TCREUR_Public/090428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 28, 2009, Vol. 10, No. 82

                            Headlines

F I N L A N D

STORA ENSO: S&P Puts 'BB+' Corporate Rating on Negative Watch


G E R M A N Y

ATS UMWELTSYSTEME: Claims Registration Period Ends May 20
DIE VERANSTALTUNG: Claims Registration Period Ends June 2
DYNAMIC MEDIENVERTRIEBS: Claims Registration Period Ends May 31
ESCADA AG: Unveils Refinancing Package
ESCADA AG: S&P Downgrades Corporate Credit Rating to 'CC'

HAUSCONCEPT GMBH: Claims Registration Period Ends May 27
INNMESSE GMBH: Claims Registration Period Ends May 6
OVINEM GMBH: Claims Registration Period Ends May 15
SOZIETAT FUER BESCHAFFUNGSKONZEPTE: Claims Filing Ends June 2
YARRAZ HOLDING: Claims Registration Period Ends May 20


I R E L A N D

CHARTBUSTERS: Court to Hear Survival Scheme Today
EUROCONNECT ISSUER: Moody's Reviews 'Ba2' Rating on Class D Notes
INDEPENDENT NEWS: Seeks Refinancing of EUR200 Million Bond


K A Z A K H S T A N

ALMATY GIPER: Creditors Must File Claims by May 29
BTA BANK: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
BTA BANK: S&P Lowers Counterparty Credits Rating to 'D'
BTA DPR: S&P Junks Ratings on 4 Financial Future Flow Transactions
ENERGYA UK: Creditors Must File Claims by May 29

FOOD HOUSE 2008: Creditors Must File Claims by May 29
KAZAKH AGRARIAN: S&P Affirms 'BB+' Long-Term Issuer Credit Rating
KAZKOMMERTS DPR: S&P Cuts Ratings on 7 Fin'l Transactions to 'B+'
KULON-G LLP: Creditors Must File Claims by May 29
NAZARET VK: Creditors Must File Claims by May 29

ORDA-2030 LLP: Creditors Must File Claims by May 29
PROM RESOURSE XXI: Creditors Must File Claims by May 29
SAD GROUP: Creditors Must File Claims by May 29
SK ELEVATOR: Creditors Must File Claims by May 29
ZANGAR ADVENTURE: Creditors Must File Claims by May 29


K Y R G Y Z S T A N

BIO VAM-NPO: Creditors Must File Claims by May 8
ELECTRICHESKIYE STANTSIYI: Creditors Must File Claims by May 8
PARK INTERNATIONAL: Creditors Must File Claims by May 8
SERVICE OIL LLC: Creditors Must File Claims by May 8


L I T H U A N I A

UAB MEDICINOS: Fitch Downgrades Individual Rating to 'D/E'


N E T H E R L A N D S

LYONDELL CHEMICAL: Holding Company Seeks Chapter 11 Protection
LYONDELL CHEMICAL: Two Units' Voluntary Chapter 11 Case Summary


P O L A N D

POLSKA GRUPA: Fitch Withdraws 'BB' National Long-Term Rating


R U S S I A

AMURSKAYA FUEL: Creditors Must File Claims by June 17
KONTO CJSC: Creditors Must File Claims by June 17
MALOARKHANGELSKIY MACHINE: Creditors Must File Claims by May 17
PERVOMAYSKIY BUTTER: Court Names Temporary Insolvency Manager
REM-STROY LLC: Creditors Must File Claims by May 17

RUS-LES LLC: Creditors Must File Claims by May 17
STROY-KOM LLC: Creditors Must File Claims by June 17
STROY-VOSTOK LLC: Creditors Must File Claims by May 17
TAGANKA CAR: S&P Affirms 'BB' Credit Rating on Class C Notes
TROYA-LES LLC: Creditors Must File Claims by May 17

URAL-STROY LLC: Creditors Must File Claims by June 17


S W I T Z E R L A N D

BAMBOO GARDEN: Creditors Have Until May 8 to File Proofs of Claim
BERMUDEZ CONSULTING: Claims Filing Deadline is May 15
GOTTHARDLI LLC: Claims Filing Deadline is May 20
MALERMEISTER OBRIST: Proof of Claim Filing Deadline is May 22
PROMA KOLB: Creditors Have Until May 7 to File Proofs of Claim

REHEI LLC: Creditors Must File Proofs of Claim by May 8
SCHMIDLIN & SUTER: Creditors' Proofs of Claim Due by May 14
TRANSACT SOLUTIONS: Claims Filing Deadline is May 6
WS LLC: Creditors Have Until May 7 to File Proofs of Claim


U K R A I N E

AL COMMUNICATION: Creditors Must File Claims by May 9
AMEKSIS LLC: Creditors Must File Claims by May 9
LIK – KHARKOV BUILDING: Court Starts Bankruptcy Procedure
MHP SA: Fitch Affirms Long-Term Issuer Default Ratings at 'B'
NORD-IMPULSE LLC: Creditors Must File Claims by May 8

PILOT PLUS 48: Creditors Must File Claims by May 9
POZNIAKI BUILDING: Creditors Must File Claims by May 9
PROMSTAL LLC: Court Starts Bankruptcy Supervision Procedure
UKRAINE-AGRO CJSC: Creditors Must File Claims by May 9
SHLIAKH LLC: Creditors Must File Claims by May 9

WHOLE SALE-CRAFT-GROUP LLC: Creditors Must File Claims by May 9
YUTMIS LLC: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

BAY TRADING: Put Into Administration by Parent
CATTLES PLC: Wants Trading Halted; Annual Report Still Not Ready
FILETRAVEL PROFESSIONAL: Appoints Joint Administrators from BDO
K M S (1996) LTD: Taps Joint Administrators from Tenon Recovery
LEGENDARY LTD: Brings in Joint Administrators from KPMG

LOCUM FINE: Taps Joint Administrators from PwC
ONLINE AV: Appoints Joint Administrators from Tenon Recovery
ROYAL WORCESTER: Intellectual Property Sold to Portmeirion Group

* Large Companies with Insolvent Balance Sheet


                         *********


=============
F I N L A N D
=============


STORA ENSO: S&P Puts 'BB+' Corporate Rating on Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB+' long-term corporate credit ratings on Finland-based forest
product company Stora Enso Oyj on CreditWatch with negative
implications.  At the same time, the 'B' short-term corporate
credit ratings were affirmed.

"The CreditWatch placement reflects the high probability of a
downgrade following the company's first quarter 2009 results
announcement," said Standard & Poor's credit analyst Andreas
Zsiga.

"The results imply deepening underperformance in relation to S&P's
targets for the 'BB+' rating and further weakening demand and
pricing prospects in light of rapidly contracting economic
conditions.  As a result, S&P consider it increasingly unlikely
that Stora Enso's financial profile will recover to become
adequate for the 'BB+' rating, despite reduced input costs and
increasingly aggressive cost cutting and cash preservation
measures," Mr. Zsiga said.

Stora Enso's operating cash flows have been increasingly strained
by sales and margin pressure, resulting in weak debt coverage for
the ratings.  The deteriorating trend continued in the first
quarter of 2009.  Sales declined by about 25% compared with the
corresponding period in 2008, while the company's EBITDA margin
dropped to 6% from 10.5%.

Overall, paper and packaging demand has weakened drastically
during the past six months.  S&P believes that this is partly
attributable to inventory reduction throughout the supply chain.
S&P believes that there has been a significant drop in underlying
consumption as well.

S&P expects to resolve the CreditWatch placement over the next 30
days, during which S&P will consider the market situation and
input from Stora Enso's management, focusing on the company's
business prospects, its strategy for coping with the recessionary
environment, and the possible implications for the company's
earnings, cash flow, and debt levels.  Any downgrade is likely to
be limited to one notch.

S&P will assess Stora Enso's underperformance relative to S&P's
expectations for a 'BB+' rating, a downward revision of S&P's
financial base-case scenario for the company and the increased
likelihood of a weaker stress case scenario, and a possible
adverse revision of the company's business risk score.


=============
G E R M A N Y
=============


ATS UMWELTSYSTEME: Claims Registration Period Ends May 20
---------------------------------------------------------
Creditors of ATS Umweltsysteme GmbH have until May 20, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ruediger Weiss
         Bautzner Strasse 102
         01099 Dresden
         Germany
         Website: www.wallnerweiss.info

The court opened bankruptcy proceedings against the company on
April 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ATS Umweltsysteme GmbH
         Meissner Strasse 357
         01445 Radebeul
         Germany

         Attn: Ralf-Edgar Wilcke, Manager
         Geboren 1946
         Meissner Strasse 357
         01445 Radbeul
         Germany


DIE VERANSTALTUNG: Claims Registration Period Ends June 2
---------------------------------------------------------
Creditors of Die Veranstaltung DV ! GmbH have until June 2, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Alfred Kφrbitz
         Promenadeplatz 9
         80333 Muenchen
         Germany
         Tel: 089/24216730
         Fax: 089/24216745

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Die Veranstaltung DV ! GmbH
         Attn: Angelique Willner, Manager
         Dreimuehlenstr. 35
         80469 Muenchen
         Germany


DYNAMIC MEDIENVERTRIEBS: Claims Registration Period Ends May 31
---------------------------------------------------------------
Creditors of Dynamic Medienvertriebs und Produktionsgesellschaft
mbH have until May 31, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:52 a.m. on June 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The court opened bankruptcy proceedings against the company on
April 15, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Dynamic Medienvertriebs und
         Produktionsgesellschaft mbH
         Attn: Thorsten Euler, Manager
         Talstrasse 13c
         57642 Alpenrod-Hirtscheid
         Germany


ESCADA AG: Unveils Refinancing Package
--------------------------------------
Reuters reports that Escada AG has a launched a broad refinancing
package.

In a press release on April 23 Escada said to ensure its survival,
the company requires around EUR30 million to cover its liquidity
demands for the current fiscal year, plus a significant reduction
of the group's debt and a secured mid- to long-term financial
platform for the group.

According to Reuters, Escada plans to raise around EUR30 million
in a capital increase in July.  The company, Reuters says, is also
asking creditors to take a cut in bond repayments and is
negotiating with banks on existing and new credit lines.  Reuters
notes the company said details were "still being fine-tuned".

                        Capital Increase

On March 19, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that German billionaire brothers Wolfgang and
Michael Herz plan to participate in a capital increase at Escada
after the fashion group reported wider fourth quarter and full
year losses.  The Herz family holds a combined 24.9 percent stake
in the company but still aims to keep its shareholding below 30
percent, Reuters said citing a person familiar with the matter.
Reuters disclosed the source said the Herz brothers want other
shareholders to take up new Escada shares in proportion to their
percentage stakes.  Reuters noted according to the company,
shareholders Wolfgang and Michael Herz are willing to invest up to
EUR20 million if they get permission from the German financial
watchdog BaFin to forego a takeover offer for the remaining
shareholders.

                          Wider Losses

Escada's net loss in the three months through January swelled to
EUR6.3 million (US$8.2 million) from EUR4 million a year earlier,
Bloomberg News reported citing a company statement.  Sales for the
current quarter fell 7.5 percent to EUR131.5 million.  Net loss in
the fiscal year that ended Oct. 31 widened to EUR70.3 million from
EUR27 million and sales fell 15 percent to EUR582.5 million, the
report said.

"These sales and earnings are unsatisfactory," the report quoted
Chief Executive Officer Bruno Saelzer as saying in a conference
call.  "They highlight the urgent need to act and justify a
refocus."

Escada has been talking to its banks about a short- and mid- term
strategy, Chief Financial Officer Markus Schuerholz said as cited
by the report.  The report stated management will propose reducing
Escada's capital to EUR58 million from EUR107 million to remove a
shortage of subscribed capital resulting from a balance sheet loss
of EUR48.9 million last fiscal year.  The measure will be put to
its annual general meeting on April 28, the report noted.

                         About Escada AG

Headquartered in Aschheim, Germany, ESCADA AG (FRA:ESC) --
http://www.escada.com/-- is a fashion group engaged in women's
designer fashion.  Under its core brand ESCADA, the Company sells
women's designer fashions for daytime, evening, business, leisure,
sports, wellness and special occasions, as well as couture.  The
fashion range is supplemented with accessories like handbags,
shoes and small leather goods.  Fragrances, eyewear, kids wear and
jewelry from licensed partners are also sold under the ESCADA
brand.  Through its wholly owned subsidiary, PRIMERA AG, the
Company additionally sells the mid-priced brands apriori, BiBA,
cavita and Laurel.  ESCADA AG has 194 own shops and 226 franchise
shops in approximately 60 countries.  Its manufacture capacities
are mainly outsourced to partner operations, located in Germany,
Italy, Eastern Europe and Asia.

TCR-Europe reported on Dec. 26, 2008, that Moody's Investors
Service downgraded the Corporate Family Rating, the Probability
Default Rating of Escada AG and the senior unsecured rating on the
EUR200 million notes due 2012 to Caa2 from B3.  The outlook on the
ratings remains negative.

On Dec. 22, 2008, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
German high-end women's fashion designer and retailer ESCADA AG to
'CCC+' from 'B-' due to the company's ongoing operating
underperformance.  The outlook is negative.


ESCADA AG: S&P Downgrades Corporate Credit Rating to 'CC'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on German high-end women's fashion
designer and retailer ESCADA AG to 'CC' from 'CCC+'.  The outlook
is negative.

At the same time, S&P lowered its issue-level rating on the
company's EUR200 million senior unsecured notes due 2012 to 'CC'
from 'CCC+'.   The recovery rating of '3' on the notes remains
unchanged, indicating that lenders can expect meaningful (50%-70%)
recovery in the event of a payment default.   The recovery rating
will be reviewed as additional information regarding the proposed
exchange becomes available.

The downgrade follows the company's recent announcement of a
public offer for conversion of the EUR200 million bond into a new
bond to "significantly reduce the burden of debt".  According to
company information, the conditions of the exchange offer are not
finalized yet but are targeting to relinquish the repayment "of a
significant portion of the bond".

"Under our ratings criteria, S&P consider this proposed debt
restructuring to be a distressed exchange and, as such, tantamount
to a default," said Standard & Poor's credit analyst Diego Festa.

The rating outlook is negative. "On completion of the transaction,
S&P would expect to lower the ratings on the unsecured notes to
'D', default," said Mr. Festa.  S&P could also lower the corporate
credit rating to 'SD' (selective default), should the company
continue to honor its debt obligations.  As soon as is practical
thereafter, and following S&P's review of the revised liability
structure, S&P would reassess Escada's capital structure and
liquidity profile and assign new ratings, based on the amount of
notes the company successfully tendered.


HAUSCONCEPT GMBH: Claims Registration Period Ends May 27
--------------------------------------------------------
Creditors of Hausconcept GmbH have until May 27, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Andre Mueller
         Schlosspark 28
         01796 Pirna
         Germany

The court opened bankruptcy proceedings against the company on
April 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hausconcept GmbH
         Attn: Annett Morgenstern, Manager
         Hauptstr. 1
         01819 Kurort Bergiesshuebel
         Germany


INNMESSE GMBH: Claims Registration Period Ends May 6
----------------------------------------------------
Creditors of Innmesse GmbH have until May 6, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstrasse 11
         80801 Muenchen
         Germany

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Innmesse GmbH
         Attn: Wolfgang Klemenz, Manager
         Untere Dorfstrasse 20
         84547 Emmerting
         Germany


OVINEM GMBH: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors of Ovinem GmbH have until May 15, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Loerrach
         Hall 5
         Room 2.21
         Bahnhofstr. 4 a
         79539 Loerrach
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ingo Michelsen
         Luisen St. 5
         79539 Loerrach
         Germany
         Tel: 0 76 21/ 4 22 58 80)

The court opened bankruptcy proceedings against the company on
April 15, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ovinem GmbH
         Attn: Joachim Biesold, Manager
         Schuetzenwaldweg 7
         79540 Loerrach
         Germany


SOZIETAT FUER BESCHAFFUNGSKONZEPTE: Claims Filing Ends June 2
-------------------------------------------------------------
Creditors of Sozietat fuer Beschaffungskonzepte, Marketing &
Praxis GmbH have until June 2, 2009, to register their claims with
court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Offenburg
         Area 0.005
         Basement
         Hindenburgstr. 5
         77654 Offenburg
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Stefano Buck
         Eisenbahnstr. 19-23
         77855 Acher
         Germany

The court opened bankruptcy proceedings against the company on
April 15, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Sozietat fuer Beschaffungskonzepte,
         Marketing & Praxis GmbH
         Lutz Nowak, Manager
         Kreuzkirchstr. 15 b
         77652 Offenburg
         Germany


YARRAZ HOLDING: Claims Registration Period Ends May 20
------------------------------------------------------
Creditors of YarraZ Holding GmbH have until May 20, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Stephan Muenzel
         Bach St. 85 a
         22083 Hamburg
         Germany
         Tel: 040/3208360

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         YarraZ Holding GmbH
         Attn: Jens Anders and
               Jens Halfar, Managers
         Dorfstrasse 8
         19246 Camin
         Germany


=============
I R E L A N D
=============


CHARTBUSTERS: Court to Hear Survival Scheme Today
-------------------------------------------------
Mary Carolan at the Irish Times reports that the High Court will
hear a survival scheme for Chartbusters Ltd. today, April 28.

The report relates Mr. Justice Peter Kelly on Thursday adjourned
the hearing to consider whether to approve a survival scheme for
the group after being told by Rossa Fanning, for examiner Neil
Hughes, his client needed time to address certain matters.
According to the report, approval of the scheme could save up to
172 jobs.  The court, the report discloses, was also told by Mr.
Fanning that a situation had arisen where court protection should
be lifted for one of the companies in the group, a non-trading
leasehold holding company, Stanway Holdings Ltd (SHL).  The report
states Mr. Fanning said the order lifting court protection for SHL
might affect "at worst" 15 jobs in two stores in Phibsboro and
Tallaght.

                        Lease Agreements

As reported in the Troubled Company Reporter-Europe on April 8
2009, the Irish Times said the court granted Chartbusters
permission to seek orders revoking lease agreements for premises
the company no longer needs to allow the examiner to finalize a
scheme of arrangement.  The report disclosed if the scheme is
approved by the company's creditors and the court, Chartbusters
will be restructured and 23 of its 36 home entertainment stores
may be saved.

The premises Chartbusters leased include premises at Golden Island
Shopping Centre in Athlone; Carrigaline, Co Cork; Christchurch,
Dublin; Crescent Shopping Centre, Limerick; the Maple Centre,
Dublin; Anne Street, Newbridge, Co Kildare; O’Hagan House,
Ranelagh, Dublin; and Terenure Place, Dublin, the report stated.
The stores in Athlone and Carrigaline were closing, while the
stores in Newbridge, the Maple Centre and Terenure were now
closed, according to the report.  The premises in Christchurch,
Limerick and Ranelagh were never occupied, the report noted.

The report related Mr. Justice Garrett Sheehan granted the company
permission to serve short service to all relevant parties,
including the court-appointed examiner, of the proceedings.

In an affidavit to the court, Richard Murphy, a director and
shareholder of Chartbusters, as cited in the report, said the
examiner, Neil Hughes, had indicated to the company that before he
could finalize a scheme of arrangement, it should apply to the
High Court to have several of the company's leases repudiated.

                      About Chartbusters

Based in Dublin, Ireland, Chartbusters Ltd., ran 37 home
entertainment stores and employed 267 workers as of January 2009.
Chartbusters was incorporated in July 1993 and started with two
stores in Blanchardstown and Tallaght.  By 2002, it had 50 stores
grossing a profit of EUR11 million.

On Jan. 29, 2009, the TCR-Europe, citing the Irish Times, reported
that Mr. Justice Peter Kelly granted court protection to
Chartbusters.  Mr. Justice Kelly appointed Neil Hughes as examiner
to the company.  Mr. Justice Kelly, as cited in the report, said
the company was insolvent and would have a shortfall between
assets and liabilities of some EUR246,000 as a going concern and
of some EUR4.8 million if wound up.  The judge, the report noted,
agreed to appoint an examiner after reports from the independent
account and interim examiner expressed the view the company had a
reasonable prospect of survival if certain conditions, including
the closure of 17 of its 37 stores, are met.


EUROCONNECT ISSUER: Moody's Reviews 'Ba2' Rating on Class D Notes
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of four classes of notes issued by
EuroConnect Issuer LC 2007-1 Limited.

The transaction is a synthetic Balance Sheet CDO referencing a
EUR4,264.8 million pool of bank originated corporate and SME
loans; although replenishments are permitted until June 2011,
Moodys's Investors Service understands that being in breach of the
replenishment test, the portfolio is static at present.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the average rating factor from 477 (at closing in
August 2007 on a pool size of EUR6,206.6 million) to 753 (February
2009 on a pool size of 4,264.8 million) and the revision of
certain key assumptions that the agency uses to rate and monitor
corporate CDOs.  The increase is the rating factor is in part
mitigated by the amortization of the pool as detailed above.
These revised assumptions incorporate Moody's expectation that
European and global corporate default rates are likely to greatly
exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the current global
economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

EuroConnect Issuer LC 2007-1 Limited

  -- EUR310,350,000 Class A Floating Rate Credit Linked Notes due
     2026, Aaa and Placed Under Review for Possible Downgrade;
     previously on August 20, 2007 Assigned Aaa

  -- EUR93,100,000 Class B Floating Rate Credit Linked Notes due
     2026, A1 and Placed Under Review for Possible Downgrade;
     previously on August 20, 2007 Assigned A1

  -- EUR62,050,000 Class C Floating Rate Credit Linked Notes due
     2026, Baa2 and Placed Under Review for Possible Downgrade;
     previously on August 20, 2007 Assigned Baa2

  -- EUR68,300,000 Class D Floating Rate Credit Linked Notes due
     2026, Ba2 and Placed Under Review for Possible Downgrade;
     previously on August 20, 2007 Assigned Ba2


INDEPENDENT NEWS: Seeks Refinancing of EUR200 Million Bond
----------------------------------------------------------
Rowena Mason at Telegraph.co.uk reports that Independent News &
Media Plc's shareholders, Denis O'Brien and Sir Anthony O'Reilly,
may either put up some personal assets as security or contribute
to the repayment of the company's EUR200 million (GBP180 million)
bond.

The repayment of the 10-year bond, which carried a coupon of
5.75pc, is officially due on May 17, Telegraph.co.uk discloses.

INM, Telegraph.co.uk relates, has already deferred publication of
its full-year figures, as bankers from NM Rothschild continue to
negotiate with bondholders and advise on how to service its GBP1.2
billion debt.  Telegraph.co.uk says sources suggest auditors may
be unwilling to state that the company is a "going concern" if it
has not refinanced the bond by the time it releases its results.

The Irish Times notes that according to Mr. O'Brien, refinancing
the EUR200 million bond was "the first step" in restructuring
INM's balance sheet.

Telegraph.co.uk reports that while new arrangements could give a
much better deal to bondholders if they agree to give INM more
time to meet its obligations, Mr. O'Brien, who owns a quarter of
the company, has claimed that there is only a 50 percent chance
that negotiations will succeed.  Telegraph.co.uk says if no
agreement is reached, the company, whose shares have fallen by
almost 90 percent over the last year, will be in default.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


===================
K A Z A K H S T A N
===================


ALMATY GIPER: Creditors Must File Claims by May 29
--------------------------------------------------
LLP Almaty Giper Market has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Karasai Batyr Str. 33-29
         Almaty
         Kazakhstan


BTA BANK: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based BTA Bank's Long-term
Issuer Default Ratings to 'RD' (Restricted Default) from 'CC',
thereby resolving the Watch Negative on the rating.

The downgrade follows BTA's the announcement that it has decided
to cease principal payments on wholesale financial obligations
until it agrees and implements a restructuring of these
obligations.  The bank's IDRs will remain on 'RD' until BTA has
completed the expected restructuring of its outstanding debt and,
in Fitch's opinion, is able to comply with new terms negotiated
with its creditors.

Rating actions are:

  -- Long-term foreign and local currency IDRs downgraded to 'RD'
     from 'CC'; removed from RWN

  -- Short-term foreign and local currency IDRs downgraded to 'RD'
     from 'C'; removed from RWN

  -- Individual rating affirmed at 'F'

  -- Support rating affirmed at '5'

  -- Support Rating Floor affirmed at 'No Floor'

  -- Senior unsecured debt downgraded to Long-term 'C' from 'CC';
     removed from RWN; Recovery Rating at 'RR4'

  -- Senior unsecured debt affirmed at Short-term 'C';

  -- Tier 1 perpetual preferred securities: affirmed at Long-term
     'C'; removed from RWN Recovery Rating at 'RR6'


BTA BANK: S&P Lowers Counterparty Credits Rating to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term counterparty credit ratings on Kazakhstan-
based BTA Bank J.S.C. to 'D' from 'CC' and 'C' respectively after
BTA announced a standstill in the scheduled and accelerated
principal components of its debt.  The ratings were removed from
CreditWatch, where they were placed with negative implications on
March 20, 2009.

At the same time the ratings on BTA's subsidiaries, Temirbank JSC
and BTA Ipoteka Mortgage Co., were affirmed at 'CC/Watch Neg/C'.

"We understand that BTA imposed a standstill on principal
payments, including scheduled maturities, on its foreign and
domestic wholesale debt with effect from April 20, 2009 until it
implements a group-wide debt restructuring plan," said Standard &
Poor's credit analyst Annette Ess.

According to S&P's definition, a 'D' rating is assigned when S&P
believes that any default will be a general default and that the
obligor will fail to pay all or substantially all of its
obligations as they come due.  S&P's default definition includes
payment defaults on both rated and unrated financial obligations.
In addition, under S&P's criteria, S&P treat distressed exchange
offers to restructure debt obligations as equivalent to a default
on the part of the issuer, even though, technically, investors may
accept such an offer voluntarily and no legal default occurs.

BTA's total foreign debt outstanding is about US$12 billion, with
about US$4 billion maturing in 2009.  The bank announced that it
is not in a position to repay the US$12 billion sum if it were
accelerated.  It also announced that it intends to pay due
interest on foreign and domestic debt.  S&P understands that BTA
is so far continuing to service its retail depositors.

S&P understands that the Samruk Kazyna National Welfare Fund, the
main shareholder in the bank with a 78% stake, is not willing to
assist BTA.

S&P has affirmed the ratings on BTAI and Temirbank because they
are not included in BTA's standstill on principal payments and
they continue to service their obligations.  However, BTA
announced that these subsidiaries will be included in the
restructuring of the BTA group.  Accordingly, S&P see an increased
likelihood that the ratings on BTAI and Temirbank will be lowered
to 'D' in the near term.

S&P will lower the ratings on BTAI and Temirbank to 'D' in the
event that they default on all or substantially all of their debt,
initiate a wide-ranging distressed restructuring of their debt
obligations, or declare bankruptcy or insolvency.

S&P would consider revising the ratings on BTA, BTAI, and
Temirbank if the entities were to restore and sustain their
repayment capacity and were to service all their debt obligations
on a timely basis and avoid distressed debt restructuring, either
through government support or improvements in their stand-alone
credit profiles.


BTA DPR: S&P Junks Ratings on 4 Financial Future Flow Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its stand-alone and/or
underlying ratings on four financial future flow transactions
issued by BTA Bank J.S.C.'s BTA DPR Finance Co. (JSC Bank
TuranAlem) and seven financial future flow transactions issued by
Kazkommertsbank's Kazkommerts DPR Co.  The 11 transactions are
backed by Kazakhstan's diversified payment rights.  At the same
time, Standard & Poor's removed its ratings on the seven KKB
transactions from CreditWatch with negative implications, where
they were placed March 19, 2009.  The ratings on the BTA
transactions remain on CreditWatch negative, where they were
placed Feb. 5, 2009.

These rating actions are based on S&P's recent review of both
programs after S&P received the full first-quarter asset
performance data after the programs' recent March debt-service
payment date.  The quarterly data ending March 2009 depicted, on a
net basis (after the programs satisfied their required debt
service), a continued drop in the BTA DPR program's debt-service
coverage ratio levels and a negligible increase in the KKB DPR
program's DSCR levels.  The overall declines reflect the global
economic downturn's negative impact on the price of and demand for
Kazakh's mineral- or petroleum-based exports.  The Kazakh DPR
programs' very high industry and customer concentrations have
significantly reduced the programs' DPR flows and DSCR coverage
ratios.

In addition to the decline in flows, the rating actions reflect
the credit risk that resulted from the April 24, 2009, lowering of
S&P's long-term counterparty rating on BTA to 'D' from 'CC' after
BTA announced a standstill in the scheduled and accelerated
principal components of its debt.  Based on S&P's methodology for
rating financial future flow transactions, the ratings on BTA's
DPR program reflect the lower of the bank's survivability
assessment, sovereign interference risk, and the DPR cash flow
credit quality. Currently, S&P assessed the lowest of these three
criteria at 'CCC'. S&P is keeping the ratings on the BTA
transactions on CreditWatch negative as S&P continues to monitor
the program's debt service payments and any steps BTA might take
regarding the program.

Globally, BTA's DPR program traditionally exhibits one of the
highest industry and customer concentrations. As a result, S&P
continues to stress BTA's DPR program at a high level in S&P's
cash flow analysis, which is consistent with the increased
concentration risks.  BTA's DPR program currently has
US$667 million outstanding.  Standard & Poor's is in
communications with The Bank of New York Mellon, the trustee for
the program.

KKB's DPR program's current DSCR meets S&P's requirements for a
'B+' rating.  S&P removed the ratings on KKB's DPR program from
CreditWatch negative to reflect the asset's cash-flow generation
risk, which, on a gross basis, is relatively stable, as well as
S&P's credit view of Kazkommertsbank, whose long-term foreign and
local currency ratings are BB-/Negative.  S&P's bank survivability
rating on Kazkommertsbank remains BBB-.  Both programs
incorporated certain structural triggers that, if breached, could
cause either an early amortization or a stepped-up amortization
event if certain requirements are met.  Earlier this year, another
rating agency's bank rating requirements were breached when the
agency lowered their ratings on BTA and KKB.  This, in addition to
a decline in flows and a capital adequacy ratio test breach, will,
under the transaction's documentation, cause BTA's program to
begin amortization of principal with the scheduled June debt-
service payment.  KKB's program breached a ratings event, which,
under the transaction's documentation, will cause all of the
series to amortize principal at a stepped-up level with the
scheduled June debt-service payment.  These early amortization
events are not immediate because both banks continue to fund a
reserve account as a temporary (four-month period) action to cure
the breached triggers.  If certain requirements are not met under
the transaction documents, BTA may begin a possible early
amortization in August 2009 and KKB may begin a further-stepped-up
amortization in September 2009.

The BTA series 2007-A, 2007-B, and 2007-C notes benefit from
insurance policies provided by Financial Guaranty Insurance Co.
(not rated), MBIA Insurance Corp. ('BBB+' insurer financial
enhancement rating), and Ambac Assurance Corp. ('A' insurer
financial enhancement rating), respectively.  The KKB series 2005-
A and 2006-B notes benefit from an insurance policy from Ambac,
the series 2006-A and 2007-A notes benefit from an insurance
policy from FGIC, and the series 2007-B notes benefit from an
insurance policy from MBIA.  The KKB series 2007-C notes benefit
from an insurance policy from the Asian Development Bank ('AAA'
foreign currency rating).  The full financial guarantee insurance
policies that the respective counterparty provides guarantee the
timely payment of interest and principal according to the
transactions' terms.

Under S&P's criteria for bond insured structured debt, the issue
rating on an insured bond reflects the higher of the rating on the
insurance provider or Standard & Poor's underlying rating on the
securities.  The 'CCC' long-term counterparty credit ratings on
the BTA 2007-A series notes and the 'B+' long-term counterparty
credit ratings on the KKB series 2006-A and 2007-A notes reflect
the corresponding SPUR and the delinking of the ratings from
FGIC's insurer financial enhancement rating.  The long-term
counterparty credit ratings on the respective BTA and KKB series
reflect the respective insurance provider's financial enhancement
or corporate credit rating and are not affected by this rating
action.  The BTA series 2007-D notes and KKB series 2005-B notes
do not benefit from an insurance policy and are rated on a stand-
alone basis.

The BTA and KKB programs are securitizations of all current and
future DPRs in the form of U.S. dollar-denominated Society for
Worldwide Interbank Financial Telecommunication MT100 category
payment order messages.  These payment order messages are a
product of BTA's and KKB's international financial operations.
Payment orders are created as a result of BTA's or KKB's role as a
financial intermediary between foreign payors that send funds to
Kazakhstan and resident Kazakh entities that receive these funds.
The transaction uses an offshore payment collection mechanism and
has other structural features designed to mitigate credit risk.

S&P will continue to surveil the issue ratings on these future
flow securitizations, and S&P will revise them as necessary to
reflect any future changes in the transactions' underlying credit
quality.

        Ratings Lowered and Remain on Creditwatch Negative

             BTA DPR Finance Co. (JSC Bank TuranAlem)

Series                  Stand-alone or underlying rating

                          To                       From
                          --                       ----
2007-A*                  CCC/Watch Neg            BB-/Watch Neg
2007-B**                 CCC/Watch Neg            BB-/Watch Neg
2007-C**                 CCC/Watch Neg            BB-/Watch Neg
2007-D***                CCC/Watch Neg            BB-/Watch Neg


       Ratings Lowered and Removed from Creditwatch Negative

                        Kazkommerts DPR Co.

Series                  Stand-alone or underlying rating

                          To                       From
                          --                       ----
2005A**                  B+                       BB-/Watch Neg
2005B***                 B+                       BB-/Watch Neg
2006A*                   B+                       BB-/Watch Neg
2006B**                  B+                       BB-/Watch Neg
2007A*                   B+                       BB-/Watch Neg
2007B**                  B+                       BB-/Watch Neg
2007C**                  B+                       BB-/Watch Neg

  * The rating action affects both the stand-alone and the
    underlying ratings.

  ** The rating action only affects the underlying rating. ***The
     rating action only affects the stand-alone rating; there is
     no underlying rating.


ENERGYA UK: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Energya UK.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


FOOD HOUSE 2008: Creditors Must File Claims by May 29
-----------------------------------------------------
LLP Food House 2008 has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Bokei Han Str. 3
         Astana
         Kazakhstan


KAZAKH AGRARIAN: S&P Affirms 'BB+' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings and the
'kzAA-' Kazakhstan national scale rating on Kazakh Agrarian
Credit Corp.  The outlook is negative.

"The Kazakh government's strong support to KACC helps maintain the
ratings," said Standard & Poor's credit analyst Boris Kopeykin.

The state owns 100% of KACC. KACC receives capital injections and
budget loans from the government.  These allow it to carry out its
public-policy-based mandate of providing credit to agricultural
and nonagricultural businesses in rural areas throughout
Kazakhstan.

The ratings are constrained by KACC's rapid expansion of its loan
portfolio in potentially risky areas.  This has already resulted
in a higher estimated 2% share of nonperforming loans in the loan
portfolio, up from less than 0.1% in 2007.  Lending concentration
is high, with the 20 largest borrowers accounting for about 30% of
KACC's gross loans.  Moreover, KACC's liquidity position is weak,
due to the covenants on a $136 million loan from Dresdner Bank AG
(A/Stable/A-1).

S&P uses its government-related entities criteria for rating KACC.
S&P's top-down approach reflects the strong likelihood that KACC
would receive timely extraordinary support from the national
government in case of financial distress.  The ratings on KACC are
therefore higher than its stand-alone credit quality, which S&P
now asses at the lower end of the 'B' category, due to increasing
liquidity risks.

Kazakhstan does not guarantee KACC's obligations, but keeps the
company well capitalized.  In 2006-2008, the government increased
KACC's paid-in capital to Kazakhstani tenge 34.4 billion
(US$229 million).  The company therefore enjoys a strong capital
position, with about 70% of loans covered by capital.  S&P expects
the government to provide capital injections in 2009-2011.
Moreover, as a financial agency, KACC has access to low-cost loans
from the government budget, and is set to receive KTZ55.6 billion
of loans in 2009 to expand its activities in the agricultural
sector.

The loan from Dresdner, due in 2013, that the company attracted in
2008 represents a liquidity risk.  It contains a series of
covenants that in case of breach would allow the bank to demand
repayment ahead of schedule.  The loan agreement also contains
ratings triggers.  It would be almost impossible for KACC to repay
the loan ahead of schedule with its own resources.

The negative outlook on KACC reflects that on the Republic of
Kazakhstan (foreign currency BBB-/Negastive/A-3; local currency
BBB/Negative/A-3; Kazakhstan national scale 'kzAAA').  S&P expects
the government to continue to expand KACC's capital.  Furthermore,
S&P does not expect any changes in the policy and regulatory
framework that would weaken KACC's public-policy role, at least
until 2011.

"A negative rating action on Kazakhstan, a change in KACC's
public-policy role accompanied by signs of weakening government
support, or a higher likelihood of breach of one of Dresdner's
bank loan covenants, could threaten the ratings," said Mr.
Kopeykin.

Ratings upside could result only from a strengthening of the
sovereign's credit profile.


KAZKOMMERTS DPR: S&P Cuts Ratings on 7 Fin'l Transactions to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its stand-alone and/or
underlying ratings on four financial future flow transactions
issued by BTA Bank J.S.C.'s BTA DPR Finance Co. (JSC Bank
TuranAlem) and seven financial future flow transactions issued by
Kazkommertsbank's Kazkommerts DPR Co.  The 11 transactions are
backed by Kazakhstan's diversified payment rights.  At the same
time, Standard & Poor's removed its ratings on the seven KKB
transactions from CreditWatch with negative implications, where
they were placed March 19, 2009.  The ratings on the BTA
transactions remain on CreditWatch negative, where they were
placed Feb. 5, 2009.

These rating actions are based on S&P's recent review of both
programs after S&P received the full first-quarter asset
performance data after the programs' recent March debt-service
payment date.  The quarterly data ending March 2009 depicted, on a
net basis (after the programs satisfied their required debt
service), a continued drop in the BTA DPR program's debt-service
coverage ratio levels and a negligible increase in the KKB DPR
program's DSCR levels.  The overall declines reflect the global
economic downturn's negative impact on the price of and demand for
Kazakh's mineral- or petroleum-based exports.  The Kazakh DPR
programs' very high industry and customer concentrations have
significantly reduced the programs' DPR flows and DSCR coverage
ratios.

In addition to the decline in flows, the rating actions reflect
the credit risk that resulted from the April 24, 2009, lowering of
S&P's long-term counterparty rating on BTA to 'D' from 'CC' after
BTA announced a standstill in the scheduled and accelerated
principal components of its debt.  Based on S&P's methodology for
rating financial future flow transactions, the ratings on BTA's
DPR program reflect the lower of the bank's survivability
assessment, sovereign interference risk, and the DPR cash flow
credit quality. Currently, S&P assessed the lowest of these three
criteria at 'CCC'. S&P is keeping the ratings on the BTA
transactions on CreditWatch negative as S&P continues to monitor
the program's debt service payments and any steps BTA might take
regarding the program.

Globally, BTA's DPR program traditionally exhibits one of the
highest industry and customer concentrations. As a result, S&P
continues to stress BTA's DPR program at a high level in S&P's
cash flow analysis, which is consistent with the increased
concentration risks.  BTA's DPR program currently has
US$667 million outstanding.  Standard & Poor's is in
communications with The Bank of New York Mellon, the trustee for
the program.

KKB's DPR program's current DSCR meets S&P's requirements for a
'B+' rating.  S&P removed the ratings on KKB's DPR program from
CreditWatch negative to reflect the asset's cash-flow generation
risk, which, on a gross basis, is relatively stable, as well as
S&P's credit view of Kazkommertsbank, whose long-term foreign and
local currency ratings are BB-/Negative.  S&P's bank survivability
rating on Kazkommertsbank remains BBB-.  Both programs
incorporated certain structural triggers that, if breached, could
cause either an early amortization or a stepped-up amortization
event if certain requirements are met.  Earlier this year, another
rating agency's bank rating requirements were breached when the
agency lowered their ratings on BTA and KKB.  This, in addition to
a decline in flows and a capital adequacy ratio test breach, will,
under the transaction's documentation, cause BTA's program to
begin amortization of principal with the scheduled June debt-
service payment.  KKB's program breached a ratings event, which,
under the transaction's documentation, will cause all of the
series to amortize principal at a stepped-up level with the
scheduled June debt-service payment.  These early amortization
events are not immediate because both banks continue to fund a
reserve account as a temporary (four-month period) action to cure
the breached triggers.  If certain requirements are not met under
the transaction documents, BTA may begin a possible early
amortization in August 2009 and KKB may begin a further-stepped-up
amortization in September 2009.

The BTA series 2007-A, 2007-B, and 2007-C notes benefit from
insurance policies provided by Financial Guaranty Insurance Co.
(not rated), MBIA Insurance Corp. ('BBB+' insurer financial
enhancement rating), and Ambac Assurance Corp. ('A' insurer
financial enhancement rating), respectively.  The KKB series 2005-
A and 2006-B notes benefit from an insurance policy from Ambac,
the series 2006-A and 2007-A notes benefit from an insurance
policy from FGIC, and the series 2007-B notes benefit from an
insurance policy from MBIA.  The KKB series 2007-C notes benefit
from an insurance policy from the Asian Development Bank ('AAA'
foreign currency rating).  The full financial guarantee insurance
policies that the respective counterparty provides guarantee the
timely payment of interest and principal according to the
transactions' terms.

Under S&P's criteria for bond insured structured debt, the issue
rating on an insured bond reflects the higher of the rating on the
insurance provider or Standard & Poor's underlying rating on the
securities.  The 'CCC' long-term counterparty credit ratings on
the BTA 2007-A series notes and the 'B+' long-term counterparty
credit ratings on the KKB series 2006-A and 2007-A notes reflect
the corresponding SPUR and the delinking of the ratings from
FGIC's insurer financial enhancement rating.  The long-term
counterparty credit ratings on the respective BTA and KKB series
reflect the respective insurance provider's financial enhancement
or corporate credit rating and are not affected by this rating
action.  The BTA series 2007-D notes and KKB series 2005-B notes
do not benefit from an insurance policy and are rated on a stand-
alone basis.

The BTA and KKB programs are securitizations of all current and
future DPRs in the form of U.S. dollar-denominated Society for
Worldwide Interbank Financial Telecommunication MT100 category
payment order messages.  These payment order messages are a
product of BTA's and KKB's international financial operations.
Payment orders are created as a result of BTA's or KKB's role as a
financial intermediary between foreign payors that send funds to
Kazakhstan and resident Kazakh entities that receive these funds.
The transaction uses an offshore payment collection mechanism and
has other structural features designed to mitigate credit risk.

S&P will continue to surveil the issue ratings on these future
flow securitizations, and S&P will revise them as necessary to
reflect any future changes in the transactions' underlying credit
quality.

        Ratings Lowered and Remain on Creditwatch Negative

             BTA DPR Finance Co. (JSC Bank TuranAlem)

Series                  Stand-alone or underlying rating

                          To                       From
                          --                       ----
2007-A*                  CCC/Watch Neg            BB-/Watch Neg
2007-B**                 CCC/Watch Neg            BB-/Watch Neg
2007-C**                 CCC/Watch Neg            BB-/Watch Neg
2007-D***                CCC/Watch Neg            BB-/Watch Neg


       Ratings Lowered and Removed from Creditwatch Negative

                        Kazkommerts DPR Co.

Series                  Stand-alone or underlying rating

                          To                       From
                          --                       ----
2005A**                  B+                       BB-/Watch Neg
2005B***                 B+                       BB-/Watch Neg
2006A*                   B+                       BB-/Watch Neg
2006B**                  B+                       BB-/Watch Neg
2007A*                   B+                       BB-/Watch Neg
2007B**                  B+                       BB-/Watch Neg
2007C**                  B+                       BB-/Watch Neg

  * The rating action affects both the stand-alone and the
    underlying ratings.

  ** The rating action only affects the underlying rating. ***The
     rating action only affects the stand-alone rating; there is
     no underlying rating.


KULON-G LLP: Creditors Must File Claims by May 29
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against LLP Kulon-G.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


NAZARET VK: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Nazaret VK.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ORDA-2030 LLP: Creditors Must File Claims by May 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against LLP Orda-2030.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


PROM RESOURSE XXI: Creditors Must File Claims by May 29
-------------------------------------------------------
LLP Prom Resourse XXI has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Panfilov Str. 9-5
         Esik
         Enbekshykazakhsky District
         Almaty
         Kazakhstan


SAD GROUP: Creditors Must File Claims by May 29
-----------------------------------------------
LLP Sad Group Ltd has gone into liquidation.  Creditors have until
May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 42
         Almaty
         Kazakhstan


SK ELEVATOR: Creditors Must File Claims by May 29
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
region commenced bankruptcy proceedings against LLP SK Elevator
Mel Service after finding it insolvent.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Ualihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


ZANGAR ADVENTURE: Creditors Must File Claims by May 29
------------------------------------------------------
LLP Zangar Adventure has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Micro District Aksai-3b, 29-8
         Almaty
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


BIO VAM-NPO: Creditors Must File Claims by May 8
------------------------------------------------
LLC Joint Kyrgyz-Russian Bio Vam-Npo Ltd has shut down.

Creditors have until May 8, 2009, to submit proofs of claim to:

Inquiries can be addressed to (+996 312) 30-45-42.


ELECTRICHESKIYE STANTSIYI: Creditors Must File Claims by May 8
--------------------------------------------------------------
OJSC Branch of Electricheskiye Stantsiyi has shut down.
Creditors of have until May 8, 2009, to submit proofs of claim to:

         Jybek Jolu Ave. 326
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-14-00


PARK INTERNATIONAL: Creditors Must File Claims by May 8
-------------------------------------------------------
LLC Park International has shut down.  Creditors have until May 8,
2009, to submit proofs of claim to:

         Krivonosov Str. 15-76
         Bishkek
         Kyrgyzstan


SERVICE OIL LLC: Creditors Must File Claims by May 8
----------------------------------------------------
LLC Service Oil has shut down.  Creditors have until May 8, 2009,
to submit proofs of claim.

Inquiries can be addressed to (+996 312) 90-66-91.


=================
L I T H U A N I A
=================


UAB MEDICINOS: Fitch Downgrades Individual Rating to 'D/E'
----------------------------------------------------------
Fitch Ratings has downgraded Lithuania-based UAB Medicinos
Bankas's Long-term Issuer Default Rating to 'B-' (B minus) from
'B' and downgraded the bank's Individual Rating to 'D/E' from 'D'.
Fitch has simultaneously revised the Outlook for the Long-term IDR
to Negative from Stable and affirmed MB's other ratings.

The downgrade of MB's Long-term IDR and Individual Rating reflects
the deteriorating operating environment in Lithuania.  This has
already been reflected in deteriorating asset quality and rising
impairment charges for Q408 which are likely to continue during
2009.  Impairment charges consumed 65% of MB's pre-impairment
operating profit for 2008.  Apart from a rising share of loans
with recognized impairment (19.6% of total gross loans) at end-
2008, the share of overdue loans has also increased with loans
more than 90 days overdue, but not impaired, accounting for 8.1%
of total gross loans at end-2008.

MB has had conservative collateral requirements resulting in
relatively low loan-to-value ratios.  This has established a
partial buffer against a further growth in defaults in the bank's
corporate, real estate and mortgage books.  Nevertheless, as most
of the collateral is in the form of real estate, the deepening
recession in Lithuania could further reduce the value of
collateral and result in a further rise in impairment charges.
Coupled with a likely deterioration of profitability at the pre-
impairment operating level, this raises the risk that credit
losses may weaken capital ratios.  The loss absorption capacity of
MB is limited as manifested by the relatively low Tier 1 ratio of
11.5% at end-2008.

Rating actions on UAB Medicinos Bankas are:

  -- Long-term Issuer Default Rating: downgraded to 'B-' (B minus)
     from 'B'; Outlook revised to Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'D/E' from 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'


=====================
N E T H E R L A N D S
=====================


LYONDELL CHEMICAL: Holding Company Seeks Chapter 11 Protection
--------------------------------------------------------------
LyondellBasell Industries AF S.C.A. has been voluntarily added to
Lyondell Chemical Company's reorganization filing under Chapter 11
of the U.S. Bankruptcy Code to protect the European holding
company against claims by certain financial and U.S. trade
creditors.

LyondellBasell Industries AF S.C.A. is a holding company
incorporated in Luxembourg.  It does not manufacture or sell
products, and has no employees.

LyondellBasell is exercising an option available under U.S. law to
prevent creditors from enforcing guarantees by LyondellBasell AF
S.C.A. for pre-petition obligations of LyondellBasell's U.S.
businesses.  It also prevents bondholders of Senior Notes due in
2015 from potentially pursuing remedies against LyondellBasell AF
S.C.A. after an interest payment due on the notes in February was
not paid. The company obtained a 60-day restraining order from the
U.S. bankruptcy court in February to allow time for LyondellBasell
to protect its European assets from these claims.

Extending Chapter 11 protection to LyondellBasell Industries AF
S.C.A. is not an insolvency proceeding under any European law.  No
LyondellBasell manufacturing operation located outside of the
United States has applied for or become involved in insolvency or
bankruptcy proceedings in its respective home country.

"LyondellBasell continues to conduct business worldwide while the
company develops its reorganization plan as part of the Chapter 11
process," said Ed Dineen, LyondellBasell's Chief Operating
Officer. "All LyondellBasell companies remain committed to
maintaining mutually beneficial relationships with suppliers and
to serving customers as they did before this voluntary action."

                  About LyondellBasell Industries

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  About a year after
completing the merger, LyondellBasell Industries' U.S. operations
and one of its European holding companies -- Basell Germany
Holdings GmbH -- filed voluntary petitions to reorganize under
Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009, to
facilitate a restructuring of the company's debts.  The case is In
re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case
No. 09-10023).  Seventy-nine Lyondell entities, including Equistar
Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals
Inc., and Wyatt Industries, Inc., filed for Chapter 11.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan (comprising $3.25
billion in new loans and a US$3.25 billion roll-up of existing
loans) and a US$1.57 billion asset-backed lending facility.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Two Units' Voluntary Chapter 11 Case Summary
---------------------------------------------------------------
Debtor: Lyondell Chemical Company
       1221 McKinney Street
       Houston, TX 77010

Bankruptcy Case No.: 09-10023

Debtor-affiliates filing separate Chapter 11 petitions on
April 24, 2009:

       Entity                                     Case No.
       ------                                     --------
LyondellBasell Industries AF S.C.A.               09-12518
LyondellBasell AFGP S.a.r.l. Gerber               09-12519

Debtor-affiliates filing separate Chapter 11 petitions on
January 6, 2009:

       Entity                                     Case No.
       ------                                     --------
Basell Finance USA Inc.                            09-10021
HOISU Ltd.                                         09-10022
LBIH LLC                                           09-10025
Lyondell Europe Holdings Inc.                      09-10026
LeMean Property Holdings Corporation               09-10027
Lyondell Houston Refinery Inc.                     09-10028
Lyondell LP4 Inc.                                  09-10029
Lyondell Petrochemical L.P. Inc.                   09-10030
Millennium America Inc.                            09-10031
Circle Steel Corporation                           09-10032
Basell USA Inc.                                    09-10033
Basell North American Inc.                         09-10034
Duke City Lumber Company, Inc.                     09-10035
Equistar Chemicals, LP                             09-10036
Glidco Leasing, Inc.                               09-10037
Houston Refining LP                                09-10038
H.W. Loud Co.                                      09-10039
Glidden Latin America Holdings Inc.                09-10040
HPT 28 Inc.                                        09-10042
HPT 29 Inc.                                        09-10043
ISB Liquidating Company                            09-10044
LBI Acquisition LLC                                09-10045
IMWA Equities II, Co., L.P.                        09-10047
Lyondell Asia Pacific Ltd.
Lyondell Chemical Delaware Company
Lyondell Chemical Espana Co.
Lyondell Chemical Europe Inc.
Lyondell Chemical International Co.
Lyondell Chemical Nederland Ltd.
Lyondell Chemical Products Europe LLC
Lyondell Chemical Properties LP
Lyondell Chemical Technology Management Inc.
Lyondell Chemical Technology 1 Inc.
Lyondell Chemical Technology LP
Lyondell Chimie France LLC
Lyondell-Equistar Holdings Partners
Lyondell Greater China Ltd.
Lyondell LP3 GP LLC
Lyondell LP3 Partners LP
Lyondell (Pelican) Petrochemical LP 1 Inc.
Lyondell Refining Company LLC
Lyondell Refining I LLC
LyondellBasell Advanced Polyolefins USA inc.
LyondellBasell Finance Company
MHC Inc.
Millennium America Holdings Inc.
Millennium Chemicals Inc.
Millennium Holdings LLC
Millennium Petrochemicals GP LLC
Millennium Petrochemicals Inc.
Millennium Petrochemicals LP LLC
Millennium Petrochemicals Partners LP
Millennium Realty Inc.
Millennium Specialty Chemicals Inc.
Millennium US Op Co. LLC
Millennium Worldwide Holdings I Inc.
MWH South America LLC
National Distillers & Chemical Corporation
NDCC International II Inc.
Nell Acquisition (US) LLC
Penn Export Company Inc.
Penn Navigation Company
Penn Shipping Company Inc.
PH Burbank Holdings Inc.
Power Liquidating Company Inc.
Quantum Acceptance Corporation
SCM Plants Inc.
Suburban Propane GP Inc.
Tiona Ltd.
UAR Liquidatiing Inc.
USI Chemicals International Inc.
USI Credit Corp.
USI Puerto Rico Properties Inc.
Walter Kidde & Company Inc.
Wyatt Industries Inc.

Type of Business: The Debtors are refiner of crude oil; a
                 significant producer of gasoline blending
                 components; a global manufacturer of chemicals
                 and polymers, including polyolefins and advanced
                 polyolefins; and the leading developer and
                 licensor of technologies for the production
                 of polymers.

                 Following the acquisition of Lyondell in 2007,
                 LyondellBasell became the world's largest
                 independent producer of polypropylene and
                 advanced polyolefins products, a leading
                 supplier of polyethylene, and a global leader in
                 the development and licensing of polypropylene
                 and polyethylene processes and related catalyst
                 sales.  The group is estimated to generate 2007
                 revenues of USUS$44 billion and EBITDA of
                 US$4.1 billion reflecting strong performance of
                 Lyondell and Basell businesses at the top of the
                 cycle.

                 See http://www.lyondellbasell.com/

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Debtor's Counsel:  Deryck A. Palmer, Esq.
                  deryck.palmer@cwt.com
                  Cadwalader, Wickersham & Taft LLP
                  One World Financial Center LLP
                  New York, NY 10281
                  Tel: (212)504-6000
                  Fax: (212)504-6666

Financial Advisor: Evercore Partners
                  55 East 52nd Street
                  New York, NY 10055
                  http://www.evercore.com
                  Tel: 212.857.3100
                  Fax: 212.857.3101

Restructuring
Advisor:           Alix Partners and its subsidiary AP
                  Services LLC

Chief
Restructuring
Officer:           Kevin M. McShea
                  AlixPartners, LLP
                  9 West 57th Street
                  Suite 3420
                  New York, New York 10019
                  http://www.alixpartners.com
                  Tel: 212.490.2500
                  Fax: 212.490.1344

Restructuring
Advisor to
European entities: Clifford Chance LLP

Total Assets: US$27,117,000,000 as of Nov. 13, 2008

Total Debts: US$19,337,000,000 as of Nov. 13, 2008

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
The Bank of New York           LyondellBasell    US$615,000,000
as Indenture Trustee           Industries AF SCA EUR500,000,000
One Canada Square
48th Floor London
E14 5AL
England

Global Trust Services
Tel: 44-207-570-1784
Fax: 44-207-964-6030

The Bank of New York           Millennium        US$241,395,000
as Indenture Trustee           America Inc.
Attn: Christopher Greene       7.625% Senior
101 Barclay Street, 8 West     unsecured notes
New York, NY 10286             due 2026
Tel: (212) 815-2923
Fax: (212) 815-2704

Petroles Der Venezuela SA      trade debt        US$233,631,019
Attn: Alexis Reyes Balza
Edif Padvsa Torre Dests
Caracas, Venezuela
Tel: 58-212-708-1893
Fax: 58-212-708-3944

BASF Corp                      judgment          US$206,407,918
Attn: Christopher Landau
Kirkland & Ellis LLP
655 15th St., NW, Suite 1200
Washington, DC 20005
Tel: (202) 879-5087
Fax: (202) 879-5200

Sonatrach                      trade debt        US$206,407,918
Attn: F. Benouzid
Djenane El Malik Hydra
Algiers, Algeria 16035
Tel: (213) 2154-8011
Fax: (213) 2154-7700

GIM Channelview Congeneration  trade debt        US$93,237,221
8580 Sheldon Road
Houston, Texas 77049
Tel: (212) 325-2542
Fax: (212) 322-2882

Linde Gas LLC                  trade debt        US$15,120,054
Attn: Ruth Ann Pruitt
Enterprises Texas Pipeline
889760 Expedite Way
Chicago, Il 60695
Tel: (713) 767-4136
Fax: (713) 767-4150

Calpine Corporation            trade debt        US$12,000,000
Attn: Shirley Matthews
12000 Lawndale
Houston, TX 77017
Tel: (713) 456-1331
Fax: (713) 456-1335

Castor Americas Inc.           trade debt        US$10,909,397
360 Madison Avenue, 19th flr.
New York, NY 10017

Enterprises Texas Pipeline     trade debt        US$10,543,050
LLC
Attn: Mike Stevens
1100 Louisiana
Houston, TX 77002
Tel: (713) 381-6900
Fax: (713) 381-6573 or
    (713) 381-788

Chevron Phillips Chemical      trade debt        US$10,276,934
Co.
Attn: Erin Lane
10001 Six Pines Drive
The Woodlands, TX 77381
Tel: (832) 813-4839
Fax: (832) 813-6051

Air Products LLC               trade debt        US$8,940,466
Attn: Ralph Alva
Dept. CH10200
Palatine, IL 60055
Tel: (713) 964-4054
Fax: (800) 545-4548

Air Liquide America Corp.      trade debt        US$8,940,466
1091 PPG Drive
Westlake, LA 70669
Tel: (713) 896-2173
Fax: (713) 642-8030

SAP America Inc.               trade debt        US$7,206,052
3999 W. Chester Pike
New Square, PA 19073
Tel: (610) 661-1000
Fax: (610) 661-4013

Jacobs Filed Services North    trade debt        US$6,800,086
America
Attn: Mike Wagner
1401 Elm Street
Dallas, TX 75202
Tel: (713) 669-8400
Fax: (713) 321-6216

BASF Corporation               trade debt        US$6,673,978
Attn: Gerald Flood
100 Campus Drive
Florham Park, NJ 07932
Tel: (713) 759-3092
Fax: (800) 634-9105

Wyatt Field Service Company    trade debt        US$6,535,171
2060 North Loop West
Houston, TX 77018
Tel: (713) 684-4573
Fax: (713) 937-0931

Kirby Inland Marine            trade debt        US$6,177,481
PO Box 200788
Houston, TX 77216-0788
Tel: (713) 435-1000
Fax: (713) 435-1515

Morris Congeneration LLC       trade debt        US$5,033,947
Attn: Carolyn Gibson
33 South Grand Avenue
Suite 1570
Los Angeles, CA 90071
Tel: (815) 941-0765
Fax: (815) 941-1375

Veolia Environment Services    trade debt        US$4,974,965
Attn: Vance Whatley
PO Box 70610
Chicago, IL 60673
Tel: (713) 307-2113
Fax: (713) 321-6001

Arco Midcon LLC                trade debt        US$4,860,683
Attn: Janet Sabio
15600 JFK Blvd., Suite 300
Houston, TX 77032
Tel: (281) 366-4757
Fax: (713) 986-5426

Union Pacific Railroad         trade debt         US$4,508,100
12567 Collections Center
Drive
Chicago, IL 60693
Tel: (402) 544-0211
Fax: (402) 501-0027

BEELINE.COM Inc.               trade debt        US$3,941,868
12724 Gran Bay Pkwy.
W. Suite 200
Jacksonville, FL 32258
Tel: (713) 309-3203
Fax: (904) 527-5827

Brock Services Ltd.            trade debt        US$3,915,346
Attn: Paul Brown
2022 Humble Place Drive
Humble, TX 77338
Tel: (409) 838-2282
Fax: (713) 321-4582

Chemtrade Refinery Services    trade debt        US$3,765,034
Inc.
Attn: Diana Piva
PO Box 30
Beaumont, TX 77704
Tel: (416) 496-4148
Fax: (281) 446-1729

Norfolk Southern               trade debt        US$3,744,752
Attn: Bridget Baldwin
PO Box 532729
Atlanta, GA 30353
Tel: (404) 529-2209
Fax: (404) 589-6740

Arcardis                       trade debt        US$3,570,657
4815 Prospectus Drive
Durham, NC 27713
Tel: (919) 544-4535
Fax: (281) 497-7258

Computer Services Corp.        trade debt        US$3,509,883
3179 Fairview Park Dr.
Falls Church, VA 22042
Tel: (703) 876-1000
Fax: (703) 641-3990

Westlake Petrochemical         trade debt        US$3,500,314
Corporation
Attn: Peter Kestner
2801 Post Oak Blvd.
Houston, TX 77056
Tel: (713) 585-2921
Fax: (337) 583-4996

Kellog, Brown & Root           trade debt        US$3,410,715
Industrial
PO Box 951009
Dallas, TX 75395
Tel: (214) 752-8300
Fax: (214) 752-8366

Chevron Products Company       trade debt        US$3,403,234
Attn: Valerie Booth
Chevron Products
1400 Smith St.
Houston, TX 77002
Tel: (713) 372-5286
Fax: (281) 582-5732

S&B Engineering &              trade debt        US$3,312,809
Contractors
7825 Park Place Blvd.
Houston, TX 77087
Tel: (713) 845-4024
Fax: (713) 847-5327

Austin Industrial              trade debt        US$3,295,071
PO Box 87888
Houston, TX 77287
Tel: (713) 641-3400
Fax: (713) 641-2424

Catalyst Service Inc.          trade debt        US$3,206,830
Attn: Paul Chaskey
PO Box 201143
Dallas, TX 75320
Tel: (281) 471-5522
Fax: (281) 478-2693

Stolt Tankers                  trade debt        US$3,155,250
800 Connecticut Avenue
4th Floor East
Norwalk, CT 06854
Tel: (203) 838-7100
Fax: (281) 860-5145

CIBO Specialty Chemicals       trade debt        US$3,152,745
Attn: Kendal Goodell
PO Box 3475
Tulsa, OK 74101
Tel: (918) 615-7941
Fax: (918) 615-7023

JV Industrial Companies Ltd.   trade debt        US$3,119,377
2221 Sens Road
La Porte, TX
Tel: (281) 842-9353
Fax: (281) 471-9353

A. Schulman Inc.               trade debt        US$3,101,798
3550 W. Market Street
Suite 300
Akron, OH 44333
Tel: (248) 643-6100
Fax: (248) 643-7839

BP Products North American     trade debt        US$3,089,011
Inc.
PO Box 3092
Houston, TX 77253
Tel: (281) 366-4331
Fax: (281) 366-7546

Tauber Oil Inc.                trade debt        US$3,024,000
PO Box 4645
Houston, TX 77210
Tel: (713) 869-8700
Fax: (713) 879-8069

Burlington Northern Santa Fe   trade debt        US$2,966,815
Attn: Todd Whitmore
3115 Solutions Center
Chicago, IL 60677
Tel: (785) 435-3637
Fax: (785) 436-6767

Basic Industries               trade debt        US$2,847,272
PO Box 1334
Houston, TX 77251
Tel: (225) 756-7660
Fax: (713) 675-8691

ExxonMobil Chemical Co.        trade debt        US$2,847,272
Attn: Deanna Foltyn
13501 Katy Freeway
Houston, TX 77079
Tel: (281) 870-6848
Fax: (304) 747-2154

Sunoco Chemicals               trade debt        US$2,732,611
8811 Strang Road
La Porte, TX 77571
Tel: (281) 476-0303
Fax: (281) 930-2070

CDI Engineering Group Inc.     trade debt        US$2,717,576
PO Box 88924
Chicago, IL 60695-1924
Tel: (713) 354-0602
Fax: (713) 309-2086

Marathon Petroleum Company     trade debt        US$2,705,279
LLC
PO Box 3128
Houston, TX 77253
Tel: (713) 629-6600
Fax: (419) 421-4565

Methanex Methanol Company      trade debt        US$2,674,473
15301 Dallas Pkwy, Suite 1150
Addison, TX 75001
Tel: (972) 308-0412
Fax: (972) 960-7908

Centerpoint Energy Gas Rec.    trade debt        US$2,630,177
LLC-CGSI
Attn: Mary Trevino
PO Box 200905
Houston, TX 77216
Tel: (713) 207-3503
Fax: (713) 951-1689

The petition was signed by vice-president Alan S. Bigman.


===========
P O L A N D
===========


POLSKA GRUPA: Fitch Withdraws 'BB' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has withdrawn its ratings on Polish pharmaceutical
distributor Polska Grupa Farmaceutyczna S.A., including its
National Long-term rating of 'BB(pol)' which is on Rating Watch
Negative.  PGF's National Short-term rating is 'B(pol)'.

Fitch has withdrawn PGF's ratings and will no longer provide
ratings or analytical coverage on the company.


===========
R U S S I A
===========


AMURSKAYA FUEL: Creditors Must File Claims by June 17
-----------------------------------------------------
Creditors of LLC Amurskaya Fuel Company (TIN 2801112239, PSRN
1062801070067) have until June 17, 2009, to submit proofs of
claims to:

         A. Lishai
         Insolvency Manager
         Post User Box 69/34
         680018 Khabarovsk-68
         Russia

The Arbitration Court of Amurskaya will convene at 10:00 a.m. on
Oct. 13, 2009, to hear bankruptcy proceedings on the company.  The
case is docketed under Case No. ?04–8128/2008–17/251B.

The Debtor can be reached at:

         LLC Amurskaya Fuel Company
         Zaburkhanovskaya Str. 98
         Blagoveshchensk
         Russia


KONTO CJSC: Creditors Must File Claims by June 17
-------------------------------------------------
Creditors of CJSC Konto Construction Company (TIN 5507054122, PSRN
1025501390045) have until June 17, 2009, to submit proofs of
claims to:

         V. Atroshchenko
         Temporary Insolvency Manager
         Volochaevskaya Str. 19D
         644043 Omsk
         Russia

The Arbitration Court of Omskaya will convene at 10:00 a.m. on
Aug. 25, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?46–2544/2009.

The Debtor can be reached at:

          CJSC Konto
          Pereleta Str.5
          644092 Omsk
          Russia


MALOARKHANGELSKIY MACHINE: Creditors Must File Claims by May 17
---------------------------------------------------------------
Creditors of LLC Maloarkhangelskiy Machine-Building Plant (TIN
5716002350, PSRN 1045716000285) have until May 17, 2009, to submit
proofs of claims to:

         N. Proskuryakov
         Temporary Insolvency Manager
         Kalinina Str. 13
         Maloarkhangelsk
         303370 Orlovskaya
         Russia

The Arbitration Court of Orlovskaya will convene at 3:15 p.m. on
Aug. 12, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?48–702/2009.

The Court is located at:

         The Arbitration Court of Orlovskaya
         Courtroom 9-10
         M. Gorkogo Str. 42
         Orel
         Russia

The Debtor can be reached at:

         LLC Maloarkhangelskiy Machine-Building Plant
         Office 17
         Kalinina Str. 13
         Maloarkhangelsk
         303370 Orlovskaya
         Russia


PERVOMAYSKIY BUTTER: Court Names Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tomskaya appointed S. Ananin as temporary
insolvency manager for OJSC Pervomayskiy Butter-Making Plant (TIN
7012000417, PSRN 1027002952547).  The case is docketed under Case
No. ?67–1891/09.  He can be reached at:

         Post User Box 4790
         634034 Tomsk-34
         Russia

The Debtor can be reached at:

         OJSC Pervomayskiy Butter-Making Plant
         Rabochaya Str. 61
         Pervomayskoe
         636990 Tomskaya
         Russia


REM-STROY LLC: Creditors Must File Claims by May 17
---------------------------------------------------
The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against LLC Rem-Stroy (TIN 4633019510, PSRN 1074633000177)
(Construction) after finding it insolvent.  The case is docketed
under Case No. ?35–701/09-S7.

Creditors have until May 17, 2009, to submit proofs of claims to:

         B. Gorbatyuk
         Insolvency Manager
         Litovskaya Str. 12a
         305023 Kursk
         Russia

The Debtor can be reached at:

         LLC Rem-Stroy
         Gagarina Str. 28
         Zheleznogorsk
         307170 Kurskaya
         Russia


RUS-LES LLC: Creditors Must File Claims by May 17
------------------------------------------------
Creditors of LLC Rus-Les (TIN 1402046247, PSRN 1061402001671)
(Forestry) have until May 17, 2009 to submit proofs of claims to:

         N. Khineltsev
         Temporary Insolvency Manager
         Komarova Str. 100
         678900 Khabarovsk
         Russia
         Tel: (41145) 36–6–63

The Arbitration Court of Yakutia will convene on June 26, 2009, to
hear bankruptcy supervision procedure on the company.  The case is
docketed under Case No. ?58–1137/09.

The Debtor can be reached at:

         LLC Rus-Les
         Oktyabrskaya Str. 46
         Aldan
         678900 Yakutia
         Russia


STROY-KOM LLC: Creditors Must File Claims by June 17
----------------------------------------------------
The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings againstLLC Stroy-Kom (TIN 5262159020, PSRN
1065262106590) (Construction) after finding it insolvent.  The
case is docketed under Case No. ?43–26049/2008,33–138.

Creditors have until June 17, 2009, to submit proofs of claims to:

         S. Goncharov
         Insolvency Manager
         Post User Box 312
         Central Postal Office
         603000 Nizhny Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhegorodskaya
         Building 9
         Kremlin
         603082 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Stroy-Kom
         Building 1
         Belinskogo Str. 71
         603024 Nizhny Novgorod
         Russia


STROY-VOSTOK LLC: Creditors Must File Claims by May 17
------------------------------------------------------
Creditors of LLC Stroy-Vostok (Construction)have until May 17,
2009 to submit proofs of claims to:

         S. Shishigina
         Temporary Insolvency Manager
         Chernyshevskogo Str. 56/2
         677007 Yakutsk
         Russia

The Arbitration Court of Yakutia will convene at 10:00 a.m. on
Oct. 16, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?-58-866/09.

The Debtor can be reached at:

         LLC Stroy-Vostok
         Kirpichnaya Str. 1B
         Markha
         Yakutia
         Russia


TAGANKA CAR: S&P Affirms 'BB' Credit Rating on Class C Notes
------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed and removed from
CreditWatch negative its 'BB' credit ratings on the class C notes
issued by Taganka Car Loan Finance PLC.

The affirmation follows a full credit analysis of the most recent
information available to the rating agency.  The class C notes are
now the only notes outstanding and the deal has a pool factor of
less than 5%.  There is significant overcollateralization in the
deal and there is also a US$7 million reserve fund.  S&P has taken
into consideration the macroeconomic environment within the
Russian Federation, which led to a review of S&P's default
assumptions.  Following the review, S&P's default assumptions have
not changed at the 'BB' level and so the class C notes can still
withstand S&P's rating stresses at their current levels.

The class C notes were placed on CreditWatch negative on Dec. 9,
2008, following the lowering of S&P's foreign currency rating on
the Russian Federation to BBB/Negative/A-3 from BBB+/Negative/A-2,
and the lowering of Russia's Transfer & Convertibility assessment
to 'BBB' from 'BBB+'.


TROYA-LES LLC: Creditors Must File Claims by May 17
---------------------------------------------------
Creditors of LLC Troya-Les (TIN 1813003190, PSRN1021800840137)
(Wooden Construction Structures Production) have until May 17,
2009 to submit proofs of claims to:

         S. Pyankov
         Temporary Insolvency Manager
         Office 73
         K. Marksa Str. 246
         Izhevsk
         426057 Udmurtia
         Russia

The Arbitration Court of Udmurtia will convene at 10:00 a.m. on
July 7, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?71–2491/2009 G26.

The Debtor can be reached at:

         LLC Troya-Les
         Shkolnaya Str. 2
         Kizner
         427710 Udmurtia
         Russia


URAL-STROY LLC: Creditors Must File Claims by June 17
-----------------------------------------------------
Creditors of LLC Ural-Stroy (TIN 5904110006, PSRN1045900097264)
(Construction) have until June 17, 2009, to submit proofs of
claims to:

         I. Pismanik
         Insolvency Manager
         Post User Box 7645
         614007 Perm
         Russia

The Arbitration Court of Perm will convene on Oct. 5, 2009, to
hear bankruptcy proceedings on the company.  The case is docketed
under Case No. ?50–12720/2008-B7.

The Debtor can be reached at:

         LLC Ural-Stroy
         G. Khasana Str. 92a
         Perm
         Russia


=====================
S W I T Z E R L A N D
=====================


BAMBOO GARDEN: Creditors Have Until May 8 to File Proofs of Claim
-----------------------------------------------------------------
Creditors of Bamboo Garden LLC are requested to file their proofs
of claim by May 8, 2009, to:

         Gastroconsult JSC
         St. Karlistrasse 74
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at a general meeting held
on March 15, 2007.


BERMUDEZ CONSULTING: Claims Filing Deadline is May 15
---------------------------------------------------------
Creditors of Bermudez Consulting LLC are requested to file their
proofs of claim by May 15, 2009, to:

         Weibel, mueller + partner JSC
         Grendelstrasse 2
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Kuessnacht SZ.
The decision about liquidation was accepted at a general meeting
held on December 22, 2008.


GOTTHARDLI LLC: Claims Filing Deadline is May 20
------------------------------------------------
Creditors of Gotthardli LLC are requested to file their proofs of
claim by May 20, 2009, to:

         Gotthardli LLC
         Mail Box 1308
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a shareholders' meeting
held on October 3, 2006.


MALERMEISTER OBRIST: Proof of Claim Filing Deadline is May 22
-------------------------------------------------------------
Creditors of Malermeister Obrist LLC are requested to file their
proofs of claim by May 22, 2009, to:

         Claudius Obrist
         Liquidator
         Lattenstrasse 38
         5242 Birr
         Switzerland

The company is currently undergoing liquidation in Hendschiken.
The decision about liquidation was accepted at a shareholders'
meeting held on August 27, 2007.


PROMA KOLB: Creditors Have Until May 7 to File Proofs of Claim
--------------------------------------------------------------
Creditors of Proma Kolb LLC are requested to file their proofs of
claim by May 7, 2009, to:

         Proma Kolb LLC
         Freudenbergstrasse 32
         9242 Oberuzwil
         Switzerland

The company is currently undergoing liquidation in Oberuzwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 21, 2008.


REHEI LLC: Creditors Must File Proofs of Claim by May 8
-------------------------------------------------------
Creditors of Rehei LLC are requested to file their proofs of claim
by May 8, 2009, to:

         Ingrid Heinrich
         Liquidator
         Winterthurerstrasse 2
         8353 Elgg
         Switzerland

The company is currently undergoing liquidation in Elgg.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 6, 2009.


SCHMIDLIN & SUTER: Creditors' Proofs of Claim Due by May 14
-----------------------------------------------------------
Creditors of Schmidlin & Suter Architekten JSC are requested to
file their proofs of claim by May 14, 2009, to:

         Peter Schmidlin and Max Suter
         Liquidators
         Storchengasse 15
         5200 Brugg
         Switzerland

The company is currently undergoing liquidation in Brugg.  The
decision about liquidation was accepted at a general meeting held
on February 24, 2009.


TRANSACT SOLUTIONS: Claims Filing Deadline is May 6
---------------------------------------------------
Creditors of Transact Solutions LLC are requested to file their
proofs of claim by May 6, 2009, to:

         Transact Solutions LLC
         Hummelwaldstr. 27
         8645 Jona
         Switzerland

The company is currently undergoing liquidation in Jona.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 16, 2009.


WS LLC: Creditors Have Until May 7 to File Proofs of Claim
----------------------------------------------------------
Creditors of WS LLC are requested to file their proofs of claim by
May 7, 2009, to:

         Walter Spiess
         Moerlerstrasse 19
         8248 Uhwiesen
         Switzerland

The company is currently undergoing liquidation in Laufen-
Uhwiesen.  The decision about liquidation was accepted at a
general meeting held on January 9, 2009.


=============
U K R A I N E
=============


AL COMMUNICATION: Creditors Must File Claims by May 9
-----------------------------------------------------
Creditors of LLC Al Communication (code EDRPOU 33443106) have
until May 9, 2009, to submit proofs of claim to Y. Vanzhula, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 13, 2009.  The case is docketed under
Case No. 50/135.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Al Communication
         Zroshuvalna Str. 5
         02099 Kiev
         Ukraine


AMEKSIS LLC: Creditors Must File Claims by May 9
------------------------------------------------
Creditors of LLC Ameksis (code EDRPOU 35896073) have until May 9,
2009, to submit proofs of claim to:

         Cront Direct Invest Limited
         Insolvency Manager
         Post Office Box 72
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 24, 2009.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ameksis
         Pavlovskaya str. 9
         01054 Kiev
         Ukraine


LIK – KHARKOV BUILDING: Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Lik – Kharkov Building Department (code EDRPOU
25185839).

The Insolvency Manager is:

         V. Makarichev
         Office 7
         Poznan Str. 7
         61118 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Lik – Kharkov Building Department
         Melnikov Str. 2-B
         61002 Kharkov
         Ukraine


MHP SA: Fitch Affirms Long-Term Issuer Default Ratings at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed the Ukraine-based agricultural producer
MHP S.A.'s foreign and local currency Long-term Issuer Default
Ratings at 'B' with Negative Outlook.  MHP's US$250 million 10.25%
senior notes maturing in 2011 have also been affirmed at 'B' with
a Recovery Rating of 'RR4'.

"The affirmation reflects Fitch's expectation that the current
challenges facing Ukraine's economy will cause MHP's credit
profile to weaken moderately in 2009, but remain commensurate with
the current rating.  MHP's credit profile should begin to recover
in 2010," said Philip Zahn, Senior Director in Fitch's retail and
consumer products team.

The Negative Outlook reflects heightened economic risks and the
potential for a continued depreciation of the hyrvnia (UAH).  The
hyrvnia has stabilized at around 8/dollar so far in 2009, though
further depreciation would imply an increase in financial leverage
for MHP given a mismatch between MHP's foreign currency debt and
local currency revenues.  A medium-term concern is the maturity of
the company's US$250 million eurobond in November 2011.

Fitch expects growth in chicken consumption will slow in Ukraine
in 2009, and perhaps contract.  MHP's cash flow will be further
impacted by the Ukrainian government's expected non-payment of
direct subsidies to agricultural producers, though MHP should be
able to largely offset this lost subsidy through price increases.
These subsidies totaled US$48 million for MHP in 2008.

Fitch estimates that MHP will have sufficient liquidity to
complete phase 2 of its Myronivka poultry complex this year, but
that liquidity will reach a low-point at mid-2009.  Liquidity is
supported by US$79 million of cash and short-term investments at
end-2008, though the central bank has placed restrictions on the
early withdrawal of dollar deposits.  Approximately US$20 million
of MHP's cash and short-term investments are currently affected by
this restriction.

As expected, MHP generated strong growth in revenues and EBITDA
during 2008. Revenues increased to US$803 million from US$474
million in 2007, while EBITDA doubled to US$306 million.  This
reflected the full-year operation of phase 1 of the Myronivka
plant, which was completed in mid-2007.

MHP's financial leverage (adjusted net debt/EBITDAR) improved at
end-2008 to 1.6x from 3.2x at end-2007 due to growth of EBITDA.
However, the full-year impact of the weakened hyrvnia will result
in lower sales and EBITDA in 2009 (in dollar terms), pushing
leverage higher to around 2x-2.5x.  Leverage will decline in 2010
and beyond due to higher production levels and a sharp drop in
capital expenditure.

The ratings continue to reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration that, together with government subsidies, enables MHP
to generate EBITDA margins in excess of 30%.  Negative rating
factors include the narrow focus of MHP's business on the
Ukrainian poultry market, the challenges in executing an
aggressive expansion programme and the potential for further
reductions in government support of the agricultural sector due to
fiscal constraints.

Fitch has also affirmed MHP's subsidiary, OJSC Myronivsky
Hliboproduct's foreign and local currency Long-term IDRs at 'B'
and National Long-term rating at 'A- (A minus)(ukr)'.  The Outlook
for its Long-term IDRs and National Long-term rating are Negative.


NORD-IMPULSE LLC: Creditors Must File Claims by May 8
-----------------------------------------------------
Creditors of LLC Nord-Impulse (code EDRPOU 22667118) have until
May 8, 2009, to submit proofs of claim to M. Teniakov, the
company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 23, 2009.  The case is docketed under
Case No. B-39/63-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Nord-Impulse
         Office 14
         Traktorostroiteley Str. 107B
         61136 Kharkov
         Ukraine


PILOT PLUS 48: Creditors Must File Claims by May 9
--------------------------------------------------
Creditors of LLC Pilot Plus 48 (code EDRPOU 34691243) have until
May 9, 2009, to submit proofs of claim to Y. Vanzhula, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 18, 2009.  The case is docketed under
Case No. 49/65-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Pilot Plus 48
         Office 43,5
         M. Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


POZNIAKI BUILDING: Creditors Must File Claims by May 9
------------------------------------------------------
Creditors of LLC Pozniaki Building Service (code EDRPOU 32212430)
have until May 9, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Office 50
         Heroes of Sevastopol Str. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 19, 2009.  The case is docketed under
Case No. 28/26-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Pozniaki Building Service
         Office 91
         Myrashko Str. 4
         04050 Kiev
         Ukraine


PROMSTAL LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Trading House Promstal (code EDRPOU 32336452).

The Insolvency Manager is:

         V. Makarichev
         Office 7
         Poznan Str. 7
         61118 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov r
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Trading House Promstal
         Studencheskaya str. 20
         Kharkov
         Ukraine


UKRAINE-AGRO CJSC: Creditors Must File Claims by May 9
------------------------------------------------------
Creditors of CJSC Investment and Financial Group Ukraine-Agro
(code EDRPOU 25277910) have until May 9, 2009, to submit proofs of
claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 6, 2009.  The case is docketed under
Case No. 23/382-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         CJSC Investment and Financial Group Ukraine-Agro
         Reuters Str. 35-a
         01034 Kiev
         Ukraine


SHLIAKH LLC: Creditors Must File Claims by May 9
------------------------------------------------
Creditors of LLC Engineering Company Shliakh (code EDRPOU
35909202) have until May 9, 2009, to submit proofs of claim to:

         LLC Vatika
         Insolvency Manager
         Post Office Box 72
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 24, 2009.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Engineering Company Shliakh
         Bukgakov Str. 16
         03134 Kiev
         Ukraine


WHOLE SALE-CRAFT-GROUP LLC: Creditors Must File Claims by May 9
---------------------------------------------------------------
Creditors of LLC Whole Sale-Craft-Group have until May 9, 2009, to
submit proofs of claim to:

         Cront Direct Invest Limited
         Insolvency Manager
         Post Office Box 72
         03115 Kiev
         Ukraine

The Economic Court of Kiev region commenced bankruptcy proceedings
against the company on March 26, 2009.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Whole Sale-Craft-Group
         Krasnoarmeyskaya Str. 20
         Dmitrovka
         Fastov District
         08533 Kiev
         Ukraine


YUTMIS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Yutmis (code EDRPOU 31504423).

The Insolvency Manager is:

         K. Romanov
         Post Office Box 3740
         49064 Dnepropetrovsk
         Ukraine

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Yutmis
         Uritsky Lane 11/1
         49000 Dnepropetrovsk
         Ukraine


===========================
U N I T E D   K I N G D O M
===========================


BAY TRADING: Put Into Administration by Parent
----------------------------------------------
Kylie MacLellan at Reuters reports that Alexon Group plc has
decided to put its subsidiary Eposcopan, which trades as Bay
Trading, into administration after its credit insurer withdrew
cover for the group's suppliers due to uncertainty over Bay's
performance.

Reuters relates Alexon said in a statement "the level of potential
drain on the group's financial resources means that the Alexon
group has to withdraw its financial support of Epcoscan".

BBC News states that according to Alexon, fashion chain Bay
Trading had been incurring losses and had relied on funding from
the rest of the group to survive.

Alexon, Reuters discloses, has appointed Deloitte LLP as
administrators of Bay Trading, which made an adjusted operating
loss of GBP7.2 million in the year ended January 31.  The
administrators, BBC News says, plan to keep the chain, whose same-
store sales fell 16 percent last year, trading while they try to
find a buyer.

BBC News notes the administration threatens 1,000 jobs at the
chain's 268 stores.  Alexon's other brands such as Ann Harvey and
Kaliko would be unaffected by the administration, BBC News
discloses.

Bay Trading Co. -- http://www.baytrading.co.uk/-- sells a wide
range of funky clothes for women.  They also sell bags and
jewellery.  It is a division of Alexon Group plc --
http://www.alexon.co.uk/-- a ladies clothing retailer listed on
the London Stock Exchange.


CATTLES PLC: Wants Trading Halted; Annual Report Still Not Ready
----------------------------------------------------------------
Catherine Griffiths at Telegraph.co.uk reports that Cattles plc on
Thursday requested the suspension of trading in its shares as it
expects to delay reporting its annual results.

Cattles, which has already delayed reporting results from the end
of February after discovering an GBP850 million blackhole in its
account, said it is likely to miss the April 30 deadline.

Cattles, as cited in the report, said it requested a suspension
"in order to avoid a disorderly market and to protect investors
pending publication of its audited report and accounts for the
year."  Cattles, the report discloses, is in talks with a
syndicate of banks led by Royal Bank of Scotland which have loaned
it GBP500 million.

According to the report, one of the issues delaying Cattles
reporting its results is that PricewaterhouseCoopers may want
discussions with the banking syndicate over a refinancing to be
finalized before it signs off Cattles' accounts as a going
concern.

Cattles, the report says, may fall into administration unless RBS
and the rest of the group's creditors agree to roll over the
credit line, which expires in July.

                        About Cattles plc

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Fitch Ratings said that the Issuer Default Ratings and
senior debt of Cattles plc remain rated at 'B', respectively, and
on Rating Watch Negative.


FILETRAVEL PROFESSIONAL: Appoints Joint Administrators from BDO
---------------------------------------------------------------
Dermot Justin Power and Patrick Alexander Lannagan of BDO Stoy
Hayward LLP were appointed joint administrators of Filetravel
Professional Employment Service Ltd. on April 16, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


K M S (1996) LTD: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Andrew Appleyard and Christopher Ratten of Tenon Recovery were
appointed joint administrators of K M S (1996) Ltd. on April 16,
2009.

The company can be reached at:

         K M S (1996) Ltd.
         31 High View Close
         Hamilton Office Park
         Leicester
         LE4 9LJ
         England


LEGENDARY LTD: Brings in Joint Administrators from KPMG
-------------------------------------------------------
Jonathan Scott Pope and David John Crawshaw of KPMG LLP were
appointed joint administrators of Legendary Ltd. on April 21,
2009.

The company can be reached at:

         Legendary Ltd.
         North Quay House
         Sutton Harbour
         Plymouth
         Devon
         PL4 0RA
         England


LOCUM FINE: Taps Joint Administrators from PwC
----------------------------------------------
Lyn Vardy and Stephen Andrew Ellis of PricewaterhouseCoopers LLP
were appointed joint administrators of Locum Fine Steels Ltd. on
April 16, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         1 East Parade
         Sheffield
         S1 2ET
         England


ONLINE AV: Appoints Joint Administrators from Tenon Recovery
------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Online AV Ltd. on April 21,
2009.

The company can be reached at:

         Online AV Ltd.
         Unit 1 & 2 Marquis Court
         Rawdon Business Park
         Moira
         Leicestershire
         DE12 6EJ
         England


ROYAL WORCESTER: Intellectual Property Sold to Portmeirion Group
----------------------------------------------------------------
The joint administrators to Royal Worcester & Spode Ltd have
completed a sale of the global intellectual property rights of the
company to Portmeirion Group plc, an AIM listed UK company.

The sale, which also includes the remaining stock held by the US
subsidiary of the company, means these prestigious and historical
Global brands will remain in UK ownership.

Portmeirion Group plc is a British group based in Stoke-on-Trent
which markets and manufactures an extensive range of high quality
tableware, cookware and giftware.  Its product ranges include
ceramics, glassware, textiles, placemats, trays and candles.

Matthew Hammond, joint administrator and partner at
PricewaterhouseCoopers LLP said: "We are pleased to have been able
to preserve the Royal Worcester and Spode brands, and of their
ongoing presence in Stoke, which is of vital importance to the
region.

"We are continuing to trade the remaining four Royal Worcester and
Spode retail outlets in the UK while we continue to retail our
extensive remaining range of products."


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                     Total
                                     Shareholders      Total
  Company                  Ticker    Equity            Assets
  -------                  ------    ------            ------

AUSTRIA
-------
SKYEUROPE HLDG             SKY EU     -3897542.84    213166269.29
SKYEUROPE                  SKY PW     -3897542.84    213166269.29
SKYEUROPE HLDG          SKY AV     -3897542.84    213166269.29
SKYEUROPE HLDG          SKYPLN EO     -3897542.84    213166269.29
SKYEUROPE HLDG          SKYPLN EU     -3897542.84    213166269.29
SKYEUROPE                 SKYP PW     -3897542.84    213166269.29
SKYEUROPE HLDG             S8E GR     -3897542.84    213166269.29
LIBRO AG                 LBROF US   -110492302.6     174013616.69
SKYEUROPE HOL-RT           SK1 AV     -3897542.84    213166269.29
LIBRO AG                   LIB AV   -110492302.6     174013616.69
SKYEUROPE HLDG            SKYV IX     -3897542.84    213166269.29
SKYEUROPE HLDG             SKY EO     -3897542.84    213166269.29
SKYEUROPE HLDG           SKURF US     -3897542.84    213166269.29
LIBRO AG                  LIBR AV   -110492302.6     174013616.69
LIBRO AG                   LB6 GR   -110492302.6     174013616.69
SKYEUROPE HLDG            SKYA PZ     -3897542.84    213166269.29


BELGIUM
-------
SABENA SA                 SABA BB    -85499048.41   2215458979.11


CYPRUS
------
LIBRA HOLIDAYS          LHGCYP EU     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG EO     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG EU     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG PZ     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG CY     -5044973.6     274730005.26
LIBRA HOLIDAYS            LHGR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS          LHGCYP EO     -5044973.6     274730005.26
LIBRA HOLIDAY-RT      3167808Z CY     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG CY     -5044973.6     274730005.26
LIBRA HOLIDA-RTS           LBR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG PZ     -5044973.6     274730005.26


CZECH REPUBLIC
--------------
SETUZA AS               SETUZA PZ    -61453764.17    138582273.56
CKD PRAHA HLDG             CDP EX    -89435858.16    192305153.03
SETUZA AS             2994759Q EO    -61453764.17    138582273.56
SETUZA AS               SETUZA CP    -61453764.17    138582273.56
SETUZA AS             2994763Q EU    -61453764.17    138582273.56
CKD PRAHA HLDG            CKDH US    -89435858.16    192305153.03
SETUZA AS             2994755Q EU    -61453764.17    138582273.56
SETUZA AS                  SZA EX    -61453764.17    138582273.56
SETUZA AS                 SETU IX    -61453764.17    138582273.56
SETUZA AS                  SZA GR    -61453764.17    138582273.56
CKD PRAHA HLDG            CKDH CP    -89435858.16    192305153.03
CKD PRAHA HLDG           CKDPF US    -89435858.16    192305153.03
SETUZA AS             2994767Q EO    -61453764.17    138582273.56
CKD PRAHA HLDG         297687Q GR    -89435858.16    192305153.03


DENMARK
-------
ROSKILDE BANK             ROSK EU   -532868894.9    7876687324.02
ROSKILDE BANK            ROSKF US   -532868894.9    7876687324.02
ROSKILDE BAN-NEW         ROSKN DC   -532868894.9    7876687324.02
ROSKILDE BANK             RSKC IX   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK PZ   -532868894.9    7876687324.02
ROSKILDE BANK              RKI GR   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK DC   -532868894.9    7876687324.02
ROSKILDE BANK-RT       916603Q DC   -532868894.9    7876687324.02
ROSKILDE BAN-RTS         ROSKT DC   -532868894.9    7876687324.02
ELITE SHIPPING            ELSP DC    -27715991.74    100892900.29
ROSKILDE BANK            ROSBF US   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK EO   -532868894.9    7876687324.02



FRANCE
------
RHODIA SA                  RHA NQ   -496708986.76   6033060481.99
IMMOB HOTELIERE           IMMH IX    -66874823.95    301323804.92
PAGESJAUNES GRP            PAJ NQ  -3061282894.72   1202048249.4
RHODIA SA               RHAGBP EO   -496708986.76   6033060481.99
PAGESJAUNES GRP         PAJGBP EO  -3061282894.72   1202048249.4
RHODIA SA-RIGHTS       653447Q FP   -496708986      6033060481.99
RHODIA SA                 RHDI GR   -496708986.76   6033060481.99
MATUSSIERE & FOR         MTUSF US    -77896683.67    293868350.79
TROUVAY CAUVIN           TVYCF US      -396978       133986439.74
PAGESJAUNES GRP         PAJUSD EU  -3061282894.72   1202048249.4
GRANDE PAROISSE           GAPA FP   -927267926.9     629287290
RHODIA SA                  RHA FP   -496708986.76   6033060481.99
RHODIA SA                RHDAF US   -496708986.76   6033060481.99
NORTENE                   NORT PZ    -35623999.56    117566786.87
GRANDE PAROISSE           GDPA FP   -927267926.9     629287290
Selcodis                  SPVX FP    -21050704.97    140597126.19
LAB DOLISOS               LADL FP    -27752176.19    110485462.44
IMMOB HOTELIERE           IMHO EO    -66874823.95    301323804.92
IMMOB HOTELIERE           IMHO FP    -66874823.95    301323804.92
CARRERE GROUP             CAR2 EU    -23319835.34    364475420.31
PAGESJAUNES GRP            PAJ TQ  -3061282894.72    1202048249.4
LAB DOLISOS               DOLI FP    -27752176.19     110485462.44
IMMOB HOTELIERE          IMBHF US    -66874823.95     301323804.92
IMMOB HOTEL BALN          IMHB FP    -66874823.95     301323804.92
IMMOB HOTELIERE           IMHO PZ    -66874823.95     301323804.92
IMMOB HOTELIERE            IMH GR    -66874823.95     301323804.92
IMMOB HOTELIERE            SIH FP    -66874823.95     301323804.92
RHODIA SA                 RHAY IX   -496708986.76    6033060481.99
RHODIA SA               RHAGBX EO   -496708986.76    6033060481.99
RHODIA SA                  RHA EU   -496708986.76    6033060481.99
RHODIA SA             3218857Q IX   -496708986.76    6033060481.99
RHODIA SA                  RHA PZ   -496708986.76    6033060481.99
RHODIA SA                  RHA BQ   -496708986.76    6033060481.99
MATUSSIERE & FOR         1007765Q    -77896683.67     293868350.79
RHODIA SA                2324011Q   -496708986.76    6033060481.99
RHODIA SA                  RHA EB   -496708986.76    6033060481.99
RHODIA SA               RHAGBX EU   -496708986.76    6033060481.99
RHODIA SA                  RHD GR   -496708986.76    6033060481.99
SELCODIS                  SLCO PZ    -21050704.97     140597126.19
CARRERE GROUP              XRR GR    -23319835.34     364475420.31
RHODIA SA-RIGHTS         RHADS FP   -496708986.76    6033060481.99
SDR CENTREST           117241Q FP   -132420119.65     252176017.15
SELCODIS                  SLCO FP    -21050704.97     140597126.19
SELCODIS                  SLCO EU    -21050704.97     140597126.19
RHODIA SA-NEW            RHANV FP   -496708986.76    6033060481.99
RHODIA SA                RHANR FP   -496708986.76    6033060481.99
RHODIA SA                  RHA EO   -496708986.76    6033060481.99
RHODIA SA-ADR            RHAYY US   -496708986.76    6033060481.99
RHODIA SA-NEW         3156011Q FP   -496708986.76    6033060481.99
RHODIA SA-NEW         2335921Q FP   -496708986.76    6033060481.99
PAGESJAUNES GRP         PAJUSD EO  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ VX  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ EU  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ BQ  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ EO  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ IX  -3061282894.72    1202048249.4
NORTENE                   NORT EU    -35623999.56     117566786.87
NORTENE                   NRTP IX    -35623999.56     117566786.87
NORTENE                   NRTN FP    -35623999.56     117566786.87
PAGESJAUNES GRP            PAJ PZ  -3061282894.72    1202048249.4
PAGESJAUNES              PGJUF US  -3061282894.72    1202048249.4
NORTENE                   NORT FP    -35623999.56     117566786.87
RHODIA SA                  RHA VX   -496708986.76    6033060481.99
RHODIA SA-ADR              RHA US   -496708986.76    6033060481.99
RHODIA SA                  RHA IX   -496708986.76    6033060481.99
GRANDE PAROISSE          GDPXF US   -927267926.9      629287290
CARRERE GROUP             CAR2 EO    -23319835.34     364475420.31
PAGESJAUNES GRP         PAJGBX EO  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ EB  -3061282894.72    1202048249.4
PAGESJAUNES GRP            PAJ FP  -3061282894.72    1202048249.4
PAGESJAUNES GRP         PAJGBX EU  -3061282894.72    1202048249.4
RHODIA SA                RHADF US   -496708986.76    6033060481.99
PAGESJAUNES GRP            QS3 GR  -3061282894.72    1202048249.4
RHODIA SA                RHANR PZ   -496708986.76    6033060481.99
SELCODIS                  SLCO EO    -21050704.97     140597126.19


TROUVAY CAUVIN            ETEC FP      -396978        133986439.74
IMMOB HOTELIERE           IMHO EU    -66874823.95     301323804.92
PAGESJAUNES GRP           PAJP IX  -3061282894.72    1202048249.4
NORTENE                   NORT EO    -35623999.56     117566786.87
RHODIA SA                  RHA TQ   -496708986.76    6033060481.99
SELCODIS                  SPVX IX    -21050704.97     140597126.19
CARRERE GROUP             CARG FP    -23319835.34     364475420.31
CARRERE GROUP              CAR FP    -23319835.34     364475420.31
CARRERE GROUP             CRGP IX    -23319835.34     364475420.31
BSN GLASSPACK          226230Z FP   -101494197.25    1150890693.34
CARRERE GROUP            CRRHF US    -23319835.34     364475420.31
CARRERE GROUP             CARF PZ    -23319835.34     364475420.31
RHODIA SA             2324015Q EO   -496708986.76    6033060481.99


GERMANY
-------
TA TRIUMPH-ADLER           TWN GR    -99845655.9      414500090.47
TA TRIUMPH-ACQ            TWNA EU    -99845655.9      414500090.47
TA TRIUMPH-A-RTS      1018916Z GR    -99845655.9      414500090.47
TA TRIUMPH-ADLER           TWN EO    -99845655.9      414500090.47
TA TRIUMPH-ADLER           TWN EU    -99845655.9      414500090.47
CONERGY AG                 CGY EU    -27062022.96    1174698570.48
SANDER (JIL)-PRF          SAD3 PZ     -6153256.92     127548039.68
CBB HOLDING AG             COB GR    -42994732.85     904723627.84
CBB HOLDING AG            COBG IX    -42994732.85     904723627.84
PRIMACOM AG                PRC EO    -14233212.49     729563484.73
EM.TV & MERCHAND           ETV LN    -22067409.41     849175624.65
CBB HOLD-NEW 97           COB2 GR    -42994732.85     904723627.84
SANDER (JIL)-PRF      2916157Q EU     -6153256.92     127548039.68
CBB HOLDING AG            COB2 EU    -42994732.85     904723627.84
CBB HOLDING AG           CUBDF US    -42994732.85     904723627.84
EM.TV & MERC-NEW          ETV1 GR    -22067409.41     849175624.65
EM.TV & MERCHAND           ETV VX    -22067409.41     849175624.65
EM.TV & MERCHAND           ETV NM    -22067409.41     849175624.65
EM.TV & MERC-RTS          ETV8 GR    -22067409.41     849175624.65
EM.TV & MERC-RTS          ETV8 NM    -22067409.41     849175624.65
EM.TV & MERCHAND         ETVMF US    -22067409.41     849175624.65
ALNO AG                    ANO GR    -28265004.17     366872263.74
EM.TV & MERCHAND         EMTVF US    -22067409.41     849175624.65
CBB HOLDING AG            COB2 EO    -42994732.85     904723627.84
CONERGY AG                 CGY PZ    -27062022.96    1174698570.48
CONERGY AG              CGYGBP EO    -27062022.96    1174698570.48
CONERGY AG                 CGY EO    -27062022.96    1174698570.48
CONERGY AG              CGYUSD EU    -27062022.96    1174698570.48
CONERGY AG                 CGY GR    -27062022.96    1174698570.48
CONERGY AG              CGYUSD EO    -27062022.96    1174698570.48
EECH GROUP AG              PTA EO      -114331.83 108502676.25
CONERGY AG                 CGY TQ    -27062022.96    1174698570.48
CINEMAXX AG              CNEMF US    -45477041.55     177659446.07
CBB HOLDING-NEW           COB3 GR    -42994732.85     904723627.84
CONERGY AG                CGYG IX    -27062022.96    1174698570.48
CINEMAXX AG                MXC GR    -45477041.55     177659446.07
CINEMAXX AG                MXC PZ    -45477041.55     177659446.07
CINEMAXX AG                MXC EU    -45477041.55     177659446.07
EM.TV & MERCHAND       985403Q GR    -22067409.41     849175624.65
CINEMAXX AG                MXC EO    -45477041.55     177659446.07
VIVANCO GRUPPE            VVA1 EU    -16648688.57     131276010.89
CINEMAXX AG-RTS           MXC8 GR    -45477041.55     177659446.07
AGOR AG                  NDAGF US      -482446.67     144432998.41
MATERNUS-KLINIKE         MNUKF US    -17434187.87     182076508.65
EECH GROUP AG             PTAG IX      -114331.83     108502676.25
EECH GROUP AG              PTA EU      -114331.83     108502676.25
TA TRIUMPH-ADLER           TWN PZ    -99845655.9      414500090.47
TA TRIUMPH-ADLER         TTZAF US    -99845655.9      414500090.47
TA TRIUMPH-RTS        3158577Q GR    -99845655.9      414500090.47
TA TRIUMPH-NEW            TWN1 GR    -99845655.9      414500090.47
CONERGY AG -RTS           CGYB GR    -27062022.96    1174698570.48
ROSENTHAL AG-REG          ROSG PZ     -1744122.06     217776144.21
CONERGY AG              CGYGBX EO    -27062022.96    1174698570.48
CONERGY AG-ALTAK          CGY2 GR    -27062022.96    1174698570.48
SANDER (JIL)-PRF          SAD3 GR     -6153256.92     127548039.68
DORT ACTIEN-BRAU       944167Q GR    -12689831.72     117543310.05
DORT ACTIEN-RTS           DAB8 GR    -12689831.72     117543310.05
BROKAT AG-ADR             BROA US    -27139391.98     143536859.72
PRIMACOM AG-ADR          PCAGY US    -14233212.49     729563484.73
AGOR AG-RTS           2301918Z GR      -482446.67     144432998.41
BROKAT TECH-ADR           BRJA GR    -27139391.98     143536859.72
ROSENTHAL AG-REG          ROSG IX     -1744122.06     217776144.21
MATERNUS-KLINIKE           MAK EU    -17434187.87     182076508.65
PRIMACOM AG               PRCG PZ    -14233212.49     729563484.73
CONERGY AG               CEYHF US    -27062022.96    1174698570.48
CINEMAXX AG             MXCUSD EU    -45477041.55     177659446.07
SANDER (JIL) AG            SAD GR     -6153256.92     127548039.68
NORDAG AG-PFD             DOO3 GR      -482446.67     144432998.41
NORDAG AG                 DOO1 GR      -482446.67     144432998.41
RINOL AG                   RIL GR           -2.71     168095049.11
ROSENTHAL AG-REG          ROS1 EO     -1744122.06     217776144.21
MANIA TECHNOLOGI          MNIG IX    -35060803.57     107465704.61
TA TRIUMPH-RT             TWN8 GR    -99845655.9      414500090.47
ROSENTHAL AG-REG         RSTHF US     -1744122.06     217776144.21
NORDSEE AG             533061Q GR     -8200552.05     194616922.62
PRIMACOM AG-ADR+          PCAG ES    -14233212.49     729563484.73
PRIMACOM AG-ADR           PCAG US    -14233212.49     729563484.73
PRIMACOM AG                PRC NM    -14233212.49     729563484.73
PRIMACOM AG               PRCG IX    -14233212.49     729563484.73
RINOL AG                 RNLAF US           -2.71     168095049.11
RINOL AG                  RILB EU           -2.71     168095049.11
EECH GROUP AG              PTA PZ      -114331.83     108502676.25
RINOL AG                  RILB IX           -2.71     168095049.11
ROSENTHAL AG-ADR         RSTHY US     -1744122.06     217776144.21
ROSENTHAL AG-REG          ROS1 EU     -1744122.06     217776144.21
BROKAT TECH AG             BRJ NM    -27139391.98     143536859.72
CBB HOLDING AG            COBG PZ    -42994732.85     904723627.84
PRIMACOM AG              PCAGF US    -14233212.49     729563484.73
MANIA TECHNOLOGI         MIAVF US    -35060803.57     107465704.61
RINOL AG                  RILB PZ           -2.71     168095049.11
PRIMACOM AG               PRC2 GR    -14233212.49     729563484.73
SPAR HANDELS-AG        773844Q GR   -442426199.47    1433020960.55
MATERNUS KLINI-N          MAK1 GR    -17434187.87     182076508.65
SINNLEFFERS AG             WHG GR     -4491629.96     453887060.07
ALNO AG-RTS           2259765Z GR    -28265004.17     366872263.74
KAUFRING AG               KAUG IX    -19297516.68     151003511.1
KAUFRING AG                KFR GR    -19297516.68     151003511.1
KAUFRING AG                KFR PZ    -19297516.68     151003511.1
SPAR HAND-PFD NV          SPA3 GR   -442426199.47    1433020960.55
BROKAT AG                BRKAF US    -27139391.98     143536859.72
MANIA TECHNOLOGI           MNI PZ    -35060803.57     107465704.61
TA TRIUMPH-ACQ            TWNA GR    -99845655.9      414500090.47
PRIMACOM AG                PRC EU    -14233212.49     729563484.73
SPAR HANDELS-AG          SPHFF US   -442426199.47    1433020960.55
EM.TV & MERC-NEW          ETV1 NM    -22067409.41     849175624.65
EECH GROUP AG              PTA GR      -114331.83     108502676.25
RINOL AG                  RILB EO           -2.71     168095049.11
MANIA TECHNOLOGI          MNI1 EO    -35060803.57     107465704.61
MANIA TECHNOLOGI      2260970Z GR    -35060803.57     107465704.61


GREECE
------
ALTEC SA INFO            ALTEC PZ    -76146878.27     293030892.79
EMPEDOS SA-RTS          EMPEDR GA    -33637669.62     174742646.9
ALTEC SA INFO              AXY GR    -76146878.27     293030892.79
AG PETZETAKIS SA         PETZK PZ    -18006653.74     263556535.23
PETZETAKIS-AUC          PETZKE GA    -18006653.74     263556535.23
NAOUSSA SPIN -RT         NAOYD GA    -44175517.41     341686182.1
HELLAS ONLINE SA           HOL GA    -18667493.15     432785368.17
ALTEC SA INFO-RT         ALTED GA    -76146878.27     293030892.79
THEMELIODOMI-RTS        THEMER GA    -55751178.85     232036822.56
AG PETZETAKIS SA           PTZ GR    -18006653.74     263556535.23
ALMA-ATERMON SA          ATERM EO     -5395431.61     106400366.91
ALMA-ATERMON SA          ATERM EU     -5395431.61     106400366.91
THEMELIODOMI-RTS        THEMED GA    -55751178.85     232036822.56
THEMELIODOMI-AUC        THEMEE GA    -55751178.85     232036822.56
ALTEC SA INFO            ATCQF US    -76146878.27     293030892.79
HELLAS ONLINE SA         BRAIN GA    -18667493.15     432785368.17
UNITED TEXTILES           UTEX PZ    -44175517.41     341686182.1
AG PETZETAKIS SA         PZETF US    -18006653.74     263556535.23
SAFE BULKERS INC           SBL GR    -35545000        482282016
SAFE BULKERS INC            SB US    -35545000        482282016
UNITED TEXTILES          NAOYK GA    -44175517.41     341686182.1
PETZET – PFD-RTS        PETZPD GA    -18006653.74     263556535.23
UNITED TEXTILES           UTEX EO    -44175517.41     341686182.1
ALMA-ATERMON SA          ATERM GA     -5395431.61     106400366.91
PETZETAKIS-PFD            PTZ3 GR    -18006653.74     263556535.23
PETZETAKIS-PFD           PETZP GA    -18006653.74     263556535.23
UNITED TEXTILES           UTEX GA    -44175517.41     341686182.1
UNITED TEXTILES          NAOSF US    -44175517.41     341686182.1
ALTEC SA INFO            ALTEC GA    -76146878.27     293030892.79
HELLAS ONLINE SA           UN5 GR    -18667493.15     432785368.17
UNITED TEXTILES           UTEX EU    -44175517.41     341686182.1
HELLAS ONLINE SA          HOLR GA    -18667493.15     432785368.17
AG PETZETAKIS SA          PTZ1 GR    -18006653.74     263556535.23
HELLAS ONLINE SA         BRAIN EO    -18667493.15     432785368.17
AG PETZETAKIS SA         PETZK EO    -18006653.74     263556535.23
RADIO KORASS-RTS         KORAR GA   -100972173.86     180679253.63
ALTEC SA INFO            ALTEC EU    -76146878.27     293030892.79
AG PETZETAKIS SA         PETZK GA    -18006653.74     263556535.23
RADIO KORASSIDIS         RAKOF US    100972173.86     180679253.63
THEMELIODOMI             THEME GA    -55751178.85     232036822.56
ALTEC SA -AUCT          ALTECE GA    -76146878.27     293030892.79
RADIO KORASSIDIS          KORA GA   -100972173.86     180679253.63
RADIO KORASSIDIS           RKC GR   -100972173.86     180679253.63
NAOUSSA SPIN-RTS        NAOYKR GA    -44175517.41     341686182.1
NAOUSSA SPINNING          NML1 GR    -44175517.41     341686182.1
EMPEDOS SA               EMPED GA    -33637669.62     174742646.9
NAOUSSA SPINNING           NML GR    -44175517.41     341686182.1
ALTEC SA INFO-RT        ALTECR GA    -76146878.27     293030892.79
HELLAS ONLINE SA         BRAIN EU    -18667493.15     432785368.17
AG PETZETAKIS SA         PETZK EU    -18006653.74     263556535.23
ALTEC SA INFO            ALTEC EO    -76146878.27     293030892.79
HELLAS ONLINE SA         BRAIN PZ    -18667493.15     432785368.17
RADIO KORASSI-RT         KORAD GA   -100972173.86     180679253.63
PETZETAKIS – RTS        PETZKD GA    -18006653.74     263556535.23
NAOUSSA SPIN-AUC        NAOYKE GA    -44175517.41     341686182.1
ALMA-ATERMON SA          ATERM PZ     -5395431.61     106400366.91
ALMA-ATERM-AUCT         ATERME GA     -5395431.61     106400366.91


SWITZERLAND
-----------
FORTUNE MGMT-REG          CTLI US    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 PZ    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI3 GR    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 GR    -119470863.28    265021012.85
FORTUNE MANA-NEW          FMI5 GR    -119470863.28    265021012.85
FORTUNE MANAG-NE          FMI7 GR    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 EU    -119470863.28    265021012.85
FORTUNE MANAGEME          FMIG IX    -119470863.28    265021012.85
FORTUNE MANAGEME           FMI GR    -119470863.28    265021012.85
FORTUNE MANAGEME          FMGT US    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 DU    -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 EO    -119470863.28    265021012.85


UNITED KINGDOM
--------------
PREMIER FARN-ADR          PFLZ LN     -7994895.94    689988072.4
BRITISH SKY BROA           BSY EB    -30607499.6    8332527670.8
BRITISH SKY BROA        BSYEUR EO    -30607499.6    8332527670.8
PARK FOOD GROUP           PKFD LN    -61525595.88    223674903.79
PARK GROUP PLC            PRKG IX    -61525595.88    223674903.79
ATKINS (WS) PLC            ATK BQ    -36314039.75   1257996718.47
DANKA BUS SYSTEM         DANKF US    -497127008      121439000
M 2003 PLC-ADR              MTWOY  -2203513803.24   7204891601.83
BRITISH SKY BROA           BSY PZ    -30607499.6    8332527670.8
PARK GROUP PLC             PKG PZ    -61525595.88    223674903.79
PARK GROUP PLC          PKGGBP EO    -61525595.88    223674903.79
SMG PLC                    SMG PO    -24923249.67    194430485.8
PARK GROUP PLC             PKG LN    -61525595.88    223674903.79
AEA TECHNOLOGY             AEY GR    -98795549.33    133685509.1
PARK GROUP PLC             PKG EO    -61525595.88    223674903.79
SMITHS NEWS PLC            NWS PZ   -124124665.08    201361828.57
PARK GROUP PLC             PKG VX    -61525595.88    223674903.79
AEA TECHNOLOGY             AAT IX    -98795549.33    133685509.1
DANKA BUS SYSTEM      3205287Q EU   -497127008       121439000
ORBIS PLC                  OBG PO     -4168498.48    127701679.5
AEA TECHNOLOGY             AAT PO    -98795549.33    133685509.1
SKYEPHARMA-ADR             SK8 GR   -130883498.29    153620497.99
BRITISH ENER-C/E           BGYNYC  -5822867500.78   4921095749.61
ORBIS PLC                  OBS PZ     -4168498.48    127701679.5
ORBIS PLC                  OBS IX     -4168498.48    127701679.5
ORBIS PLC                  OBS PO     -4168498.48    127701679.5
ORBIS PLC                  RLP GR     -4168498.48    127701679.5
BRITISH SKY BROA           BSY TQ    -30607499.6    8332527670.8
EASYNET GROUP              ESY VX    -45232889.17    322770283.93
BRITISH SKY BROA           BSY NQ    -30607499.6    8332527670.8
ORANGE PLC-ADR           ORNGY US   -593935051.02   2902299501.9
GALIFORM PLC           GFRMEUR EO    -84844622.18    585251745.06
DAWSON HOLDINGS           DWN1 EU    -18157019.88    210051798.58
TOPPS TILES PLC            TPT IX   -101299346.32    170960682.59
BRITISH SKY BROA           BSY BQ    -30607499.6    8332527670.8
ALLDAYS PLC            317056Q LN   -120493900.04    252232072.87
SKYEPHARMA PLC             SKP EO   -130883498.29    153620497.99
PREMIER FARN-ADR      2246804Q US     -7994895.94    689988072.4
RANK GROUP PLC           RANKF US     -6412999.92    835001785.71
MYTRAVEL GROUP-A         2281919Q   -379721841.57   1817512773.61
PATIENTLINE PLC            PTL IX    -54677284.64    124948245.8
BRITISH SKY BROA           BSY NR    -30607499.6    8332527670.8
RENTOKIL-SP ADR          RTOKY US    -90219248.82   3493481471.08
RENTOKIL INITIAL         RKLIF US    -90219248.82   3493481471.08
PREMIER FARNELL         PFLUSD EO     -7994895.94    689988072.4
AIRTOURS PLC             ATORF US   -379721841.57   1817512773.61
PREMIER FARNELL            PFL NR     -7994895.94    689988072.4
PREMIER FARNELL         PFLUSD EU     -7994895.94    689988072.4
PREMIER FARNELL            PFL PZ     -7994895.94    689988072.4
EUROPEAN HOME              EHR EU    -14328734.27    110864074.46
PREMIER FARNELL         PFLSEK EU     -7994895.94    689988072.4
TOPPS TILES PLC            TPT LN   -101299346.32    170960682.59
NORTHERN ROCK            NHRKF US   -586206492.33 152084295061.92
SKYEPHARMA PLC          SKPGBP EO   -130883498.29    153620497.99
PATIENTLINE PLC            PTL LN    -54677284.64    124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64    124948245.8
PARK GROUP PLC             PKG EU    -61525595.88    223674903.79
EUROPEAN HOME            FPAKF US    -14328734.27    110864074.46
EUROPEAN HOME              EHR PZ    -14328734.27    110864074.46
SKYEPHARMA PLC            SK8C GR   -130883498.29    153620497.99
DANKA BUS SYSTEM           DNK PO   -497127008       121439000
SKYEPHARMA PLC             SKP EU   -130883498.29    153620497.99
SMITHS NEWS PLC        NWS2EUR EO   -124124665.08    201361828.57
SKYEPHARMA PLC             SKP PO   -130883498.29    153620497.99
SKYEPHARMA PLC             SKP LN   -130883498.29    153620497.99
PATIENTLINE PLC            PTL PZ    -54677284.64    124948245.8
GALIFORM PLC               MFI VX    -84844622.18    585251745.06
BOOKER PLC               BKERF US    -59832880.4    1298182548.71
PATIENTLINE PLC       2928907Q EO    -54677284.64    124948245.8
NEW STAR ASSET            NSAM PZ   -397718014.22    292972714.58
NEW STAR ASSET        3226443Q EO   -397718014.22    292972714.58
NEW STAR ASSET            NSAM PO   -397718014.22    292972714.58
SMITHS NEWS PLC           NWS2 EU   -124124665.08    201361828.57
NEW STAR ASSET        3226447Q EO   -397718014.22    292972714.58
DANKA BUS-ADR              DB6 GR   -497127008       121439000
MFI FURNITURE GR           MFI LN    -84844622.18    585251745.06
AMEY PLC                   AMY VX    -48862569.33    931527720.46
VIRGIN MOBILE             VMOB PO   -392165437.58    166070003.71
SKYEPHARMA-ADR            SKYE US   -130883498.29    153620497.99
LADBROKE GRP-IDR          695767Q   -478059993.74   1887316678.66
NEW STAR ASSET            NSAM IX   -397718014.22    292972714.58
DANKA BUS-ADR             AP39 LI   -497127008       121439000
NEW STAR ASSET           3226439Q   -397718014.22    292972714.58
NEW STAR ASSET            NSAM LN   -397718014.22    292972714.58
NEW STAR ASSET            NSAM TQ   -397718014.22    292972714.58
NEW STAR ASSET             N6S GR   -397718014.22    292972714.58
NEW STAR ASSET           3226435Q   -397718014.22    292972714.58
AMEY PLC                  AMEYF U    -48862569.33    931527720.46
AMEY PLC                   AMY LN    -48862569.33    931527720.46
BRITISH ENER-CED           BGY AR  -5822867500.78   4921095749.61
DANKA BUS-ADR            DANKY US   -497127008       121439000
BRADSTOCK GROUP          BSKGF US     -1855444.44    268563822.49
TOPPS TILES PLC          TPTJY US   -101299346.32    170960682.59
PREMIER FARNELL         PFLEUR EU     -7994895.94     689988072.4
BRITISH SKY BROA        BSYUSD EU    -30607499.6     8332527670.8
MYTRAVEL GROUP-A            MYTVF   -379721841.57    1817512773.61
MYTRAVEL GROUP            ARO2 GR   -379721841.57    1817512773.61
SKYEPHAR-RTS F/P          SKPF VX   -130883498.29     153620497.99
MYTRAVEL GROUP            P MYTGF   -379721841.57    1817512773.61
MYTRAVEL GROUP            P MT/VX   -379721841.57    1817512773.61
MYTRAVEL GROUP              MT IX   -379721841.57    1817512773.61
ADVANCE DISPLAY           ADTP PZ  -3015579018.39    2590008061.47
AEA TECHNOLO-NPR          AATN LN    -98795549.33     133685509.1
EASYNET GROUP              ESY LN    -45232889.17     322770283.93
SKYEPHARMA-ADR            AP80 LI   -130883498.29     153620497.99
SFI GROUP PLC               SUYFF   -108067115.81     177647536.08
DANKA BUS SYSTEM           DNK PZ   -497127008        121439000
SKYEPHARMA-ADR            SK8N GR   -130883498.29     153620497.99
NORTHERN ROCK            2733285Q   -586206492.33  152084295061.92
NORTHERN ROCK         2733265Q EO   -586206492.33  152084295061.92
PREMIER FARNELL             PIFLF     -7994895.94    689988072.4
COMPASS GROU-OLD            1259Q   -668101173.88   2972459078.38
ORANGE PLC-ADR            ORA$ LN   -593935051.02   2902299501.9
ORANGE PLC               1460Q GR   -593935051.02   2902299501.9
ORANGE PLC             951641Q LN   -593935051.02   2902299501.9
ORANGE PLC-ADR             ONG GR   -593935051.02   2902299501.9
EMI GROUP -ASSD           EMIA LN  -2265916256.89   2950021937.14
SKYEPHARMA-ADR              SKYEY   -130883498.29    153620497.99
BLACK & EDGINGTO           BLE LN   -130883498.29    153620497.99
ORANGE PLC               ORNGF US   -593935051.02   2902299501.9
DANKA BUS SYSTEM           DNK LN   -497127008       121439000
RANK GROUP PLC          RNKDKK EO     -6412999.92    835001785.71
EMI GROUP PLC              EMI PO  -2265916256.89   2950021937.14
NORTHERN ROCK         2733281Q EO   -586206492.33 152084295061.92
DANKA BUS-CEDEAR          DANK AR   -497127008       121439000
DANKA BUS SYSTEM           DNK IX   -497127008       121439000
DANKA BUS-$US CE         DANKD AR   -497127008       121439000
RANK GROUP PLC             RNK IX    -6412999.92     835001785.71
AMER BUS SYS               ARB LN  -497127008        121439000
NORTHERN ROCK              NRK PZ   -586206492.33  152084295061.92
NORTHERN ROCK              NR3 GR   -586206492.33  152084295061.92
ANKER PLC-ASSD            ANKB LN    -21861359.81     115463159
DANKA BUS SYSTEM           DNK VX   -497127008        121439000
NORTHERN ROCK         2733277Q EU   -586206492.33  152084295061.92
RANK GROUP PLC             RNK NR     -6412999.92     835001785.71
NORTHERN ROCK             NRKI IX   -586206492.33  152084295061.92
NORTHERN ROCK          733289Q EO   -586206492.33  152084295061.92
NORTHERN ROCK              NRK IX   -586206492.33  152084295061.92
BRITISH SKY BROA            BSYBF    -30607499.6     8332527670.8
DANKA BUS SYSTEM      3205283Q EO   -497127008        121439000
RANK GROUP PLC             RNK BQ     -6412999.92     835001785.71
SKYEPHARMA PLC            SKP1 VX   -130883498.29     153620497.99
TELEWEST COM-ADR            TWSTY  -3702234580.99    7581020925.22
BRITISH ENERGY-A            BHEAF  -5822867500.78    4921095749.61
SKYEPHARMA PLC             SKP TQ   -130883498.29     153620497.99
SKYEPHARMA PLC          SKPEUR EO   -130883498.29     153620497.99
ATKINS (WS) PLC            ATK TQ    -36314039.75    1257996718.47
AEA TECHNOLOGY             AAT EU    -98795549.33     133685509.1
BRITISH ENERGY-A          BGYA PO  -5822867500.78    4921095749.61
RANK GROUP PLC             RNKUSD     -6412999.92     835001785.71
SKYEPHARMA PLC             SKP PZ   -130883498.29     153620497.99
GALIFORM PLC             GLFMF US    -84844622.18     585251745.06
CARLISLE GROUP            506819Q    -11904426.45     203548565.03
RANK GROUP PLC             RNK PZ     -6412999.92     835001785.71
TELEWEST COM-ADR            TWSTD  -3702234580.99    7581020925.22
MYTRAVEL GROUP            MT/S PO   -379721841.57    1817512773.61
RENTOKIL INITIAL           RTO NQ    -90219248.82    3493481471.08
TOPPS TILES PLC         TPTEUR EU   -101299346.32     170960682.59
RENTOKIL INITIAL           RTO PO    -90219248.82    3493481471.08
RENTOKIL INITIAL           RTOEUR    -90219248.82    3493481471.08
RENTOKIL INITIAL           RTO EO    -90219248.82    3493481471.08
RENTOKIL INITIAL           RTO EB    -90219248.82    3493481471.08
RENTOKIL INITIAL           RTO LN    -90219248.82    3493481471.08
RENTOKIL INITIAL           RTO NR    -90219248.82    3493481471.08
TELEWEST COMM             715382Q  -3702234580.99    7581020925.22
LADBROKES PLC           LADNZD EO   -478059993.74    1887316678.66
MYTRAVEL GROUP P         1018144Q   -379721841.57    1817512773.61
PREMIER FARNELL            PFL BQ     -7994895.94     689988072.4
TOPPS TILES-NEW           TPTN LN   -101299346.32     170960682.59
DAWSON HOLDINGS            DWN IX    -18157019.88     210051798.58
TOPPS TILES PLC             TPTJF   -101299346.32     170960682.59
DAWSON HOLDINGS            DWN LN    -18157019.88     210051798.58
TOPPS TILES PLC            TPT EO   -101299346.32     170960682.59
STV GROUP PLC          STVGEUR EU    -24923249.67     194430485.8
RENTOKIL INITIAL           RTOEUR    -90219248.82    3493481471.08
AEA TECHNOLOGY             AAT PZ    -98795549.33     133685509.1
SCOTTISH TELEV              SCTVF    -24923249.67     194430485.8
SAATCHI & SAATCH            SSATF   -119260804.15     705060824.55
DANKA BUS-BLK CE         DANKB AR   -497127008        121439000
SAATCHI & SAATCH          188190Q   -119260804.15     705060824.55
TELEWEST COMM             604296Q  -3702234580.99    7581020925.22
BRITISH ENER-BLK           BGYNYB  -5822867500.78    4921095749.61
LADBROKES PLC           LADEUR EU   -478059993.74    1887316678.66
DAWSON HOLDINGS            DWN PO    -18157019.88     210051798.58
AEA TECHNOLO-FPR          AATF LN    -98795549.33     133685509.1
AEA TECHNOLO-FPR          AATF PZ    -98795549.33     133685509.1
SCOTTISH MEDIA            SSMR LN    -24923249.67     194430485.8
TOPPS TILES PLC         TPTEUR EO   -101299346.32 170960682.59
SCOTTISH MEDIA             SSM LN    -24923249.67     194430485.8
AEA TECHNOLO-NPR          AATN PZ    -98795549.33     133685509.1
PARK GROUP PLC              PRKGF    -61525595.88     223674903.79
AMEY PLC-ASSENT           AMYA LN    -48862569.33     931527720.46
LADBROKES PLC               HG/VX   -478059993.74    1887316678.66
AEA TECHNOLOGY              EAETF    -98795549.33     133685509.1
AEA TECHNOLOGY             AAT VX    -98795549.33     133685509.1
MARCONI PLC-ADR             MRCQY  -2203513803.24    7204891601.83
AEA TECHNOLOGY             AATGBP    -98795549.33     133685509.1
M 2003 PLC             203055Q LN  -2203513803.24   7204891601.83
SKYEPHARMA PLC             SKPEUR   -130883498.29    153620497.99
RANK GROUP PLC             RNKUSD     -6412999.92    835001785.71
NEW STAR ASSET           3226431Q   -397718014.22    292972714.58
SAATCHI & SA-ADR          SSI$ LN   -119260804.15    705060824.55
SKYEPHAR-RTS N/P          SKPN VX   -130883498.29    153620497.99
AEA TECHNOLOGY             AAT LN    -98795549.33    133685509.1
AEA TECHNOLOGY             AAT EO    -98795549.33    133685509.1
LADBROKES PLC              LAD NQ   -478059993.74   1887316678.66
THORN EMI-ADR             THN$ LN  -2265916256.89   2950021937.14
RANK GROUP PLC          RNKGBP EO     -6412999.92    835001785.71
RANK GROUP PLC             RNK TQ     -6412999.92    835001785.71
LADBROKE GRP-OLD          LADB BB   -478059993.74   1887316678.66
PREMIER FARN-ADR            PIFLY     -7994895.94    689988072.4
RENTOKIL INITIAL           RTO TQ    -90219248.82   3493481471.08
WATSON & PHILIP           WTSN LN   -120493900.04    252232072.87
PREMIER FARNELL            PFL EO     -7994895.94    689988072.4
COMPASS GRP-ADR             CMSGY   -668101173.88   2972459078.38
TOPPS TILES PLC            TPT EU   -101299346.32    170960682.59
DANKA BUS SYSTEM      3205291Q EO   -497127008       121439000
RANK GROUP PLC             RNKDKK     -6412999.92    835001785.71
RANK GROUP PLC             RNK PO     -6412999.92    835001785.71
RANK GROUP PLC             RNK LN     -6412999.92    835001785.71
COMPASS GRP-ADR             CMSJY   -668101173.88   2972459078.38
RANK GROUP PLC             RNK VX     -6412999.92    835001785.71
STV GROUP PLC              SMG IX    -24923249.67    194430485.8
RANK GROUP PLC             RNK GR     -6412999.92    835001785.71
AIRTOURS PLC               AIR LN   -379721841.57   1817512773.61
PREMIER FARNELL            PFL EU     -7994895.94    689988072.4
SKYEPHARMA -SUB          2976665Z   -130883498.29    153620497.99
PREMIER FARNELL            PFL PO     -7994895.94    689988072.4
MARCONI PLC                 NI BB  -2203513803.24   7204891601.83
PREMIER FARNELL            PFL EB     -7994895.94    689988072.4
BRITISH SKY BROA           BSY VX    -30607499.6    8332527670.8
PREMIER FARNELL            PFLEUR     -7994895.94    689988072.4
SKYEPHAR-RTS F/P             SKPF   -130883498.29    153620497.99
ORBIS PLC                   ORBSF     -4168498.48    127701679.5
LEEDS UNITED PLC          889687Q    -73166148.8     143762193.66
PARK GROUP PLC             PKG PO    -61525595.88    223674903.79
EMI GROUP PLC              EMI VX  -2265916256.89   2950021937.14
REGUS PLC-ADS            REGSY US    -46111835.37    367181111
PREMIER FARNELL         PFLSEK EO     -7994895.94    689988072.4
SKYEPHAR-RTS N/P          SKPN LN   -130883498.29    153620497.99
AIRTOURS PLC               AIR VX   -379721841.57   1817512773.61
STV GROUP PLC              SMG PZ    -24923249.67    194430485.8
TOPPS TILES PLC            TPT PZ   -101299346.32    170960682.59
RENTOKIL INITIAL              RTO    -90219248.82   3493481471.08
RENTOKIL INITIAL           RTO EU    -90219248.82   3493481471.08
REGUS PLC              273195Q VX    -46111835.37    367181111
PREMIER FARNELL            PFL NQ     -7994895.94    689988072.4
REGUS PLC-ADS            REGSV US    -46111835.37    367181111
REGUS PLC-ADS             REGS US    -46111835.37    367181111
NORTHERN ROCK              NRK VX   -586206492.33 152084295061.92
ENTOKIL INITIAL         RTOUSD EU    -90219248.82   3493481471.08
RENTOKIL INITIAL         RTOKF US    -90219248.82   3493481471.08
RENTOKIL INITIAL           RTOUSD    -90219248.82   3493481471.08
NORTHERN ROCK         2733273Q EO   -586206492.33 152084295061.92
RENTOKIL INITIAL           RTO GR    -90219248.82   3493481471.08
BRITISH ENER-BLK          BGYB AR  -5822867500.78   4921095749.61
PREMIER FARNELL            PML GR     -7994895.94    689988072.4
RENTOKIL INITIAL           RTOGBP    -90219248.82   3493481471.08
SFI GROUP PLC              SUF LN   -108067115.81    177647536.08
RANK GROUP PLC          RNKEUR EO     -6412999.92    835001785.71
RANK GROUP PLC            RNKA GR     -6412999.92    835001785.71
UTC GROUP                  UGR LN    -11904426.45    203548565.03
TELEWEST COM-ADR          940767Q  -3702234580.99   7581020925.22
RANK GROUP PLC             RNK NQ     -6412999.92    835001785.71
RENTOKIL INITIAL           RTO BQ    -90219248.82   3493481471.08
TOPPS TILES PLC            TPT TQ   -101299346.32    170960682.59
TOPPS TILES PLC         TPTGBP EO   -101299346.32    170960682.59
REGUS LTD              273187Q LN    -46111835.37    367181111
SMITHS NEWS PLC        NWS2GBP EO   -124124665.08    201361828.57
REGUS PLC                  RGU GR    -46111835.37    367181111
JESSOPS PLC             JSPGBP EO    -27246210.42    167576832.77
RANK GROUP-ADR            RNK$ LN     -6412999.92    835001785.71
TOPPS TILES PLC            TPT VX   -101299346.32    170960682.59
RANK ORG PLC             RANKY SP     -6412999.92    835001785.71
RANK GROUP-ADR           RANKY US     -6412999.92    835001785.71
DANKA BUS-C/E CE         DANKC AR   -497127008       121439000
STV GROUP PLC             STVG EU    -24923249.67    194430485.8
RENTOKIL-SP ADR           AP76 LI    -90219248.82   3493481471.08
DAWSON HOLDINGS        DWN1EUR EO    -18157019.88    210051798.58
BRIT NUCLEAR             1046Z LN  -4247644149.6   40325778907.11
BNB RECRUITMENT            BNB PO    -10242628.15    103637711.19
BRIT SKY BROADCA          BSYB GR    -30607499.6    8332527670.8
GALIFORM PLC              GFRM EB    -84844622.18    585251745.06
BRITISH ENER-$US           BGYNYD  -5822867500.78   4921095749.61
BNB RECRUITMENT            BQX GR    -10242628.15    103637711.19
ATKINS (WS) PLC         ATKGBP EO    -36314039.75   1257996718.47
HILTON GROUP PLC           HG/ LN   -478059993.74   1887316678.66
PREMIER FARNELL            PFL IX     -7994895.94    689988072.4
HILTON GROUP PLC            HG PO   -478059993.74   1887316678.66
HILTON GROUP PLC            HLTGF   -478059993.74   1887316678.66
BNB RECRUITMENT            BNB LN    -10242628.15    103637711.19
SCOTTISH MEDIA           1442Q GR    -24923249.67     194430485.8
THORN EMI-REGD           1772Q GR  -2265916256.89    2950021937.14
EASYNET GROUP              EAY GR    -45232889.17     322770283.93
GALIFORM PLC           GFRMGBP EO    -84844622.18     585251745.06
GALIFORM PLC           GFRMNOK EU    -84844622.18     585251745.06
GALIFORM PLC           GFRMNOK EO    -84844622.18     585251745.06
BRITISH SKY BROA          BSY LN     -30607499.6     8332527670.8
GALIFORM PLC             GFRM IX     -84844622.18     585251745.06
GALIFORM PLC              MFI PO     -84844622.18     585251745.06
GALIFORM PLC             GFRM EO     -84844622.18     585251745.06
STV GROUP PLC            STVG VX     -24923249.67     194430485.8
GALIFORM PLC             GFRM NR     -84844622.18     585251745.06
STYLES & WOOD GR       STYEUR EU     -56925299.42     107404841.17
STV GROUP PLC         STVGEUR EO     -24923249.67     194430485.8
GALIFORM PLC             GFRM EU     -84844622.18     585251745.06
GALIFORM PLC             GFRM BQ     -84844622.18     585251745.06
STV GROUP PLC         STVGGBP EO     -24923249.67     194430485.8
GALIFORM PLC              MFI IX     -84844622.18     585251745.06
GALIFORM PLC             GFRM TQ     -84844622.18     585251745.06
GALIFORM PLC             GFRM PZ     -84844622.18     585251745.06
VIRGIN MOB-ASSD          VMOA LN    -392165437.58     166070003.71
MARCONI PLC               MNI LN   -2203513803.24    7204891601.83
BRITISH ENERGY-A         BGYA VX   -5822867500.78    4921095749.61
VIRGIN MOBILE             UEM GR    -392165437.58     166070003.71
BRIT ENERGY PLC       555140Q VX   -5822867500.78    4921095749.61
PREMIER FARNELL           PFL VX      -7994895.94     689988072.4
SKYEPHARMA PLC           SK8A GR    -130883498.29     153620497.99
GALIFORM PLC          GFRMEUR EU     -84844622.18     585251745.06
THORN EMI-ADR           TORNY US   -2265916256.89    2950021937.14
JESSOPS PLC            JSPEUR EU     -27246210.42     167576832.77
THORN EMI-CDR             THN NA   -2265916256.89    2950021937.14
ORBIS PLC                 OBS LN      -4168498.48     127701679.5
COMPASS GROUP             QOP GR    -668101173.88    2972459078.38
SMITHS NEWS PLC           NWS PO    -124124665.08     201361828.57
VIRGIN MOBILE            VMOB LN    -392165437.58     166070003.71
SMITHS NEWS PLC          NWS2 TQ    -124124665.08     201361828.57
STYLES & WOOD GR          STY LN     -56925299.42     107404841.17
ATKINS (WS) PLC        ATKEUR EU     -36314039.75    1257996718.47
GALIFORM PLC             GFRM NQ     -84844622.18     585251745.06
REGUS PLC-ADS            RGUA GR     -46111835.37     367181111
BOOKER PLC-ADR          BKRUY US     -59832880.4     1298182548.71
STYLES & WOOD GR          SW2 GR     -56925299.42     107404841.17
HILTON GROUP-CRT          HIG BB    -478059993.74    1887316678.66
ATKINS (WS) PLC           ATK EU     -36314039.75    1257996718.47
BRITISH SKY BROA          BSY PO     -30607499.6     8332527670.8
EASYNET GROUP             ESY PO     -45232889.17     322770283.93
BRITISH SKY BROA       BSYUSD EO     -30607499.6     8332527670.8
ATKINS (WS) PLC           ATK EB     -36314039.75    1257996718.47
SAATCHI & SAATCH          SSI LN    -119260804.15     705060824.55
MYTRAVEL GROUP           MT/S VX    -379721841.57    1817512773.61
VIRGIN MOBILE            VMOB VX    -392165437.58     166070003.71
STYLES & WOOD GR       STYEUR EO     -56925299.42     107404841.17
BRITISH ENER-CED        BGYNY AR   -5822867500.78    4921095749.61
SMITHS NEWS PLC       NWS2EUR EU    -124124665.08     201361828.57
VIRGIN MOB-ASSD          VMOC LN    -392165437.58     166070003.71
LEEDS UNITED PLC         LUFC LN     -73166148.8      143762193.66
SAATCHI & SA-ADR          SSA US    -119260804.15     705060824.55
EMI GROUP PLC-B      1019425Q LN   -2265916256.89    2950021937.14
EMI GROUP-ADR           EMIPY US   -2265916256.89    2950021937.14
EMI GROUP-ADR            EMI$ LN   -2265916256.89    2950021937.14
SKYEPHARMA-ADR          SKYPY US    -130883498.29     153620497.99
GALIFORM PLC             GFRM PO     -84844622.18     585251745.06
EMI GROUP PLC           EMIPF US   -2265916256.89    2950021937.14
ALLDAYS PLC             ALDYF US    -120493900.04     252232072.87
EUROPEAN HOME          EHREUR EO     -14328734.27     110864074.46
EUROPEAN HOME             KLZ VX     -14328734.27     110864074.46
EUROPEAN HOME             KLZ PO     -14328734.27     110864074.46
EUROPEAN HOME          EHRGBP EO     -14328734.27     110864074.46
STYLES & WOOD GR          STY EU     -56925299.42     107404841.17
BRIT ENERGY PLC          BEN1 GR   -5822867500.78    4921095749.61
RENTOKIL INITIAL         RTO1 GR     -90219248.82    3493481471.08
SKYEPHARMA PLC            SKP VX    -130883498.29     153620497.99
GALIFORM PLC            MFIFF US     -84844622.18     585251745.06
RANK GROUP PLC         RNKEUR EU      -6412999.92     835001785.71
BRITISH ENER-$US         BGYD AR   -5822867500.78    4921095749.61
BRITISH SKY BROA          BSY EO     -30607499.6     8332527670.8
NEW STAR ASSET          NWSAF US    -397718014.22     292972714.58
BRITISH ENER-ADR        BGYNY US   -5822867500.78    4921095749.61
PREMIER FARNELL           PFL TQ      -7994895.94     689988072.4
SKYEPHARMA PLC            SKP IX    -130883498.29     153620497.99
LADBROKES PLC             LAD IX    -478059993.74    1887316678.66
BRITISH SKY BROA          BSB GR     -30607499.6     8332527670.8
BRIT ENERGY-A            BENA GR   -5822867500.78    4921095749.61
EMI GROUP PLC        3020138Q GR   -2265916256.89    2950021937.14
EMI GROUP LTD             EMI LN   -2265916256.89    2950021937.14
BRIT ENERGY PLC         BGYEF US   -5822867500.78    4921095749.61
BRIT SKY BRO-ADR         BSY$ LN     -30607499.6     8332527670.8
BRIT SKY BRO-ADR          BSY US     -30607499.6     8332527670.8
BRIT ENERGY-ADR         BHEFF US   -5822867500.78    4921095749.61
EASYNET GROUP           EZNGF US     -45232889.17     322770283.93
STYLES & WOOD GR          STY IX     -56925299.42     107404841.17
EUROPEAN HOME          EHREUR EU     -14328734.27     110864074.46
RANK GROUP-ADR        935543Q GR      -6412999.92     835001785.71
TELEWEST COMM           TWSTF US   -3702234580.99    7581020925.22
STYLES & WOOD GR       STYGBP EO     -56925299.42     107404841.17
MARCONI PLC-ADR        QUQMON AU   -2203513803.24    7204891601.83
FARNELL ELEC-RFD         FRNR LN      -7994895.94     689988072.4
BNB RECRUITMENT           BNB IX     -10242628.15     103637711.19
BOOKER PLC              1330Q GR     -59832880.4     1298182548.71
GALIFORM PLC             GFRM LN     -84844622.18     585251745.06
STV GROUP PLC            STVG EO     -24923249.67     194430485.8
STV GROUP PLC           SMGPF US     -24923249.67     194430485.8
RENTOKIL INITIAL          RTO PZ     -90219248.82    3493481471.08
PATIENTLINE PLC           PTL VX     -54677284.64     124948245.8
STYLES & WOOD GR          STY PZ     -56925299.42     107404841.17
BNB RECRUITMENT         BNBRF US     -10242628.15     103637711.19
STYLES & WOOD GR          STY EO     -56925299.42     107404841.17
STYLES & WOOD GR          STY VX     -56925299.42     107404841.17
BRITISH ENER-C/E         BGYC AR   -5822867500.78    4921095749.61
FAREPAK PLC               FPK LN     -14328734.27     110864074.46
FARNELL ELEC-ADR         FRN$ LN      -7994895.94     689988072.4
GARTLAND WHALLEY          GWB LN     -10986769.42     145352034.49
FARNELL ELEC-ADR         FRNZ LN      -7994895.94     689988072.4
EUROPEAN HOME             EHR VX     -14328734.27     110864074.46
EUROPEAN HOME             EHR LN     -14328734.27     110864074.46
EUROPEAN HOME             EHR PO     -14328734.27     110864074.46
PATIENTLINE PLC           PTL PO     -54677284.64     124948245.8
BOOKER PLC            987188Q LN     -59832880.4     1298182548.71
BRADSTOCK GROUP           BDK LN      -1855444.44     268563822.49
BOOKER PLC-ADR           BOK$ LN     -59832880.4     1298182548.71
REGUS PLC               2296Z LN     -46111835.37     367181111
RENTOKIL INITIAL          RTO IX     -90219248.82    3493481471.08
FARNELL ELECTRON         FRNL LN      -7994895.94     689988072.4
LADBROKES PLC             LAD GR    -478059993.74    1887316678.66
BRIT ENERGY LTD       523362Q LN   -5822867500.78    4921095749.61
STV GROUP PLC             SMG VX     -24923249.67     194430485.8
VIRGIN MOBILE           VGMHF US    -392165437.58     166070003.71
ATKINS (WS) PLC           ATK IX     -36314039.75    1257996718.47
BRITISH SKY BROA          BSY IX     -30607499.6     8332527670.8
STV GROUP PLC            STVG LN     -24923249.67     194430485.8
SMITHS NEWS PLC          NWS2 EO    -124124665.08     201361828.57
ATKINS (WS) PLC           ATK NQ     -36314039.75    1257996718.47
MYTRAVEL GROUP           MT/S LN    -379721841.57    1817512773.61
THORN EMI PLC            THNE FP   -2265916256.89    2950021937.14
SMITHS NEWS PLC         SMWPF US    -124124665.08     201361828.57
ANKER PLC – ASSD         ANKC LN     -21861359.81     115463159
SMITHS NEWS PLC         SMWPY US    -124124665.08     201361828.57
PATIENTLINE PLC      2928899Q EO     -54677284.64     124948245.8
ANKER PLC-ASSD           ANKA LN     -21861359.81     115463159
HILTON GROUP-ADR        HLTGY US    -478059993.74    1887316678.66
EMI GROUP PLC             EMI IX   -2265916256.89    2950021937.14
SMITHS NEWS PLC           NWS IX    -124124665.08     201361828.57
NORTHERN ROCK        2733269Q EU    -586206492.33  152084295061.92
SMITHS NEWS PLC           NWS VX    -124124665.08     201361828.57
SMITHS NEWS PLC           NWS LN    -124124665.08     201361828.57
SMITHS NEWS PLC          NWS1 EU    -124124665.08     201361828.57
NEW STAR ASSET           NSAA LN    -397718014.22     292972714.58
RANK ORG PLC-ADR       14873Z US      -6412999.92     835001785.71
MARCONI PLC-ADR         MCONY US   -2203513803.24    7204891601.83
ATKINS (WS) PLC           ATK EO     -36314039.75    1257996718.47
LADBROKES PLC-AD        LDBKY LN    -478059993.74    1887316678.66
EMI GROUP-ADR            38IS LN   -2265916256.89    2950021937.14
DAWSON HOLDINGS           DWN VX     -18157019.88     210051798.58
HILTON GROUP-CER           HG BB    -478059993.74    1887316678.66
LEEDS UNITED PLC        LDSUF US     -73166148.8      143762193.66
SMITHS NEWS PLC          NWS1 EO    -124124665.08     201361828.57
EUROPEAN HOME             EHR EO     -14328734.27     110864074.46
LEEDS SPORTING          LEDPF US     -73166148.8      143762193.66
LEEDS SPORTING            LES LN     -73166148.8      143762193.66
TOPPS TILES PLC           TPT PO    -101299346.32     170960682.59
MARCONI PLC-ADR          MONI US   -2203513803.24    7204891601.83
MARCONI PLC               MY2 GR   -2203513803.24    7204891601.83
DAWSON HOLDINGS       DWN1GBP EO     -18157019.88     210051798.58
BRITISH ENERGY-A     3012442Q LN   -5822867500.78    4921095749.61
MARCONI PLC           203083Q VX   -2203513803.24    7204891601.83
PREMIER FARNELL           PFL LN      -7994895.94     689988072.4
MARCONI PLC             MONIF US   -2203513803.24    7204891601.83
MARCONI PLC              MONI BB   -2203513803.24    7204891601.83
DAWSON HOLDINGS         DWHGF US     -18157019.88     210051798.58
SMG PLC                   SMG LN     -24923249.67     194430485.8
DAWSON HOLDINGS          DWN1 EO     -18157019.88     210051798.58
BRITISH SKY BROA          BSY EU     -30607499.6     8332527670.8
MARCONI PLC-ADR         MONIY US   -2203513803.24    7204891601.83
MARCONI PLC-ADR          MY2A GR   -2203513803.24    7204891601.83
MARCONI PLC-ADR          MCBA GR   -2203513803.24    7204891601.83
MARCONI PLC-ADR         MONIE US   -2203513803.24    7204891601.83
MARCONI PLC             MRCQF US   -2203513803.24    7204891601.83
RANK GROUP PLC            RNK EU      -6412999.92     835001785.71
M 2003 PLC              MTWOF US   -2203513803.24    7204891601.83
M 2003 PLC-ADR          MTWOE US   -2203513803.24    7204891601.83
TELEWEST COM-ADR         TWT$ LN   -3702234580.99    7581020925.22
ATKINS (WS) PLC         WATKF US     -36314039.75    1257996718.47
SMG PLC-NIL PAID         SMGN LN     -24923249.67     194430485.8
ANKER PLC                 ANK PO     -21861359.81     115463159
SMG PLC-FUL PAID         SMGF LN     -24923249.67     194430485.8
PREMIER FARNELL        PFLGBP EO      -7994895.94     689988072.4
DAWSON HOLDINGS           DWN PZ     -18157019.88     210051798.58
AMEY PLC-NEW             AMYN LN     -48862569.33     931527720.46
BRITISH SKY BROA       BSYGBP EO     -30607499.6     8332527670.8
NORTHERN ROCK             NRK LN    -586206492.33  152084295061.92
HILTON G-CRT OLD         HIGT BB    -478059993.74    1887316678.66
EASYNET GROUP-CV       91009Z LN     -45232889.17     322770283.93
ANKER PLC                DW14 GR     -21861359.81     115463159
LADBROKES PLC             LAD PO    -478059993.74    1887316678.66
LADBROKES PLC             LAD EB    -478059993.74    1887316678.66
GALIFORM PLC             GFRM VX     -84844622.18     585251745.06
SKYEPHARMA PLC          SKYEF US    -130883498.29     153620497.99
LADBROKES PLC             LAD EO    -478059993.74    1887316678.66
JESSOPS PLC               JSP IX     -27246210.42     167576832.77
RANK GROUP PLC            RNK EB      -6412999.92     835001785.71
LADBROKE GROUP           LADB LN    -478059993.74    1887316678.66
ANKER PLC                 ANK LN     -21861359.81     115463159
LADBROKES PLC             LAD EU    -478059993.74    1887316678.66
LADBROKES PLC          LADNZD EU    -478059993.74    1887316678.66
RANK GROUP PLC            RNK EO      -6412999.92     835001785.71
LADBROKES PLC             LAD TQ    -478059993.74    1887316678.66
LADBROKES PLC          LADEUR EO    -478059993.74    1887316678.66
LADBROKES PLC             LAD PZ    -478059993.74    1887316678.66
ATKINS (WS) PLC           ATK PZ     -36314039.75    1257996718.47
LADBROKES PLC          LADUSD EO    -478059993.74    1887316678.66
REGUS PLC               REGSF US     -46111835.37     367181111
JESSOPS PLC            JSPEUR EO     -27246210.42     167576832.77
JESSOPS PLC               JSP PO     -27246210.42     167576832.77
JESSOPS PLC               JS4 GR     -27246210.42     167576832.77
RENTOKIL INITIAL         RTOG IX     -90219248.82    3493481471.08
JESSOPS PLC               JSP EU     -27246210.42     167576832.77
JESSOPS PLC               JSP VX     -27246210.42     167576832.77
JESSOPS PLC               JSP PZ     -27246210.42     167576832.77
ATKINS (WS) PLC           ATK PO     -36314039.75    1257996718.47
MYTRAVEL GROUP          MYTPF US    -379721841.57    1817512773.61
KLEENEZE PLC              KLZ LN     -14328734.27     110864074.46
ATKINS (WS) PLC           ATK LN     -36314039.75    1257996718.47
LADBROKES PLC           LDBKF US    -478059993.74    1887316678.66
JESSOPS PLC               JSP EO     -27246210.42     167576832.77
ATKINS (WS) PLC        ATKEUR EO     -36314039.75    1257996718.47
ATKINS (WS) PLC           ATK VX     -36314039.75    1257996718.47
NORTHERN ROCK             NRK PO    -586206492.33  152084295061.92
LADBROKES PLC             LAD BQ    -478059993.74    1887316678.66
BRIT ENERGY PLC         BHEGF US   -5822867500.78    4921095749.61
TELEWEST COMM             TWT VX   -3702234580.99    7581020925.22
BRITISH ENERGY-A        BGYGF US   -5822867500.78    4921095749.61
LADBROKES PLC          LADGBP EO    -478059993.74    1887316678.66
ATKINS (WS) PLC           ATK NR     -36314039.75    1257996718.47
LADBROKES PLC-CE          LAD BB    -478059993.74    1887316678.66
LAMBERT FENCHURC          LMF LN      -1453050.04    1826806853.46
LADBROKES PLC             LAD NR    -478059993.74    1887316678.66
LADBROKES PLC             LAD LN    -478059993.74    1887316678.66
LADBROKES PLC-AD        LDBKY US    -478059993.74    1887316678.66
JESSOPS PLC               JSP LN     -27246210.42     167576832.77
LADBROKES PLC             LAD VX    -478059993.74    1887316678.66
DAWSON HOLDINGS       DWN1EUR EU     -18157019.88     210051798.58

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *