/raid1/www/Hosts/bankrupt/TCREUR_Public/101116.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, November 16, 2010, Vol. 11, No. 226
Headlines
A U S T R I A
A-TEC INDUSTRIES: CEO in Talks With Investors to Sell AE&E Unit
GLOUCESTER ENGINEERING: Vienna Court Upholds Creditor Settlement
C R O A T I A
AGROKOR DD: S&P Changes Outlook to Stable; Affirms 'B' Rating
F R A N C E
DOUX SA: Improved Bond Offering Won't Affect Fitch's 'B-' Rating
EUROPCAR GROUPE: S&P Affirms 'B+' Long-Term Corp. Credit Rating
EUROPEAN PROPERTY: S&P Withdraws BB (sf) Rating on Class A Notes
G E O R G I A
LIBERTY BANK: Fitch Assigns 'B' Issuer Default Ratings
G E R M A N Y
DELPHIN GROUP: Italian Authorities Seize Cruise Ship
KABEL DEUTSCHLAND: Fitch Affirms 'BB-' Issuer Default Rating
LANTIQ DEUTSCHLAND: Moody's Cuts Rating on Credit Facility to B2
WESTLB AG: Loses Case v. Nomura Over Investment Fund Valuation
I C E L A N D
EXISTA HF: Creditors Take Control in EUR2BB Debt-for-Equity Swap
I R E L A N D
BANK OF IRELAND: Profits to Fall by Up to 40% This Year
CLARIS LIMITED: Moody's Cuts Rating on U$21.9MM Notes to Caa3
CORIOLANUS LIMITED: Moody's Confirms 'Ba1 (sf)' Rating on Notes
ERC IRELAND: S&P Junks Corporate Credit Ratings From 'B-'
HANLY BROTHERS: High Court Appoints Provisional Liquidator
MCNAMARA CONSTRUCTION: Workers Have Not Been Paid for Four Months
RADORA DEVELOPMENTS: Faces Liquidation Threat
I T A L Y
F-E GOLD: Moody's Cuts Rating on EUR10.2MM C Notes to 'B2 (sf)'
L U X E M B O U R G
LOGWIN AG: S&P Raises Long-Term Corporate Credit Rating to 'B'
N E T H E R L A N D S
AEG POWER: S&P Assigns 'B-' Corporate Credit Rating
BRUCKNER CDO: Moody's Cuts Ratings on Several Classes of Notes
DECO 14: S&P Downgrades Rating on Class G Notes to 'D (sf)'
R U S S I A
COMMERCIAL BANK: Moody's Assigns 'B3' Rating to Senior Debt
NOMOS BANK: Moody's Assigns 'Ba3' Rating to Senior Unsec. Debt
PROMSVYAZBANK: Moody's Changes Outlook on 'D' Rating to Negative
S E R B I A & M O N T E N E G R O
* Fitch Changes Serbia's Outlook to Stable; Affirms 'BB-' Rating
S P A I N
AYT GENOVA: Fitch Assigns 'BBsf' Rating to Classes D Notes
VIAJES MARSANS: Owners' Assets to Be Seized to Cover Debt
U N I T E D K I N G D O M
BARRINGTON HARVEY: Trading Losses, Client Loss Spur Liquidation
BRADFORD & BINGLEY'S: Fitch Affirms 'C' Rating on Tier 1 Debt
EXCELLENCE IN CREWE: Goes Into Administration
MAYBOURNE HOTELS: Qatar Holdings in Acquisition Talks
NORTHERN ROCK: Fitch Affirms C Rating on Tier 1 Debt Securities
PENDLE RISE: In Receivership
PONTIN'S: Goes Into Administration
ROK PLC: More Than 700 Jobs Axed Following Administration
ROK PLC: Assurances Given to South Gloucestershire Residents
SHEFFIELD WEDNESDAY: May Go Into Administration
SKYKON A/S: Scottish Government Drawing Up Rescue Package
WORKS MEDIA: Joint Administrators Appointed
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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A-TEC INDUSTRIES: CEO in Talks With Investors to Sell AE&E Unit
---------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Oesterreich newspaper,
reports that A-Tec Industries AG's Chief Executive Officer Mirko
Kovats is in talks with four investors to sell the company's AE&E
construction unit.
According to Bloomberg, the Vienna-based newspaper said in
addition to Austria's Andritz AG and two Asian companies, a
finance investor entered the talks on Sunday.
Meanwhile, Masumi Suga at Bloomberg News reports IHI Corp.'s
spokesman Genki Yamamoto said that the company is not considering
buying A-Tec's AE&E unit.
Bloomberg News' Ms. Schneeweiss, citing Die Presse newspaper, says
the unit may sell for 1 euro and the pledge of injecting fresh
capital.
As reported by the Troubled Company Reporter-Europe on Nov. 8,
2010, Bloomberg News said A-Tec's creditor committee "broadly
accepted" a proposal by the AE&E power-plant unit's lending banks
on financing the division.
As reported by the Troubled Company Reporter-Europe on Nov. 5,
2010, Bloomberg News, citing a member of A-Tec's creditor
committee, said lenders to the AE&E power plant unit asked for
a stake as collateral in exchange for a bridge loan intended to
keep the unit operating. "The banks would like to have 40% of
AE&E as a security for the loan," Wolfgang Hrobar of creditor
protection association Alpenlaendischer Kreditorenverband said on
the phone from Vienna, according to Bloomberg. Bloomberg
disclosed two groups of creditors are in talks about restructuring
A-Tec's debt since the group filed for insolvency on Oct. 20.
Bloomberg said rescuing AE&E is crucial for A-Tec and its
creditors. The unit, which builds power plants for clients such
as utilities or steel makers, is A-Tec's biggest unit with 60% of
the group's revenue and 83% of pretax profit in 2009, Bloomberg
stated. Failure to keep it afloat would diminish the funds for
creditors, Bloomberg noted.
As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Bloomberg News, citing Wirtschaftsblatt, said that creditors
of the AE&E unit offered a EUR97 million (US$136 million)
bridge financing facility until Jan. 31. Bloomberg disclosed the
newspaper said A-Tec's creditor committee had asked for EUR140
million.
On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders. Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors. The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.
A-Tec Industries AG is an engineering company based in Vienna,
Austria.
GLOUCESTER ENGINEERING: Vienna Court Upholds Creditor Settlement
----------------------------------------------------------------
Chris Smith and Bill Bregar at European Plastics News report that
the Austrian commercial court in Vienna on Wednesday upheld
Gloucester Engineering Corp.'s proposed settlement to creditors of
its bankrupt European subsidiary, Gloucester Engineering Europe.
According to European Plastic News, the Austrian court ruling is
100% binding and means that bankruptcy proceedings in respect of
Gloucester Engineering Europe, which commenced in March, are now
lifted. Ownership of all IP, together with equity in Gloucester
Engineering Europe, remains with Gloucester Engineering Corp.,
European Plastic News notes.
As reported by the Troubled Company Reporter-Europe, European
Plastic News said on Sept. 1, creditors of Gloucester Engineering
Europe voted to accept a settlement offer from the Gloucester,
Massachusetts-based parent company to pay 30% of the money owed
them, or about EUR360,000 (US$503,000).
Gloucester Engineering Europe GmbH is the Vienna-based subsidiary
of Gloucester Engineering Co. Inc., a blown and cast film
machinery maker in Gloucester, Massachusetts. GEC manufactures
its equipment from its headquarters in Gloucester, MA, USA and
through its joint-venture company in Damman, India, Kabra
Gloucester Engineering. Gloucester Engineering's Chapter 7 case
-- filed on March 23, 2010 -- was converted to Chapter 11
bankruptcy protection on June 25, 2010 (Bankr. D. Mass. Case No.
10-12967).
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C R O A T I A
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AGROKOR DD: S&P Changes Outlook to Stable; Affirms 'B' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Croatia-based food manufacturer, retailer, and
distributor Agrokor d.d. to stable from negative and affirmed the
'B' corporate credit rating.
"The outlook revision and affirmation reflect Agrokor's reduction
of its share of short-term debt in total reported debt to less
than 30% versus 50% in the previous years," said Standard & Poor's
credit analyst Anton Geyze.
The company managed this improvement of its liquidity position and
debt maturity profile by issuing a new seven-year EUR400 million
bond in December 2009 and obtaining a new five-year EUR352 million
syndicated facility in June 2010.
Nevertheless, although the covenant target level under the new
syndicated facility was relaxed and the new bond bears no
maintenance covenants, headroom under the revised covenants was
less than 10% as of June 30, 2010. But S&P believes Agrokor's
stable cash generation capacity will allow the company to comply
with the covenants, and that its close relationship with partner
banks will help it obtain waivers in extreme cases.
The company's profitability has gradually improved over the last
two years and cash flows from operations exceeded Croatian kuna
1.5 billion in 2008-2009, which was much larger than in previous
years. This proves the resilience of the company's business model
to external shocks and has led us to raise the company's business
risk profile to "fair" from "weak".
The rating on Agrokor reflects its "fair" business risk profile
and its "highly leveraged" financial risk profile.
The business risk profile is constrained by Agrokor's limited,
although improving, geographic diversification, which is largely
exposed to developing economies. The business risk profile is
supported by Agrokor's entrenched market positions in Croatian
food retail and several key food segments, such as ice cream,
frozen foods, beverages, and edible oils.
The rating is constrained by the group's "highly leveraged"
financial risk profile. This results from Agrokor's "weak"
liquidity position and aggressive financial policy, reflected in
Agrokor's historical acquisitive stance and funding of growth
through short-term debt. The company's liquidity management
reduces the group's financial flexibility, which is demonstrated
by Agrokor's dependency on banks rolling over short-term
borrowings, and by limited leeway on the group's financial
covenants.
The stable outlook reflects S&P's view of Agrokor's ability to
rollover its still substantial short-term debt in the context of
stable cash generation. S&P anticipate that Agrokor will keep
share of its short-term debt at less than 30% by regularly
stretching out its debt maturities.
"S&P could lower the rating if Agrokor were to fail to maintain
its adjusted net debt to EBITDA at about 5x," said Mr. Geyze. "A
downgrade could also result from the group's inability to reduce
the risk of covenant breaches and increase its financial covenant
headroom to more than 10% within then next 12 months."
S&P currently see an upgrade as a remote possibility.
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F R A N C E
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DOUX SA: Improved Bond Offering Won't Affect Fitch's 'B-' Rating
----------------------------------------------------------------
Fitch Ratings says that the proposal from Doux of an improved bond
offering does not affect the expected rating of 'B-' for the bond
although it will strengthen the position of bondholders. While
issuance is now assumed to amount to EUR350 million (versus the
EUR400 million originally planned), bondholders will now benefit
from a security package, therefore allowing them to rank equally
with existing senior bank debt lenders. The guarantees previously
offered would remain in place.
Fitch assigned on November 9, 2010 a Long-term Issuer Default
Rating of 'B-' and a Short-term IDR of 'B'. The ratings are all
on Rating Watch Negative, reflecting the company's need to procure
longer-dated debt which a successful issue of the proposed bond is
expected to address. As the agency has said, a successful bond
offering would alleviate any liquidity concerns and, hence the
agency expects to remove the RWN and assign a stable outlook upon
evidence of the company's receipt of minimum expected proceeds of
EUR350 million.
Fitch reiterates that the final rating for the bond is contingent
on the receipt of final documents conforming to information
already received.
"The current proposal enhances the position of bondholders in the
debt structure compared with the previous one, mainly because it
removes the risk of further subordination," says Pablo Mazzini,
Senior Director at Fitch's EMEA Food & Consumer Products group.
The offering will include a comprehensive security package
encompassing shares pledges on Doux Frais SAS, Doux Pere Dodu SAS
and Soprat SAS (all in France), and Doux Frangosul in Brazil, as
well as pledges on Doux and Pere Dodu trademarks. This proposal
will give bondholders the possibility of enforcing their claims
against the most profitable entity of the group, Doux Frangosul,
in the event of default. As indicated by the agency previously,
profits are largely derived from Brazil.
The revised bond offer does not affect the expected Recovery
Rating 'RR4' assigned to the planned bond, as average recovery
expectations remain within the 31%-50% range envisaged by Fitch in
the event of default. Nevertheless, following the revised offer,
bondholders can expect to achieve recoveries in the high-end of
the 'RR4' category as opposed to the low-end expected previously.
In arriving at its conclusions, Fitch's main assumptions in its
recovery analysis include a cash flow discount of 42% to LTM June
2010 EBITDA in line with the sector's profit margin volatility, a
"distressed" enterprise value/EBITDA multiple of 4.8x, essentially
as a weighted-average multiple assigned for the French and
Brazilian operations. It also assumes factoring lines which are
treated as super-senior financing in the debt waterfall and
fully-drawn committed debt facilities (aggregating EUR111.9
million) that rank equally with bondholders.
EUROPCAR GROUPE: S&P Affirms 'B+' Long-Term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' long-
term corporate credit rating on France-based car rental firm
Europcar Groupe S.A. The outlook is negative. At the same time,
S&P assigned a final 'B+' long-term corporate credit rating to
Europcar International S.A.S.U., a subsidiary of Europcar. S&P
had assigned a preliminary rating to ECI on July 2, 2010, subject
to the closing of ECI's EUR1.3 billion senior asset revolving
facility for its fleet financing. The outlook on ECI is negative.
S&P furthermore revised to final from preliminary the issue rating
of 'B+' and a recovery rating of '4' on the EUR250 million senior
secured notes due 2017 (2017 Notes) of EC Finance PLC (EC
Finance), an orphan finance entity borrowing on behalf of
Europcar. The recovery rating of '4' indicates S&P's expectation
of average (30%-50%) recovery in the event of an EC Finance
payment default.
S&P also lowered the issue rating on Europcar's EUR425 million
senior subordinated secured floating-rate notes due 2013 (2013
Notes) by two notches and removed the rating from CreditWatch,
where it was placed with negative implications on June 22, 2010.
S&P revised the recovery rating on these notes to '6' from '4'.
The recovery rating of '6' indicates S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default by
Europcar.
S&P further lowered the issue rating on Europcar's EUR375 million
senior subordinated unsecured notes due 2014 (2014 Notes) to 'B-'
from 'B' and removed the rating from CreditWatch, where it was
placed with negative implications on June 22, 2010. S&P also
revised the recovery rating on these notes to '6', from '5'.
The issue rating of 'BB-' and recovery rating of '2' on ECI's
EUR350 million revolving credit facility remain unchanged.
However, S&P no longer consider the recovery rating to be capped
to reflect the application of its criteria relating to the impact
of insolvency jurisdictions on recovery.
"The affirmation of Europcar's corporate credit rating reflects
S&P's view that Europcar will likely benefit from improved
operating performance and that it successfully closed its
refinancing over the past quarters, thereby improving its
liquidity," said Standard & Poor's credit analyst Anna Stegert.
In the first nine months of 2010, Europcar's revenues reportedly
grew by close to 5%, supported by price increases, as measured by
revenues by rental day, of about 4% and some slightly positive
like-for-like volume growth that turned positive in the second
quarter of 2010. At the same time, easing pressure on vehicle-
holding costs, due to lower per-unit cost increases and stringent
controls over fleet volumes, helped Europcar improve its operating
profitability to a reported adjusted EBIT margin of 12.8% in the
first half of 2010, from 11.0% in the same period of 2009.
In S&P's view, a continuation of this positive operating trend
could support Europcar's ability to return to financial metrics
more comfortably in line with the current rating. On the other
hand, S&P note that Europcar's debt has become significantly more
costly following the refinancing, which requires Europcar to
further improve its operating performance to fully balance a more
costly capital structure.
"The negative outlook reflects S&P's view that there is a risk
that Europcar may not be able to achieve a further meaningful
improvement in its operating performance to balance the higher
interest costs that it will likely incur under its new fleet-
financing facilities and therefore fail to achieve adequate
interest coverage ratios for the assigned ratings," said
Ms. Stegert.
S&P considers ratios of funds from operations to adjusted debt
consistently above 10% throughout the year and an EBITDA interest
cover of about 2.5x, to be commensurate with the current rating
for Europcar. If Europcar did not achieve credit ratios in line
with these benchmark levels, S&P could lower the ratings.
EUROPEAN PROPERTY: S&P Withdraws BB (sf) Rating on Class A Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB (sf)'
credit rating on European Property Capital 1's EUR355.45 million
commercial mortgage-backed floating-rate class A notes, due to the
redemption of these notes. S&P did not rate the class B notes in
this transaction.
The issuer has informed us that the notes fully redeemed on
Oct. 13, 2010.
The transaction closed in March 2004 and the collateral for the
notes was a single loan, predominantly secured on specialized
properties housing telephone exchanges in France.
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G E O R G I A
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LIBERTY BANK: Fitch Assigns 'B' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned Georgia's JSC Liberty Bank a Long-term
foreign currency Issuer Default Rating of 'B', Short-term IDR of
'B', Individual Rating of 'D/E', Support Rating of '4' and Support
Rating Floor of 'B'. The Outlook for the Long-term IDR is Stable.
LB's Long-term IDR, Support Rating and Support Rating Floor
reflect the support the bank may receive in case of need from the
Georgian authorities. In Fitch's view, the Georgian authorities
would likely have a strong propensity to support the bank in light
of LB's important social function of pension and social benefit
distribution, and the track record of support during 2008-2009.
Fitch believes that it would be difficult to transfer the bank's
pension distribution function to another bank at short notice, or
within the framework of one of the regular tenders. This view is
based on LB's unrivalled national network and the logistical and
IT challenges involved in performing these functions.
LB's Individual rating reflects the risk associated with the
bank's recent and planned rapid growth, its limited track record
following the recent takeover, currently low capital ratios, the
weak quality of the legacy loan book and the high real estate
exposure resulting from branch network ownership. However, the
rating also considers the bank's improved performance, currently
comfortable liquidity position, good disclosure and transparency
and the CEO's track record of implementing a business turnaround
at Bank of Georgia ('B+'/Stable).
After the acquisition of LB by the current shareholders in
September 2009, the loan book increased by a rapid 72% during the
12 months to end-Q310. This growth was mainly driven by the
expansion of the retail book, which doubled and accounted for 61%
of total loans at end-Q310. At end-Q310, non-performing loans
(NPLs; loans overdue by more than 90 days) accounted for 14.5% of
total loans; driven by the weak quality of the legacy book issued
prior to the bank's acquisition. Loan impairment reserves
provided an adequate 83% coverage of NPLs.
At end-Q310, Fitch's core capital/risk-weighted assets ratio was a
moderate 8.7%. Furthermore, the Basel I tier 1 and total capital
ratios were a very low 4.1% and 7.3%, respectively, and the
regulatory ratios were just 1.9% and 2.5%. These ratios were
lower than Fitch's capital ratio, mainly due to the non-inclusion
of property revaluation reserves in Basel and regulatory tier 1
capital. The bank has received a waiver from the National Bank of
Georgia in respect to conformity with regulatory capital and
certain other ratios until September 2012.
Fitch expects LB to gradually strengthen its capital position
through internal capital generation, although this will depend
heavily on the size of provision charges, and hence the quality of
credit underwriting, as the bank expands. In addition, the bank
received a GEL18.6m contingent capital facility in October 2010,
and also plans to attract new equity in 2011.
The bank's funding is mostly sourced from customer accounts (96%),
with deposits from government and public sector entities
representing a significant 41% of these at end-H110. Customer
funding is presently highly concentrated, with the largest 20
clients accounting for 50% at end-H110. However, the rapid growth
in retail deposits, which increased by 57% in 9M10, should help to
reduce concentrations over time. Highly liquid assets were a
solid 34% of total assets at end-Q310, but this is likely to
decrease as the loan book grows.
LB (formerly, People's Bank of Georgia) was acquired in September
2009 by Liberty Capital LC. Liberty Capital in turn ultimately
has two main shareholders: Romanian businessman Dinu Patriciu and
LB's current CEO Lado Gurgenidze, who is also the former CEO and
Executive Chairman of Bank of Georgia and former Prime Minister of
Georgia. LB experienced acute liquidity problems in August 2008,
following which it was subject to close regulatory supervision and
benefited from significant liquidity support until the acquisition
by Liberty Capital.
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G E R M A N Y
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DELPHIN GROUP: Italian Authorities Seize Cruise Ship
----------------------------------------------------
Italian authorities have seized the "Delphin", a German-owned
cruise ship, after its crew filed a complaint with Venice
authorities claiming they hadn't been paid more than EUR1 million
(US$1.4 million) in back wages, The Associated Press reports,
citing port officials and aid workers.
The AP relates the ship owner, Delphin Group, filed for bankruptcy
protection from creditors Oct. 12. According to the AP, a company
statement said the crew's claim for wages would be decided by the
labor union ITF on today, Nov. 16.
A spokeswoman for Delphin Group, Katharina Bahlcke, confirmed that
221 crew members and the ship's captain remained on board, the AP
discloses.
"The 221 members of the crew must stay on board because if they
disembark or get off the ship they would lose their rights to
reclaim their wages," the AP quoted Giovanna Benvenuti,
spokeswoman for the Venice port, as saying.
Delphin Group is a German cruise company.
KABEL DEUTSCHLAND: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Kabel Deutschland Vertrieb und Service
GmbH & Co AG's Long-term Issuer Default Rating at 'BB-', with a
Positive Outlook. The agency also affirmed the company's senior
secured bank facilities at 'BB+'. At the same time, Fitch has
affirmed KDVS's holding company Kabel Deutschland GmbH's senior
notes at 'BB-'.
The 'BB-' IDR reflects the strength of Kabel Deutschland's
business model with utility-like revenue streams from its large
basic TV subscriber base, and increasing blended average revenue
per user supported by solid customer take-up of higher ARPU
premium services (broadband, telephony and premium TV). This has
translated into revenue growth (the company's guidance for the
financial year ending March 2011 is for an increase of 6.5%-7.0%)
and an increasing EBITDA margin, reaching 45% in the quarter to
June 2010. As a result, unadjusted net debt to LTM EBITDA
(including the PIK loan as described below) has gone down from
5.3x in March 2009 to 4.2x in June 2010.
The Positive Outlook reflects KDG's strong operational momentum.
However, further leverage improvements, taking into account lease
adjustments, cash tax and interest, might only become evident over
the full 18 months of the Outlook horizon. Further positive
rating action for Kabel Deutschland could result if Fitch's funds
from operations adjusted net leverage metric (including the PIK
loan issued by KDG's parent company) moved significantly towards
4.0x. compared to 5.1x at the end of March 2010.
The upgrade of KDG's network with DOCSIS 3.0 technology has
strengthened its competitive position, allowing the company to
offer broadband services with speeds up to 100MBit/s. This is
around twice as fast as services currently available on Deutsche
Telekom's VDSL network. KDG's DOCSIS 3.0 upgrade currently is
available in around 20% of its footprint, with plans to increase
this coverage to 45% by March 2011 and 80% by March 2012.
KDG's financing strategy is evident from its current proposed
amendments to the conditions attached to its senior bank
facilities, a process which is ongoing till November 19. The
company is asking lenders for permission to set KDVS' total senior
net debt leverage covenant at 3.5x EBITDA until maturity, for
increased flexibility to pay dividends (3.5x net debt leverage
through KDG) and for the removal of the required 1:1 ratio of
junior and senior debt prepayments. This should allow the company
to upstream cash to repay junior debt, including the more
expensive senior notes, therefore reducing cash payments of
interest.
In addition to KDG's total net debt of EUR2.4 billion at the end
of June 2010, there is also a EUR724 million PIK loan at Kabel
Deutschland Holding (KDH, KDG's parent). This needs to be repaid
or amended if KDH is to pay a dividend to equity shareholders in
H212 declared for the March 2012 financial year, as it has
planned. Fitch believes that with the current proposed debt
amendments, there is a significant probability that junior debt
could be repaid with cash generated from KDVS, starting with the
senior notes first.
KDG has no significant debt maturities before March 2014, except
for around EUR197 million due in March 2012 (which could be rolled
forward to March 2014 as part of the current amendment process).
Currently, KDG has adequate liquidity from its undrawn
EUR325 million revolving credit facility and the EUR213 million in
cash proforma as of June 2010 (which takes into account the
EUR87 million used since the end of June to repay senior debt and
buyback PIK loans and KDG's senior notes). In Fitch's opinion,
this cash and part of the revolver could be used to buy back some
of Kabel Deutschland's junior debt.
LANTIQ DEUTSCHLAND: Moody's Cuts Rating on Credit Facility to B2
----------------------------------------------------------------
Moody's Investors Service has updated the provisional instrument
ratings for the senior secured credit package of Lantiq
Deutschland GmbH of Neubiberg, Germany following a change in the
proposed legal structure. Since the super-priority ranking of the
US$20 million revolving credit facility was revised to a pari-
passu status with the US$190 million senior secured term loan,
Moody's has downgraded the rating for the secured revolving credit
facility to the same (P)B2, with a loss-given-default rate of LGD3
(32%) from (P)Ba2, LGD1 (0%). The B2 CFR and B3 PDR for Lantiq as
well as the (P)B2, LGD3 (32%) rating for the term loan were
affirmed with a stable outlook.
Moody's issues provisional ratings for debt instruments in advance
of the final sale of securities or conclusion of credit
agreements. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
different capital instruments. A definitive rating may differ
from a provisional rating.
Ratings Rationale
The B2 CFR for Lantiq reflects the company's challenging business
outlook, because of comparatively small scale, a concentrated
customer base and narrow product range directed at a segment of
the communications equipment market with limited growth potential
in Moody's opinion, the transformation to a fabless design house
which may reduce operating leverage but also creates reliance on a
few large semiconductor foundries, and exposure to the typically
very volatile semiconductor industry. The rating balances these
factors against a track record of flexible operations and fast
implementation of cost savings during fiscal year 2009, when
revenues declined 20%, but Lantiq remained profitable, and a
relatively cautious leverage (expected 3.1x pro-forma debt/EBITDA
including adjustments). Moreover, the assigned rating also
considered Lantiq's short track record as an independent company
in a benign period when the semiconductor industry started a
recovery.
The stable rating outlook is based on Moody's view that Lantiq
currently faces a favorable demand climate supporting the targeted
profit improvements, but that the set-up of an independent fabless
design house with all the necessary infrastructures will take time
and cost and that the narrow product range will keep Lantiq
susceptible to demand volatility.
Meeting the ambitious business plan through 2011 by achieving an
operating margin above 5% and reducing debt/EBITDA below 3x would
be positive for the rating.
Lantiqs main challenges lie in establishing an effective
infrastructure, soliciting continued support by the existing
customer base, securing sufficient supplies from the foundries,
and finding acceptance for the home networking product range.
Failure to achieve one or more of these targets could well result
in operating margins close to or below break-even and negative
free cash flows which would likely push debt/EBITDA above 5x and
create rating pressure.
In line with Moody's LGD approach and following the change in
legal structure of the debt components, the rating agency groups
Lantiq's debt into two classes of creditor protection: first
US$190 million worth of amortizing senior secured term loans and
the US$20 million secured revolving credit, both ranked pari-
passu, and about US$70 million trade and other payables at LGD3
(32%); and second approximately US$3 million worth of pension
obligations and US$13 million operating lease expense as an
estimate of the lease rejection claim in liquidation. The
revolving credit facility and term loans benefit from guarantees
by Lantiq Holdco S.a.r.L and other intermediate holding companies,
as well as from security interests in substantially all of the
assets of the major operating subsidiaries of the group. Post the
refinancing, the external debt of Lantiq's operating subsidiaries
should be negligible, in Moody's view.
Issuer: Lantiq Deutschland GmbH
Downgrades:
-- Senior Secured Bank Credit Facility, Downgraded to (P)B2,
LGD3, 32% from (P)Ba2, LGD1, 00%
Lantiq Deutschland GmbH, headquartered in Neubiberg (Munich,
Germany), is a leading designer of communications semiconductors
deployed by major carriers in traditional voice and broadband
access networks around the world. The Lantiq group has an
operating history of almost 25 years and employs around 1,000
employees worldwide (mostly chip designers). Lantiq generated
around US$450 million worth of revenues in fiscal year ending 30
September 2009. Lantiq is the former Wireline Communications
Division of Infineon Technologies AG and was carved out from
Infineon in November 2009.
WESTLB AG: Loses Case v. Nomura Over Investment Fund Valuation
--------------------------------------------------------------
Jane Croft at The Financial Times reports that WestLB AG has lost
a battle at the High Court in London against Nomura International
that centered on the valuation of an investment fund after the
collapse of Lehman Brothers in 2008.
According to the FT, the German bank was seeking US$22.3 million
from Nomura after claiming the Japanese bank had acted
"irrationally" in valuing shares in the fund at the height of the
banking crisis.
The FT relates in giving his ruling, Mr. Justice Teare noted that
Nomura had valued the shares at nil and paid nothing. WestLB had
claimed the shares were worth more than US$20 million, the FT
notes.
The judge, the FT discloses, dismissed WestLB's claim saying it
had "failed to prove that it has suffered any damage."
State Aid Probe
As reported by the Troubled Company Reporter-Europe on Nov. 9,
2010, The Associated Press said that the European Union was
extending its probe of state aid for WestLB because the bank
received more money than it had foreseen. The Associated Press
disclosed the European Commission, the EU's competition authority,
also said it had growing doubts about the state-controlled bank's
future viability. The commission said Westdeutsche Landesbank
received EUR6.95 billion in state aid when it transferred more
than EUR77 billion in bad investments to a so-called bad bank,
because the bad bank overestimated the real economic value of
those investments, according to The Associated Press. That is
EUR3.4 billion more than the commission had foreseen when it first
opened a probe into the state aid almost a year ago, The
Associated Press noted.
About WestLB
Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions. In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).
* * *
As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said WestLB AG's E+ bank financial
strength rating (BFSR, which maps directly to a B2 baseline credit
assessment, BCA), was affirmed and the outlook on this rating
changed to stable from developing. Moody's affirmation of the E+
BFSR and the change of its outlook to stable reflects that,
despite positive developments, the BFSR remains constrained by the
bank's weak franchise, which includes several core segments that
do not (or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income. Moody's did not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.
=============
I C E L A N D
=============
EXISTA HF: Creditors Take Control in EUR2BB Debt-for-Equity Swap
----------------------------------------------------------------
Andrew Ward at The Financial Times reports that creditors have
taken control of Exista hf, a company at the heart of the
Icelandic banking crisis, in a EUR2 billion (US$2.7 billion)
debt-for-equity swap.
Exista was the biggest shareholder in Kaupthing Bank, one of three
big Icelandic lenders whose collapse in 2008 plunged the country
into turmoil, the FT discloses. The investment company was
controlled by Agust and Lydur Gudmundsson, two tycoons embroiled
in the crisis, according to the FT.
The FT says the Gudmundsson brothers have now seen their
shareholding wiped out after an Icelandic court approved the
transfer of Exista's equity to unsecured creditors, which include
international institutions and hedge funds.
The FT notes that while the company lost its main asset --
Kaupthing -- in the bank crash, Exista still owns several
important Icelandic businesses, including Siminn, the country's
biggest telecoms operator, and a minority stake in Bakkavor, the
UK-focused food producer.
Creditors are expected eventually to sell off the company's
remaining assets in a bid to recover some of their money, the FT
states.
Headquartered in Reykjavik, Iceland, Exista hf --
http://www.exista.is/-- is engaged in the areas of insurance and
asset leasing. It is a parent company within the Exista Group,
which provides financial and investment services through its
subsidiaries and associates. It operates the Icelandic non-life
insurance company VIS, the life insurance company Lifis, the
financing company Lysing, and others. Exista is also a
shareholder in Kaupthing Bank, Sampo Group, Bakkavor Group and
Iceland Telecom, and has other short-term and long-term
investments in a diversified portfolio.
=============
I R E L A N D
=============
BANK OF IRELAND: Profits to Fall by Up to 40% This Year
-------------------------------------------------------
Sharlene Goff and John O'Doherty at The Financial Times report
that Bank of Ireland warned that profits before impairment charges
would fall by up to 40% this year.
According to the FT, the bank, which is 36% owned by the Irish
government, also revealed that it had suffered a significant
outflow of corporate deposits following a ratings downgrade by
Standard & Poor's earlier this year.
The FT says fierce competition for retail deposits -- which has
kept savings rates at elevated levels -- together with a jump in
wholesale funding costs and higher fees relating to government
guarantees have taken their toll on income.
The FT relates the bank said its net interest margin -- the profit
it makes on lending -- would fall by roughly 25 basis points this
year. At the end of last year the margin was 164 basis points,
the FT notes.
An extension of the guarantee scheme operated by the Irish
government has also triggered significantly higher costs,
according to the FT. The bank said related fees for the six
months to December would be 150% more than the EUR151 million it
paid in the first six months, the FT notes.
The FT says the combination of the lower net margin and these
higher costs have outweighed the bank's own cost cutting measures.
As a result, it said full-year underlying operating profit before
impairment charges would be 35-40% lower than the EUR1.5 billion
it made in 2009, the FT discloses.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Moody's Investors Service assigned A3/P-2 bank deposit
ratings and a D+ bank financial strength rating to Bank of Ireland
(UK) plc. Moody's said the outlook is stable. Moody's said the
D+ BFSR, which translates into Baa3 baseline credit assessment on
the long-term rating scale, reflects the extremely high level of
integration into (and reliance on) its parent, Bank of Ireland
(rated A1, on review for possible downgrade/P-1, D+/Baa3). It
also takes into account Moody's view that BoI UK has (i) a
sustainable franchise, primarily through the joint-venture with
the UK Post Office; and (ii) a low-risk profile, including its
very high level of deposit funding, solid asset quality and the
low level of credit concentration.
CLARIS LIMITED: Moody's Cuts Rating on U$21.9MM Notes to Caa3
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of three
classes of Notes issued by Claris Limited (Sierra Valley 2007-1).
The Notes affected by the rating actions are:
Issuer: Sierra Valley 2007-1
-- US$21.875M Claris Ltd Series 111/2007 Sierra Valley 2007-1
Notes, Downgraded to Caa3 (sf); previously on Feb 16, 2010
Downgraded to Caa2 (sf)
-- US$48.125M Claris Ltd Series 112/2007 Sierra Valley 2007-1
Notes, Downgraded to Caa2 (sf); previously on Feb 16, 2010
Downgraded to B3 (sf)
-- US$20M Claris Ltd Series 113/2007 Sierra Valley 2007-1 Notes,
Downgraded to B3 (sf); previously on Feb 16, 2010 Downgraded
to Ba2 (sf)
Sierra Valley 2007-1 is a collateralized debt obligation backed by
a portfolio of US and European commercial mortgage back
securities.
Ratings Rationale
The rating downgrade actions reflect the general credit
deterioration of the underlying pool. Since Moody's last rating
action in February 2010, 22% of the portfolio was downgraded by
between 2-6 notches. The portfolio remains exposed to five
underlying assets under review for possible downgrade, which
represent 13.5% of the reference pool. The transaction has not
suffered any credit events since closing and 7.7% of the portfolio
is exposed to Ba1 (sf) rated assets -- the lowest rating in the
portfolio. Moody's notes that this transaction has either zero or
very limited subordination to support any potential losses and
that it would take on average approximately two defaults to fully
write down the most senior tranche of approximately 2% in size and
with 4% credit enhancement.
Moody's performed a number of sensitivity analyses in addition to
the standard notching assumptions applied to assets under review
for possible downgrade. Moody's considered positive sensitivity
runs including the assumption that no assets are under review for
downgrade and the assumption that assets are only downgraded by 1
notch across all underlying assets under review. The positive
impact was an improvement which ranged between 1-2 notches across
all classes. However, given the zero subordination for the lowest
rated tranche and considering all sensitivity scenarios, the model
rating came out as no better than Caa3 and similarly for Series
112, the model rating was approximately 0.5 notch better than the
standard assumption. Furthermore, by stressing only the lowest
rated asset under review for possible downgrade by 3 notches and
leaving the rating on all other assets at its current rating with
no notching, the model results were in-line with the case of
Moody's standard notching assumptions.
Moody's applied the Monte Carlo simulation framework within CDOROM
to model the loss distribution for SF CDOs. This model is
available on moodys.com under Products and Solutions -- Analytical
models, upon return of a signed free license agreement.
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.
Moody's did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model. For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moody's website.
CORIOLANUS LIMITED: Moody's Confirms 'Ba1 (sf)' Rating on Notes
---------------------------------------------------------------
Moody's Investors Service announced it has confirmed the ratings
of the notes issued by Coriolanus Limited.
Issuer: Coriolanus Limited
-- US$35M Series 30 US$35,000,000 Floating Rate Portfolio
Credit Linked Secured Notes due 2040, Confirmed at Ba1 (sf);
previously on May 27, 2010 Downgraded to Ba1 (sf) and Placed
Under Review for Possible Downgrade
Coriolanus Limited Series 30 is a managed synthetic CDO of 100% US
RMBS assets (nearly 91.5% Subprime and 8.5% Prime), of which 70%
is comprised of 2004 vintages and 30% are of 2005 vintages.
According to Moody's press release dated May 27, 2010, the above
transaction was downgraded and placed under review for possible
downgrade following Moody's mass rating reviews on pre and post-
2005 US RMBS tranches. This transaction remains exposed to a
number of US RMBS tranches under review for possible downgrade
(59% are pre-2005 vintage, 7.5% 2005 vintage).
Moody's has taken into account the current ratings of the
underlying reference assets and has considered a number of stress
case assumptions as explained below. These included stressing the
ratings of the assets by asset type, vintage and rating level.
Based on these assumptions, the rating for the above tranche
currently hold.
Moody's explained that in arriving at the rating action in May
2010 noted above, the ratings of subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed. For purposes of monitoring its ratings of SF CDOs with
exposure to 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13th for subprime, January
14th for Alt-A, and January 27th for Option-ARM. Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type. For purposes of monitoring its ratings of SF CDOs with
exposure to pre-2005 vintage RMBS, Moody's considered the various
factors indicating continued negative performance that were
described in Moody's press releases dated April 8th for subprime,
April 12th for Option-ARM and April 13th for Alt-A. Such seasoned
deals will have varying stress based on RMBS asset type.
For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca. For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches. Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca. For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca. For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.
Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.
For pre-2005 Alt-A, Aaa rated securities were stressed by four
notches, Aa rated securities by six notches, and A or Baa rated
securities by nine notches. Pre-2005 Option-ARM securities
currently rated Aaa were stressed by two notches, Aa and A by six
notches, and Baa by nine notches. For pre-2005 subprime, Aaa and
Aa rated securities were stressed by two notches, A rated
securities were stressed by six notches, and Baa rated securities
were stressed by nine notches.
Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade. Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team, and that are no longer on review for downgrade.
Moody's applied the Monte Carlo simulation framework within CDOROM
to model the loss distribution for SF CDOs. This model is
available on moodys.com under Products and Solutions -- Analytical
models, upon return of a signed free license agreement.
ERC IRELAND: S&P Junks Corporate Credit Ratings From 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit ratings to 'CCC+' from 'B-' on ERC Ireland
Preferred Equity Ltd., ERC Ireland Finance Ltd., and ERC Ireland
Holdings Ltd., together the eircom group companies. These
entities are the parent companies of leading Ireland-based
telecommunications provider eircom Group Ltd. (not rated). The
outlook is negative.
S&P also lowered all the issue ratings on outstanding debt by one
notch, in line with the downgrade. The recovery ratings on the
issues remain unchanged.
"S&P believes that the eircom group companies will likely breach
one specific covenant within a year or so, absent any remediation
measures," said Standard & Poor's credit analyst Xavier Buffon,
"and headroom under this covenant is already tight and will likely
further shrink in the next few quarters."
In addition, S&P continues to think that the eircom group
companies' capital structure may not be sustainable over the long-
term, given the combination of eircom's financial risk profile--
that S&P considers highly leveraged--and extremely challenging
market conditions, stiff competition, and the Irish economy's
recession. S&P therefore thinks that management could decide to
both remediate the covenant risks and at the same time
restructure--in a credit negative manner--the capital structure.
S&P does not rule out the possibility that management could
implement measures that would alleviate covenant pressure for a
number of quarters, and that management would do this without
embarking on credit dilutive restructuring measures, although S&P
sees this alternative as less likely. "The negative outlook
reflects the possibility that S&P could downgrade the eircom group
companies if they announce debt restructuring measures that S&P
would deem to be tantamount to a default or, if risks of covenant
breach are not remedied," said Mr. Buffon.
Alternatively, S&P could raise the ratings by one notch, if S&P
considers that measures taken to remedy covenant risks are not
credit detrimental and provide improved visibility on the eircom
group companies' financial position over the next two years.
Ratings List
Downgraded
ERC Ireland Preferred Equity Ltd.
To From
-- ----
Corporate Credit Rating CCC+/Negative/-- B-/Negative/--
Subordinated
Local Currency CCC- CCC
Recovery Rating 6 6
ERC Ireland Finance Ltd.
To From
-- ----
Corporate Credit Rating CCC+/Negative/-- B-/Negative/--
Subordinated
Local Currency CCC- CCC
Recovery Rating 6 6
ERC Ireland Holdings Ltd.
To From
-- ----
Corporate Credit Rating CCC+/Negative/-- B-/Negative/--
Senior Secured
To From
-- ----
EUR1.25 bil sr secd term loan C B B+
bullet bank ln due 09/30/2015
Recovery Rating 1 1
EUR1.25 bil sr secd term loan B B B+
bullet bank ln due 09/30/2014
Recovery Rating 1 1
EUR650 mil sr secd term loan A B B+
amortizing bank ln due 09/30/2013
Recovery Rating 1 1
EUR150 mil sr secd revolving credit B B+
fac due 09/30/2013 bank ln
Recovery Rating 1 1
EUR350 mil second-lien term loan D CCC CCC+
bank ln due 03/30/2016
Recovery Rating 5 5
HANLY BROTHERS: High Court Appoints Provisional Liquidator
----------------------------------------------------------
The High Court has appointed Tom Kavanagh of Kavanagh Farrell as
provisional liquidator to Hanly Brothers Ltd following the quarry
firm's failure to keep up with repayments, irishtrucker.com
reports.
Hanly Brothers Ltd operated a quarry in Elphin, Co Roscommon where
45 people were employed. The company with a registered address at
Laragan, Drummullin Elphin Co Roscommon has carried out quarrying
at the site since 1972. At is peak in 2007 it employed some 125
people and had a turnover of more than EUR17 million.
MCNAMARA CONSTRUCTION: Workers Have Not Been Paid for Four Months
-----------------------------------------------------------------
The Irish Times reports that workers on a McNamara construction
site have been left without pay for four months of labor after the
company passed into receivership on November 11, 2010.
According to the report, subcontractor Pat Harte said he was told
that Michael McNamara and Co would pay his company on November 12,
2010, the EUR200,000 it owes him for work on Tallaght Institute of
Technology. However, The Irish Times relates, Mr. Harte, whose
employees have been extending the Synergy building on campus since
July, was subsequently informed of the receivership later that
evening.
"McNamara's quantity surveyor told me and just said that the
company had gone into receivership and that he didn't know what
the story was in terms of us getting the payment we're due. There
was absolutely no word of any of this coming, the first we heard
anything about it was last night. We had kept on being told that
we were going to get paid," The Irish Times quoted Mr. Harte as
saying.
Mr. Harte, the report notes, does not expect the receiver to pay
his firm, P Harte and Co Ltd, anything as the debt was not
secured. The Irish Times relates that Mr. Harte added that he
would have to rely on the co-operation of his own suppliers in
order to remain in business as a result.
The report discloses that Mr. Harte's firm was carrying out ground
work on the site, a job which was 95% finished.
"We would have put between EUR50,000 and EUR60,000 worth of
material into the job," The Irish Times quoted Mr. Harte as
saying. This, along with the money his company paid its staff,
brought the bill to EUR200,000, the report adds.
Michael McNamara Construction, established in 1948, has over 60
years' experience in the construction industry as a national and
international contractor. The company has worked in various
sectors of the industry for Public Agencies, Government
Departments and Private Clients.
RADORA DEVELOPMENTS: Faces Liquidation Threat
---------------------------------------------
The Irish Times reports that ACCBank has filed a petition to wind
up Radora Developments Ltd, the company behind one of property
developer Bernard McNamara's flagship projects. The petition is
due to be heard in the High Court on November 22, 2010.
According to The Irish Times, Mr. McNamara recently settled an
action with two former business partners who had lodged a judgment
against him for EUR2.1 million.
The Irish Times reports that Mr. McNamara was locked in
negotiations with the National Asset Management Agency to prevent
the State's bad bank appointing receivers to companies associated
with his property investments.
Radora Developments Ltd was behind a major mixed-use development
on Merrion Road, Dublin, known as the Elmpark Green Urban Quarter.
=========
I T A L Y
=========
F-E GOLD: Moody's Cuts Rating on EUR10.2MM C Notes to 'B2 (sf)'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of two classes of notes, issued by F-E Gold S.r.l. The
rating actions conclude the review for possible downgrade
initiated on 10 May 2010.
Issuer: F-E Gold S.r.l.
-- EUR56 million B notes, downgraded to Ba1 (sf); previously on
May 10, 2010 Baa1 (sf) placed under review for possible
downgrade
-- EUR10.2 million C notes, downgraded to B2 (sf); previously on
May 10, 2010 Ba1 (sf) placed under review for possible
downgrade
Class A2 Aa2(sf) rating is not affected by the rating action.
Ratings Rationale
The rating actions were prompted by the transaction's worse-than-
expected performance. In particular, cumulative default levels
are worse than expected at closing -- and at the time of the
previous review -- compared with the portfolio's pool factor and
amortization rate. In its analysis, Moody's considered the
negative outlook on the Italian leasing ABS sector (see the report
"EMEA ABS, CMBS & RMBS Asset Performance Outlooks", published in
July 2010). Specifically, Moody's considered the forecasts for
the main macroeconomic drivers of the collateral deterioration, in
particular, corporate insolvencies and GDP contraction.
Corporate insolvencies rose 20% in 2008 compared with 2007, and
increased 35%-40% in 2009 compared with 2008. According to credit
management solutions company Euler-Hermes, business insolvencies
are likely to increase in Italy by 15% in 2010. After a sharp
contraction of 5.0% in 2009, Moody's expects GDP growth of 1.1% in
2010, followed by 1.3% in 2011. Although this level of economic
growth is sluggish by historical standards, it should help limit
the growth in companies' insolvencies.
Moody's has reassessed its lifetime default expectation for the
transaction, taking into account the collateral performance to-
date and Italy's current macroeconomic environment. The
transaction has under-performed Moody's performance expectations
assumed at closing, and those assumed at the time of its previous
transaction review.
The portfolio comprises three pools of Italian financial leases
originated by Fineco Leasing S.p.A now part of UniCredit S.p.A
(Aa3, P-1) for equipment, auto and real-estate leases. Due to the
shorter amortization profile of the equipment and auto portion,
the securitized pool is now mainly exposed to real-estate
contracts. The split between the three sub-pools (as of the last
reporting date in September 2010) was 3.4% for equipment, 4.9% for
auto and 91.7% for real estate.
As of September 2010, cumulative defaults reached 6.2% of the
total securitized pool balance, compared with expected cumulative
defaults of 8.6% over the lifetime of the transaction, assumed as
of the last review date in July 2009. The mean default assumption
has now increased to 11.0% of the current portfolio outstanding
balance, which translates into 9.7% of the total securitized pool
balance. The volatility has been reviewed to 45% compared with
41% at the latest rating review and 62% at closing. Due to the
nature of the underlying borrowers, Moody's aimed to complement
its historical data analysis with a top-down approach (similar to
a standard SME deal) to determine the expected mean default rate.
However, due to limited information provided in the specific
transaction due to limited information provided on a line-by-line
level, this analysis could not be performed in detail. Moody's
notes that the revised default assumptions on the current balance
(and over the transactions' remaining life) are commensurate with
an average rating in the "B" range.
The recovery rate has been adjusted to 45%, representing a
decrease from the assumptions at closing (70%) and at the last
review (50%) to reflect the lower recoveries experienced.
Additionally, Moody's considered the potential effect of
originator insolvency on the recoveries in the transaction. If
the originator became insolvent, the rating agency would expect
recoveries on defaulted lease contracts to be approximately 10%.
Moody's performed a stress test taking into account a possible
deterioration in the credit quality of the originator to a level
commensurate with a A3 rating. Moody's found that this degree of
rating migration would have no effect on the rated notes.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.
===================
L U X E M B O U R G
===================
LOGWIN AG: S&P Raises Long-Term Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Luxembourg-based logistics
services provider Logwin AG to 'B' from 'B-', and placed it on
CreditWatch with positive implications.
In addition, S&P raised the issue rating on Logwin's EUR130
million senior subordinated notes to 'B-' from 'CCC+', one notch
below the corporate credit rating. The issue rating was also
placed on CreditWatch with positive implications. The recovery
rating on the notes is unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.
"The upgrade reflects Logwin's equity issuance of EUR40 million,
which it intends to use, along with existing cash, to redeem EUR65
million of its EUR130 million 8% senior subordinated notes due
2012," said Standard & Poor's credit analyst Jebby Jacob. "The
partial redemption is due to be completed on Dec. 15, 2010, and in
S&P's view, will strengthen Logwin's capital structure."
Post completion, S&P estimates that the pro forma ratio of funds
from operations to debt will improve to approximately 23.0% from
19.3% currently, while S&P estimates that debt to EBITDA will
improve to 5.2x from the current 6.1x. S&P calculate these pro
forma numbers using the Standard & Poor's-adjusted ratios as of
Sept. 30, 2010, further adjusting them for EUR40 million of debt
repayment. The adjustments for the remaining EUR25 million are
already incorporated as part of S&P's surplus cash adjustment.
S&P aim to review the CreditWatch within the two months following
the completion of the partial redemption of the EUR130 million
senior subordinated notes. In reviewing the CreditWatch
placement, S&P will assess Logwin's future liquidity, its plans
for refinancing its residual note maturities, and management's
intentions regarding existing maturing bank facilities. S&P will
also review management's financial policies in order to establish
the extent and sustainability of the improvement in Logwin's
financial risk profile, as well as the business and earnings
outlook for Logwin.
=====================
N E T H E R L A N D S
=====================
AEG POWER: S&P Assigns 'B-' Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B-' corporate credit rating to Netherlands-based AEG
Power Solutions B.V. The outlook is stable.
"The preliminary rating is subject to AEG successfully issuing
EUR125 million in unsecured notes (unrated) and reflects S&P's
view that the company will have a "highly leveraged" financial
risk profile on completion of this proposed issuance and a
"vulnerable" business risk profile, according to S&P's
classifications," said Standard & poor's credit analyst Abigail
Klimovich.
S&P considers AEG's business risk profile to be characterized by
volatile and late-cyclical demand, low planning certainty, high
customer concentration, and strong dependence on suppliers.
Furthermore, S&P considers that AEG's business plan relies
significantly on a rebound in the solar energy market for future
growth and profitability generation. In S&P's view, these factors
offset positive ratings factors, which in its view include AEG's
good geographic diversification of revenues and a low capital
intensity of the business.
S&P expects the company's revenue to grow by about 15% in 2011.
Nevertheless, S&P believes AEG will have a high rate of cash burn
over the next two years, owing to its weak operating cash flow
generation ability as a result of moderate profitability and still
moderate sales volumes given the company's size. AEG is a global
provider of highly engineered custom and standard power-system
solutions for a broad range of applications with a particular
focus on the solar industry.
Pro forma for the new debt issuance, S&P expects that AEG's total
debt to EBITDA will be weak. S&P believes that AEG's credit
metrics would likely improve in the next few quarters to reach
between 5x-6x by the end of 2011, amid a gradual recovery in its
end markets. S&P's ratings do not incorporate larger bolt-on
acquisitions above EUR20 million.
"The stable outlook on AEG reflects S&P's expectation that the
company will benefit from the current upturn in the economy from
2011 and show clearly improving profitability on the back of a
larger number of contracts," said Standard & Poor's credit analyst
Abigail Klimovich. "S&P believes that this should support AEG's
rebound in sales and profitability and credit metrics over the
next two years."
S&P expects AEG's currently negative free operating cash flow to
turn positive from 2013 at the latest, and to remain moderate in
2012. To stay commensurate with the current rating S&P would
expect that AEG's debt to EBITDA will be about 5x-6x and that it
will maintain an adequate liquidity. However, the company's
earnings remain highly vulnerable to weakening economic conditions
and S&P could lower the ratings if economic conditions weakened
and/or debt-financed activities adversely affected liquidity and
subsequently credit measures.
While S&P does not see any immediate rating upside, S&P would
consider raising the ratings if AEG's business position
strengthened over the medium term, demonstrated by a materially
increased contract base, higher operating profitability, and a
more conservative financial policy.
BRUCKNER CDO: Moody's Cuts Ratings on Several Classes of Notes
--------------------------------------------------------------
Moody's Investors Service took these downgrade rating actions on
several classes of Notes issued by Bruckner CDO I BV.
-- EUR177.5M Class A-1 Secured Floating Rate Notes, Downgraded
to A3 (sf); previously on Mar 11, 2009 Confirmed at Aa2 (sf)
-- EUR28.75M Class A2-1 Secured Floating Rate Notes, Downgraded
to Ba1 (sf); previously on Nov 24, 2009 Downgraded to A3 (sf)
-- EUR8.5M Class A2-2 Secured Fixed Rate Notes Notes, Downgraded
to Ba1 (sf); previously on Nov 24, 2009 Downgraded to A3 (sf)
-- EUR10.25M Class B Secured Floating Rate Notes, Downgraded to
B3 (sf); previously on Nov 24, 2009 Downgraded to Ba2 (sf)
-- EUR4.6M Class C-1 Deferrable Interest Secured Floating Rate
Notes, Downgraded to Caa3 (sf); previously on Nov 24, 2009
Downgraded to Caa1 (sf)
-- EUR1.15M Class C-2 Deferrable Interest Secured Fixed Rate
Notes, Downgraded to Caa3 (sf); previously on Nov 24, 2009
Downgraded to Caa1 (sf)
-- EUR2.6M Class D-1 Deferrable Interest Secured Floating Rate
Notes, Downgraded to Ca (sf); previously on Nov 24, 2009
Downgraded to Caa3 (sf)
-- EUR8.4M Class D-2 Deferrable Interest Secured Fixed Rate
Notes, Downgraded to Ca (sf); previously on Nov 24, 2009
Downgraded to Caa3 (sf)
-- EUR6.3M Class Q Combination Notes Notes, Downgraded to Ca
(sf); previously on Nov 24, 2009 Downgraded to Caa3 (sf)
-- EUR10.1M Class S Combination Notes Notes, Downgraded to Ca
(sf); previously on Nov 24, 2009 Downgraded to Caa3 (sf)
Ratings Rationale
Moody's said the rating actions on the notes result primarily from
deterioration in the credit quality of the portfolio leading to a
heightened risk to the transaction of experiencing an event of
default. An event of default may occur due to the failure, on any
measurement date, of the Class A/B Par Value Ratio Test to be
equal or greater than 100%. The Class A/B Par Value Ratio Test
was 103.5% as reported in the Trustee report dated 30 September
2010. During the occurrence and continuance of an event of
default, the Class A1 Note holders, the controlling creditors of
the transaction, are entitled to direct the Trustee to take
particular actions with respect to the collateral and the notes,
including liquidation of the portfolio assets. If liquidation is
selected as the post-event-of-default remedy, the likelihood of
all classes beside the Class A1 incurring a loss is high, though
the severity of loss of each class may be different depending on
the timing and outcome of a liquidation.
The likelihood of an event of default is becoming material due to
the increased level of portfolio assets rated Ca or Caa
representing 5.4% and 9.4% of the portfolio, respectively.
Moody's also performed additional sensitivity analysis by
estimating an additional 4% of the portfolio, roughly the 55% of
the current B rated assets, to be downgraded to Caa or below and
found that an event of default is likely to be triggered.
This transaction is a managed cash CDO of European Structured
Finance assets, with exposure to RMBS (33%), ABS credit card and
auto loans (28%), CLO (15%), SME (11%) and CMBS (12%). The
current size of the portfolio is EUR229.749 mil. The Class A1
notes have been repaid by 11.5% of their initial principal balance
after the reinvestment period ended on the 29th December 2010.
Since Class A/B Par Value Ratio test is failing, the Class C, the
Class D, the subordinated notes and consequently the Combo notes
are currently deferring the payment of interest to meet the
required level of 107%. The deferral of interest payment will
last until the Class A/B coverage test is restored to the minimum
required level.
The 10 year WARF has deteriorated to 1542 as reported by the
Trustee in September 2010, (corresponding to an average portfolio
rating of Ba2) compared to a WARF of 939 (Ba1) as reported by the
Trustee in October 2009. Since the last rating action in November
2009 the CLO, the SME and the CMBS portion of assets in the pool
has materially deteriorated with more than 10% of the current
portfolio downgraded more than 5 notches.
Moody's Investors Service applied the Monte Carlo simulation
framework within CDOROM to generate default and recovery scenarios
for each asset in the portfolio and then a cash-flow model in
order to compute the associated loss to each tranche in the
structure. The cash flow model used for this transaction, whose
description can be found in the methodology listed above, is
Moody's EMEA Cash-Flow model.
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 six months.
DECO 14: S&P Downgrades Rating on Class G Notes to 'D (sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its credit rating on DECO 14 -- Pan Europe 5 B.V.'s class G
notes.
This rating action follows a second consecutive shortfall in
interest payments on the class G notes. S&P also expect there to
be an ultimate principal loss on this class. The ratings on the
other classes of notes in this transaction are unaffected.
The note interest shortfall follows the default of the Arcadia
loan and the subsequent transfer of that loan to special
servicing.
The Arcadia loan is the sixth-largest loan in the pool, secured on
28 retail and mixed-use properties across Germany. The whole loan
amounts to EUR120.8 million, of which DECO 14 -- Pan Europe 5 owns
the senior-ranking portion (EUR107.7 million). The junior-ranking
portion does not form part of the transaction.
The loan previously failed to pay interest in full on both the
senior- and the junior-ranking portion, but the junior lender made
cure payments on a number of occasions to remedy the breach.
However, in March 2010, following a payment default on the junior
portion that was not cured, the loan was transferred to the
special servicer. The senior loan interest coverage ratio is
currently reported to be 1.02x.
S&P understands that the borrower paid the special servicing fees
out of property income on the October 2010 interest payment date.
Therefore, the actual senior loan ICR for the Arcadia loan dropped
below 1.00x as less property income was available for debt
service.
As a consequence, DECO 14 -- Pan Europe 5 was required (under the
transaction documents) to cover the shortfall by drawing on the
liquidity facility. The maximum amount that could be drawn,
however, was limited by the appraisal reduction that has occurred
with regard to the loan following a revaluation of the property
portfolio. The servicer informed us that DECO 14 -- Pan Europe 5
was only able to draw approximately 63% of the required amount
from the liquidity facility. The remainder reduced the interest
amount available for the class G notes.
Although, at the issuer level, there was excess cash available
(the difference between loan interest received and note interest
plus senior expenses payable), S&P understands that DECO 14 -- Pan
Europe 5 was unable to apply this excess cash to the shortfall.
The excess cash was paid to the class X noteholders instead.
S&P anticipate that the class G notes will continue to suffer
shortfalls in the future, absent a material increase in net
operating income from the Arcadia loan properties.
Because S&P's rating addresses timely payment of interest
(alongside repayment of principal no later than the legal final
maturity date of the notes), S&P has lowered its rating on the
class G notes to 'D (sf)'. S&P also anticipates that the amount
available to DECO 14 -- Pan Europe 5 under the liquidity facility
will likely remain constrained by the appraisal reduction, given
that the senior loan-to-value ratio is now 135%.
S&P also note that the previous interest shortfalls on the class E
and F notes were repaid on the October 2010 IPD, as S&P
anticipated when S&P took its previous rating action on this
transaction.
DECO 14-Pan Europe 5 is a commercial mortgage-backed securities
transaction that closed in 2007. There are nine loans secured on
residential and commercial properties in Germany, a pari passu
ranking participation of 50% in a loan secured on a residential
portfolio in Dresden (the WOBA loan), and one loan secured on an
office park in Sofia, Bulgaria. One loan is secured on a
portfolio of 14 commercial properties across Italy.
===========
R U S S I A
===========
COMMERCIAL BANK: Moody's Assigns 'B3' Rating to Senior Debt
-----------------------------------------------------------
Moody's assigns a B3 long-term global local currency debt rating
Commercial Bank "Renaissance Capital" LLC senior unsecured debt.
The rating carries a Stable outlook. Any subsequent senior debt
issuance by CBRC will be rated at the same rating level subject to
there being no material change in the bank's overall credit
rating.
The B3 rating was assigned to these debt instruments:
-- RUB4.0 billion Senior Unsecured Regular Bond due 6 June 2012
-- RUB3.0 billion Senior Unsecured Regular Bond due 4 April
2012
Ratings Rationale
The assigned rating is in line with CBRC's B3 global local
currency deposit rating, which is in turn based on the bank's E+
BFSR (mapping to a baseline credit assessment of B3). It does not
incorporate any expectation of systemic or shareholder support for
CBRC in case of need.
The rating is constrained by the bank's: (i) franchise value,
which is significantly dependent on limited and unstable funding
sources; although some progress has been made towards
diversification in retail funding, Moody's expect wholesale
funding to expose the bank to refinancing risk; (ii) potentially
vulnerable liquidity, which is weakened by a high reliance on
wholesale funding sources, the untested behavior of retail
customers in shock scenarios as well as high concentration levels
in the funding base; (iii) maturing underwriting standards, which
have led to significant asset quality deterioration, significant
worsening in the bank's financial fundamentals and a reduction in
the bank's capital base; and (iv) modest historic performance,
burdened by a high cost base, significant losses in the loan book
and low business volumes.
However, this is partially offset by the bank's (i) good capital
cushion which, together with high yields of the loan book,
absorbed significant asset quality deterioration; and (ii) good
distribution platform, that enables CBRC to extend its franchise
and diversify regionally and could be the basis for future
improvement in its performance.
Headquartered in Moscow, Russia, Commercial Bank "Renaissance
Capital" LLC reported total consolidated assets of US$1.4 billion
and total equity of US$316 million under IFRS (audited) at year-
end 2009.
NOMOS BANK: Moody's Assigns 'Ba3' Rating to Senior Unsec. Debt
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term global
local currency debt rating to Nomos Bank's senior unsecured debt.
The rating carries a stable outlook. Any subsequent senior debt
issuance by Nomos Bank will be rated at the same rating level
subject to there being no material change in the bank's overall
credit rating.
The Ba3 rating was assigned to these debt instruments:
-- RUB3.0 billion Senior Unsecured Regular Bond due 16 February
2011
-- RUB5.0 billion Senior Unsecured Regular Bond due 14 June
2013
-- RUB5.0 billion Senior Unsecured Regular Bond due 02 July
2014
-- RUB5.0 billion Senior Unsecured Regular Bond due 28 August
2017
Ratings Rationale
The rating assigned by Moody's is in line with Nomos Bank's global
local currency deposit rating of Ba3, which is, in turn, based on
the bank's D- bank financial strength rating which maps to a
Baseline Credit Assessment of Ba3). The rating does not
incorporate any expectation of systemic or shareholder support for
Nomos Bank in case of need.
According to Moody's, Nomos Bank's BFSR is primarily supported by
Nomos Bank's (i) reasonable position in the market, stemming from
its demonstrated ability to develop and diversify both its
corporate franchise and its historically established niches, (ii)
reasonable capitalization levels supported by the shareholders'
willingness and ability to capitalize the bank as was demonstrated
in crisis times and (iii) ability to demonstrate countercyclical
revenues from stable sources, thanks to good ability to retain
franchise in crisis times and reasonable pricing power exerted on
its core clientele.
At the same time, Moody's observes that the BFSR is constrained by
(i) relatively high risk appetite mainly reflected in long-term
lending for project finance including to the construction sector,
and to finance acquisitions, which, together with significant
concentration levels in the loan book, exert pressure on equity;
(ii) a concentrated funding base which renders the bank's
franchise and liquidity potentially vulnerable; (iii) relatively
undiversified business dominated by corporate and treasury
activities which, in turn, encompass significant concentrations
both by customers and by region, and (iv) potential corporate
governance concerns which could be reflected in the occasional
financing of shareholders' operations.
Headquartered in Moscow, Russia, Nomos Bank reported total
(audited) assets of RUB277 billion (US$9.2 billion) according to
IFRS at YE-2009.
PROMSVYAZBANK: Moody's Changes Outlook on 'D' Rating to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook Promsvyazbank's D bank financial strength rating, the
bank's Ba2 long-term local and foreign currency deposit ratings
and foreign currency senior unsecured debt rating, and its Ba3
foreign currency subordinate debt rating. Promsvyazbank's Not
Prime short-term local and foreign currency deposit ratings were
affirmed.
The change in Moody's outlook on Promsvyazbank's ratings is
primarily based on the bank's audited financial statements for
2009 prepared under IFRS and signed on April 14, 2010, as well as
its unaudited interim condensed financial statements for H1 2010
prepared under IFRS and signed on 14 September 2010.
Rating Rationale
According to Moody's, this rating action reflects (i) the
stabilization by mid-2010 of Promsvyazbank's asset quality metrics
after their significant deterioration in late 2008-2009, (ii) the
bank's improved profitability metrics, whereby it posted positive
bottom-line profits for the first half of 2010 after incurring
losses at FYE 2009, as well as (iii) improved capitalization
stemming from the two-step capital increase in 2010 (in February
through a Tier 1 capital injection and in July through a
subordinated bond placement), coupled with the declining charges
for credit losses. The rating agency also notes Promsvyazbank's
improved liquidity profile, whereby the bank's net loan-to-deposit
ratio declined from 131% at year-end 2008 to 102% at 30 June 2010
thus relaxing the bank's dependence on wholesale liquidity market
sources.
"Promsvyazbank's 90+ days delinquent loans comprised 13.0% of the
gross loan book as at 30 June 2010, remaining flat in percentage
terms since year-end 2009 thanks to a decelerated pace of growth
in problem loans and resumed new lending; that said, loan loss
provisions continue to accumulate: the bank's loan loss reserves
represented 12.8% of the loan book at June 30, 2010 -- an adequate
coverage of potential credit losses," says Ms. Olga Ulyanova, a
Moody's Assistant Vice-President and the lead analyst for
Promsvyazbank. "At the same time, Moody's notes that
Promsvyazbank will likely require additional capital injection in
the medium term to support its business growth strategy, since the
bank's internal capital generation remains suppressed by a decline
in net interest margins and still elevated credit risks,"
Ms. Ulyanova adds.
Moody's last rating action on Promsvyazbank was on July 5, 2010,
when the rating agency assigned a Ba3 rating, with negative
outlook, to the bank's foreign currency subordinated debt issue.
Headquartered in Moscow, Russia, Promsvyazbank reported IFRS total
assets of US$14.0 billion and total equity of US$1.4 billion at
June 30, 2010. The bank's net IFRS profit for the six months
ended June 30, 2010 was US$18.0 million.
=====================================
S E R B I A & M O N T E N E G R O
=====================================
* Fitch Changes Serbia's Outlook to Stable; Affirms 'BB-' Rating
----------------------------------------------------------------
Fitch Ratings has revised Serbia's Outlooks to Stable from
Negative. Its ratings have been affirmed at Long-term foreign-
and local currency Issuer Default Ratings 'BB-' respectively,
Short-term local currency IDR 'B' and Country Ceiling 'BB-'.
"The revision of Serbia's Outlook reflects the reduced risk of an
external financing crisis, the resumption of economic growth and
the government's plans for medium-term fiscal consolidation," says
Charles Seville, Director in Fitch's Sovereign team.
External finances remain a weakness, though risks have receded
compared with the onset of the global financial crisis. Serbia's
current account deficit has narrowed, IMF balance of payments
support under the stand-by arrangement has helped bolster reserves
and investor confidence while foreign-owned banks have maintained
exposure to Serbia. Although the latest IMF review has been
delayed, Fitch does not expect a permanent breakdown in the
relationship.
Fitch forecasts a current account deficit of 9% of GDP in 2010,
compared with 18% in 2008, though it expects it to narrow only
gradually through 2012. Net external debt of 93% of current
account receipts is well above the 'BB' median and the debt
service ratio is high at 33% of CXR. However, the increase in FX
reserves and reduction of short-term debt has lowered Serbia's
gross external financing requirement to 52% of reserves in 2010,
well below pre-crisis levels.
Macroeconomic stability remains relatively fragile in Serbia, as
evident in currency volatility, a continued high and volatile
inflation rate and high levels of euroization. Stabilizing the
currency, which has depreciated 11% against the euro so far in
2010, and inflation expectations, remains important for improving
confidence. The National Bank of Serbia has raised interest rates
by 250bps since July 2010 in pursuit of its inflation target and
has also periodically intervened in the foreign exchange markets
to support the dinar. Fitch forecasts Serbia to grow 1.5% in 2010
and 3% in 2011, a relatively weak recovery.
The fiscal deficit is forecast to widen in 2010 to an estimated
4.8% of GDP, in line with the target agreed with the IMF.
However, the government has laid the foundations for lower
deficits in the future. New fiscal rules aim to gradually reduce
the fiscal deficit to a medium-term target of 1% and keep public
debt below 45% of GDP. The new law also introduces a new
indexation mechanism to reduce the burden of pensions and public
sector wages, which account for more than half of the budget.
Although the general government debt has increased, at 40% of GDP
it is in line with that of 'BB' range peers, and debt repayments
are below the 'BB' median. However, debt is largely in foreign
currency, increasing balance sheet risks. Domestic local currency
financing is limited to relatively costly short-term borrowing on
the T-bill market, although the Finance Ministry is working to
develop the market.
Firm prudential requirements have contained the impact of
deteriorating asset quality on the banking sector. Banks remain
profitable, liquid, and highly capitalized. NPLs have risen to
17% of total lending but are 149% provisioned. IMF stress tests
show banks are robust to further shocks. A fall in deposits
during the global financial crisis in late 2008 was fully
recovered over the course of 2009 and banks weathered the euro
area financial turbulence in April/May 2010.
Political risk weighs on Serbia's ratings. The ruling pro-EU
coalition has a narrow parliamentary majority and faces
legislative and presidential elections in 2012. This could hamper
the implementation of reforms and deficit reduction. Relations
with the EU are strengthening but full membership remains distant
and faces a number of obstacles. The accession process, as in
other transition countries, should align economic and legal
structures more closely with those of the EU, improve growth
prospects and anchor political stability.
Serbia's sovereign ratings are supported by its relatively rich
economy -- GDP per capita of USD5,690 is well above the 'BB' range
median -- and human development indicators. Governance indicators
for Serbia published by the World Bank are broadly in line with
peers and the business environment is slightly better.
Intensified balance-of-payments pressures that led to a sustained
fall in official foreign exchange reserves would create downward
pressure on the ratings. Similarly, material slippage in the
government's fiscal consolidation program or a rise in political
risk -- although not Fitch's central scenario -- could also lead
to negative pressure on the ratings. A balanced and sustainable
economic recovery, continued structural reforms, a narrowing of
the twin deficits and declining external debt ratios, would put
upward pressure on the ratings over the medium term.
=========
S P A I N
=========
AYT GENOVA: Fitch Assigns 'BBsf' Rating to Classes D Notes
----------------------------------------------------------
Fitch Ratings has assigned final ratings to AyT Genova Hipotecario
XI, Fondo de Titulizacion Hipotecaria mortgage-backed floating-
rate notes due in November 2040:
-- EUR7,628,510 Class A1 notes (ISIN ES0312302005) 'AAAsf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR900,000,000 Class A2 notes (ISIN ES0312302013) 'AAAsf';
Outlook Stable; Loss Severity rating of 'LS-1'
-- EUR18,000,000 Class B notes (ISIN ES0312302021) 'Asf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR16,800,000 Class C notes (ISIN ES0312302039) 'BBB+sf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR12,000,000 Class D notes (ISIN ES0312302047) 'BBsf';
Outlook Stable; Loss Severity rating of 'LS-3'
This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Barclay's Bank, S.A. that originally closed in December 2007.
Upon the assignment of final ratings by Fitch the reserve fund has
been increased to 3.75% from 1.04% of the notes' outstanding
balance and the transaction documents have been amended to reflect
Fitch's applicable criteria.
Fitch considers the underlying portfolio to share similar risk
profile with previous AyT Genova Hipotecario transactions such as
prime borrowers profiles, low OLTVs and limited flexibility
features. According to Fitch's analysis loans with such features
typically show a stronger performance and as such the agency has
adjusted its base case loss assumptions.
The portfolio's average original loan-to-value was 62.2%, and the
current loan-to-value is 51.8%. The difference between current
and original loan to value is due to the pool seasoning, which is
above three years. Similar to previous Genova Hipotecario deals,
loans are geographically diversified with the highest
concentration in Madrid.
In terms of counterparty risk the transaction is highly exposed to
the counterparty risk of Barclay's Bank (paying agent and
servicer) and Barclay's Bank PLC (Swap provider). As of November
2010 Barclay's Bank S.A had no rating from Fitch. The downgrade
language incorporated into the documents with reference to the
roles of Barclay's Bank S.A in the transaction was linked to the
rating of Barclay's Bank PLC (AA-/F1+/Outlook stable). Remedial
actions were also linked to the ownership percentage of Barclays
Bank PLC's share capital of Barclay's is at any time less than
90%.
As of November 2010 total credit enhancement for the class A notes
(A1 and A2), equivalent to 8.65% of the outstanding collateral
balance, is provided by the subordination of classes B, C and D
(1.89%), (1.76%) and (1.26%), respectively, plus a reserve fund of
3.75%. Similarly, CE for the class B notes is provided by
subordination of classes C and D plus the reserve fund and CE for
Class C by the subordination of Class D and the reserve fund.
Finally, CE for the class D notes is provided only by the reserve
fund.
Fitch has also incorporated in its analysis the transaction's
latest performance which has been good since closing. As of
August 2010 the deal reported arrears over 90 days of 0.7% of the
current portfolio balance.
The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998. Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
acquired from Barclay's Bank S.A. The PHs were subscribed by
Ahorro y Titulizacion S.G.F.T, S.A. whose sole function is to
manage asset-backed notes on behalf of the fund.
The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B to D notes, as well
as the repayment of principal by the legal maturity date for each
note.
The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.G.F.T, S.A.'s
administrative capabilities.
VIAJES MARSANS: Owners' Assets to Be Seized to Cover Debt
---------------------------------------------------------
ThinkSpain reports that Judge Ana Maria Gallego, who is handling
the Viajes Marsans bankruptcy case, has agreed to seize assets
worth EUR417.4 million belonging to the former owners of the
group, Gerardo Diaz Ferran and Gonzalo Pascual, and from the new
owners, in order to cover the company's debt.
ThinkSpain relates in a ruling issued Friday, Judge Gallego has
accepted the precautionary measures requested by the receivers and
confirmed that there is sufficient "evidence" to prove the guilt
of both the old and new owners of Viajes Marsans and the
Posibilitum company, which would force them to pay the shortfall
to creditors with their own assets.
According to ThinkSpain, Judge Gallego stated "it is obvious that
Viajes Marsans delayed in declaring its bankruptcy" because "it
was insolvent for many months" leading to numerous creditors
requesting a declaration of bankruptcy, rather than going into
voluntary receivership.
ThinkSpain notes in a preventative measure, the judge has frozen
both men's assets to avoid "the risk that Messrs Pascual Arias and
Diaz Ferran and could fail to have sufficient assets to meet their
debts".
The assets seized will cover the capital liability of Viajes
Marsans, as it has debts of EUR429.4 million, ThinkSpain notes,
citing documents provided by the group.
As reported by the Troubled Company Reporter-Europe on June 29,
2010, Latin American Herald Tribune said that a court in Madrid
declared Viajes Marsans insolvent on June 25. The LAHT said Judge
Gallego noted that a "situation of general suspension of payments
to creditors" was deduced from complaints filed by up to 21
different business groups, including Ricoh, Europcar, Avis, Mapa
Tours and H10 Hotels and a subsequent petition for bankruptcy
protection filed by Marsans.
Viajes Marsans S.A. operates as a tourism agency in Spain. It is
based in Madrid.
===========================
U N I T E D K I N G D O M
===========================
BARRINGTON HARVEY: Trading Losses, Client Loss Spur Liquidation
---------------------------------------------------------------
Matt Martin at GamesIndustry.biz reports that videogame PR firm
Barrington Harvey PR has gone into liquidation after 22 years in
the business.
According to GamesIndustry.biz, the company has struggled for the
past three years as it was losing clients to rival firms -- a
position made worse by director Simon Harvey drawing around
GBP80,000 from the company for personal use.
For the financial year to June 2009, GamesIndustry.biz discloses,
the company made a loss of GBP258,000, and although financial
reports are not yet available for 2010, "it is apparent that
losses were also incurred" according to administrator Portland.
As well as losing clients in a changing market and bad debt to the
tune of GBP45,000 in 2009, according to legal documents obtained
by GamesIndustry.biz, the company suffered deeper trading losses
in late 2009 and early 2010.
"These were exacerbated by drawings that the director made on the
company for personal use over a number of years which resulted in
an apparent debt calculated by Mr. Harvey to have been GBP80,000
before it was repaid shortly before our appointment,"
GamesIndustry.biz quoted the administrators as saying.
GamesIndustry.biz relates the company failed to secure new funding
through private investors or bank loans, but did manage to sell
property, GBP190,000 of which went towards clearing obligations to
Barclays bank, which had supplied the overdraft to fund the
business for many years.
"This advance has been treated firstly as a repayment of the
amounts that Mr. Harvey owed the company and the balance remains
as a debt now due from the company," detailed the administrators,
the report relates.
"Mr. Harvey, as the company's principal shareholder, has already
concluded that he no longer wanted to support the company, nor to
be employed by it, and instead prefers for there to be an orderly
winding up," the administrators said, according to
GamesIndustry.biz.
A number of well-respected employees have walked from the company
in the past 12 months, including former director Simon Byron,
GamesIndustry.biz notes.
Barrington Harvey PR is a UK-based videogame PR firm. The company
had a number of high-profile publisher, media and event partners,
including Codemasters, Eidos and the annual Edinburgh Interactive
Festival, and has over the years worked for Sony, Nintendo and
ELSPA, now UKIE.
BRADFORD & BINGLEY'S: Fitch Affirms 'C' Rating on Tier 1 Debt
-------------------------------------------------------------
Fitch Ratings has affirmed Bradford & Bingley's and Northern Rock
(Asset Management)'s subordinated Tier 1 debt securities subject
to a tender offer. Other ratings are unaffected. A full list of
ratings follows at the end of this announcement.
The rating action follows a tender offer by the two institutions
for several tier 1 and upper tier 2 securities not previously
tendered for. Fitch does not consider that, under its criteria
for coercive debt exchanges, the offer is coercive. In
particular, the agency does not see any element of compulsion in
the offer or any worsening of the contractual terms of the
securities.
It notes, however, that the UK government, which provides a large
quantity of funding to both institutions, has the right to
increase the cost of the funding. If the cost of funding were to
rise, there would be fewer assets available to satisfy the claims
of the holders of tender securities in a winding up. This right
existed before the tender offer and so under Fitch criteria does
not represent an element of coercion.
The senior debt at both institutions is guaranteed until maturity
by the UK government and is therefore rated at the same level as
the UK government, that is 'AAA'.
The ratings are:
B&B
-- Long-term IDR: 'A+'; Outlook Stable
-- Short-term IDR: 'F1+'
-- Support Rating: '1'
-- Support Rating Floor: 'A+'
-- Senior unsecured debt securities (guaranteed): 'AAA'
-- Short-term debt securities (guaranteed): 'F1+'
-- Lower tier 2 subordinated debt securities: 'C'
-- Upper tier 2 subordinated debt securities: 'C'
-- Tier 1 subordinated debt securities affirmed at 'C' (ISIN
XS0148804536)
NRAM
-- Long-term IDR: 'A+'; Outlook Stable
-- Short-term IDR: 'F1+'
-- Support Rating: '1'
-- Support Rating Floor: 'A+'
-- Senior unsecured debt securities (guaranteed): 'AAA'
-- Short-Term debt securities (guaranteed): 'F1+'
-- Lower tier 2 subordinated debt securities: 'BBB'
-- Upper tier 2 subordinated debt securities: 'C'
-- Tier 1 subordinated debt securities (RCIs XS0117031194)
affirmed at 'C'
-- Tier 1 subordinated debt securities (TONs XS0152710439)
affirmed at 'B'
EXCELLENCE IN CREWE: Goes Into Administration
---------------------------------------------
Excellence In Crewe has been placed into administration.
According to The Business Desk, Kerry Bailey and Jonathan Newell
of accountancy firm PKF were appointed to Excellence In Crewe.
The report relates that the firm is the social enterprise arm of
the former Excellence in Crewe Partnership, which is now known as
The Crewe Partnership. It operates from a head office and has
three nurseries in the Crewe area, the report notes.
Excellence In Crewe is a Cheshire childcare provider. The company
employs 58 people.
MAYBOURNE HOTELS: Qatar Holdings in Acquisition Talks
-----------------------------------------------------
David Altaner at Bloomberg News, citing the Mail on Sunday,
reports that Qatar Holdings LLC is in talks over a possible
GBP1 billion (US$1.6 billion) purchase of Maybourne Hotels Ltd.
According to Bloomberg, the newspaper said Qatar Holdings, owner
of Harrods department store, hired DTZ Holdings Plc as an adviser.
It said talks may be at an early stage, Bloomberg notes.
Refinancing
As reported by the Troubled Company Reporter-Europe on Aug. 3,
2010, The Daily Telegraph said that Maybourne was close to
finalizing an emergency GBP600 million restructuring that would
see the private US property manager Westbrook Partners become a
leading investor in the group. The Daily Telegraph disclosed
Maybourne has until December to refinance a GBP600 million loan
from Anglo Irish Bank and Bank of Ireland. The group's backers,
including Paddy McKillen, Derek Quinlan and Riverdance creators
John McColgan and Moya Doherty, had been trying to arrange a
refinancing for months with the help of Deutsche Bank and
Barclays, according to The Daily Telegraph. The Daily Telegraph
said Westbrook and another US real estate trust were believed to
have agreed to take a GBP200 million equity stake as part of a
larger refinancing package.
The Maybourne Hotel Group is the owner of Claridges, the Connaught
and the Berkeley.
NORTHERN ROCK: Fitch Affirms C Rating on Tier 1 Debt Securities
---------------------------------------------------------------
Fitch Ratings has affirmed Bradford & Bingley's and Northern Rock
(Asset Management)'s subordinated Tier 1 debt securities subject
to a tender offer. Other ratings are unaffected. A full list of
ratings follows at the end of this announcement.
The rating action follows a tender offer by the two institutions
for several tier 1 and upper tier 2 securities not previously
tendered for. Fitch does not consider that, under its criteria
for coercive debt exchanges, the offer is coercive. In
particular, the agency does not see any element of compulsion in
the offer or any worsening of the contractual terms of the
securities.
It notes, however, that the UK government, which provides a large
quantity of funding to both institutions, has the right to
increase the cost of the funding. If the cost of funding were to
rise, there would be fewer assets available to satisfy the claims
of the holders of tender securities in a winding up. This right
existed before the tender offer and so under Fitch criteria does
not represent an element of coercion.
The senior debt at both institutions is guaranteed until maturity
by the UK government and is therefore rated at the same level as
the UK government, that is 'AAA'.
The ratings are:
B&B
-- Long-term IDR: 'A+'; Outlook Stable
-- Short-term IDR: 'F1+'
-- Support Rating: '1'
-- Support Rating Floor: 'A+'
-- Senior unsecured debt securities (guaranteed): 'AAA'
-- Short-term debt securities (guaranteed): 'F1+'
-- Lower tier 2 subordinated debt securities: 'C'
-- Upper tier 2 subordinated debt securities: 'C'
-- Tier 1 subordinated debt securities affirmed at 'C' (ISIN
XS0148804536)
NRAM
-- Long-term IDR: 'A+'; Outlook Stable
-- Short-term IDR: 'F1+'
-- Support Rating: '1'
-- Support Rating Floor: 'A+'
-- Senior unsecured debt securities (guaranteed): 'AAA'
-- Short-Term debt securities (guaranteed): 'F1+'
-- Lower tier 2 subordinated debt securities: 'BBB'
-- Upper tier 2 subordinated debt securities: 'C'
-- Tier 1 subordinated debt securities (RCIs XS0117031194)
affirmed at 'C'
-- Tier 1 subordinated debt securities (TONs XS0152710439)
affirmed at 'B'
PENDLE RISE: In Receivership
----------------------------
Tyrone Marshall at The Citizen reports that traders in Pendle Rise
have been left fearing for their futures after it was placed into
receivership.
According to the report, Pendle Rise was put into the hands of
receivers by the Bank of Ireland and store managers were informed
by letter of the news. The report relates that bosses at
Shropshire-based 4D Properties, the managing agents, will meet
with traders on November 17, 2010, to discuss the "future
direction" of the centre and explain the situation. Details of
the amount owed and the number of creditors have not yet been
revealed.
The report notes that councilors said it was a blow to the town,
but there were still opportunities for investment.
Councilor Mohammed Iqbal, leader of the Labour party on Pendle
Council, said the centre's owners had failed to work with the
council, and this development represented an opportunity to turn
it around, the report discloses.
The Citizen relates that Brian Cookson, Pendle Borough Council's
executive director of regeneration, met with the receiver
appointed by the Bank of Ireland, Tim Perkin of CB Richard Ellis,
on November 12, 2010. "There is no cause for alarm, it will be
business as usual for the time being at Pendle Rise. They're not
proposing to sell the property immediately. CB Richard Ellis
wants to work with the council and any other parties to improve
and develop the centre. We'll be looking to see how we can help
them do that," the report quoted Mr. Cookson as saying.
Pendle Rise is Pendle's biggest shopping centre. Shops currently
in the centre include national chains Superdrug, Boots, Martins
the newsagents, Farmfoods and Wilkinsons, while independent
retailers include Boss Furniture, Pound Sensations, a mobile phone
shop and a herbal therapy shop.
PONTIN'S: Goes Into Administration
----------------------------------
Accountancy firm KPMG said that Pontin's has been placed into
administration, BBC News reports.
According to the report, the company's five parks will keep
trading as normal. The report relates that no redundancies have
been made among Pontin's 850 staff.
BBC notes that in February 2009 Pontin's announced a GBP50 million
plan to redevelop its centres and create 2,000 jobs but eventually
closed Blackpool Park, in Lancashire. The report notes
KPMG said it was optimistic the "iconic British brand" still had a
future.
Pontin's Chairman Graham Parr, BBC notes, said that the business
was profitable but had been a victim of the credit crunch and had
gone into administration because its bank had withdrawn its
support. The report relates Mr. Parr, who has been involved with
Pontin's on and off since the 1960s, said he and his partners
fully intended to "get back in [to the business] and get it
sorted."
Meanwhile, BBC relates its sources have indicated that it was the
owners of Pontin's and not its bank which placed the company into
administration. BBC business correspondent Joe Lynam said it is
understood that Santander had provided a year-long credit facility
to Pontin's to allow it time to find a new buyer or further
sources of money.
Mr. Lynam said that the company had suffered in a very competitive
market place, with operators such as Butlins and Havens more
successful in taking advantage of UK holidaymakers' desire for
budget getaways during the downturn.
Pontin's, known for its Bluecoats entertainers, was established in
1946 and at its height owned more than 30 parks. It was founded
by Fred Pontin, who was well ahead of his rivals when he spotted
the trend for self-catering holiday villages.
ROK PLC: More Than 700 Jobs Axed Following Administration
---------------------------------------------------------
Caroline Copley at Reuters reports that auditors
PricewaterhouseCoopers said on Wednesday that more than 700 jobs
have been axed at Rok Plc after the group went into
administration.
According to Reuters, Rok, which has approximately 3,800 staff,
will shed 711 employees across its maintenance and improvement,
construction and Scotland PHE (Plumbing, Heating and Electrical)
businesses.
The auditor is seeking a buyer for the business and said it had so
far received over 100 expressions of interest, which would be
whittled into a shortlist, Reuters relates.
Separately Michelle E. Frazer at Bloomberg News, citing the
Guardian, reports PwC administrator Rob Hunt said several U.K.
builders are interested in buying Rok.
According to Bloomberg, the newspaper said Balfour Beatty Plc,
Carillion Plc and Mears Group Plc have each indicated interest in
buying all or part of the company.
ROK Plc -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build. Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services. The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.
ROK PLC: Assurances Given to South Gloucestershire Residents
------------------------------------------------------------
Alexandra Womack at Gazette Series reports that South
Gloucestershire's largest social housing landlord is reassuring
residents that disruption to building works will be kept to a
minimum after ROK Plc went into administration.
According to the report, Merlin Housing Society said it is working
hard to make safe all building works, which had been started by
Rok. The report relates that Merlin had employed Rok to carry out
bathroom and kitchen replacement packages to 40 of its South
Gloucestershire properties.
Merlin will be contacting affected residents to discuss their
options which could include using another contractor to complete
the works, the report adds.
ROK Plc -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build. Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services. The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.
SHEFFIELD WEDNESDAY: May Go Into Administration
-----------------------------------------------
English League One football club Sheffield Wednesday faces the
"distinct possibility" of going into administration, Sports
Business reports, citing BBC. The report relates the club is
likely to be given a winding-up petition in the High Court in
London over an unpaid tax bill of GBP600,000.
According to the report, Sheffield Wednesday is understood to be
talks with three potential buyers, and a takeover would stave off
administration, however the club's main creditor, the Co-operative
Bank, may now decide to place the club into administration in
order to secure the GBP23 million it is owed.
"We have a number of people who want to invest in the club, but
the problem is that chairman Howard Wilkinson and chief executive
Nick Parker and not in control of its destiny and are relying on
the Co-op bank to do the right thing," a club source told the BBC,
the report notes.
According to BBC, Leicester City chairman Milan Mandaric is
involved with one of the three potential bids, the report adds.
SKYKON A/S: Scottish Government Drawing Up Rescue Package
---------------------------------------------------------
Katrine Bussey at The Scotsman reports that a rescue package is
being considered to try to rescue Skykon A/S.
The Scotsman relates First Minister Alex Salmond told MSPs the
Scottish Government had hosted a meeting of interested parties
earlier last week "in an attempt to be of assistance in assembling
a rescue package". According to The Scotsman, Mr. Salmond
cautioned that any such deal would depend on a "number of
agreements".
The future of Skykon was thrown into doubt after the company
announced last month it was suspending payments to creditors, The
Scotsman states.
The business disclosed it had found itself in a "very cash-
strapped situation" in the wake of the global financial crisis,
The Scotsman notes.
Skykon A/S is a wind-turbine manufacturer based in Aarhus,
Denmark. It took over took over the Vestas wind turbine factory
in Kintyre in 2009.
WORKS MEDIA: Joint Administrators Appointed
-------------------------------------------
Trading in the Works Media Group Plc shares on AIM was suspended
on October 1, 2010, as a result of the Company's interim results,
for the 6-month period ended June 30, 2009, not being released
within the required timeframe.
The Company now announces that, following the Board's unsuccessful
efforts to raise further funding for the Group, Milcoz Films
Limited, as the holder of a Qualifying Floating Charge over the
Group's assets, appointed Peter Kubik and Andrew Andronikou of UHY
Hacker Young LLP of 4 Thomas More Square, London E1W 1YW as Joint
Administrators on November 11, 2010.
The Company's subsidiaries, The Works International Limited, The
Works UK Distribution Limited and the Film Consortium Limited,
which are not the subject of the administration proceedings,
continue to trade and are in the process of being acquired by the
Company's major secured creditor.
The Works Media Group Plc is a United Kingdom-based company. The
principal activities of the Company are the distribution of
feature films in the United Kingdom, the international sale of
film rights, and the development, financing and production of
feature films. The Company's subsidiaries include Insider Films
Ltd, which is engaged in film production; Pagoda Film & Television
Corporation Ltd, which is engaged in film and television
production; The Film Consortium Ltd, which is engaged in film
production and finance, The Works TSC Ltd, which is a selling of
film rights, and The Works UK Distribution Ltd, which his engaged
in film distribution in United Kingdom.
===============
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
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STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341060
CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
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FRANCE
------
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SOBIESKI BVD PW -240506200.5 1000204586
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GEORGIA
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DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
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GERMANY
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AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
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EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.7
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ESCADA AG ESCG IX -22323463.23 425598807.8
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KAUFRING AG KFR GR -19296489.56 150995473.8
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
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MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
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MATERNUS KLINI-N MAK1 GR -14400749.54 155241036.1
MATERNUS-KLINIKE MAKG IX -14400749.54 155241036.1
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NORDAG AG DOO1 GR -482446.6262 144432986.2
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RINOL AG RIL GR -2.7111 168095049.1
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ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
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SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
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SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
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STROER OUT-OF-HO SAX EO -62153916.21 1072778885
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TA TRIUMPH-ACQ TWNA EU -124531122.1 313411495.3
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TOM TAILOR HOLD TTI EU -97711555.56 358434780
GREECE
------
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AG PETZETAKIS SA PTZ1 GR -58119017.89 197258023
ALTEC HOLDINGS S ALTEC EO -47497062.28 116742573.1
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ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
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ATLANTIC SUPERMA ATLA1 EO -27331872.51 354883771.3
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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GEN HELLENIC-RTS 588494Q GA -48074406.22 5484269349
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GENIKI BANK SA GHLCF US -48074406.22 5484269349
GENIKI BANK-AUC TGENE GA -48074406.22 5484269349
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KOUMBAS INSUR-RT KOUMD GA -64617679.4 161224903.6
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NAOUSSA SPIN -RT NAOYD GA -163114853.6 286539436.9
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NAOUSSA SPINNING NML1 GR -163114853.6 286539436.9
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OASA ATHENS URBA 3485398Z GA -1170161374 2292452052
PETZET - PFD-RTS PETZPD GA -58119017.89 197258023
PETZETAKIS - RTS PETZKD GA -58119017.89 197258023
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THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
UNITED TEXTILES UTEX EU -163114853.6 286539436.9
UNITED TEXTILES UTEX GA -163114853.6 286539436.9
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WIND HELLAS TELE 3351088Z GA -1698260717 4035059308
HUNGARY
-------
BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
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INVITEL HOLDINGS 3212873Z HB -73724000 827192000
IPK OSIJEK DD OS IPKORA CZ -3959722.961 117585184.1
MALEV LTD MALEV HB -75737819.4 251668964.4
OT OPTIMA TELEKO 2299892Z CZ -67294802 105169944.1
OT-OPTIMA TELEKO OPTERA CZ -67294802 105169944.1
ICELAND
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AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
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EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
IRELAND
-------
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND 600241Q GR -26700000 2132000000
JAMES HARDIE IND 726824Z NA -26700000 2132000000
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JAMES HARDIE IND HAH AU -26700000 2132000000
JAMES HARDIE NV JHXCC AU -26700000 2132000000
JAMES HARDIE-ADR JHINY US -26700000 2132000000
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JAMES HARDIE-CDI JHA TH -26700000 2132000000
JAMES HARDIE-CDI JHX AU -26700000 2132000000
JAMES HARDIE-CDI JHIUF US -26700000 2132000000
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
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MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
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MCINERNEY HLDGS MK9 GR -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
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MCINERNEY -RT FP MCIF LN -132691148.8 374303706.5
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MCINERNEY -RT NP MCIN LN -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
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WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
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WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
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WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
BINDA SPA BND IM -11146475.29 128859802.9
BINDA SPA BNDAF US -11146475.29 128859802.9
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
EUROFLY SPA EEZ IX -14153158.14 356030320.5
EUROFLY SPA -RTS EEZAXA IM -14153158.14 356030320.5
EUROFLY SPA-RTS EURAXA IM -14153158.14 356030320.5
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
MERIDIANA FLY MEF EB -14153158.14 356030320.5
MERIDIANA FLY EEZ IM -14153158.14 356030320.5
MERIDIANA FLY EEZ TQ -14153158.14 356030320.5
MERIDIANA FLY MEF IX -14153158.14 356030320.5
MERIDIANA FLY E7N GR -14153158.14 356030320.5
MERIDIANA FLY EEZ EU -14153158.14 356030320.5
MERIDIANA FLY EEZ QM -14153158.14 356030320.5
MERIDIANA FLY EEZ EO -14153158.14 356030320.5
MERIDIANA FLY MEF IM -14153158.14 356030320.5
MERIDIANA FLY EEZ PZ -14153158.14 356030320.5
MERIDIANA FLY EFLYF US -14153158.14 356030320.5
MERIDIANA FLY SP MEFAXA IM -14153158.14 356030320.5
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -51818228.1 3959683341
RISANAMENTO NAPO RN5 GR -51818228.1 3959683341
RISANAMENTO -OPA RNOPA IM -51818228.1 3959683341
RISANAMENTO -RNC RNR IM -51818228.1 3959683341
RISANAMENTO SPA RN EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EO -51818228.1 3959683341
RISANAMENTO SPA RNGBP EO -51818228.1 3959683341
RISANAMENTO SPA RN IX -51818228.1 3959683341
RISANAMENTO SPA RNGBX EU -51818228.1 3959683341
RISANAMENTO SPA RN PZ -51818228.1 3959683341
RISANAMENTO SPA RN IM -51818228.1 3959683341
RISANAMENTO SPA RN TQ -51818228.1 3959683341
RISANAMENTO SPA RN EU -51818228.1 3959683341
RISANAMENTO SPA RSMNF US -51818228.1 3959683341
RISANAMENTO-RTS RNAA IM -51818228.1 3959683341
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -98435968.67 498535068.5
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TISCALI SPA TIS PZ -98435968.67 498535068.5
TISCALI SPA TISGBX EO -98435968.67 498535068.5
TISCALI SPA TISM IX -98435968.67 498535068.5
TISCALI SPA TIS IM -98435968.67 498535068.5
TISCALI SPA TISN FP -98435968.67 498535068.5
TISCALI SPA TIS EO -98435968.67 498535068.5
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TISCALI SPA TIQG IX -98435968.67 498535068.5
TISCALI SPA TIS NA -98435968.67 498535068.5
TISCALI SPA TIS QM -98435968.67 498535068.5
TISCALI SPA TIS FP -98435968.67 498535068.5
TISCALI SPA TIQ1 GR -98435968.67 498535068.5
TISCALI SPA TISN NA -98435968.67 498535068.5
TISCALI SPA TIS NQ -98435968.67 498535068.5
TISCALI SPA TIS NR -98435968.67 498535068.5
TISCALI SPA TISN IM -98435968.67 498535068.5
TISCALI SPA TISN VX -98435968.67 498535068.5
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TISCALI SPA TIQ GR -98435968.67 498535068.5
TISCALI SPA TIS VX -98435968.67 498535068.5
TISCALI SPA TISGBX EU -98435968.67 498535068.5
TISCALI SPA TIS TQ -98435968.67 498535068.5
TISCALI SPA TIS EU -98435968.67 498535068.5
TISCALI SPA TIS EB -98435968.67 498535068.5
TISCALI SPA- RTS TISAXA IM -98435968.67 498535068.5
TISCALI SPA- RTS 3391621Q GR -98435968.67 498535068.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT ILMA GR -488887008 17331793920
INTELSAT SA 2237Z US -488887008 17331793920
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -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 EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -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
SPYKER CARS NV SPYKF US -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
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 UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
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 JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -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 -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -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 OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG 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 LI -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-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP RU -1082254.288 127026139.3
ZIL AUTO PLANT ZILL$ RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RM -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP* RU -76809638.66 360473673
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
SLOVENIA
--------
ISTRABENZ ITBG PZ -2656618.996 1087540134
ISTRABENZ ITBG SV -2656618.996 1087540134
ISTRABENZ ITBG EO -2656618.996 1087540134
ISTRABENZ ITBG EU -2656618.996 1087540134
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -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 EU -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
INDO INTER-RTS IDO/D SM -3523887.56 101210953.5
INDO INTL SA IDOS PZ -3523887.56 101210953.5
INDO INTL SA IDO SM -3523887.56 101210953.5
INDO INTL SA IDO EU -3523887.56 101210953.5
INDO INTL SA IDO EO -3523887.56 101210953.5
INDO INTL SA-OLD IND SM -3523887.56 101210953.5
MARTINSA FADESA 4PU GR -1841778505 6778902268
MARTINSA FADESA MFAD PZ -1841778505 6778902268
MARTINSA FADESA MTF1 LI -1841778505 6778902268
MARTINSA FADESA MTF EO -1841778505 6778902268
MARTINSA FADESA MTF SM -1841778505 6778902268
MARTINSA FADESA MTF EU -1841778505 6778902268
MARTINSA-FADESA MTF NR -1841778505 6778902268
REYAL URBIS SA REY1 EU -175599903.7 5742241668
REYAL URBIS SA REY1 EO -175599903.7 5742241668
REYAL URBIS SA REY SM -175599903.7 5742241668
REYAL URBIS SA REYU PZ -175599903.7 5742241668
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY 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 -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215735271.8 391924242.8
IVANO-FRANKIVSKG FGAZ UZ -358461.9249 108886163.6
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
--------------
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 EAETF US -197788769.2 123048312.7
AEA TECHNOLOGY AAT EO -197788769.2 123048312.7
AEA TECHNOLOGY AATGBP EO -197788769.2 123048312.7
AEA TECHNOLOGY AAT EU -197788769.2 123048312.7
AEA TECHNOLOGY AAT PO -197788769.2 123048312.7
AEA TECHNOLOGY AAT IX -197788769.2 123048312.7
AEA TECHNOLOGY AAT LN -197788769.2 123048312.7
AEA TECHNOLOGY AEY GR -197788769.2 123048312.7
AEA TECHNOLOGY AAT VX -197788769.2 123048312.7
AEA TECHNOLOGY AAT PZ -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN PZ -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN LN -197788769.2 123048312.7
AIRTOURS PLC AIR LN -379721841.6 1817512774
AIRTOURS PLC ATORF US -379721841.6 1817512774
AIRTOURS PLC AIR VX -379721841.6 1817512774
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK EU -128972861.1 1328162171
ATKINS (WS) PLC ATK EB -128972861.1 1328162171
ATKINS (WS) PLC ATK IX -128972861.1 1328162171
ATKINS (WS) PLC ATK VX -128972861.1 1328162171
ATKINS (WS) PLC ATK LN -128972861.1 1328162171
ATKINS (WS) PLC ATKGBP EO -128972861.1 1328162171
ATKINS (WS) PLC ATK PZ -128972861.1 1328162171
ATKINS (WS) PLC ATK PO -128972861.1 1328162171
ATKINS (WS) PLC WATKF US -128972861.1 1328162171
ATKINS (WS) PLC 6W2 GK -128972861.1 1328162171
ATKINS (WS) PLC ATK QM -128972861.1 1328162171
ATKINS (WS) PLC ATK BQ -128972861.1 1328162171
ATKINS (WS) PLC ATK NR -128972861.1 1328162171
ATKINS (WS) PLC ATKEUR EU -128972861.1 1328162171
ATKINS (WS) PLC ATK NQ -128972861.1 1328162171
ATKINS (WS) PLC WATKY US -128972861.1 1328162171
ATKINS (WS) PLC ATK EO -128972861.1 1328162171
ATKINS (WS) PLC ATKEUR EO -128972861.1 1328162171
ATKINS (WS) PLC 6W2 GR -128972861.1 1328162171
ATKINS (WS) PLC ATK TQ -128972861.1 1328162171
BLACK & EDGINGTO BLE LN -119704799.7 123295943.6
BNB RECRUITMENT BQX GR -10242627.53 103637705
BNB RECRUITMENT BNB IX -10242627.53 103637705
BNB RECRUITMENT BNB PO -10242627.53 103637705
BNB RECRUITMENT BNB LN -10242627.53 103637705
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BOOKER PLC BKERF US -59832880.4 1298182549
BOOKER PLC 1330Q GR -59832880.4 1298182549
BOOKER PLC 987188Q LN -59832880.4 1298182549
BOOKER PLC-ADR BOK$ LN -59832880.4 1298182549
BOOKER PLC-ADR BKRUY US -59832880.4 1298182549
BRADSTOCK GROUP BSKGF US -1855444.443 268563822.5
BRADSTOCK GROUP BDK LN -1855444.443 268563822.5
BRIT ENERGY LTD 523362Q LN -5822867501 4921095750
BRIT ENERGY PLC 555140Q VX -5822867501 4921095750
BRIT ENERGY PLC BHEGF US -5822867501 4921095750
BRIT ENERGY PLC BEN1 GR -5822867501 4921095750
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BRIT ENERGY-ADR BHEFF US -5822867501 4921095750
BRIT NUCLEAR 1046Z LN -4247644150 40325778907
BRIT TELECOM BTE GR -3378667779 43333137474
BRIT TELECOM 9484 JP -3378667779 43333137474
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BRIT TELECOM-RTS BTY-R US -3378667779 43333137474
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BRITISH ENER-C/E BGYC AR -5822867501 4921095750
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BRITISH ENER-CED BGYNY AR -5822867501 4921095750
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BRITVIC PLC BVICEUR EO -34575750.23 1311266070
BRITVIC PLC BVICGBP EO -34575750.23 1311266070
BRITVIC PLC BVIC PZ -34575750.23 1311266070
BRITVIC PLC BVIC BQ -34575750.23 1311266070
BRITVIC PLC BVIC EO -34575750.23 1311266070
BRITVIC PLC BVIC TQ -34575750.23 1311266070
BRITVIC PLC BVIC QM -34575750.23 1311266070
BRITVIC PLC BVIC EB -34575750.23 1311266070
BRITVIC PLC BVIC IX -34575750.23 1311266070
BRITVIC PLC BVIC NQ -34575750.23 1311266070
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BRITVIC PLC B6S GK -34575750.23 1311266070
BRITVIC PLC BVICEUR EU -34575750.23 1311266070
BRITVIC PLC B6S GR -34575750.23 1311266070
BRITVIC PLC BVIC EU -34575750.23 1311266070
BRITVIC PLC BVIC VX -34575750.23 1311266070
BRITVIC PLC BTVCF US -34575750.23 1311266070
BRITVIC PLC-ADR BTVCY US -34575750.23 1311266070
BT GROUP PLC BTQ GR -3378667779 43333137474
BT GROUP PLC BT/AEUR EO -3378667779 43333137474
BT GROUP PLC BT/APEN EU -3378667779 43333137474
BT GROUP PLC BT/A PO -3378667779 43333137474
BT GROUP PLC BT/A NR -3378667779 43333137474
BT GROUP PLC BTQ TH -3378667779 43333137474
BT GROUP PLC BTEG IX -3378667779 43333137474
BT GROUP PLC BT/APEN EO -3378667779 43333137474
BT GROUP PLC BT/A EU -3378667779 43333137474
BT GROUP PLC BT/A EO -3378667779 43333137474
BT GROUP PLC BT/ VX -3378667779 43333137474
BT GROUP PLC BT IX -3378667779 43333137474
BT GROUP PLC BT PZ -3378667779 43333137474
BT GROUP PLC BT/AUSD EU -3378667779 43333137474
BT GROUP PLC BT/A TQ -3378667779 43333137474
BT GROUP PLC BTQ GK -3378667779 43333137474
BT GROUP PLC BT/A NQ -3378667779 43333137474
BT GROUP PLC BT/AGBP EO -3378667779 43333137474
BT GROUP PLC BT/A LN -3378667779 43333137474
BT GROUP PLC BT/AEUR EU -3378667779 43333137474
BT GROUP PLC BT/AUSD EO -3378667779 43333137474
BT GROUP PLC BT/A QM -3378667779 43333137474
BT GROUP PLC BT/A BQ -3378667779 43333137474
BT GROUP PLC BTGOF US -3378667779 43333137474
BT GROUP PLC BT/A EB -3378667779 43333137474
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BT GROUP PLC-W/I BTWI LN -3378667779 43333137474
BT GROUP-ADR WI BTY-W US -3378667779 43333137474
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BT GROUP-CED $US BTD AR -3378667779 43333137474
BT GROUP-CED BLK BTYB AR -3378667779 43333137474
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BT GROUP-CED C/E BTYC AR -3378667779 43333137474
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BT GROUP-SPON AD BT MM -3378667779 43333137474
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BT GROUP-SPON AD BT US -3378667779 43333137474
BT GROUP-SPON AD BTQA GR -3378667779 43333137474
BT GROUP-SPON AD BTYN MM -3378667779 43333137474
BURNDEN LEISURE BDL LN -34303346.66 148833324.3
CARLISLE GROUP 506819Q LN -11904426.45 203548565
CATTLES PLC CTT NR -599615492.2 3880885246
CATTLES PLC CTT QM -599615492.2 3880885246
CATTLES PLC CTT PZ -599615492.2 3880885246
CATTLES PLC CTT TQ -599615492.2 3880885246
CATTLES PLC CTT PO -599615492.2 3880885246
CATTLES PLC CTT IX -599615492.2 3880885246
CATTLES PLC CTTSEK EU -599615492.2 3880885246
CATTLES PLC CTTGBP EO -599615492.2 3880885246
CATTLES PLC CTT EB -599615492.2 3880885246
CATTLES PLC CTT EU -599615492.2 3880885246
CATTLES PLC CTTEUR EU -599615492.2 3880885246
CATTLES PLC CTTSEK EO -599615492.2 3880885246
CATTLES PLC CTT NQ -599615492.2 3880885246
CATTLES PLC CTT LN -599615492.2 3880885246
CATTLES PLC CTTUSD EO -599615492.2 3880885246
CATTLES PLC CZS GR -599615492.2 3880885246
CATTLES PLC CTTUSD EU -599615492.2 3880885246
CATTLES PLC CTT EO -599615492.2 3880885246
CATTLES PLC CTTEUR EO -599615492.2 3880885246
CATTLES PLC CTT BQ -599615492.2 3880885246
CATTLES PLC CHOXF US -599615492.2 3880885246
CATTLES PLC CTT VX -599615492.2 3880885246
CATTLES PLC-ADR CHOXY US -599615492.2 3880885246
CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
CATTLES PLC-FPR CTTF PZ -599615492.2 3880885246
CATTLES PLC-NPR CTTN PZ -599615492.2 3880885246
CATTLES PLC-NPR 2843726Q EO -599615492.2 3880885246
CATTLES PLC-NPR CTTN IX -599615492.2 3880885246
CATTLES PLC-NPR 2843730Q EU -599615492.2 3880885246
CATTLES PLC-NPR CCTN PZ -599615492.2 3880885246
CATTLES PLC-NPR CTTN LN -599615492.2 3880885246
CATTLES PLC-NPR 2843734Q EO -599615492.2 3880885246
CATTLES PLC-RFD CTTR LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR IX -599615492.2 3880885246
CHRYSALIS GROUP CHS EU -7404166.369 111800785.4
CHRYSALIS GROUP CHS PZ -7404166.369 111800785.4
CHRYSALIS GROUP CHSUSD EU -7404166.369 111800785.4
CHRYSALIS GROUP 5CY GR -7404166.369 111800785.4
CHRYSALIS GROUP CHSGBP EO -7404166.369 111800785.4
CHRYSALIS GROUP HR4 GR -7404166.369 111800785.4
CHRYSALIS GROUP CHSEUR EO -7404166.369 111800785.4
CHRYSALIS GROUP CHS EO -7404166.369 111800785.4
CHRYSALIS GROUP CHS LN -7404166.369 111800785.4
CHRYSALIS GROUP CHS IX -7404166.369 111800785.4
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SKYEPHARMA PLC SKPEUR EO -119704799.7 123295943.6
SKYEPHARMA PLC SKP VX -119704799.7 123295943.6
SKYEPHARMA PLC SKPGBP EO -119704799.7 123295943.6
SKYEPHARMA PLC SKP PO -119704799.7 123295943.6
SKYEPHARMA PLC SKYEF US -119704799.7 123295943.6
SKYEPHARMA PLC SKP IX -119704799.7 123295943.6
SKYEPHARMA -SUB 2976665Z LN -119704799.7 123295943.6
SKYEPHARMA-ADR SK8 GR -119704799.7 123295943.6
SKYEPHARMA-ADR SK8N GR -119704799.7 123295943.6
SKYEPHARMA-ADR SKYPY US -119704799.7 123295943.6
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SKYEPHARMA-ADR AP80 LI -119704799.7 123295943.6
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SKYEPHAR-RTS N/P SKPN VX -119704799.7 123295943.6
SKYEPHAR-RTS N/P SKPN LN -119704799.7 123295943.6
SMG PLC SMG LN -61797602.82 173123066.5
SMG PLC SMG PO -61797602.82 173123066.5
SMG PLC-FUL PAID SMGF LN -61797602.82 173123066.5
SMG PLC-NIL PAID SMGN LN -61797602.82 173123066.5
SMITHS NEWS PLC NWS PO -95712237.17 277933611.8
SMITHS NEWS PLC NWS PZ -95712237.17 277933611.8
SMITHS NEWS PLC NWS IX -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 TQ -95712237.17 277933611.8
SMITHS NEWS PLC SMWPF US -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 BQ -95712237.17 277933611.8
SMITHS NEWS PLC NWS LN -95712237.17 277933611.8
SMITHS NEWS PLC NWS2GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC SMWPY US -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2EUR EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS VX -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EO -95712237.17 277933611.8
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STV GROUP PLC SMG PZ -61797602.82 173123066.5
STV GROUP PLC SMG VX -61797602.82 173123066.5
STV GROUP PLC STVGEUR EU -61797602.82 173123066.5
STV GROUP PLC STVG LN -61797602.82 173123066.5
STV GROUP PLC STVGEUR EO -61797602.82 173123066.5
STV GROUP PLC STVG EU -61797602.82 173123066.5
STV GROUP PLC SMG IX -61797602.82 173123066.5
STV GROUP PLC SMGPF US -61797602.82 173123066.5
STV GROUP PLC STVGGBP EO -61797602.82 173123066.5
STV GROUP PLC STVG VX -61797602.82 173123066.5
STV GROUP PLC STVG EO -61797602.82 173123066.5
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWSTF US -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
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGPF US -21397232.94 474779161.6
UNIGATE PLC UNGAF US -21397232.94 474779161.6
UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNIG LN -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
UNIQ PLC UNIQ VX -21397232.94 474779161.6
UNIQ PLC UGE GR -21397232.94 474779161.6
UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
UNIQ PLC UNIQ IX -21397232.94 474779161.6
UNIQ PLC UNQPF US -21397232.94 474779161.6
UNIQ PLC UNIQGBP EO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
UNIQ PLC UNIQ EO -21397232.94 474779161.6
UNIQ PLC UNIQ PZ -21397232.94 474779161.6
UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
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VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
WARNER ESTATE WNERGBP EO -6076459.885 426871306.9
WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
WARNER ESTATE WNER IX -6076459.885 426871306.9
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WATSON & PHILIP WTSN LN -120493900 252232072.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
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.
* * * End of Transmission * * *