/raid1/www/Hosts/bankrupt/TCREUR_Public/100913.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
Monday, September 13, 2010, Vol. 11, No. 180
Headlines
G E R M A N Y
ALTERNATIVE CAPITAL: Declares Bankruptcy on Four Dubai Funds
HYPO REAL ESTATE: To Get EUR40BB in State Guarantees From Soffin
KREMIKOVTZI AD: Auction May Fail to Draw Bidders; Price Cut Likely
VULCAN LTD: S&P Lowers Credit Rating of Class E Notes to D
G R E E C E
GREEK RAILWAYS: To Undergo Restructuring
WIND HELLAS: Has Four Potential Bidders
I C E L A N D
STRAUMUR BURDARAS: Creditors Take Control Following Collapse
I R E L A N D
ALLIED IRISH: Gets "Substantial" Bids for Bank Zachodni Stake
ANGLO IRISH: Final Cost of Bailout to Reach EUR28.5BB, Chief Says
LANSDOWNE MORTGAGE: S&P Places Credit Ratings on Negative Watch
MCINERNEY HOMES: Oaktree Wants Lenders to Accept EUR60MM Repayment
QUINN INSURANCE: Posts EUR127 Million Operating Losses in 2009
N E T H E R L A N D S
SAECURE 9 BV: Moody's Places (P)Ba2 Rating on EUR9MM Cl. F Notes
R U S S I A
GUTA BANK: Moody's Withdraws Ratings Due to Inadequate Information
S L O V E N I A
POTEZA SKUPINA: Ljubljana Court Launches Receivership Proceedings
U N I T E D K I N G D O M
CONNAUGHT PARTNERSHIPS: 700 Staff Sacked Following Collapse
DORVAL CONSTRUCTION: In Administration; 19 Jobs Affected
KEYDATA INVESTMENT: IFAs May Face Bankruptcy Over PI Exclusion
LIVERPOOL FOOTBALL: RBS Will Not Extend GBP237 Million Loan
REYNOLDS GROUP: Moody's Holds B2 Corporate Family Rating
SCREEN EAST: Goes Into Administration
SHERIDAN MILLENIUM: Anglo Irish Bank Takes Control of IMAX Cinema
SLUMBERDOWN ENTERPRISES: Assets Sold Following Administration
X X X X X X X X
* BOND PRICING: For the Week September 6 to September 10, 2010
*********
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G E R M A N Y
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ALTERNATIVE CAPITAL: Declares Bankruptcy on Four Dubai Funds
------------------------------------------------------------
Alternative Capital Invest declared bankruptcy on four of its
seven funds on Friday, gulfnews.com reports.
The report relates the company, which is engaged in several
development and property projects in Dubai, lodged an insolvency
application at court in Bielefeld, Germany.
According to the report, ACI said that "due to the balance of the
funds the declaration of bankruptcy is evident and legally
required."
The report notes German magazine Focus quoted ACI founder Hanns-
Uwe Lohmann as saying that "inevitable depreciation of the
projects' asset value" has led to the current situation.
Mr. Lohmann meanwhile has resigned as ACI's CEO, the report
discloses.
Media reports say that the overall loss amounts to at least EUR70
million (Dh329 million), the report states.
The report relates ACI's letter to investors stated that the price
decline in properties in Dubai has made the move necessary.
According to the report, the letter said the funded projects are
in an "unfinished state of construction." It mentioned ACI's
Dubai Fonds II to V are affected, the report notes.
Alternative Capital Invest is the biggest German fund for property
investments in Dubai.
HYPO REAL ESTATE: To Get EUR40BB in State Guarantees From Soffin
----------------------------------------------------------------
Nadja Brandt at Bloomberg News reports that the Soffin bank-rescue
fund said Hypo Real Estate Holding AG will get EUR40 billion
(US$50.7 billion) of state guarantees to safeguard restructuring
efforts.
Bloomberg relates Soffin said in a statement on Friday the
infusion will swell government guarantees to the Munich-based
lender to EUR142 billion.
"The executive committee at Soffin came to this decision to avoid
any liquidation bottlenecks during the planned transaction," the
fund said, according to Bloomberg.
As reported by the Troubled Company Reporter-Europe on Aug. 17,
2010, the Financial Times said the bank, which was nationalized in
2009, is paying about EUR120 million each quarter to the
government as the price of the guarantees needed to support the
bank's borrowing. The FT disclosed the lender, the only German
bank to fail recent European Union bank stress tests, is set to
transfer up to EUR210 billion (US$268 billion) of assets into a
"bad bank" unit by the end of this year.
About Hypo Real Estate
Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group. It is an international real estate
financing company, combining commercial real estate financing
products with investment banking. The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management. Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.
KREMIKOVTZI AD: Auction May Fail to Draw Bidders; Price Cut Likely
------------------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that Tsvetan
Bankov, Kremikovtzi AD's receiver, said Bulgaria's auction this
week of the bankrupt steel mill, probably will fail to draw any
bidders, raising the prospects the government will cut the price
later.
According to Bloomberg, prospective investors are invited to
deliver sealed bids for the plant, located in the capital Sofia,
between noon and 1:00 p.m. today, Sept. 13, with a 10% deposit to
be paid in advance.
Bloomberg relates the management announced an auction of its steel
production assets with a starting price set at BGN565.52 million
(US$367.5 million). Mr. Bankov, as cited by Bloomberg, said if no
one makes an offer, a second auction with direct bidding will be
held by Nov. 15 and the starting price will be cut by 20%.
Bloomberg notes Krassen Stanchev, the chief executive officer of
Sofia-based KC2 consultancy said a realistic price is between
EUR180 million and EUR200 million, a level that would guarantee a
return on the new owner's investment. According to Bloomberg, Mr.
Stanchev, who advises one-third of the mill's bondholders, said
they are looking for a financial institution or a direct buyer to
take part in the transaction should the first auction fail and the
price is lowered.
As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News, citing a report from the receiver, said the
mill's assets total BGN840 million, while debt was estimated at
BGN1.9 billion. 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.
VULCAN LTD: S&P Lowers Credit Rating of Class E Notes to D
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Vulcan (European Loan Conduit No. 28) Ltd.'s class E notes to 'D
(sf)' from 'CCC- (sf)'. The ratings on Vulcan's other notes
remain unaffected by this rating action.
In July 2010, S&P lowered the rating on the class E notes to 'CCC-
(sf)' following continued interest shortfalls on this class of
notes and because S&P believed there was an increased likelihood
that this class would suffer principal losses.
The special servicing fees associated with the Tishman German
Office Portfolio and Guardian Bonn Rochustrasse loans, which rank
senior to interest payments due on the notes, are neither absorbed
by the class X notes nor funded by servicer advances. The fees
have therefore continued to cause interest shortfalls on the class
E, F, and G notes.
A further interest shortfall occurred on the August 2010 interest
payment date. In light of this and S&P's expectation that accrued
interest shortfalls on the class E notes will not be repaid in the
short term, S&P lowering the rating on the class E notes to 'D
(sf)'.
Vulcan closed in August 2007 and is backed by a pool of 14 loans
secured against 74 commercial and residential properties located
across Europe. The current reported loan (and note) balance is
?895.5 million. The largest loan in the pool is the Tishman
German Office Portfolio loan, which has a current balance of
?308.9 million and accounts for 34% of the loan pool. Vulcan owns
the senior-ranking portion of the Tishman loan.
Vulcan (European Loan Conduit No. 28) Ltd.
?1,076.415 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating
Class To From
Rating Lowered
E D CCC-
Ratings Unaffected:
A AA+ (sf)
X AA+ (sf)
B AA+ (sf)
C A (sf)
D BB (sf)
F D (sf)
G D (sf)
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G R E E C E
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GREEK RAILWAYS: To Undergo Restructuring
----------------------------------------
Xinhua reports Greek Prime Minister George Papandreou's socialist
government pledged to step up structural reforms, including the
restructure of debt-ridden and loss making Greek Railways.
The report relates the draft bill on the partial privatization of
the state company was approved by the cabinet on Friday and is
expected to be discussed in parliament and be ratified in October.
According to the report, Greek Railways lose at least EUR1 billion
(US$1.27 billion) per year and the current debt reaches EUR10
billion (US$11.27 billion). The report says under the
government's plan, almost one in two job positions of the current
6,000 posts will be cut. The report notes Transport Minister
Dimitris Reppas stressed that they will be no lay-offs, but
employees will be removed to other state agencies. There will be
cutbacks on services offered and an increase to prices of tickets,
the report states.
WIND HELLAS: Has Four Potential Bidders
---------------------------------------
Info-Quest SA, Greece's biggest computer maker, and On Telecoms
are among the groups considering buying Wind Hellas
Telecommunications SA, John Glover and Kate Haywood at Bloomberg
News report, citing people familiar with the situation.
According to Bloomberg, the people, who declined to be identified
because the talks are private, said other potential bidders for
the mobile-phone company controlled by Egyptian billionaire Naguib
Sawiris include Telenor ASA, the Nordic region's largest phone
company, and Los Angeles-based investment firm Saban Capital Group
Inc.
Bloomberg notes the people said senior bondholders and Weather
Investments, Mr. Sawiris' investment company, are also looking at
Wind Hellas's financial information with a view to placing bids.
Wind Hellas, hurt by plunging consumer confidence and spending in
the debt-ridden nation, is looking for a buyer and seeking to
write off debt less than a year after emerging from bankruptcy,
Bloomberg discloses. Binding bids for Greece's third-largest
mobile operator are due Sept. 15, Bloomberg states.
About WIND Hellas
Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece. The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers. It also provides cellular and satellite-based
vehicle management and tracking services. WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.
* * *
As reported by the Troubled Company Reporter-Europe on July 7,
2010, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'SD' from 'CC'. S&P said the downgrade to
'SD' (selective default) mainly reflects the group's agreement
with some of its lenders to defer until Nov. 5, 2010, under the
terms of the standstill agreement, a EUR17.5 million amortization
payment under its RCF and payments due on July 15, 2010 relating
to hedging contracts. The downgrade also reflects S&P's view that
the group's capital structure has become unsustainable in the
short to medium term, and consequently that WIND Hellas is highly
likely to undergo a capital restructuring in the very short term,
the second in about eight months.
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I C E L A N D
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STRAUMUR BURDARAS: Creditors Take Control Following Collapse
------------------------------------------------------------
Anousha Sakoui and Andrew Ward at The Financial Times report that
creditors have taken control of Straumur, in the first
restructuring of one of Iceland's lenders that collapsed in the
wake of the global financial crisis.
According to the FT, the deal could set a precedent for Iceland's
three largest banks, Kaupthing, Landsbanki and Glitnir.
The FT says holders of EUR1.3 billion (US$1.65 billion) of
unsecured debt issued by the bank before it collapsed in March
2009 -- which include funds Davidson Kempner and Varde Partners
and Austrian bank RZB -- will share 100% ownership of the
institution. Ninety-nine per cent of their debt claims will be
swapped into a five-year convertible bond, preserving the face
value claim of a majority of the debt, in a step that could help
some creditors avoid writedowns, the FT states. The FT notes one
of the people close to the deal said the expected recovery on
those claims is however estimated at 47% of the face value of
their investment. The new securities were given to creditors on
Friday, the FT discloses.
According to the FT, as part of the restructuring an asset
management business will be established to realize Straumur's
assets to repay creditors.
The unsecured creditors will also have ownership of an Icelandic
broking and advisory business that will be spun off, the FT
states. Some EUR550 million of outstanding secured debt, which is
Icelandic state debt, has also been restructured, the FT notes.
A first shareholder meeting where the bank's new owners will elect
a new board, will take place on Oct. 5, according to the FT.
Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- http://www.straumur.net/-- is an Iceland-
based investment bank.
On March 9, 2009, Straumur-Burdaras was nationalized by Icelandic
authorities after its funding dried up.
On June 2, 2009, Hordur Felix Hardarson, in his capacity as the
foreign representative of Straumur-Burdaras Investment Bank hf,
filed a petition for Chapter 15 in the United States Bankruptcy
Court for the Southern District of New York seeking recognition of
its proceeding currently pending in Iceland as a foreign main
proceeding. The case is In re Straumur-Burdaras Investment Bank
hf, 09-13592, U.S. Bankruptcy Court, Southern District of New York
(Manhattan). Matthew P. Morris, Esq., at Lovells LLP, represents
the Chapter 15 petitioner as counsel. The debtor's petition lists
both assets and liabilities as over US$1 billion.
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I R E L A N D
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ALLIED IRISH: Gets "Substantial" Bids for Bank Zachodni Stake
-------------------------------------------------------------
Joe Brennan and Louisa Fahy at Bloomberg News report that
Ireland's Finance Minister Brian Lenihan said Allied Irish Banks
Plc received a number of "substantial" bids for its Polish unit,
Bank Zachodni WBK SA.
According to Bloomberg, Mr. Lenihan said the bids have now closed
for control of the Polish bank, in which Allied Irish has a 70%
stake, and that he expects "finality" on the capital needs of
Ireland's second-largest bank "in the next few weeks."
Goodbody Stockbrokers currently estimates that Allied Irish will
raise EUR1.95 billion from the sale of the Bank Zachodni stake,
Bloomberg states.
As reported by the Troubled Company Reporter-Europe, Bloomberg
said Allied Irish is selling the stake in Zachodni as it seeks to
raise EUR7.4 billion (US$9.4 billion) to reach new capital
standards.
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.
ANGLO IRISH: Final Cost of Bailout to Reach EUR28.5BB, Chief Says
-----------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank
chief executive Mike Aynsley said he expects the final cost of the
bank bailout to be somewhere between EUR25 billion and EUR28.5
billion under the Irish government's wind-down plan.
According to The Irish Times, Mr. Aynsley said the bank's earlier
estimate of a further EUR3.5 billion cost -- on top of the current
cost of EUR25 billion -- for a 10-year wind-down could not be
applied to the government's plan as Anglo had cost a wind-down
under a different scenario. The Irish Times notes Mr. Aynsley
said he could not reconcile the cost of EUR35 billion estimated by
credit ratings agency Standard Poor's last month, given the bank's
assessment of potential losses.
Anglo had not provided a cost of setting up a funding bank and an
asset recovery bank to be wound down over time under the plans
sent to the European Commission, The Irish Times notes.
Mr. Aynsley, as cited by The Irish Times, said the recovery bank
would preserve the value of good loans by working with those
customers and this would reduce losses. The bank had estimated it
would recover 68% of the original value of its good loans in the
restructuring plans, The Irish Times states.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
* * *
As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval. Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.
On April 7, 2010, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'. Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'. It also affirmed the rating on the bank's Tier 1 notes
at 'C'.
LANSDOWNE MORTGAGE: S&P Places Credit Ratings on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on all classes of notes in Lansdowne Mortgage
Securities No. 1 PLC (Lansdowne 1) and Lansdowne Mortgage
Securities No. 2 PLC (Lansdowne 2).
Later-stage arrears buckets have continued to climb since S&P's
last review in March 2009. Presently, 90+ and 180+ day arrears
stand at 41.78% and 32.93%, respectively for Lansdowne 1, and
44.62% and 33.95%, respectively for Lansdowne 2. This is a sharp
increase from the levels reported in the January 2009 investor
report, where the 90+ and 180+ day arrears were 19.52% and
12.45% for Lansdowne 1 respectively, and 23.02% and 14.86% for
Lansdowne 2.
S&P understand that loan modifications are taking place in the
pools underlying both transactions. S&P further understand that
some borrowers who may have otherwise gone into arrears are
extending the term of their mortgage. Therefore, S&P believes
that the present level of arrears could be understated.
The loss rates in Lansdowne 1 and 2 are low, at 0.14% and 0.19%
respectively. S&P understands that in Ireland the lender is
required to show forbearance to borrowers, which S&P believes,
could limit the number of repossessions. This factor and a long
foreclosure process in Ireland have kept the level of losses
low so far. However, as part of S&P's analysis S&P assumes that a
large percentage of the severe arrears will be foreclosed.
Irish house prices have continued to decline and are currently 35%
lower than their peak at the end of 2006, according to the
Permanent TSB House Price Index. In Dublin, where approximately
20% of the underlying properties of both Lansdowne 1 and 2 are
located, house prices declined by 13.5% in the first six months of
2010.
These two factors have led to an increase in S&P weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS). The WAFF represents the total mortgage balance we assume
to default, and the WALS represents the total amount of the
defaulted balance that is not recovered. As a result of these
increases, S&P placed all classes of notes on CreditWatch
negative.
S&P will aim to resolve the CreditWatch placements with
information from the September investor report and updated loan
level data.
Lansdowne 1 and 2 are Irish nonconforming residential mortgage-
backed securities (RMBS) transactions with loans originated by
Start Mortgages Ltd.
RATINGS LIST:
Ratings Placed On CreditWatch Negative
Lansdowne Mortgage Securities No. 1 PLC
EUR370.05 Million Residential Mortgage-Backed Fixed- And Floating-
Rate Notes
A2 AAA (sf)/Watch Neg AAA (sf)
M1 AA+ (sf)/Watch Neg AA+ (sf)
M2 A+ (sf)/Watch Neg A+ (sf)
B1 BB+ (sf)/Watch Neg BB+ (sf)
B2 B+ (sf)/Watch Neg B+ (sf)
X AAA (sf)/Watch Neg AAA (sf)
Lansdowne Mortgage Securities No. 2 PLC
?525.05 Million Residential Mortgage-Backed Fixed- And Floating-
Rate Notes
A2 AAA (sf)/Watch Neg AAA (sf)
M1 A (sf)/Watch Neg A (sf)
M2 BBB (sf)/Watch Neg BBB (sf)
B B (sf)/Watch Neg B (sf)
X AAA (sf)/Watch Neg AAA (sf)
MCINERNEY HOMES: Oaktree Wants Lenders to Accept EUR60MM Repayment
------------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Oaktree Capital,
the US-based private equity firm behind the proposed rescue of
McInerney Homes, has asked a syndicate of three lenders, Bank of
Ireland, Anglo Irish and KBC, to accept EUR60 million out of a
total of EUR111 million that the group owes them.
The rescue plan involves a EUR10 million investment from Oaktree
Capital, which wants to take a stake in the overall group for
EUR40 million, The Irish Times says. The Irish Times relates
Oaktree has been in talks with the syndicate since July.
According to The Irish Times, the High Court heard that on Tuesday
Brian O'Connor of Bank of Ireland and Ted Webb of KBC told Oaktree
director Justin Bickle that the "door is still open" for talks on
the basis of that proposal. The Irish Times notes the banks told
Mr. Bickle this several hours after their lawyer initially told
the High Court that they were opposed to the examinership plan,
which is based on the same figures, on the grounds that they would
have a better chance of recovering more of their money in a
receivership.
The rescue plan runs over five years and is based on McInerney
earning revenues of EUR5 million in 2011, double that the
following year, and increasing up to EUR25 million in the fifth
year, The Irish Times discloses. The banks would receive no
repayment for the first two years, and would have to provide
additional facilities of up to EUR1.6 million, The Irish Times
states. Repayments would start in 2013, beginning at EUR294,000,
but then increasing rapidly so a total of EUR35 million would be
repaid after five years, according to The Irish Times.
The Irish Times notes Oaktree, which owns Britain's biggest
mortgage broker Countrywide, said it would also be in a position
to provide buyers of McInerney houses with mortgages.
As reported by the Troubled Company Reporter-Europe on Aug. 30,
2010, The Irish Times said that the High Court on Aug. 26 gave
McInerney Homes protection from its creditors in the first case of
its kind to involve a business with debts destined for the
National Asset Management Agency. The Irish Times disclosed the
High Court appointed Billy O'Riordan of PricewaterhouseCoopers as
interim examiner to the company, which gives McInerney automatic
protection from its Irish creditors, to which it owes a total of
EUR111 million.
McInerney Homes is an Irish housebuilder.
QUINN INSURANCE: Posts EUR127 Million Operating Losses in 2009
--------------------------------------------------------------
BBC News reports that Quinn Insurance has reported operating
losses of EUR127 million for last year.
According to BBC, the company's administrators say the firm is
performing robustly, but challenging conditions affected its
profitability.
Overall, Quinn Insurance posted a loss of almost EUR790 million in
2009, BBC notes. BBC says most of this relates to a EUR677
million "extraordinary charge" imposed on the firm, after
subsidiaries made guarantees on the group's assets which reduced
the amount of cover for policyholders' liabilities.
The company's owner Sean Quinn owes Anglo Irish Bank EUR2.8 bilion
BBC discloses.
As reported by the Troubled Company Reporter-Europe on Sept. 10
2010, The Irish Times said Anglo Irish Bank set aside a further
EUR700 million for potential losses on borrowings to Mr. Quinn,
bringing to EUR1.7 billion the potential loss the bank expects to
incur on loans of EUR2.8 billion owed by the businessman and his
family. The Irish Times disclosed the uncertainty over the future
of Quinn Insurance, the most profitable part of Mr. Quinn's
business, has forced Anglo to lower its expectation on how much of
the loans it is likely to recover, the report notes. It's
understood that Anglo may be forced to set aside a further EUR500
million, though this may be the extent of the write-off as the
bank has security worth about EUR600 million over the family's
extensive international property interests, The Irish Times noted.
As reported by the Troubled Company Reporter-Europe, The Irish
Times disclosed the Financial Regulator put the insurer
into administration last March after his office discovered
guarantees had been provided by Quinn Insurance subsidiaries as
far back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.
Quinn Insurance has more than 20% of the motor and health
insurance market in Ireland. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.
=====================
N E T H E R L A N D S
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SAECURE 9 BV: Moody's Places (P)Ba2 Rating on EUR9MM Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the following classes of notes to be issued by SAECURE 9 B.V.:
* Euro [180,000,000] Senior Class A1 Mortgage-Backed Notes 2010
due 20[92], assigned (P)Aaa (sf)
* Euro [661,500,000] Senior Class A2 Mortgage-Backed Notes 2010
due 20[92], assigned (P)Aaa (sf)
* Euro [13,500,000] Mezzanine Class B Mortgage-Backed Notes 2010
due 20[92], assigned (P)Aa1 (sf)
* Euro [13,500,000] Mezzanine Class C Mortgage-Backed Notes 2010
due 20[92], assigned (P)Aa1 (sf)
* Euro [13,500,000] Junior Class D Mortgage-Backed Notes 2010 due
20[92], assigned (P)Aa3 (sf)
* Euro [18,000,000] Junior Class E Mortgage-Backed Notes 2010 due
20[92], assigned (P)A3 (sf)
* Euro [9,000,000] Subordinated Class F Notes 2010 due 20[92],
assigned (P)Ba2 (sf)
The transaction represents a securitization of Dutch prime
mortgage loans backed by residential properties located in the
Netherlands and originated by AEGON Levensverzekering N.V. The
portfolio will be serviced by AEGON Leven.
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss,
as well as the transaction structure and any legal considerations
as assessed in Moody's cash flow analysis.
The expected portfolio loss of 0.65% and the MILAN Aaa required
Credit Enhancement of 5.0% served as input parameters for Moody's
cash flow model. This model is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000.
The key drivers for the MILAN Aaa Credit Enhancement number, which
is slightly lower than other prime Dutch RMBS transactions closed
in 2010, are (i) the weighted average loan-to-foreclosure-value of
94.9%, which is in line with other Dutch RMBS transactions, (ii)
the proportion of interest-only loans parts (40.2%), (iii) the
weighted average seasoning of 4.6 years, and (iv) the benefit from
a guarantee from NHG for 16.8% of the current balance of the pool.
The key drivers for the portfolio expected loss are (i) the
performance of the seller's precedent transactions, (ii)
benchmarking with comparable transactions in the Dutch market and
(iii) the proportion of loans parts benefitting from a guarantee
from NHG. Given the historical performance of the Dutch RMBS
market and the originator's precedent transactions, Moody's
believes the assumed expected loss is appropriate for this
transaction.
Another key characteristic of this transaction is that
approximately 44.2% of the portfolio is linked to life insurance
policies, which are exposed to set-off risk in case an insurance
company goes bankrupt. The seller has provided loan-by-loan
insurance company counterparty data, whereby 100% of all life
insurance-linked products are linked to insurance policies
provided by the seller, AEGON Leven. AEGON Leven is not rated by
Moody's, however it is a subsidiary of AEGON N.V. (A3). Moody's
has considered the rating of the ultimate parent company, AEGON
N.V., and stress tested rating levels to measure the impact on the
ratings of the notes.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
The V-Score for this transaction is Low/Medium, which is in line
with the V-Score assigned for the Dutch RMBS sector, mainly due to
the fact that it is a standard Dutch prime RMBS structure for
which we have over 10 years of historical performance data. The
primary source of uncertainty surrounding our assumptions is the
current macroeconomic environment, in which property values are
falling and unemployment continues to rise. Operational risks
relating to the servicing arrangement, given that the contractual
servicer is not rated by Moody's, and that there are no back-up
arrangements for the servicing and cash management, are another
source of uncertainty. This risk is mitigated to a certain extent
by the fact that AEGON Leven's ultimate parent company AEGON N.V.
is rated A3 by Moody's.
V-Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V-Score has been assigned according to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.
Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 0.65% to 1.95 % and if the MILAN Aaa Credit
Enhancement was increased from 5.0% to 8.0%, the model output
indicates that the class A1 and class A2 notes would still achieve
Aaa.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied. Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.
The principal methodologies used in rating SAECURE 9 B.V. were
Moody's Updated MILAN Methodology for Rating Dutch RMBS published
in September 2009, Cash Flow Analysis in EMEA RMBS: Testing
Features with the MARCO Model published in January 2006, and
Moody's Updated Methodology for Set-Off in Dutch RMBS published in
November 2009. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.
Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.
===========
R U S S I A
===========
GUTA BANK: Moody's Withdraws Ratings Due to Inadequate Information
------------------------------------------------------------------
Moody's Investors Service and Moody's Interfax Rating Agency have
withdrawn all ratings of Guta bank due to the lack of adequate
information to maintain these ratings. Prior to the rating
withdrawal, Guta bank's ratings were as follows: long-term local
and foreign currency deposit ratings of Caa1, short-term local and
foreign currency ratings of Not Prime and Bank Financial Strength
Rating (BFSR) of E, each with a stable outlook, and a Ba1.ru
National Scale Rating (NSR) with no specific outlook.
Moscow-based Moody's Interfax Rating Agency is majority-owned by
Moody's, a leading global rating agency.
===============
S L O V E N I A
===============
POTEZA SKUPINA: Ljubljana Court Launches Receivership Proceedings
-----------------------------------------------------------------
Slovenska tiskovna agencija reports that the Ljubljana District
Court on Thursday launched receivership proceedings at Poteza
Skupina d.d. on the proposal of the group's management.
The report relates the proposal was filed three weeks ago after
management declared insolvency and established that capital
injections from owners were not possible.
Poteza Skupina d.d. is a financial group based in Slovenia.
===========================
U N I T E D K I N G D O M
===========================
CONNAUGHT PARTNERSHIPS: 700 Staff Sacked Following Collapse
-----------------------------------------------------------
Howard Mustoe at Bloomberg News reports that KPMG, administrators
of Connaught Partnerships Ltd., said about 700 people will lose
their jobs following the company's collapse.
According to Bloomberg, KPMG said about 2,500 staff have
transferred to Lovell Partnerships, the affordable housing
division of Morgan Sindall Group Plc.
Bloomberg notes KPMG said Connaught Partnerships employed around
4,400 staff on appointment of administrators.
As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern. Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.
Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors. The Company operates
in two business segments: social housing and compliance. Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management. The
Compliance segment provides safety, health and risk management
solutions. It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom. On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd. On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.
DORVAL CONSTRUCTION: In Administration; 19 Jobs Affected
--------------------------------------------------------
Alex Terrell at Essex Chronicle reports that Dorval Construction
Ltd. has gone into administration, resulting in the loss of 19
jobs.
The report relates directors at Dorval Construction called in the
administrators on Aug. 25 after realizing the firm could not
continue trading.
According to the report, joint administrator at PKF David
Merrygold said: "The company had no future, which is typical of
the construction industry at the moment. I would say
unfortunately the biggest factor is the general economic climate."
The administration process is expected to last a year, the report
states.
Dorval Construction Ltd. is based near Maldon. The company had
been working in Suffolk, North East London and Essex for more than
23 years.
KEYDATA INVESTMENT: IFAs May Face Bankruptcy Over PI Exclusion
--------------------------------------------------------------
Laura Miller at ifaonline.co.uk reports that thousands of
independent financial advisers exposed to crippling Lifemark and
Keydata compensation claims face bankruptcy because a common
insolvency exclusion in professional indemnity (PI) insurance will
leave them without cover.
The report says even IFAs with valid PI can expect costs of
GBP5,000 to GBP10,000 or more in excess per claim, as most PI
policies treat complaints individually even if many relate to the
same company.
Keydata was put into liquidation by the FSA in June 2009, the
report relates. Troubled Luxembourg-based investment company
Lifemark is not insolvent but its bonds underpinned thousands of
Keydata plans, the report discloses.
According to the report, David Turner, PI lawyer at Foot Anstey,
says the phrase "in connection with" which is part of the
insolvency exclusion in many PI contracts, could be enough for
insurers to argue IFAs' Lifemark claims are invalid due to the
Keydata link.
The report notes Richard Turnbull, head of underwriting at claims
management firm Collegiate, says IFAs exposed to Keydata should
review their PI insurance and find out if they are covered.
Mr. Turnbull said: "The fact Keydata is insolvent, even though
Lifemark isn't, is probably enough to activate this exclusion.
For many IFAs it is a bankruptcy issue. Few IFAs have the funds
to cover the types of costs we are talking about if their PI
doesn't. They will either have to dip into their own assets or go
bankrupt."
The Financial Ombudsman Service has a claims limit of GBP100,000,
according to the report. Clients with more than that invested in
Keydata may decide to fight for the rest in court, and IFAs would
have to pay the legal costs win or lose, the report states.
According to the report, Mr. Turnbull says IFAs should argue with
their PI insurer the insolvency exclusion does not apply if
clients claim their loss arose from negligent advice, and not a
firm's insolvency.
As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009. The
appointment was made based on an application to court by the
FSA on insolvency grounds.
Keydata Investment Services Ltd. designs, distributes and
administers structured investment products. Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.
LIVERPOOL FOOTBALL: RBS Will Not Extend GBP237 Million Loan
-----------------------------------------------------------
SportBusiness reports that Liverpool's main creditor, the Royal
Bank of Scotland has signaled it will not extend its GBP237
million loan to the English Premier League club after the Oct. 6
expiry date.
Citing UK newspaper The Guardian, the report says the bank has
placed the club's loans into its toxic assets division.
Under the terms of American owners Tom Hicks and George Gillett's
latest refinancing agreement with RBS, the bank could force the
insolvency of Liverpool in the event of default, putting the club
in administration, the report notes. The report states it is
unlikely RBS would go down this route as it has no plans to hold
Liverpool as a subsidiary and will try to maximize debt recoveries
by selling the club at a knockdown price.
As reported by the Troubled Company Reporter-Europe on Aug. 17,
2010, ESPN Soccernet said current owners Tom Hicks and George
Gillett have valued the club at up to GBP800 million, but there
are no signs that any potential bidder is prepared to match that.
ESPN Soccernet noted it may be that as the October deadline for
RBS to make a decisive move on the future of Liverpool looms, the
value will slip further below the GBP350 million previously
mentioned. The key issue for those trying to sell the club is
whether they can find a credible buyer who will pay down the debt,
build a new stadium and invest in players, according to ESPN
Soccernet.
Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League. Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892. In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground. The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales. The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.
REYNOLDS GROUP: Moody's Holds B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service confirmed the B2 Corporate Family Rating
of Reynolds Group Holdings Limited and assigned provisional
ratings for the financing of the announced acquisition of Pactiv
Corporation. The rating outlook has been changed to negative.
The proposed Senior Secured Term Loans and Senior Secured Notes
have been assigned a provisional (P)Ba3 rating. The proposed
Senior Unsecured Notes (US$1,500, 8 years) have been assigned a
provisional (P)Caa1 rating. At the same time the B1 ratings on
RGHL's existing senior secured debt have been placed under review
for possible upgrade. The ratings on RGHL's existing unsecured
debt remain unchanged. Final LGD-rates will be determined once
the proposed Senior Secured Term Loans, Senior Secured Notes and
Senior Unsecured Notes are in place. This rating action assumes a
successful placement of the envisaged additional bank debt and
notes which provides RGHL with a relatively well-balanced debt
maturity profile and which Moody's has incorporated in its
analysis.
SCREEN EAST: Goes Into Administration
-------------------------------------
Stuart Kemp at Hollywood Reporter reports that Screen East has
gone into administration amid allegations that one of its
executives has run off with the money.
The agency's finance manager, Melvin Welton, has been arrested on
suspicion of theft by local police, the report discloses.
According to the report, Screen East CEO Laurie Hayward said the
agency is "insolvent and can't meet its debts as they fall due."
The report notes a spokesman for the U.K. Film Council, one of
Screen East's two key financial backers, confirmed the agency was
in administration but declined comment on the allegations of theft
"due to it being an ongoing police investigation."
Screen East is a government-backed agency set up to support
filmmaking in the East of England.
SHERIDAN MILLENIUM: Anglo Irish Bank Takes Control of IMAX Cinema
-----------------------------------------------------------------
BBC News reports that Anglo Irish Bank has moved to take control
of another asset owned by Belfast businessman Peter Curistan.
The report relates the bank has appointed a receiver in regard to
the lease of the IMAX cinema in Bournemouth. Mr. Curistan's
Sheridan Millenium company held a 150-year lease on the cinema
unit, the report says.
The IMAX cinema in Bournemouth operated from the Waterfront
complex, which is owned by Bournemouth Council, the report
discloses. The report relates the council said it had been
pursuing Sheridan Millenium for around GBP45,000 in service
charges, rent and other costs.
Sheridan Millenium and two other companies owned by Mr. Curistan
are due to face winding-up petitions at the High Court in Belfast
this week, the report notes.
SLUMBERDOWN ENTERPRISES: Assets Sold Following Administration
-------------------------------------------------------------
Cabinet Maker reports that the assets of Slumberdown Enterprises
Limited have been sold to an undisclosed purchaser after the
company was put into administration on July 12.
According to the report, the sale included the plant and equipment
situated at the Blyth, Northumberland premises, and some items at
the Hawick premises of Slumberdown and Reffond Limited (also in
administration).
Slumberdown Enterprises Limited and Reffond (UK) Limited were
manufacturers and distributors of bedding products under several
popular brand names.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 6 to September 10, 2010
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 74.12
BELGIUM
-------
FORTIS BANK 8.750 12/7/2010 EUR 13.52
CZECH REPUBLIC
--------------
CZECH REPUBLIC 2.750 1/16/2036 JPY 72.42
FINLAND
-------
MUNI FINANCE PLC 0.500 3/17/2025 CAD 54.79
MUNI FINANCE PLC 0.500 9/24/2020 CAD 69.16
MUNI FINANCE PLC 1.000 2/27/2018 AUD 66.68
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 67.15
MUNI FINANCE PLC 0.250 6/28/2040 CAD 23.96
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 14.87
ALCATEL SA 4.750 1/1/2011 EUR 16.60
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.21
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.58
ATOS ORIGIN SA 2.500 1/1/2016 EUR 52.01
BNP PARIBAS 10.050 7/24/2012 USD 64.27
CALYON 6.000 6/18/2047 EUR 49.47
CAP GEMINI SOGET 1.000 1/1/2012 EUR 44.44
CAP GEMINI SOGET 3.500 1/1/2014 EUR 44.24
CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.89
EURAZEO 6.250 6/10/2014 EUR 56.91
FAURECIA 4.500 1/1/2015 EUR 21.24
GROUPE VIAL 2.500 1/1/2014 EUR 20.51
MAUREL ET PROM 7.125 7/31/2014 EUR 15.86
MAUREL ET PROM 7.125 7/31/2015 EUR 12.81
NEXANS SA 4.000 1/1/2016 EUR 62.11
PEUGEOT SA 4.450 1/1/2016 EUR 30.35
PUBLICIS GROUPE 3.125 7/30/2014 EUR 38.23
PUBLICIS GROUPE 1.000 1/18/2018 EUR 48.44
RHODIA SA 0.500 1/1/2014 EUR 47.29
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.70
SOITEC 6.250 9/9/2014 EUR 9.15
TEM 4.250 1/1/2015 EUR 55.65
THEOLIA 2.700 1/1/2041 EUR 12.48
VALEO 2.375 1/1/2011 EUR 46.96
ZLOMREX INT FIN 8.500 2/1/2014 EUR 53.88
ZLOMREX INT FIN 8.500 2/1/2014 EUR 53.88
GERMANY
-------
DEUTSCHE BK LOND 0.500 8/25/2017 BRL 53.04
DEUTSCHE BK LOND 3.000 5/18/2012 CHF 62.13
L-BANK FOERDERBK 0.500 5/10/2027 CAD 49.45
LB BADEN-WUERTT 2.500 1/30/2034 EUR 72.79
QIMONDA FINANCE 6.750 3/22/2013 USD 3.69
RENTENBANK 1.000 3/29/2017 NZD 73.73
SOLON AG SOLAR 1.375 12/6/2012 EUR 39.20
GREECE
------
ATHENS URBAN TRN 5.008 7/18/2017 EUR 68.75
ATHENS URBAN TRN 4.851 9/19/2016 EUR 72.63
HELLENIC REP I/L 2.300 7/25/2030 EUR 47.00
HELLENIC REP I/L 2.900 7/25/2025 EUR 51.01
HELLENIC REPUB 3.060 7/6/2025 EUR 58.12
HELLENIC REPUB 5.200 7/17/2034 EUR 70.50
HELLENIC REPUB 5.250 2/1/2016 JPY 74.83
HELLENIC REPUB 5.000 8/22/2016 JPY 66.14
HELLENIC REPUBLI 3.600 7/20/2016 EUR 66.32
HELLENIC REPUBLI 3.700 7/20/2015 EUR 70.08
HELLENIC REPUBLI 4.600 7/20/2018 EUR 63.57
HELLENIC REPUBLI 5.900 4/20/2017 EUR 73.14
HELLENIC REPUBLI 4.300 7/20/2017 EUR 64.64
HELLENIC REPUBLI 6.250 6/19/2020 EUR 68.90
HELLENIC REPUBLI 6.000 7/19/2019 EUR 67.31
HELLENIC REPUBLI 4.700 3/20/2024 EUR 58.30
HELLENIC REPUBLI 5.300 3/20/2026 EUR 60.50
HELLENIC REPUBLI 4.500 9/20/2037 EUR 55.28
HELLENIC REPUBLI 4.600 9/20/2040 EUR 55.41
NATIONAL BK GREE 3.875 10/7/2016 EUR 73.06
YIOULA GLASSWORK 9.000 12/1/2015 EUR 68.65
YIOULA GLASSWORK 9.000 12/1/2015 EUR 67.25
IRELAND
-------
ALLIED IRISH BKS 5.250 3/10/2025 GBP 73.68
DEPFA ACS BANK 0.500 3/3/2025 CAD 35.39
DEPFA ACS BANK 4.900 8/24/2035 CAD 65.26
DEPFA ACS BANK 5.125 3/16/2037 USD 72.87
DEPFA ACS BANK 5.125 3/16/2037 USD 72.65
DEPFA ACS BANK 1.920 5/9/2020 JPY 71.29
DEPFA BANK PLC 3.150 4/3/2018 EUR 68.39
HYPO PUBLIC FIN 5.400 3/26/2024 EUR 67.86
IRISH LIFE & PER 4.625 5/9/2017 EUR 71.22
IRISH NATIONWIDE 13.000 8/12/2016 GBP 78.58
ITALY
-----
COMUNE DI MILANO 4.019 6/29/2035 EUR 72.80
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 30.38
BREEZE FINANCE 4.524 4/19/2027 EUR 90.13
GLOBAL YATIRIM H 9.250 7/31/2012 USD 72.38
IIB LUXEMBOURG 11.000 2/19/2013 USD 60.00
INTL INDUST BANK 9.000 7/6/2011 EUR 49.38
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 61.24
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 61.62
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
ARPENI PR INVEST 8.750 5/3/2013 USD 43.50
ARPENI PR INVEST 8.750 5/3/2013 USD 43.50
BK NED GEMEENTEN 0.500 2/24/2025 CAD 55.25
BLT FINANCE BV 7.500 5/15/2014 USD 74.50
BLT FINANCE BV 7.500 5/15/2014 USD 74.88
BRIT INSURANCE 6.625 12/9/2030 GBP 66.74
ELEC DE CAR FIN 8.500 4/10/2018 USD 54.64
IVG FINANCE BV 1.750 3/29/2017 EUR 72.58
NATL INVESTER BK 25.983 5/7/2029 EUR 25.60
NED WATERSCHAPBK 0.500 3/11/2025 CAD 53.79
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 69.72
RBS NV EX-ABN NV 6.316 6/29/2035 EUR 72.31
SIDETUR FINANCE 10.000 4/20/2016 USD 62.00
NORWAY
------
EKSPORTFINANS 0.500 5/9/2030 CAD 42.50
NORSKE SKOGIND 7.000 6/26/2017 EUR 73.91
POLAND
------
REP OF POLAND 3.220 8/4/2034 JPY 67.28
REP OF POLAND 3.300 6/16/2038 JPY 65.62
REP OF POLAND 2.648 3/29/2034 JPY 59.65
RUSSIA
------
ACBK-INVEST 9.500 4/14/2011 RUB 2.00
AGROKOM GROUP 10.000 6/21/2011 RUB 3.00
AGROSOYUZ 17.000 3/28/2012 RUB 13.00
APK ARKADA 17.500 5/23/2012 RUB 0.38
ARKTEL-INVEST 12.000 4/9/2012 RUB 2.00
ATOMSTROYEXPORT- 7.750 5/24/2011 RUB 2.00
BANK OF MOSCOW 6.450 7/29/2011 RUB 5.00
BANK OF MOSCOW 7.500 2/1/2013 RUB 2.02
BANK SOYUZ 9.500 2/23/2011 RUB 3.00
BANK SOYUZ 16.000 5/2/2011 RUB 2.00
BARENTSEV FINANS 20.000 7/4/2011 RUB 2.00
BASHKIRENERGO 8.300 3/9/2011 RUB 2.01
CB STROYCREDIT 9.500 8/1/2011 RUB 15.50
CREDIT EUROPE BA 11.500 6/28/2011 RUB 2.00
DALSVYAZ 7.600 5/30/2012 RUB 3.00
DALUR-FINANS 14.000 2/5/2013 RUB 4.00
DIPOS 8.000 6/19/2012 RUB 25.01
DVTG-FINANS 17.000 8/29/2013 RUB 10.00
EESK 8.740 4/5/2012 RUB 20.01
ENERGOSPETSSNAB 8.500 5/30/2016 RUB 0.10
ENERGOSTROY-FINA 12.000 5/20/2011 RUB 2.00
EUROKOMMERZ 16.000 3/15/2011 RUB 0.01
FAR EASTERN GENE 10.500 3/8/2013 RUB 15.04
FINANCEBUSINESSG 10.000 7/1/2013 RUB 2.00
FINANCEBUSINESSG 12.500 6/22/2011 RUB 2.00
FORTUM OJSC 7.600 2/6/2013 RUB 3.00
GLOBEX-FINANS 0.100 4/26/2011 RUB 21.01
GRACE DIAMOND 15.000 6/7/2012 RUB 2.00
GRADOSTROY-INVES 11.000 3/3/2011 RUB 3.00
GSS 15.000 3/26/2017 RUB 16.00
HORTEX-FINANS 13.000 8/14/2013 RUB 33.33
IART 12.000 8/4/2013 RUB 5.00
IAZS 11.000 12/8/2010 RUB 2.00
INPROM 9.500 5/18/2011 RUB 35.00
INTERGRAD 15.000 7/9/2014 RUB 2.00
INTERSOFT 10.070 3/31/2025 RUB 1.00
INTL INDUST BANK 13.250 1/3/2018 RUB 3.00
IZHAVTO 18.000 6/9/2011 RUB 11.31
KARUSEL FINANS 12.000 9/12/2013 RUB 2.00
KOMOS GROUP 13.500 7/21/2011 RUB 20.01
KOSMOS-FINANS 10.200 6/16/2011 RUB 20.01
KRAYINVESTBANK 8.500 8/5/2011 RUB 3.00
KUBANSKAYA NIVA 15.500 2/20/2014 RUB 2.00
LEKSTROY 0.100 7/22/2011 RUB 4.00
LLC VICTORIA FIN 8.000 2/12/2013 RUB 2.00
LR-INVEST 13.750 7/17/2012 RUB 3.00
LSR-INVEST 9.250 7/14/2011 RUB 31.01
M-INDUSTRIYA 14.250 7/10/2013 RUB 5.01
M-INDUSTRIYA 12.250 8/16/2011 RUB 37.32
MACROMIR-FINANS 7.750 7/3/2012 RUB 5.57
MAIN ROAD OJSC 10.200 6/3/2011 RUB 3.00
MEDVED-FINANS 14.000 8/16/2013 RUB 1.00
METROSTROY INVES 10.500 9/23/2011 RUB 7.00
MIG-FINANS 0.100 9/6/2011 RUB 1.02
MIRAX 14.990 5/17/2011 RUB 33.06
MIRAX 17.000 9/17/2012 RUB 29.00
MORTON-RSO 12.000 2/28/2011 RUB 2.00
MOSKOMMERTSBANK 12.000 2/15/2011 RUB 2.00
MOSKOMMERTSBANK 1.000 6/12/2013 RUB 18.01
MOSMART FINANS 0.010 4/12/2012 RUB 1.90
MOSOBLGAZ 12.000 5/17/2011 RUB 72.50
MOSOBLTRUSTINVES 20.000 3/26/2011 RUB 6.99
MOSSELPROM FINAN 14.000 4/10/2014 RUB 3.00
MY BANK 12.960 4/16/2015 RUB 1.00
NATIONAL CAPITAL 12.500 5/20/2011 RUB 2.00
NATIONAL CAPITAL 13.000 9/25/2012 RUB 2.00
NATIONAL FACTORI 11.500 5/3/2011 RUB 2.00
NAUKA-SVYAZ 15.000 6/27/2013 RUB 3.00
NEW INVESTMENTS 12.000 7/7/2011 RUB 2.00
NOK 12.500 8/26/2014 RUB 3.00
NOK 15.500 9/22/2011 RUB 3.00
NOMOS-LEASING 12.000 7/8/2011 RUB 2.00
NUTRINVESTHOLDIN 11.000 6/30/2014 RUB 20.10
OBYEDINEONNYE KO 3.000 5/16/2012 RUB 2.00
OJSC FCB 11.000 8/7/2012 RUB 4.00
ORENBURG IZHK 9.240 2/21/2012 RUB 1.00
PENSION FUND REA 5.000 5/7/2019 RUB 2.00
PETROCOMMERCE BK 5.000 7/6/2011 RUB 2.00
PROM TECH 16.000 4/25/2011 RUB 2.00
PROMNESTESERVICE 9.500 12/5/2014 RUB 4.00
PROMSVYAZBANK 7.750 5/17/2012 RUB 11.00
RAF-LEASING 12.500 2/21/2012 RUB 3.00
RAILTRANSAUTO 17.500 12/4/2013 RUB 3.00
REGIONENERGO 8.500 5/30/2016 RUB 2.00
RFA-INVEST 10.000 11/4/2011 RUB 3.00
RMK PARK PLAZA 10.000 1/8/2013 RUB 25.01
RUSSIAN STANDARD 7.800 9/20/2011 RUB 17.00
RVK-FINANS 9.500 7/21/2011 RUB 22.03
RYBINSKKABEL 0.010 2/28/2012 RUB 1.00
SAHO 15.000 5/21/2012 RUB 21.12
SATURN 10.000 6/6/2014 RUB 5.00
SENATOR 14.000 5/18/2012 RUB 26.01
SEVKABEL-FINANS 10.500 3/27/2012 RUB 31.55
SIBUR 13.500 3/13/2015 RUB 2.00
SIBUR 10.470 11/1/2012 RUB 3.00
SIBUR 9.250 3/13/2015 RUB 2.00
SIBUR 9.000 3/13/2015 RUB 2.00
SIBUR 9.000 3/13/2015 RUB 2.00
SISTEMA-HALS 8.500 4/8/2014 RUB 2.00
SOUTHERN STOCK C 15.750 4/29/2014 RUB 0.04
SPETSSTROYFINANC 8.500 5/30/2016 RUB 1.00
SVOBODNY SOKOL 18.000 5/24/2011 RUB 30.00
SYNTERRA 0.010 8/1/2013 RUB 65.02
TERNA-FINANS 1.000 11/4/2011 RUB 1.00
TGK-4 8.000 5/31/2012 RUB 15.50
TOP-KNIGA 20.000 12/9/2010 RUB 40.00
TRANSCREDITFACTO 12.000 6/11/2012 RUB 4.00
TRANSFIN-M 11.000 12/3/2015 RUB 1.00
TRANSFIN-M 11.000 12/3/2014 RUB 3.00
TRANSFIN-M 11.000 12/3/2014 RUB 3.00
TRANSFIN-M 14.000 7/10/2014 RUB 3.00
TRANSFIN-M 10.750 8/10/2012 RUB 11.00
TRANSFIN-M 11.000 12/3/2015 RUB 3.00
TRANSFIN-M 11.000 12/3/2015 RUB 3.00
TRANSNEFT 11.750 10/1/2019 RUB 2.00
TRANSNEFT 9.750 5/13/2019 RUB 2.00
TVER VAGONOSTRO 7.000 6/12/2013 RUB 1.00
UNITAIL 12.000 6/22/2011 RUB 15.50
UNITED HEAVY MAC 13.000 8/30/2011 RUB 16.01
UNITED HEAVY MAC 13.000 5/31/2013 RUB 3.00
URALCHIMPLAST 8.000 1/21/2011 RUB 2.00
URALELEKTROMED 8.250 2/28/2012 RUB 2.00
URALSVYAZINFORM 7.500 4/2/2013 RUB 2.00
UTK 7.800 5/30/2012 RUB 2.00
VESTER-FINANS 15.250 8/11/2011 RUB 2.01
VK-INVEST 15.200 7/8/2014 RUB 11.00
VKM-LEASING FINA 1.000 5/18/2011 RUB 1.00
VTB-LEASING FINA 9.800 11/6/2014 RUB 2.00
XM STROYRESURS 10.000 7/12/2011 RUB 33.01
YUGFINSERVICE 15.250 5/20/2014 RUB 2.00
ZHELEZOBETON 10.000 5/27/2011 RUB 6.01
ZHILSOTSIPOTEKA- 9.000 7/26/2011 RUB 2.00
SPAIN
-----
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 74.31
BANCAJA 1.500 5/22/2018 EUR 62.38
BANCAJA EMI SA 2.755 5/11/2037 JPY 49.98
BANCO GUIPUZCOAN 1.500 4/18/2022 EUR 56.61
CAIXA TERRASSA 1.500 3/12/2022 EUR 52.77
CEDULAS TDA A-6 4.250 4/10/2031 EUR 73.54
SWEDEN
------
SWEDISH EXP CRED 9.000 8/28/2011 USD 9.80
SWITZERLAND
-----------
UBS AG 14.000 5/23/2012 USD 8.83
UBS AG 13.300 5/23/2012 USD 4.02
UBS AG JERSEY 3.220 7/31/2012 EUR 55.87
UBS AG JERSEY 9.450 9/21/2011 USD 50.04
UBS AG JERSEY 9.350 9/21/2011 USD 62.33
UBS AG JERSEY 11.150 8/31/2011 USD 38.35
UBS AG JERSEY 10.360 8/19/2011 USD 49.70
UBS AG JERSEY 10.280 8/19/2011 USD 35.83
UBS AG JERSEY 10.650 4/29/2011 USD 15.79
UBS AG JERSEY 11.030 4/21/2011 USD 20.57
UBS AG JERSEY 10.820 4/21/2011 USD 21.61
UBS AG JERSEY 10.990 3/31/2011 USD 31.46
UBS AG JERSEY 12.800 2/28/2011 USD 34.42
UBS AG JERSEY 15.250 2/11/2011 USD 11.53
UBS AG JERSEY 10.000 2/11/2011 USD 59.81
UBS AG JERSEY 16.170 1/31/2011 USD 13.05
UBS AG JERSEY 14.640 1/31/2011 USD 37.08
UBS AG JERSEY 13.900 1/31/2011 USD 34.88
UNITED KINGDOM
--------------
BANK OF SCOTLAND 6.984 2/7/2035 EUR 69.63
BARCLAYS BK PLC 9.000 6/30/2011 USD 43.24
BARCLAYS BK PLC 10.950 5/23/2011 USD 59.50
BARCLAYS BK PLC 12.950 4/20/2012 USD 22.60
BARCLAYS BK PLC 10.600 7/21/2011 USD 41.21
BARCLAYS BK PLC 8.550 1/23/2012 USD 10.62
BARCLAYS BK PLC 10.350 1/23/2012 USD 20.64
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.68
BRADFORD&BIN BLD 5.500 1/15/2018 GBP 44.98
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 57.53
BRADFORD&BIN PLC 7.625 2/16/2049 GBP 46.44
BRADFORD&BIN PLC 6.625 6/16/2023 GBP 45.03
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 76.21
EFG HELLAS PLC 6.010 1/9/2036 EUR 49.50
EFG HELLAS PLC 5.400 11/2/2047 EUR 58.88
ENTERPRISE INNS 6.375 9/26/2031 GBP 71.52
HBOS PLC 6.000 11/1/2033 USD 62.78
HBOS PLC 6.000 11/1/2033 USD 62.78
HBOS PLC 4.500 3/18/2030 EUR 73.33
NORTHERN ROCK 5.750 2/28/2017 GBP 69.33
PUNCH TAVERNS 6.468 4/15/2033 GBP 71.87
ROYAL BK SCOTLND 6.316 6/29/2030 EUR 68.65
ROYAL BK SCOTLND 10.000 2/15/2045 USD 72.86
TXU EASTERN FNDG 6.750 5/15/2009 USD 2.48
TXU EASTERN FNDG 6.450 5/15/2005 USD 2.38
UNIQUE PUB FIN 6.464 3/30/2032 GBP 62.63
UNIQUE PUB FIN 7.395 3/28/2024 GBP 74.57
WESSEX WATER FIN 1.369 7/31/2057 GBP 24.44
*********
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 * * *