/raid1/www/Hosts/bankrupt/TCREUR_Public/110308.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, March 8, 2011, Vol. 12, No. 47
Headlines
B U L G A R I A
KREMIKOVTZI AD: Bulgaria to Call Fourth Tender on April 12
C Z E C H R E P U B L I C
SAZKA AS: KKCG SF Files Insolvency Claim Against Sazka
G E O R G I A
* Fitch Gives Positive Outlook on Georgia; Affirms 'B+' Ratings
G E R M A N Y
DECO 9: Fitch Cuts Ratings on Three Classes of Notes to 'CC'
TUI AG: Board Approves IPO Plan for Hapag-Lloyd
G R E E C E
* GREECE: Rules Out Default or Debt Restructuring
I R E L A N D
ANGLO IRISH: Moody's Junks Bank Deposit Ratings From 'Baa3'
BANK OF IRELAND: Misled Finance Minister Brian Lenihan on Bonuses
FAB US: S&P Downgrades Ratings on Two Classes of Notes to 'D (sf)'
EIRCOM GROUP: Trade Unions Agree to Radical "Recovery Plan"
FOUR STAR: Creditors Recover 7% of Debts Under Rescue Plan
MCINERNEY GROUP: Supreme Court to Hear Appeals on Rescue Plan
SUPPLIERFORCE: Sold by Liquidator to Dun & Bradstreet
N E T H E R L A N D S
* NETHERLANDS: Corporate Bankruptcies Set to Fall This Year
R U S S I A
X5 RETAIL: Moody's Downgrades Corporate Family Rating to 'B2'
U N I T E D K I N G D O M
AERO INVENTORY: Administrators to Re-launch Firm
ALTO WEB: Goes Into Administration
BAKKAVOR FINANCE: Moody's Assigns 'B2' Rating to New Senior Notes
DECO 6: Moody's Downgrades Ratings on Class D Notes to Caa3 (sf)
MODEC: Goes Into Administration, Axes 26 Jobs
PLYMOUTH ARGYLE: High Court Places Firm Into Administration
PUNCH TAVERNS: Moody's Cuts Rating on GBP21MM Notes to Ba3 (sf)
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===============
B U L G A R I A
===============
KREMIKOVTZI AD: Bulgaria to Call Fourth Tender on April 12
----------------------------------------------------------
The Sofia Echo reports that Bulgaria will call a fourth tender for
the production assets of insolvent Bulgarian steel mill
Kremikovtzi on April 12, 2011.
According to the report, Tsvetan Bankov, the plant's bankruptcy
trustee, said the steelmaker will be put for sale at an indicative
bidding price of BGN316 million, which is 20% lower than the
asking price in the third auction held on February 7.
The Sofia Echo says the previous tender for the mill's production
capacities attracted just one prospective bidder, who, however,
had not paid in the tender deposit and the auction fell through.
Candidates seeking to buy into Kremikovtzi will now be required to
deposit 10% of the starting price, or BGN31.6 million, the report
notes.
The Sofia Echo adds that Economy Minister Traicho Traikov said
March 4 that Spanish consortium SHP-Advisers was interested in
purchasing some of the assets of Kremikovtzi. The companies in
the consortium were ready to apply to the European Commission with
a 20 million euro project for the reclamation of the steel mill
site, he said after a meeting with the consortium's head in
Madrid.
As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News, citing a report from the receiver, said the
mill's assets total BGN840 million, while debt was estimated at
BGN1.9 billion. Bloomberg recalled that the Sofia City Court
declared Kremikovtzi bankrupt on May 31, 2010. The Sofia-based
plant was placed in receivership in 2008 after failing to pay
suppliers and investors holding BGN325 million (US$422 million) of
bonds, Bloomberg disclosed. Creditors rejected a restructuring
plan in October 2009, opting to be repaid under insolvency laws,
Bloomberg recounted. Bloomberg noted that of the total
liabilities, 42% are owed to state-run power and gas utilities,
the state railways and tax authorities.
About Kremikovtzi
Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes. The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others. The Company is 71%-owned by
Finmetals Holding AD.
===========================
C Z E C H R E P U B L I C
===========================
SAZKA AS: KKCG SF Files Insolvency Claim Against Sazka
------------------------------------------------------
Reuters reports that KKCG Structured Finance filed an insolvency
claim against Sazka AS, the second such move against the indebted
company over the past two months, a spokesman said on Friday.
Reuters relates that KKCG spokesman Daniel Plovajko said KKCG
Structured, which holds debt past maturity worth CZK410 million
crowns ($23.59 million) and some of the company's bonds, filed the
claim with Prague City Court on Friday.
Radovan Vitek, a company controlled by real estate investor
Radovan Vitek, also filed an insolvency claim against Sazka in
January, Reuters says. Sazka has disputed the debt held by Vitek
and says it is not insolvent.
According to Reuters, Vitek, who owns a total of CKZ1.5 billion in
Sazka debt, has offered to pay CKZ1 billion for a 100% stake in
Sazka.
Reuters says KKCG made its own offer for Sazka on Feb. 21,
offering a CZK2.8 million capital hike in exchange for a 67%
stake. Mr. Plovajko, according Reuters, said the insolvency claim
changed nothing about that offer.
Meanwhile, Reuters reports that the Czech Union of Sport
Education, which holds 68% of Sazka, called on Feb. 28 for an open
tender for investor offers for the firm's restructuring.
Sazka will hold an extraordinary shareholders meeting on March 15,
called by minority stakeholders seeking to oust Chief Executive
Ales Husak and change its articles of association to allow for the
entry of a strategic partner, Reuters adds.
Penta, E-Invest Offer
On Feb. 9, 2011, the Troubled Company Reporter-Europe, citing
Reuters, related that Sazka said it had agreed to take on Penta
Investments and E-Invest as financial partners who would take
operating control of Sazka and a share of future profits but no
equity in the firm. "We are ready to invest as much as will be
needed to end the insolvency proceedings against Sazka as soon as
possible," Reuters quoted E-Invest chief Martin Ulcak as saying.
"The strategic partnership is for 15 years and there is roughly
over CZK2 billion (US$112.7 million) needed now. We have the
capacity to cover that." Penta chief Marek Dospiva said the
investors would provide money to pay off a missed EUR4 million
January payment on the principle of Sazka's 215 million euro bond
CZ025854705= and that the bond would be likely repaid by 2021 as
planned, Reuters disclosed. Reuters noted that Mr. Dospiva, whose
firm owns a majority stake in betting firm Fortuna, said Fortuna's
plans for its own lottery plan were unaffected and that Penta
would look for synergies with Sazka.
As reported in the Troubled Company Reporter-Europe on Feb. 23,
2011, CTK said the Prague Municipal Court has named Josef Cupka
as preliminary insolvency administrator for Sazka AS. KKCG SF,
Karel Komarek's investment group, has registered a CZK409 million
overdue claim into the insolvency register on Feb. 10 and filed a
proposal for naming a preliminary insolvency received at the court
on Feb. 15, CTK recounted. The court has rejected the proposal to
order an injunction that Sazka can take all important steps only
with the preliminary administrator's approval and to name a
preliminary creditor committee, CTK related. According to CTK,
Czech Television said that Mr. Cupka would also be the insolvency
administrator if Sazka was declared insolvent.
Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.
=============
G E O R G I A
=============
* Fitch Gives Positive Outlook on Georgia; Affirms 'B+' Ratings
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Georgia's Long-term
foreign and local currency Issuer Default Ratings to Positive from
Stable and affirmed them at 'B+'. The agency has also affirmed
Georgia's Short-term IDR at 'B' and Country Ceiling at 'BB-'.
"The Positive Outlook reflects Georgia's strong economic recovery,
a reduction in both the budget and current account deficits, an
improvement in the financial sector's health and some easing of
political risk," said Art Woo, Director in Fitch's Sovereign
Group.
The Georgian economy is recovering strongly, benefiting from the
global economic recovery, large-scale international donor
financing and an apparent improvement in trade performance. Fitch
estimates real GDP growth of 6.5% in 2010, after a contraction of
3.9% in 2009. The agency projects relatively strong GDP growth
will continue, with 5.0% and 6.0% forecast for 2011 and 2012,
respectively.
The stronger macroeconomic backdrop should help to support
continued fiscal consolidation. The programmed budget deficit
target was achieved in 2010, coming in at 6.6% of GDP, down from a
9.2% shortfall in 2009. The government plans to reduce the
deficit further to 3.9% in 2011 and 3.1% in 2012, driven by
reductions in expenditure as a percentage of GDP. Fitch views
this as achievable, but sees some downside risks to the
implementation, given the government's short track record of
fiscal consolidation (the deficit widened every year between 2005
and 2009). The proposed Economic Freedom Act may also constrain
the government's fiscal flexibility by making it harder to raise
taxes. Reducing the budget deficit and stabilizing the government
debt-to-GDP ratio, which was 38% of GDP at end-2010, would be
important for any potential rating upgrade.
Georgia's current account deficit has also narrowed. Fitch
estimates that the CAD came in at 10.5% of GDP in 2010, down from
11.3% in 2009 and an average of 19.2% during 2006-08. This
reflects stronger tourism receipts, workers' remittances, and
revenues generated from the transport of energy. Nevertheless,
the CAD remains sizeable and Georgia needs to attract substantial
foreign direct investment and other private sector capital inflows
to finance it. In addition, large CADs have driven a marked rise
in Georgia's net external debt, which the agency estimates to have
reached 53% of GDP in 2010, well above the ten-year 'B' range
median of 9%.
Georgia's banking sector is also stronger due to an improvement in
asset quality, healthy growth in deposits, and rising
profitability. This has led to bank lending resuming, which
should support the economic recovery. Capitalization was
relatively high at 17.4% at end-2010, providing a buffer against
shocks. This is important given Georgia's history of
macroeconomic and financial volatility and the high dollarization
rate of over 70%, which makes the banking sector and economy
vulnerable to exchange rate risk.
Political risk in Georgia appears to have eased somewhat over the
past 18 months or so, although Fitch still views it as relatively
high. Relations with Russia remain difficult, but the agency does
not expect a resumption of military conflict in the foreseeable
future. Domestic political tensions also appear to have eased, as
the governing United National Movement party has a dominant
position and most opposition parties are participating in the
electoral process following the failure of street demonstrations
to oust President Mikheil Saakashvili in spring 2009.
Georgia's ratings are underpinned by its level of human
development, which is well above the 'B' range median, a favorable
business climate (underscored by Georgia's 12th spot in the World
Bank's Ease of Doing Business rankings) low corruption and
generally sound governance, strong GDP growth prospects, a track
record of relatively low inflation and strong support from the
international community.
Potential drivers of a rating upgrade would be progress in
sustainably reducing the budget deficit and stabilizing the
government debt-to-GDP ratio. Similarly, a longer track record of
robust and sustained economic growth, especially if accompanied by
an improvement in Georgia's current account deficit and private
sector capital inflows, would be positive for the ratings.
Conversely, negative rating action could be taken if Georgia
failed to implement fiscal consolidation to reduce the budget
deficit and stabilize the public debt ratio, another severe bout
of political instability occurred, or there was a failure to
attract adequate capital inflows or a weakening in the trade and
growth performance.
=============
G E R M A N Y
=============
DECO 9: Fitch Cuts Ratings on Three Classes of Notes to 'CC'
------------------------------------------------------------
Fitch Ratings has downgraded DECO 9 - Pan Europe 3 plc's class G,
H and J notes and affirmed the other classes of notes. The
Outlooks on the class A2 to E notes are Negative. The agency has
simultaneously assigned Recovery Ratings to the F to J notes.
The rating actions are:
-- EUR345.3m class A1 (XS0262559296) affirmed at 'AAA'; Outlook
Stable
-- EUR312.0m class A2 (XS0262561276) affirmed at 'AA'; Outlook
Negative
-- EUR39.0m class B (XS0262561946) affirmed at 'A'; Outlook
Negative
-- EUR37.6m class C (XS0262562753) affirmed at 'BB'; Outlook
Negative
-- EUR15.2m class D (XS0262563215) affirmed at 'BB-'; Outlook
Negative
-- EUR21.5m class E (XS0262563728) affirmed at 'B'; Outlook
Negative
-- EUR34.2m class F (XS0262564452) affirmed at 'CCC'; RR5
-- EUR6.7m class G (XS0262565004) downgraded to 'CC' from 'CCC';
affirmed RR6
-- EUR10.0m class H (XS0262565939) downgraded to 'CC' from
'CCC'; affirmed RR6
-- EUR4.8m class J (XS0262566234) downgraded to 'CC' from 'CCC';
affirmed RR6
The downgrades of the class G, H and J notes and the Negative
Outlooks on the class A2 to F notes reflect the increased risk of
losses under the Treveria loan. The affirmations of the classes A
to F notes reflect the increase in credit enhancement resulting
from the redemption of two loans and the sequential allocation of
these funds at the January 2011 interest payment date which
balances out the deterioration of the Treveria loan.
The loan pool had a reported weighted-average loan-to-value ratio
of 69.2% on the October 2010 interest payment date. This compares
to a Fitch WA LTV of 95%, reflecting an overall market value
decline of 27.3%. Of the six remaining loans, the Treveria I loan
is the main driver of the rating downgrades. Fitch used its
European CMBS surveillance criteria to analyze the underlying
loans of the pool.
The Treveria I loan, which has reported significant deterioration
in collateral income and value, defaulted in July 2010 for breach
of various loan covenants and was subsequently transferred to
special servicing. Consequently, some of the underlying borrowers
were placed into administration. Despite this, the special
servicer intends to dispose of the properties in an orderly
manner, through an asset sale, without needing to go through a
formal mortgage enforcement process.
The second loan to contribute to the transaction's sub-investment
grade tranches is the PGREI portfolio loan (17.1% of the pool
balance). The loan has a reported LTV of 78.4%, based on the
valuation at closing. This compares to a Fitch LTV of 103%,
reflecting a significant MVD. However, the relatively stable
rental income provided by good credit tenants on generally long
leases is expected to partly mitigate the refinancing risk at
scheduled loan maturity on January 2014.
The Gottingen loan (smallest loan in the pool, 3.6% of the
collateral portfolio) will mature in April 2011. According to the
servicer, the borrower has been pursuing various options for
repaying the loan and is in final negotiations with the intention
to repay the loan as scheduled. According to public sources, a
sale has also been attempted. The property is located in the city
centre; it has not been re-valued since origination (LTV 67.6%),
but the current Fitch LTV is 81%. The recovering German
commercial real estate market for shopping centers will help the
potential sale, although it is unclear how much demand there is at
present for shopping centers in smaller sub-markets.
Fitch will continue to monitor the performance of the transaction.
TUI AG: Board Approves IPO Plan for Hapag-Lloyd
-----------------------------------------------
Robert Wright at The Financial Times reports that Tui AG's board
approved plans for an initial public offering of Hapag-Lloyd, its
container shipping line.
According to the FT, the plans value the company at least
EUR3 billion (US$4.2 billion). The listing of the container
shipping business, operator of the world's fifth-largest container
ship fleet, is expected to take place as early as mid-April this
year, the FT discloses.
As well as approving the IPO plans, the board meeting on March 3
agreed to sell an 11.33% stake in Hapag-Lloyd to the Albert Ballin
consortium -- a group including Hamburg's state government and
local businesses -- that controls the company, the FT relates.
The stake, the FT says, is being sold for EUR315 million and a
further EUR35 million if performance is strong. At the price
agreed for the stake sale, the group's shares would be worth
EUR3.09 billion in a listing, the FT states
Tui is expected to try to sell all the 38.4% stake it will retain
after the sale of the stake to the Albert Ballin group, although
Tui may retain some if it believes a future sale may obtain a
better price, the FT notes.
According to the FT, the company did not give details about the
timing or form of the IPO but said: "The supervisory board
authorized the executive board as a matter of principle to sell
further shares in Hapag-Lloyd in the framework of an IPO."
About TUI
TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe. TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland. It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others. The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises. TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries. The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others. The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 19,
2011, Moody's Investors Service raised the Corporate Family Rating
and Probability of Default Rating of TUI AG to B3 from Caa1; the
unsecured rating and the subordinated ratings are also raised to
Caa1 and Caa2, respectively. Moody's said the outlook is stable.
The rating action reflects Moody's view that the incremental
proceeds that have been received from Hapag-Lloyd following its
refinancing have improved the financial profile of TUI AG.
===========
G R E E C E
===========
* GREECE: Rules Out Default or Debt Restructuring
-------------------------------------------------
Tom Ellis at ekathimerini.com reports that Caroline Atkinson,
director of the International Monetary Fund's External Relations
Department, said in Washington on Thursday that Greece has ruled
out the possibilities of default or debt restructuring.
According to ekathimerini.com, Ms. Atkinson said in a regular
press briefing that "the Greek government has made it clear that
default is not an option," and reiterated Athens's assurances that
there will be no restructuring of its debt.
The IMF official stressed that the policy to handle the difficult
financial juncture and the high debt that the Greek economy got
into last spring was based on two axes: Reforms that would open up
the economy and create the best possible environment for growth
and new jobs, and the improvement of public finances,
ekathimerini.com relates.
=============
I R E L A N D
=============
ANGLO IRISH: Moody's Junks Bank Deposit Ratings From 'Baa3'
-----------------------------------------------------------
Moody's Investors Service has downgraded the bank deposit ratings
of Anglo Irish Bank Corporation Limited and Irish Nationwide
Building Society to Caa1/Not-Prime, from Baa3/P-3 (on review for
possible downgrade), the same level as the unguaranteed senior
unsecured debt ratings of the two institutions. The Caa1 long-
term bank deposit ratings remain on review for possible downgrade,
in line with the review on the unguaranteed senior unsecured debt
ratings. There is no rating impact on the stand-alone bank
financial strength ratings, on the senior unsecured and
subordinated debt ratings, and on the government-guaranteed debt
ratings.
Ratings Rationale
The rating actions follow the transfer of the vast majority of the
deposit bases of the two institutions to Allied Irish Banks and
Irish Life & Permanent respectively (see Moody's comment:
"Deposits from Anglo Irish and Irish Nationwide Improve Funding at
AIB and IL&P" published on February 28, 2011). Moody's had
previously incorporated substantial uplift from the stand alone
bank financial strength ratings of the two institutions (rated E,
mapping to Caa1 on the long-term scale) in the bank deposit
ratings given the substantial support received from the Irish
government. However as the vast majority of the deposits have now
been transferred to other banks within the system Moody's has
reassessed its support assumptions for the remaining deposits. As
a result the bank deposit ratings are now downgraded to the same
level as the unguaranteed senior unsecured debt of the two
institutions. At the Caa1 level these ratings no longer
incorporate any systemic support, reflecting the much lower
systemic importance of these two institutions as evidenced by the
transfer of the deposits and the wind down of their remaining
assets over the longer term.
The Caa1 long-term bank deposit rating remains on review for
possible downgrade, in line with the review on the Caa1
unguaranteed senior unsecured debt rating. The review will focus
on the new government's stance towards senior creditors, and the
remaining depositors of the two institutions, including the
remaining deposits. Should the risk increase that senior
creditors will be forced to bear losses the ratings would likely
face further downgrades.
The Bank Rating Actions Are:
* Anglo Irish Bank: Bank deposit ratings downgraded to Caa1/Not-
Prime from Baa3/P-3. The Caa1 long-term bank deposit rating
remains on review for possible downgrade.
* Irish Nationwide Building Society: Bank deposit ratings
downgraded to Caa1/Not-Prime from Baa3/P-3. The Caa1 long-term
bank deposit rating remains on review for possible downgrade.
BANK OF IRELAND: Misled Finance Minister Brian Lenihan on Bonuses
-----------------------------------------------------------------
Laura Slattery at The Irish Times says that a report by the
Department of Finance reveals that Bank of Ireland repeatedly
misled outgoing Minister for Finance Brian Lenihan by insisting
that no performance-related bonuses had been paid to its senior
management.
The bank, The Irish Times says, is to pay EUR2 million to the
State in recompense for misleading Mr. Lenihan and the Oireachtas
on bonuses.
The Irish Times relates that following a parliamentary question in
November 2010, the bank insisted to Mr. Lenihan that no
performance-related bonuses had been paid in respect of the
financial years ending in March 2009 and December 2009. According
to The Irish Times, the report states that, in fact, more than
EUR66 million has been paid in bonuses to Bank of Ireland staff in
the period from September 2008 to December 2010.
The Department of Finance said all of these bonuses were
performance-linked, but they were not classified as such by the
bank, The Irish Times notes.
Following an investigation, it has emerged that senior executives
in Bank of Ireland were paid previously contracted bonuses of
EUR4.3 million since the introduction of the bank guarantee in
September 2008, The Irish Times states. The bank also claims it
is due to pay contractual bonuses of EUR600,000 to senior
executives in 2011 and a further EUR200,000 in 2012, according to
The Irish Times.
The department, as cited by The Irish Times, said the number of
discrepancies was "unacceptable" and the bank's "uncommon"
interpretation of a performance-related bonus was "inappropriate".
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 Feb. 25,
2011, Standard & Poor's Ratings Services said that it raised its
ratings on the hybrid debt instruments issued by Bank of Ireland
(trading name of the Governor & Company of the Bank of Ireland)
and subsidiaries to 'CC' from 'C'. S&P's 'BB+/B' counterparty
credit ratings on BOI were unaffected, but remained on CreditWatch
with negative implications.
FAB US: S&P Downgrades Ratings on Two Classes of Notes to 'D (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A1 and S notes from FAB US 2006-1 PLC, a cash flow CDO
backed by mezzanine asset-backed securities transaction managed by
Gulf International Bank (U.K.) Ltd. At the same time, S&P
affirmed its ratings on the class A2, A3, A4, B, and C notes.
S&P lowered the ratings on the class A1 and S notes to 'D (sf)'
because these nonpayment-in-kind tranches did not receive the
expected interest payment due on the Jan. 5, 2011, payment date.
At that time, the class A1 notes only received a partial payment
of interest owed and the class S notes did not receive any of the
interest owed on the tranche.
The rating actions reflect the implementation of S&P's criteria
for ratings on CDO transactions that have triggered an EOD and may
be subject to acceleration or liquidation.
Ratings Lowered
FAB US 2006-1 PLC
Rating
------
Class To From
----- -- ----
A1 D (sf) CC (sf)
S D (sf) CCC- (sf)
Ratings Affirmed
FAB US 2006-1 PLC
Class Rating
----- ------
A2 D (sf)
A3 D (sf)
A4 D (sf)
B CC (sf)
C CC (sf)
EIRCOM GROUP: Trade Unions Agree to Radical "Recovery Plan"
-----------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom Group and
its trade unions have agreed a radical framework "recovery plan"
that would cut employee pay by 10% for 18 months and could result
in more than 1,000 voluntary redundancies over a three-year
period.
The deal, The Irish Times, says is aimed at achieving labor
savings of EUR92 million by 2013. It is part of a major
restructuring planned by Eircom to put the heavily-indebted
business on a sounder financial footing, The Irish Times notes.
Under the terms of the agreement, an 18-month pay freeze would be
imposed, The Irish Times discloses. The two sides have agreed to
a 10% reduction in working hours over the same time frame, with a
pro-rata decrease in pay, The Irish Times relates.
Eircom and its unions have also agreed to engage on restructuring
a number of functions and modernizing work practices, The Irish
Times states.
The unions have secured some concessions in the recovery plan,
including the possibility of a performance-related bonus scheme
for graded staff, according to The Irish Times.
Voluntary redundancy will also be offered, The Irish Times says.
According to The Irish Times, no figure was mentioned in the
document but sources familiar with the talks said it was likely to
involve a reduction of more than 1,000 staff over a three-year
period.
Eircom has already cut its workforce by 1,791 since March 2009,
The Irish Times recounts. The company had 7,1,70 workers at the
end of December 2010, including 749 contractors, The Irish Times
discloses. Redundancies are likely to be focused on Eircom's
3,000-strong engineers, where the average age is 54, The Irish
Times notes.
On March 3, 2011, The Troubled Company Reporter-Europe, citing
Irish Independent, reported that the management of Eircom will
need to present a definitive business plan before lenders can
properly engage in negotiations on restructuring its EUR3.75
billion of debt. Irish Independent's sources said that the plan
will clarify how much debt the company can sustain long term and
provide the basis for renegotiation, including writing off some
bonds. Eircom's management on March 1 confirmed that it is
working with financial advisers JPMorgan Chase and Gleacher
Shacklock to come up with a long term financial strategy, Irish
Independent related. One of the advisers told the Irish
Independent that the strategy will include asking lenders to agree
to write off some of the company's debt. That would be a
precondition for shareholders Singapore Technologies Telemedia
(STT) and its employee share ownership trust (ESOT) injecting up
to EUR300 million into the business, according to Irish
Independent. The cash would put the company on a sound financial
footing, benefiting remaining lenders, Irish Independent stated.
Covenant Breach
As reported by the Troubled Company Reporter-Europe, The Irish
Times said that in November 2010, Eircom signaled that it could
breach its banking covenants within 12 months. Ratings agency
Moody's suggested a breach could come by the end of June, The
Irish Times noted.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
FOUR STAR: Creditors Recover 7% of Debts Under Rescue Plan
----------------------------------------------------------
Barry O'Halloran at The Irish Times reports that unsecured
creditors were paid just 7% of their debts under the rescue plan
for fast-food chain, Four Star Pizza, which emerged from
examinership recently with the backing of hotelier Michael
Holland.
The Irish Times relates that last week, the court approved a
rescue plan put together by Neil Hughes of Hughes Blake, the
company's examiner, and supported by its creditors.
According to The Irish Times, The Revenue Commissioners received
all PAYE and PRSI payments due to them, and 50% of their
preferential debts. The EUR4.9 million due to National Irish Bank
was refinanced, The Irish Times notes.
As reported by the Troubled Company Reporter-Europe on March 4,
2011, Irish Examiner said that Mr. Justice Brian McGovern was told
Gonville Ltd. had agreed to invest EU500,000 in Four Star's parent
company, Zowington. Irish Examiner disclosed the court was told
that Gonville bought the Irish and British franchise rights of the
pizza chain and half of its investment will go directly into the
Four Star Pizza. Examiner Neil Hughes was appointed last November
to the takeaway chain after the court that heard it was insolvent
and unable to pay its debts, Irish Examiner recounted. Irish
Examiner related Rossa Fanning, counsel for the examiner, said
following the examinership, Mr. Hughes found the there was a
reasonable prospect of survival for the company which employs
around 450 people indirectly and 25 directly. Irish Examiner
noted that the counsel said the number of stores which will
continue trading is 37 following the closure of some stores and
the repudiation of a number of leases. Mr. Justice McGovern, as
cited by Irish Examiner, said he was satisfied to approve the
survival scheme and allow the company to continue as a going
concern.
Four Star Pizza, which has 42 stores, was the second largest take-
out franchise in the 32 counties.
MCINERNEY GROUP: Supreme Court to Hear Appeals on Rescue Plan
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that the Supreme Court
will hear appeals from both sides in the dispute over the future
of McInerney Group.
According to The Irish Times, the company and three banks involved
in a failed examinership process have been given the go-ahead to
appeal a High Court ruling that would have effectively spelled the
end for the construction group.
The Supreme Court on Friday agreed to hear appeals from both the
company and three banks to which it owes EUR113 million, The Irish
Times relates.
The court extended an order giving the group protection from its
creditors until both cases are heard, The Irish Times notes. Both
parties have agreed to exchange all relevant documents by the end
of March. They will ask the Chief Justice on Thursday to hear the
appeal as early as possible, The Irish Times discloses.
Mr. Justice Frank Clarke refused to approve a proposed rescue plan
for the group, which has been in examinership since September, two
weeks ago, The Irish Times recounts. The proposal included an
offer of EUR25 million in full settlement of the EUR113 million
debt owed to a syndicate of three banks, State-owned Anglo Irish,
Bank of Ireland and Belgian lender KBC, The Irish Times states.
The judge ruled that the proposal was unfairly prejudicial to the
interests of KBC, The Irish Times notes. According to The Irish
Times, while the company is appealing this and other aspects of
the ruling, the banks have launched a cross-appeal of their own.
They say that the High Court was wrong to have revisited its
original ruling in the case, which was made, but not confirmed, in
early January, The Irish Times discloses.
Mr. Justice Clarke agreed to revisit certain aspects of the case
when it emerged that Anglo's and Bank of Ireland's share of the
debt, which is around EUR80 million, was destined for the National
Asset Management Agency, The Irish Times notes.
About McInerney
McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England. It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain. It operates in Ireland, the
United Kingdom and Spain. The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008, consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties. The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area. Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes. As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.
SUPPLIERFORCE: Sold by Liquidator to Dun & Bradstreet
-----------------------------------------------------
Richael O'Brien at InsolvencyJournal.ie reports that
Supplierforce's liquidator Ken Fennell has succeeded in selling
the company to the multinational corporation Dun & Bradstreet.
Supplierforce had entered into voluntary liquidation on November
26, 2010, InsolvencyJournal.ie recounts. According to
InsolvencyJournal.ie, Supplierforce had CEO Declan Kearney said
that the funding of the company had been impacted by the economic
issues of the past year and could no longer continue as a going
concern. Entering creditors' voluntary liquidation enabled the
liquidator to realise value, on behalf of creditors and
shareholders, through the sale of assets, InsolvencyJournal.ie
notes.
The sale, InsolvencyJournal.ie says, includes all IP rights of
Supplierforce, including the company's core Supplier Management
solution.
Supplierforce is a Dublin-based Supplier Management provider.
=====================
N E T H E R L A N D S
=====================
* NETHERLANDS: Corporate Bankruptcies Set to Fall This Year
-----------------------------------------------------------
Celesti Perri at Bloomberg News reports that De Telegraaf, citing
figures from research bureau Grayson, said the number of corporate
bankruptcies this year is set to fall to 8,600 from 9,500 last
year.
Bloomberg adds that the number of Dutch bankruptcies rose last
month by almost a quarter from January.
Bloomberg notes that De Telegraaf said the research bureau didn't
have a reason for the jump in figures.
===========
R U S S I A
===========
X5 RETAIL: Moody's Downgrades Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
Corporate Family Rating and Probability of Default Rating of X5
Retail Group N.V. The outlook on the ratings is stable. At the
same time, Moody's Interfax Rating Agency, which is majority-owned
by Moody's, downgraded X5's national scale credit rating to A3.ru
from A1.ru. This concludes the review for possible downgrade
initiated on December 10, 2010 following the announcement that X5
signed an agreement to acquire OJSC Trade House Kopeyka, a Russian
discount food retailer, in a RUB51.5 billion (around US$1,661
million) transaction.
Ratings Rationale
The ratings downgrade reflects the expected deterioration of X5's
financial profile as a result of the Kopeyka acquisition, which is
large and debt-funded, and Moody's expectation that X5 will not
restore it over the next 18 months to levels fully consistent with
Moody's existing rating guidance for a B1 rating in an emerging
market business: adjusted Debt/EBITDA at around 4x maximum with a
further downward trend, RCF/Net Debt in high teens and
EBITA/Interest above 2.5x (all ratios incorporate Moody's standard
adjustments). As it was estimated by Moody's, following the
transaction the company's end-2010 pro-forma Debt/EBITDA could
exceed 5.0x (incorporating Moody's standard adjustments). Moody's
anticipation that X5's will not quickly reduce its financial
leverage factors in the company's return to a pre-crisis
aggressive growth strategy which is confirmed in particular by the
company's plan to double the upper threshold for the 2011 capex to
RUB40 billion (US$1.3 billion) including VAT. Large investments
are likely to postpone the company's de-leveraging towards levels
consistent with the B1 rating category. Moody's further notes
that this ambitious plan will likely require the company to
contract additional financing sources over the next year if
executed at this level.
Moody's understands that X5 is reasonably flexible with its
investments and the pace of a recovery of its financial profile is
to a high degree management's choice. The agency acknowledges
that management has chosen for an ambitious growth strategy and a
higher leverage tolerance to further strengthen the company's
leading positions in Russia's very fragmented food retail market,
which has a high growth potential.
The stable outlook reflects Moody's view that X5 is strongly
positioned in the B2 rating category. Moody's recognizes X5's
strong business fundamentals and leading market position in the
defensive food retail sector -- advantages that will be supported
by the addition of Kopeyka's discounter chain. To maintain the B2
rating, the agency expects X5 to strengthen its Debt/EBITDA and
RCF/Net Debt to around 4.5x and mid-teens within the next 12-18
months and sustain these levels going forward (all ratios include
Moody's standard adjustments). The agency would additionally
expect the company's liquidity profile to be consistent with a B2
rating.
An improved financial profiles supported by the above mentioned
B1-consistent credit metrics and a strong liquidity profile, could
put upward pressure on the ratings. However, in light of X5's
sizable investment program, Moody's does not envisage an upward
pressure in the near term.
Downward rating pressure could develop if Debt/EBITDA and RCF/Net
Debt were to be sustained at around 5x and low-teens,
respectively. A material deterioration of the liquidity profile,
including reduced headroom under covenants below 10%, could also
put downward pressure on the ratings.
The last action on X5 was implemented on Dec. 10, 2010, when
Moody's placed the ratings under review for possible downgrade.
Headquartered in the Netherlands, X5 is the leading multi-format
Russian food retailer. X5's 2009 net revenues were US$8.7
billion, with soft discounter format, supermarkets and
hypermarkets accounting for around 50%, 31% and 19%, respectively.
X5 is a member of the Alfa Group Consortium, one of a few Russia-
focused private industrial and financial conglomerates. The
parent company of the consortium is the ultimate parent company of
X5. Alfa Group beneficiary shareholders control 47.9% of X5,
while the management of the latter holds 1.9%.
===========================
U N I T E D K I N G D O M
===========================
AERO INVENTORY: Administrators to Re-launch Firm
------------------------------------------------
Aero Inventory plc's administrators have disclosed the forthcoming
relaunch of the business.
The administrators have signed a deal with DHL, the global
logistics business, which will see the large majority of Aero
Inventory's US$400 million of stock (at estimated OEM value)
rationalized to a new DHL distribution centre in Singapore over
the next six months. This specialist aerospace facility will host
one of the world's largest inventories of aircraft parts, capable
of supporting the major aircraft fleets of many of the world's
airlines and maintenance, repair and operations companies (MROs).
New customer relationships are being developed with these major
customers, and a bespoke Web shop developed for smaller operators,
all supported by expert multi-lingual sales teams around the
world. The restructured business will start taking orders in Q2
2011 but is expected to be fully operational in Q3 2011.
Jim Tucker, joint administrator of Aero Inventory and
restructuring partner at KPMG, commented:
"It has been a mammoth task to consolidate Aero's 25 million parts
and their associated trace documents -- which give the airline
purchaser certification of where the part was manufactured --
spread across over 100 locations around the world. The US$400
million of stock is now being rationalized and sent in stages to
our new global hub, hosted by DHL in Singapore. During Q2 we will
have consolidated enough parts to launch what is effectively a
brand new business, supporting the major aircraft fleets of
airlines, MROs and supply chain specialists worldwide.
"Whil[e] we previously received buyer interest in the business,
the offers reflected the lack of visibility of Aero Inventory's
stock and its dispersal around the world. We believe the
restructured business will attract a far higher level of buyer
interest. We plan to bring the business back on to the market in
the second half of 2011."
Aero Inventory plc -- http://www.aero-inventory.com/-- is a
holding company to its subsidiary undertakings. Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry. Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States. The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.
ALTO WEB: Goes Into Administration
----------------------------------
Adam Hooker at PrintWeek reports that Northampton printer Flair
Press (UK), which traded as Alito Web, has gone into
administration. The report relates that the company, which filed
a notice of intent to appoint an administrator last month, had
gone into administration with Zolfo Cooper.
A notice to the London Gazette has now confirmed that insolvency
practitioners KJ Coates and CP Holder were appointed from the firm
on Feb. 22, 2011, according PrintWeek. The current situation at
the company is unclear, the report notes.
PrintWeek relates that Flair Press (UK)'s partner company Alito
Color Group went into administration with UHY Hacker Young. Both
companies remain in administration, although PrintWeek understands
buyers for both businesses are being sought.
BAKKAVOR FINANCE: Moody's Assigns 'B2' Rating to New Senior Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the new
GBP350 million senior secured Notes, due 2018, of Bakkavor Finance
(2) plc. The final terms of the Notes are in line with the draft
reviewed for the provisional (P)B2 rating of the Notes. However,
on the day of the issue the revolving credit facility only had
GBP85 million in availability versus the GBP105 million expected
at the time of the provisional rating. This additional drawdown
was largely held as cash in advance of the normal seasonal build
up. In Moody's opinion this change in liquidity profile was not
sufficient to change the rating.
Issuer: Bakkavor Finance (2) plc,
Assignment:
-- New senior secured Notes rating assigned to new GBP350
million Notes at B2.
Ratings Rationale
Bakkavor, based in London, is a leading fresh prepared foods
producer in the UK. The company has around 18,000 employees
producing 18 product categories in 57 facilities based around the
world but predominantly in the UK. Around 84% of revenue is
derived from the UK, 13% in Europe and the rest in the US and
Asia. For the last-twelve-months period ended 2 October 2010 (per
the auditor review included in the prospectus), Bakkavor reported
revenues and adjusted EBITDA of approximately GBP1.6 billion and
GBP139 million. The company took on a new CFO in November 2010.
Bakkavor is approximately 34% owned by the founders, Lydur and
Agust Gudmundsson and other shareholders with more than 2% of the
voting rights are Icelandic pension funds and banks.
DECO 6: Moody's Downgrades Ratings on Class D Notes to Caa3 (sf)
----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Deco 6 -- UK Large Loan 2 plc (amounts reflect initial
outstandings):
-- GBP259.9M Class A2 Notes, Downgraded to Baa1 (sf); previously
on Jun 12, 2009 Downgraded to Aa3 (sf)
-- GBP43.0M Class B Notes, Downgraded to B2 (sf); previously on
Jun 12, 2009 Downgraded to Baa3 (sf)
-- GBP49.1M Class C Notes, Downgraded to Caa2 (sf); previously
on Jun 12, 2009 Downgraded to B1 (sf)
-- GBP30.1M Class D Notes, Downgraded to Caa3 (sf); previously
on Jun 12, 2009 Downgraded to Caa1 (sf)
At the same time, Moody's Investors Service has affirmed the Aaa
(sf) rating of the GBP173.0M Class A1 Notes issued by Deco 6 -- UK
Large Loan 2 plc. The rating action takes Moody's updated central
scenarios into account, as described in Moody's Special Report
"EMEA CMBS: 2011 Central Scenarios".
Ratings Rationale
The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans. Moody's derive from those parameters a loss expectation
for the securitized pool.
Based on Moody's revised assessment of these parameters, the loss
expectation for the remaining pool, which now consists of three
loans (compared to four at closing) has increased significantly
since the last review in June 2009.
The rating affirmation of the Class A1 Notes is mainly driven by
(i) current credit enhancement levels and (ii) low note-to-value
level.
The downgrade on Class A2, B, C, and D Notes is mainly caused by
(i) Moody's increased refinancing default risk and loss assessment
for the remaining loans in the pool; and (ii) high lease rollover
risk affecting the Mapeley loan (46% of the current pool). As
reported in the latest investor report (January 2011), the second
largest tenant of the Mapeley property portfolio (27% of total
rent) served notice to their lease which matures in September
2011.
The overall default probability of the remaining underlying loans
as assessed by Moody's has increased compared to the last review
in June 2009 due to a re-assessment of the refinancing risk.
Moody's weighted average whole loan to value ratio is considerable
at 104%. The Mapeley loan exhibits a Moody's whole loan LTV of
101%. The two other loans, Brunel Shopping Centre (28% of current
pool) and St Enoch Shopping Centre loan (26% of current pool),
which show current Moody's whole loan LTVs of 116% and 96%
respectively, are due to be repaid in April 2012. As Moody's
expects limited increase in commercial property values in the next
two years, these loans will be highly leveraged at their
respective maturity dates in April 2012.
The ratings of the Classes of Notes are sensitive to the
performance of the Mapeley loan and the success of the borrower to
renew upcoming lease expiries or re-let vacated areas.
Deterioration of rental cash flows would lead to higher default
probability during the term and a lower property value. In
addition, a more adverse lease profile will further increase the
refinancing risk.
Primary sources of assumption uncertainty are the current stressed
macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) values will
overall stabilize but with a strong differentiation between prime
and secondary properties, and (iii) occupational markets will
remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery. Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expect sluggish recovery in most
of the world's largest economies, returning to trend growth rate
with elevated fiscal deficits and persistent unemployment levels.
Moody's Portfolio Analysis
As of the January 2011 interest payment date, the transaction's
total pool balance was GBP367.8 million down by 34% since closing.
This is mainly due to the repayment of the largest loan at closing
(Canary Wharf Loan) in March 2006. The prepayment proceeds were
applied modified pro-rata. As a result, three loans remain which
are secured by 22 properties and mainly in use as retail (65%) and
office (35%). The transaction structure provides for the
allocation of amortization and prepayment proceeds to the Notes
switching from currently modified pro-rata to fully sequential
subject to certain triggers that have not been hit to date.
Even though the Class A1 Notes and the Class A2 Notes were to rank
pari passu in a post-enforcement scenario following the service of
a Note acceleration notice, Moody's assesses the credit risk of
the two Classes of Notes to be different as the pre-enforcement
priority of payments should prevail in most cases for the
remaining term of the transaction. In terms of sequential
principal proceeds, the Class A1 Notes rank ahead of the Class A2
Notes in the pre-enforcement priority of payments, i.e. the Class
A2 Notes are timely subordinated to the Class A1 Notes.
The Class A2, Class B, Class C and Class D Notes are timely
subordinated or subordinated in the transaction's capital
structure. Due to this additional leverage, the higher portfolio
risk assessment has a relatively bigger impact on the expected
loss of the more junior Notes than on the expected loss of the
more senior Notes.
As of the last IPD, all of the remaining three loans in the
portfolio were current and none of the loans are in special
servicing or have defaulted since closing. The Brunel Shopping
Centre loan is on the servicer watch list due a breach of debt
service coverage ratio covenant which is ongoing since February
2006.
The largest loan is the Mapeley loan (46% of the pool) which is
secured by an office portfolio located in regional towns spread
throughout England, Scotland and Wales. Currently, the portfolio
consist of 20 properties which are let to 21 tenants with the top-
3 tenants contributing approximately 71% of total rental income.
The current reported interest coverage ratio is 1.35x (as of
January 2011) with 50% of the surplus cash flow being trapped over
a two-year period ending July 2011. The balance (currently GBP6.4
million) is placed in a deposit for any future loan and property
payment requirements. This partially mitigates the existing
adverse lease profile for this loan evidenced by a short weighted
average lease to expiry or break of 2.6 years. In addition, the
second largest tenant (27% of total rent) has notified the
borrower that they will not renew the lease in September 2011
which will have a negative impact on the rental cash flows. In
case this tenant vacates the single let property the overall
vacancy of the 20 properties will be approximately 26% by area
compared to 7% to date. The rental income (supported by the
deposit) should enable the properties to cover the debt service
even in case the second largest tenant of the portfolio leaves.
Moody's property value of GBP170 million considers the (i)
secondary quality of the properties and (ii) some potential rental
income deterioration resulting mainly from the existing lease
expiry profile. The refinancing risk for this loan which matures
in July 2015, has increased considerable since Moody's last review
based Moody's LTV ratio of 101%, the size of the loan and average
quality of the portfolio. The refinancing risk is also depending
on the success of the borrower to renew upcoming lease expiries
and/or re-let vacated areas and thereby increase the WA lease
(beyond the loan maturity date).
The Brunel Shopping Centre loan (28% of the pool) which matures in
April 2012 is secured by a shopping centre located in Swindon town
centre, approximately 80 miles west of London. Based on the
valuation as of closing, the current underwriter's whole loan and
securitized LTV is 83% and 78% respectively. The loan
underperforms Moody's expectations as the whole loan projected
DSCR is 0.91x as per January 2011 IPD and limited visibility
exists regarding the duration of ongoing loan restructuring
negotiations between the servicer and the borrower. Although some
refurbishments were completed over the past two years, the vacancy
level of the shopping centre remained stable at approximately 9%.
Given the high Moody's whole LTV ratio of 116%, there is a very
high likelihood that this loan will not repay as scheduled on its
maturity date in April 2012. In its refinancing risk analysis
Moody's also took into consideration (i) the large size of the
whole loan; (ii) the long WA lease term of approximately 10.5
years but also the low exit debt yield; and (iii) the good quality
of the asset. Moody's assumes an orderly work-out of this loan
(i.e. no fire sale of the property) following loan maturity in
2012.
St Enoch Shopping Centre loan (26% of the pool). This GBP95
million loan is a 50% tranche of a syndicated loan secured by a
prime shopping centre located in the centre of Glasgow. The
property provides approximately 800,000 square feet of retail and
restaurant area combined with a 750 space car park. The centre
experienced a considerable refurbishment and extension
(approximately 64,000 sq ft) over a two-year period ending late
2009/ early 2010. As a result some new tenants have been
attracted over the past 12 months. However, the current vacancy
by area remains high at 16% as per latest IPD and similar to
January 2009 (17%). Given the high Moody's whole LTV ratio of
96%, there is a considerable risk that this loan will not repay as
scheduled on its maturity date in April 2012. In its refinancing
risk analysis Moody's also took into consideration (i) the large
size of the whole loan; (ii) the WA lease term of approximately
7.3 years potentially offset by future rollover (approximately 25%
in the next three years); and (iii) the prime quality of the
(refurbished) asset. Moody's assumes an orderly work-out of this
loan (i.e. no fire sale of the property) in the case of a loan
default at its maturity date.
Portfolio Loss Exposure: Moody's notes the bifurcated nature of
the loan pool and expects a considerable amount of losses on the
securitized portfolio, mainly stemming from the Brunel Shopping
Centre loan and to some extent from the St Enoch Shopping Centre
and Mapeley loans. Given Moody's reduced property value and
increased refinancing risk for these loans, the risk of potential
losses arising for the Class A2, B, C and D Notes has increased
resulting in the rating downgrade for these Classes of Notes.
MODEC: Goes Into Administration, Axes 26 Jobs
---------------------------------------------
Anna Blackaby at Birmingham Post reports that Modec has fallen
into administration with the loss of 26 jobs. The report relates
that the firm has called in Zolfo Cooper after experiencing
"severe cashflow difficulties."
Modec had been in talks with its American partner Navistar on a
takeover deal, but the transaction fell through around ten days
ago leaving the firm with no option but to call in the
administrators, according to Birmingham Post.
Ryan Grant, Simon Appell and Anne O'Keefe, partners at recovery
specialists Zolfo Cooper, have been appointed.
Modec continues to trade under the administrators and there are
hopes that a buyer will come forward, the report says.
Birmingham Post discloses that Zolfo Cooper said it had made 26
employees redundant in order to continue trading and protect the
value of the business for potential buyers. The remaining 27
employees will continue as normal in their roles at the company,
the report adds.
Headquartered in Coventry, Modec is a West Midlands electric
vehicle firm. It employs 53 staff.
PLYMOUTH ARGYLE: High Court Places Firm Into Administration
-----------------------------------------------------------
Matt Scott at guardian.co.uk reports that Plymouth Argyle Football
Club has been placed into administration by the high court.
The report relates that representatives of the club attended a
hearing at 10:30 a.m. on March 4, 2011.
An unnamed Argyle director is understood to have applied to the
court for a stay of the administration process, according to
guardian.co.uk. The report relates that Plymouth Argyle retained
hope that a buyer could be found to take over the club as a
solvent entity. However, guardian.co.uk adds that the judge
overruled the application.
The report notes that after the hearing Plymouth Argyle said that
Brendan Guilfoyle, Christopher White and John Russell of The P&A
Partnership have been appointed as administrators. The report
relates Mr. Guilfoyle, who was the preferred choice of Peter
Ridsdale, Plymouth's de facto chief executive, conducted the
administration process at Crystal Palace. HM Revenue & Customs
had wanted a creditor-driven administration in which it appoints
the insolvency practitioner, guardian.co.uk adds.
Guardian.co.uk says Plymouth Argyle also said that a number of
parties have declared an interest in acquiring the club.
As reported in the Troubled Company Reporter-Europe on March 3,
2011, The Guardian said that Plymouth Argyle directors have been
warned that the club needs an injection of around GBP3 million if
it is not to be placed into administration. Peter Ridsdale, who
is acting as an independent adviser to Argyle's board, has told
the directors that the club does not have the money to meet its
liabilities and that they are "in denial" about the seriousness of
its problems, The Guardian related.
Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth. It plays in Football League
One, the third division of the English football league system.
PUNCH TAVERNS: Moody's Cuts Rating on GBP21MM Notes to Ba3 (sf)
---------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Punch Taverns Finance plc (amounts reflect initial
outstanding):
-- GBP175M A1(R), Downgraded to A1 (sf) and Remains On Review
for Possible Downgrade; previously on Dec 21, 2010 Aa3 (sf)
Placed Under Review for Possible Downgrade
-- GBP300M A2(R), Downgraded to A1 (sf) and Remains On Review
for Possible Downgrade; previously on Dec 21, 2010 Aa3 (sf)
Placed Under Review for Possible Downgrade
-- GBP200M M1, Downgraded to Baa1 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 21, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
-- GBP400M M2(N), Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Dec 21, 2010 A2 (sf)
Placed Under Review for Possible Downgrade
-- GBP140M B1, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 21, 2010 Baa2 (sf)
Placed Under Review for Possible Downgrade
-- GBP150M B2, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 21, 2010 Baa2 (sf)
Placed Under Review for Possible Downgrade
-- GBP175M B3, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 21, 2010 Baa2 (sf)
Placed Under Review for Possible Downgrade
-- GBP215M C(R), Downgraded to Ba3 (sf) and Remains On Review
for Possible Downgrade; previously on Dec 21, 2010 Ba1 (sf)
Placed Under Review for Possible Downgrade
Moody's does not rate the Class D1 Notes issued by Punch Taverns
Finance plc. The ratings of the Class A2(R) Notes, Class A3(N)
Notes, Class M2(N) Notes and Class B3 Notes are based on the
underlying rating of the Notes and are no longer based on the
financial guarantee policy provided by AMBAC Assurance UK Limited
(Caa2).
Punch Taverns Finance plc represents a whole-business
securitization of a portfolio of 3,147 leased pubs (as of Q4 2010)
located across the UK. The transaction closed in March 1998 and
has been subject to tap issuances in October 2000, November 2003
and July 2007.
Ratings Rationale
The rating action is the result of a detailed review of the
transaction performance and Moody's revised expectations with
regards to the medium-term cash flow generation ability of the
Issuer's pub portfolio relative to the total securitized debt
outstanding. Contrary to its analysis approximately one year ago,
Moody's expects the portfolio EBITDA, excluding any support from
the parent company (Punch Taverns plc), to decline further in
2011, by up to 10% from the trailing twelve month EBITDA as of Q4
2010 and stabilize only during the course of 2012. Hence, the
ratings of all classes of Notes have been downgraded to levels
that should sustain the lower expected cash flows from the
portfolio.
The Notes are kept on review for further possible downgrade
pending the strategic review of the parent company, the outcome of
which is expected to determine their future actions and/or support
towards the securitization.
Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. During its
ongoing review, Moody's may, if warranted, change these
expectations. Performance that falls outside an acceptable range
of the key parameters, being the level of the projected EBITDA in
comparison with the total outstanding debt, may indicate that the
collateral's credit quality is stronger or weaker than Moody's had
anticipated during current review. Even so, deviation from the
expected range may not necessarily result in a further rating
action. There may be mitigating or offsetting factors to an
improvement or decline in the performance of the pub portfolio,
such as increased subordination levels due prepayments or cash
flow support from the parent company in case it decides to
continue supporting the securitization. The current review of the
Notes for further downgrade takes into consideration that the
parent company may stop the cash flow support to the
securitization; hence, the possibility that an event of default
occurs in the transaction which may not be remedied in the best
interest of all noteholders.
As highlighted in its press release from 21 December 2010, the TTM
EBITDA per pub as of Q4 2010, adjusted to a 364 day period
("normalized") and excluding support from the parent company was
GBP 53.9k, down 9.3% from one year before. The total portfolio
EBITDA decline was markedly higher at 22% due to the disposal of
512 pubs during FY 2010 (-14%).
During the first three quarters of 2010, the parent company
provided a total of GBP 9.4 million EBITDA support to the
securitization. As of end-FY 2010, the debt service coverage
ratio for the quarter was 1.45x and for the rolling four quarters
was 1.42x. Both ratios are above the default covenant of 1.25x,
but below the restricted payment covenant of 1.50x; hence the
transaction is currently in cash trapping mode. Moody's
understands that the support provided to the securitization by the
parent company targets to keep the DSCR above the default covenant
(1.25x) and the appointment of an independent consultant to the
Borrower (1.35x). Without the support to the portfolio EBITDA,
the DSCR for the quarter would have been 1.38x and for the rolling
four quarters would have been 1.34x.
Moody's expectation that the EBITDA per pub in the transaction
will further decline by up to 10% is linked to the ongoing stress
on the UK pub industry and is specifically based on Moody's
projected turnover of the portfolio which is negatively impacted
by the lower consumption of beer and declining rental income from
the tenants as well the cost pressures in the industry.
The negative effect of the performance deterioration has been
partially mitigated by the de-leveraging resulting from Note buy-
backs and cancellations to-date. Moody's expects that the sponsor
of the transaction will continue to dispose of assets from the
underlying portfolio using the disposal proceeds mainly to further
reduce the debt in the transaction through loan prepayments as
well as repurchase and cancellation of debt. The latest available
information on the planned disposals involves an estimated 700
pubs (22% of the portfolio as of Q4 2010) which the parent company
has identified as part of its non-core, non-value adding assets
over the long-term.
Debt buy-backs and cancellations are generally viewed as
beneficial for the remaining outstanding Notes if the structure
effectively de-leverages, i.e. if the outstanding debt reduces
faster than the portfolio cash flow. Future debt repurchase will
depend on the availability and purchase prices of the Notes in the
secondary market, as well as any further expenses including
hedging breakage costs. Moody's has not given benefit to an
effective deleveraging of the portfolio and will closely monitor
the progress on the planned disposals.
Moody's full assessment of the transaction and a potential
adjustment to the ratings currently depend on the strategy of the
parent company, in particular its commitment to supporting the
cash flows from the portfolio. In Moody's view, there is a
likelihood that the parent company may choose not to support the
transaction following the strategic review of its business.
Should the EBITDA support be removed, Moody's expects the default
trigger in the transaction to be breached in the near term. In
such a case, Moody's ratings will increasingly focus on (i) a
scenario of an alternative operator running the portfolio, (ii)
the availability of portfolio cash flows and the liquidity
facility to service the debt, and (iii) the real estate value that
can be unlocked from the underlying portfolio. To date, Moody's
has not been approached by the transaction parties as regard the
future strategy of the sponsor and/or the expected performance of
the subject transaction.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782697.75 277992457.9
BNP PARIBAS PERS 3746820Z BB -772235.7209 1849392275
CARGILL OIL PACK 3726474Z BB -7488364.856 169328065.3
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809970.6
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715626.693 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -51909123.58 888376929.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020631.49 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207037.59 162372194.6
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108704.537 123751460.5
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -134605574.3 160456926.7
SCARLET BELGIUM 4171157Z BB -28951981.88 137456526.6
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045403.07 506987163.1
ST GOBAIN SEKURI 3737571Z BB -5584182.533 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -479687934.9 336695385.5
IPK OSIJEK DD OS IPKORA CZ -3959722.961 117585184.1
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
DENMARK
-------
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -117685581.4 8499171616
LAURITZEN TANKER 3979732Z DC -4428758.299 209128207.5
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651514.3
NESTLE DANMARK A 3896690Z DC -31272771.75 160779160.7
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC OBT DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
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ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798961.3
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
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ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
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ROSKILDE BANK ROSK DC -532868894.9 7876687324
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SANISTAL AS-B SANIB DC -11318565.53 541068534.3
SANISTAL AS-B SANL DC -11318565.53 541068534.3
SANISTAL AS-B SNISF US -11318565.53 541068534.3
SANISTAL AS-B SANIBEUR EU -11318565.53 541068534.3
SANISTAL AS-B SANIB EO -11318565.53 541068534.3
SANISTAL AS-B SANIB BY -11318565.53 541068534.3
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SANISTAL AS-B SNSC IX -11318565.53 541068534.3
SANISTAL-B NEW SANLN DC -11318565.53 541068534.3
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SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 BY -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS DC -14919946.34 138400232.8
SCANDINAVIAN BRA SBSD PZ -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 EO -14919946.34 138400232.8
SUZLON WIND ENER 3985532Z DC -38280730.21 123255395.5
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287881.9
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969270.6 262408720
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ALCATEL-LUCENT E 3642975Z FP -46648090.98 510672247.2
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ATARI IFOE PZ -10078799.92 116178599
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CSF 3635887Z FP -66127474.94 3311857250
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INFOGRAMES-RTS 3133246Q FP -10078799.92 116178599
ISOCHEM SA 3540732Z FP -9354435.203 103629623.2
JACQUOT ET CO 4721473Z FP -25605141.5 101591294.6
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MECACORP 3248019Z FP -11233088.65 215393216
MILLIMAGES MIL1 EU -1006050.249 113454378.9
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MILLIMAGES 7335166Z FP -1006050.249 113454378.9
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MVCI HOLIDAYS FR 4524959Z FP -112193163.1 233381369.4
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
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NOVEXEL SA 504169Z FP -362311.1464 107272250.4
NRJ 12 4681713Z FP -26021212.46 110030743.5
OROSDI OROS FP -35006822.54 151870593.9
OROSDI OROS PZ -35006822.54 151870593.9
OROSDI OROS EU -35006822.54 151870593.9
OROSDI OROS EO -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
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PEUGEOT CITROEN 3637183Z FP -268215289.1 319403505.3
PITNEY BOWES 4634633Z FP -11785422.82 184422748.8
REGICOM SAS 4507595Z FP -6588554.15 118746498.2
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GREECE
------
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LUXEMBOURG
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FERDINAND STINGE 4040837Z NA -64181.50377 1187653568
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HAAG WONEN HOLDI 3824276Z NA -137909.3086 144576751.1
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
ING RE DORTMUND/ 3819456Z NA -91900151.61 142290450.1
ING REIM DEVELOP 3811140Z NA -231041415.3 383323380.1
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -289361638.1 926823456.4
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
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NIDERA HANDELSCO 3893886Z NA -614016.7865 1656741217
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430779.1
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RHEIN PAPIER HOL 4040349Z NA -2301763.247 1089890804
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SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -10789223923 12904415822
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011027035
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.14014 224136076.2
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543228.9 627759193.8
NORWAY
------
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -706038.6914 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654363.08 277390994.9
INTEROIL EXPLORA IROIF US -25647000 234229008
INTEROIL EXPLORA INOX NO -25647000 234229008
INTEROIL EXPLORA IOXUSD EU -25647000 234229008
INTEROIL EXPLORA IOXEUR EO -25647000 234229008
INTEROIL EXPLORA IOX EU -25647000 234229008
INTEROIL EXPLORA IOX PZ -25647000 234229008
INTEROIL EXPLORA IOX EO -25647000 234229008
INTEROIL EXPLORA IOX NO -25647000 234229008
INTEROIL EXPLORA IOX BY -25647000 234229008
INTEROIL EXPLORA IOXEUR EU -25647000 234229008
INTEROIL EXPLORA IOXUSD EO -25647000 234229008
INTEROIL EXPLORA IOX IX -25647000 234229008
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
NCC ROADS AS 4401305Z NO -7603911.224 151509155.9
NORGIPS NORGE AS 4443889Z NO -4188300.148 124517355.2
NORSK STEIN AS 4394889Z NO -2509971.202 184248987.9
OSLO FORSIKRING 4415089Z NO -6494996.57 158542617.2
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -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 PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
SECURITAS DIRECT 4394201Z NO -531628.2745 124746332.9
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476769.79 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
AGUAS DO ZEZERE 3646223Z PL -9497003.444 387261027.5
ALBERTO MARTINS 4488947Z PL -26137995.27 126979395.5
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
CENTRO HOSPITALA 3778196Z PL -45060061.83 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFSI IX -13400344.7 274876811
COFINA CFASF US -13400344.7 274876811
COFINA COFI PL -13400344.7 274876811
COFINA SGPS SA COFI EU -13400344.7 274876811
COFINA SGPS SA CFN1 PZ -13400344.7 274876811
COFINA SGPS SA CFNX PX -13400344.7 274876811
COFINA SGPS SA COFI EB -13400344.7 274876811
COFINA SGPS SA COFI TQ -13400344.7 274876811
COFINA SGPS SA COFI EO -13400344.7 274876811
COFINA SGPS SA CFN PL -13400344.7 274876811
CP - COMBOIOS DE 1005Z PL -3201667335 2260472073
EMPRESA PUBLICA 3646447Z PL -18489644.56 302885128.1
ESTALEIROS NAVAI 4507307Z PL -23829407.78 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221554.062 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787324.3 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORTUGALIA 1008Z PL -4086509.601 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530176.7
REFER-REDE FERRO 1250Z PL -1817223508 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447905.3 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609186.53 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPVS PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPDS PL -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819822
VISTA ALEGRE ATL 4281717Z PL -11415080.54 119980938.8
PORTUGAL
--------
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KROSNO PW -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 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
ROMANIA
-------
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT PZ -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT RO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EO -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897628.6
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897628.6
DAGESTAN ENERGY DASB RM -41669395.76 184251158.9
DAGESTAN ENERGY DASB* RU -41669395.76 184251158.9
DAGESTAN ENERGY DASB RU -41669395.76 184251158.9
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817436.6
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817436.6
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817436.6
FINANCIAL LEASIN 137282Z RU -97179286.08 323537012
FINANCIAL LEASIN FLKO RM -97179286.08 323537012
FINANCIAL LE-BRD FLKO RU -97179286.08 323537012
FINANCIAL LE-BRD FLKO* RU -97179286.08 323537012
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KOMPANIYA GL-BRD GMST* RU -12705934.31 1168280317
KOMPANIYA GL-BRD GMST RU -12705934.31 1168280317
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE* RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE$ RU -17937175.79 215191909
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
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
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
URGALUGOL-BRD YRGL* RU -20765966.62 115490879.4
URGALUGOL-BRD YRGL RU -20765966.62 115490879.4
URGALUGOL-BRD-PF YRGLP RU -20765966.62 115490879.4
VACO-BRD VASO RU -27108669.77 934073954.9
VACO-BRD VASO* RU -27108669.77 934073954.9
VACO-PFD VASOP RU -27108669.77 934073954.9
VACO-PFD VASOP* RU -27108669.77 934073954.9
VASO 1001Q RU -27108669.77 934073954.9
VASO-$ 1002Q RU -27108669.77 934073954.9
VASO-$PFD BRD VASOP$ RU -27108669.77 934073954.9
VASO-Q LIST VASO$ RU -27108669.77 934073954.9
VIMPEL SHIP-BRD SOVP* RU -79749277.74 135830690.8
VIMPEL SHIP-BRD SOVP RU -79749277.74 135830690.8
VOLGOGRAD KHIM VHIM* RU -36728501.72 145195344.9
VOLGOGRAD KHIM VHIM RU -36728501.72 145195344.9
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP* RU -72947.51526 122459176.2
ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP* RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* RU -115900565.7 368611137
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SLOVENIA
--------
ISTRABENZ ITBG EO -3710060.729 1192276659
ISTRABENZ ITBG PZ -3710060.729 1192276659
ISTRABENZ ITBG EU -3710060.729 1192276659
ISTRABENZ ITBG SV -3710060.729 1192276659
SPAIN
-----
ACTUACIONES ACTI AGR SM -103648870.9 514898183.4
AGRUPACIO - RT AGR/D SM -103648870.9 514898183.4
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS TQ -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696323.931 319009688.5
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BAXI CALEFACCION 4029741Z SM -16038399.69 313088537.4
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210929.5
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428473.29 176340504.9
CONFORAMA ESPANA 3771496Z SM -7499886.371 125121785.8
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
ERICSSON NETWORK 4367417Z SM -30313203.28 358279303.5
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
FBEX PROMO INMOB 3745024Z SM -820002.4257 1142937522
FERGO AISA -RTS AISA/D SM -103648870.9 514898183.4
FERGO AISA SA AISA PZ -103648870.9 514898183.4
FERGO AISA SA AISA EO -103648870.9 514898183.4
FERGO AISA SA AISA EU -103648870.9 514898183.4
FERGO AISA SA AISA SM -103648870.9 514898183.4
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731006.701 124875864.6
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493074.5 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
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
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392745.6
JAZZ TELECOM SA 3646927Z SM -639496511.6 784724900.3
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134823.82 798577925.4
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF1 LI -2074326070 7383402199
MARTINSA FADESA MTF EU -2074326070 7383402199
MARTINSA FADESA MFAD PZ -2074326070 7383402199
MARTINSA FADESA MTF SM -2074326070 7383402199
MARTINSA FADESA 4PU GR -2074326070 7383402199
MARTINSA FADESA MTF EO -2074326070 7383402199
MARTINSA-FADESA MTF NR -2074326070 7383402199
NYESA VALORES CO BES TQ -68174952.1 813033334.5
NYESA VALORES CO NYE TQ -68174952.1 813033334.5
NYESA VALORES CO NYE SM -68174952.1 813033334.5
NYESA VALORES CO BES EU -68174952.1 813033334.5
NYESA VALORES CO NYE EU -68174952.1 813033334.5
NYESA VALORES CO BES EO -68174952.1 813033334.5
NYESA VALORES CO BES SM -68174952.1 813033334.5
NYESA VALORES CO NYE EO -68174952.1 813033334.5
NYESA VALORES CO BESS PZ -68174952.1 813033334.5
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -132677120.8 1306407522
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UNITED KINGDOM
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TOPPS TILES PLC TPTEUR EU -45137310.56 168068056
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UNIGATE PLC UNGAF US -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
UNIQ PLC UGE GR -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
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UNIQ PLC UNIQF US -21397232.94 474779161.6
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UNIQ PLC UNIQ VX -21397232.94 474779161.6
UNIQ PLC UNIQ PO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
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UNITED BISCUITS 3193858Z LN -326896245.3 3316769620
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VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995639.2
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VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WNER PZ -8021407.27 430482190.2
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WARNER ESTATE WNEHF US -8021407.27 430482190.2
WARNER ESTATE WNER EU -8021407.27 430482190.2
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
WEETABIX LTD-A WTB OF -397652099.9 909970808.9
WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
WINCANTON PL-ADR WNCNY US -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1 EO -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1 BQ -162158252.9 1389119000
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
*********
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, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. 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 * * *