/raid1/www/Hosts/bankrupt/TCREUR_Public/101019.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, October 19, 2010, Vol. 11, No. 206
Headlines
A U S T R I A
RAIFFEISEN ZENTRALBANK: Moody's Withdraws 'D+' BFSR
G E R M A N Y
ADAM OPEL: Expects EUR1 Billion Loss This Year
PREPS 2005-1: Moody's Puts B1 (sf) Rating on Notes Under Review
PREPS 2005-2: Moody's Puts Caa3 (sf) Ratings on Notes Under Review
G R E E C E
WIND HELLAS: Naguib Sawiris Submits Revised Takeover Offer
I R E L A N D
ANGLO IRISH: To Challenge Ex-Chief Drumm's US Bankruptcy Filing
EIRLES TWO: S&P Downgrades Ratings on Secured Notes to 'D'
KILDARE SECURITIES: Moody's Reviews Ba3 (sf)-Rated Class D Notes
OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Two Classes of Notes
PROVENTUS EUROPEAN: S&P Cuts Rating on Class Notes to 'CCC- (sf)'
QUINN INSURANCE: Regulator Gets Findings of Probe Into Collapse
I T A L Y
COMPAGNIA ITALPETROLI: AS Roma Gets Expressions of Interest
L I T H U A N I A
STAR1 AIRLINES: In Rescue Talks with Chinese Investors
L U X E M B O U R G
THESEUS EUROPEAN: S&P Affirms 'CCC (sf)' Rating on Class E Notes
N E T H E R L A N D S
DUCHESS VI: S&P Raises Rating on Class E Notes to 'CCC+ (sf)'
R U S S I A
ASTANA FINANCE: Fitch Maintains 'C' LT Issuer Default Rating
S P A I N
AYT COLATERALES: Fitch Affirms 'BB-sf' Rating on Class D Notes
AYT COLATERALES: Fitch Affirms Rating on Class D Notes at 'Bsf'
SANTANDER EMPRESAS: S&P Cuts Rating on Class F Notes to 'D (sf)'
TDA TARRAGONA: Moody's Cuts Rating on C Certificate to Ba2 (sf)
UCI 19: S&P Affirms 'CCC- (sf)' Rating on Class E Notes
U K R A I N E
* Moody's Gives Stable Outlook on Ukrainian Cities' B2 Ratings
U N I T E D K I N G D O M
BLACKSHEEP TEXTILE: Bought Out of Administration, 20 Jobs Saved
COUNTY ESTATE: Goes Into Administration
DUNDEE FOOTBALL: Has Possible Buyer, Former CEO Says
EAST LONDON BUS: KMPG Appointed as Prepack Administrators
LIVERPOOL FOOTBALL: Bought by NESV for GBP300 Million
MAN GROUP: Fitch Downgrades Hybrid Debt Rating to 'BB+'
MK AIRLINES: In Liquidation; 360 Jobs Affected
PROLITHO: Falls Into Insolvency; To Relaunch as Print Management
ROYAL BANK: Sells EUR250-Mil. European Mezzanine Loan Portfolio
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
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RAIFFEISEN ZENTRALBANK: Moody's Withdraws 'D+' BFSR
---------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
entities within the Raiffeisen Zentralbank Oesterreich Group.
These actions follow the successful conclusion of the transfer to
Raiffeisen Bank International AG, formerly Raiffeisen
International Bank-Holding AG, of the spun-off principal business
activities and liabilities of Raiffeisen Zentralbank Oesterreich
AG.
Moody's has assigned to RBI a long-term debt and deposit rating of
A1, a short-term debt rating of Prime-1, and a D+ bank financial
strength rating, mapping into a baseline credit assessment of
Baa3. This rating action affirms the provisional ratings for RBI
assigned on 8 October, 2010. The outlook on the long-term debt
and deposit ratings is stable, and the outlook on the BFSR is
positive.
In addition, Moody's has downgraded RZB's long-term debt and
deposit rating to A2 from A1, reflecting the status of RZB as a
bank holding company and the structurally subordinated nature of
its senior obligations relative to the direct obligations of its
subsidiaries. The outlook on the rating is stable. The rating
agency has withdrawn RZB's BFSR at D+ with a positive outlook.
The Prime-1 short-term rating was affirmed.
Moody's has also assigned a backed A1 rating with a stable outlook
to RZB's long-term senior unsecured debt, which benefits from an
unconditional and irrevocable guarantee from RBI.
The ratings of the subordinated and hybrid instruments of RZB and
RBI are discussed below.
Moody's will separately review any potential impact on the current
ratings of the subsidiaries of RBI, which are not covered in this
press release. RBI's Aaa rating for obligations that are
guaranteed by the Republic of Austria remained unaffected by the
rating actions.
Ratings Rationale
On 9 October 2010, RZB Group underwent a corporate reorganization
whereby all of RZB's commercial banking activities and most of its
liabilities were transferred to RBI, the stock-quoted holding
company for the group's international activities in Central &
Eastern Europe and in the Commonwealth of Independent States.
With the asset transfer, RZB has raised its previous 72.8% stake
in RBI to 78.5%. RBI now operates as an Austrian-regulated
banking institution. On a pro forma basis, its assets increased
to EUR148 billion, up from EUR78 billion as of June 2010.
RZB will act as the bank holding company and assume supervisory
and control functions over RBI, as well as the role of central
bank for the RZB Group's owners -- namely, the co-operative sector
or Raiffeisenlandesbanks in Austria. With a marginal earnings
contribution from these activities, RZB's earnings will depend
almost exclusively on income streams from RBI. Moody's expects
the capital requirements of RBI's still-expanding franchise in CEE
and CIS to weigh on any potential dividends to RZB.
RZB retains total assets of close to EUR30 billion, down from
EUR93 billion according to YE 2009 individual accounts. While
most of its liabilities were moved to RBI -- in particular, its
market funds and customer deposits -- securities of EUR8 billion
will stay with RZB until maturity in 2020, benefiting from a
guarantee by RBI, as reflected in Moody's ratings.
Provisional Ratings for RBI Affirmed
Following the transaction, RBI has effectively assumed all of
RZB's previous businesses, except for the central bank function.
This function makes a marginal contribution to earnings, but is
relevant to the overall group due to the funding provided by the
Raiffeisen sector of EUR16 billion according to unaudited and pro-
forma June 2010 financials. Moody's understands that RZB will
pass these resources on to RBI for a stable funding base.
RBI's BFSR of D+ recognizes its strong retail and corporate
franchises throughout Austria, CEE and CIS, which provides for
good earnings diversification by geography as well as by business
segment. However, performance depends heavily on the CEE
franchise that the group has successfully established in the
region.
According to unaudited pro forma financials as of June 2010, RBI's
capitalization is adequate for its risk profile, with a Tier 1
ratio of 9.5%. Moody's further notes that the group performed
well during the economic crisis, and that credit losses recorded
in 2009 and year-to-date were somewhat below the rating agency's
base-case stress expectations. More importantly, performance was
far better than had been indicated in Moody's stress-case
scenario, which supports the BFSR at the current level.
Corporate governance, previously considered a constraint to the
intrinsic strength of the rating, has clearly improved from the
regrouping of RZB Group's major business activities into a stock-
quoted company, thereby reducing the overall complexity of the
group.
These strengths are counterbalanced by modest overall
profitability after catering for risk costs and by challenges to
asset quality. In particular, Moody's remains concerned that
economic volatility and uncertainty will persist in some of RBI's
core markets, such as Russia and Ukraine. Given the nature of
RBI's sizeable exposure to the less granular corporate sector, the
predictability of expected losses or write-down requirements
remains an issue. However, the rating agency considers that
further loan impairments can be absorbed at RBI's D+ BFSR level,
hence the positive outlook on the BFSR.
RBI's A1 long-term debt and deposit ratings benefit from the
support mechanisms available to members of the Raiffeisen
cooperative banking sector (Kundengarantiegemeinschaft), which has
been extended to RBI in the context of the transaction, but not to
its CEE and CIS subsidiaries. The rating further reflects a high
probability of systemic support, reflecting RBI's sizeable market
share in Austria as well as the Raiffeisen sector's considerable
importance to Austria's banking system. Together, these factors
support a five-notch uplift to RBI's long-term debt and deposit
ratings, as well as the stable outlook.
Moody's has also assigned the rating of A2 on RBI's senior
subordinated debt, one notch below the senior debt and deposit
rating. For banks in Austria, Moody's continues to incorporate
systemic support in its ratings of dated subordinated debt to the
same extent as in its senior debt ratings. This reflects the
absence of a resolution framework in Austria that would allow for
the imposition of losses on dated subordinated creditors outside
of a liquidation scenario.
RZB Downgraded to A2 in Line With
Moody's Bank Holdco Notching Rules; BFSR Withdrawn
The downgrade to A2 from A1 of the long-term debt and deposit
rating of RZB -- RBI's parent company --incorporates two main
elements: (i) the long-term debt and deposit ratings of RBI of A1;
and (ii) the structural subordination of the senior obligations of
RZB regarding the senior unsecured obligations of its major
operating entity RBI, resulting in a one-notch difference between
RZB and RBI. However, Moody's notes the absence of any meaningful
double leverage at the holding-company level and considers that
RBI will be able to continue to generate adequate earnings that
will allow for uninterrupted dividend payments, and therefore
enable RZB to at least meet its payment obligations. The outlook
on RZB's debt and deposit rating follows from the stable outlook
on RBI's long-term rating.
Given that RZB has no meaningful sources of income except from RBI
as its principal asset and in line with Moody's methodology, the
rating agency has decided to withdraw the BFSR of RZB at a level
of D+ with a positive outlook.
RZB's Backed Ratings Aligned With RBI
RZB's A1 ratings on the backed debt securities of RZB are based on
the unconditional and irrevocable nature of the guarantee and
payment undertaking of RBI, which allows for the A1 ratings
assigned to RBI to be passed through to the eligible securities.
The A2 ratings for RZB's backed subordinated debt after the
transaction reflect the unconditional and irrevocable subordinated
payment undertaking of RBI, which allows for the A2 ratings
assigned to RBI to be passed through to RZB.
Ba1 Hyrid Rating Assigned to RBI, and Passed Through to RZB's
Backed Junior Subordinated Debt
Moody's assigned a Ba1 rating on non-cumulative preferred
securities issued by or transferred to RBI, three notches below
the adjusted BCA, reflecting their deeply subordinated claims in a
liquidation scenario and the non-cumulative coupon-skip mechanism
tied to the breach of a balance-sheet loss trigger.
-- RZB Finance (Jersey) II Limited (XS0173287862)
-- RZB Finance (Jersey) III Limited (XS0193631040)
-- RZB Finance (Jersey) IV Limited (XS0253262025)
Moreover, the rating agency has affirmed the Ba1 ratings for
junior subordinated debt instruments (Ergaenzungskapital notes),
which are henceforth based on the unconditional and irrevocable
guarantee and payment undertaking of RBI. The latter allows for
the Ba1 ratings assigned to RBI to be passed through to the
eligible securities. Those securities are rated three notches
below the adjusted BCA of RBI, reflecting the debt's junior
subordinated claim in liquidation and cumulative deferral features
that are tied to the breach of a net loss trigger.
Raiffeisen Zentralbank Oesterreich AG: Ergaenzungskapital notes
(XS0326967832)
The adjusted BCA is Moody's starting point for rating hybrid
securities and reflects the bank's standalone credit strength,
including parental or cooperative support, if applicable. The
adjusted BCA excludes systemic support expectations. RBI's
adjusted BCA stands at Baa1.
What Could Change the Ratings Up or Down
Upward pressure on the D+ BFSR of RBI would result from a further
improvement in RBI's credit metrics, in particular relating to
asset quality, efficiency and capital. Specifically, upward
pressure will arise to the extent that RBI is able to benefit from
a further stabilization and recovery of macroeconomic conditions
in the CEE and CIS, which should translate into improved asset
quality and stronger earnings and capital levels. The bank's
long-term debt and deposit ratings could principally benefit from
material, sustainable improvements in the bank's intrinsic
strength. However, some modest upward rating pressure, as
mentioned above, is not likely to immediately trigger an upgrade
of the long-term ratings in view of the very high support
assumptions already factored into the bank's senior debt and
deposit ratings.
Downward pressure on RBI's D+ BFSR could be triggered by (i) a
backdrop in the recovery in CEE or CIS leading to substantial
additional credit charges, beyond levels currently anticipated by
Moody's; (ii) an extended period of weak earnings and hence
reduced internal capital generation; and/or (iii) weakened
capitalization and regulatory capital levels as a result of strong
balance sheet growth on the back of continued expansion in Eastern
Europe and/or following an earlier-than-anticipated repayment of
government capital without replacing the same with similar capital
amounts of high quality. The bank's long-term debt and deposit
ratings could possibly suffer from a material, longer-term
weakening in its intrinsic strength, as well as from (i) a
deterioration in the commercial and financial profile of the
Raiffeisen sector in Austria overall and the lower potential
support this might imply for RBI, and (ii) adverse changes in the
systemic support assumptions that are currently factored into
RBI's ratings. However, Moody's does not consider this likely at
present.
An upgrade of RZB's long-term ratings could result from an upgrade
of RBI's long-term ratings. Alternatively, upward pressure on
RZB's rating only could result from a higher degree of
diversification of revenues and earnings, provided that the cash
flows are (i) significant and recurrent and (ii) derived from
businesses that are lowly correlated with those of the main
operating bank RBI, and that (iii) this change does not result in
in a doubling of leverage or otherwise increase the RZB's risk
profile.
Equally, a downgrade of RZB's long-term ratings would likely be a
consequence of a downgrade of RBI's long-term ratings.
Developments which could lead to a wider notching between RZB's
rating and RBI's rating would include: (i) the incidence of the
holding company RZB's double leverage; (ii) a multi-notch
downgrade or series of downgrades for the rating of RBI to the
lower range of investment-grade ratings.
Moody's previous rating action on RZB and RBI was initiated on 8
October 2010, when RBI was assigned provisional ratings, RZB's
ratings were affirmed and hybrids securities ratings were
downgraded to Ba1 from Baa2.
RZB is domiciled in Vienna, Austria. At the end of June 2010, it
had total consolidated assets of EUR152.2 billion and equity of
EUR11 billion, according to IFRS. The group's core capital Tier 1
ratio was 9.3%, according to BIS standards.
RBI, which will be domiciled in Vienna, Austria, had total
consolidated assets of EUR148 billion and equity of EUR10.1
billion, according to unaudited pro-forma IFRS figures as June
2010.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
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G E R M A N Y
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ADAM OPEL: Expects EUR1 Billion Loss This Year
----------------------------------------------
Daniel Schafter at The Financial Times reports that Adam Opel GmbH
is expecting a loss of at least EUR1 billion (US$1.4 billion) this
year, but aims to return to profit by 2012.
According to the FT, Opel, which is owned by U.S. carmaker General
Motors, said in its annual report that a sharp sales drop in the
German car market and further restructuring costs would trigger
another large loss in the present year.
The FT relates the German carmaker said it would be profitable
before restructuring costs in 2011 and come back to a net profit
the year after.
Opel and Vauxhall, General Motors Co.'s UK brand, are currently
reducing about 20% of their capacity by cutting thousands of jobs
across Europe, the FT notes.
In the annual report, dated July 28 but filed to a German district
court late last month, the carmaker forecast revenues to increase
from EUR10 billion in the past year to EUR11 billion this year,
the FT discloses.
According to the FT, in the annual report, Opel said it made a net
loss EUR427 million in the past year, much less than the EUR1.2
billion that it had initially dreaded.
Overhaul
Cornelius Rahn at Bloomberg News reports that Rita Forst, chief
engineer at GM's Opel brand, must bridge a cultural gap between
the U.S. and Germany to overhaul the European model line-up.
According to Bloomberg, while heading GM's diesel engine
development center in Turin, Italy, she set up exchanges between
German and Italian employees who were reluctant to cooperate.
"She'll have to scramble to gear up and complete Opel's range of
cars, and do it in a way that they actually bring in money,"
Bloomberg quoted Willi Diez, head of the Institute for Automobile
Industry in Nuertingen, Germany, as saying. "It remains to be
seen to what extent GM will let her tailor cars for European
drivers."
Bloomberg relates Ms. Forst said she aims to inject Opel with more
"passion," fuel efficiency and clever design to win back buyers
who fled as GM debated whether to sell the unit.
Ms. Forst, as cited by Bloomberg, said the company's new Astra
Sports Tourer and Insignia sedan provide a glimpse of where Opel
is headed.
Ms. Forst also points to a small car to be built from 2013 as
evidence of her push to make autos with what she calls stronger
lifestyle appeal, Bloomberg notes. Her team of more than 5,000
engineers is working on concepts for a convertible and coupe,
niches GM abandoned, Bloomberg discloses.
About Adam Opel
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano). Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact. Opel is GM's largest subsidiary outside North
America.
* * *
As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring, after failing to secure
aid from European countries. As reported by the Troubled Company
Reporter-Europe on June 11, 2010, Bloomberg News said Germany
turned down GM's request for EUR1.1 billion (US$1.3 billion) in
aid for its money-losing Opel division, forcing the automaker to
seek new ways to reorganize the unit. Bloomberg disclosed Opel
sought EUR333 million in guarantees from the U.K., EUR437 million
from Austria and Spain combined and EUR50 million in project
financing from Poland. Bloomberg said the Opel-Vauxhall
reorganization program includes eliminating 8,300 jobs from a
European workforce of 48,000 employees.
PREPS 2005-1: Moody's Puts B1 (sf) Rating on Notes Under Review
---------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 12 classes of notes issued by four
predominantly German SME CDOs. Two of the transactions, European
Private Funding and Preps 2004-2, have scheduled maturities in
2011, while Preps 2005-1 and Preps 2005-2 are scheduled to redeem
in 2012.
The four transactions are each exposed to portfolios of
subordinated loans with bullet maturities to obligors
predominantly located in Germany. Capital Efficiency Group is
acting as a financial advisor or investment services provider and
CorpRec Advisory AG as recovery manager in Germany, Austria and
Switzerland for those four transactions.
The affected notes are listed below:
Issuer: European Private Funding I Limited Partnership
-- EUR220M Senior Notes Bond, Baa2 (sf) Placed Under Review for
Possible Downgrade; previously on May 28, 2010 Downgraded to
Baa2 (sf)
Issuer: PREPS 2004-2 Limited Partnership
-- EUR393M A1 Bond, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)
-- EUR75M A2 Bond, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)
-- EUR46M B1 Bond, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)
-- EUR40M B2 Bond, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)
Issuer: PREPS 2005-1 Limited Partnership
-- EUR175M A1 Notes, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)
-- EUR60M A2 Notes, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)
-- EUR47M B Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to B1 (sf)
Issuer: PREPS 2005-2 plc
-- EUR217M A1 Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)
-- EUR53M A2 Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)
-- EUR41.5M B1 Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)
-- EUR12.5M B2 Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)
These reviews reflect Moody's expectations that the performance of
the pool will deteriorate beyond previous assumptions. According
to the financial advisor, the latest trustee reports and
information from the recovery manager, there remain a meaningful
number of obligors that are facing operating and cashflow
generation challenges despite the improving macroeconomic
environment in Germany. As a result of these performance issues,
Moody's expects that material portions of the portfolios will
suffer from a reduced capacity to refinance their subordinated
loans with regard to European Private Funding and Preps 2004-2.
The continuing weakness in the pools can be observed in the latest
investor reports. These indicate that the pools have continued to
suffer from defaults and show an increased number of issuers rated
at Ba1.edf and below by the RiskCalc model used to assess the
credit quality of the pools. Furthermore, those issuers rated
Ba1.edf or below, which are subject to the risk management process
described in the reports, continue to post weak results or net
losses.
Moody's expects to resolve its review in the coming weeks
following deal specific analysis and detailed information provided
by the recovery managers and financial advisor.
PREPS 2005-2: Moody's Puts Caa3 (sf) Ratings on Notes Under Review
------------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 12 classes of notes issued by four
predominantly German SME CDOs. Two of the transactions, European
Private Funding and Preps 2004-2, have scheduled maturities in
2011, while Preps 2005-1 and Preps 2005-2 are scheduled to redeem
in 2012.
The four transactions are each exposed to portfolios of
subordinated loans with bullet maturities to obligors
predominantly located in Germany. Capital Efficiency Group is
acting as a financial advisor or investment services provider and
CorpRec Advisory AG as recovery manager in Germany, Austria and
Switzerland for those four transactions.
The affected notes are listed below:
Issuer: European Private Funding I Limited Partnership
-- EUR220M Senior Notes Bond, Baa2 (sf) Placed Under Review for
Possible Downgrade; previously on May 28, 2010 Downgraded to
Baa2 (sf)
Issuer: PREPS 2004-2 Limited Partnership
-- EUR393M A1 Bond, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)
-- EUR75M A2 Bond, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)
-- EUR46M B1 Bond, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)
-- EUR40M B2 Bond, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)
Issuer: PREPS 2005-1 Limited Partnership
-- EUR175M A1 Notes, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)
-- EUR60M A2 Notes, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)
-- EUR47M B Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 25, 2010 Downgraded to B1 (sf)
Issuer: PREPS 2005-2 plc
-- EUR217M A1 Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)
-- EUR53M A2 Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)
-- EUR41.5M B1 Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)
-- EUR12.5M B2 Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)
These reviews reflect Moody's expectations that the performance of
the pool will deteriorate beyond previous assumptions. According
to the financial advisor, the latest trustee reports and
information from the recovery manager, there remain a meaningful
number of obligors that are facing operating and cashflow
generation challenges despite the improving macroeconomic
environment in Germany. As a result of these performance issues,
Moody's expects that material portions of the portfolios will
suffer from a reduced capacity to refinance their subordinated
loans with regard to European Private Funding and Preps 2004-2.
The continuing weakness in the pools can be observed in the latest
investor reports. These indicate that the pools have continued to
suffer from defaults and show an increased number of issuers rated
at Ba1.edf and below by the RiskCalc model used to assess the
credit quality of the pools. Furthermore, those issuers rated
Ba1.edf or below, which are subject to the risk management process
described in the reports, continue to post weak results or net
losses.
Moody's expects to resolve its review in the coming weeks
following deal specific analysis and detailed information provided
by the recovery managers and financial advisor.
===========
G R E E C E
===========
WIND HELLAS: Naguib Sawiris Submits Revised Takeover Offer
----------------------------------------------------------
Egyptian billionaire Naguib Sawiris submitted a revised offer for
Wind Hellas Telecommunications SA after lenders to the Greek
telecommunications company failed to agree on a preferred bidder,
Kate Haywood at Bloomberg News reports, citing three people with
knowledge of the situation.
According to Bloomberg, one of the people, who declined to be
identified because talks are private, said Mr. Sawiris is offering
EUR180 million (US$252 million) of cash and plans to refinance
Wind Hellas's revolving-credit facility by raising EUR290 million
of bonds.
Bloomberg relates the person said holders of Wind Hellas's EUR1.2
billion of senior secured floating-rate notes will be offered
EUR110 million of bonds and 40% of the company.
Under Sawiris's proposal, senior secured bondholders will get the
chance to invest in Wind Hellas, while holders of its subordinated
bonds will be wiped out, Bloomberg says, citing the person with
knowledge of that bid.
As reported by the Troubled Company Reporter-Europe on Oct. 18,
2010, Bloomberg News said Weather Finance III may choose a
preferred bidder in the restructuring of Wind Hellas "in the near
term".
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 Oct. 1,
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 'D' from 'SD'. Simultaneously, S&P
withdrew all S&P's ratings on the group.
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I R E L A N D
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ANGLO IRISH: To Challenge Ex-Chief Drumm's US Bankruptcy Filing
---------------------------------------------------------------
The Irish Examiner reports that former Anglo Irish Bank boss David
Drumm's decision to file for bankruptcy in the U.S. is expected to
be challenged by the bank this week. The Irish Examiner says it
is expected Anglo Irish Bank will challenge the validity of this
move in the High Court this week.
Chapter 7
Don Jeffrey at Bloomberg News reports Mr. Drumm, former chief
executive officer of Anglo Irish Bank, filed for bankruptcy,
months after the bank sought repayment of loans from him.
Bloomberg relates Mr. Drumm, who resigned from the Dublin-based
bank in December 2008, listed assets and liabilities at US$1
million to US$10 million on Thursday in U.S. Bankruptcy Court in
Boston.
According to Bloomberg, Anglo Irish Bank's lawyers told a court in
Dublin in December that the bank is seeking repayment of loans
valued at about EUR8 million (US$11.3 million) from Mr. Drumm.
His liabilities are primarily business debts, Bloomberg says,
citing Thursday's filing under Chapter 7 of the U.S. Bankruptcy
Code.
Settlement
Simon Carswell and Mary Carolan at The Irish Times report lawyers
for Mr. Drumm told the commercial division of the High Court in
Dublin that Anglo had last Friday rejected a final settlement
offer that he had proposed on September 24.
According to the Irish Times, Mr. Drumm's lawyers said he had
offered to hand over all assets to Anglo excluding personal
effects such as clothes and jewellery. It is understood that Mr.
Drumm claims that he proposed handing over assets to Anglo valued
at EUR10.8 million to settle the action, The Irish Times notes.
The Irish Times says following his application, Mr. Drumm may
retain his EUR5.4 million pension and could emerge from bankruptcy
within a much shorter period than in Ireland. An official
appointed by the U.S. court will liquidate all his assets through
forced sales in a move which may result in Anglo recovering a
lower amount, the Irish Times states.
Mr. Drum's lawyers, as cited by The Irish Times, said the High
Court was told the US court action may or may not disrupt Anglo's
case but this was out of his hands.
It had been anticipated that Mr. Drumm would use the hearing of
the bank's action later this month to meet voluntarily with gardai
and other investigators examining the collapse of Anglo, which is
costing the State up to EUR34.3 billion, The Irish Times
discloses.
Anglo's case will be returned before Mr. Justice Peter Kelly, who
has been managing the case, in the Commercial Court next Tuesday,
according to The Irish Times.
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 Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'. It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.
As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said it is maintaining its review
for possible downgrade on the A3/P-1 deposit and senior debt
ratings, and on the Ba1 subordinated debt rating of Anglo Irish
Bank Corporation. The junior subordinated debt is downgraded to C
from Caa2. The backed-Aa2 rating (stable outlook) on the
government guaranteed debt, the C rating on the bank's tier 1
securities and the E bank financial strength rating -- mapping to
Caa1 on the long-term scale -- are unaffected by this rating
action.
EIRLES TWO: S&P Downgrades Ratings on Secured Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' and then withdrew its credit ratings on Eirles Two Ltd.'s
US$55 million floating-rate portfolio credit-linked secured series
273 and US$25 million floating-rate portfolio credit-linked
secured series 274 notes.
The downgrades follow recent notification to us that losses from
credit events in each respective portfolio have led to the
reduction of the threshold and outstanding principal amount of the
notes to zero. This reduction of principal has led to an early
redemption of the notes.
According to the notice that S&P recently received, these events
took place in June 2009--so S&P is also withdrawing the ratings.
Eirles Two's series 273 and 274 are European synthetic high-grade
structured finance collateralized debt obligations.
KILDARE SECURITIES: Moody's Reviews Ba3 (sf)-Rated Class D Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade ratings on 7 Irish residential mortgage-backed
securities.
This rating review follows Moody's decision on October 5, 2010 to
place the Aa2 government bond rating on review for possible
downgrade as well as the ratings of some of the Irish banks on
October 6. The sovereign rating action was prompted by the
crystallization of additional bank contingent liabilities, the
increased uncertainty regarding the economic outlook and the
government's elevated borrowing costs.
Ratings of senior and junior notes in 9 additional Irish RMBS are
already under review for possible downgrade since last July. The
completion of Moody's rating review of the Irish RMBS will be
driven by the conclusion of the ongoing review of Ireland's
sovereign and bank ratings as well as Moody's revised assumptions
on future performance of RMBS portfolios in the context of greater
uncertainty of the economic outlook in Ireland.
High Ratings Can Be Maintained in Structures Designed for Severe
Stress Scenarios
Moody's rates transactions to the highest rating levels only if
their structural features, including credit enhancement, mitigants
to operational risk, and liquidity support, are sufficient to
withstand extreme scenarios. Irish RMBS could still maintain
ratings in the Aaa and Aa categories if the transactions can
survive stresses to collateral performance and counterparty
downgrades.
Credit Enhancement Stress Scenarios
In placing on review senior ratings of some Irish RMBS, Moody's
considered the likely performance of the transactions in the
context of high stress scenarios that assume various combinations
such as a possible restructuring of the government's debt, a
banking system crisis, and a more severe version of the required
austerity measures. Moody's will ultimately determine a
probability for these extreme scenarios in line with the outcome
of the Irish government and bank rating reviews. Irish Prime RMBS
that have credit enhancement levels above 20-25% have not been
placed on review, as Moody's believes that the expected
performance of these pools under such stressed scenarios is
consistent with a Aaa rating. Additionally some Aaa notes have
not been placed on review for downgrade in consideration of their
short remaining life.
Revision of Expected Losses
Moody's will review lifetime loss expectation for some Irish RMBS
to reflect the collateral performance to date as well as its
negative outlook for the Irish housing market. Moody's updates of
expected loss on the pools will also impact the mezzanine and
junior note ratings of Irish RMBS. The current expected loss
assumption for prime pools average 1.5% of original balance -- but
with disparities amongst transactions. Moody's noted that
performance measured in late delinquency buckets continues to
deteriorate in many Irish transactions: as of August 2010, 4.8% of
Prime Irish RMBS portfolios were more than 90 days delinquent
versus 4.1% as of last May. Moody's will publish Irish RMBS Index
information later this week. The total peak-to-through decline in
housing prices is anticipated to be 45%, thereby leaving housing
prices back at 2001 levels. Most Irish RMBS pools have a
significant portion of loans currently in negative equity.
Operational Risk and Liquidity
Given the ongoing review for possible downgrade of the Irish
banks' senior debt ratings, Moody's will also consider the impact
of bank downgrades on a transaction for which one of those banks
is a key party. Risk of a payment disruption on RMBS may arise if
a key party fails to perform its role, including servicing, cash
management, or acting as hedge counterparty or liquidity provider
to the transaction. Moody's review will include an assessment of
the structural features that mitigate the exposure to these banks.
List of Rating Actions
Issuer: Celtic Residential Irish Mortgage Securitisation No.12
Ltd.
-- EUR1010.685M A3 Notes, Aa2 (sf) Placed Under Review for
Possible Downgrade; previously on Aug 12, 2010 Downgraded to
Aa2 (sf)
Issuer: Celtic Residential Irish Mortgage Securitisation No. 13
Ltd
-- EUR538.95M A2 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Dec 18, 2007 Definitive
Rating Assigned Aaa (sf)
Issuer: Emerald Mortgages No.5 Limited
-- EUR2375M A Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Mar 20, 2008 Assigned Aaa (sf)
-- EUR125M B Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 27, 2010 Downgraded to Baa3 (sf)
Issuer: Fastnet Securities 2 PLC
-- EUR1656M A2 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Jul 5, 2006 Definitive
Rating Assigned Aaa (sf)
-- EUR50M B Certificate, Aa3 (sf) Placed Under Review for
Possible Downgrade; previously on Jul 5, 2006 Definitive
Rating Assigned Aa3 (sf)
-- EUR44M C Certificate, A2 (sf) Placed Under Review for
Possible Downgrade; previously on Mar 30, 2010 Confirmed at
A2 (sf)
-- EUR56M D Certificate, Baa2 (sf) Placed Under Review for
Possible Downgrade; previously on Mar 30, 2010 Confirmed at
Baa2 (sf)
Issuer: Kildare Securities limited
-- US$1451.6M A2 Notes, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Mar 1, 2007 Definitive
Rating Assigned Aaa (sf)
-- EUR1062M A3 Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Mar 1, 2007 Definitive Rating
Assigned Aaa (sf)
-- EUR96.8M B Notes, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 1, 2007 Definitive Rating
Assigned Aa3 (sf)
-- EUR90.6M C Notes, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 18, 2009 Downgraded to Baa2 (sf)
-- EUR26.55M D Notes, Ba3 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 18, 2009 Downgraded to Ba3 (sf)
Issuer: Phoenix Funding 3 Limited
-- EUR3040M A Notes, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 1, 2010 Downgraded to Aa1 (sf)
Issuer: Phoenix Funding 4 Limited
-- EUR748M A Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2009 Assigned Aaa (sf)
OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Two Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Omega Capital Investments PLC's series 59 class A and B notes.
The rating withdrawal follows the arranger's notification to us
that Omega Capital Investments repurchased the notes for
cancellation on Dec. 10, 2009.
This transaction is a synthetic corporate investment-grade
collateralized debt obligation, which had a scheduled maturity of
June 20, 2015.
Ratings List
Ratings Withdrawn
Omega Capital Investments PLC
EUR45 Million Secured Floating-Rate Notes Series 59
Rating
------
Class To From
----- -- ----
A NR BB+ (sf)
B NR B+ (sf)
PROVENTUS EUROPEAN: S&P Cuts Rating on Class Notes to 'CCC- (sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Proventus European ABS CDO PLC.
Specifically, S&P has:
* Affirmed and removed from CreditWatch developing its rating on
the class A notes:
* Lowered and removed from CreditWatch developing its rating on
the class B notes;
* Lowered and removed from CreditWatch negative its rating on the
class E notes; and
* Lowered its ratings on the class C, D, and F notes.
According to the transaction documents, the note proceeds are
invested in underlying collateral that will be used to repay the
notes. Under S&P's criteria, the rating on the notes cannot be
higher than the rating on the collateral. S&P recently affirmed
and removed from CreditWatch developing its rating on the
underlying collateral. Accordingly, S&P has affirmed the rating
on the class A notes.
S&P has also removed from CreditWatch developing its rating on the
class B notes, due to the affirmation of the rating on the
collateral. However, S&P has lowered its rating on the class B
notes based on their current synthetic rated overcollateralization
value.
S&P has lowered its ratings on the class C, D, E, and F notes to
reflect their current SROC values.
What Is SROC?
One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets. SROC is one of the
tools S&P use for this purpose when rating and surveiLling ratings
assigned to most synthetic collateralized debt obligation
tranches. SROC is a measure of the degree by which the credit
enhancement (or attachment point) of a tranche exceeds the
stressed loss rate assumed for a given rating scenario. It is
comparable across different tranches of the same rating.
Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: The credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay. When SROC is
less than 100%, it indicates that the current credit enhancement
may not be sufficient to maintain the current tranche rating and
it becomes a candidate for downgrade.
Ratings List
Proventus European ABS CDO PLC
EUR115 Million Secured Floating-Rate Credit-Linked Notes
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
A AA (sf) AA (sf)/Watch Dev AA 101.1428
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
B A+ (sf) AA (sf)/Watch Dev AA 99.6658
AA- 99.8891
A+ 100.6380
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
C BBB+ (sf) A (sf) A 99.7420
A- 99.9789
BBB+ 100.6540
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
D BBB- (sf) BBB (sf) BBB 99.6664
BBB- 100.0488
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
E B (sf) BB- (sf)/Watch Neg BB- 99.7642
B+ 99.9428
B 100.0444
Rating
Class To From scenario SROC (%)
----- -- ---- -------- --------
F CCC- (sf) CCC+ (sf) CCC+ 99.8755
CCC 99.9899
CCC- 100.0723
QUINN INSURANCE: Regulator Gets Findings of Probe Into Collapse
---------------------------------------------------------------
Mary Carolan at The Irish Times reports that the joint
administrators of Quinn Insurance have given Financial Regulator
Matthew Elderfield the findings of their investigation into
alleged breaches of insurance regulations which resulted in their
appointment earlier this year.
The Irish Times relates the administrators, in presenting their
fourth report on Thursday to the president of the High Court, Mr.
Justice Nicholas Kearns, said they had given the findings of their
investigation to Mr. Elderfield, who had placed the insurer into
administration last March.
No details of the findings were revealed to the court and the
regulator will now decide what steps, if any, to take, The Irish
Times states.
According to The Irish Times, Bernard Dunleavy, for administrators
Michael McAteer, and Paul McCann of Grant Thornton said they were
happy with how administration was progressing.
The Irish Times notes counsel said the administrators have been
keeping a tight eye on the company's solvency ratios and Quinn
Insurance would not have to avail of the Insurance Compensation
Fund, set up by the Irish government to protect policyholders in
the event an insurer cannot meet its liabilities.
Mr. Justice Kearns adjourned for a week an application for fees
sought by the administrators and their lawyers, The Irish Times
discloses.
As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's 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 is owned by Sean Quinn, Ireland's richest man, and
his family. The company 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.
=========
I T A L Y
=========
COMPAGNIA ITALPETROLI: AS Roma Gets Expressions of Interest
-----------------------------------------------------------
Rachel Sanderson at The Financial Times reports that AS Roma SpA,
an Italian Serie A football club, has received nearly a dozen
expressions of interest from investors, including individuals from
the US, China, Russia and India.
AS Roma, which has a market capitalization of EUR140 million
(US$196 million), was put up for sale by Italian bank UniCredit
SpA in lieu of long outstanding debt repayments owed to the bank
by the club's parent company, Compagnia Italpetroli SpA.
In response to a memorandum on the club, which is languishing at
the bottom of its league, nearly a dozen individuals considered to
be serious contenders have expressed an interest in taking it
over, the FT says, citing several sources familiar with the deal.
The FT notes the sources said more than half of the expressions of
interest came from outside Italy.
Binding offers are expected before the middle of November, and it
is hoped the deal should close by the end of the year, the FT
notes, citing several sources. The FT relates financial sources
said the club could potentially fetch EUR170 million to EUR200
million.
UniCredit took control of AS Roma in July in an attempt to recoup
at least some of the long overdue repayments on the EUR400 million
of debt held by Italpetroli, the FT recounts. The bank appointed
Rothschild as advisers to the sale, the FT discloses. UniCredit
owns 49%t of Italpetroli, which in turn owns 67% of AS Roma, with
the rest listed on the Milan stock exchange, according to the FT.
Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates
as an oil storage company. The company also offers petroleum
refining services.
=================
L I T H U A N I A
=================
STAR1 AIRLINES: In Rescue Talks with Chinese Investors
------------------------------------------------------
The Lithuania Tribune, citing Lietuvos Rytas, reports that talks
with the Chinese HNA group proceeded with management of Star1
Airlines on Thursday. The Lithuania Tribune notes Star1 Airlines
CEO Martynas Laivys confirmed that they would be discussing
investment.
JSC Star1 Airlines was a Lithuanian low cost airline founded in
2009. The Lithuania Tribune relates Star1 Airlines and Star
Holidays declared bankruptcy this month after the company's plane
was arrested in Dublin. The group has debts of LTL15 million, The
Lithuania Tribune discloses.
===================
L U X E M B O U R G
===================
THESEUS EUROPEAN: S&P Affirms 'CCC (sf)' Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Theseus European CLO S.A.'s class A2A and D notes. At the same
time, S&P affirmed its ratings on the class A1, A2B, B, C, and E
notes.
The rating actions follow developments in the transaction that S&P
has observed since S&P last took rating action in December 2009.
These developments include an improvement in the credit quality of
the underlying portfolio and an increase in the balance of
performing assets plus principal cash. In S&P's opinion, the
developments have helped to improve the credit enhancement
available to all classes of notes.
For classes A2A and D, S&P considers that the increased credit
enhancement is now consistent with a higher rating than previously
assigned, and S&P has therefore raised its ratings on these
classes. For the other rated classes, S&P considers that the
credit enhancement is not currently sufficient to support a higher
rating, and S&P has therefore affirmed its ratings.
Theseus European CLO is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate borrowers. The transaction closed in August 2006 and is
managed by INVESCO Senior Secured Management.
Ratings List
Theseus European CLO S.A.
EUR331 Million Senior Secured and Deferrable Floating-Rate Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
A2A AA+ (sf) AA- (sf)
D BB- (sf) B+ (sf)
Ratings Affirmed
Class Rating
----- ------
A1 A+ (sf)
A2B A+ (sf)
B BBB+ (sf)
C BB+ (sf)
E CCC (sf)
=====================
N E T H E R L A N D S
=====================
DUCHESS VI: S&P Raises Rating on Class E Notes to 'CCC+ (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
classes D and E of Duchess VI CLO B.V.'s outstanding EUR427.71
million rated notes. At the same time, S&P affirmed its ratings
on the remaining classes.
The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months, including a
reduction of the class A note balance and the revolving facility
liabilities, a reduction in the level of defaulted assets in the
underlying portfolio, and an increase in the proportion of assets
rated 'BB-' or higher.
In S&P's opinion, the credit enhancement available to the class D
and E notes is now at a level consistent with a higher rating than
S&P previously assigned. S&P has therefore raised its ratings on
these classes.
Duchess VI CLO is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate firms.
Ratings List
Duchess VI CLO B.V.
EUR501 Million Senior Secured and Deferrable Floating-Rate Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
D B+ (sf) B- (sf)
E CCC+ (sf) CCC- (sf)
Ratings Affirmed
Class Rating
----- ------
Rev Ln Fac A (sf)
A-1 A (sf)
B BBB+ (sf)
C BB+ (sf)
===========
R U S S I A
===========
ASTANA FINANCE: Fitch Maintains 'C' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has maintained the 'C' Long-term Issuer Default
Rating of Astana Finance Leasing JSC on Rating Watch Negative,
reflecting the high probability that the company's obligations
will soon be subject to a coercive debt exchange. A full list of
rating actions is provided at the end of this commentary.
AFL's Long-term IDR was downgraded to 'C' and placed on RWN on 20
May 2009 following the announcement of default by its parent, JSC
Astana Finance (rated 'RD'). Based on information provided by
AF's management, Fitch understands that AFL has so far continued
to service its third party debt, and the agency has therefore not
downgraded AFL to 'RD'. Fitch has also been informed that none of
AF's creditors have approached AFL with claims in respect to the
guarantees which AFL provided on AF's borrowings. At the same
time, Fitch notes that since the announcement of default by AF,
AFL has not been servicing its borrowings from the parent (which
comprised 71% of AFL's total funding base at end-H110), due to a
standstill arrangement on all intra-group settlements.
AF made a debt restructuring proposal to its international and
domestic creditors in September 2010 and, according to AF's
management, this proposal stipulates that AFL's third party
obligations will be subject to restructuring alongside those of
AF. Should such a coercive debt exchange take place, AFL will be
downgraded to 'RD'. Fitch has not had access to the full
restructuring proposal made by AF to its creditors, and has been
able to review only the limited publicly available information on
the proposal placed on the company's internet site.
AF is a Kazakhstan-based non-bank financial institution
headquartered in the capital, Astana. At present, the state-owned
National Welfare Fund, Samruk-Kazyna, controls a 39.75% in AF.
AFL is wholly owned by AF and was set up in 2005 to book the
group's leasing business.
The rating actions on AFL are:
-- Long-term foreign currency IDR: 'C', RWN maintained
-- Short-term foreign currency IDR: 'C', RWN maintained
-- Long-term local currency IDR: 'C', RWN maintained
-- Support rating: affirmed at '5'
-- National Long-term rating: 'C(kaz)', RWN maintained
AF's ratings are:
-- Long-term foreign currency IDR: 'RD'
-- Short-term foreign currency IDR: 'RD'
-- Long-term local currency IDR: 'RD'
-- Individual rating: 'F'
-- Support rating: '5'
-- Support rating floor: 'NF'
-- National Long-term rating: 'RD(kaz)'
=========
S P A I N
=========
AYT COLATERALES: Fitch Affirms 'BB-sf' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed cash flow securitization AyT
Colaterales Global Empresas Serie Banco Gallego I:
-- EUR74,704,071 Class A: at 'AAAsf', Outlook Stable; assigned
Loss Severity Rating 'LS-2'
-- EUR13,400,000 Class B: at 'Asf', Outlook Stable; assigned
Loss Severity Rating 'LS-3'
-- EUR8,200,000 Class C: at 'BBB-sf', Outlook Stable; assigned
Loss Severity Rating 'LS-4'
-- EUR4,600,000 Class D: at 'BB-sf', Outlook Stable; assigned
Loss Severity Rating 'LS-4'
The affirmation reflects the fully funded reserve fund at EUR20.7m
and rather high prepayments over the last 12 months, with the CPR
at 16.3%. Also, credit enhancement levels are high, standing at
20.5% for the junior notes and 46.4% for the senior tranche,
compared with 15.3% and 34.7% respectively, at closing.
The transaction's performance has been in line with Fitch's
expectations. Given that the transaction closed in May 2009,
there are no reported defaults yet. Ninety plus day delinquencies
comprise 3.8% of the current portfolio balance. Fitch expects
future volatility in delinquency levels although it also expects
the transaction's ratings to remain stable due to increasing
credit enhancement stemming from deleveraging.
This transaction involves the securitization of a static pool of
secured and unsecured loans originated by Banco Gallego and
granted to small and medium-sized enterprises.
An Issuer Report Grade of 'One Star' has been assigned for what
Fitch deems as poor level of reporting. This is due to the semi-
annual reporting nature and the lack of information on certain
rating drivers considered crucial for the analysis.
AYT COLATERALES: Fitch Affirms Rating on Class D Notes at 'Bsf'
---------------------------------------------------------------
Fitch Ratings has affirmed cash flow securitization AyT
Colaterales Global Empresas, FTA, Serie Caja Navarra I:
-- EUR110,578,971 Class A: at 'AAAsf', Outlook Stable; assigned
a Loss Severity Rating 'LS-1'
-- EUR19,500,000 Class B: at 'Asf', Outlook Stable; assigned
Loss Severity Rating 'LS-3'
-- EUR11,500,000 Class C: at 'BBB-sf', Outlook Stable; assigned
Loss Severity Rating 'LS-3'
-- EUR10,400,000 Class D: at 'Bsf', Outlook Stable; assigned
Loss Severity Rating 'LS-3'
The affirmation of the transaction reflects the low delinquencies
and adequate credit enhancement. The credit enhancement now
stands at 7.5% for the junior notes and 34.8% for the senior
notes, compared with 5.3% and 24.4% respectively, a year ago. The
reserve fund stepped down due to defaults and is now at 92% of its
minimum required amount.
In Fitch's view the transaction will not produce enough future
excess spread to cover a rise in defaults. Fitch calculated the
current excess spread at 9bps. This level will decrease and
become negative as the transaction's average cost of funding
increases due to sequential deleveraging. Given this, Fitch
believes the reserve fund will be drawn to pay interest to the
notes as well as provision for defaulted assets. However, the
effect of this negative carry had already been taken into account
when modelling the portfolio in the initial rating.
On 30 July 2010, Fitch downgraded swap counterparty Caja de
Ahorros y Monte de Piedad de Navarra to 'A-'/'F2' from 'A'/'F1'.
As a result, Caja Navarra was no longer eligible as swap
counterparty. Caja Navarra opted to post collateral as a remedial
action in accordance with the transaction's documents. The
deposit, calculated following the agency's criteria, consists of
cash and is deposited in Confederacion Espanola de Cajas de
Ahorros ('AA-'/Negative/'F1+') on a weekly basis.
This transaction is a cash flow securitization of a static pool of
secured and unsecured loans to Spanish small and medium
enterprises granted by Caja de Ahorros y Monte de Piedad de
Navarra. At closing in July 2008 the original collateral totalled
EUR230m.
The issuer, AyT Colaterales Global Empresas Caja Navarra 1, FTA is
legally represented and managed by Ahorro y Titulizacion SGFT, SA,
a special-purpose management company with limited liability
incorporated under the laws of Spain.
A 'Two Stars' Issuer Report Grade has been assigned for the
provision of structural tests and stratifications in its reporting
but its semi-annual nature prevented it from attaining a better
grade.
SANTANDER EMPRESAS: S&P Cuts Rating on Class F Notes to 'D (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion Hipotecaria UCI 12's class A, B, and C notes
and Fondo de Titulizacion de Activos UCI 19's class A, B, C, D,
and E notes.
The rating actions follow S&P's credit analysis of both
transactions based on the latest information S&P has received as
of June 2010 for UCI 12 and May 2010 for UCI 19.
In S&P's opinion, the performance and credit enhancement for UCI
12 and UCI 19 is commensurate with the current ratings on the
notes. These ratings are currently supported by higher credit
enhancement levels provided by a cash reserve and subordinated
tranches which is partly due to transaction amortization, and
lower long-term arrears than in other UCI-originated transactions.
In addition, no reserve fund draws have taken place since closing.
Based on this, S&P has concluded that the credit enhancement is
sufficient to maintain the current ratings on all classes of notes
in both transactions.
The UCI transactions are Spanish residential mortgage-backed
securities transactions. They are backed by pools of first-
ranking mortgages secured over owner-occupied residential
properties in Spain and pools of unsecured personal or second-lien
mortgage loans all associated with the first-ranking mortgages
originated by UNION DE CREDITOS INMOBILIARIOS, Establecimiento
Financiero de Credito S.A.
Ratings List
Ratings Affirmed
Fondo de Titulizacion Hipotecaria UCI 12
EUR900 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA (sf)
B A (sf)
C BBB (sf)
Fondo de Titulizacion de Activos UCI 19
EUR1.029 Billion Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA (sf)
B A (sf)
C BBB (sf)
D BB (sf)
E CCC- (sf)
backs Santander Empresas 7. Banco Santander S.A. originated and
services all of the loans. The transaction closed in June 2009.
Ratings List
Fondo de Titulizacion de Activos Santander Empresas 7
EUR2.22 Billion Asset-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
F D (sf) CCC- (sf)
Ratings Unaffected
Class Rating
----- ------
A AAA (sf)
B AA- (sf)
C BBB (sf)
D B+ (sf)
E B- (sf)
TDA TARRAGONA: Moody's Cuts Rating on C Certificate to Ba2 (sf)
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the class
A, B and C notes issued by TDA Tarragona 1.
Issuer: TDA TARRAGONA 1
-- EUR359.7M A Certificate, Downgraded to Aa3 (sf); previously
on Nov 30, 2009 Aaa (sf) Placed Under Review for Possible
Downgrade
-- EUR11.1M B Certificate, Downgraded to Baa1 (sf); previously
on Nov 30, 2009 Aa2 (sf) Placed Under Review for Possible
Downgrade
-- EUR11.9M C Certificate, Downgraded to Ba2 (sf); previously on
Nov 30, 2009 Baa1 (sf) Placed Under Review for Possible
Downgrade
The ratings of the notes in TDA Tarragona 1 were placed on review
for possible downgrade given deterioration in the performance of
pool collateral and economic environment in Spain.
Ratings Rationale
The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral. It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates projected for 2010.
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 (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis. The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash-flow model to rate European RMBS
transactions
Portfolio expected Loss: Moody's has reassessed its lifetime loss
expectation for TDA Tarragona 1 taking into account the collateral
performance to date as well as the current macroeconomic
environment in Spain. TDA Tarragona 1 is performing worse than
Moody's expectations as of closing. The share of loans more than
90 days has decreased to 1.72% of current pool balance as at
September 2010, down from its 3.36% peak in March 2009. However,
cumulative defaults have risen rapidly over the same period,
reaching 3.0% of original pool balance as of September 2010, up
from 1.46% a year earlier. The primary source of assumption
uncertainty is the current macroeconomic environment in Spain.
Moody's expect the portfolio credit performance to remain under
stress, as Spanish unemployment continues to be elevated. Moody's
believe that the anticipated tightening of Spanish fiscal policies
is likely to weigh on the recovery in the Spanish labor market and
constraints further Spanish households finances. On the basis of
the rapid increase in defaults in the transactions and Moody's
negative sector outlook for Spanish RMBS, Moody's have updated the
portfolio expected loss assumption to 3.50% of original pool
balance, up from 2.50% at closing.
MILAN Aaa CE: Moody's has assessed the loan-by-loan information
for TDA Tarragona 1 to determine the MILAN Aaa CE. Moody's has
increased its MILAN Aaa CE assumptions to 14%, up from 8.50% at
closing. The increase in the MILAN Aaa CE reflects the high
geographical concentration in Catalonia (94%), the exposure to
loans originated via external channels (40%) and the relatively
high concentration of loans originated to new residents (25%).
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.
TDA Tarragona 1 closed in December 2007. The transaction is
backed by a portfolio of first-ranking mortgage loans originated
by Caixa d'Estalvis de Tarragona (Caixa Tarragona) and secured on
residential properties located in Spain. The loans were
originated between 1998 and 2006, with the current weighted
average loan-to-value standing at 68%. The pool is concentrated
in Catalonia (94% of current pool balance). A significant share
of the securitized mortgage loans has been originated via brokers,
representing about 40% of current pool balance at the end of June
2010. About 25% of the loans were originated to non-Spanish
nationals.
Caixa Tarragona has merged with Caixa d'Estalvis de Catalunya and
Caixa d'Estalvis de Manresa to form Caixa d'Estalvis de Catalunya,
Tarragona i Manresa (A3/P2). The new entity is operative since
1st July 2010. Moody's was informed that the servicing of Caixa
Tarragona's mortgage portfolio will be transferred to Caixa
Catalunya's servicing platform. Moody's will closely monitor the
transaction performance during the servicing transfer.
* Hedging agreement: The transaction benefits from an interest
rate swap provided by CECA (Aa3/P-1). Following its downgrade
in September 2008, Caixa Tarragona has been replaced as swap
counterparty by CECA, in line with the requirements described in
Moody's report titled "the Framework for De-linking Hedge
Counterparty Risks from Global Structured Finance Cashflow
Transactions."
* Paying Agent: Unicaja (Aa1/P1) acts as paying agent of the Fondo
since August 2009.
Reinvestment and Treasury Bank Accounts: All payments collected
under the loans in the portfolio are transferred, every 2 working
days, to the reinvestment account held by Unicaja (Aa1/P1). All
amounts collected in the reinvestment accounts are transferred 2
days prior to the deal payment date to the treasury account, also
held by Unicaja.
Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund. The reserve
funds currently amount to 2.1% of current pool balance, about 43%
of target level. The amortization of the mezzanine and junior
notes is likely to remain sequential as a consequence of this
breach of pro-rata amortization triggers.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
Regulatory Disclosures
The ratings have been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
Information sources used to prepare the credit ratings are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the purpose
of maintaining a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
UCI 19: S&P Affirms 'CCC- (sf)' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion Hipotecaria UCI 12's class A, B, and C notes
and Fondo de Titulizacion de Activos UCI 19's class A, B, C, D,
and E notes.
The rating actions follow S&P's credit analysis of both
transactions based on the latest information S&P has received as
of June 2010 for UCI 12 and May 2010 for UCI 19.
In S&P's opinion, the performance and credit enhancement for UCI
12 and UCI 19 is commensurate with the current ratings on the
notes. These ratings are currently supported by higher credit
enhancement levels provided by a cash reserve and subordinated
tranches which is partly due to transaction amortization, and
lower long-term arrears than in other UCI-originated transactions.
In addition, no reserve fund draws have taken place since closing.
Based on this, S&P has concluded that the credit enhancement is
sufficient to maintain the current ratings on all classes of notes
in both transactions.
The UCI transactions are Spanish residential mortgage-backed
securities transactions. They are backed by pools of first-
ranking mortgages secured over owner-occupied residential
properties in Spain and pools of unsecured personal or second-lien
mortgage loans all associated with the first-ranking mortgages
originated by UNION DE CREDITOS INMOBILIARIOS, Establecimiento
Financiero de Credito S.A.
Ratings List
Ratings Affirmed
Fondo de Titulizacion Hipotecaria UCI 12
EUR900 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA (sf)
B A (sf)
C BBB (sf)
Fondo de Titulizacion de Activos UCI 19
EUR1.029 Billion Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA (sf)
B A (sf)
C BBB (sf)
D BB (sf)
E CCC- (sf)
backs Santander Empresas 7. Banco Santander S.A. originated and
services all of the loans. The transaction closed in June 2009.
Ratings List
Fondo de Titulizacion de Activos Santander Empresas 7
EUR2.22 Billion Asset-Backed Floating-Rate Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
F D (sf) CCC- (sf)
Ratings Unaffected
Class Rating
----- ------
A AAA (sf)
B AA- (sf)
C BBB (sf)
D B+ (sf)
E B- (sf)
=============
U K R A I N E
=============
* Moody's Gives Stable Outlook on Ukrainian Cities' B2 Ratings
--------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlooks on the B2 foreign- and local-currency issuer ratings of
the Ukrainian cities of Kyiv, Kharkiv and Berdyansk.
Ratings Rationale
The rating action follows Moody's decision on 11 October 2010 to
change to stable from negative the outlook on the Ukrainian
government's B2 ratings. The outlook change also reflects recent
improvements in the stand alone credit profiles of Ukrainian
municipalities, having been supported by an economic recovery at
both the local and national levels.
"Moody's expect that Kharkiv's and Berdyansk's operating margins
will remain marginally positive, while tax revenue is expected to
increase with an economic recovery," said Alexander Proklov, a
Moody's senior analyst and lead analyst for Kyiv, Kharkiv and
Berdyansk. The debt profile of both municipalities remains
favorable, with almost no direct and indirect debt for Kharkiv and
very low debt exposure for Berdyansk.
"Kyiv's operating balances were seriously impaired by an 18%
decline in operating revenue in 2009 and growing transfers to the
central government," added Mr. Proklov. Nevertheless, the city's
operating revenue has already started to recover in 2010, and its
debt position has remained stable and appropriate for the rating
category. Kyiv's role as the Ukrainian capital and its national
economic hub lay the foundation for its balanced economic
development in the future.
Moody's last rating action on the cities of Kyiv, Kharkiv and
Berdyansk was implemented on 13 May 2009, when the rating agency
downgraded the ratings of all three cities to B2 from B1 with
negative outlook.
===========================
U N I T E D K I N G D O M
===========================
BLACKSHEEP TEXTILE: Bought Out of Administration, 20 Jobs Saved
---------------------------------------------------------------
Manchester Evening News reports that Textile entrepreneur Bill
Collins has bought Blacksheep Textiles, saving 20 jobs and adding
GBP1.6 million to his group's turnover.
According to the report, Mr. Collins said he plans to spend
GBP1 million on equipments to upgrade Blacksheep Textiles's
operations over the next 18 months. "This acquisition is an ideal
strategic one for Thornber. We have had a close working
relationship with Blacksheep Textiles for some time and the
synergies will benefit our enlarged operation," the report quoted
Mr. Collins as saying. "It means Thornber can add a string to its
bow by bringing the dyeing and finishing in-house," he added.
The report notes that the Royal Bank of Scotland provided funding
for the acquisition. Advisers included Pierce Corporate Finance,
of Blackburn, and law firm Napthens, of Preston.
Headquartered in Bolton Road, Hawkshaw, Blacksheep Textiles, is a
Bury-based dyeing and finishing business. Blacksheep Textiles
went into administration in September 2010.
COUNTY ESTATE: Goes Into Administration
---------------------------------------
County Estate Management has gone into administration in the wake
of the collapse of Pubfolio.
Paul Charity at Morning Advertiser reports that County Estate
Management was left running just 135 pubs after Pubfolio's sites
were passed to industry veteran Ted Kennedy to run by
administrator PricewaterhouseCoopers.
According to the report, it is understood that County Estate's 135
pubs are free-of-tie. The report relates that Pubfolio and the
smaller Goldtry both went into administration three weeks ago.
Industry sources, the report notes, indicate the County Estate
administrator is running the estate for the time being with a
slightly reduced staff. The report relates that there is
speculation that the pubs will be run by former County Estate
management through a new vehicle going forward.
County Estate Management is a pub management firm led by Clive
Rayden. Formed in 1997, County Estate Management acquired, on
behalf of clients, its first estate of 52 pubs from Phoenix.
After that the estate under management grew to more than 1,100
U.K. pubs at one stage with County Estate running the pubs on
behalf of 25 different freehold owners.
DUNDEE FOOTBALL: Has Possible Buyer, Former CEO Says
----------------------------------------------------
BBC News reports that Dave MacKinnon, former Chief Executive of
Dundee Football Club, has revealed there could be a possible buyer
for the club.
"I was approached a couple of months ago by people who were maybe
interested in taking over because they didn't like what was going
on," the report quotes Mr. MacKinnon as saying. "The key is the
debt level, because if it's totally out of hand, then you need
deep pockets to sustain a club," he added.
As reported in the Troubled Company Reporter-Europe, Agence
France-Presse said Dundee Football Club was placed into
administration on October 14, 2010, after failing to pay a
GBP365,000 (US$583,525) tax bill. The report related that Dundee
had no option but to accept administration after being unable to
negotiate the payment.
The club has gone into administration for the second time in seven
years. BBC News reports that the club is thought to have total
debts of roughly GBP2 million.
City Talk 105.9 reports that the club could cease to exist in a
month's time after falling into administration. City Talk relates
there are fears that the club's manager and a number of players
will have to be released. The report also notes that the club
needs to raise GBP200,000 if it is to survive in administration
and see out the season.
According to City Talk, the club's present Chief Executive, Harry
MacLean, insisted the club would fulfill its fixture against
Stirling but he could not guarantee it would be able to avoid
liquidation.
BBC News also reports that the club's administrator, Bryan
Jackson, will announce redundancies at the club on October 22,
2010, and further cost-cutting exercises will need to be
implemented.
BBC News says that fresh investment will be needed but Mr.
MacKinnon warned that the party he has spoken to had two
conditions regarding any possible sale.
"Two things have to happen," the report quoted Mr. MacKinnon as
saying. "The debt level has to be at a level that can work within
a business plan -- and no one has come out and said what the debt
is. Secondly, that they are able to purchase back the ground from
John Bennett," he added.
Mr. MacKinnon was tasked with reducing costs at Dens Park in 2006
after the club was relegated from the Scottish Premier League, BBC
says.
Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.
EAST LONDON BUS: KMPG Appointed as Prepack Administrators
---------------------------------------------------------
KPMG insolvency experts have used a pre-packaged administration to
preserve 4,800 jobs at the East London Bus Group Limited, David
Jetuah at Accountancy Age reports.
According to Accountancy Age, joint administrators Jim Tucker and
Chris Laverty of KMPG were appointed on October 15. The
administrators sold East London's four subsidiary companies --
East London Bus & Coach Company, South East London & Kent Bus
Company, East London Bus Limited and East London Bus Group
Property Investments -- to Stagecoach Bus Holdings Limited.
"The company was bought near the peak of the boom and,
unfortunately, after the credit crisis took effect, the value of
the business fell below the amount of its debt," Accountancy Age
quoted Mr. Tucker as saying. "However, today's sale has ensured
business as usual at the operational part of the business and
stands the business in good stead for a successful long-term
future."
KMPG, as cited by Accountancy Age, said that one was made
redundant as a result of the pre-pack.
East London Bus Group Limited is the third largest bus operator in
London. The company has headquarters in West Ham and Kent and
operates around 1,400 buses from 10 depots across the region,
employing around 4,800 staff.
LIVERPOOL FOOTBALL: Bought by NESV for GBP300 Million
-----------------------------------------------------
Tariq Panja at Bloomberg News reports that New England Sports
Ventures LLC agreed to buy Liverpool Football Club for GBP300
million (US$481 million), ending a legal fight for the 18-time
English champion.
Bloomberg says New England Sports Ventures, controlled by John W.
Henry and Tom Werner, was able to take advantage of the forced
sale by Americans Tom Hicks and George Gillett. The former owners
were in default for GBP280 million to Royal Bank of Scotland Group
Plc and Wells Fargo & Co., and tried to block the purchase in
courts in the U.K. and Texas, Bloomberg notes.
Bloomberg relates the owners dropped a final Texas case on Friday
and the Liverpool board approved the deal hours later.
Messrs. Hicks and Gillett were to repay their debt on Friday after
having agreed to sell the club as part of a loan extension
granted in April, Bloomberg discloses. Bloomberg notes
Mr. Henry's group said the transaction removes all of the pair's
debt, cutting payments to GBP2 million to GBP3 million from GBP25
million to GBP30 million.
Bloomberg recounts Messrs. Hicks and Gillett argued that the sale
to Henry's group wasn't the best deal available, while two
independent directors and Chairman Martin Broughton appointed to
sell the club by its lenders in April said it was.
According to Bloomberg, Messrs. Hicks and Gillett are planning to
pursue more legal challenges and seek US$1.6 billion in damages
from RBS after withdrawing a restraining order blocking the sale
on Friday. Mr. Broughton said last week the purchase price means
the pair will lose about GBP144 million, Bloomberg notes.
Bloomberg recounts RBS got an interim injunction on Oct. 8 to
prevent Messrs. Hicks and Gillett from removing managing director
Christian Purslow and commercial director Ian Ayre and replacing
them on the board with Mr. Hicks's son Mack and Lori Kay
McCutcheon, who is a vice president at Hicks Holdings LLC. A
London court ruled five days later the owners acted unlawfully and
that the board should be reconstituted to allow the sale,
Bloomberg relates. Messrs. Hicks and Gillett then countersued,
saying they only acted after Ayre, Purslow and Broughton breached
agreements first, Bloomberg notes. They took out a restraining
order the same day in Texas to block the sale and RBS once again
sought a London court order to prevent the duo from proceeding
with the lawsuit in America, Bloomberg discloses. The following
day the High Court in London ruled the suit could not go forward,
Bloomberg states.
Messrs. Hicks and Gillett dropped the case on Friday and tried to
repay the loan with the assistance of U.S. hedge fund Mill
Financial, a lender that Gillett defaulted with on Aug. 22,
Bloomberg says.
The sale saves the team from the possibility of administration,
which would have brought a nine-point penalty from the Premier
League, Bloomberg notes.
About Liverpool Football
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.
MAN GROUP: Fitch Downgrades Hybrid Debt Rating to 'BB+'
-------------------------------------------------------
Fitch Ratings has downgraded Man Group plc's Long-term Issuer
Default Rating to 'BBB' from 'BBB+' and removed it from Rating
Watch Negative, following its US$1.7 billion acquisition of GLG
Partners Inc. A Stable Outlook has been assigned. A complete
list of rating actions is provided at the end of this comment.
The downgrade reflects the material weakening of Man's financial
flexibility, net cash position and tangible equity, albeit from
strong levels, as a result of the acquisition. The downgrade also
reflects challenges arising from the integration of GLG, pressure
on Man's earnings and funds under management from persistent,
though moderating, net outflows and challenges facing the wider
hedge fund industry over fund performance.
The Stable Outlook reflects Man's still strong franchise in
alternative investment fund management, prudent risk management
and still moderate leverage.
Man's underlying profitability and reduced dividend, combined with
the potential for revenue and cost synergies arising from the
acquisition, mean earnings and leverage metrics could strengthen
from current levels. This could, in time, benefit the company's
ratings.
Net outflows from Man's funds are moderating (Q2 of the financial
year ended 30 September 2010: US$0.6 billion; Q1 FYE11: US$1
billion) but Fitch notes that net outflows have occurred in every
six months since 30 September 2008, which could put pressure on
the ratings. The acquisition of GLG will reinforce Man's
franchise by diversifying its client base, geographic reach and
investment products, and improve scale. Fitch expects sales to
strengthen based on both the group's increased product and
distribution capability and positive performance trends in Man's
key fund products (AHL and IP-220) in the year-to-date after weak
returns in 2009.
The acquisition of GLG, which was partly funded through internal
resources, materially weakened Man's historically strong net cash
position. Fitch expects Man to maintain a low net cash position
and, occasionally, low net debt position in FY11 although the
balance sheet has the ability to strengthen in FY12/FY13. The
acquisition has also caused Man's regulatory capital surplus to
fall to around US$300 million from US$1.5 billion at FYE10.
Fitch believes material execution risks surround the acquisition,
particularly in the integration of the companies' distinct
cultures and compensation schemes, as well as the retention of
FUM. GLG's three principals will together own 10% of Man, with
their stakes locked in for three years. Nevertheless, the ratings
could be downgraded if major losses of FUM or key staff occur.
Man has materially reduced its risk appetite for, and levels of,
loans to its funds and seed capital investments since FY09, which
Fitch views positively in terms of its exposure to credit and
market risks. Nevertheless, Man remains exposed to some
contingent liquidity risk from credit lines to its funds.
Man is a leading provider of alternative investment products to
private and institutional clients and is listed on the London
Stock Exchange. Man is supervised by the UK Financial Services
Authority and had FUM of US$39.5 billion as of 30 September 2010.
Following GLG's acquisition, FUM are now around US$63 billion.
The rating actions are:
Man Group Plc
-- Long-term IDR: downgraded to 'BBB' from 'BBB+'; off RWN
Outlook Stable
-- Senior unsecured debt: downgraded to 'BBB' from 'BBB+'; off
RWN
-- Dated subordinated debt: downgraded to 'BBB-' from 'BBB'; off
RWN
-- Hybrid debt: downgraded to 'BB+' from 'BBB-'; off RWN
MK AIRLINES: In Liquidation; 360 Jobs Affected
----------------------------------------------
Mike Harrison at Bloomberg News reports that MK Airlines Ltd. has
been placed into liquidation.
Bloomberg relates joint liquidators John Alexander, of Carter
Baker Winter LLP, and Stephen Katz, of David Rubin & Partners LLP,
said in an e-mailed statement on Saturday that the company's 360
employees have been made redundant.
MK Airlines is a U.K.-based cargo airline with operations in
southern England and Belgium. Its fleet included eight 747
aircraft and three 727 aircraft.
PROLITHO: Falls Into Insolvency; To Relaunch as Print Management
----------------------------------------------------------------
Mike Didymus at Your Local Guardian reports that printing company
Prolitho is set to relaunch as a print management business after
it fell into insolvency with the loss of 15 jobs.
Insolvency practitioner Abbott Fielding has been called to work
with the business and was expected to be appointed liquidator
during a meeting of creditors, Your Local Guardian says.
According to the report, the new company, Prolitho London, will
start as a new concern after shedding its printing operations and
selling equipment to pay off debts.
Your Local Guardian relates managing director Paul Clark said he
had no choice but to reposition the company after it fell prey to
bad debts, rising paper prices, and pressures of the economic
downturn.
Prolitho is a Croydon-based litho printer.
ROYAL BANK: Sells EUR250-Mil. European Mezzanine Loan Portfolio
---------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Royal Bank of
Scotland has sold a portfolio of about EUR250 million (GBP220
million, US$351 million) of European mezzanine loans, as a
recovery in debt prices is allowing banks to begin shifting legacy
leveraged loans.
The mezzanine loans, which rank lower in the order of priority
than senior bank loans, were sold by the U.K. state-backed bank to
a variety of investors including hedge and private equity funds,
the FT says, citing a person familiar with the transaction.
The FT notes one debt investor who considered the portfolio said
mezzanine debt appealed to investors because while the loans were
higher risk, they were offering higher returns than typical bank
loans.
Bailout
As reported by the Troubled Company Reporter-Europe on Aug. 26,
2010, Stephen Hester, Royal Bank of Scotland's chief executive, as
cited by The Scotsman, said that the bank should not be given a
second chance of a taxpayer bailout if it is involved in another
financial crisis. In a bold admission that the public would not
tolerate further handouts, Mr. Hester said all financial
institutions -- including RBS -- should be allowed to fail and
suffer the consequences without the state rushing to their aid,
according to The Scotsman. The Scotsman disclosed Mr. Hester was
drafted in when RBS sank under a mountain of debt after the
meltdown that followed its disastrous takeover of the Dutch bank
ABN Amro before the credit crunch.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.
===============
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
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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
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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
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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
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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
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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
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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
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SCANDINAVIAN BRA SBSC IX -18360748.78 147485890.1
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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
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BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
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OROSDI OROS FP -35006822.54 151870593.9
OROSDI-BACK ORBA FP -35006822.54 151870593.9
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OROSDI-BACK OROS EU -35006822.54 151870593.9
OROSDI-BACK OROS EO -35006822.54 151870593.9
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PAGESJAUNES GRP PAJ PZ -3171655188 1168738032
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PAGESJAUNES GRP PAJUSD EU -3171655188 1168738032
PAGESJAUNES GRP PAJ NQ -3171655188 1168738032
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RESEAU FERRE FRA 224063Z FP -2138499667 66039422175
RHODIA SA RHA QM -883734308.8 6075165782
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RHODIA SA RHAUSD EU -883734308.8 6075165782
RHODIA SA RHA EB -883734308.8 6075165782
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RHODIA SA - NEW 2335921Q FP -883734308.8 6075165782
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SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
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GEORGIA
-------
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
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O TWELVE ESTATES OTE IX -7152968.898 297722697.4
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GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
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KABEL DEUTSCHLAN KD8 TH -2169306511 3201326467
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -16232020.37 171958727
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MATERNUS-KLINIKE MAKG IX -16232020.37 171958727
MATERNUS-KLINIKE MAK EU -16232020.37 171958727
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC TH -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127546738.8
SANDER (JIL) AG JLSDF US -6153256.917 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127546738.8
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
STROER OUT-OF-HO SAX EO -62153916.21 1072778885
STROER OUT-OF-HO SAX GR -62153916.21 1072778885
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
TOM TAILOR HOLD TTI GR -97711555.56 358434780
TOM TAILOR HOLD TTI TH -97711555.56 358434780
TOM TAILOR HOLD TTI EU -97711555.56 358434780
TOM TAILOR HOLD TTI EO -97711555.56 358434780
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
AG PETZETAKIS SA PETZK GA -53415175.25 227965558
AG PETZETAKIS SA PZETF US -53415175.25 227965558
AG PETZETAKIS SA PETZK EU -53415175.25 227965558
AG PETZETAKIS SA PTZ1 GR -53415175.25 227965558
AG PETZETAKIS SA PTZ GR -53415175.25 227965558
AG PETZETAKIS SA PETZK EO -53415175.25 227965558
ALTEC SA -AUCT ALTECE GA -48733007.42 131910486.6
ALTEC SA INFO ALTEC PZ -48733007.42 131910486.6
ALTEC SA INFO ATCQF US -48733007.42 131910486.6
ALTEC SA INFO AXY GR -48733007.42 131910486.6
ALTEC SA INFO ALTEC GA -48733007.42 131910486.6
ALTEC SA INFO ALTEC EO -48733007.42 131910486.6
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
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -62534014.1 194685439.4
KOUMBAS RTS KOUMR GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EO -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM PZ -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUMF US -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EU -62534014.1 194685439.4
NAOUSSA SPIN -RT NAOYD GA -163114853.6 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114853.6 286539436.9
NAOUSSA SPINNING NML1 GR -163114853.6 286539436.9
NAOUSSA SPINNING NML GR -163114853.6 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114853.6 286539436.9
OASA ATHENS URBA 3485398Z GA -1170161374 2292452052
PETZET - PFD-RTS PETZPD GA -53415175.25 227965558
PETZETAKIS - RTS PETZKD GA -53415175.25 227965558
PETZETAKIS-AUC PETZKE GA -53415175.25 227965558
PETZETAKIS-PFD PETZP GA -53415175.25 227965558
PETZETAKIS-PFD PTZ3 GR -53415175.25 227965558
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS 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
UNITED TEXTILES NAOYK GA -163114853.6 286539436.9
UNITED TEXTILES UTEX EO -163114853.6 286539436.9
UNITED TEXTILES UTEX PZ -163114853.6 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLD-ADR INVHY US -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
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
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
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BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
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
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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
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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
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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
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AEDES SPA AE PZ -24405906.61 1350851664
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AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
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AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
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AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
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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
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CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
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COIN SPA 965089Q GR -154057608.3 800526929.5
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COIN SPA-RTS GCAA IM -154057608.3 800526929.5
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CREDITO FONDIARI CRF IM -200209050.3 4213063202
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EUROFLY SPA -RTS EEZAXA IM -4509742.055 181807336
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I VIAGGI DEL VEN VVE IX -194331003.9 255327730
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SNIA BPD SN GR -141933883.9 150445252.4
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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
4LESS GROUP BYH PO -3088436.068 106650689.4
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
AEA TECHNOLO-FPR AATF PZ -197788769.2 123048312.7
AEA TECHNOLOGY AEY GR -197788769.2 123048312.7
AEA TECHNOLOGY AAT PO -197788769.2 123048312.7
AEA TECHNOLOGY EAETF US -197788769.2 123048312.7
AEA TECHNOLOGY AAT EO -197788769.2 123048312.7
AEA TECHNOLOGY AAT EU -197788769.2 123048312.7
AEA TECHNOLOGY AAT IX -197788769.2 123048312.7
AEA TECHNOLOGY AATGBP EO -197788769.2 123048312.7
AEA TECHNOLOGY AAT PZ -197788769.2 123048312.7
AEA TECHNOLOGY AAT LN -197788769.2 123048312.7
AEA TECHNOLOGY AAT VX -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN LN -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN PZ -197788769.2 123048312.7
AIRTOURS PLC AIR VX -379721841.6 1817512774
AIRTOURS PLC ATORF US -379721841.6 1817512774
AIRTOURS PLC AIR LN -379721841.6 1817512774
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY VX -48862569.33 931527720.5
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LADBROKES PLC LADEUR EO -97533918.57 1748505414
LADBROKES PLC LAD EU -97533918.57 1748505414
LADBROKES PLC LADGBP EO -97533918.57 1748505414
LADBROKES PLC LAD IX -97533918.57 1748505414
LADBROKES PLC LAD LN -97533918.57 1748505414
LADBROKES PLC LDBKF US -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
LADBROKES PLC LAD NQ -97533918.57 1748505414
LADBROKES PLC LAD QM -97533918.57 1748505414
LADBROKES PLC LAD EO -97533918.57 1748505414
LADBROKES PLC LAD GR -97533918.57 1748505414
LADBROKES PLC LADUSD EO -97533918.57 1748505414
LADBROKES PLC LAD BQ -97533918.57 1748505414
LADBROKES PLC LADNZD EU -97533918.57 1748505414
LADBROKES PLC LAD TQ -97533918.57 1748505414
LADBROKES PLC LAD VX -97533918.57 1748505414
LADBROKES PLC LADEUR EU -97533918.57 1748505414
LADBROKES PLC HG/ VX -97533918.57 1748505414
LADBROKES PLC LAD PZ -97533918.57 1748505414
LADBROKES PLC-AD LDBKY US -97533918.57 1748505414
LADBROKES PLC-AD LDBKY LN -97533918.57 1748505414
LADBROKES PLC-CE LAD BB -97533918.57 1748505414
LADBROKES PLC-NP LADN LN -97533918.57 1748505414
LADBROKES PLC-NP LADN PZ -97533918.57 1748505414
LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW EO -21897636.36 175672299.2
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC-ADR MONIY US -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MARCONI PLC-ADR MRCQY US -2203513803 7204891602
MARCONI PLC-ADR MONIE US -2203513803 7204891602
MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MARCONI PLC-ADR MONI US -2203513803 7204891602
MARCONI PLC-ADR QUQMON AU -2203513803 7204891602
MARCONI PLC-ADR MCONY US -2203513803 7204891602
MFI FURNITURE GR MFI LN -75193921.28 522873560.7
MYTRAVEL GROUP MT/S VX -379721841.6 1817512774
MYTRAVEL GROUP ARO2 GR -379721841.6 1817512774
MYTRAVEL GROUP MYTPF US -379721841.6 1817512774
MYTRAVEL GROUP MT/S PO -379721841.6 1817512774
MYTRAVEL GROUP MT/S LN -379721841.6 1817512774
MYTRAVEL GROUP 3544280Q IX -379721841.6 1817512774
MYTRAVEL GROUP P MYTGF US -379721841.6 1817512774
MYTRAVEL GROUP P MT/ VX -379721841.6 1817512774
MYTRAVEL GROUP P 1018144Q GR -379721841.6 1817512774
MYTRAVEL GROUP-A 2281919Q GR -379721841.6 1817512774
MYTRAVEL GROUP-A MYTVF US -379721841.6 1817512774
NEW STAR ASSET 3226435Q EO -397718038 292972732.1
NEW STAR ASSET NWSAF US -397718038 292972732.1
NEW STAR ASSET 3226447Q EO -397718038 292972732.1
NEW STAR ASSET NSAM TQ -397718038 292972732.1
NEW STAR ASSET 3226443Q EO -397718038 292972732.1
NEW STAR ASSET N6S GR -397718038 292972732.1
NEW STAR ASSET NSAM PZ -397718038 292972732.1
NEW STAR ASSET NSAM PO -397718038 292972732.1
NEW STAR ASSET NSAA LN -397718038 292972732.1
NEW STAR ASSET 3226439Q EU -397718038 292972732.1
NEW STAR ASSET NSAM LN -397718038 292972732.1
NEW STAR ASSET 3226431Q EU -397718038 292972732.1
NEW STAR ASSET NSAM IX -397718038 292972732.1
NORTHERN FOODS NFDSUSD EO -30711069.58 891077074.3
NORTHERN FOODS NFDSGBP EO -30711069.58 891077074.3
NORTHERN FOODS NFDS TQ -30711069.58 891077074.3
NORTHERN FOODS NFDS PO -30711069.58 891077074.3
NORTHERN FOODS NFDS EB -30711069.58 891077074.3
NORTHERN FOODS NFO GR -30711069.58 891077074.3
NORTHERN FOODS NFDSEUR EO -30711069.58 891077074.3
NORTHERN FOODS NFDSUSD EU -30711069.58 891077074.3
NORTHERN FOODS NFDS PZ -30711069.58 891077074.3
NORTHERN FOODS NFDS LN -30711069.58 891077074.3
NORTHERN FOODS NFDS BQ -30711069.58 891077074.3
NORTHERN FOODS NFDS NQ -30711069.58 891077074.3
NORTHERN FOODS NFDS NR -30711069.58 891077074.3
NORTHERN FOODS NFDS QM -30711069.58 891077074.3
NORTHERN FOODS NFDS VX -30711069.58 891077074.3
NORTHERN FOODS NFDSEUR EU -30711069.58 891077074.3
NORTHERN FOODS NFDS EO -30711069.58 891077074.3
NORTHERN FOODS NFDS EU -30711069.58 891077074.3
NORTHERN FOODS NFDS IX -30711069.58 891077074.3
NORTHERN FOODS NTFOF US -30711069.58 891077074.3
NORTHERN FOODS P NFDR LN -30711069.58 891077074.3
NORTHERN FOO-NEW NFDN LN -30711069.58 891077074.3
NORTHERN FOO-RFD 650060Q LN -30711069.58 891077074.3
OCADO GROUP PLC OCDO EB -53016960.71 225261865.5
OCADO GROUP PLC OCDO EO -53016960.71 225261865.5
OCADO GROUP PLC 0OC GR -53016960.71 225261865.5
OCADO GROUP PLC OCDO IX -53016960.71 225261865.5
OCADO GROUP PLC OCDO PZ -53016960.71 225261865.5
OCADO GROUP PLC OCDO LN -53016960.71 225261865.5
ORANGE PLC 1460Q GR -593935051 2902299502
ORANGE PLC ORNGF US -593935051 2902299502
ORANGE PLC 951641Q LN -593935051 2902299502
ORANGE PLC-ADR ONG GR -593935051 2902299502
ORANGE PLC-ADR ORNGY US -593935051 2902299502
ORANGE PLC-ADR ORA$ LN -593935051 2902299502
ORBIS PLC OBS IX -4168498.479 127701679.5
ORBIS PLC OBS LN -4168498.479 127701679.5
ORBIS PLC OBG PO -4168498.479 127701679.5
ORBIS PLC OBS PO -4168498.479 127701679.5
ORBIS PLC ORBSF US -4168498.479 127701679.5
ORBIS PLC RLP GR -4168498.479 127701679.5
ORBIS PLC OBS PZ -4168498.479 127701679.5
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PROSTRAKAN GROUP PSKEUR EO -8881399.87 126115878.2
PROSTRAKAN GROUP PSK IX -8881399.87 126115878.2
PROSTRAKAN GROUP PSK LN -8881399.87 126115878.2
PROSTRAKAN GROUP PSKEUR EU -8881399.87 126115878.2
PROSTRAKAN GROUP PSK EU -8881399.87 126115878.2
PROSTRAKAN GROUP PKNGF US -8881399.87 126115878.2
PROSTRAKAN GROUP PSKGBP EO -8881399.87 126115878.2
PROSTRAKAN GROUP PSK PZ -8881399.87 126115878.2
PROSTRAKAN GROUP PSK EO -8881399.87 126115878.2
PROSTRAKAN GROUP PSK PO -8881399.87 126115878.2
PROSTRAKAN GROUP PSK VX -8881399.87 126115878.2
REAL ESTATE OP-O REA GR -145048365.8 2933767507
REAL ESTATE OP-O REO VX -145048365.8 2933767507
REAL ESTATE OP-O REOGBP EO -145048365.8 2933767507
REAL ESTATE OP-O REO EU -145048365.8 2933767507
REAL ESTATE OP-O REO LN -145048365.8 2933767507
REAL ESTATE OP-O REO PZ -145048365.8 2933767507
REAL ESTATE OP-O REO ID -145048365.8 2933767507
REAL ESTATE OP-O REO IX -145048365.8 2933767507
REAL ESTATE OP-O REO EO -145048365.8 2933767507
REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC REGSF US -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
REGUS PLC RGU GR -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC-ADS REGSY US -46111835.37 367181111
REGUS PLC-ADS REGS US -46111835.37 367181111
REGUS PLC-ADS RGUA GR -46111835.37 367181111
REGUS PLC-ADS REGSV US -46111835.37 367181111
RENTOKIL INITIAL RTO PO -242381476.4 3231214649
RENTOKIL INITIAL RTOEUR EO -242381476.4 3231214649
RENTOKIL INITIAL RTO NR -242381476.4 3231214649
RENTOKIL INITIAL RTO EB -242381476.4 3231214649
RENTOKIL INITIAL RTO1 GR -242381476.4 3231214649
RENTOKIL INITIAL RTO QM -242381476.4 3231214649
RENTOKIL INITIAL RTO VX -242381476.4 3231214649
RENTOKIL INITIAL RTO TQ -242381476.4 3231214649
RENTOKIL INITIAL RTO PZ -242381476.4 3231214649
RENTOKIL INITIAL RTO GR -242381476.4 3231214649
RENTOKIL INITIAL RTO IX -242381476.4 3231214649
RENTOKIL INITIAL RTO LN -242381476.4 3231214649
RENTOKIL INITIAL RTO NQ -242381476.4 3231214649
RENTOKIL INITIAL RTOKF US -242381476.4 3231214649
RENTOKIL INITIAL RTOGBP EO -242381476.4 3231214649
RENTOKIL INITIAL RTOEUR EU -242381476.4 3231214649
RENTOKIL INITIAL RTOG IX -242381476.4 3231214649
RENTOKIL INITIAL RKLIF US -242381476.4 3231214649
RENTOKIL INITIAL RTO EO -242381476.4 3231214649
RENTOKIL INITIAL RTOUSD EO -242381476.4 3231214649
RENTOKIL INITIAL RTO EU -242381476.4 3231214649
RENTOKIL INITIAL RTO BQ -242381476.4 3231214649
RENTOKIL INITIAL RTOUSD EU -242381476.4 3231214649
RENTOKIL-SP ADR AP76 LI -242381476.4 3231214649
RENTOKIL-SP ADR RTOKY US -242381476.4 3231214649
SAATCHI & SA-ADR SSI$ LN -119260804.2 705060824.5
SAATCHI & SA-ADR SSA US -119260804.2 705060824.5
SAATCHI & SAATCH SSATF US -119260804.2 705060824.5
SAATCHI & SAATCH SSI LN -119260804.2 705060824.5
SAATCHI & SAATCH 188190Q GR -119260804.2 705060824.5
SCOTTISH MEDIA SSMR LN -51512119.25 207340304
SCOTTISH MEDIA 1442Q GR -51512119.25 207340304
SCOTTISH MEDIA SSM LN -51512119.25 207340304
SCOTTISH TELEV SCTVF US -51512119.25 207340304
SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SKYEPHARMA PLC SKPEUR EO -128538078.1 135158758
SKYEPHARMA PLC SK8A GR -128538078.1 135158758
SKYEPHARMA PLC SKP EU -128538078.1 135158758
SKYEPHARMA PLC SKP VX -128538078.1 135158758
SKYEPHARMA PLC SKP LN -128538078.1 135158758
SKYEPHARMA PLC SKP TQ -128538078.1 135158758
SKYEPHARMA PLC SKP EO -128538078.1 135158758
SKYEPHARMA PLC SKP PO -128538078.1 135158758
SKYEPHARMA PLC SKPGBP EO -128538078.1 135158758
SKYEPHARMA PLC SKP BQ -128538078.1 135158758
SKYEPHARMA PLC SKP IX -128538078.1 135158758
SKYEPHARMA PLC SK8C GR -128538078.1 135158758
SKYEPHARMA PLC SKP1 VX -128538078.1 135158758
SKYEPHARMA PLC SKPEUR EU -128538078.1 135158758
SKYEPHARMA PLC SKYEF US -128538078.1 135158758
SKYEPHARMA PLC SKP PZ -128538078.1 135158758
SKYEPHARMA -SUB 2976665Z LN -128538078.1 135158758
SKYEPHARMA-ADR SKYEY US -128538078.1 135158758
SKYEPHARMA-ADR SKYPY US -128538078.1 135158758
SKYEPHARMA-ADR SK8 GR -128538078.1 135158758
SKYEPHARMA-ADR SK8N GR -128538078.1 135158758
SKYEPHARMA-ADR AP80 LI -128538078.1 135158758
SKYEPHARMA-ADR SKYE US -128538078.1 135158758
SKYEPHAR-RTS F/P SKPF LN -128538078.1 135158758
SKYEPHAR-RTS F/P SKPF VX -128538078.1 135158758
SKYEPHAR-RTS N/P SKPN LN -128538078.1 135158758
SKYEPHAR-RTS N/P SKPN VX -128538078.1 135158758
SMG PLC SMG PO -51512119.25 207340304
SMG PLC SMG LN -51512119.25 207340304
SMG PLC-FUL PAID SMGF LN -51512119.25 207340304
SMG PLC-NIL PAID SMGN LN -51512119.25 207340304
SMITHS NEWS PLC NWS2GBP EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS VX -99944882.2 279114366.1
SMITHS NEWS PLC NWS PZ -99944882.2 279114366.1
SMITHS NEWS PLC SMWPF US -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 TQ -99944882.2 279114366.1
SMITHS NEWS PLC SMWPY US -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 BQ -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS LN -99944882.2 279114366.1
SMITHS NEWS PLC NWS PO -99944882.2 279114366.1
SMITHS NEWS PLC NWS2EUR EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS1GBP EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS2EUR EU -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 EO -99944882.2 279114366.1
SMITHS NEWS PLC NWS1 EU -99944882.2 279114366.1
SMITHS NEWS PLC NWS2 EU -99944882.2 279114366.1
SMITHS NEWS PLC NWS IX -99944882.2 279114366.1
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
STV GROUP PLC SMG IX -51512119.25 207340304
STV GROUP PLC SMGPF US -51512119.25 207340304
STV GROUP PLC STVG EO -51512119.25 207340304
STV GROUP PLC STVGEUR EU -51512119.25 207340304
STV GROUP PLC STVGGBP EO -51512119.25 207340304
STV GROUP PLC STVGEUR EO -51512119.25 207340304
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
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
UNIGATE PLC UNGPF US -24544959.64 626057950.8
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
UNIQ PLC UNQPF US -24544959.64 626057950.8
UNIQ PLC UNIQ EO -24544959.64 626057950.8
UNIQ PLC UNIQ IX -24544959.64 626057950.8
UNIQ PLC UNIQ VX -24544959.64 626057950.8
UNIQ PLC UNIQEUR EO -24544959.64 626057950.8
UNIQ PLC UNIQ PO -24544959.64 626057950.8
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
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PZ -6076459.885 426871306.9
WARNER ESTATE WNEHF US -6076459.885 426871306.9
WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
WARNER ESTATE WNER IX -6076459.885 426871306.9
WARNER ESTATE WRL GR -6076459.885 426871306.9
WARNER ESTATE WNER VX -6076459.885 426871306.9
WARNER ESTATE WNERGBP EO -6076459.885 426871306.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHYEUR EU -35008863.49 305242409.9
WHITE YOUNG GREE WHY EU -35008863.49 305242409.9
WHITE YOUNG GREE WHYGBP EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY PZ -35008863.49 305242409.9
WHITE YOUNG GREE WHY PO -35008863.49 305242409.9
WHITE YOUNG GREE WHY VX -35008863.49 305242409.9
WHITE YOUNG GREE WHY EO -35008863.49 305242409.9
WHITE YOUNG GREE WHYEUR EO -35008863.49 305242409.9
WHITE YOUNG GREE WHY LN -35008863.49 305242409.9
WHITE YOUNG-NEW WHYN LN -35008863.49 305242409.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
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
WINCANTON PLC WIN VX -151911497.1 1420828184
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
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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.
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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. Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, 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.
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