/raid1/www/Hosts/bankrupt/TCREUR_Public/140121.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, January 21, 2014, Vol. 15, No. 14
Headlines
A U S T R I A
HERBERT PEXIDER: Is Insolvent; Owes Approximately 7.3 Million
F I N L A N D
TALVIVAARA MINING: March 28 Deadline Set for Financial Report
TALVIVAARA MINING: Should Have Filed for Restructuring in August
G E R M A N Y
SCOUT24: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable
TAURUS CMBS 2006-3: S&P Lowers Rating on Class A Notes to 'BB+'
H U N G A R Y
PAPAI HUS: Enters Into Agreement with Creditors
I R E L A N D
AVOCA CLO IV: Moody's Cuts Rating on EUR50.5MM Cl. E Notes to B2
CARL SCARPA: Exits Examinership; 68 Jobs Secured
HARVEST CLO VII: S&P Affirms 'BB' Rating on Class E Notes
IRISH BANK: Won't Need Additional Cash Injection, Noonan Says
I T A L Y
LA PERLA SRL: Jan. 31 Deadline Set to Draft Final Creditor List
MARCOLIN SPA: Moody's Assigns 'B2' Corporate Family Rating
L I T H U A N I A
VILNIAUS TAUPOMOJI: Bank of Lithuania Revokes License
L U X E M B O U R G
PUMA ENERGY: Moody's Assigns 'Ba2' Corporate Family Rating
VIRTUOSO LUX: Moody's Assigns 'B1' Corporate Family Rating
M O N T E N E G R O
KOMBINAT ALUMINIJUMA: Montenegro Launches Tender
N E T H E R L A N D S
LEOPARD CLO V: Moody's Cuts Rating on EUR3MM Cl. E-2 Notes to B3
P O R T U G A L
BANCO BPI: Moody's Revises Outlook on Ba2 Debt Ratings to Stable
PORTUGAL: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative
S P A I N
PESCANOVA SA: Lenders Urged to Support 80% Debt Write-Off
U N I T E D K I N G D O M
APAVOU HOTEL: Jan. 30 Deadline Set for 3 Hotel Unit Sale Offers
ARM ASSET BACKED: UK Liquidators Set Feb. 3 Investor Meeting
BALACLAVA BEACH: Bids for La Plantation Hotel Open Til Jan. 30
GARNANT GOLF: In Liquidation; Council Mulls Probe
MANSARD MORTGAGES 2006-1: S&P Raises Cl. B1a Notes Rating to B+
MERGERMARKET GROUP: S&P Assigns Prelim. 'B' CCR; Outlook Stable
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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HERBERT PEXIDER: Is Insolvent; Owes Approximately 7.3 Million
-------------------------------------------------------------
Aggregates Business Europe reports that Herbert Pexider
Gesellschaft is insolvent.
According to Aggregates Business Europe, the company has
liabilities amounting to EUR9.8 million and assets of some EUR2.5
million.
Pexider has a debt of approximately EUR7.3 million and its
insolvency affects 88 creditors, Aggregates Business Europe says.
Its circumstances are attributed to the difficult climate in the
construction and construction materials industry, Aggregates
Business Europe discloses. Pexider has been unable to find a
strategic partner or a financial investor, Aggregates Business
Europe notes.
Herbert Pexider Gesellschaft is an Austrian manufacturer of
concrete, cement and calcareous sandstone for construction and
wholesaler of building materials and sanitary ceramics.
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F I N L A N D
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TALVIVAARA MINING: March 28 Deadline Set for Financial Report
-------------------------------------------------------------
Reuters reports that the District Court of Espoo has set a
deadline, calling for a report on Talvivaara Mining's financial
status to be compiled by March 28, and proposals for
reorganization programs by May 28.
As reported by the Troubled Company Reporter on Nov. 28, 2013,
Reuters related that Talvivaara, hit by falling nickel prices and
chronic production problems, earlier in November halted
operations and petitioned the Espoo District Court near Helsinki
for a court-supervised reorganization and warned it might face
bankruptcy if the process failed.
Talvivaara Mining Co. Ltd. is a Finnish nickel producer.
TALVIVAARA MINING: Should Have Filed for Restructuring in August
----------------------------------------------------------------
Kati Pohjanpalo at Bloomberg News, citing Finnish newspaper
Kauppalehti, reports that Pekka Jaatinen, the attorney appointed
as administrator of the restructuring of Talvivaara Mining Co.,
said the company should have filed for corporate restructuring in
August instead of November.
"Talvivaara had considerably more cash in August, but the
company's management spent quite a lot of time exploring various
voluntary funding models," Mr. Jaatinen, as cited by Bloomberg,
said, adding that "they went very close to the limit of whether
the business was viable anymore".
Talvivaara Mining Co. Ltd. is a Finnish nickel producer.
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G E R M A N Y
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SCOUT24: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable
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Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Germany-based Asa NewCo GmbH, the
owner of the German online classifieds websites operator Scout24.
The outlook is stable.
At the same time, S&P assigned its 'B' long-term issue rating to
the senior secured EUR645 million first lien facilities, composed
of a term loan B and a EUR50 million revolving credit facility
(RCF). S&P also assigned its 'CCC+' long-term issue rating to
the EUR50 million second-lien term loan D. All facilities are to
be issued by Asa NewCo GmbH. The recovery rating on both the
term loan B and the RCF is '4', indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.
The recovery rating on the term loan D is '6', indicating S&P's
expectation of negligible (0-10%) recovery in the event of a
payment default.
The 'B' corporate credit rating on Scout24 reflects S&P's view
that the company has a "fair" business risk profile and a "highly
leveraged" financial risk profile according to S&P's criteria.
Scout24 operates several online market places, mostly in Germany,
selling online classifieds in real estate (ImmobilienScout24),
cars (AutoScout24), and other sectors, including a dating
platform (FriendScout24).
S&P's assessment of Scout24's "fair" business risk profile
reflects its portfolio of brands that are well-known in Germany
and its dominant market position in the online real estate
classifieds market through ImmobilienScout24. S&P's assessment
also incorporates its view of Scout24's limited correlation to
the underlying industries as the company derives about two-thirds
of its revenues from subscriptions. It also reflects that
advertisers are continuously shifting their classified placements
away from print mediums to online platforms.
These strengths are partly offset by relatively stiff competition
in the online classifieds market, risks relating to a fast-moving
technological environment, and some exposure to the volatility of
original equipment manufacturer advertising. The company's
competitive position, which S&P assess as "fair," is constrained
by AutoScout24's weaker value proposition in the German cars
online classifieds market -- where it lags behind mobile.de --
and loss-making FriendScout24 -- which dilutes the group's
otherwise above-average EBITDA margins.
"We assess Scout24's financial risk profile as "highly
leveraged." Based on the new capital structure, we estimate that
Scout24 will have a Standard & Poor's-adjusted debt-to-EBITDA
ratio of about 15x in 2014. Our adjusted debt estimate includes
financial debt of about EUR695 million, preference shares of
about EUR1.1 billion, and about EUR47 million of obligations
under operating leases. Although we view the preference shares
as debt-like, as per our criteria, we recognize their cash-
preserving function. Excluding the preference shares, however,
we would still classify Scout24's financial risk profile as
"highly leveraged," with adjusted debt to EBITDA of about 5.6x
pro forma for the debt issuance in 2014. In our view, adjusted
funds from operations (FFO) interest coverage of close to 3.0x,
if sustainable, supports the 'B' rating," S&P said.
"Our assessment of Scout24's financial risk profile also
incorporates financial sponsor ownership (70% owned by funds
advised by Hellman & Friedman, 30% by Deutsche Telekom AG) and
uncertainty regarding its long-term financial policy and leverage
targets. Although we understand that the owners will not
prioritize acquisitions in their growth plans, the term loan
documentation includes sizable carve outs for such purposes. The
documentation would also allow Scout24 to sell its Swiss
activities or other noncore entities and return proceeds to
shareholders. Such a sale would hinge on Scout24 reducing net
leverage by 0.25x within six months and by 0.5x within 12 months.
The owners' preference shares are a high 12%, in our opinion,
providing an incentive to be refinanced at least partially over
the medium term with debt that, however, would need to be raised
outside the restricted group. These risks are partly moderated
by Scout24's healthy free cash flow generation. Under our base-
case scenario, we estimate that cumulative free cash flow between
2014 and 2016 will total between EUR110 million and EUR140
million," S&P noted.
In S&P's base case, it assumes:
-- German online classifieds markets growing at 7%-8% for real
estate and about 5%-6% for cars, translating into annual
revenue growth for Scout24 of 5%-7% on average.
-- Swiss operations included on a pro rata basis, paying bi-
annual dividends.
-- Standard & Poor's-adjusted EBITDA margin increasing to over
40% in 2015 from about 36% in 2014, supported by annual
cost savings of about EUR19 million.
-- Fairly limited additional working capital requirements.
-- Capital expenditures of about EUR20 million per year.
Based on these assumptions, S&P arrives at the following credit
measures for 2014:
-- Adjusted FFO interest coverage of about 3x.
-- Adjusted debt to EBITDA of 15x, equivalent to about 5.6x
when excluding preference shares.
The stable outlook reflects S&P's view that Scout24 will increase
revenue by 5%-7% over 2014-2016. The increase in revenues will
stem from the continued shift of classified advertising from
print to online and by increases in average revenue per user at
ImmobilienScout24. In S&P's base case, EBITDA growth should be
even higher, thanks to cost reductions and positive effects
relating to the company's operating leverage. This should
translate into adjusted debt to EBITDA of 15x (equal to 5.6x when
excluding preference shares). S&P's view also incorporates its
expectation that the company will post adjusted FFO interest
coverage sustainably above 1.5x.
S&P could raise the rating on Scout24 if strong operating
performance and debt reduction led to adjusted debt to EBITDA,
including preference shares, of less than 6x and if S&P believed
releveraging risks were low. However, given the very high debt
levels, S&P thinks that this scenario is unlikely to occur within
the next two years.
S&P could lower the rating if Scout24 were unable to deliver the
anticipated revenue and EBITDA growth, in line with S&P's base
case, thereby failing to maintain adjusted FFO cash interest
coverage of at least 1.5x. S&P could also consider a negative
rating action if it observed a more aggressive financial policy--
such as debt-financed acquisitions or shareholder returns--or
failure to maintain adequate covenant headroom higher than 15%.
TAURUS CMBS 2006-3: S&P Lowers Rating on Class A Notes to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+ (sf)' from
'BBB- (sf)' its credit rating on Taurus CMBS (Pan-Europe) 2006-3
PLC's class A notes. At the same time, S&P has affirmed its
ratings on the class B, C, and D notes.
The rating actions follows S&P's review of Taurus CMBS (Pan-
Europe) 2006-3's credit quality.
Taurus CMBS (Pan-Europe) 2006-3 is a 2006-vintage transaction,
currently backed by one loan secured on a German commercial real
estate asset. The underlying pool initially had seven loans,
which were secured on European commercial real estate assets.
On the October 2013 interest payment date (IPD), the Triumph loan
remained outstanding, with a balance of EUR50.7 million. The
Triumph loan represents the senior portion of a whole loan. The
subordinated portion of the whole loan does not form part of this
transaction.
The loan is secured on a multitenanted single asset located in
Markisches Viertel (northern Berlin), which is primarily used for
retail purposes. The occupancy rate has decreased to 68% from
91% at closing. The top five tenants account for 20% of the
property's overall income. The property's weighted-average lease
term is five years and nine months.
The loan entered special servicing because the borrower failed to
repay the whole loan balance at maturity on Jan. 30, 2013. The
servicer has agreed a temporary standstill with the borrower to
organize the sale of the property. The servicer reported an
October 2013 securitized loan-to-value ratio of 70.47% (based on
a December 2010 valuation), and a securitized interest coverage
ratio of 2.90x.
The October 2013 cash manager report shows that the class C and D
notes accrued a cumulative interest shortfall of EUR128,033 on
that IPD. As evidenced in the first quarters of 2012 and 2013,
the payment of certain nonrecurring expenses caused cash flow
disruptions at the transaction level. If the payment of these
expenses is concentrated in Q1 2014 and not spread over the
quarters, S&P considers that it will likely further constrain the
issuer's ability to pay full interest to the class A and B
noteholders in a timely fashion. The loan's margin is unlikely
to be sufficient to fully pay the class A to D notes' interest.
S&P's ratings in this transaction addresses the timely payment of
interest, payable quarterly in arrears, and the payment of
principal no later than the May 2015 legal final maturity date.
S&P considers the class A and B notes' available credit
enhancement to be adequate to mitigate the risk of principal
losses from the underlying loan in higher stress scenarios.
However, S&P has taken rating actions on the class A and B notes
for cash flow reasons.
Although S&P believes the interest shortfall on the class A notes
will be subsequently repaid at the expense of the junior
tranches, the class A notes have become vulnerable to cash flow
disruption, in S&P's opinion. S&P has therefore lowered to 'BB+
(sf)' from 'BBB- (sf)' its rating on the class A notes.
The class B notes, having previously experienced an interest
shortfall, are still vulnerable to cash flow disruptions on
future IPDs, in S&P's view. S&P has therefore affirmed its 'B-
(sf)' rating on the class B notes.
S&P has affirmed its 'D (sf)' ratings on the class C and D notes
because they continue to default on their interest payments.
RATINGS LIST
Rating
Class To From
Taurus CMBS (Pan-Europe) 2006-3 PLC
CHF0.1 Million, EUR447.75 Million Commercial Mortgage-Backed
Floating-Rate Notes
Rating Lowered
A BB+ (sf) BBB- (sf)
Ratings Affirmed
B B- (sf)
C D (sf)
D D (sf)
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H U N G A R Y
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PAPAI HUS: Enters Into Agreement with Creditors
-----------------------------------------------
MTI-Econews reports that Papai Hus 1913 reached an agreement on
Thursday with its creditors that will allow the troubled company
to continue operating.
According to MTI-Econews, Tamas Aldozo, the mayor of Papa, where
the company is based, told MTI, said that under the agreement,
creditors will get more than half of their claims.
Papai Hus 1913 applied for bankruptcy protection last July,
MTI-Econews recounts.
Papai Hus 1913 is a Hungary-based meat company.
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I R E L A N D
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AVOCA CLO IV: Moody's Cuts Rating on EUR50.5MM Cl. E Notes to B2
----------------------------------------------------------------
Moody's Investors Service has announced that it has taken rating
actions on the following notes issued by Avoca CLO IV plc:
EUR54,000,000 (current balance EUR26,543,527.03) Class A1A Senior
Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Jan 6, 2006 Definitive Rating Assigned Aaa (sf)
EUR255,000,000 (current balance EUR138,309,989.92) Class A1B
Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Oct 27, 2011 Upgraded to Aaa (sf)
EUR6,000,000 Class A2 Senior Secured Floating Rate Notes due
2022, Affirmed Aaa (sf); previously on Oct 27, 2011 Upgraded to
Aaa (sf)
EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to Aa1 (sf); previously on Nov 14, 2013
Aa2 (sf) Placed Under Review for Possible Upgrade
EUR27,000,000 Class C1 Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to A2 (sf); previously on Oct 27, 2011
Upgraded to A3 (sf)
EUR5,000,000 Class C2 Senior Secured Deferrable Fixed Rate Notes
due 2022, Upgraded to A2 (sf); previously on Oct 27, 2011
Upgraded to A3 (sf)
EUR20,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2022, Affirmed Ba1 (sf); previously on Oct 27, 2011
Upgraded to Ba1 (sf)
EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2022-1, Downgraded to B2 (sf); previously on Oct 27,
2011 Upgraded to B1 (sf)
Avoca CLO IV plc, issued in January 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans managed by Avoca Capital
Holdings. This transaction ended its reinvestment period in
February 2012. It is solely composed of senior secured loans.
Ratings Rationale
According to Moody's, the upgrade of the Class B and Class C1/C2
notes is primarily a result of the continued amortization of the
portfolio and subsequent increase in the collateralization
ratios. Moody's notes that as of November 2013, the Class A notes
have paid down by approximately EUR 92.1 million (35%) in the
past twelve months. As a result of this deleveraging, the
overcollateralization ratios (or "OC ratios") of the senior notes
have increased significantly since November 2012. As per the
trustee report dated 29 November 2013, the Class A, Class B,
Class C, Class D, and Class E OC ratios are reported at 159.57%,
135.06%, 116.58%, 107.18%, and 99.19% respectively, versus
November 2012 levels of 135.97%, 121.64%, 109.70%, 103.20% and
97.44%. Reported WARF has marginally increased from 2898 to 2999
between these dates, while the diversity score has reduced from
32 to 26.
The downgrade of the Class E notes is primarily because of the
erosion of collateral par in the transaction relative to the
rated liabilities, and the sensitivity of the performance of
Class E notes to the realised weighted average spread in the
transaction. As per the November 2013 trustee report, the total
of rated liabilities (principal plus deferred interest) exceeded
the collateral par (sum of performing loans, cash and principal
proceeds, and market value of defaulted loans) by approximately
EUR4.5 million. As noted below in the section 'Factors that would
lead to an upgrade or downgrade of the rating', the performance
of the Class E notes is particularly sensitive to the weighted
average spread input used in the model. A reduction in the
realised weighted average spread would lower the amount of excess
spread available to cure the current (and any potential future)
shortfall in assets relative to rated liabilities, with the
strongest fallout on the most junior rated class.
Moody's notes that the key model inputs used in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, are based on its published
methodology and may be different from the trustee's reported
numbers. In its base case, Moody's analyzed the underlying
collateral pool to have an pool with performing par and principal
proceeds balance of EUR 276.47 million, and defaulted par of EUR
9.24 million, a weighted average rating factor of 3361
(corresponding to a default probability of 23.19% over 4.05
years), a weighted average recovery rate upon default of 50.0%
for a Aaa liability target rating, a diversity score of 25 and a
weighted average spread of 4.04%.
As part of the base case, Moody's has addressed the exposure to
obligors domiciled in countries with local currency country risk
bond ceilings (LCCs) of A1 and below. Given the portfolio is
exposed to 5.5% obligors located in Spain, whose LCC is A3, 4.9%
in Italy, whose LCC is A2, and 1.0% in Ireland, whose LCC is A3,
the model was run with different par amounts depending on the
target rating of each class of notes as further described in the
Section 4.2.11 and Appendix 14 of the methodology. The portfolio
haircuts are a function of the exposure size to peripheral
countries and the target ratings of the rated notes and amount to
0.54% for the Class A notes, 0.3375% for the Class B notes,
0.135% for the Class C notes, and 0% for the Class D and E notes.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 100% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default. In each
case, historical and market performance trends and collateral
manager latitude for trading the collateral are also relevant
factors. These default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each
CLO liability being reviewed.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 4.8% of
the portfolio consists of European corporate rated B3 and below
and maturing between 2014 and 2015, which may create challenges
for issuers to refinance. Moody's considered a model run where
the base case WARF was increased to 3389 by forcing ratings on
25% of such exposure to Ca. This run generated model outputs that
were within one notch of the base case results.
Moody's also considered a model run where the base case weighted
average spread (WAS) reduced from 4.04% to 3.25%. This run
generated model outputs that were within one notch of the base
case results for all classes except Class E where the
differential was four notches.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by uncertainties of credit
conditions in the general economy, especially as 11.3% of the
portfolio is exposed to obligors located in Ireland, Italy and
Spain. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior, and 2) divergence in legal interpretation of CDO
documentation by different transactional parties due to embedded
ambiguities.
Sources of additional performance uncertainties are described
below:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extend restructurings. Fast amortization
would usually benefit the ratings of the senior notes but may
negatively impact the mezzanine and junior notes.
2) Moody's also notes that around 37% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
3) Recoveries on defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the 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, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. 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.
CARL SCARPA: Exits Examinership; 68 Jobs Secured
------------------------------------------------
InsolvencyJournal.ie reports that companies trading as Carl
Scarpa on Jan. 16 successfully exited examinership after the High
Court approved plans to secure 68 jobs and the future of the
company.
Approval of the recovery proposals follows the appointment of an
Examiner (Tom Kavanagh, of KavanaghFennell) at CS Calzature Ltd.
and Carl Scarpa (Grafton Street) Limited last October,
InsolvencyJournal.ie relates.
Nineteen of the companies' 21 outlets will continue to trade and
68 of a total of 80 staff positions have been secured,
InsolvencyJournal.ie discloses. Two loss making stores in
Blanchardstown and Belfast have closed and 12 roles have been
made redundant, InsolvencyJournal.ie relays.
Carl Scarpa's successful exit from examinership was made possible
by credit agreement to a scheme of arrangement, revised lease
terms with selected landlords and new investment by existing and
new investors, InsolvencyJournal.ie relates.
According to InsolvencyJournal.ie, an Independent Accountants'
Report from Hughes Blake chartered accountants had concluded that
the companies were performing well at an operating level, but
that new investment was required to continue the roll out of Carl
Scarpa's concession store strategy and to drive online sales
through its Web site, www.carlscarpa.com
Carl Scarpa is a retailer of high fashion ladies shoes and
accessories which has been in existence since 1974. In the
Republic of Ireland, Carl Scarpa has stores in Dublin (Grafton
Street, Arnotts, Blanchardstown, Stillorgan and Blackrock), Cork,
Limerick, Athone and Clonmel. It also has concession stores in
Northern Ireland and mainland UK.
HARVEST CLO VII: S&P Affirms 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Harvest CLO VII Ltd.'s senior secured floating-rate and
subordinated notes following the transaction's effective date as
of Dec. 6, 2013.
Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral. On the closing date, the collateral
manager typically covenants to purchase the remaining collateral
within the guidelines specified in the transaction documents to
reach the target level of portfolio collateral. Typically, the
CLO transaction documents specify a date by which the targeted
level of portfolio collateral must be reached. The "effective
date" for a CLO transaction is usually the earlier of the date on
which the transaction acquires the target level of portfolio
collateral, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").
"An effective date rating affirmation reflects our opinion that
the portfolio collateral purchased by the issuer, as reported to
us by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that we assigned on the transaction's
closing date. The effective date reports provide a summary of
certain information that we used in our analysis and the results
of our review based on the information presented to us," S&P
said.
S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction. This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets.
For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of its criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines. This is because not all
assets in the portfolio have been purchased.
"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio. Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P added.
"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation. In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated European cash flow CLO," S&P
noted.
On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view,
the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
it deems necessary.
RATINGS LIST
Harvest CLO VII Ltd.
EUR309.60 Million Floating-Rate And Subordinated Notes
Ratings Affirmed
Class Rating
A AAA (sf)
B AA+ (sf)
C A (sf)
D BBB (sf)
E BB (sf)
IRISH BANK: Won't Need Additional Cash Injection, Noonan Says
-------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Ireland Finance
Minister Michael Noonan told lawmakers in parliament in Dublin on
Thursday the country won't need to inject additional cash into
Irish Bank Resolution Corp. as the lender is liquidated.
According to Bloomberg, Mr. Noonan said that "more than half" of
the loans of IBRC, formerly Anglo Irish Bank, will be sold to
third parties as part of the liquidation.
Bloomberg relates that Mr. Noonan said there is "evidence of
significant interest of international investors in the Irish
economy's future prospects".
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
The IBRC liquidators want the U.S. bankruptcy judge to rule that
Ireland is home to the so-called foreign main bankruptcy
proceeding. If the judge agrees and determines that IBRC
otherwise qualifies, creditor actions in the U.S. will halt
automatically.
=========
I T A L Y
=========
LA PERLA SRL: Jan. 31 Deadline Set to Draft Final Creditor List
---------------------------------------------------------------
In a decree issued on Dec. 3, 2013, the Court of Bologna approved
the composition of creditors in the case of La Perla S.r.l.
currently in liquidation.
The Court gives the Judicial Commissioner and the Liquidator of
La Perla until Jan. 31, 2014, to draft and file a final list of
the creditors at the record office of the court.
The Court acknowledges that the creditors plan proposed by La
Perla provides (i) for the whole payment either of the costs
concerning the court and the procedure either the credits of the
secured creditors; and (ii) that the unsecured creditors will be
refunded in a measure equal to about the 73% of their creditors.
The Court further acknowledges that the composition with
creditors proposal filed by the claimant reached the majority
required by the art. 177, 1st paragraph of the Italian Bankruptcy
Law for its approval, considering that the favorable votes
overall expressed amount to EUR74,085,997 out of EUR74,138,227,
equal to the 99.93%.
MARCOLIN SPA: Moody's Assigns 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) to Marcolin S.p.A., an Italian designer,
manufacturer and distributor of eyewear. Concurrently, Moody's
has assigned a B2-PD probability of default rating (PDR) to the
company, and a definitive B2 rating to the EUR200 million of
notes due 2019. The outlook on all ratings remains positive.
Ratings Rationale
The action reflects the closing of the planned acquisition of
Viva Optique Inc., a US-based eyewear wholesaler, in early
December 2013. Following the acquisition, the combined group
became the 4th player in the global eyewear market. The
transaction has been financed by the proceeds of the EUR200
million senior secured notes issued on November 07, 2013.
The final terms of the Notes are in line with the drafts
previously reviewed to assign the provisional ratings.
The PDR of B2-PD, at the same level of the CFR, reflects our
assumption of a standard 50% family recovery rate and the fact
that the group capital structure comprises a mix of bank and bond
debt, including a revolving credit facility which contains
financial maintenance covenants and the above mentioned secured
notes.
Marcolin's B2 CFR reflects the group's good geographic and
product diversification and the expectation of rapid
deleveraging. However, the rating is constrained by the group's
modest size, the exposure of some of its products to
discretionary spending, the exposure to license renewal and a
degree of integration risk following the acquisition of Viva. The
rating assumes that the group will generate positive free cash
flow and reduce its financial leverage over the next 12 to 18
months.
OUTLOOK
The positive outlook on the ratings captures Moody's expectation
that Marcolin's will successfully integrate Viva and achieve the
targeted cross-selling opportunities and will be able to weather
the currently challenging macroeconomic conditions, reducing
financial leverage over the next 12-18 months towards 4.5x.
WHAT COULD CHANGE THE RATING UP/DOWN
Sustained improvement in operating performance leading to an RCF
to net debt in the high teens and a track record of positive free
cash flow generation could result in a rating upgrade. Downward
rating pressure could arise if the group's operating
profitability or liquidity profile deteriorates, or if prolonged
negative free cash flow results in a failure to reduce financial
leverage below 5.5x.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was the Global
Consumer Durable Industry rating methodology, published in
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA, published in June 2009.
Founded in 1961 and based in Italy, Marcolin is a leading
designer, manufacturer and distributors of eyewear. The company
is present both in sunglasses (59% of 2012 group revenues) and in
prescription frames (41%) with a global presence. Pro-forma for
the Viva acquisition, the group generated EUR349 million of
revenues and EUR39.3 million of adjusted EBITDA excluding one
offs and exceptional items during the last twelve months (LTM)
period ending September 2013.
=================
L I T H U A N I A
=================
VILNIAUS TAUPOMOJI: Bank of Lithuania Revokes License
-----------------------------------------------------
Taking into account that the credit union Vilniaus taupomoji kasa
fails to comply with all the prudential requirements and its
operations and financial situation pose a threat to the interests
of depositors, creditors and the public, the Board of the Bank of
Lithuania recognized this credit institution as being insolvent
and revoked its operating license.
The credit union Vilniaus taupomoji kasa (VTK), in its financial
statements for the Bank of Lithuania, admitted that on
December 31, 2013, it did not perform all of the prudential
requirements for credit unions: capital adequacy, liquidity,
maximum open position in foreign currency and maximum exposure
for a single borrower.
On December 31, 2013, VTK's capital adequacy ratio, according to
the capital adequacy report data, was only 1.46 per cent, while
the requirement is 20 per cent. VTK has not been in compliance
with the capital adequacy requirement for six months in a row;
therefore, according to legislature, this is a basis for
recognizing a union as being insolvent. This was done having
assessed that VTK was unable to implement capital strengthening
measures which would ensure the execution of prudential
requirements and the continuity of the credit union's operations,
while the union's follow-up activities, with the deterioration in
loan portfolio quality, would pose a threat to the funds of the
credit union's depositors.
During inspections performed by the Bank of Lithuania, these
legislation violations by the credit union were identified more
than once. Irresponsible lending resulted in the level of the
credit risks undertaken by the credit union being very high, and
the credit union was unable to take appropriate actions to
prevent this risk. The decisions of previous heads were taken
contrary to the principles of safe and sound credit institution
operation and were to satisfy the interests of a group of people
related to the credit union's heads. VTK also failed to comply
with recommendations presented to the union by the Central Credit
Union of Lithuania, which performed an assessment of VTK's
financial situation.
The Bank of Lithuania, having identified during the inspection
suspicious transactions, presented the information to the
criminal authorities, requesting that they, within their
competence, assess the circumstances indicated in the credit
union inspection report. The Bank of Lithuania informed that the
Financial Crime Investigation Service is currently performing a
pre-trial investigation of possible criminal activities related
to VTK.
Taking into account the risks raised, the Bank of Lithuania for
some time has applied strict enforcement measures to VTK. Last
year, in May, VTK's previous management was deposed. Having
failed to eliminate the deficiencies in their activities, as
instructed by the supervisory institution, last year in October
the administrative head of VTK received an administrative
penalty. Aiming to prevent the growth of credit risk last year
in January the Bank of Lithuania ordered VTK to limit the amounts
of issued loans and obligated that deposit rates by set according
to the market average.
In the nearest future, the Vilnius District Court will be
requested to initiate bankruptcy proceedings for this credit
institution. UAB Verslo konsultatai have been proposed as
administrators of the credit union Vilniaus taupomoji kasa.
Also, temporarily, the Board of the Bank of Lithuania, until the
Vilnius District Court reaches a decision on whether to initiate
bankruptcy proceedings, limited VTK's right to use the funds and
securities in the accounts of credit institutions.
Having revoked the credit union's license, VTK does not have the
right to provide financial services.
According to the financial statement data of December 31, 2013,
the assets of the credit union amounted to LTL275.1 million,
liabilities -- LTL272.7 million, of which deposits were LTL236.9
million. The adjusted capital amounted to LTL2.4 million, while
the credit union's losses in 2013 grew to LTL32.4 million.
According to the Law on Insurance of Deposits and Liabilities to
Investors, enforcement measures applied due to insolvency is an
insured event; therefore the credit union's depositors will be
paid deposit interest claims.
Insurance claims will be paid and calculated according to the
procedures approved by the public company VI Indeliu ir
investiciju draudimas. According to it, in the case of an
insured event 100 per cent of the deposit amount is compensated
if it does not exceed EUR100,000 (LTL 345,280). The claim is
paid out to the customer within 20 days after the date of the
insured event -- January 17, 2014. The board of VI Indeliu ir
investiciju draudimas can extend the claim payment period, but no
longer than by 10 business days.
===================
L U X E M B O U R G
===================
PUMA ENERGY: Moody's Assigns 'Ba2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of Ba2 and a probability of default rating (PDR) of Ba2-PD
to Puma Energy Holdings Pte. Ltd. Concurrently, Moody's has
assigned a (P)Ba3 rating with a loss given default assessment of
LGD5 (71%) to the senior notes maturing in 2021 (the Notes) to be
issued by Puma International Financing S.A. and guaranteed by the
company, Puma Energy Group Pte Ltd and Puma Corporation S.a.r.l.
The outlook on the ratings is stable. This is the first time
Moody's has assigned ratings to the company.
The proceeds from the notes will be used to partially repay
certain outstanding debt and to finance the group's future
development.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the Notes. A definitive rating may
differ from a provisional rating.
RATINGS RATIONALE
The Ba2 CFR reflects the positive characteristics of Puma
Energy's business profile, which benefits from a high level of
vertical integration between its midstream and downstream
activities, leading market positions in the various countries in
which it operates and significant diversification in terms of
geographies, customer base and end-industry exposure.
Moody's views positively Puma Energy's integrated business model,
which is underpinned by a global sourcing platform, sizeable and
strategically located storage capacity and import terminals, and
extensive retail and distribution networks, which afford
significant economies of scale and underpin the efficiency of the
group's supply chain and cost base.
Puma Energy further benefits from its strong relationship with
Trafigura, which remains its major shareholder with a 48.8% stake
despite recent sell-downs. The procurement from Trafigura of
approximately two-thirds of the broad range of refined oil
products distributed and marketed by Puma Energy further
underpins the reliability and consistent quality of its supplies.
Puma Energy's fuel retail and distribution activities display
significant geographical diversification, with operations
spanning across 38 countries around the world. The majority of
the group's operations are located in emerging markets, which
tend to display higher country risk profiles owing to more
unstable and unpredictable institutional frameworks as well as
volatile macro-economic conditions.
However, Puma Energy should also benefit from its strong focus on
developing regions such as Latin America, Africa and Asia-
Pacific, where favorable demographics and rising living standards
drive above-average growth in demand for refined oil products.
Puma Energy's capacity to actively contribute to improving energy
infrastructure in countries where fuel distribution systems are
under-developed supports its status as a favored partner in many
of its host countries, whose governments are striving to improve
the reliability of fuel distribution and quality of refined oil
products across their respective territories. This gives host
governments a strong incentive to promote and maintain supportive
regulatory regimes.
While the local currencies of emerging market economies are
subject to heightened volatility and their convertibility may, in
some instances, be subject to restrictions, Puma Energy has
significant flexibility in upstreaming cash within the group
through the collection of trade payables (including margins built
into transfer pricing and adjustments to payment terms) owed by
its local distribution and retail subsidiaries to its supply
entities procuring refined oil products and equipment. In
addition, distribution and retail subsidiaries typically hedge
their sales revenues denominated in local currency by contracting
local currency borrowings to fund their oil product inventories.
The rating also reflects the fact Puma Energy's fuel distribution
activities are inherently exposed to the price volatility of
refined oil products, which impact its cost of sales. However,
there are a number of mitigating factors that help protect Puma
Energy's gross margins and ensure the resilience of its operating
profitability and cash flow generation capacity.
Notably, in countries where the distribution of refined oil
products is regulated, Puma Energy is typically entitled to earn
a maximum margin on its sales (often denominated in US dollars)
over and above the prevailing cost of its fuel supplies. In free
markets, the group systematically hedges its price exposure, even
though it generally has the ability to pass price increases onto
customers owing to the relative price inelasticity of fuel
consumption and its leading market shares, which help underpin
its competitive position.
The growth strategy pursued by Puma Energy, as it seeks to
capitalize on the retrenchment of global oil majors from retail
and marketing activities in developing markets to expand its
geographical footprint, entails a degree of execution risk and
may lead to some increase in financial leverage as a result of
debt-funded acquisitions and greenfield infrastructure projects.
This is somewhat mitigated by the sound track-record established
by the company in recent years at managing capital projects and
integrating acquired businesses as well as the positive impact
such strategy should have on its geographical profile going
forward. Also, Moody's notes that a large component of Puma
Energy's debt is contracted under borrowing base facilities to
finance the acquisition of refined oil product inventories, and
is as such self-liquidating.
Puma Energy's working capital requirements (including margin
calls) are subject to fluctuations in refined oil product prices.
In this context, Moody's views the group's limited access to
multi-year committed bank facilities as a constraining factor on
its liquidity profile. That said, Moody's acknowledges that the
uncommitted nature of Puma Energy's borrowing base facilities, on
which it relies to fund inventory purchases, is somewhat
mitigated by the positive characteristics (in terms of value and
liquidity) of the collateral backing up borrowings. In addition,
the forthcoming issuance of senior bonds should benefit Puma
Energy's overall liquidity position.
The notching to Ba3 of the indicative rating assigned to the
planned bond issue of Puma Energy Holdings Pte. Ltd reflects the
degree of structural subordination affecting the relative ranking
of the bondholders as a result of the existence of secured
financings and classes of priority debt at various discrete
operating subsidiaries of the group (including borrowing base and
acquisition/project-related financing facilities).
The stable outlook reflects Moody's belief that Puma Energy's
operating profitability and cash flow generation will continue to
be underpinned by the supply chain efficiencies and economies of
scale derived from its integrated business model and strong
market positions as well as relatively stable operating
conditions across the various geographies in which the group
operates. This is also predicated on Moody's expectation that
Puma Energy will accommodate its growth strategy within the
prudent financial framework set out by management, which should
ensure that debt to EBITDA (as fully adjusted by Moody's) does
not exceed four times for any extended period of time. [This
ratio includes all of Moody's standard adjustments and borrowing
base inventory financing. It therefore differs from Puma Energy's
reported total net debt (excluding inventory financing) to
EBITDA.]
WHAT COULD CHANGE THE RATING UP/DOWN
The Ba2 rating could however come under pressure should (i) Puma
Energy's financial performance be materially affected by some
deterioration in operating conditions in some of its major
geographies and/or (ii) its financial leverage increase
significantly as a result of debt funded growth investments,
which would result in debt to EBITDA exceeding four times for a
prolonged period of time.
While Moody's does not see any near-term upgrade pressures, the
continuing expansion and diversification of the company's
geographical footprint combined with some sustainable
strengthening in its financial profile could lead to positive
momentum developing on the Ba2 rating. Given the interlinkages
that exist between Puma and its shareholders, an upgrade would
also have to be considered in the context of how the credit risk
profiles of its major shareholders evolve over time.
The principal methodology used in these ratings was the Global
Midstream Energy published in December 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Puma Energy is an integrated midstream and downstream oil group
active in Africa, Latin America, North East Europe, the Middle
East and Asia-Pacific. Puma Energy operates across 38 countries
worldwide, owning and operating approximately 4.6 million m3 of
storage capacity and operating a network of approximately 1,600
retail service stations across Latin America, Africa and
Australia. In the twelve months to the end of September 2013,
Puma Energy sold over 12.3 million m3 of oil products and its
facilities handled over 20.1 million m3 of petroleum products
VIRTUOSO LUX: Moody's Assigns 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and B1-PD probability of default rating (PDR) to
Virtuoso Lux II S.a.r.l. (or VAT), the Swiss-based manufacturer
of vacuum valves for semiconductor and other end markets.
Concurrently, Moody's has also assigned a (P)B1 instrument rating
to the CHF360 million equivalent term loan due 2021 and CHF30
million revolving credit facility due 2019 co-borrowed by
Polyusus Lux 2 S.a.r.l. and Virtuoso US LLC. The outlook on all
ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.
Ratings Rationale
The B1 CFR reflects the company's focus on the niche market of
vacuum valves and the resulting high concentration in its
customer portfolio and end markets. In addition VAT is exposed to
the semiconductor sector, its largest end market, and is
dependent on its customer's investment cycles, which leads to
high cyclicality and low revenue visibility. The rating also
incorporates (1) high leverage of around 3.8x for FY2013, on a
Moody's-adjusted and pro-forma basis, following the partially
debt-funded acquisition of VAT by Swiss-based private equity
firms Capvis and Partners Group (2) the company's exposure to
currency fluctuations as its largest manufacturing site is
located in Switzerland and (3) VAT's continued challenges to
manage its growing manufacturing platform, maintain
innovativeness and adapt to trends and customer requirements.
However, the rating also reflects VAT's strong market position,
particularly in the semiconductor end markets, and its
technological capabilities that translate into high EBITDA
margins. The company's solid operational track record and focus
on developing high quality and customer-tailored products has led
to long-standing relationships with some of the largest
semiconductor equipment manufacturers in the industry. VAT's
profitability is also supported by a flexible cost base and
expansion of its manufacturing capacity to Malaysia that will
help broaden its Asian supplier base. Moody's also views
positively the company's efforts to broaden its customer
portfolio into adjacent "value" vacuum markets outside its
traditional semiconductor and high-end vacuum focus.
Applied Materials Inc. and Tokyo Electron, two of VAT's long-
standing and largest customers, announced in September 2013 that
they will merge their operations. The transaction is expected to
close in the second half of 2014 and the combined company would
account for around 20% of VAT's 2012 revenues, which could result
in visible pressure on VAT's margins or a shift of volumes
between the combined company's vacuum valve suppliers. However,
the impact on VAT is currently uncertain, and will likely remain
so until at least closing of the transaction. The rating
currently does not factor in any negative impact from the merger,
but Moody's will monitor the situation and comment as necessary.
ASSIGNMENT OF (P)B1 INSTRUMENT RATINGS
The (P)B1 rating, in line with the CFR, for the CHF360 million
equivalent secured term loan B due in 2021 and for the CHF30
million revolving credit facility due 2019 reflects the
essentially first lien only capital structure. The B1-PD PDR
reflects Moody's standard assumption of a 50% recovery rate and
the covenant-lite nature of the transaction.
LIQUIDITY PROFILE
Moody's views the liquidity profile of VAT as good and would
expect the company to further improve its liquidity from free
cash flow generation (defined as after capex and dividends). As
of closing of the transaction, the company will have CHF40
million in cash and CHF30 million available under a revolving
credit facility due 2019. The revolving credit facility is
subject to a financial maintenance covenant if more than 25% is
drawn. This should be initially sufficient, taking into account
the significant cyclicality of the business, to cover the limited
debt repayments of 1% per year. The next largest maturity is the
CHF360 million equivalent term loan B due 2021.
OUTLOOK
The stable outlook reflects Moody's view that VAT should be in a
position to generate some revenue growth in 2014 following
expected increases in semiconductor spending. This should also
allow for visible free cash flow generation and some
deleveraging.
WHAT COULD CHANGE THE RATING UP/DOWN
Although Moody's does not expect any upgrade pressure, continued
and sustainable growth so that Moody's-adjusted debt/EBITDA falls
well below 2x could exert upgrade pressure on the rating. Further
broadening of the company's product portfolio, particularly
towards non-semiconductor markets, strong liquidity and continued
free cash flow generation through the cycle would also be a
prerequisite for a rating upgrade.
Negative pressure on the rating could occur if VAT's debt/EBITDA
rises visibly above 4x, EBITA/interest falls below 3.5x or free
cash flow turns negative. Any weakening in the company's
liquidity profile from current levels, including reducing
covenant headroom, would also exert negative pressure on the
rating. The rating also assumes that the company will not pay
dividends or embark on debt-funded transactions including
acquisitions.
The principal methodology used in these ratings was the Global
Manufacturing Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
===================
M O N T E N E G R O
===================
KOMBINAT ALUMINIJUMA: Montenegro Launches Tender
------------------------------------------------
Agence France-Presse reports that Montenegro on Saturday launched
a tender to sell Kombinat Aluminijuma Podgorica, its biggest
industrial employer, which has been declared bankrupt.
According to AFP, KAP's bankruptcy administrator Veselin Perisic
said in a statement the country hopes to get at least EUR28
million (EUR38 million) for the company and its property.
Mr. Perisic, as cited by AFP, said the tender was to remain open
until Feb. 17.
A Montenegrin commercial court declared KAP bankrupt last October
estimating that the deadline for submitting plans for its
restructuring had expired, AFP recounts. The application for
bankruptcy was made in July by the Montenegrin government, which
owns 29.36% percent of the company, AFP relates.
The company is estimated to owe EUR360 million, mostly to foreign
banks, including Deutsche Bank, Hungarian OTP bank and Russian
VTB bank, AFP discloses.
Kombinat Aluminijuma Podgorica is an aluminium plant. The
company is Montenegro's single biggest industrial employer. It
is jointly owned by the state and the Central European Aluminium
Company of Russian billionaire Oleg Deripaska.
=====================
N E T H E R L A N D S
=====================
LEOPARD CLO V: Moody's Cuts Rating on EUR3MM Cl. E-2 Notes to B3
----------------------------------------------------------------
Moody's Investors Service has announced that it has taken the
rating actions on the ratings of the following notes issued by
Leopard CLO V B.V.
EUR100M (current outstanding balance of EUR63.1M) Multicurrency
Senior Secured Floating Rate Variable Funding Notes due 2023,
Upgraded to Aaa (sf); previously on Oct 5, 2011 Confirmed at Aa1
(sf)
EUR168M Class A Senior Secured Floating Rate Notes due 2023,
Upgraded to Aaa (sf); previously on Oct 5, 2011 Confirmed at Aa1
(sf)
EUR28M Class B Secured Deferrable Floating Rate Notes due 2023,
Upgraded to A1 (sf); previously on Oct 5, 2011 Upgraded to A2
(sf)
EUR13M Class C-1 Secured Deferrable Floating Rate Notes due 2023,
Upgraded to Baa1 (sf); previously on Oct 5, 2011 Upgraded to Baa2
(sf)
EUR7M Class C-2 Secured Deferrable Fixed Rate Notes due 2023,
Upgraded to Baa1 (sf); previously on Oct 5, 2011 Upgraded to Baa2
(sf)
EUR5M (current outstanding balance of EUR3.6M) Class K
Combination Notes due 2023, Upgraded to Baa1 (sf); previously on
Oct 5, 2011 Upgraded to Baa2 (sf)
EUR13M Class E-1 Secured Deferrable Floating Rate Notes due 2023,
Downgraded to B3 (sf); previously on Oct 5, 2011 Upgraded to B1
(sf)
EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due 2023,
Downgraded to B3 (sf); previously on Oct 5, 2011 Upgraded to B1
(sf)
Moody's also affirmed the rating of the following notes issued by
Leopard CLO V B.V.:
EUR26M Class D Secured Deferrable Floating Rate Notes due 2023,
Affirmed Ba2 (sf); previously on Oct 5, 2011 Upgraded to Ba2 (sf)
EUR7M Class F Secured Deferrable Floating Rate Notes due 2023,
Affirmed Caa3 (sf); previously on Oct 5, 2011 Confirmed at Caa3
(sf)
EUR5M (current outstanding balance of EUR 3.8M) Class W
Combination Notes due 2023, Affirmed Ba1 (sf); previously on Oct
5, 2011 Upgraded to Ba1 (sf)
EUR10M (current outstanding balance of EUR 6.5M) Class T
Combination Notes due 2023, Affirmed Ba2 (sf); previously on Oct
5, 2011 Upgraded to Ba2 (sf)
Leopard CLO V B.V., issued in May 2007, is a multicurrency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by M &G Investment Management Limited. The reinvestment
period has expired in July 2013.
Ratings Rationale
The upgrades to the ratings on the Variable Funding Notes (VFN),
Class A, B, C-1, C-2 and K notes are primarily a result of the
transaction entering amortizing phase and the increase in WAS to
3.92%, as reported in the November 2013 trustee report, compared
to the covenant level of 2.85%; the downgrade to the ratings on
the Class E-1 and Class E-2 notes are due to deterioration in
Class E over-collateralization ("OC") ratio to 97.26% compared to
106.91% at the time of the last payment date in July 2013.
Currently Class D, E and F Par Value Tests are failing.
The ratings of the three Combination Notes address the repayment
of the Rated Balance on or before the legal final maturity. For
Class W, Class K and Class T, the 'Rated Balance' is equal at any
time to the principal amount of the Combination Note on the Issue
Date minus the aggregate of all payments made from the Issue Date
to such date, either through interest or principal payments. The
current Rated Balance of Class W, Class K and Class T is
approximately EUR3.8M, EUR3.6m and EUR6.5M respectively. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR261.6M and
GBP41.2M , defaulted par of EUR7.9M, a weighted average default
probability of 19.44% (consistent with a WARF of 2,873), a
weighted average recovery rate upon default of 49.17% for a Aaa
liability target rating, a diversity score of 36 and a weighted
average spread of 3.92%. The GBP45.1M and USD5.1M liabilities are
naturally hedged by the GBP37.2M and USD1.0M of assets.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 2.8% of obligors in Italy, whose LCC is A2, and
12.1% in Ireland and Spain, whose LCC is A3, Moody's ran the
model with different par amounts depending on the target rating
of each class of notes, in accordance with Section 4.2.11 and
Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure to peripheral countries and the target
ratings of the rated notes, and amount to 2% for the VFN and
Class A notes, 1.25% for the Class B notes and 0.5% for the Class
C-1, Class C-2 and Class K notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that a recovery of 50% of the 97.64% of the
portfolio exposed to first-lien senior secured corporate assets
upon default and of 15% of the remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was " Moody's
Global Approach to Rating Collateralized Loan Obligations "
published in November 2013.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 4.72% of
the portfolio is European corporate rated B3 and below and
maturing between 2013 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 3,044 by forcing ratings on 50%
of refinancing exposures to Ca. This run generated model outputs
that were within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the large concentration of lowly- rated debt
maturing between 2013 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 29% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
4) Foreign currency exposure: The deal has a significant exposure
to non-EUR denominated assets. Volatility in foreign exchange
rates will have a direct impact on interest and principal
proceeds available to the transaction, which can affect the
expected loss of rated tranches.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. 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, can influence the final rating decision.
===============
P O R T U G A L
===============
BANCO BPI: Moody's Revises Outlook on Ba2 Debt Ratings to Stable
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
Ba3 long-term senior debt and deposit ratings of Portugal's Banco
BPI S.A. Concurrently, the long-term ratings were affirmed. The
change in outlook and affirmation of the Ba3 ratings follow the
affirmation of the bank's standalone bank financial strength
rating (BFSR) at E+ (equivalent to a b1 baseline credit
assessment (BCA)) with a stable outlook. The bank's short-term
ratings were affirmed at Not Prime.
RATINGS RATIONALE
RATIONALE FOR CHANGING THE OUTLOOK TO STABLE
The change in outlook of BPI's debt and deposit ratings to stable
from negative reflects the stable outlook of its standalone
rating as well as the stable outlook of Portugal's Ba3 government
rating.
The change in outlook of BPI's standalone E+ BFSR to stable from
negative reflects Moody's view that the downside risks to the
bank's standalone rating have substantially decreased. Moody's
expects that the bank's credit fundamentals, notably its asset
quality and profitability levels, are likely to continue to
remain under pressure during 2014 in view of Portugal's still
challenging operating environment. At the same time, Moody's
takes comfort from the bank's high capitalization levels, the
benefit of its international revenue sources as well as its very
favorable asset quality track record in comparison to its peers.
This should make the bank's credit profile sufficiently resilient
against any further asset quality and profitability pressures.
RATIONALE FOR AFFIRMATION OF BPI's RATINGS
The affirmation of BPI's ratings has been driven by Moody's view
that the bank's risk absorption capacity remains resilient
despite pressure stemming from Portugal's still weak operating
environment. At end-September 2013, BPI reported a problem-loan
ratio (according to Bank of Portugal Instruction 23/2011) of
5.1%, compared with 4.0% at end-September 2012, and a coverage
ratio of 72%, compared with 74% (end-September 2012). Despite the
deterioration of BPI's asset-quality indicators since the
beginning of the sovereign debt crisis, they compare positively
with those of other Portuguese banks (the problem-loan ratio for
the overall banking system stood at 10.6% as at H1 2013).
Furthermore, BPI's profitability indicators compare favorably
with those of its domestic peers, as it is one of the very few
banks in Portugal that has remained profitable on a consolidated
basis during 2013. However, profitability has been deteriorating,
as reflected by the EUR72.7 million net profit reported at end-
September 2013, compared with the EUR117.1 million profit
reported during the first nine months of 2012. Moody's expects
that BPI's revenue generation capacity will remain weak during
2014 in light of the very low interest rate environment,
maintenance of very low lending volumes and non-negligible amount
of non-earning assets on its books. However, the rating agency
expects bottom-line profitability to start benefiting from a
lower level of credit impairments, as the pace of asset quality
deterioration is likely to decelerate in line with the expected
stabilization of the Portuguese economy (i.e., Moody's forecasts
a 0.7% GDP growth in 2014 for Portugal).
In affirming BPI's standalone ratings, Moody's has incorporated
the expected decline of the bank's capital levels as it continues
to repay the contingent convertible securities to the Portuguese
government during 2014. At end-September 2013, the bank reported
a core Tier 1 ratio (as per Bank of Portugal's definition) of
15.2%, compared with 14.8% at end-September 2012, and had
redeemed EUR580 million of contingent convertible securities out
of the total EUR1.5 billion subscribed by the Portuguese
government in June 2012.
BPI's debt ratings have been affirmed at Ba3, resulting in one
notch of uplift from its BCA of b1, and based on Moody's
assessment of a high probability of support from the Portuguese
government in case of need.
SUBORDINATED DEBT AND HYBRID RATINGS
In line with the affirmation of BPI's BFSR, Moody's has affirmed
the bank's senior subordinated debt ratings at B2, its junior
subordinated debt at (P)B3 and the preference shares at Caa1
(hyb), and the outlook on these ratings has also been changed to
stable from negative.
WHAT COULD MOVE THE RATING UP/DOWN
Upward pressure on BPI's BCA could be driven by clear visibility
of a sustainable recovery in its recurring earnings and capacity
to generate capital. Any significant macroeconomic growth beyond
Moody's central scenario of 0.7% in 2014 could signal an economic
turnaround and also have positive rating implications.
Downward pressure on BPI's BCA could develop if (1) asset-quality
and profitability indicators deteriorate further than
anticipated, leading to significant pressure on the bank's
capital base; (2) operating conditions fall significantly short
of Moody's current central scenario of 0.7% GDP growth for 2014,
for example by a return to recession; and/or (3) the bank's
liquidity profile deteriorates significantly.
As the bank's debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.
PRINCIPAL METHODOLOGIES
The principal methodology used in these ratings was Global Banks
published in May 2013.
PORTUGAL: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Portugal. At the same time, S&P removed the
long-term ratings from CreditWatch where they were placed with
negative implications on Sept. 19, 2013. The outlook is
negative.
Rationale
The affirmation and removal from CreditWatch reflect S&P's
expectation that, despite potential legal and political
impediments, Portugal should achieve its fiscal targets of 5.5%
of GDP in 2013 and approach its 4.0% target in 2014. S&P bases
this expectation partly on indications that the economy has been
showing signs of stabilization since mid-2013, after 10
consecutive quarters of contraction. Stronger-than-expected
export performance, and an expected bottoming-out of private
consumption, amid a modest decline in unemployment, should
support Portugal's fiscal performance in 2014.
Portugal's economic outlook continues to depend on
competitiveness and external demand for Portuguese goods and
services, in S&P's opinion. Domestic demand components are
likely to remain subdued as both the private and public sectors
continue efforts to reduce high debt burdens. The Portuguese
central bank estimates nonfinancial private-sector debt at 284%
of GDP in September 2013, marginally down from the peak in
December 2012 (287%).
Under S&P's current growth and deficit assumptions, it expects
Portugal's net general government debt to peak in 2014 at around
122% of GDP, and to decline only gradually to below 120% by 2016.
The trajectory of debt to GDP will depend heavily on real and
nominal GDP performance. S&P projects the Portuguese net general
government debt-to-GDP ratio will remain one of the highest of
all rated sovereigns in 2014. S&P forecasts that the effective
nominal interest rate of the central government will fall to 3.5%
in 2014, from around 4.5% during the 2008-2009 crisis, partly
supported by considerable interest-rate reduction and maturity
extension to the Portuguese government via the European Financial
Stability Facility (EFSF) and the European Financial
Stabilisation Mechanism (EFSM).
"Risks to our baseline projections for net government borrowing
requirements -- and hence debt sustainability -- remain material.
Constitutional Court rulings have added further uncertainty by
forcing the government to adjust elements of its fiscal
consolidation plan for both 2013 and 2014. Most recently, in
December 2013, the Court rejected the pension alignment of public
sector workers with private sector workers (worth 0.2% of GDP in
2014 budget, but another significant setback in public
administration reform). In August 2013, the Court rejected a key
government reform: the termination of permanent contracts for
public-sector workers with contracts agreed before 2008. This
followed the Court's April 2013 rejection of fiscal measures
amounting to 0.8% of GDP. Opposition members of parliament have
also challenged some of the government's 2014 budgetary measures
on constitutional grounds, leading to an extended period of
fiscal policy uncertainty. We expect the government to find
alternative measures to offset any fiscal gaps created by
potential adverse rulings, as it has done in the past," S&P said.
Continued renegotiation of fiscal and structural measures could
also damage political stability, as S&P saw in July 2013 when
ministerial resignations delayed program reviews. S&P believes
this is symptomatic of diminishing political backing for further
fiscal and structural reforms. The Constitutional Court's
deliberations over further fiscal measures could coincide with
Portugal's planned EU/IMF program exit in the second quarter of
2014. S&P also anticipates that political tensions could
increase in the run-up to 2015 parliamentary elections.
"We assess contingent liabilities to the Portuguese government as
"moderate," as defined in our criteria. We believe these
contingent liabilities stem from potential capital needs from the
banking system in a stressed scenario, public enterprise debt
that is not yet consolidated in the general government, and net
charges related to public-private partnership projects. Standard
& Poor's Banking Industry Country Risk Assessment (BICRA) ranks
Portugal's banking system in group 7 on a scale from 1
(strongest) to 10 (weakest), with negative risk trends related to
both the industry and economic risk components of the BICRA," S&P
added.
On the financing side, the recent debt exchange and issuance of a
EUR3.25 billion five-year bond will address part of the
government's borrowing requirements in 2014. S&P expects the
government's gross financing requirement (including short-term
debt) for 2014 to be EUR45.5 billion (28% of GDP), of which
EUR7.9 billion will likely be provided by the EFSF, EFSM, and
IMF. S&P expects that the remainder of the requirement will be
covered by domestic debt issuance targeted to the retail sector
and the purchase of government debt by social security funds, as
well as by the 100% rollover of outstanding treasury bills. S&P
also believes the central government's single treasury account
cash deposits, estimated at about EUR15 billion at end-2013 (9%
of GDP), will likely reduce in 2014 to fulfil financing needs.
Portuguese banks are deleveraging (loans to residents excluding
the public sector contracted by 6.1% year-on-year in October
2013, having fallen by 13.7% from their peak in second-quarter
2011) and asset quality continues to deteriorate. Banco de
Portugal reported a broad definition of nonperforming loans
("credit at risk") at 10.6% of the banks' loan book at June 30,
2013, up from 9.8% at end-2012. At Oct. 31, 2013, private sector
customer deposits were flat, compared with end-2012, with
household deposits increasing slightly. Other nonbank private
sector deposits have continued to shrink.
As banks continue to delever, S&P expects depository corporation
claims on the resident nongovernment sector to decrease further
in 2013 and 2014, to reach about 140% of GDP by 2017, from the
175% peak in 2009. The European regulator has already approved
the restructuring plans of all other banks apart from Banif,
which received a capital injection from the government of about
0.7% of GDP early in 2013.
S&P believes banks are deleveraging because loan demand is weak
and banks' management is husbanding capital. Asset quality has
suffered, in S&P's view, partly from an impaired transmission
mechanism within the eurozone. S&P believes this is the result
of the disintegration of financing flows between eurozone
countries since 2010. Despite low European Central Bank (ECB)
base rates, Portuguese entities face higher interest rates
compared to most other eurozone countries. According to ECB
data, Portuguese corporate borrowers pay about 200 basis points
more on new loans than the eurozone average.
"We believe external financing risks remain a key ratings
constraint for Portugal, despite a faster-than-anticipated turn
around in its current account. We estimate external debt, net of
liquid assets, at about 300% of current account receipts (CARs)
at the end of 2013. Public sector external financing has been
almost entirely met by official lending over the past few years,
but is likely to move toward market funding during 2014 as
Portugal exits its EU/IMF program," S&P noted.
Portugal's large banks will also likely try to increase their
borrowing in the international capital markets. Banco de
Portugal's Target2 balances with the Eurosystem have remained
almost unchanged (around 40% of GDP) since the ECB's announcement
of Outright Monetary Transactions, while other peripheral central
banks have been able to markedly reduce their balances.
However, S&Ps view both public- and private-sector access to the
markets as vulnerable to domestic shocks and to an external
downturn. Portugal's creditworthiness appears to S&P, therefore,
to continue to depend on the support and flexibility of its
official creditors. Under S&P's current baseline assumptions, it
forecasts that the government will exit its EU/IMF program in
mid-2014, perhaps with a contingent line of credit provided by
the European Stability Mechanism.
Outlook
S&P removed its ratings on Portugal from CreditWatch negative
because the risks that could have led S&P to downgrade Portugal
did not materialize in the fourth quarter of 2013. However, the
negative outlook reflects S&P's opinion that there is at least a
one-in-three possibility that we could lower our ratings on
Portugal during 2014.
"We could lower the ratings if factors affecting Portugal's
government debt sustainability markedly worsen due to lower-than-
expected growth, slippage in the primary fiscal balance, or the
materialization of contingent liabilities. These outcomes could
be prompted, for example, by judicial or opposition challenges to
the 2014 budget, political tension within the coalition, a
noticeable weakening of the institutional and governance
environment or social contract, as well as renewed turmoil in the
eurozone. We could also lower the ratings if we observe that
official support is waning," S&P said.
S&P could lower its ratings on Portugal by more than one notch if
it perceives -- contrary to S&P's current expectations -- that
the prospect of private sector involvement via debt restructuring
has increased.
On the other hand, the ratings could stabilize at the current
level if the government maintains key program commitments in a
timely and predictable manner, such that it can exit its current
program and continue to refinance its government debt in the
market, with or without continued official support.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
To From
Portugal (Republic of)
Sovereign Credit Rating BB/Negative/B BB/Watch
Neg/B
Senior Unsecured BB BB/Watch Neg
Transfer & Convertibility Assessment AAA
Short-Term Debt B
Commercial Paper B
BANIF Banco Internacional do Funchal S.A.
Senior Unsecured* BB BB/Watch Neg
Comboios de Portugal E.P.E
Senior Unsecured* BB BB/Watch Neg
Metropolitano de Lisboa E.P.
Senior Unsecured* BB BB/Watch Neg
Caixa Geral de Depositos S.A.
Senior Unsecured* BB BB/Watch Neg
Banco Espirito Santo S.A.
Senior Unsecured* BB BB/Watch Neg
*Guaranteed by the Republic of Portugal.
=========
S P A I N
=========
PESCANOVA SA: Lenders Urged to Support 80% Debt Write-Off
---------------------------------------------------------
According to Bloomberg News' Ben Sills, El Confidencial, citing
people close to the negotiations, reported that Demetrio
Carceller, chairman of Pescanova shareholder Damm, told banks
he'll liquidate Pescanova unless lenders agree to an 80% writeoff
on the company's debts.
As reported by the Troubled Company Reporter-Europe on Sept. 16,
2013, The Financial Times related that a group of shareholders in
Pescanova seized control of the scandal-hit Spanish frozen fish
company from its former chairman in a vote on Sept. 12, as it
seeks to renegotiate previously hidden debts of EUR3.6 billion
with its lenders. Investors led by Damm, the Catalan brewing
company, which is Pescanova's second biggest shareholder with a
5.84% stake, won a sweeping victory in the vote to remove the
fishing group's former chairman from the board and install new
directors, the FT disclosed. Mr. Urgoiti, a veteran banker who
ran the now nationalized Banco Gallego and sits on the board of
clothing group Inditex, was installed as the company's new non-
executive chairman, at the Damm-led investors' suggestion, the FT
noted.
About Pescanova SA
Pescanova SA is a Galicia-based fishing company. The company
catches, processes, and packages fish on factory ships. It is
one of the world's largest fishing groups.
Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings. The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25. The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.
===========================
U N I T E D K I N G D O M
===========================
APAVOU HOTEL: Jan. 30 Deadline Set for 3 Hotel Unit Sale Offers
---------------------------------------------------------------
A. Sattar Hajee Abdoula, FCA, as receiver and manager of Apavou
Hotel Le Morne Ltee in Receivership, offered for sale hotel
assets of the company on an "as is where is basis".
The offered assets comprised of three distinct hotels constructed
on leasehold state land of an area of around 10.5 hectares and
situated at Le Morne, South West of the Republic of Mauritius:
* Indian Resort and Spa, "a going concern," with 170 rooms
including senior and junior suites
* Mornea, not operational, with 145 rooms
* Moreva, near completion and not operational, with 100 rooms
The hotel units for sale also include amenities like (1)
restaurants, bars, boutiques, (2) swimming pools/spa, (3)
sport/leisure centers, (4) furniture & fittings, and (5)
office/kitchen equipment, etc.
The Offers were made in sealed envelopes. Offers should be
marked AHLML/02/14 on the top left hand corner of the envelopes
and returned so as to be received by the Receiver & Manager no
later than Thursday, Jan. 30, 2014, at 4:00 p.m. (Mauritius Time)
at this address:
A. Sattar Hajee Abdoula, FCA
Receiver & Manager
Apavou Hotel Le Morne Ltee (In Receivership)
9th Floor, Ebene Tower
52, Cybercity, Ebene
Republic of Mauritius
Tel: +230 467-3001
Fax: +230 454-7311
E-mail: receivership@intnet.mu
All Offers should be accompanied by a bank cheque or bank
guarantee, which will serve as "Security Deposit", in one of the
following currencies from a renowned bank:
GBP1 Million
EUR1.25 Million
US$1.65 Million
drawn in favor of "The Receiver & Manager of Apavou Hotel Le
Morne Ltee (In Receivership)". The terms and conditions set out
in the bank guarantee accompanying the Offer should be to the
satisfaction of the Receiver & Manager.
The bank cheque or the bank Guarantee of the accepted Offer will
be cashed/realized immediately upon communication of the
acceptance of the Offer. The balance due shall be payable to the
Receiver & Manager within 15 days of the acceptance of the Offer
or on the date of the execution of the deed of sale, whichever is
earlier, along with VAT (where applicable) at the prevailing rate
(currently 15%). In case of acceptance of any Offer, the notary
in charge for the execution of the deed of sale will be the
notary as the Receiver & Manager will appoint.
In case the whole amount payable to the Receiver & Manager of the
Company as per the Offer along with VAT (where applicable at the
prevailing rate (currently 15%) is not paid to the Receiver &
Manager of the Company within 15 days of the acceptance of the
Offer, then the amount of Security Deposit will be forfeited ipso
facto by the Receiver & Manager of the Company, without the need
for any judicial or extra judicial proceedings being instituted
by the Receiver & Manager.
For site visits and/or additional information, interested parties
may contact Mr. Kris Seeboo at (230)5257-0700 and/or Ms. Amrita
Beekhun at (230)467-3001.
The Receiver & Manager reserves the right to accept or reject any
Offer, without assigning any reason whatsoever. The Receiver &
Manager may also choose not to proceed with the sale of the
offered assets following the invitation.
The Offer should remain open for acceptance up to April 30, 2014.
ARM ASSET BACKED: UK Liquidators Set Feb. 3 Investor Meeting
------------------------------------------------------------
Times of Malta reports that investors who lost money from ARM
Asset Backed Securities SA are another step closer to getting
possible compensation, with the liquidators organizing a meeting
in London to advise on the way forward.
Mark James Shaw and Malcolm Cohen of BDO LLP, an auditing and
professional consultancy firm in the UK, were appointed as
provisional liquidators of ARM by order of the High Court of
Justice of England and Wales last autumn, Times of Malta relates.
The liquidators can be reached at:
55 Baker Street
London
W1U 7EU
Office Tel No: (020)7486-5888
The provisional liquidators have issued a notice asking ARM
investors to submit an identification request form and proof of
their investment by Feb. 13, Times of Malta discloses.
The provisional liquidators are also organizing a meeting for all
investors on Feb. 3 in London to discuss the anticipated process
and options for the issuer and its property in the current
circumstances, Times of Malta relays.
Any bondholders who want to attend the meeting need to notify the
provisional liquidators by Jan. 30, Times of Malta notes.
ARM Asset Backed Securities S.A. is a Luxembourg-based special
purpose vehicle managed by Intertrust Management Ireland Limited.
BALACLAVA BEACH: Bids for La Plantation Hotel Open Til Jan. 30
--------------------------------------------------------------
Sattar Hajee Abdoula, FCA, as receiver & manager of Balaclava
Beach Resolt Ltd. (In Receivership), offered for sale a hotel
property known as "La Plantation Hotel" on an "as is where is
basis".
The assets offered for sale are owned by Balaclava Beach
comprising
of a hotel complex constructed on leasehold state land of an area
of around 8 hectares and situated at Turtle Bay, Balaclava, North
West of the Republic of Mauritius. Amenities of the Hotel
Complex include:
-- 271 rooms including senior and junior suites
-- Restaurants, bars, boutiques
-- Conference rooms
-- Swimming pools/spa
-- Sport/leisure centers
-- Furniture & Fittings
-- Office/Kitchen Equipment, etc.
Offers were made in sealed envelopes to potential buyers. Offers
should be marked BBRLL/02/14 on the top left hand corner of the
envelopes and should be returned so as to be received by the
Receiver & Manager, no later than Thursday, January 30, 2014 at
4:00 p.m. (Mauritius time), at this address:
A. Sattar Hajee Abdoula, FCA
Receiver & Manager
Balaclava Beach Resolt Ltd. (In Receivership)
9th Floor, Ebene Tower, 52
Cybercity, Ebene
Republic of Mauritius
Tel: (230)467-3001
Fax: (230)454-7311
E-mail: receivership@intnet.mu
All Offers should be accompanied by a bank cheque or bank
guarantee, which will serve as "Security Deposit" in one of the
following currencies from a renowned bank:
GBP1 Million
EUR1.25 Million
US$1.65 Million
drawn in favor of "The Receiver & Manager of Balaclava Beach
Resort Ltd. (In Receivership)". The terms and conditions set out
in the bank guarantee accompanying the Offer should be to the
satisfaction of the Receiver & Manager.
The bank cheque or the bank Guarantee of the accepted Offer will
be cashed/realized immediately upon communication of the
acceptance of the Offer. The balance due will be payable to the
Receiver & Manager within 15 days of the acceptance of the Offer
or on the date of the execution of the deed of sale, whichever is
earlier, along with VAT (where applicable) at the prevailing rate
(currently 15%). In case of acceptance of any Offer, the notary
in charge for the execution of the deed of sale will be such
notary as the Receiver & Manager will appoint.
In case the whole amount payable to the Receiver & Manager of the
Company as per the Offer along with VAT (where applicable at the
prevailing rate (currently 15%) is not paid to the Receiver &
Manager of the Company within 15 days of the acceptance of the
Offer, then the amount of Security Deposit shall be forfeited
ipso facto by the Receiver & Manager of the Company, without the
need for any judicial or extra judicial proceedings being
instituted by the Receiver & Manager.
For site visits and/or additional information, interested parties
may contact Mr. Mubeen Alimohamed on (230)5942-2032 and/or Ms.
Amrita Beekhun on (230)467-3001.
The Receiver & Manager reserves the right to accept or reject any
Offer, without assigning any reason whatsoever. The Receiver &
Manager may also choose not to proceed with the sale of these
assets following this invitation.
The Offer should remain open for acceptance up to April 30, 2014.
GARNANT GOLF: In Liquidation; Council Mulls Probe
-------------------------------------------------
BBC News reports that an assembly member has said an inquiry must
be held over why Garnant Golf Club, which received GBP200,000 of
public money, has gone into liquidation.
Garnant Golf Club, in the Amman Valley, was given the money in
subsidies over two years from Carmarthenshire council because it
was making a loss, BBC relates.
According to BBC, the council has said it was not aware Clays
Golf, which runs the club, was in such financial trouble. The
golf club, as cited by BBC, said it "ran out of cash" and was
unable to carry on.
Rhodri Glyn Thomas, Plaid Cymru AM for Carmarthen East and
Dinefwr, told BBC Radio Wales the money had been given to Garnant
Golf Club since 2011, BBC relays.
The club, built at a cost of just under GBP1 million on a former
opencast mine, received GBP80,000 a year and was rent free, BBC
notes.
"We have to ask who authorized this expenditure, why, what
conditions were placed upon this company and why the council
wasn't aware of the fact this company was in financial
difficulties," BBC quotes Mr. Thomas as saying. "This is public
money and there is a responsibility on the local authority to use
that money responsibly, but as well as that, the local people
have now lost this facility that was very important to the Amman
valley."
"We have to ask if that was because of the irresponsible actions
of the local authority," Mr. Thomas, as cited by BBC, said.
BBC relates that a spokesperson said the council had not been
able to contact Clays Golf to find out what had happened.
Regular meetings were held with managers at the club but the
council said it had not been made aware of the seriousness of the
situation or the plan to file for liquidation, BBC relays.
The council said it wanted to reassure the half a dozen staff at
the club that it would continue to run the facility for the next
fortnight while discussions were held with club members about the
possibility of them taking it over, BBC notes.
MANSARD MORTGAGES 2006-1: S&P Raises Cl. B1a Notes Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit ratings
actions in Mansard Mortgages 2006-1 PLC, Mansard Mortgages 2007-1
PLC, and Mansard Mortgages 2007-2 PLC.
Specifically, S&P has:
-- Raised its ratings on the class M2a and B1a notes and
affirmed its ratings on all other classes of notes in
Mansard Mortgages 2006-1.
-- Raised its ratings on the class M2a notes and affirmed its
ratings on all other classes of notes in Mansard Mortgages
2007-1.
-- Raised its ratings on the class A1a and M1a notes and
affirmed its ratings on all other classes of notes in
Mansard Mortgages 2007-2.
S&P's weighted-average foreclosure frequency (WAFF) and weighted-
average loss severity (WALS) assumptions have decreased for all
three transactions since S&P's previous reviews. This is
primarily a result of decreased arrears and increased loan
seasoning. The transactions have also benefited from increased
credit enhancement.
Mansard Mortgages 2006-1 PLC
The reserve fund is at 48.7% of its target level according to the
October 2013 investor report. It has been increasing over the
past year. The weighted-average seasoning is 86 months and total
arrears decreased to 16.75% in October 2013 from 26.38% in
January 2012.
Rating WAFF WALS
level (%) (%)
AAA 51.34 43.30
AA 40.69 38.84
A 32.80 30.36
BBB 25.66 25.43
BB 18.46 21.81
B 15.66 18.39
According to S&P's analysis, the class M2a and B1a notes pass its
'BB+ (sf)' and 'B+ (sf)' cash flow stresses, respectively. S&P
has therefore raised to 'BB+ (sf)' its 'BB (sf)' rating on the
class M2a notes, and raised to 'B+ (sf)' its 'B (sf)' rating on
the class B1a notes. S&P has affirmed its ratings on the class
A2a, M1a, and B2a notes as they pass S&P's cash flow stresses at
their existing rating levels.
The guaranteed investment certificate (GIC) account agreement is
not in line with S&P's current counterparty criteria.
Accordingly, S&P's ratings in this transaction are capped at its
'A-' long-term issuer credit rating (ICR) on Danske Bank A/S, as
the GIC provider.
Mansard Mortgages 2007-1 PLC
The reserve fund is at its target level. Total arrears have
decreased to 13.34%, according to the October 2013 investor
report from 19.71% in January 2012. This transaction is
amortizing pro rata, and S&P has considered the effect of pro
rata and sequential payment in its cash flow analysis.
Rating WAFF WALS
level (%) (%)
AAA 49.36 44.27
AA 37.94 39.87
A 29.89 31.59
BBB 22.66 26.75
BB 15.33 23.19
B 12.65 19.83
S&P has applied these WAFF and WALS assumptions to its cash flow
analysis. Mansard Mortgages 2007-1's class M2a notes now pass
S&P's 'BB+ (sf)' cash flow stresses. S&P has therefore raised to
'BB+ (sf)' from 'BB (sf)' its rating on this class of notes. The
class A2a, M1a, B1a, and B2a notes passes S&P's cash flow
stresses at their existing rating levels. S&P has therefore
affirmed its ratings on these classes of notes
The GIC account agreement is not in line with S&P's current
counterparty criteria. Accordingly, S&P's ratings on the notes
in this transaction are capped at its 'A-' long-term ICR on
Danske Bank.
Mansard Mortgages 2007-2 PLC
Despite a small draw on the reserve fund on the September 2013
interest payment date, the reserve fund returned to its target
level in December 2013. Credit enhancement has increased, and
arrears decreased to 10.82% in September 2013 from 16.01% in
December 2011.
Rating WAFF WALS
level (%) (%)
AAA 61.53 51.28
AA 45.13 47.40
A 35.17 39.96
BBB 25.63 35.59
BB 16.07 32.35
B 12.94 29.23
Mansard Mortgages 2007-2's class A2a, M2a, B1a, and B2a notes
pass S&P's cash flow stresses at their existing rating levels
while the class A1a and M1a notes pass at higher rating levels.
S&P has therefore raised its ratings on Mansard Mortgages 2007-
2's class A1a and M1a notes, and affirmed its ratings on the
class A2a, M2a, B1a, and B2a notes.
For all three transactions, S&P's credit stability analysis
indicates that the maximum projected deterioration that it would
expect at each rating level over one- and three-year periods,
under moderate stress conditions, are in line with S&P's credit
stability criteria.
Mansard 2006-1, Mansard 2007-1, and Mansard 2007-2 are U.K.
nonconforming residential mortgage-backed securities (RMBS)
transactions. Rooftop Mortgages Ltd. originated the loans.
RATINGS LIST
Class Rating Rating
To From
Mansard Mortgages 2006-1 PLC
GBP500 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
M2a BB+ (sf) BB (sf)
B1a B+ (sf) B (sf)
Ratings Affirmed
A2a A- (sf)
M1a A- (sf)
B2a B- (sf)
Mansard Mortgages 2007-1 PLC
GBP250 Million Mortgage-Backed Floating-Rate Notes
Rating Raised
M2a BB+ (sf) BB (sf)
Ratings Affirmed
A2a A- (sf)
M1a A- (sf)
B1a B (sf)
B2a B- (sf)
Mansard Mortgages 2007-2 PLC
GBP550 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
A1a AA (sf) AA- (sf)
M1a BBB+ (sf) BBB (sf)
Ratings Affirmed
A2a AA- (sf)
M2a BB (sf)
B1a B (sf)
B2a B- (sf)
MERGERMARKET GROUP: S&P Assigns Prelim. 'B' CCR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' long-term corporate credit rating to global
financial data service provider MergerMarket USA, Inc.
(Mergermarket Group). The outlook is stable.
At the same time, S&P assigned a preliminary issue rating of 'B'
to the proposed USD equivalent GBP150 million first lien term
loan and to a $40 million equivalent, multiple currency, five-
year revolving credit facility (RCF). The preliminary recovery
rating on these loans is '3', reflecting S&P's expectation of
average (50%-70%) recovery in the event of a payment default.
In addition, S&P assigned a preliminary issue rating of 'CCC+' to
the proposed GBP70 million second lien term loan. The
preliminary recovery rating on this loan is '6', reflecting S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.
The preliminary ratings are subject to S&P's receipt and review
of the final versions of the documentation and to the closing of
the proposed refinancing, which S&P understands will occur in the
next few weeks.
The preliminary ratings on Mergermarket Group primarily reflect
S&P's view of the group's financial risk profile as "highly
leveraged," as S&P's criteria define the term, owing to its
proposed leveraged capital structure and ownership by the private
equity firm BC Partners. Following the acquisition of
Mergermarket Group by BC Partners from Pearson PLC for
GBP372 million, the group's Standard & Poor's-adjusted debt is
likely to include GBP220 million of term loans and over
GBP171 million of payment-in-kind (PIK) shareholder loans.
Mitigating the group's highly leveraged capital structure is
S&P's assessment of its liquidity as "adequate." This assessment
is supported by Mergermarket Group's lack of material debt
amortization requirements, limited capital expenditure (capex),
and limited working capital needs. S&P believes that positive
free operating cash flows will enable the group to gradually
reduce its debt through ongoing cash sweeps. That said, this is
unlikely to meaningfully reduce the group's total adjusted
leverage because of the PIK nature of the shareholder loans,
which S&P treats as debt.
"We assess Mergermarket Group's business risk profile as "weak,"
reflecting its small scale, which leaves it vulnerable to changes
in the competitive landscape, and its reliance on two key
products, Mergermarket and Debtwire, which account for
approximately two-thirds of invoiced sales. On the positive
side, we also incorporate the firm's market leadership in the
niche markets of merger and acquisition (M&A) news, credit news,
and intelligence services. The group's niche focus means that
they have limited direct competition globally. Mergermarket
Group also benefits from a loyal customer base operating in
different segments of the financial services industry, with
renewal rates of over 95%. We anticipate that Mergermarket
should continue to post moderate revenue and EBITDA growth over
the next few years, based on growth of its global subscriber
base. We also consider that the specialized nature of
Mergermarket's offerings will somewhat guard it from direct
competition from larger players in the global financial data and
analytics market," S&P said.
S&P's base-case operating scenario for Mergermarket Group
assumes:
-- Mid-to-high single-digit top-line growth, based on growing
subscriber base;
-- EBITDA growth fuelled by operating efficiencies and top-
line growth, which, combined with moderate capex, will
result in positive free operating cash flow; and
-- Excess cash will be used to pay down the first lien term
loan.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Standard & Poor's-adjusted debt to EBITDA in excess of 12x
following the transaction. Excluding the shareholder loan,
Mergermarket Group's adjusted leverage ratio would be about
6.5x, according to its projections; and
-- EBITDA cash interest coverage at more than 2.2x in
financial-year 2014.
S&P assess Mergermarket Group's liquidity as "adequate," as its
criteria define this term, reflecting S&P's view that the group's
sources of liquidity will cover its uses by more than 1.2x on
completion of the transaction. For the financial year ending
Dec. 31, 2014, S&P anticipates sources of liquidity of in
excess of GBP35 million, including:
-- Funds from operations (on an unadjusted basis and excluding
noncash interest) of around œ12.5 million;
-- $40 million of undrawn bank lines; and
-- Low level of positive working capital inflows.
In the absence of contractual debt amortization, liquidity uses
in financial 2014 will mostly comprise:
-- Capex, which management estimates at œ1.2 million; and
-- Other uses including management bonuses, separation costs,
and acquisition-related payments amounting to about
GBP9 million.
Mergermarket Group has no covenants except the first lien net
leverage ratio of 6x, tested only when the company has drawn more
than $10 million of the revolving credit facility. There should
be ample headroom under this covenant as the first lien leverage
is just over 4x.
The stable outlook mainly reflects S&P's view that Mergermarket
Group should continue to post moderate revenue and EBITDA growth
over the next few years, based on its business model's favorable
dynamics. S&P assumes that the competitive landscape will not
change materially and that the group will maintain "adequate"
liquidity. S&P believes that positive free operating cash flows
will enable the group to gradually reduce its debt through
ongoing cash sweeps. That said, this is unlikely to meaningfully
reduce total adjusted leverage due to the PIK nature of the
shareholder loans.
S&P could lower the ratings if Mergermarket Group does not grow
revenue and EBITDA or increases its spending, leading to negative
free cash flow or weakened liquidity. Specifically, S&P could
lower the ratings if EBITDA cash interest coverage drops to less
than 1.5x. More direct and persistent competition from larger
players in the global financial data and analytics market could
also cause S&P to lower its assessment of the group's business
risk profile, potentially leading to a downgrade.
Currently S&P sees the likelihood of an upgrade as limited
because of Mergermarket Group's highly leveraged capital
structure and S&P's expectation that adjusted total leverage
(including shareholder loans) will remain high. In addition, S&P
already factors a certain amount of revenue growth into its base-
case scenario for the group.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
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BULGARIA
--------
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CYPRUS
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CZECH REPUBLIC
--------------
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FRANCE
------
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KABEL DEUTSC-ADR KBDHY US -1921707863 3240567525
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MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
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MATERNUS-KLINIKE MAK TH -17249775.07 161290141
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NORDAG AG DOO1 GR -482449.8788 144432986.2
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
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ICELAND
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ITALY
-----
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SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
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TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
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BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
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BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
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BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
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MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
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AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
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AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
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 PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
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HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
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MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
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NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
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NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
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OAO AMURMETALL AMMT RU -808724.9033 847661954.7
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PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
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RUSPETRO PLC RPO NR -40737000 522576000
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ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
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ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
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BIMBO SA 3632779Z SM -22418992.16 200845624.4
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BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
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FMC FORET SA 3642299Z SM -135792007.2 150683418.5
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GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
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LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
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MARTINSA FADESA MTF SM -4266039390 4958578344
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SPANAIR 1174Z SM -224915085.6 350111493.1
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TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
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SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
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SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
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ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
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GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
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KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
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ACE INA SERVICES 1442282Z LN -32838796.68 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
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AEA TECHNOLO-FPR AATF PZ -251542348.1 142002291.9
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AEA TECHNOLO-NPR AATN PZ -251542348.1 142002291.9
AFFINITI INTEGRA 1651064Z LN -743208854.7 241654750
AGORA SHOPPING C 214766Z LN -50700881.16 252334953.9
AIRBUS OPERATION 4435153Z LN -718055101.2 3718998325
AIRTOURS PLC AIR VX -379721780.5 1817512774
AIRTOURS PLC AIR LN -379721780.5 1817512774
AIRTOURS PLC ATORF US -379721780.5 1817512774
ALIXPARTNERS LTD 2578482Z LN -20704239.37 115351021.9
ALL3MEDIA HOLDIN 4500027Z LN -349193464.9 845096523.8
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLIANCE & LEICE 1603082Z LN -362196734.3 3707298376
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ALPHA CREDIT GRP 2398Z LN -128159653.1 6765166452
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANGLESEY ALUMINI 3899138Z LN -31293037.69 162854170.3
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SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
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TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
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WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
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WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
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WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
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WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. 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$775 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 Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *