/raid1/www/Hosts/bankrupt/TCREUR_Public/110426.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, April 26, 2011, Vol. 12, No. 81
Headlines
A U S T R I A
JOWOOD ENTERTAINMENT: Negotiations with Investors Collapse
C R O A T I A
* CROATIA: To Launch Fast-Track Bankruptcy Proceedings
C Z E C H R E P U B L I C
ECM REAL ESTATE: Ceska Sporitelna Wins Appeal on Insolvency Ruling
E S T O N I A
* ESTONIA: Corporate Bankruptcies Down 29% in First Quarter 2011
G E R M A N Y
BAYERISCHE LANDESBANK: Fitch Cuts Rating on Securities to 'CCC'
TAURUS CMBS GERMANY: Fitch Cuts Rating on Class D Notes to 'CCsf'
I R E L A N D
ALLIED IRISH: S&P Puts 'BB/B' Counterparty Credit Ratings on Watch
FLEET STREET: Fitch Downgrades Rating on Class E Notes to 'Dsf'
KHEOPS CDO: Moody's Raises Rating on Series 7 Notes to 'Caa3 (sf)'
KILLERIG RESORT: Goes Into Receivership, Taps Murphy as Receiver
PHOTOLOGIC: Goes Into Liquidation, Appoints Stafford as Liquidator
SOLICITORS MUTUAL: Seeks EUR16 Million Funds for Wind-down
TBS INTERNATIONAL: Agrees to Modify Loan Covenants
WILLOW NO.2: Moody's Cuts Rating on Series 39 Notes to 'Ba1 (sf)'
I T A L Y
FIAT SPA: Fitch Puts 'BB+' Long-Term IDR on Rating Watch Negative
K A Z A K H S T A N
ALLIANCE BANK: Kazakh Government Mulls Sale of Stake to EBRD
L U X E M B O U R G
INTELSAT SA: Amends Form S-1; Stockholders to Sell $190MM Notes
N E T H E R L A N D S
AMSTEL CORPORATE: Moody's Lifts Rating on Class E Notes From 'Ba2'
R U S S I A
NIZHNIY NOVGOROD: Fitch Affirms Long-Term Currency Ratings at 'B+'
ORASCOM TELECOM: S&P Upgrades Corporate Credit Rating to 'B'
TRANSCONTAINER OJSC: Fitch Puts 'BB+' IDR on Rating Watch Negative
VIMPEL COMMUNICATIONS: S&P Downgrades Corp. Credit Rating to 'BB'
S P A I N
AYT GOYA: Moody's Assigns 'Caa1 (sf)' Rating to Series B Notes
S W E D E N
SAAB AUTOMOBILE: Funding Plan Meets Swedish Debt Office's Terms
T U R K E Y
BANPOZITIF KREDI: Moody's Cuts Deposit Ratings to 'Ba1/Not-Prime'
TURKIYE GARANTI: Moody's Assigns Ba1 Senior Unsecured Debt Rating
U K R A I N E
SOTSKOMBANK: Central Bank Extends Administration for Second Time
* UKRAINE: Moody's Assigns 'B2' Rating to US$690-Mil. Senior Notes
U N I T E D K I N G D O M
ALL SAINTS: On the Verge of Administration as Hope of Rescue Fades
BROWNE'S CHOCOLATES: Bought Out of Liquidation
DECO 11: Fitch Affirms Rating on GBP28.4MM Class D Notes at 'CC'
EMI GROUP: PwC Seeks GBP1.4MM Fee for Pre-Administration Costs
GUL INT'L: 80+ Jobs Saved As Wholesale Unit is Sold
SILENTNIGHT HOLDINGS: In Battle to Save 650 Jobs
ST URSULA'S SCHOOL: Bristol City Acquires Site for GBP1.95 Million
TAYLOR WIMPEY: Fitch Upgrades LT Issuer Default Rating to 'B+'
VON ESSEN: Seaham Hall to Continue Trading Despite Administration
* UK: Scottish Corporate Insolvencies Up 11% in First Quarter 2011
X X X X X X X X
* S&P's 2011 Global Corporate Defaults Now Total 13
* Fitch: Global CDS Spreads Widen Across All Sectors
* Large Companies with Insolvent Balance Sheets
*********
=============
A U S T R I A
=============
JOWOOD ENTERTAINMENT: Negotiations with Investors Collapse
----------------------------------------------------------
Mike Rose at Gamasutra reports that negotiations with potential
investors over JoWooD Entertainment have broken down.
According to Gamasutra, JoWooD management still hoped to keep the
company running, despite its financial situation. The company's
board said it "assumes that negotiations with creditors and
possible investors can be positively conducted and finalized
within 90 days and thus continuation of the company can be
assured," Gamasutra relates.
Gamasutra, citing German news site Boerse-Express, says the
company has failed to find an investor, and that the restructuring
process has failed. An accompanying report also notes that shares
in the company have been suspended from trading, while JoWooD
Distribution Services has also filed for bankruptcy, according to
Gamasutra.
JoWooD Entertainment was founded in 1995, and is the publisher of
titles such as the Painkiller, Spellforce and Gothic series. The
company is based in Austria.
=============
C R O A T I A
=============
* CROATIA: To Launch Fast-Track Bankruptcy Proceedings
------------------------------------------------------
HINA news agency reports that the Croatian Ministry of Justice has
so far requested fast-track bankruptcy proceedings for 250 firms,
and requests for about 700 firms are under preparation.
According to HINA, the ministry said the purpose of such
proceedings was to prevent accumulation of illiquidity and remove
from the payment system the firms that fail to meet their
liabilities.
HINA relates that the Economic and Social Council on Thursday
decided that the Tax Administration would launch fast-track
bankruptcy proceedings against firms with no employees.
Figures from the Financial Agency showed that at the end of
February, 18,974 firms with no employees were under long-term
blockade (more than 360 days), or 73% of all firms under long-term
blockade, HINA notes. The debt of firms with no employees was
HRK13.5 billion, or 53.8% of the HRK25 billion owed by the firms
under long-term, HINA discloses.
===========================
C Z E C H R E P U B L I C
===========================
ECM REAL ESTATE: Ceska Sporitelna Wins Appeal on Insolvency Ruling
------------------------------------------------------------------
According to Bloomberg News' Lenka Ponikelska, CTK, citing the
insolvency register's Web site, reported that the Prague Municipal
Court ruled in favor of Ceska Sporitelna AS's appeal against a
previous decision to reject the bank's insolvency filing against
ECM Real Estate Investments AG.
The court previously rejected the filing because of formal
mistakes, the newspaper cited, according to Bloomberg.
As reported by the Troubled Company Reporter-Europe on April 14,
2011, CTK newswire, citing the insolvency registry Web site,
disclosed that ECM's insolvency case, proposed by Ceska
Sporitelna, was rejected by a Prague court. Ceska Sporitelna, the
Czech unit of Erste Bank AG, filed the insolvency proposal against
ECM and a proposal to reorganize the company in order to satisfy
creditors' claims. Ceska Sporitelna said in a filing posted on
the Czech insolvency registry Web site that ECM owes the lender
interest payments on bonds worth CZK7.22 million (US$426 million),
which are overdue, Bloomberg disclosed.
ECM Real Estate Investments AG is a developer in central Europe.
It built Prague's tallest building.
=============
E S T O N I A
=============
* ESTONIA: Corporate Bankruptcies Down 29% in First Quarter 2011
----------------------------------------------------------------
BNS reports that during the first quarter of this year, 99
bankruptcies were declared in Estonia, 29% down in the same period
a year ago.
Diana Kommus, spokesperson for the Ministry of Justice, told BNS
that in the first quarter of 2010, the number of bankruptcies
declared was 139.
According to BNS, among the entities declared bankrupt in the
first quarter of this year were 13 public limited companies, 81
private limited companies, one general partnership, and four self-
employed persons. One non-profit organization went bankrupt, too,
BNS notes.
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G E R M A N Y
=============
BAYERISCHE LANDESBANK: Fitch Cuts Rating on Securities to 'CCC'
---------------------------------------------------------------
Fitch Ratings has downgraded Bayerische Landesbank's (BayernLB;
'A+'/Rating Watch Negative (RWN)) US$850 million non-cumulative
trust preferred securities (XS0290135358), issued through BayernLB
Capital Trust I, to 'CCC' from 'B-'. BayernLB's other ratings are
unaffected by this rating action.
The downgrade follows BayernLB's announcement that it will not pay
any coupon on the next payment date (May 31, 2011). In Fitch's
view, uncertainty remains over whether BayernLB will make any
payments on this hybrid instrument in 2012, taking into
consideration the amount of replenishment required in its silent
participations before this can happen.
BayernLB informed BayernLB Capital Trust I on April 15, 2011 that
it does not expect to show any net retained profit in its audited
unconsolidated financial statements (German GAAP) for the year to
Dec. 31, 2010 and that it therefore does not expect to have
distributable profits within the terms of the instrument for the
2010 financial year. Pursuant to the terms of the instrument, the
obligation to pay is triggered and payments are deemed to be
declared if the bank or any of its subsidiaries declares or pays
capital payments, dividends or other distributions on any parity
or junior securities or redems, repurchases or otherwise acquires
any parity or junior securities -- even if BayernLB does not
report a distributable profit. This is the first time that none
of these pre-requisites for the declaration and payment of coupons
on the trust preferred securities of BayernLB Capital Trust I have
not been fulfilled.
BayernLB is currently undergoing restructuring, and the European
Commission (EC) is conducting an investigation into the bank
relating to state aid received. The EC requested the bank does
not make any interest or dividend payments on profit
participation, hybrid tier 1 capital or silent participations
unless it is contractually obliged to do so.
BayernLB's 'A+' Issuer Default Rating is based on Fitch's view
that there is an extremely high probability that further state
support would be provided to the bank in case of need. The RWN
reflects the ongoing EC investigation, which Fitch expects to be
concluded in H111. At end-2008 BayernLB received support from the
Free State of Bavaria in the form of a EUR4.8 billion risk shield
for its ABS portfolio and EUR10 billion in fresh capital. As a
result, Bavaria's stake in the bank increased to 94% from 50%,
diluting the Association of Bavarian Savings Banks' stake to 6%.
For FYE10 BayernLB announced consolidated net income of EUR635
million after a net loss of EUR2,619 million the year before.
However, unconsolidated financial statements (German GAAP) as of
Dec. 31, 2010 show a net profit of EUR544 million which the bank
will use to fully replenish profit participation rights by EUR174
million and to replenish EUR370 million or 51% of the shortfall in
its silent participations ('stille Einlagen').
TAURUS CMBS GERMANY: Fitch Cuts Rating on Class D Notes to 'CCsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS Germany (2006-1) plc's
note and assigned recovery ratings to the class C and D notes:
-- EUR 224.0m class A (XS0257712579) downgraded to 'Asf' from
'AAAsf'; Outlook Negative
-- EUR 31.1m class B (XS0257714435) downgraded to 'BBsf' from
'Asf'; Outlook Negative
-- EUR 19.6m class C (XS0257715242) downgraded to 'CCCsf' from
'BBBsf'; assigned 'RR3'
-- EUR 17.3m class D (XS0257715838) downgraded to 'CCsf' from
'Bsf'; assigned 'RR6'
The downgrades are due to continued credit deterioration of the
loans. Fitch notes that three loans have already passed maturity
without repaying, and with principal repayment yet to switch to
fully-sequential, the loss-absorbing potential of junior classes
may erode further. Combined with the added layer of complexity
involved in working out high leverage loans (all of the underlying
loans have B-notes), this is the reason for the Negative Outlook
assigned to the class A and B notes. Fitch has assigned Recovery
Ratings to the two most junior note classes as the agency expects
that losses on the Bewag Berlin and Bremen loans will result in a
write-off of the class D notes, and possibly also a partial write-
down of the class C notes.
Overall, three of the six remaining loans are in special
servicing. The Hanse Centre (representing 17% of the pool
balance) and Bewag Berlin loans (42% of the pool balance) are
watchlisted due to breaches of their respective loan-to-value
ratio (LTV) covenants. The Bremen and Edam Ruhr loans (totalling
23% of the pool balance) both failed to repay at maturity and are
currently in standstill. The Carl Benz loan (1% by loan balance)
also defaulted at maturity on April 18, 2011 and has been moved
into special servicing.
Updated valuations were obtained of the collateral for four loans
in H210. All revaluations resulted in higher LTVs and the Bewag
and Norman loans both report a securitized LTV in excess of 100%.
The revaluation of the Bewag property is of particular concern
given its magnitude. Fitch estimates a weighted average (WA)
securitized LTV at close to 100%. On a whole loan basis, this
rises to 120%.
Taurus CMBS Germany (2006-1) plc is a securitization of six
(originally nine) commercial mortgage loans secured by 18
commercial properties (originally 35) located throughout Germany.
Four loans were originated by Merrill Lynch International Bank
Limited and Merrill Lynch Capital Markets Bank Limited, and five
by Capmark Bank Europe plc. The aggregate note balance is
EUR292.05 million versus EUR571.09 million at closing.
=============
I R E L A N D
=============
ALLIED IRISH: S&P Puts 'BB/B' Counterparty Credit Ratings on Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings on
the lower Tier 2 subordinated debt instruments issued by Allied
Irish Banks PLC (AIB).
The 'BB/B' long- and short-term counterparty credit ratings on AIB
remain on CreditWatch, where they were placed with negative
implications on Nov. 26, 2010. The rating action affects neither
AIB's debt issues that are guaranteed by the Republic of Ireland
(BBB+/Stable/A-2) nor its unguaranteed senior instruments.
"The lowering of the ratings on AIB's lower Tier 2 debt reflects
our opinion that the decision of the Irish High Court indicates an
increasing risk of default, but that it has not yet taken effect,"
said Standard & Poor's credit analyst Sean Cotten. "Creditors
have until April 21, 2011, to appeal the judgment. Assuming that
the order takes effect, we consider that the intended changes to
the terms and conditions will be tantamount to an immediate
default on the affected notes. As a result, we would expect to
lower the ratings on the notes to 'D'."
On April 14, 2011, the High Court of Ireland acceded to the
Minister for Finance's request to exercise his powers under the
Credit Institutions (Stabilisation) Act 2010 by changing the terms
and conditions of 18 of AIB's subordinated debt capital
instruments, which together total EUR2.7 billion and represent all
of AIB's Tier 1 hybrid and Tier 2 regulatory capital
instruments.
The court order imposed these changes:
* All interest payments are now defined as optional, with
changes in terms of accrual and arrears.
* Maturities on 11 dated loans were extended to 2035.
* Restrictions on the dividend payments or buybacks have been
removed for parity or junior securities of four out of seven
perpetual subordinated debt issues.
* The other three perpetual subordinated loans no longer
require payment on arrears of interest upon payment of
dividends by AIB.
"Under our criteria, we regard the potential changes as a loss of
value to investors because the noteholders face increased risk of
future nonpayment and, consequently, may receive less than the
original promise, without compensation. We would therefore regard
the government's intended action as a distressed exchange and
tantamount to an immediate default on the notes, although payments
may be current," S&P stated.
S&P continued, "Our view is also influenced by AIB's announcement
that it intends to launch a program to buy back its subordinated
liabilities, which we would likely characterize as a distressed
exchange. If a block of notes remains after the buyback, we may
raise the ratings to 'C', reflecting our expectation that AIB
would not likely service the coupons on these notes -- coupons
that would in the future be deferrable."
"We note that the Minister has stated that if the buyback program
is not successful, the Government intends to take whatever action
is necessary to ensure appropriate burden sharing by the remaining
subordinated bondholders. These steps are part of a wider move by
the Irish government to ensure that AIB is recapitalized by
EUR13.3 billion. The capital increase was announced on March 31,
2011, following the Prudential Capital Assessment Review and
Prudential Liquidity Assessment Review exercise as part of the
Irish government's Financial Measures Programme," S&P said.
"The CreditWatch status indicates our view of the difficulties
associated with the restructuring plan, the need for additional
details about the timing and nature of the capital injections, and
the impact of the aggressive deleveraging plans on the bank's
stand-alone credit profile," said Mr. Cotten.
Standard & Poor's aims to resolve the CreditWatch once it receives
clarity on AIB's restructuring and capitalization plans as well as
its revised strategy and business outlook.
FLEET STREET: Fitch Downgrades Rating on Class E Notes to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn Fleet Street Finance
One's class E notes:
-- Class E (XS0224565639): downgraded to 'Dsf' from 'BB+sf' and
withdrawn
The downgrade reflects the interest shortfall that occurred on the
final note interest payment date (IPD) on April 20, 2011.
The last outstanding loan, Queens Moat Houses, repaid in full at
its extended maturity date on Feb. 23, 2011. The principal
receipts were applied to fully repay the outstanding class A to E
notes at the notes' April 2011 IPD. As the loan maturity date was
not a loan IPD, the borrower was only required to pay the interest
that had accrued since the last loan IPD on Jan. 17, 2011.
However, a full quarter of interest was due under the notes at the
April 2011 IPD and the mismatch between the two resulted in a
shortfall of 93% of the interest due on the class E notes.
KHEOPS CDO: Moody's Raises Rating on Series 7 Notes to 'Caa3 (sf)'
------------------------------------------------------------------
Moody's Investors Service has upgraded its ratings of four classes
of notes issued by Kheops CDO I (Ireland) Plc. The transaction is
a managed corporate synthetic CDO.
Issuer: Kheops CDO I
-- EUR15M Series 4 Class A-1E7 Notes, Upgraded to Ba1 (sf);
previously on Aug 11, 2009 Downgraded to B2 (sf)
-- EUR2M Series 5 Class B-1E7 Notes, Upgraded to B1(sf);
previously on Aug 11, 2009 Downgraded to Caa3 (sf)
-- EUR5M Series 6 Class C-1E7 Notes, Upgraded to Caa2 (sf);
previously on Aug 11, 2009 Downgraded to Ca (sf)
-- EUR50M Series 7 Class C-2E10 Notes, Upgraded to Caa3 (sf);
previously on Aug 11, 2009 Downgraded to Ca (sf)
RATINGS RATIONALE
Moody's explained that the rating action is the result of the
improvement in the credit quality of the reference portfolio and
the shorter time to maturity (July 2012). The 10 year weighted
average rating factor of the portfolio, adjusted with forward
looking measures, has improved from 740, from the last rating
action, to 691, equivalent to an average rating of the current
portfolio of Ba1. The FIRE: Insurance, Banking and
Telecommunications industry sectors are the most represented,
weighting 10.68%, 10.14% and 7.27%, respectively, of the portfolio
notional.
Moody's also performed sensitivity analysis consisting in modeling
Moody's market implied rating in place of the corporate
fundamental rating to derive the default probability of each
corporate name in the reference portfolio. Moody's market implied
ratings are derived from observable CDS spread on each corporate
name and mapped to Moody's rating scale. The gap between a Market
implied rating and a Moody's corporate fundamental rating is an
indicator of the extent of the divergence of credit view between
Moody's and the market on each referenced name in the CSO
portfolio. This run generated a result that was not more than 1
notch away from the revised rating.
Additionally, Moody's performed a further sensitivity analysis by
defaulting all reference entities currently rated Caa1 and below
and this run generated a result that was not more than 1 notch
away from the revised rating.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Synthetic Obligations" rating
methodology published in September 2009.
Moody's analysis for this transaction is based on the CDOROMTM.
This model is available on moodys.com under Products and Solutions
-- Analytical models, upon return of a signed free license
agreement.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Corporate Synthetic
Obligations", key model inputs used by Moody's in its analysis may
be different from the manager/arranger's reported numbers. In
particular, rating assumptions for all publicly rated corporate
credits in the underlying portfolio have been adjusted for "Review
for Possible Downgrade", "Review for Possible Upgrade", or
"Negative Outlook".
Moodys did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model. For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moody's Web site.
Moody's analysis of corporate CSOs is subject to uncertainties,
the primary sources of which includes complexity, governance and
leverage. Although the CDOROM model capture many of the dynamics
of the Corporate CSO structure, it remains a simplification of the
complex reality. Of greatest concern are (a) variations over time
in default rates for instruments with a given rating, (b)
variations in recovery rates for instruments with particular
seniority/security characteristics and (c) uncertainty about the
default and recovery correlations characteristics of the reference
pool. Similarly on the legal/structural side, the legal analysis
although typically based in part on opinions (and sometimes
interpretations) of legal experts at the time of issuance, is
still subject to potential changes in law, case law and the
interpretations of courts and (in some cases) regulatory
authorities. Although the impact of these decisions is mitigated
by structural constraints, anticipating the quality of these
decisions necessarily introduces some level of uncertainty in
Moody's assumptions. Given the tranched nature of Corporate CSO
liabilities, rating transitions in the reference pool may have
leveraged rating implications for the ratings of the Corporate CSO
liabilities, thus leading to a high degree of volatility. All
else being equal, the volatility is likely to be higher for more
junior or thinner liabilities. The base case scenario modeled
fits into the central macroeconomic scenario predicted by Moody's
of a sluggish recovery scenario of the corporate universe. Should
macroeconomics conditions evolves towards a more severe scenario
such as a double dip recession, the CSO rating will likely be
downgraded to an extent depending on the expected severity of the
worsening conditions.
KILLERIG RESORT: Goes Into Receivership, Taps Murphy as Receiver
----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that the
Killerig Resort has gone into receivership with multimillion-euro
debts.
Aiden Murphy, a partner in accountancy firm Horwath Bastow
Charleton, was appointed receiver, according to The Sunday
Business Post. Mr. Murphy has appointed a new operating company,
Westpro Management Solutions, to run the hotel. The report
relates that David Hennessy, founder of Westpro, said the Killerig
hotel was "a victim of circumstance", but had a strong pipeline of
bookings.
The Sunday Business Post says that Killerig Resort's owner, Paul
Browne, will lose a significant amount in the receivership, while
the Revenue Commissioners are also owed a significant sum.
The report discloses that the resort suffered in the downturn,
which has already claimed a number of luxury hotels and golf
courses.
Creditors' meetings had been scheduled for three companies
connected to the resort, Killerig Hotel, Killerig Country Club
Rentals and Browne Corporate Finance, The Sunday Business Post
says. The report relates that the Revenue Commissioners also
sought petitions to have the companies wound up, which are due to
be heard in the High Court on May 9.
Killerig Hotel had accumulated losses of EUR3.4 million at the end
of 2009, after losing about EUR500,000 that year, according to its
latest accounts, the report notes. The Sunday Business Post says
the firm owed almost EUR3.9 million to creditors, including almost
EUR383,000 to the Revenue in Vat and PAYE.
Killerig Resort is a high-end hotel and golf development near
Tullow in Co Carlow.
PHOTOLOGIC: Goes Into Liquidation, Appoints Stafford as Liquidator
------------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that Dublin-
based Photologic has gone into liquidation after almost 20 years
in business.
Jim Stafford, of corporate recovery firm Friel Stafford, has been
appointed liquidator at the company's request, the Post.ie
relates.
The Post.ie notes that latest accounts of Photologic, which became
the agent for Kodak products in Ireland, showed the company
employed about 40 people and had sales of over EUR20 million in
2009.
According to the Post.ie, the company was owed EUR2.9 million by
related parties, including the Charter Medical Group, which
operates a EUR20 million clinic in Smithfield in Dublin.
Photologic (UK) is also in administration, the Post.ie discloses.
Photologic is a Dublin-based medical imaging business owned by
John Gallagher. Mr. Gallagher is also the owner of Charter
Medical Group.
SOLICITORS MUTUAL: Seeks EUR16 Million Funds for Wind-down
----------------------------------------------------------
The Irish Times reports that the Solicitors Mutual Defence Fund,
the solicitors' professional insurance body, is to cease writing
new business and is seeking financial support from the Law Society
to allow its orderly wind-down over 10 to 15 years.
The Irish Times relates that a special general meeting of members
of the Law Society has been called for May 4, 2011, to consider
the fund's request for financial support of between EUR14 million
and EUR16 million.
According to the report, Laurence Shields, chairman of the fund,
wrote to solicitors insured with the fund on April 15, explaining
that it may not have sufficient reserves to pay all claims in the
long-term future. The letter, which has been seen by The Irish
Times, explained that the options were to appoint a liquidator or
commence an orderly wind-down by working through the claims over a
number of years while not taking on any new risk.
The Irish Times says the latter option, which is the one favored
by the fund and the Council of the Law Society, would require a
capital commitment estimated at between EUR14 million and EUR16
million payable over approximately 15 years.
According to The Irish Times, the only possible source of this
money is the Law Society, whose members set up the fund to provide
professional indemnity insurance for solicitors more than 20 years
ago. Several former presidents of the society sit on its board.
The council of the society has, therefore, called a special
general meeting of members to discuss the proposal, the report
notes.
A crucial consideration for the meeting on May 4, 2011, is whether
liquidation could expose anyone insured with the fund and facing a
possible claim to payment of 10% of any judgment against them and
costs, The Irish Times relates.
The fund has reinsured 90% of its exposure over the past 10 years.
According to Mr. Shields's letter, these contracts are secure but
an orderly wind-down is essential to extract the maximum benefit
from them.
The Irish Times discloses that professional indemnity insurance is
a requirement for all solicitors, who cannot renew their
practicing certificates without it. In addition to ensuring
solicitors are not personally liable if found to be negligent, The
Irish Times states, members of the public who successfully sue
solicitors can be sure of being paid.
The fund, according to the report, was set up to compete with
commercial insurance companies and traded successfully for a
number of years. However, in 2008 and 2009, the global financial
collapse, combined with a huge increase in claims against
solicitors primarily from financial institutions, put it under
severe strain, The Irish Times notes.
Mr. Shields said the fund continued to write insurance, but only
after obtaining a loan guarantee from the Law Society for EUR8.4
million, which has not been drawn down, and now will not be, The
Irish Times adds.
The Solicitors Mutual Defence Fund is a non-profit making mutual
fund set up and run by solicitors to provide professional
indemnity cover at competitive rates. The SMDF's objective is to
bring stability into the PI market and reduce the cost of cover
for solicitors.
TBS INTERNATIONAL: Agrees to Modify Loan Covenants
--------------------------------------------------
TBS International plc announced that it and its various lender
groups have agreed to modify certain financial covenants through
Dec. 31, 2011. Pursuant to the new modifications, the minimum
consolidated interest charges coverage ratio has been reduced for
the fiscal quarters ending June 30, 2011 through Dec. 31, 2011
from 3.35 to 1.00 to 2.50 to 1.00. In addition, the modifications
increased the maximum consolidated leverage ratio for the same
periods from 4.00 to 1.00 to 5.10 to 1.00, and reduced the minimum
cash requirement from $15 million to $10 million for the period
from July 1, 2011 to Dec. 31, 2011.
The Company expects that these latest amendments will allow it to
comply with its various credit facilities through Dec. 31, 2011.
Unless the Baltic Dry Index, and the freight and charter rates
that TBS obtains, strengthen significantly in the near future,
however, it is likely that after Dec. 31, 2011, TBS would fail to
meet the tests under certain of its financial covenants. The
Company's lenders have agreed to enter into further negotiations
at that time, if necessary, to seek further modifications of those
financial covenants.
About TBS International plc
Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning. The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.
The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.
The Company's balance sheet at Dec. 31, 2010, showed US$686.32
million in total assets, US$389.45 million in total liabilities
and US$296.87 million in total stockholders' equity.
PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern. PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable. According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.
As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities"). The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.
The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.
As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation. In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.
WILLOW NO.2: Moody's Cuts Rating on Series 39 Notes to 'Ba1 (sf)'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of notes
issued by Willow No.2 Series 39. The notes affected by the rating
action are:
Issuer: WILLOW NO.2 (IRELAND) PLC
-- Series 39 EUR 7,100,000 Secured Limited Recourse Notes due
2039, Downgraded to Ba1 (sf); previously on Feb 4, 2011
Assigned Baa1 (sf) and Placed Under Review for Possible
Downgrade
RATINGS RATIONALE
Willow No.2 (Ireland) Plc Series 39 is a repackaging of Grifonas
Finance No.1 Plc Class A Notes, a Greek residential mortgage-
backed security. All interest and principal received on the
underlying asset are passed net of on-going costs to the holders
of the Willow No.2 series 39 notes. This rating is essentially a
pass-through of the rating of the underlying securities.
Moody's explained that the rating action is the result of a rating
action on Grifonas Finance No.1 Plc Class A Notes, which was
downgraded by Moody's to Ba1 (sf) from Baa1 (sf) under review for
possible downgrade on 14 April 2011. For more information please
see the press release on Greek structured finance transactions.
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
=========
I T A L Y
=========
FIAT SPA: Fitch Puts 'BB+' Long-Term IDR on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed Fiat Spa's (Fiat) Long-term 'BB+' Issuer
Default Rating (IDR) and senior unsecured rating on Rating Watch
Negative (RWN). The agency has also placed Fiat Finance & Trade
Ltd's (FFT) 'BB+' senior unsecured rating, on RWN. Fiat's Short-
term IDR has been affirmed at 'B'.
The RWN follows Fiat's announcement that it will exercise its call
option to increase its stake in Chrysler Group LLC (Chrysler) by
16% by end-Q211 for US$1.3 billion (approximately EUR860 million).
Fiat currently owns 30% of Chrysler and has another non-cash
option to get an additional 5% of Chrysler. The exercise of the
16% option is contingent upon the full repayment of Chrysler's
debt to the US and Canadian governments, which Fitch believes will
take place in Q211. The remaining 5% option can be exercised when
Chrysler receives regulatory approval for a vehicle based on
Fiat's platform or vehicle technology with at least 40 miles per
gallon and commits to commercial assembly in the US. As a result
of the exercise of these two options, Fiat's stake in Chrysler
will increase to 51% and lead to the full consolidation of
Chrysler.
"Fiat's credit metrics will deteriorate as a result of the
potential increase in net debt in relation to the transaction and
the accounting consolidation of a more-leveraged Chrysler," says
Emmanuel Bulle, Senior Director in Fitch's Corporate team.
"However, Fitch believes that the price of exercising the current
option is reasonable and that a combination with Chrysler will
bring about medium- to long-term benefits to Fiat."
Fiat reported EUR0.5 billion net debt from its industrial
operations at end-Q111, unadjusted for pension liabilities and
operating leases (EUR0.9 billion and EUR0.4 billion, respectively,
at end-2010), and guided for industrial net debt at the low-end of
a EUR1.5 billion-EUR1.8 billion range at end-2011. Fitch expects
Fiat's net adjusted industrial leverage to increase to
approximately 0.9x at end-2011, from 0.4x at end-2010, excluding
the effects of the Chrysler stake increase and its future
consolidation.
Chrysler's key credit metrics at end-2011 are still unclear, as
its financial structure is dependent on the refinancing of its
government loans in the coming weeks, whereas cash generation and
operating profit will depend on Chrysler's future sales
developments. Chrysler's financial profile is weaker than Fiat's
and its consolidation will have a negative effect on the group's
reported ratios. However, Fitch will analyze legal, operational
and strategic ties between the two companies and will determine
whether the linkage is weak or strong under its Parent and
Subsidiary Rating Linkage methodology, dated July 14, 2010. The
agency will then determine whether Fiat's ratings should be
primarily assessed on a standalone (i.e. excluding Chrysler) or
consolidated basis.
Over the longer term, the alliance with Chrysler should provide
material synergies and cost savings, strengthen both groups' model
ranges and increase diversification, which Fitch views positively.
However, execution risk remains, as Chrysler's track record post
bankruptcy is limited.
Fitch will assess the potential operational and financial effects
of the Chrysler consolidation more closely in the coming weeks and
whether it has an impact on Fiat's ratings. Any downgrade is
likely to be limited to one notch.
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: Kazakh Government Mulls Sale of Stake to EBRD
------------------------------------------------------------
Kazakhstan wants to sell its stake in Alliance Bank to the
European Bank for Reconstruction and Development, potentially
making it the first of the Kazakh banks that defaulted during the
financial crisis to attract an international investor, Nariman
Gizitdinov at Bloomberg News reports, citing three people familiar
with talks.
According to Bloomberg, one of the people said an agreement on the
sale may be reached as early as next month. The three people
declined to provide details on the size of the stake or the price
and asked not to be identified because the negotiations are
private, Bloomberg notes.
Alliance Bank, the first Kazakh lender to default in 2009, said on
March 30 of last year that it completed restructuring US$4.5
billion of debt, reducing the amount owed to about US$1 billion,
Bloomberg recounts. The state-owned National Wellbeing Fund
Samruk-Kazyna holds 67% of Alliance's ordinary shares after the
reorganization, Bloomberg discloses.
About JSC Alliance Bank
JSC Alliance Bank is the sixth-largest bank in Kazakhstan by net
loans. JSC Alliance is a bank with substantially all of its
operations in the Republic of Kazakhstan. As of June 30, 2009,
the Bank's net assets constituted 4.9% of the total assets of the
banking system in Kazakhstan. It has 3,900 employees. The Bank's
only assets in the U.S. are certain correspondent accounts with
U.S. Banks.
JSC Alliance Bank filed for Chapter 15 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-10761) to protect itself from U.S. lawsuits and
creditor claims while it reorganizes in Kazakhstan. The Chapter
15 petition says that assets and debts are in excess of
US$1 billion. Law firm White & Case LLP, based in New York, is
representing JSC Alliance in the Chapter 15 case.
===================
L U X E M B O U R G
===================
INTELSAT SA: Amends Form S-1; Stockholders to Sell $190MM Notes
---------------------------------------------------------------
Intelsat S.A. filed with the U.S. Securities and Exchange
Commission a Pre-Effective Amendment No. 1 to Form S-1
registration statement regarding the sale by the selling
securityholders of up to $190,910,000 aggregate principal amount
of Intelsat (Luxembourg) S.A.'s 11 1/4% Senior Notes due 2017.
The original 11 1/4% Senior Notes due 2017 were issued on June 27,
2008, pursuant to Rule 144A and Regulation S and the notes were
issued in exchange for the original notes on Jan. 20, 2010. The
selling securityholders are affiliates of the Company and the
Company has agreed to file the prospectus to register the notes
held by the selling securityholders for resale. The Company will
not receive any proceeds from the sale of the notes in this offer.
A full-text copy of the amended prospectus is available for free
at http://is.gd/iFQSAF
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent. Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.
The Company reported a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.
The Company's balance sheet at Dec. 31, 2010 showed US$17.59
billion in total assets, US$18.29 billion in total liabilities,
and US$698.94 million in total Intelsat S.A shareholder's deficit.
=====================
N E T H E R L A N D S
=====================
AMSTEL CORPORATE: Moody's Lifts Rating on Class E Notes From 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of notes issued
by Amstel CLO 2006 BV.
Issuer: Amstel Corporate Loan Offering 2006 B.V.
-- EUR100M Class C Notes, Upgraded to Aaa (sf); previously on
Oct 26, 2010 Upgraded to Aa1 (sf)
-- EUR100M Class D Notes, Upgraded to Aaa (sf); previously on
Oct 26, 2010 Upgraded to A1 (sf)
-- EUR100M Class E Notes, Upgraded to A3 (sf); previously on
Jul 4, 2007 Definitive Rating Assigned Ba2 (sf)
RATINGS RATIONALE
Moody's said the rating actions are driven by the substantial and
ongoing amortization of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.
This transaction, which closed in November 2006, is a synthetic
balance sheet CLO referencing a portfolio of largely European and
North American corporate loans originated by ABN Amro (now RBS
N.V.). Between August 2010 and February 2011, the pool has
amortized by 32.7% from EUR2,551.9 million to EUR1,716.8 million;
the February 2011 portfolio has a WARF of 580 consistent with an
implied Moody's rating of Baa3 for the pool. There have been
seven credit events since closing totalling EUR67.0 million of
par, which represent 0.67% of the closing portfolio of EUR10
billion.
For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale. To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case. Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.
Moody's considered several sensitivity runs on top of this base
case. These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were a notch lower, a jump to Caa2
scenario where the agency assumed that the largest obligor's
ratings would move to Caa2, and a forward looking scenario
modelling the portfolio as of August 2011 after removing all
assets maturing by that date. In all these cases, the model
outputs are equal or better than the current revised ratings.
Also, in reaching its ratings decisions, Moody's weighted the fact
that tranches D and E remain sensitive to potential losses on the
portfolio, as an additional 4% loss on the pool sees a decrease in
the model outputs by up to 1 and 5 notches respectively compared
to the base case run.
Rating actions are based on a consideration of the above scenarios
and other factors including the size and quality of the
subordination available to the rated tranches.
Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortization and prepayments. If rapid
delivering continues to affect this transaction, assuming that
other credit related factors remain stable, the notes ratings are
likely to experience further upgrade migration.
Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
models. A mean recovery rate of 41.35% was generated for the pool
(dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability, net of stresses, was 2.10%.
The principal methodology used in rating and monitoring the notes
of Amstel CLO 2006 B.V. is "Moody's Approach to Rating Corporate
Collateralized Synthetic Obligations" published in March 2009.
Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
website.
Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.8TM, to generate default and
recovery scenarios for each asset in the portfolio and computes
the associated loss to each tranche in the structure.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
===========
R U S S I A
===========
NIZHNIY NOVGOROD: Fitch Affirms Long-Term Currency Ratings at 'B+'
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Russian region of
Nizhniy Novgorod's Long-term ratings to Positive from Stable and
affirmed the region's Long-term foreign and local currency ratings
at 'B+'. The agency has also affirmed the region's National Long-
term rating at 'A(rus)' and Short-term foreign currency rating at
'B'.
The Positive Outlook reflects the rebound of Nizhniy Novgorod's
operating performance after a temporary sharp deterioration in
2009, as well as Fitch's expectation of a gradual improvement in
the region's operating performance in 2011-2013 and stabilization
of its debt by 2013. However, the ratings also factor in high
short-term debt refinancing needs in 2011 and expected direct risk
increase. Fitch notes that positive rating action is subject to
sustained sound operating performance and a reduction in the high
refinancing pressure due to the lengthening of region's debt
maturity profile.
The local economy demonstrated a relatively fast recovery in 2010
after the economic downturn severely affected the region in 2009.
According to preliminary estimates, gross regional product
increased by 5% yoy in 2010, driven by a 13.6% growth in
industrial output. This led to recovery of the tax base,
especially for corporate profit tax, so operating revenue
increased by 11.3% in 2010 after an 8.3% contraction in 2009.
Fitch expects further improvement of the budget performance in
2011-2013, with the operating margin gradually increasing to 15%-
16%. The region managed to control operating expenditure, which
remain almost unchanged in 2010 in nominal terms compared with the
previous year. As a result, the region's budgetary performance
rebounded quickly and the operating margin grew to 11.1% in 2010
from 0.2% one year earlier.
Fitch expects direct risk will increase by about RUB6 billion in
2011 and will stay below 40% of current revenue in relative terms.
However, the short-term nature of the bank loans remains a
pressure for the budget. The administration intends to gradually
cut the budget deficit during the next three years to zero in
2013, which will lead to a stabilization of the debt in nominal
terms. The region plans to roll over most of its bank loans in
2011 and issue another RUB5 billion bond to cover maturing bonds
and budget deficit. The new bond issue will have a five-year
maturity, which will lengthen the maturity profile of the region.
Debt remains moderate by international standards. However, a high
proportion of short-term bank loans causes high refinancing needs:
the region has to refinance RUB12.8 billion (49% of its direct
risk), including RUB10 billion of short-term bank loans in 2011.
The region continued to record high capital spending in 2010,
which caused a RUB8.3 billion deficit before debt variation. This
resulted in a further increase of the region's debt burden and by
Jan. 1, 2011 direct risk had reached RUB26 billion or 33.6% of
current revenue.
Nizhniy Novgorod is located in the central part of the Russian
Federation (RF). It contributed 1.7% of the RF's GDP in 2009, and
accounted for 2.3% of the country's population.
ORASCOM TELECOM: S&P Upgrades Corporate Credit Rating to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said it had raised its long-
term corporate rating on Egypt-headquartered wireless
telecommunications operator Orascom Telecom Holdings S.A.E. to 'B'
from 'B-'. "We have also raised the corporate credit rating on
Orascom Telecom Finance S.C.A. to 'B' from 'B-' and the senior
unsecured rating to 'B' from 'CCC'. We removed the ratings from
CreditWatch, where they had been placed with positive implications
on Oct. 6, 2010. The outlook is stable," S&P stated.
"The upgrade reflects our view of Orascom's stand-alone credit
profile of 'b-' together with implied support from Vimpel-
Communications (JSC) (VimpelCom; BB/Negative/--). This support
incorporates our assessment of VimpelCom's majority ownership of
Orascom, and Orascom's moderate importance for VimpelCom's growth
profile in emerging markets. As part of the transaction,
VimpelCom will provide Orascom Telecom a US$3.5 billion
intercompany loan to refinance senior debt at Orascom Telecom,
(including the senior credit facility, equity linked notes, and
Orascom Telecom Finance senior notes), which strengthens Orascom's
financial profile and confirms VimpelCom's commitment to support
Orascom Telecom in the future, in our view," S&P noted.
Following completion of the transaction, Orascom Telecom's key
assets will include its 100% stakes in Pakistan Mobile
Communications Ltd. (Mobilink; B-/Stable/--) and Banglalink in
Bangladesh, its 96.8% stake in Orascom Telecom Algeria (OTA), and
majority stakes in smaller pan-African Telecell Globe and
equity consolidated Canadian Globalive Wireless Canada. "We
understand that OTA is in an ongoing dispute with the Algerian
government over tax demands, under which Orascom Telecom cannot
extract meaningful dividends from its main cash-generating
subsidiary. We further understand that Algeria is seeking to
nationalize OTA. If OTA is sold, Mobilink would become Orascom
Telecom's largest subsidiary, contributing more than 70% of
consolidated EBITDA. Our current Transfer & Convertibility (T&C)
assessment on Pakistan is 'B-', which comes on top of Orascom
Telecom's above-average country risks and constrains the rating on
Orascom Telecom. Orascom Telecom's other operations, including
Banglalink and a greenfield project in Canada, generate negative
free cash flow, which also weighs on the rating," S&P noted.
According to S&P, "The rating on Orascom Telecom is constrained by
our T&C assessment on Pakistan, higher-than-average country risks,
tax disputes in Algeria, and high growth mode for the most of its
assets. These risks are partly moderated by Orascom Telecom's
strong positions in its key markets and implied support from its
financially stronger parent, VimpelCom."
"The stable outlook reflects our expectation that Orascom Telecom
will generate sufficient cash flows to fund its growth throughout
its entire portfolio. It also factors in refinancing of all debt
at the parent company level with an intercompany loan and gradual
integration of Orascom Telecom into VimpelCom," S&P said.
Ratings upside could result from a positive resolution of the tax
situation in Algeria, which would allow Orascom Telecom to
upstream dividends; or from the sale of the subsidiary, which
would strengthen the company's capacity to fund its growth across
its portfolio. "An upgrade could also follow stronger integration
of Orascom Telecom in VimpelCom or upward revision of our T&C
assessment on Pakistan," S&P noted.
S&P stated, "Ratings downside could result if we observe less
support from VimpelCom or if VimpelCom's credit profile weakens
significantly."
TRANSCONTAINER OJSC: Fitch Puts 'BB+' IDR on Rating Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Russia-based OJSC Freight One's (Freight
One) 'BBB-' Long-term foreign and local currency Issuer Default
Ratings (IDR) and OJSC TransContainer's (TransContainer) 'BB+'
Long-term foreign and local currency IDRs on Rating Watch Negative
(RWN).
The RWN follows the announcement made by JSC Russian Railways
(RZD) ('BBB'/Stable/'F3') that its board made a preliminary
decision on April 19, 2011 to sell 75% less two shares in Freight
One and 25% plus one share in TransContainer. The disposal is
preliminarily scheduled for Q311 for Freight One and by the end of
2011 for TransContainer. Fitch expects that the board's decision
will be upheld by the Government of the Russian Federation, which
is a sole shareholder in RZD.
If completed, the proposed sales would decrease RZD's shareholding
in both Freight One and TransContainer to a minority stake. RZD's
ratings are unaffected by these disposals. Consequently,
following the disposal by RZD, Fitch will no longer incorporate
RZD's parental support into Freight One and TransContainer's
ratings under Fitch's Parent-Subsidiary Rating Linkage
methodology.
Fitch views the existing standalone business and financial profile
of Freight One as commensurate with a Long-term IDR of 'BB+' and
that of TransContainer at 'BB'. Fitch notes that if there is a
new majority shareholder of Freight One or TransContainer, their
ratings may be impacted by the relative credit strength of their
respective new parents and the parent-subsidiary arrangements put
in place (including the effect of possible acquisition funding).
Currently, Freight One represents over 10% of RZD's consolidated
revenues and is therefore a principal subsidiary (as defined in
RZD's loan participation notes). Freight One's default (among
other events) could be an event of default for RZD. Fitch
understands that Freight One and TransContainer's loans and
domestic bonds do not include change of control provisions.
Freight One is a leading rolling stock operator in Russia and the
CIS in terms of fleet size and transportation volumes, with a
strong ability to execute customer demand, and has a diversified
fleet and customer base. In 2010, Freight One transported over
302 million tones of cargo, a 30% increase on 2009, which
accounted for about 22.5% of all cargo shipped by rail in Russia
in that year. RZD is presently the sole shareholder of Freight
One.
TransContainer is the leading rail-based container transportation
company in Russia with about half of the overall market. It
provides rail-based container transportation, rail-side terminal
services, freight forwarding and logistics, and truck deliveries.
In 2010, TransContainer shipped 1.2 million TEU (twenty foot
equivalent units) by rail, a 9.5% increase on 2009 and handled 1.6
million TEU in its terminals, a 9.5% increase on 2009. RZD is
presently TransContainer's majority shareholder with 50% plus one
share.
OJSC Freight One (Freight One)
-- Long-term foreign currency IDR: 'BBB-'; placed on RWN
-- Long-term local currency IDR: 'BBB-'; placed on RWN
-- Short-term foreign currency IDR: 'F3'; placed on RWN
-- Short-term local currency IDR: 'F3'; placed on RWN
-- National Long-term rating: 'AA+(rus)'; placed on RWN
OJSC Transcontainer (Transcontainer)
-- Long-term foreign currency IDR: 'BB+'; placed on RWN
-- Long-term local currency IDR: 'BB+'; placed on RWN
-- Short-term foreign currency IDR: affirmed at 'B'
-- Short-term local currency IDR: affirmed at 'B'
-- Senior unsecured rating: 'BB+'; placed on RWN
-- National Long-term rating: 'AA(rus)'; placed on RWN
The 'BB+' local currency rating of TransContainer's RUB3 billion
bond maturing in 2013 is also placed on RWN and the RUB3 billion
bond maturing in 2015 is assigned a 'BB+' local currency rating
and placed on RWN.
VIMPEL COMMUNICATIONS: S&P Downgrades Corp. Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit rating on Russian telecommunications
operator Vimpel-Communications (JSC) and related issue ratings to
'BB' from 'BB+'. At the same time, the ratings were removed
from CreditWatch, where they were placed with negative
implications on Oct. 6, 2010. The outlook is negative.
"The rating action reflects our view that the acquisition of Wind
Telecom by Vimpel-Communications (JSC)'s owner, VimpelCom Ltd.,
will significantly increase leverage at both Vimpel-Communications
(JSC) and VimpelCom Ltd. to a level that is not consistent with a
'BB+' rating. It also reflects significant liquidity risks
related to a US$2.5 billion bridge loan used to finance the
transaction and guaranteed by Vimpel-Communications (JSC). In our
view the bridge loan needs to be refinanced promptly," S&P stated.
S&P noted, "According to our estimations, post-transaction
adjusted debt leverage at both VimpelCom Ltd. and Vimpel-
Communications (JSC) will be in the range of 2.5x-3x. We believe
that the transaction will significantly increase the financial
pressure on Vimpel-Communications (JSC) as the core entity of the
VimpelCom group. The transaction assumes that Vimpel-
Communications (JSC) will provide an intercompany loan to Wind
Telecom unit Orascom Telecom Holdings and related companies, aimed
at refinancing all their debt. We believe that the structure of
the broader VimpelCom group could require Vimpel-Communications
(JSC) to support the weaker entities in future."
"We also believe that VimpelCom Ltd. will carry meaningful
refinancing risk in the near term, primarily because of the $2.5
billion bridge loan, which VimpelCom Ltd. has to refinance within
the next 18 months. Vimpel-Communications (JSC) is the guarantor
of the bridge loan," S&P related.
"As we previously indicated, we view the credit quality of
Vimpel-Communications (JSC) and VimpelCom Ltd. as closely
correlated. We currently have no corporate credit rating on
VimpelCom Ltd. For the purpose of calculating Vimpel-
Communications (JSC)'s adjusted credit ratios we add all
debt located above Vimpel-Communications (JSC) in the ownership
structure to the company's reported debt. We will monitor
VimpelCom Ltd.'s portfolio structure and financial policies as any
weakening in the company's credit quality could pressure the
rating on Vimpel-Communications (JSC). This could include
acquisitions that would weaken our assessment of VimpelCom Ltd.'s
business risk or implementation of more aggressive financial
policies inconsistent with those publicly communicated by
management," according to S&P.
"The rating on Vimpel-Communications (JSC) reflects our view of
its aggressive growth orientation, reduced financial flexibility,
and increasing liquidity risks. The rating is supported, in our
view, by Vimpel-Communications (JSC)'s sound market position,
robust profitability, and strong cash generation," S&P noted.
"The negative outlook reflects the probability that we could
further lower the rating on Vimpel-Communications (JSC) in the
event that the bridge loan is not refinanced with longer-term
instruments within the next six months. A downgrade could also be
triggered by more aggressive financial policy decisions by
VimpelCom Ltd.," S&P added
In another rating action, S&P upgraded Wind Telecommunicazioni's
rating to 'BB-' on completion of the VimpelCom transaction.
=========
S P A I N
=========
AYT GOYA: Moody's Assigns 'Caa1 (sf)' Rating to Series B Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to these classes of notes issued by AyT Goya Hipotecario IV, FTA:
-- EUR1066M Serie A, Definitive Rating Assigned Aaa (sf)
-- EUR234M Serie B, Definitive Rating Assigned Caa1 (sf)
The transaction represents the securitisation of Spanish
residential mortgage loans originated by Barclays Bank SA, a
subsidiary of Barclays Bank Plc (Aa3/P-1). The assets supporting
the notes are prime mortgage loans secured on residential
properties located in Spain. The portfolio is serviced by
Barclays Bank SA.
RATINGS RATIONALE
The rating of the notes takes into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss.
The expected portfolio loss of 3.5% and the MILAN Aaa required
Credit Enhancement of 14.0% served as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000.
The key drivers for the MILAN Aaa Credit Enhancement, which is in
line with other prime Spanish RMBS transactions that closed during
the past twelve months, are (i) the weighted-average current LTV
of 56.9%, (ii) the proportion of loans with an LTV above 80%
(6.7%), (iii) the geographical concentration of the portfolio
(25.5% in Madrid) and the weighted average seasoning of 1.7 years.
The key drivers for the expected loss, which is in line with other
prime Spanish RMBS transactions that closed during the past twelve
months, are (i) the performance of the seller's precedent
transactions and the performance of the seller's book (ii)
benchmarking with comparable transactions in the Spanish RMBS
market and (iii) the overall weak economic conditions in Spain.
The transaction benefits from a reserve fund that is upfront
funded at 5% of the rated notes balance to cover potential
shortfalls in interest and principal. The total credit
enhancement for the Aaa rated notes is 23%. The transaction
benefits from a swap to hedge the interest rate risk.
The servicer Barclays Bank SA is not rated by Moody's. This risk
is mitigated by the fact that Barclays Bank SA is a subsidiary of
Barclays Bank Plc (Aa3/P-1). A rating trigger linked to Barclays
Bank Plc is in place which states that at loss of A3 a back-up
servicer needs to be appointed.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect to the class A and the class B notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.
The V Score for this transaction is Medium which is in line with
the V score assigned for the Spanish RMBS sector. Only one sub
component underlying the V Score deviate from the average of the
Spanish RMBS sector. Disclosure of securitization collateral pool
characteristics is assessed a Medium which is higher than the
Low/Medium V score assigned for the Spanish RMBS sector for this
sub component. V-Scores are a relative assessment of the quality
of available credit information and of the degree of dependence on
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V-Score has been assigned
accordingly to the report "V-Scores and Parameter Sensitivities in
the Major EMEA RMBS Sectors" published in April 2009.
Moody's Parameter Sensitivities: The model output indicated that
class A would have achieved Aaa even if the expected loss was as
high as 10.5% (3.0x base case) assuming Milan Aaa CE at 14.0%
(base case) and all other factors remained the same. The model
output further indicated that class A would have achieved Aa1 with
Milan Aaa CE of 16.8% (1.2x base case) and an expected loss of
3.5% (base case).
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the transaction has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The principal methodologies used in this rating were Moody's
updated methodology for rating Spanish RMBS published in October
2009, and Cash Flow Analysis in EMEA RMBS: Testing Structural
Features with the MARCO Model (Moody's Analyser of Residential
Cash Flows) published in January 2006. The reports mentioned
above are available on www.moodys.com in the Rating Methodologies
subdirectory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Rating
Methodologies subdirectory on Moody's Web site.
Moody's Investor Services did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.
===========
S W E D E N
===========
SAAB AUTOMOBILE: Funding Plan Meets Swedish Debt Office's Terms
---------------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Swedish National Debt Office said that Saab
Automobile's funding plan meets the terms outlined by the Swedish
government and the Debt Office.
As reported by the Troubled Company Reporter-Europe on April 21,
2011, Global Insolvency said that Saab urgently needs fresh funds
to pay its suppliers and resume production. Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted. Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral. The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.
The company is currently unable to secure external financing,
since large parts of its assets are tied up as collateral for a
EUR400 million (US$572.2 million) loan granted by the European
Investment Bank, according to Global Insolvency,.
With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV. As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009. A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.
===========
T U R K E Y
===========
BANPOZITIF KREDI: Moody's Cuts Deposit Ratings to 'Ba1/Not-Prime'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the global local-currency
(GLC) deposit ratings of Turkey's Bankpozitif Kredi ve Kalkinma
Bankasi A.S. (Bankpozitif) to Ba1/Not-Prime from Baa3/Prime-3
following the downgrade of the ratings of the bank's parent. At
the same time, Bankpozitif's Ba3/Not-Prime foreign-currency
deposit ratings were affirmed. The outlook on the GLC deposit
rating is stable and the outlook on the foreign-currency deposit
rating is positive. Furthermore, the rating agency affirmed
Bankpozitif's standalone D bank financial strength rating (BFSR)
-- mapping to Ba2 on the long-term rating scale -- and has changed
the outlook to negative from stable.
Following the downgrade of the GLC deposit ratings and the
affirmation of the foreign-currency deposit ratings, Moody's has
withdrawn those ratings due to uncertainty in the timing of the
granting of a deposit-taking permit to Bankpozitif.
At the same time, Moody's has assigned Ba1/Not-Prime issuer
ratings in local and foreign currency. The outlook on the issuer
ratings is stable. Moody's says that the issuer ratings more
suitably reflect Bankpozitif's funding structure.
RATINGS RATIONALE
BFSR AFFIRMED WITH NEGATIVE OUTLOOK
The affirmation of Bankpozitif's D BFSR reflects the overall
adequate financial fundamentals, including solid capitalization
and sound liquidity profile. The affirmation also reflects (i)
the constraints on Bankpozitif's marginal franchise; and (ii) its
reliance on market funding, which in Moody's view limits its
longer-term franchise development prospects in the fast growing,
highly competitive and core retail-deposit-funded Turkish banking
system.
The bank's profitability was adversely affected in 2009 and 2010
as a result of Bankpozitif lengthening the funding maturity
profile by greater use of longer-term market funding and a
contraction in its loan portfolio during the 2009 recession in
Turkey. This led to a decline in its market share. Although loan
growth resumed in late 2010, the rating agency cautions that
profitability pressures are adding to the challenges that
Bankpozitif faces in materially developing its franchise and
strengthening its market share in Turkey. In Moody's view, this
is better reflected in the change of the BFSR outlook to negative
from stable.
DOWNGRADE OF LOCAL CURRENCY DEPOSIT RATINGS AND SUBSEQUENT
WITHDRAWAL OF DEPOSIT RATINGS
The downgrade of the GLC deposit ratings follows Moody's remapping
of the standalone C- BFSR (stable outlook) of Bankpozitif's parent
bank, Bank Hapoalim B.M. of Israel, to Baa2 from Baa1 on the long-
term rating scale (see press release "Moody's downgrades five
Israeli banks due to weak profitability"). This serves as a
reference point from which to impute bank rating uplift as a
result of possible parental support.
Moody's has re-assessed the likelihood of parental support from
Bank Hapoalim as moderate, given (i) the lowered level of the
parent bank's standalone financial strength rating; and (ii) the
slow development of Bankpozitif's franchise in Turkey,
demonstrated by Bankpozitif's modest market share and sustained
marginal franchise and minor contribution to the parent's
franchise. These two factors resulted in Bankpozitif's GLC long-
term deposit rating of Ba1 incorporating a one-notch rating uplift
from its Ba2 baseline rating.
The stable outlook on the GLC deposit ratings is underpinned by
Moody's moderate parental support assumption and the higher rating
of the parent compared with that of Bankpozitif. This subdues the
effect of any potential downward rating movement of the bank's
BFSR on its long-term GLC deposit ratings.
The Ba3/Not-Prime foreign-currency deposit ratings were affirmed
(with a positive outlook) and are in all cases constrained by the
country ceiling for foreign-currency bank deposits. This results
in the assignment of a different and typically lower rating for
the foreign-currency deposits, relative to Bankpozitif's rating
for its local-currency obligations.
Due to the absence of a deposit-taking permit for Bankpozitif, its
Ba1/Not-Prime GLC deposits and Ba3/Not-Prime foreign-currency
deposits ratings have been withdrawn.
ASSIGNMENT OF ISSUER RATINGS
Moody's has assigned local and foreign-currency issuer ratings of
Ba1/Not-Prime to Bankpozitif, which reflects its ability to honour
senior unsecured financial obligations and contracts.
The Ba1/Not-Prime local-currency issuer ratings are backed by
Bankpozitif's standalone credit strength equivalent of Ba2, plus
one notch of rating uplift, due to the moderate likelihood of
support from its majority shareholder, Bank Hapoalim.
The Ba1/NP foreign-currency issuer rating is equal to the Ba1/Not-
Prime local-currency issuer rating. The applicable country
ceiling for debt ratings in Turkey is Ba1 (with a positive
outlook). The outlook of Bankpozitif's foreign-currency issuer
rating follows the stable outlook on its local-currency issuer
rating.
At present, there is no upward pressure on Bankpozitif's issuer
ratings, indicated by the assigned stable outlook. Additional
negative pressure could be exerted on the BFSR if (i) the
competitive landscape in Turkey severely disrupts the bank's
ability to expand its franchise and to generate profits from its
core corporate lending business; (ii) the degree of asset quality
deterioration weakens so that external capital support is required
for the bank; or (iii) Bankpozitif's risk-appetite increases
significantly to support the bank's evolving franchise.
The issuer ratings could be downgraded in the event of (i) a
multi-notch downgrade of the BFSR; (ii) a downgrade at parent bank
level; or (iii) Moody's reconsidering its assumptions for parental
support. At present, Moody's considers these three scenarios to
be unlikely.
PRINCIPAL METHODOLOGIES
The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.
Headquartered in Istanbul, Turkey, Bankpozitif had total assets of
TRY1.7 billion (US$1.1 billion) under audited IFRS at the end of
December 2010.
TURKIYE GARANTI: Moody's Assigns Ba1 Senior Unsecured Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign-currency
senior unsecured debt rating to Turkiye Garanti Bankasi A.S.
(Garanti). The outlook on the rating is positive.
RATINGS RATIONALE
Moody's foreign-currency debt ratings are subject to the foreign-
currency bond ceiling assigned to the country in which the issuer
is domiciled. As a result, even though Garanti's global local-
currency (GLC) deposit rating of Baa1 is higher than the Ba1
foreign-currency bond ceiling for Turkey, Garanti's foreign-
currency senior unsecured debt rating is constrained by and thus
equal to Turkey's Ba1 (positive) ceiling.
While the Turkish government bond rating is set at Ba2 with
positive outlook, the foreign currency bond ceiling for Turkey is
Ba1 (positive), one notch higher than the government rating, based
on Moody's assessment of a lower probability that a government
would resort to a moratorium on external payments of issuers
domiciled in the country in the event the government itself
defaulted on its foreign currency debt obligation.
This rating was assigned in the context of Garanti issuing its
first foreign-currency debt notes. The terms and conditions of
the notes include (amongst other factors) a negative pledge and a
cross-default clause. The notes will be unconditional,
unsubordinated and unsecured obligations and will rank pari passu
with all of Garanti's other senior unsecured obligations. Any
subsequent foreign-currency senior unsecured bonds issued by
Garanti would also be rated Ba1.
An upgrade of the foreign-currency bond ceiling would result in an
upgrade of the rating of the notes, since it is constrained by its
applicable ceiling. Similarly, a downgrade of the foreign-
currency bond ceiling -- or a downgrade of Garanti's GLC deposit
rating below that of the foreign-currency bond ceiling for Turkey
-- would result in a downgrade of the rating of the notes.
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in
March 2007.
Moody's previous rating action on Garanti was implemented on
April 7, 2011, when Moody's assigned a provisional (P) Ba1
foreign-currency senior unsecured debt rating with a positive
outlook to Garanti's notes.
Garanti is headquartered in Istanbul, Turkey, and at the end of
December 2010 had total assets of US$87.5 billion.
=============
U K R A I N E
=============
SOTSKOMBANK: Central Bank Extends Administration for Second Time
----------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank said it extended its administration of PAT KB
Sotskombank for a second time.
According to Bloomberg, the Kiev-based Natsionalnyi Bank Ukrainy
said on Friday in a statement on its Web site that the
administration will run through July 21.
Bloomberg notes that the statement said Nataliya Khorolenko will
remain as an administrator in Rodovid.
* UKRAINE: Moody's Assigns 'B2' Rating to US$690-Mil. Senior Notes
------------------------------------------------------------------
On April 14, 2011, Moody's Investors Service assigned a long-term
rating of B2 to the US$690,000,000 Fixed Rate (7.4%) Senior
Unsecured Global Notes due April 2018 issued by the Ukrainian
state enterprise called "Financing of Infrastructural Projects."
The debt benefits from a full guarantee by the Ukrainian
government.
RATINGS RATIONALE
Moody's regards the Ukrainian state enterprise known as "Financing
of Infrastructural Projects" as a vehicle of public policy that is
not distinguishable from the government. More specifically,
Moody's considers that the commitment of the Ukrainian government
to back the issuer's obligations is no lower than its commitment
to service its own sovereign bonds.
In this context, the debt rating of "Financing of Infrastructural
Projects" reflects the existence of an explicit, irrevocable and
unconditional guarantee provided by the Ukrainian government. The
Ukrainian government's long-term foreign currency bond rating is
B2 with a stable outlook.
"Financing of Infrastructural Projects" is wholly owned by the
Ukrainian state. Its primary mandate is to raise domestic and
foreign capital for expenses related to holding the European
Football Championship Finals in 2012 (UEFA Euro 2012), other
international sports events and various infrastructure projects.
By virtue of its charter, the issuer has the status of a legal
entity under Ukrainian law.
The issuer was established as a state enterprise according to the
Decree of the "National Agency on Preparation and Holding in
Ukraine of the UEFA Euro 2012 and Implementation of Infrastructure
Projects" (the "Agency") on 14 September 2010. The Agency in turn
was established by the resolution of the Cabinet of Ministers of
Ukraine on April 7, 2010.
The main objective of the Agency is the preparation and
implementation of infrastructural projects connected with Euro
2012 and other international sports events. The Agency is also
responsible for developing and subsequent implementation of the
"State Targeted Social Program of Development in Ukraine of Sports
and Touristic Infrastructure in 2011 to 2022". This program is
designed to promote winter sports in Ukraine and to prepare
Ukraine to bid for the right to host 2022 Winter Olympics.
The principal methodologies used in the rating were Sovereign Bond
Ratings published in September 2008.
Reference is also made to the Special Comment entitled "Moody's
Identifies Core Principles of Guarantees for Credit Substitution"
from November 2010.
===========================
U N I T E D K I N G D O M
===========================
ALL SAINTS: On the Verge of Administration as Hope of Rescue Fades
------------------------------------------------------------------
Rupert Steiner at MailOnline reports that All Saints was on the
verge of collapsing into administration on April 20, as hopes of a
last-ditch rescue faded.
A consortium fronted by U.S. private equity firm Goode Partners
was crumbling on April 20, according to MailOnline. The report
relates that one investor pulled out and had to be replaced as
negotiations over the sale of a controlling stake in the retailer
hung on by a thread.
MailOnline discloses that directors of All Saints were locked in a
board meeting on April 20, as insiders conceded that if it failed
to hammer out a deal then the retailer's main lender, Lloyds
Banking Group, may force the chain into administration.
All Saint Chief Executive Stephen Craig dismissed speculation that
Goode had walked away, saying, 'Goode are still there and believe
they can complete the transaction,' the report relates.
The business is seeking an investor to pump in fresh funds to
shore up its finances, MailOnline discloses.
'One of the co-investors in the consortium pulled out. The
business will continue trading over the weekend. It is not going
to shut down. But it is very close to the wire. If things are
not sorted out by the end of the weekend, it will probably fall
into administration,' MailOnline quotes an unnamed All Saints
insider as saying.
MailOnline notes that Lloyds, which has appointed KPMG to advise
the company, insisted it had not pushed the button on any
administration process.
Goode is the last remaining consortium after M1, a group co-
founded by the next likely Lebanese Prime Minister Najib Mikati
walked away earlier this month, the report points out.
The auction of a controlling stake was triggered after two of the
retailer's shareholders -- failed Icelandic banks Kaupthing and
Glitnir -- appointed accountants Ernst & Young to sell their
shareholding, MailOnline says.
All Saints is a fashion chain. The business was established in
1994 and best known for its distinctive stores decked out with
10,000 vintage Singer sewing machines. It employs 2,000 staff.
BROWNE'S CHOCOLATES: Bought Out of Liquidation
----------------------------------------------
FoodManufacture.co.uk reports that former Harrods supplier
Browne's Chocolates has been bought out of liquidation.
The company, which is now called Browne's the Chocolatiere, was
taken on by Joe Keohane and Nick Baker at the end of March,
according to FoodManufacture.co.uk. The new owners bought the
assets of Browne's Chocolates from insolvency practitioner Neville
& Co of Plymouth for an undisclosed sum, and plan to restart
production shortly.
FoodManufacture.co.uk says half of the Browne's 20-strong
workforce has now been rehired and have been cleaning the factory
ready for production to restart.
Discussions are being held with retailers such as Harrods,
Waitrose and Duchy Originals, which Browne's previously supplied,
to try and resume supply deals with them, FoodManufacture.co.uk
adds.
Browne's Chocolates Ltd is a chocolate company based in the north
Devon town of Okehampton.
DECO 11: Fitch Affirms Rating on GBP28.4MM Class D Notes at 'CC'
----------------------------------------------------------------
Fitch Ratings has downgraded DECO 11-UK Conduit 3 plc's (DECO 11)
commercial mortgage-backed notes due January 2020:
-- GBP183.6m class A1-A (XS0279810468) affirmed at 'AAA';
Outlook Negative
-- GBP72m class A1-B (XS0279812597) affirmed at 'A'; Outlook
Negative
-- GBP44m class A2 (XS0279814452) downgraded to 'BB' from
'BBB'; Outlook Negative
-- GBP26.4m class B (XS0279815426) downgraded to 'B' from 'BB';
Outlook Negative
-- GBP36.3m class C (XS0279816580) affirmed at 'CCC'; Recovery
Rating 'RR5' assigned
-- GBP28.4m class D (XS0279817398) affirmed at 'CC'; Recovery
Rating 'RR6' assigned
The downgrade is driven by the quality of the largest loan in the
portfolio, the Mapeley loan (56% of portfolio). The loan is
secured by 24 office properties located across the UK, typically
in secondary locations. Vacancy has increased to 18% from 13%
over the past year. Three of the properties, accounting for about
10% of space, are still completely vacant, suggesting that the
secondary quality of the assets is hindering re-letting efforts.
While some new letting activity has taken place, Fitch is still
concerned with the weak income stream. The benefit of sweeping
surplus cash (in exchange for suspending the LTV covenant for two
years) has reduced significantly in the past two quarters because
interest cover has fallen further to 1.27x, marginally above the
covenant of 1.25x. If all lease breaks and expiry options are
exercised in 2012, the ICR will fall below the covenant.
The recent replacement of Hatfield Philips International Limited
(rated 'CPS2-'/'CSS3+'), as special servicer, on two CMBS loans
included in the transaction was not a driver of this rating action
(for more details see 'Fitch: DECO 8, 11 Faces No Immediate Rtg
Action After Hatfield's Replacement; Challenges For Solutus, dated
Feb. 8, 2011).
EMI GROUP: PwC Seeks GBP1.4MM Fee for Pre-Administration Costs
--------------------------------------------------------------
Gideon Spanier at London Evening Standard reports that Citigroup
spent more than GBP1.4 million on accountants and legal advice in
only seven weeks before it seized control of record label EMI
Group from financier Guy Hands.
According to London Evening Standard, documents filed to Companies
House show PricewaterhouseCoopers billed Citigroup GBP1.4 million
of "pre-administration costs" between Dec. 12 last year and Jan.
31.
PwC's costs are likely to have increased since it put EMI's
holding company, Maltby Investments, into administration on
Feb. 1 on the orders of Citigroup, London Evening Standard notes.
The US bank secretly hired PwC in December, ensuring that the
first time Terra Firma boss Hands knew about it was after he lost
control of the British record label, London Evening Standard
recounts.
EMI, London Evening Standard says, continues to trade normally as
Citigroup seeks a buyer. Insiders suggest a sale might not happen
for many months, maybe not even until 2012, London Evening
Standard states.
London Evening Standard relates that PwC's team, led by Peter
Spratt and Tony Lomas, defended its fees, saying it "achieved a
greater realization than would have been likely under any
insolvency procedure."
The accountants reckon EMI has an enterprise value of GBP1.95
billion, far below the GBP4 billion that Guy Hands paid in 2007,
London Evening Standard discloses.
EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing. EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs. EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland). Financial
services giant Citigroup owns EMI.
GUL INT'L: 80+ Jobs Saved As Wholesale Unit is Sold
----------------------------------------------------
BBC News reports that more than 80 jobs at Gul International have
been saved after it went into administration.
Gul International's existing managers bought the wholesale section
of the firm, which designs and sells products through authorized
dealers, as well as internationally, BBC News relates.
The firm hit problems with difficult exchange rates and reduced
sales, according to BBC News. The firm has been split into two
sections, wholesale and retail, and each has been sold on as a
going concern, administrators say.
Bodmin-based Gul International is a Cornwall surfwear firm. It
has 10 shops in the south and south west of England.
SILENTNIGHT HOLDINGS: In Battle to Save 650 Jobs
------------------------------------------------
Chris Hopper at Lancashire Telegraph reports that Silentnight
Holdings Plc chiefs are battling to save 650 jobs after the extent
of its cash crisis emerged.
Silentnight Holdings chiefs have given the stark warning that the
firm will go into administration unless it offloads a pension fund
with a GBP100 million black hole, according to Lancashire
Telegraph.
The report notes that the company is trying to solve its financial
difficulties, but as an alternative rescue option, the company has
been put up for sale in a bid for a buyer who can secure its
future.
Lancashire Telegraph discloses that Silentnight Holdings has hit
problems after Clydesdale Bank withdrew services, pushing the firm
into the red.
On April 21, the report says, it was revealed that creditors had
been offered 65p in the pound of money owed in a bid to
restructure historic debts. However, the next day, it emerged
that the main problem is a generous final salary pension scheme
from former subsidiaries bought in the 1980s, Lancashire Telegraph
relates.
The fund, which has a total deficit of GBP100million, has 1,500
members -- but only 100 are currently working and contributing,
Lancashire Telegraph discloses.
The report notes that under the company voluntary arrangement
(CVA), which needs approval from a majority of creditors, the
company would make a GBP5 million payment to the scheme after
regulatory approval, it would then be transferred to the Pension
Protection Fund, with savings guaranteed.
Silentnight Holdings bosses, led by chief executive Neal Mernock,
face a nervous wait until the CVA vote on May 6, Lancashire
Telegraph says.
On April 21, the report notes, an unnamed spokeswoman said that
pension fund members, who will make up the bulk of the CVA vote,
would decide Silentnight Holdings' fate. They could avoid
administration by approving the CVA, she added.
However, Lancashire Telegraph relates, Brian Green, restructuring
partner at KPMG, said: "The CVA proposed by Silentnight gives the
company a chance to avoid administration and safeguard the jobs of
around 1,250 people."
In the meantime, the firm was being 'marketed' for sale and
potential buyers were being encouraged, the firm said, the report
says.
Lancashire Telegraph discloses that it is understood that
Clydesdale withdrew loans, working capital and overdraft services
worth about GBP10 million from Silentnight Holdings in February.
Since then, funding has been covered by U.S. private equity
company Grace Bay Holdings, the report relates.
The Pension Protection Fund reassured pensioners in Silentnight's
affected final salary scheme that their funds would be protected
if transferred, Lancashire Telegraph notes. It would guarantee
100% of savings for those above retirement age and 90% for those
still working, the report adds.
Silentnight Holdings Plc is a furniture maker based in the United
Kingdom.
ST URSULA'S SCHOOL: Bristol City Acquires Site for GBP1.95 Million
------------------------------------------------------------------
BBC News reports that a primary school and secondary free school
are set to open in September in the premises of St. Ursula's
School after plans were approved by Bristol City Council's
cabinet.
The private St Ursula's School went into administration in 2010
and the council spent GBP1.95 million buying the site, according
to BBC News. The Bristol Free School wanted to run it as a
secondary school while the council wanted a primary school, the
report relates.
BBC News notes that councilors have now proposed the secondary
school to be on a temporary site on the nearby Burghill Road for a
year.
As reported in the Troubled Company Reporter-Europe on Aug. 18,
2010, BBC News related that Bristol City Council said it intends
to buy St. Ursula's School out of administration. St. Ursula's
went into administration week after a bid to make it a non-
denominational academy was rejected by the Sisters of Mercy, the
Catholic nuns who ran the school. BBC disclosed it has struggled
to remain financially viable because of falling pupil numbers.
About 160 pupils were left without schools and 40 staff lost their
jobs, BBC noted. Evening Post noted that Nigel Morrison and
Trevor O'Sullivan, both partners of Grant Thornton, were appointed
joint administrators of the school.
St. Ursula's is a Bristol-based independent mixed catholic private
school.
TAYLOR WIMPEY: Fitch Upgrades LT Issuer Default Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded UK house-builder Taylor Wimpey plc's
(TW) Long-term Issuer Default Rating (IDR) and senior unsecured
rating to 'B+' from 'B'. Its Short-term IDR is affirmed at 'B'.
The Outlook is Stable.
"Taylor Wimpey's recently announced disposal of its North American
business and assets for a net consideration of GBP575 million will
give the group greater operational and financial flexibility and
committed funding at a lower overall interest rate," says Jean-
Pierre Husband, Director in Fitch's EMEA Corporate Finance team.
"With working capital likely to be well controlled in the next
three years, these are all positive elements which have
contributed towards the upgrade of the ratings."
Under the terms of the transaction, TW is selling its North
American business for GBP595.2m plus the transfer of GBP105.2m of
cash balances back to the UK parent. Around GBP473.3m will
initially be used to repay the existing revolving credit facility
and a further GBP32.5m will be applied to the two pension schemes,
which are now closed to new accruals.
As a result of the disposal, Facility A (GBP350 million of TW's
GBP950 million syndicated revolving credit facility) will be
retired. All debt facilities (totalling GBP1.3 billion and
incorporating a GBP250 million unsecured 2015 bond, the GBP950
million revolving credit facility and a GBP100 million term loan)
benefit from a shortfall guarantee from Taylor Wimpey UK Ltd, the
main operational and asset-owning entity of the TW group (70% of
total assets, 65% of group revenue and 70% of group EBITDA). This
reduces the senior lenders' structural subordination, as any
shortfall of recovery by the guaranteed senior lenders ranks
equally as an unsecured liability of the guarantor. However, the
pension funds benefit from the Pension Protection Fund standard
guarantee, which increases their recovery.
Following the disposal TW's liquidity position is strong (with
undrawn committed debt facilities of around GBP600 million) with
no debt maturities until Q4 2014. TW intends to prudently
reinvest part of the disposal proceeds into a new land bank
(amount not disclosed) over the next three years.
As of December 2010, TW's EBITDA margin had improved to 7.5% from
1.7% at December 2009, reflecting a combination of reduced
overheads, lower build costs due to more standardization of house
types (-15% since 2007) and a changed product mix (from flats to
houses) allowing increased prices and margins. Fitch's forecasts
show similar financial metrics compared to those projected in
February 2011 (adjusted net debt/EBITDAR leverage estimated at
2.0x at FY12) and expects TW to maintain a leverage ratio of
around 2.0x on a sustained basis from FY11 (or around 4.0x if land
creditors are also included as debt).
Fitch currently estimates that UK house prices could fall by a
further 2%-5% in 2011. This will mask some regional disparities,
particularly in central London, where it is expected that foreign
buyers will continue to account for at least half of purchases,
underpinning prices which may rise by up to 5% in 2011. Demand
for mortgages in the UK remains weak (around 47,000 approvals in
November 2010, around half that at the peak in 2007). UK mortgage
approvals are unlikely to fall further, but are set to stabilize
well below pre-crisis levels. The major UK house-builders are
limiting their exposure to weak demand for lower priced flats by
changing their product mix towards building more higher-priced
houses, as demand for these is proving more resilient.
TW is one of the UK's three major UK home-builders with revenues
of over GBP2.5 billion in FY10.
VON ESSEN: Seaham Hall to Continue Trading Despite Administration
-----------------------------------------------------------------
Owen McAteer at The Northern Echo reports that County Durham
luxury hotel Seaham Hall will continue to trade as normal after
the holding company for its parent group went into administration.
As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com relates that the von Essen is reported to have debts of
more than GBP25 million. SoGlos.com notes that while
administrators have been appointed and the portfolio of hotels are
expected to be sold-off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual.
"It is business as normal for the hotels and customers of von
Essen Hotels can continue to enjoy their stay," The Northern Echo
quotes Angela Swarbrick, joint administrator, as saying.
Meanwhile, von Essen is being prepared for sale, MailOnline
reports. Potential bidders for the entire business of von Essen
include London & Regional, one of the biggest property companies
in Europe and owner of the Park Lane Hilton in London; Akkeron
Hotels, which is building its British hotel estate; and private
equity giant Blackstone, the report notes.
von Essen could also be broken up and the hotels sold off
individually, with hotelier Richard Balfour-Lynn understood to be
considering his options, MailOnline cites.
Recent talks with private equity fund Tosca Penta Investments came
to nothing following disagreements over price and the future role
of van Essen Chairman Andrew Davis, MailOnline discloses.
von Essen hotel chain owns 28 luxury hotels in the UK and France.
* UK: Scottish Corporate Insolvencies Up 11% in First Quarter 2011
------------------------------------------------------------------
Lynsey Bews at Daily Record reports that company insolvency
numbers in Scotland increased 11% during the first quarter of
2011, up 4% on the same period of 2010, while bankruptcy numbers
went up by 8% over the same period.
According Daily Record, Labour leader Iain Gray said the
statistics made "grim reading" and raised concern about the number
of businesses becoming insolvent.
Daily Record relates that Scottish Building Federation chief
executive Michael Levack said: "Private sector construction still
has a mountain to climb to get back to anywhere near the rates of
output it was showing two years ago. "With budgets being slashed,
public contracts are drying up fast.
"We have also seen the number of firms becoming bankrupt rise by
11% at the close of 2010," Daily Record quotes Mr. Levack as
saying.
===============
X X X X X X X X
===============
* S&P's 2011 Global Corporate Defaults Now Total 13
---------------------------------------------------
One Russian bank and two U.S.-based utilities defaulted last week,
raising the 2011 global corporate default tally to 13, said an
article published Friday by Standard & Poor's Global Fixed Income
Research, titled "Global Corporate Default Update (April
15 - 21, 2011) (Premium)."
"Eight of this year's defaulters are based in the U.S., two are
based in New Zealand, one in Canada, one in the Czech Republic,
and one in Russia," said Diane Vazza, head of Standard & Poor's
Global Fixed Income Research. "By comparison, 32 global corporate
issuers had defaulted by this time in 2010."
Of these defaulters, 23 were from the U.S., one was from Europe,
two issuers were from the emerging markets, and six were in the
other developed region (Australia, Canada, Japan, and New
Zealand).
S&P noted that it revised the 2011 figures as part of our
quarterly data reconciliation process to account for two issuers
that had ratings withdrawn several months prior to default. Also,
it added two New Zealand-based issuers that defaulted earlier this
month -- one as a result of regulatory action, and the other
because of a distressed exchange.
"Five of this year's defaults were due to missed interest or
principal payments, and another five were due to distressed
exchange offers -- both among the top reasons for default in
2010," said Ms. Vazza. Of the remaining three, one issuer
defaulted after it filed for bankruptcy, another had its banking
license revoked by its country's central bank, and the third was
forced into liquidation as a result of regulatory action.
Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 defaults resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.
Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%. A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.
The projection of 1.6% is another 0.86-percentage-point (or
another 35%) decline from the 2.46% default rate in March 2011.
This rate of decline would be sharp, but slower than the decline
over the past 16 months. Improved lending conditions and a lower
cost of capital are keeping our default expectations relatively
upbeat in the next 12 months. S&P is seeing stronger credit
quality, as reflected in fewer downgrades and lower negative bias.
In addition to its baseline projection, S&P forecasts the default
rate in our optimistic and pessimistic scenarios. In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected. As a result, S&P
would expect the default rate to be 1.2% (18 defaults in the next
12 months).
On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic scenario
-- S&P expects the default rate to be 3.3% (50 defaults) by March
2012. S&P bases its forecasts on quantitative and qualitative
factors that we consider, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market. S&P updates its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.
* Fitch: Global CDS Spreads Widen Across All Sectors
----------------------------------------------------
Fitch Solutions said April 20 that, in its latest Risk and
Performance Monitor, Global CDS spreads widened across all sectors
the week before, driven mainly by European sovereign and financial
institutions. European names were behind the financial sector's
underperformance last week, selling off 7.8%. On average, CDS on
Irish, Portuguese, French and Spanish banks widened the most at
19%, 17%, 14% and 14%, respectively. Meanwhile, CDS on European
sovereigns sold off 12.2%.
"Renewed concern over European sovereign credit is likely
attributed to fears of a Greek debt restructuring as well as
potential ramifications for those countries with significant
exposure to Greek debt through their banking systems," said Diana
Allmendinger, the report's author and Director, Fitch Solutions.
The five-year Probability of Default (PD) Index grew 2% globally,
reversing the positive trend observed over the previous three
weeks.
* 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
OBTEC-OLD OBTN DC -14919946.34 138400232.8
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
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
SANISTAL AS-B SANIBEUR EO -11318565.53 541068534.3
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
SANISTAL AS-B SANIB EU -11318565.53 541068534.3
SANISTAL AS-B SANI/B PZ -11318565.53 541068534.3
SANISTAL AS-B SNSC IX -11318565.53 541068534.3
SANISTAL-B NEW SANLN DC -11318565.53 541068534.3
SCANDINAVIAN BRA SBS1 EU -14919946.34 138400232.8
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
ACERINOX FRANCE 4748633Z FP -4970408.693 106673210.6
AIR COMMAND SYST 4470055Z FP -6291815.312 178932425.9
AIRCELLE 61830Q FP -482411191.5 1055907987
AKERYS SERVICES 4685937Z FP -8561729.525 141611809.9
ALCATEL-LUCENT E 3642975Z FP -46648090.98 510672247.2
ALCATEL-LUCENT F 3647063Z FP -566942548.5 4810123614
AL-KHATTIYA LEAS 4783713Z FP -8522159.06 132815959.7
ALUMINIUM PECHIN 3650903Z FP -555865218.4 1121216347
ARIANESPACE 211530Z FP -51743991.45 3354710780
ATARI IFOE PZ -10078799.92 116178599
ATARI EUROPE SAS 4503835Z FP -98950222.14 135876466.5
ATARI SA ATA EU -10078799.92 116178599
ATARI SA ATA PZ -10078799.92 116178599
ATARI SA ATANV FP -10078799.92 116178599
ATARI SA ATA EB -10078799.92 116178599
ATARI SA ATA EO -10078799.92 116178599
ATARI SA IFGA GR -10078799.92 116178599
ATARI SA IFGA TH -10078799.92 116178599
ATARI SA ATA FP -10078799.92 116178599
ATARI SA ATA TQ -10078799.92 116178599
ATARI SA ATA BQ -10078799.92 116178599
ATARI-NEW 3715502Q FP -10078799.92 116178599
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE SA BVD FP -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
BELVEDERE SA BEVD IX -240506200.5 1000204586
BELVEDERE SA BVD EO -240506200.5 1000204586
BELVEDERE SA BVDRF US -240506200.5 1000204586
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BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BED TH -240506200.5 1000204586
BELVEDERE SA BVD PZ -240506200.5 1000204586
BELVEDERE SA BVD EU -240506200.5 1000204586
BELVEDERE SA-NEW BVDNV FP -240506200.5 1000204586
BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
BELVEDERE SA-RTS BVDDS FP -240506200.5 1000204586
BLUESTAR SILICON 4684089Z FP -44931243.79 388699826.4
CADES 211430Z FP -1.32E+11 9983888303
CARREFOUR HYPERM 3897338Z FP -419813693 4772178623
CARREFOUR IMPORT 4519455Z FP -41015520.11 355888577.4
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP XRR GR -9829592.638 279906700
CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
CARRERE GROUP CAR2 EO -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP CRRHF US -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CELINE SA 3636031Z FP -6546420.506 108306445
CMA CGM AGENCES 4746849Z FP -7380117.985 187789703.7
CO PETROCHIMIQUE 4682369Z FP -79561569.14 444321642.5
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
CONSTRUCTIONS ME 4513671Z FP -52488041.58 342215596.8
CSF 3635887Z FP -66127474.94 3311857250
EADS SECA 4706441Z FP -38679556.91 142045208.8
EDF EN FRANCE 4686529Z FP -4085423.459 508820792.6
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
FAURECIA SIEGES 4516727Z FP -107384039.9 418368440.6
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GCE CAR LEASE 4702065Z FP -15076726.1 127403745.1
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GROUPE PROGRES S 4734137Z FP -165060877.3 123458910.5
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
HUREL-DUBOIS HDUN FP -482411191.5 1055907987
I BASE 757542Z FP -11937368.11 400192956.6
INFOGRAMES - REG IFG FP -10078799.92 116178599
INFOGRAMES - REG IFG EU -10078799.92 116178599
INFOGRAMES - REG IFOE IX -10078799.92 116178599
INFOGRAMES - REG IFG TQ -10078799.92 116178599
INFOGRAMES - REG IFG EO -10078799.92 116178599
INFOGRAMES E-NEW IFGN FP -10078799.92 116178599
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INFOGRAMES ENT IFGEF US -10078799.92 116178599
INFOGRAMES ENT 2986984Q EO -10078799.92 116178599
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INFOGRAMES ENT IFOY IX -10078799.92 116178599
INFOGRAMES ENT IFG PZ -10078799.92 116178599
INFOGRAMES ENT 2986980Q EU -10078799.92 116178599
INFOGRAMES ENTMT IFGRF US -10078799.92 116178599
INFOGRAMES ENTMT IFG VX -10078799.92 116178599
INFOGRAMES- RTS IFGDS FP -10078799.92 116178599
INFOGRAMES-NEW IFGNV FP -10078799.92 116178599
INFOGRAMES-RTS 3133246Q FP -10078799.92 116178599
ISOCHEM SA 3540732Z FP -9354435.203 103629623.2
JACQUOT ET CO 4721473Z FP -25605141.5 101591294.6
JTEKT AUTOMOTIVE 4504595Z FP -3346147.796 163732029.4
JTEKT AUTOMOTIVE 4505819Z FP -14610375.9 211911653.5
JUNGHEINRICH FIN 4635025Z FP -25640227.91 213268803.8
KEOLIS LYON 4745585Z FP -38514253.91 123798829.1
LAB DOLISOS DOLI FP -27752176.19 110485462.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
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GREECE
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ITALY
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TISCALI SPA TIS FP -113179475 545313502.1
TISCALI SPA TIS NR -113179475 545313502.1
TISCALI SPA TISGBX EU -113179475 545313502.1
TISCALI SPA TIS NA -113179475 545313502.1
TISCALI SPA TIS TQ -113179475 545313502.1
TISCALI SPA TISGBP EO -113179475 545313502.1
TISCALI SPA TSCXF US -113179475 545313502.1
TISCALI SPA TIQ GR -113179475 545313502.1
TISCALI SPA TISN IX -113179475 545313502.1
TISCALI SPA TISM IX -113179475 545313502.1
TISCALI SPA TISN NA -113179475 545313502.1
TISCALI SPA TISN FP -113179475 545313502.1
TISCALI SPA TIS IM -113179475 545313502.1
TISCALI SPA TIS IX -113179475 545313502.1
TISCALI SPA TISN VX -113179475 545313502.1
TISCALI SPA TISN IM -113179475 545313502.1
TISCALI SPA TIS PZ -113179475 545313502.1
TISCALI SPA- RTS 3391621Q GR -113179475 545313502.1
TISCALI SPA- RTS TISAXA IM -113179475 545313502.1
UPIM SRL 3494031Z IM -24945031.42 495566337.9
VALEO SPA 3897442Z IM -55996.80114 165209720.2
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024314140 3328008487
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT ILMA GR -595161984 17556170752
INTELSAT SA 2237Z US -595161984 17556170752
NETHERLANDS
-----------
ADAMAR AMSTERDAM 4049157Z NA -8231529.767 119709372
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
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BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
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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
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
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
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TURKEY
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UNITED KINGDOM
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TOPPS TILES PLC TPTEUR EU -45137310.56 168068056
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UNIGATE PLC UNGPF US -21397232.94 474779161.6
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UNIGATE PLC 1577Q GR -21397232.94 474779161.6
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
UNIQ PLC UNIQ EO -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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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 * * *