs that a company that is operating in Russia
can benefit from. In addition the recent recovery in commodity
prices has helped strongly improving Metalloinvest's performance
in 2010. The geographical location with close proximity to
transportation routes and access to the fast growing markets in
Russia, CIS and Eastern Europe was also assessed as a positive
factor. Furthermore Moody's also understands that the company is
engaged in the implementation of an investment program which is
aimed at enhancing the quality and competitiveness of the
company's core production, thereby possibly helping Metalloinvest
to expand its market share of high added value iron ore products
and support its cash flow going forward.
On the other hand the agency considers that Metalloinvest has
limited business diversification as all its core iron ore
production assets are located in the same region in Russia, that
it is faced with a high exposure to one mineral -- iron ore -- and
the dependence of the financial performance on the steel cycle,
that its export potential is limited due to the land-lock location
of mines which could slow down further growth of its mining
business. The rating also incorporates the expectation that the
management will continue to focus on debt reduction and organic
growth rather than on high shareholder returns and large debt-
financed acquisitions.
The Company's financial profile has been materially affected by
the crisis situation in 2008 and 2009 with a high level of debt
(US$7.1 billion reported debt at the end of 2008, US$5.7 billion
at the end of 2009 and as per management accounts per end of June
2010 US$4.4 billion). Moody's estimates that the company has to
repay US$1.3 billion of debt in the next four quarters which
largely depends on the expected cash flow generation and the
company also has access to some committed credit facilities which
contain financial covenants (though a number of these facilities
have currently covenant holiday until end of 1H 2011).
The stable outlook indicates Moody's expectations that the 2010
performance of the company should support the current rating and
would demonstrate positive trends in financial metrics especially
reduction in leverage and improved cash flow generation. For an
upgrade Moody's would like to see the debt/EBITDA ratio not
exceeding 2.0x and FCF/Debt becoming consistently over 20%. The
stable outlook also incorporates the expectation that the
company's leverage will converge towards 2.5x (based on Moody's
adjusted figures) and (CFO-dividends)/debt will move towards 30%
in the next 18 months. It also incorporates the expectation that
short term liquidity will remain sufficient going forward.
Failure to achieve these ratios would put downward pressure on the
rating.
In 2009 the Group produced app. 32 million t of ore and
concentrate, 19 million t of pellets, 4.6 million t of HBI/DRI and
6.5 million t of crude steel. The group reported US$4.8 billion
in revenue (49% decrease Y-o-Y) and US$0.8 billion in EBITDA. The
company has the world's 2-nd largest iron ore reserve base and is
the 7th largest supplier of ore globally. In addition, the is the
5th largest steel producer in Russia.
VTB INSURANCE: Fitch Gives Positive Outlook; Affirms 'BB' Rating
----------------------------------------------------------------
Fitch Ratings has revised VTB Insurance (Russia)'s Outlooks to
Positive. Its ratings have been affirmed at Insurer Financial
Strength 'BB' and National IFS 'AA-(rus)'.
The Outlook change reflects VTBI's strengthened standalone
profile, which includes improvement of its operating performance
and capital position through internal sources. The ratings
continue to reflect ongoing support from the 100% shareholder,
state-owned Bank VTB ('BBB'/Stable), Russia's second-largest bank
by assets and equity, access to the parent's distribution network
and a good quality investment portfolio. The ratings also take
into account the challenges in managing VTBI's rapid premium
growth, relatively short track record of sustainable operations
and competitive operating environment.
VTBI's operating performance has improved considerably, with the
return on adjusted equity rising to 57% in 2009 compared with
negative results in 2005-2008. This strengthening has primarily
been a result of the improved underwriting performance, but has
also been supported by favorable investment yield.
A notable improvement of the underwriting result in 2009 was
driven by a decline in acquisition costs following changes in the
business mix and also by a decline in administrative expenses amid
rapid growth of premium volume. At the same time, the loss ratio
deteriorated slightly, reflecting two opposing trends in the
insurance portfolio. On one hand, one of the most profitable
lines -- accident -- has doubled its weighting in the portfolio to
26% in 2009. On the other hand, a number of other key lines of
business demonstrated deterioration in their loss ratios.
According to Fitch's internal assessment, VTBI's net income for
2009 has helped strengthen its capital position through internal
sources for the first time in the company's history. The
shareholder does not plan to make further injections in the medium
term, but remains committed to support the insurance subsidiary,
should the need arise. Fitch notes that VTBI is already prepared
to meet new regulatory capital requirements that come into force
from 2012. The agency also notes that the insurer has a strong
liquidity position and a good quality investment portfolio, with
99% placed in cash and bank deposits at FYE09, although with
significant concentrations at the parent bank.
The 7% contraction of the local insurance sector in 2009 did not
prevent dynamic growth in VTBI's premiums, which increased 53% in
2009, albeit slower than the levels seen in 2007 and 2008. This
achievement was largely a result of the insurer's captive position
and increased use of the parent group's distribution channels.
VTBI projects to grow by 40% a year over the medium term. Fitch
notes that these plans are rather ambitious and is concerned about
the insurer's ability to monitor the loss development and manage
reserve and capital adequacy accordingly, particularly taking into
account the recent unfavourable trends in the loss ratios of some
of the insurer's key lines of business. To some extent, these
concerns are mitigated by the ability and commitment of the
shareholder to support VTBI as well as the restructuring of the
underperforming parts of the business commenced in 2010.
VTBI focuses on primary non-life insurance written in Russia.
In 2009 64% of its premiums were derived from the parent bank's
distribution channel. Its gross premiums written amounted to
RUB3.6 billion in 2009, and its total assets stood at
RUB2.9 billion at FYE09.
=========
S P A I N
=========
AYT KUTXA: S&P Downgrades Ratings on Class C Notes to Low-B
-----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
three Spanish residential mortgage-backed securities transactions:
AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos, AyT
Kutxa Hipotecario II, Fondo de Titulizacion de Activos, and
AyTKutxa Hipotecario III, Fondo de Titulizacion de Activos.
Specifically, S&P has:
* Upgraded AyT Kutxa Hipotecario I's class B and C notes, removed
the class B notes from CreditWatch positive, and affirmed the
class A notes;
* Downgraded AyT Kutxa Hipotecario II's class A, B, and C notes
and removed the class C notes from CreditWatch negative; and
* Downgraded AyT Kutxa Hipotecario III's class A, B, and C notes
and removed each class from CreditWatch negative.
Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian
(Kutxa) (A/Negative/A-1) issued the notes in May 2006, February
2007, and May 2008 (AyT Kutxa Hipotecario I, II, and III,
respectively). A portfolio of residential mortgage loans secured
over properties in Spain backs each transaction.
On March 22, 2010, S&P put on CreditWatch positive AyT Kutxa
Hipotecario I's class B notes. The transaction had been
performing well, in particular, 90+ day delinquencies, including
defaulted loans, were 0.66% of its April mortgage portfolio.
On the same date, S&P placed on CreditWatch negative various
ratings in AyT Kutxa Hipotecario II and III as they were
displaying worsening performance, especially among the less
seasoned mortgage loans and those with higher loan-to-value
ratios. S&P believes this was in line with the market trend.
Severe delinquencies (measured as 90+ day delinquencies and
including defaulted loans) were 3.28% in April 2010 for AyT Kutxa
Hipotecario II and 8.26% in January 2010 for AyT Kutxa Hipotecario
III.
All the transactions feature a structural mechanism that traps
excess spread to provide for defaults. Defaults in these
transactions are defined as arrears greater than 18 months. In
March 2010 the levels of cumulative defaults over the original
pool balance were 0.08%, 1.65%, and 4.81%, for AyT Kutxa
Hipotecario I, II, and III, respectively.
As of S&P has run its cash flow models with the updated
information that has been provided to us and its analysis
indicated an improvement in the results for AyT Kutxa Hipotecario
I due to the transaction's low arrears and that the reserve fund
is its required level. As a result, S&P believes AyT Kutxa
Hipotecario I's class B and C notes warrant an upgrade.
S&P's analysis also showed a deterioration in the results for AyT
Hipotecario II and III, which S&P believes have been weakened by
the draws that have been made to their reserve funds. After the
July 2010 payment dates, the current levels of AyT Kutxa
Hipotecario II and III's reserve funds are 24.54% and 1.09% of
their original amounts, respectively. Consequently, S&P has
downgraded all the notes in both of these transactions.
Ratings List
AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes
Rating affirmed
Class Rating
----- ------
A AAA
Ratings Raised
Rating
------
Class To From
----- -- ----
B AA A/Watch Pos
C BBB+ BBB
AyT Kutxa Hipotecario II, Fondo de Titulizacion de Activos
EUR1.2 Billion Mortgage-Backed Floating-Rate Notes
Ratings lowered
Rating
------
Class To From
----- -- ----
A AA AAA
B BBB- A
Ratings Lowered and Removed from CreditWatch negative
Rating
------
Class To From
----- -- ----
C B BBB/Watch Neg
AyT Kutxa Hipotecario III, Fondo de Titulizacion de Activos
EUR500 Million Floating-Rate Notes
Ratings Lowered and Removed from CreditWatch negative
Rating
------
Class To From
----- -- ----
A A- AAA/Watch Neg
B BB A/Watch Neg
C B- BBB/Watch Neg
=============
U K R A I N E
=============
FERREXPO PLC: S&P Raises Long-Term Foreign Currency Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term foreign currency rating on Ukraine-based iron ore
producer Ferrexpo PLC to 'B+' and removed it from CreditWatch with
positive implications, where it had been placed on July 23, 2010.
At the same time, the 'B+' long-term local currency and 'B'
foreign and local currency short-term corporate credit ratings on
Ferrexpo were affirmed. The outlook is stable.
"The rating action follows a similar action S&P took on the
sovereign on July 29, 2010," said Standard & Poor's credit analyst
Alex Herbert.
The ratings on Ferrexpo reflect S&P's opinion of the group's weak
business risk profile and aggressive financial risk profile.
Supporting factors include the midcost position of the group's
mining operations, long reserve life, proximity to European steel
markets, and attractive industry characteristics. Furthermore,
the group is focused on exports, and profitability is healthy. In
addition, in S&P's view, Ferrexpo has a moderate financial policy
and limited leverage, which provides it with the financial
flexibility to execute its growth strategy.
Constraining factors include increased volatility in iron ore
prices, industry cost pressures, and capital intensity.
Furthermore, Ferrexpo has a narrow diversity of operations in
S&P's view. The group's assets are all located in Ukraine, where
country risks -- including a very weak banking sector, political
instability, and delays in value-added tax receipts -- are a
constraint, although in S&P's opinion, Ferrexpo manages these
risks adequately.
The stable outlook reflects S&P's view that Ferrexpo will be able
to maintain credit metrics commensurate with the ratings. In
S&P's credit scenario, S&P assumes that high iron ore prices will
moderate over time, and that capital expenditures will rise as the
group invests in and develops its operations. S&P nevertheless
envisages moderate leverage and satisfactory credit metrics, and
consider ratios of funds from operations to adjusted debt of 30%
and adjusted debt to EBITDA of 2.5x to be in line with the
ratings.
"Further ratings upside for the ratings on Ferrexpo is constrained
by S&P's view of the risks of its limited diversification--in
particular, Ukraine country risks, where the group's operations
are located; volatile iron ore prices; and capital intensity,"
said Mr. Herbert.
S&P does not anticipate downward rating pressure, but this could
develop if, for example, there was a sharp downturn in iron ore
prices at a time when the group was undertaking significant
capital expenditures, leading to weaker credit ratios than
indicated. S&P does not factor in debt-financed acquisitions.
===========================
U N I T E D K I N G D O M
===========================
BRIDGEND BOAT: In Liquidation; 30 Jobs Affected
-----------------------------------------------
The Herald reports that Bridgend Boat Co. Ltd. has gone into
liquidation with the loss of 30 jobs, blaming cashflow problems
associated with constructing a GBP2.1 million ship for the sea
cadets.
According to the report, the company claimed it was owed
GBP750,000 when costs over-ran on the construction of the 80ft TS
Jack Petchy.
The report relates Peter Humphrey, Bridgend's former business
development director, admitted the firm was paid GBP2 million, but
added: "The costs over-ran, various things that need extras."
Mr. Humphrey, as cited in the report, said it would have cost
GBP250,000 and taken 18 months to pursue the claim in court, and
Bridgend could not afford that. The report notes he said that
although "the majority of creditors" supported Bridgend, it would
have only been a matter of time before someone wanted paying,
giving him no alternative but to go into voluntary liquidation.
Bridgend Boat Co Ltd. was a boat building firm based in Batten.
BRITISH AIRWAYS: Faces GBP250MM Loss Over Strikes, Volcanic Ash
---------------------------------------------------------------
Alan Jones at Daily Record.co.uk reports that cabin crew strikes
and the volcanic ash disruption sent British Airways GBP164
million into the red in the three months to June.
According to the report, the double whammy cost the airline around
GBP250 million over the quarter.
The report relates cabin crew have been on strike for 22 days
since March and further walkouts could take place from September
unless peace talks at Acas next week lead to a breakthrough.
The report notes BA's chief executive Willie Walsh said the
airline had seen an improved operating performance in recent
months despite the disruptions and he still expects the company to
break even this year after two years of losses.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively. Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term. Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS). Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.
BRITISH AIRWAYS: Regulator Approves Pension Recovery Plan
---------------------------------------------------------
Kaveri Niththyananthan at Dow Jones Newswires reports that the
U.K. pension regulator has approved British Airways PLC's recovery
plan to deal with its GBP3.7 billion pension deficit, paving the
way for a merger with Spanish airline Iberia Lineas Aereas de
Espana S.A.
Dow Jones recalls in June, the U.K. carrier agreed a deal with
pension trustees that avoided closing the schemes. BA's pension
deficit has been a thorn in merger discussions between the two
airlines and the share of the airline both companies would take,
Dow Jones notes. BA will take 56% of the enlarged company, while
Iberia shareholders will own 44%, Dow Jones says. Both sides
eventually agreed that BA's pension deficit should be ring-fenced
and that all contributions will be met by BA and not Iberia or the
merged airline, Dow Jones discloses.
Iberia has until the end of September to decide whether to accept
or walk away from a deal at a cost of EUR20 million breakup fee,
Dow Jones says. According to Dow Jones, the deal includes BA
maintaining its annual pension contributions at the current level
of GBP330 million, and it will pay an agreed annual increase in
line with inflation expectations, averaging 3%.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively. Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term. Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS). Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.
CARTHOW LIMITED: In Administration; Owes Nearly GBP40 Million
-------------------------------------------------------------
Belfast Telegraph reports that Carthow Limited, formerly U4EA
Technologies, has gone into administration with debts of nearly
GBP40 million.
Citing figures filed in the High court in Bristol, the report says
there is only GBP250 left after GBP5 million was paid to "secured"
creditors such as banks and institutions.
According to the report, "secured" creditors, which include banks
and other financial institutions, originally submitted claims of
GBP21.3 million -- but when the administrators sought legal advice
they found that the firm had only given security for GBP5 million
(EUR6 million). The report notes the documents reveal the
administrators have since received claims of GBP6.7 million from
U4EA Limited, GBP3.3 million from Padraig Harrington, brother of
Carthow director Columb Harrington, and GBP11.9 million from IIU
Nominees, Gibraltar-based businessman Dermot Desmond's investment
firm.
The Statement of Affairs shows that after paying banks and costs
there is nothing left for unsecured creditors, the report states.
Carthow Limited is a technology firm based in Bristol.
EPIC PLC: Fitch Downgrades Rating on Class D Notes to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded Epic Plc's junior commercial
mortgage-backed floating-rate notes, due 2014, and affirmed the
rest:
-- GBP227.7m class A (XS0201996369) affirmed at 'AAA'; Outlook
Stable
-- GBP31.8m class B (XS0201997094) affirmed at 'AA'; Outlook
Stable
-- GBP31.8m class C (XS0201997177) affirmed at 'A'; Outlook
Stable
-- GBP29.9m class D (XS0201997250) downgraded to 'BB' from
'BBB+'; Outlook Negative
The affirmation of the class A, B and C notes is driven by the
strong characteristics of the portfolio, which continues to
compare favorably with other single-borrower transactions by
virtue of its diversification by number of properties, property
type, tenant and geographical distribution. The portfolio
comprises a range of institutional quality assets as well as some
more secondary properties, the majority of which are let on
relatively long unexpired lease terms.
Despite the quality of the portfolio and HGI's strong capacity as
an asset manager, vacancy has increased to 10% from 4% a year ago.
Furthermore, a decline in income of 4.3% on a like-for-like basis
has resulted in a decrease in the securitized loan's interest
coverage ratio, to 1.4x from 1.7x. Given current difficult market
conditions, Fitch expects demand for sales and re-lettings to
remain relatively muted, particularly for those assets secondary
in nature. These considerations have driven the downgrade of the
class D notes and their Negative Outlook.
The loan remains on the servicer's watchlist following the breach
of its whole loan LTV covenant in October 2008. Fitch does not
anticipate the servicer (Hatfield Philips) will take enforcement
action against the borrower in response to this breach, as long as
rental income from the portfolio remains strong. While the
borrower has convened investor meetings at which it has proposed
that the covenant breach be officially waived, it continues to
sell properties in order to reduce the LTV.
MAYBOURNE HOTEL: Nears GBP600 Million Debt Refinancing Deal
-----------------------------------------------------------
Philip Aldrick at The Daily Telegraph reports that Maybourne is
close to finalizing an emergency GBP600 million restructuring that
will see the private US property manager Westbrook Partners become
a leading investor in the group.
Maybourne, The Daily Telegraph notes, has until December to
refinance a GBP600 million loan from Anglo Irish Bank and Bank of
Ireland. The group's backers, including Paddy McKillen, Derek
Quinlan and Riverdance creators John McColgan and Moya Doherty,
have been trying to arrange a refinancing for months with the help
of Deutsche Bank and Barclays, The Daily Telegraph recounts.
Westbrook and another US real estate trust are believed to have
agreed to take a GBP200 million equity stake as part of a larger
refinancing package, The Daily Telegraph says, citing a Sky
report. The deal would see the two Irish banks fully repaid, The
Daily Telegraph discloses.
According to The Daily Telegraph, Maybourne is said to have
several options available but a deal with Westbrook is the most
advanced. Middle East investors are thought to have expressed
interest in an outright purchase, The Daily Telegraph states. The
current shareholders may also increase their stakes as part of the
refinancing, The Daily Telegraph says.
The Daily Telegraph relates a spokesman for Maybourne declined to
comment on the talks with Westbrook but told Sky: "Our refinancing
is in the final stages and we are not in a position to comment
until it is completed."
The Maybourne Hotel Group owns Claridges, the Connaught and the
Berkeley.
RMAC SECURITIES: Fitch Affirms Ratings on Two Tranches at 'CC'
--------------------------------------------------------------
Fitch Ratings has affirmed 72 tranches from the RMAC Securities
Plc series of UK non-conforming transactions containing
residential mortgage loans originated by GMAC-RFC Limited.
The affirmations follow improved performance of the collateral
portfolios, in particular a reduction in the number of new
repossessions and, subsequently, the level of losses realized.
Fitch, however, remains cautious as to the future performance of
the transactions due to the large portion of loans that are
currently three or more months in arrears. For this reason, in
combination with the unhedged basis risk between BBR and LIBOR for
the transactions and Fitch's expectation of further house price
declines, a number of junior tranches continue to have a Negative
Outlook.
In Fitch's opinion the decrease in interest rates at the beginning
of 2009 has resulted in the decrease and subsequent stabilization
of the number of borrowers in arrears within these transactions.
This has been a positive for the transactions as the cashflow for
each transaction has been more stable, and the number of new
repossession cases has reduced. A current negative factor is the
level at which arrears have stabilized, which is much higher than
historical values. This leaves a large potential pipeline of
borrowers who could be quickly affected if interest rates increase
or their personal circumstances change.
The limited increases in new repossessions have made it possible
for the transactions to absorb the current level of realized
losses without affecting ratings. This has been easier for the
older vintage transactions from 2004 and 2005 which have
experienced some house price appreciation since the loans were
originated. The more recent transactions do not have this
benefit; however, the level of excess spread is high enough to be
able to absorb the limited losses that are currently being
realized. The effects of previously high levels of loss are still
being felt by the 2006 and 2007 vintage transactions as reserve
funds have been increasing back towards their target amounts. For
2006-NS3 and 2007-NS1 the reserve fund is still below its target
level, and therefore the buffer to absorb any further shocks
remains limited. Fitch has previously taken rating action on
junior tranches from these transactions and given the current
performance of the deals no further rating action is currently
required.
Currently, all of these transactions have been breaching their
performance triggers for pro rata amortization, and in the 2006
and 2007 transactions have also prevented the reserve funds from
amortizing. Although this will hinder accelerated paydown of the
junior notes, sequential paydown of the notes will allow further
credit enhancement growth and in particular benefit the senior
notes in these transactions. Fitch currently expects these
triggers to remain in breach and therefore the transactions will
continue to pay the notes sequentially.
The rating actions are:
RMAC 2004-NS3 plc:
-- Class A2a (ISIN XS0200800943): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0200802568): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1 (ISIN XS0200802725): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M2 (ISIN XS0200803962): affirmed at 'A'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class B (ISIN XS0200804770): affirmed at 'BBB'; Outlook
Negative; Loss Severity Rating 'LS-3'
RMAC 2004-NSP4 plc:
-- Class A2 (ISIN XS0206944240): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1 (ISIN XS0206944596): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M2 (ISIN XS0206944836): affirmed at 'AA'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class B1 (ISIN XS0206945056): affirmed at 'A'; Outlook
Negative; revised Loss Severity Rating to 'LS-4' from 'LS-3'
RMAC 2005-NS1 plc:
-- Class A2a (ISIN XS0212187826): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0212189103): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1 (ISIN XS0212190028): affirmed at 'AA+'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-1'
-- Class M2 (ISIN XS0212191851): affirmed at 'BBB'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class B1 (ISIN XS0212192669): affirmed at 'B'; Outlook
Negative; revised Loss Severity Rating to 'LS-4' from 'LS-3'
RMAC 2005-NSP2 plc:
-- Class A2a (ISIN XS0220953235): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2b (ISIN XS0220954712): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0220957061): affirmed at 'AAA'. Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1a (ISIN XS0220957657): affirmed at 'AAA'. Outlook
Stable; revised Loss Severity Rating to 'LS-1' from 'LS-3'
-- Class M1c (ISIN XS0220959356): affirmed at 'AAA'. Outlook
Stable; revised Loss Severity Rating to 'LS-1' from 'LS-3'
-- Class M2a (ISIN XS0220958036): affirmed at 'A+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M2c (ISIN XS0220959604): affirmed at 'A+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class B1a (ISIN XS0220958465): affirmed at 'BBB'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class B1c (ISIN XS0220961097): affirmed at 'BBB'; Outlook
Negative; Loss Severity Rating 'LS-3'
RMAC 2005-NS3 plc:
-- Class A2a (ISIN XS0230220443): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0230220872): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1a (ISIN XS0230221250): affirmed at 'AA+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M1c (ISIN XS0230221334): affirmed at 'AA+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M2a (ISIN XS0230221763): affirmed at 'A+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M2c (ISIN XS0230222068): affirmed at 'A+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class B1a (ISIN XS0230222225): affirmed at 'BBB-'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class B1c (ISIN XS0230222498): affirmed at 'BBB-'; Outlook
Negative; Loss Severity Rating 'LS-3'
RMAC 2005-NS4 plc:
-- Class A3 (ISIN XS0235775854): affirmed at 'AAA'; Outlook
Stable; revised Loss Severity Rating to 'LS-1' from 'LS-3'
-- Class M1 (ISIN XS0235781159): affirmed at 'AA+'; Outlook
revised to Stable from Positive; revised Loss Severity Rating
to 'LS-3' from 'LS-2'
-- Class M2 (ISIN XS0235778106): affirmed at 'A+'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-4'
-- Class B1 (ISIN XS0235782801): affirmed at 'BB'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-4'
RMAC Securities No.1 Plc (Series 2006-NS1):
-- Class A2a (ISIN XS0248588047): affirmed at 'AAA'; Outlook
Stable; revised Loss Severity Rating to 'LS-2' from 'LS-1' '
-- Class A2c (ISIN XS0248595091): affirmed at 'AAA'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-1' '
-- Class M1a (ISIN XS0248589524): affirmed at 'AA+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M1c (ISIN XS0248596735): affirmed at 'AA+'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M2a (ISIN XS0248590613): affirmed at 'A'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class M2c (ISIN XS0248595687): affirmed at 'A'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class B1c (ISIN XS0248597543): affirmed at 'BB'; Outlook
Negative; Loss Severity Rating 'LS-3'
RMAC Securities No.1 Plc (Series 2006-NS2):
-- Class A2a (ISIN XS0257367960): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0257369073): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1a (ISIN XS0257369156): affirmed at 'AA+'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-1'
-- Class M1c (ISIN XS0257370329): affirmed at 'AA+'; Outlook
Stable; revised Loss Severity Rating to 'LS-3' from 'LS-2''
-- Class M2c (ISIN XS0257371137): affirmed at 'A'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class B1a (ISIN XS0257371301): affirmed at 'BB-'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class B1c (ISIN XS0257372374): affirmed at 'BB-'; Outlook
Negative; Loss Severity Rating 'LS-3'
RMAC Securities No.1 Plc (Series 2006-NS3):
-- Class A2a (ISIN XS0268014353): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-2'
-- Class M1a (ISIN XS0268021721): affirmed at 'A'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class M1c (ISIN XS0268024071): affirmed at 'A'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class M2c (ISIN XS0268027769): affirmed at 'BB'; Outlook
Negative; Loss Severity Rating 'LS-4'
RMAC Securities No.1 Plc (Series 2006-NS4):
-- Class A2a (ISIN XS0277404728): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A3a (ISIN XS0277409446): affirmed at 'AAA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class M1a (ISIN XS0277411004): affirmed at 'AA-'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-1'
-- Class M1c (ISIN XS0277437223): affirmed at 'AA-'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-1'
-- Class M2a (ISIN XS0277457841): affirmed at 'A-'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class M2c (ISIN XS0277445671): affirmed at 'A-'; Outlook
Negative; Loss Severity Rating 'LS-3'
-- Class B1a (ISIN XS0277450838): affirmed at 'B'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class B1c (ISIN XS0277453691): affirmed at 'B'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
RMAC Securities No.1 Plc (Series 2007-NS1):
-- Class A1a (ISIN XS0307485903): affirmed at 'AA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A1b (ISIN XS0307488675): affirmed at 'AA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A1c (ISIN XS0307486976): affirmed at 'AA'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2a (ISIN XS0307493162): affirmed at 'AA'; Outlook
revised to Stable from Negative; Loss Severity Rating 'LS-1'
-- Class A2b (ISIN XS0307489566): affirmed at 'AA'; Outlook
revised to Stable from Negative; Loss Severity Rating 'LS-1'
-- Class A2c (ISIN XS0307505601): affirmed at 'AA'; Outlook
revised to Stable from Negative; Loss Severity Rating 'LS-1'
-- Class M1a (ISIN XS0307496264): affirmed at 'BBB'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class M1c (ISIN XS0307506674): affirmed at 'BBB'; Outlook
Negative; revised Loss Severity Rating to 'LS-3' from 'LS-2'
-- Class M2c (ISIN XS0307511591): affirmed at 'B'; Outlook
Negative; revised Loss Severity Rating to 'LS-4' from 'LS-3'
-- Class B1a (ISIN XS0307500479): affirmed at 'CC'; Recovery
Rating 'RR6'
-- Class B1c (ISIN XS0307512219): affirmed at 'CC'; Recover
Rating 'RR6'
SOUND TOO: In Administration; Joint Administrators Seek Buyer
-------------------------------------------------------------
Richard Smirke at Billboard.biz reports that Sound Too Limited,
the operators of central London nightclub Sound, has been placed
into administration.
The report relates London-based Colin Wilson and Tim Dolder of RSM
Tenon and Edward Symmons LLP have been appointed joint
administrators of the company and are currently trying to find a
buyer for the 1,000 capacity venue, which is located in central
London's Leicester Square.
The report says Colin White, partner in the hospitality and
leisure division at Edward Symmons LLP, is being tasked to source
a purchaser for Sound.
The report notes in a statement Mr. White said he was "confident
that the future of Sound may yet be safeguarded" and that the club
will remain open while a buyer is sought. According to the
report, he said that the administrators had already received "a
number of inquiries from a variety of established operators."
STEWART & MCKENNA: In Liquidation; Owes GBP78,000
-------------------------------------------------
Sunday Mail reports that Stewart & McKenna Ltd. has been put into
liquidation after failing to pay a tax bill of GBP78,000.
The report relates Buchanan Roxburgh was appointed as the
liquidator. "We would appeal to any creditors to contact us," the
report quoted a Buchanan Roxburgh spokesman as saying.
Headquartered in Cambuslag, near Glasgow, Stewart & McKenna Ltd.
was a housebuilder run by property developers Allan Stewart and
Steve McKenna.
TOWER ARMS: Put Into Administration Following Shareholder Row
-------------------------------------------------------------
The Tower Arms, the historic public house in South Weald,
Brentwood, entered into administration on July 7, 2010. Glyn
Mummery and Jeremy French, Partners at FRP Advisory LLP, the
restructuring, recovery and insolvency specialists, were appointed
Joint Administrators of the operating company, Tower Arms Limited.
The Tower Arms, a grade II listed building dating back to 1701
which re-opened following a full restoration and renovation
project in late 2009, was placed into administration following a
shareholder dispute.
The Joint Administrators have continued to operate the business as
normal, with the assistance of the Company Director, Louise Moore,
and there are no plans for it to close or for redundancies to be
made. It is hoped that a resolution to the shareholder dispute
will be reached.
Commenting on the case, Glyn Mummery said: "The Tower Arms
continues to be profitable and things are very much business as
usual for customers and employees alike. We hope to see control
handed back to the Directors of the Company and to see the
administration process come to an end."
* UK: Real Estate Sector Hardest Hit by Recession, R3 Says
----------------------------------------------------------
Rachel Cooper at The Daily Telegraph, citing insolvency trade body
R3, reports that real estate and the hotel and restaurant industry
were among the biggest casualties of the recession.
According to the report, R3 found that real estate was the hardest
hit, with more than 12,000 insolvencies -- almost double the
number of insolvencies of the second-most affected sector,
construction, which had 7,184 insolvencies. The wholesale and
retail sectors were the third-biggest casualty with 6,077
insolvencies as consumers cut back on non-essential spending, the
report says.
The report relates Frances Coulson, R3 vice-president, said the
decline in real estate massively outstripped that in any other and
was the first key sector to be hit by the recession.
To establish which sectors lost the most, R3 also compared the
number of insolvencies in each industry with the number of
enterprises within that sector before the recession began, the
report discloses. It found that the hotel and restaurant industry
suffered the most with 1.7% of enterprises -- close to two in
every hundred -- becoming insolvent during the recession as
consumers tightened their belts and businesses cut back, the
report notes.
* UK: House of Lords Probes Big Four's Role in Financial Crisis
---------------------------------------------------------------
Rachel Sanderson at The Financial Times reports that the UK's
House of Lords launched a review into the Big Four accountants'
role in the financial crisis.
The FT says the market concentration of auditors PwC, Ernst &
Young, KPMG and Deloitte, which audit most of the world's biggest
companies, has been a matter of concern for regulators and
politicians since the collapse of Arthur Andersen in 2003. But
the debate is gaining renewed momentum in the US and Europe in the
wake of the financial crisis amid questions whether the Big Four
could have done more to alert investors about the risks in the
banking system, and what effect any lack of competition might have
had, the FT notes.
The FT relates the latest inquiry, by the influential Lords'
economic affairs committee, follows criticism of auditors this
month by the Financial Services Authority, the UK banking
regulator, which said they fell "far short" of the expectations of
regulators by showing a "worrying lack of skepticism" in some of
their audits of financial institutions in the run-up to the
financial crisis.
In a wide-ranging inquiry, the House of Lords committee will
explore concerns that market domination by a small number of firms
damages competition and reduces choice in the audit market, the FT
states.
The committee will make its recommendations to parliament later
this year, the FT discloses.
* UK: Few Passengers Consider Airline Insolvency, Poll Shows
------------------------------------------------------------
Only a tiny number of air passengers think about the possibility
of their airline going bust when booking a ticket, The Press
Association reports, citing a poll commissioned by the Air
Transport Users Council.
According to the report, the poll revealed that just five of 2,072
people polled mentioned airline insolvency when asked to list
considerations when booking.
Also, 30% did not know if their last flight had been financially
protected or not and 34% did not know if their last travel
insurance policy included financial protection, the report says.
"Only five respondents mentioned the risk of an airline going
bust. This was despite respondents, when asked, generally
considering it was important that travel arrangements were
financially protected and only 8% of them saying that they would
definitely not pay to be protected," the report quoted AUC
chairman Tina Tietjen as saying. "We have previously called for
Government to introduce a universal protection scheme against the
failure of scheduled airlines. We have suggested it be along the
lines of the Air Travel Operators' Licensing (Atol) scheme for
tour operators."
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -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 LBROF US -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -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
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
OT OPTIMA TELEKO 2299892Z CZ -69895909.13 116266542.5
OT-OPTIMA TELEKO OPTERA CZ -69895909.13 116266542.5
VUPIK DD VPIKRA CZ -8861479.441 112509976.8
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -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
URALS ENERGY PUB UREYF US -107167000 889168000
URALS ENERGY PUB UEN EO -107167000 889168000
URALS ENERGY PUB UEN IX -107167000 889168000
URALS ENERGY PUB U5S TH -107167000 889168000
URALS ENERGY PUB UENEUR EO -107167000 889168000
URALS ENERGY PUB UEN PZ -107167000 889168000
URALS ENERGY PUB UEN EU -107167000 889168000
URALS ENERGY PUB UEN PG -107167000 889168000
URALS ENERGY PUB U5S GR -107167000 889168000
URALS ENERGY PUB UEN LN -107167000 889168000
URALS ENERGY PUB UENGBP EO -107167000 889168000
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SZA GR -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
OBTEC OBTEC DC -18360748.78 147485890.1
OBTEC-NEW SHARES OBTECN DC -18360748.78 147485890.1
OBTEC-OLD OBTN DC -18360748.78 147485890.1
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
SANISTAL AS-B SNISF US -1029838.038 546820905.2
SANISTAL AS-B SANIB EU -1029838.038 546820905.2
SANISTAL AS-B SANL DC -1029838.038 546820905.2
SANISTAL AS-B SANIBEUR EU -1029838.038 546820905.2
SANISTAL AS-B SANI/B PZ -1029838.038 546820905.2
SANISTAL AS-B SANIB EO -1029838.038 546820905.2
SANISTAL AS-B SNSC IX -1029838.038 546820905.2
SANISTAL AS-B SANIB BY -1029838.038 546820905.2
SANISTAL AS-B SANIBEUR EO -1029838.038 546820905.2
SANISTAL AS-B SANIB DC -1029838.038 546820905.2
SANISTAL-B NEW SANLN DC -1029838.038 546820905.2
SCANDINAVIAN BRA SBS1EUR EO -18360748.78 147485890.1
SCANDINAVIAN BRA SBSD PZ -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 BY -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBSC IX -18360748.78 147485890.1
SCANDINAVIAN BRA SBS DC -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1EUR EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 EO -18360748.78 147485890.1
FRANCE
------
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE SA BELV NM -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BVD EU -240506200.5 1000204586
BELVEDERE SA BEVD IX -240506200.5 1000204586
BELVEDERE SA BVD EO -240506200.5 1000204586
BELVEDERE SA BVD PZ -240506200.5 1000204586
BELVEDERE SA BED TH -240506200.5 1000204586
BELVEDERE SA BVDRF US -240506200.5 1000204586
BELVEDERE SA BVD FP -240506200.5 1000204586
BELVEDERE SA-NEW BVDNV FP -240506200.5 1000204586
BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
BELVEDERE SA-RTS BVDDS FP -240506200.5 1000204586
CADES 211430Z FP -1.32E+11 9983888303
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP XRR GR -9829592.638 279906700
CARRERE GROUP CAR2 EO -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CRRHF US -9829592.638 279906700
CHAINE ET TRAME CTRM FP -58947458.16 116889783.9
CHAINE ET TRAME CHTR FP -58947458.16 116889783.9
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
LAB DOLISOS DOLI FP -27752176.19 110485462.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
MB RETAIL EUROPE MBRE FP -58947458.16 116889783.9
MB RETAIL EUROPE CTRF IX -58947458.16 116889783.9
MB RETAIL EUROPE MBRE EO -58947458.16 116889783.9
MB RETAIL EUROPE MBRE EU -58947458.16 116889783.9
MB RETAIL EUROPE MBRE PZ -58947458.16 116889783.9
OROSDI OROS FP -35006822.54 151870593.9
OROSDI-BACK ORBA FP -35006822.54 151870593.9
OROSDI-BACK OROS PZ -35006822.54 151870593.9
OROSDI-BACK OROS EU -35006822.54 151870593.9
OROSDI-BACK OROS EO -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
PAGESJAUNES GRP PAJ PZ -3171655188 1168738032
PAGESJAUNES GRP PAJ EB -3171655188 1168738032
PAGESJAUNES GRP PAJ BQ -3171655188 1168738032
PAGESJAUNES GRP PAJ TQ -3171655188 1168738032
PAGESJAUNES GRP PAJUSD EU -3171655188 1168738032
PAGESJAUNES GRP PAJ NQ -3171655188 1168738032
PAGESJAUNES GRP PAJ QM -3171655188 1168738032
PAGESJAUNES GRP PGJUF US -3171655188 1168738032
PAGESJAUNES GRP QS3 GR -3171655188 1168738032
PAGESJAUNES GRP PAJ FP -3171655188 1168738032
PAGESJAUNES GRP PAJ VX -3171655188 1168738032
PAGESJAUNES GRP PAJUSD EO -3171655188 1168738032
PAGESJAUNES GRP PAJ IX -3171655188 1168738032
PAGESJAUNES GRP PAJ EU -3171655188 1168738032
PAGESJAUNES GRP PAJ LI -3171655188 1168738032
PAGESJAUNES GRP PAJ GK -3171655188 1168738032
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GEORGIA
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GERMANY
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KABEL DEUTSCHLAN KD8 TH -2169306511 3201326467
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VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
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AG PETZETAKIS SA PTZ1 GR -53415175.25 227965558
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AG PETZETAKIS SA PETZK EO -53415175.25 227965558
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ALTEC SA INFO ALTEC EU -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 PZ -189908329.1 896537349.7
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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PETZET - PFD-RTS PETZPD GA -53415175.25 227965558
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RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
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RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
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THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES UTEX EU -163114853.6 286539436.9
UNITED TEXTILES UTEX GA -163114853.6 286539436.9
UNITED TEXTILES NAOSF US -163114853.6 286539436.9
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
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INVITEL HOLDINGS 3212873Z HB -73724000 827192000
MALEV LTD MALEV HB -75737819.4 251668964.4
IRELAND
-------
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
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BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND HAH NZ -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 JHIUF US -117900000 2178800128
JAMES HARDIE-CDI JHA TH -117900000 2178800128
JAMES HARDIE-CDI JHX AU -117900000 2178800128
JAMES HARDIE-CDI JHA GR -117900000 2178800128
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -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 LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA GR -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 WWWD ID -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
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WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-RTS 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 BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
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 PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
MERIDIANA FLY E7N GR -4509742.055 181807336
MERIDIANA FLY EEZ TQ -4509742.055 181807336
MERIDIANA FLY EEZ PZ -4509742.055 181807336
MERIDIANA FLY EFLYF US -4509742.055 181807336
MERIDIANA FLY EEZ IM -4509742.055 181807336
MERIDIANA FLY MEF IM -4509742.055 181807336
MERIDIANA FLY EEZ EO -4509742.055 181807336
MERIDIANA FLY EEZ EU -4509742.055 181807336
MERIDIANA FLY SP MEFAXA IM -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 ONTI IX -3191558.267 123347206.3
OMNIA NETWORK SP ONT EU -3191558.267 123347206.3
OMNIA NETWORK SP ONT IM -3191558.267 123347206.3
OMNIA NETWORK SP ONT PZ -3191558.267 123347206.3
OMNIA NETWORK SP ONT EO -3191558.267 123347206.3
OMNIA NETWORK SP ONT TQ -3191558.267 123347206.3
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -51818228.1 3959683341
RISANAMENTO NAPO RN5 GR -51818228.1 3959683341
RISANAMENTO -OPA RNOPA IM -51818228.1 3959683341
RISANAMENTO -RNC RNR IM -51818228.1 3959683341
RISANAMENTO SPA RN IX -51818228.1 3959683341
RISANAMENTO SPA RNGBP EO -51818228.1 3959683341
RISANAMENTO SPA RN IM -51818228.1 3959683341
RISANAMENTO SPA RN TQ -51818228.1 3959683341
RISANAMENTO SPA RN EU -51818228.1 3959683341
RISANAMENTO SPA RSMNF US -51818228.1 3959683341
RISANAMENTO SPA RN PZ -51818228.1 3959683341
RISANAMENTO SPA RN EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EU -51818228.1 3959683341
RISANAMENTO-RTS RNAA IM -51818228.1 3959683341
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
TAS TECNOLOGIA TAS IM -4091557.635 172374242
TAS TECNOLOGIA TAS PZ -4091557.635 172374242
TAS TECNOLOGIA TAQ GR -4091557.635 172374242
TAS TECNOLOGIA TAS EU -4091557.635 172374242
TAS TECNOLOGIA TAS TQ -4091557.635 172374242
TAS TECNOLOGIA TAS EO -4091557.635 172374242
TAS TECNOLOGIA TAS NM -4091557.635 172374242
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -91679652.81 569172229.5
TISCALI - RTS TISAAW IM -91679652.81 569172229.5
TISCALI SPA TISGBX EO -91679652.81 569172229.5
TISCALI SPA TIS IM -91679652.81 569172229.5
TISCALI SPA TIS NQ -91679652.81 569172229.5
TISCALI SPA TISN VX -91679652.81 569172229.5
TISCALI SPA TISN IM -91679652.81 569172229.5
TISCALI SPA TIS TQ -91679652.81 569172229.5
TISCALI SPA TSCXF US -91679652.81 569172229.5
TISCALI SPA TISN NA -91679652.81 569172229.5
TISCALI SPA TIQ1 GR -91679652.81 569172229.5
TISCALI SPA TISGBX EU -91679652.81 569172229.5
TISCALI SPA TIS NR -91679652.81 569172229.5
TISCALI SPA TIS EO -91679652.81 569172229.5
TISCALI SPA TIS EB -91679652.81 569172229.5
TISCALI SPA TIS NA -91679652.81 569172229.5
TISCALI SPA TIS FP -91679652.81 569172229.5
TISCALI SPA TISN IX -91679652.81 569172229.5
TISCALI SPA TIS EU -91679652.81 569172229.5
TISCALI SPA TISGBP EO -91679652.81 569172229.5
TISCALI SPA TIS PZ -91679652.81 569172229.5
TISCALI SPA TIS VX -91679652.81 569172229.5
TISCALI SPA TIQG IX -91679652.81 569172229.5
TISCALI SPA TISN FP -91679652.81 569172229.5
TISCALI SPA TIS IX -91679652.81 569172229.5
TISCALI SPA TIQ GR -91679652.81 569172229.5
TISCALI SPA- RTS TISAXA IM -91679652.81 569172229.5
TISCALI SPA- RTS 3391621Q GR -91679652.81 569172229.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
INTELSAT ILMA GR -325921984 17266143232
INTELSAT SA 2237Z US -325921984 17266143232
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -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 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
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
NORWAY
------
INTEROIL EXPLORA IOXEUR EO -48022000 186064000
INTEROIL EXPLORA INOX NO -48022000 186064000
INTEROIL EXPLORA IOXUSD EO -48022000 186064000
INTEROIL EXPLORA IROIF US -48022000 186064000
INTEROIL EXPLORA IOX NO -48022000 186064000
INTEROIL EXPLORA IOX PZ -48022000 186064000
INTEROIL EXPLORA IOXUSD EU -48022000 186064000
INTEROIL EXPLORA IOX BY -48022000 186064000
INTEROIL EXPLORA IOX IX -48022000 186064000
INTEROIL EXPLORA IOX EU -48022000 186064000
INTEROIL EXPLORA IOX EO -48022000 186064000
INTEROIL EXPLORA IOXEUR EU -48022000 186064000
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA COFSI IX -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
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 SCDF EO -22452984.49 177676573.7
SPORTING-SOC DES SCPL IX -22452984.49 177676573.7
SPORTING-SOC DES SCG GR -22452984.49 177676573.7
SPORTING-SOC DES SCDF EU -22452984.49 177676573.7
SPORTING-SOC DES SCDF PL -22452984.49 177676573.7
SPORTING-SOC DES SCP PL -22452984.49 177676573.7
SPORTING-SOC DES SCP1 PZ -22452984.49 177676573.7
SPORTING-SOC DES SCPX PX -22452984.49 177676573.7
TAP SGPS TAP PL -239565845.5 3126533533
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 ALEGRE VAF PZ -64841467.39 140647736.3
VAA VISTA AL-RTS VAAS PL -64841467.39 140647736.3
VAA VISTA AL-RTS VAA9S PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFKX PX -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EU -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PZ -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EO -64841467.39 140647736.3
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -94581153.47 400666384.3
AMO ZIL-CLS ZILL RU -94581153.47 400666384.3
AMO ZIL-CLS ZILL* RU -94581153.47 400666384.3
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
DAGESTAN ENERGY DASB* RU -23504511.21 181781762
DAGESTAN ENERGY DASB RU -23504511.21 181781762
DAGESTAN ENERGY DASB RM -23504511.21 181781762
EAST-SIBERIA-BRD VSNK RU -12441674.89 197590852.8
EAST-SIBERIA-BRD VSNK* RU -12441674.89 197590852.8
EAST-SIBERIAN-BD VSNK$ RU -12441674.89 197590852.8
FINANCIAL LEASIN FLKO RM -45555537.68 466377160.5
FINANCIAL LEASIN 137282Z RU -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
KORPORACIJA -BRD FZTR RU -43512907.03 252572142
KORPORACIJA FAZO FZTR$ RU -43512907.03 252572142
KORPORACIJA-BRD FZTR* RU -43512907.03 252572142
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
MZ ARSENAL-$BRD ARSE RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE$ RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE* RU -10888450.88 200936505.4
PARNAS-M PRSM RU -138592.4742 127637318.8
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
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
URGALUGOL-BRD YRGL* RU -20412374.13 110116321.9
URGALUGOL-BRD YRGL RU -20412374.13 110116321.9
URGALUGOL-BRD-PF YRGLP RU -20412374.13 110116321.9
VOLGOGRAD KHIM VHIM* RU -22920234.24 142367839.8
VOLGOGRAD KHIM VHIM RU -22920234.24 142367839.8
WILD ORCHID ZAO DOAAN RU -12242338.85 164182102.7
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
ZIL AUTO PLANT ZILL$ RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RM -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP* RU -94581153.47 400666384.3
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 AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -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 EU -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
MARTINSA FADESA MTF1 LI -1929870022 7764140388
MARTINSA FADESA MTF EU -1929870022 7764140388
MARTINSA FADESA 4PU GR -1929870022 7764140388
MARTINSA FADESA MFAD PZ -1929870022 7764140388
MARTINSA FADESA MTF EO -1929870022 7764140388
MARTINSA FADESA MTF SM -1929870022 7764140388
MARTINSA-FADESA MTF NR -1929870022 7764140388
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 BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
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 BFJG IX -5331676.798 2243068982
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM -GDR 639540Z LX -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 -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
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4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP LI4 TH -3088436.068 106650689.4
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -197788769.2 123048312.7
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AIRTOURS PLC ATORF US -379721841.6 1817512774
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ALLDAYS PLC ALDYF US -120493900 252232072.9
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AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC AMY LN -48862569.33 931527720.5
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ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
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ATKINS (WS) PLC ATKEUR EO -128972861.1 1328162171
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ATKINS (WS) PLC ATK EO -128972861.1 1328162171
ATKINS (WS) PLC ATKEUR EU -128972861.1 1328162171
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ATKINS (WS) PLC ATK NR -128972861.1 1328162171
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BAYDONHILL PLC FLG OF -3088436.068 106650689.4
BAYDONHILL PLC BHL LN -3088436.068 106650689.4
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BRADSTOCK GROUP BDK LN -1855444.443 268563822.5
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BT GROUP PLC BT/A BQ -3989195720 43568216595
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CARLISLE GROUP 506819Q LN -11904426.45 203548565
CATTLES PLC CTT EB -599615492.2 3880885246
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CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
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SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SKYEPHARMA PLC SKPEUR EO -128538078.1 135158758
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STV GROUP PLC STVG VX -51512119.25 207340304
STV GROUP PLC SMG PZ -51512119.25 207340304
STV GROUP PLC STVG EU -51512119.25 207340304
STV GROUP PLC SMG VX -51512119.25 207340304
STV GROUP PLC STVG LN -51512119.25 207340304
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STV GROUP PLC SMGPF US -51512119.25 207340304
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STV GROUP PLC STVGGBP EO -51512119.25 207340304
STV GROUP PLC STVGEUR EO -51512119.25 207340304
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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THORN EMI PLC THNE FP -2265916257 2950021937
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TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
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TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGAF US -24544959.64 626057950.8
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UNIGATE PLC 1577Q GR -24544959.64 626057950.8
UNIGATE PLC UNIG LN -24544959.64 626057950.8
UNIGATE PLC-ADR UNGAY US -24544959.64 626057950.8
UNIQ PLC UNIQ EU -24544959.64 626057950.8
UNIQ PLC UNIQGBP EO -24544959.64 626057950.8
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UNIQ PLC UNIQ EO -24544959.64 626057950.8
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UNIQ PLC UNIQ VX -24544959.64 626057950.8
UNIQ PLC UNIQEUR EO -24544959.64 626057950.8
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UNIQ PLC UNIQ LN -24544959.64 626057950.8
UNIQ PLC UNIQF US -24544959.64 626057950.8
UNIQ PLC UNIQEUR EU -24544959.64 626057950.8
UNIQ PLC UGE GR -24544959.64 626057950.8
UNIQ PLC UNIQ PZ -24544959.64 626057950.8
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
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WATSON & PHILIP WTSN LN -120493900 252232072.9
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WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
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WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
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WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG EU -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 * * *