TCREUR_Public/090505.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, May 5, 2009, Vol. 10, No. 87

                            Headlines

A U S T R I A

ABC HAVARIEBUERO: Claims Registration Period Ends May 20
LOEWENSTARK LLC: Claims Registration Period Ends May 20
M.S. HAUSTECHNIK: Claims Registration Period Ends May 20


B E L G I U M

FORTIS INSURANCE: S&P Corrects CreditWatch Administrative Error


F I N L A N D

* FINLAND: Support Scheme for Financial Institutions Prolonged


F R A N C E

WINDERMERE XII: S&P Lowers Ratings on Class D and E Notes to Low-B


G E R M A N Y

BRAWOGE WOHNUNGSBAUGESELLSCHAFT: Claims Filing Period Ends May 27
CONZEPT WIRTSCHAFTSBERATUNG: Claims Registration Ends May 26
COPRO GMBH: Claims Registration Period Ends May 15
EDSCHA: Sale Likely in Two to Four Months, Administrator Says
KONZEPT GMBH: Claims Registration Period Ends May 25

RS-ELEKTROTECHNIK GMBH: Claims Registration Period Ends May 20
SPEICHER VAZ: Claims Registration Period Ends June 8
ILM GMBH: Claims Registration Period Ends June 19
JUICE IN THE CITY: Claims Registration Period Ends May 16


I R E L A N D

ALLIED IRISH: S&P Lowers Ratings on Hybrid Instruments to 'BB'
BANK OF IRELAND: S&P Cuts Ratings on Hybrid Instruments to 'BB'
BROKER CRM: Revenue Commissioners Files Winding-Up Petition
CORIOLANUS LTD: Standard & Poor's Junks Rating on Series 43 Notes
KETTLES COUNTRY: Goes Into Examinership

MAGNOLIA FINANCE: Moody's Withdraws 'B1' Rating on JPY5 Bil. Notes
MOTIF FINANCE: S&P Lowers Rating on Series 2007-6 Notes to 'D'
WEB APP: Lack of Funding Prompts Liquidation


I T A L Y

CHRYSLER LLC: U.S. Govt. Expects Fiat Alliance to Close June 27
FIAT SPA: U.S. Govt. Expects Chrysler Alliance to Close June 27
FIAT SPA: EU Commission Approves EUR46 Million Regional Aid


K A Z A K H S T A N

EURO COMFORT: Creditors Must File Claims by June 5
HLEBOROBNOYE LLP: Creditors Must File Claims by June 5
NUR DAULET: Creditors Must File Claims by June 5
PROM SERVICE: Creditors Must File Claims by June 5
TECH POLI: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

ERDOS COMPANY: Creditors Must File Claims by May 22
JTI CENTRAL: Creditors Must File Claims by May 22
SHERBET COMPANY: Creditors Must File Claims by May 22


R U S S I A


BALT-RYB-PROM LLC: Creditors Must File Claims by May 24
INTEGRA GROUP: May Breach US$250MM Loan, Posts US$272MM 2008 Loss
KEMSKIY WOOD: Creditors Must File Claims by June 24
MAGNITOGORSK IRON: 2008 Net Profit Down 17% Y-o-Y to US$1.08 Bln
SBERBANK: 2008 Net Profit Declines 8.3% Year-on-Year to RUR97.7BB

SEVERSTAL OAO: Steel Output Declines 21% in First Quarter 2009
VEKA LLC: Vologodskaya Bankruptcy Hearing Set September 15
WILKOM STROY: Creditors Must File Claims by June 24
WOODWORKING PLANT: Creditors Must File Claims by June 24


S L O V A K   R E P U B L I C

* EU Commission Okays Slovak Tempoary Aid Scheme for Businesses


S P A I N

INFINITY 2007-1: Fitch Cuts Rating on Class E Notes to 'BB'


S W E D E N

* SWEDEN: Commission Approves Amendments to Bank Guarantee Scheme


S W I T Z E R L A N D

AUTIMAG JSC: Claims Filing Deadline is May 8
CSO GASTRONOMICA: Creditors' Proofs of Claim Due by May 7
DEGEN + DEGEN: Creditors Must File Proofs of Claim by May 8
FLUETRANS JSC: Creditors Have Until May 7 to File Proofs of Claim
CDF COLOR: Proof of Claim Filing Deadline is May 8


T U R K E Y

* Fitch Assigns 'BB-' Rating on Turkey's US$1.5 Bil. Eurobond


U K R A I N E

ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
DIOS LLC: Court Starts Bankruptcy Supervision Procedure
ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
MARKET FIALKA: Creditors Must File Claims by May 10
MARKET-TRANS LLC: Creditors Must File Claims by May 10

OBERIG STATE: Creditors Must File Claims by May 10
YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10


U N I T E D   K I N G D O M

A & J BADMAN: Appoints Joint Liquidators from BDO Stoy
AEL LTD: Appoints Joint Liquidators from Tenon Recovery
ASHTON HAULAGE: Taps Liquidator from Tenon Recovery
AVANTI AIR: Brings in Joint Liquidators from Baker Tilly
BETTS GLOBAL: Seized by Lenders Via Pre-Pack Administration

CADOGAN BISTROS: Taps Joint Liquidators from Tenon Recovery
DOLPHIN HOTEL: To Close at the End of May After No Buyer is Found
EASTLAKE WORK: In Administration; PwC Appointed
INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
JEDBURGH KILTMAKERS: Calls in Liquidators from Tenon Recovery

RESTAURANT MANAGEMENT: In Administration; Five Outlets Closed
SAMURAI-SEC LTD: Taps Joint Liquidators from Tenon Recovery
SPORTS NETWORK: Placed Into Administration
STAINCLIFFE: Enters Into Administration; Vantis Appointed
W H WESSON LTD: Appoints Joint Liquidators from Tenon Recovery

STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery

* UK: PwC Says Corporate Insolvencies Up 56% in First Quarter 2009
* UK: Personal Insolvencies Continue to Rise, PwC Says

* Large Companies with Insolvent Balance Sheet


                         *********


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


ABC HAVARIEBUERO: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors owed money by ABC Havariebuero LLC have until May 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Guenther Eybl
         Schlagenstrasse 17
         4810 Gmunden
         Austria
         Tel: 07612/77011-0
         Fax: 07612/77011-77
         E-mail: kanzlei-eybl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 4, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


LOEWENSTARK LLC: Claims Registration Period Ends May 20
-------------------------------------------------------
Creditors owed money by Loewenstark LLC have until May 20, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61 9
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 3, 2009, for the
examination of claims.


M.S. HAUSTECHNIK: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors owed money by M.S. Haustechnik LLC have until May 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 3, 2009, for the
examination of claims.


=============
B E L G I U M
=============


FORTIS INSURANCE: S&P Corrects CreditWatch Administrative Error
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected an administrative
error on its CreditWatch placement on Fortis Insurance Belgium (A/
Watch Neg/--) and three junior subordinated debt issues by Fortis
Hybrid Financing.  The debt issues are guaranteed by Fortis SA/NV
and Fortis N.V.

On April 30, 2009, S&P inadvertently revised the implications of
the CreditWatch placement on FIB to positive from negative.  At
the same time, the implications on the three subordinated debt
issues were inadvertently revised to positive from developing.

The press release corrects these mistakes by clarifying that the
ratings on FIB remain on CreditWatch with negative implications,
and that the junior subordinated debt issues remain on CreditWatch
with developing implications.

                           Ratings List

                     Fortis Insurance Belgium

      Counterparty credit rating               A/Watch Neg/--
      Insurer Financial Strength Rating        A/Watch Neg/--

                     Fortis Hybrid Financing

      US$750 mil. junior subordinated debt*    BB/Watch Dev
      EUR500 mil. junior subordinated debt*    BB/Watch Dev
      EUR625 mil. junior subordinated debt*    BB/Watch Dev

      * Guaranteed by Fortis SA/NV and Fortis N.V.


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


* FINLAND: Support Scheme for Financial Institutions Prolonged
--------------------------------------------------------------
The European Commission on Thursday, April 30, 2009, approved
under EC Treaty state aid rules a prolongation of the Finnish
support scheme to stabilise financial markets by providing
guarantees to eligible financial institutions.  The Commission
found the measure, initially approved on November 13, 2008, to be
in line with its Guidance Communication on state aid to overcome
the financial crisis.  In particular, the measure as amended is
limited in time and scope.  The Commission therefore concluded
that the measure is an adequate means to remedy a serious
disturbance of the Finnish economy and as such in line with
Article 87.3.b of the EC Treaty.

Competition Commissioner Neelie Kroes said: "The prolongation of
the guarantee scheme provides Finland with effective means of
restoring confidence in the Finnish financial system and boosting
interbank lending, while at the same time establishing safeguards
to limit distortions of competition".

The scheme, notified on April 17, 2009, to the Commission, aims at
further stabilising financial markets by ensuring financial
institutions' access to financing.  The scheme introduces two main
modifications:

First, the temporal scope of the scheme has been extended, i.e.
the instruments guaranteed under the scheme may be issued until 31
December 2009.  Secondly, the material scope of the scheme has
been broadened, so that guarantees can now cover instruments with
a maturity of up to five years.  Previously, the maximum maturity
was three years (except for covered bonds).

All other conditions (such as eligible institutions, remuneration,
behavioural conditions) remain as laid down in the original
decision.

The Commission concluded that the amendments comply with the
conditions laid down in its Guidance Communication on state aid to
the financial sector during the crisis.  In particular, the
Commission found that the prolongation of the guarantee scheme is
non-discriminatory, limited in time (until December 31, 2009) and
scope, provides for behavioural safeguards to avoid distortions of
competition and is subject to a market-oriented remuneration from
the beneficiaries.


===========
F R A N C E
===========


WINDERMERE XII: S&P Lowers Ratings on Class D and E Notes to Low-B
------------------------------------------------------------------
Standard & Poor's Rating Services lowered its credit ratings on
the class B to F notes issued by Windermere XII FCC, and affirmed
its rating on the class G notes.  The rating on the class  notes
is unaffected.  All the rated notes remain on CreditWatch
negative.

The notes are backed by a single loan secured by "Coeur Defense",
a class A office property in La Defense, Paris, France, comprising
a total area of 177,040 sq m.

S&P understands the parties continue discussions with a view to
agreeing a restructuring plan in the near term.  The borrower was
placed under the protection of French "procedure de sauvegarde"
(safeguard proceedings) in November 2008, a form of pre-insolvency
proceeding available in France for distressed companies.

S&P is concerned that, despite prevailing legal views, the
"cessions Dailly" security (rent assignment) has not prevented the
court-appointed administrator under the current safeguard
proceedings from establishing control over the rental income.

A new property valuation was disclosed in March 2009 and resulted
in an increase in the rated note-to-value ratio to 117.9% from
94.8% (and 68.3% at closing).  S&P also understands that the
property cash flow continues to decline as a result of additional
vacancy.

These recent events cause us to be concerned about the loan's
credit quality in view of value deterioration, uncertainty about
the cash flow, and the outcome of the borrower proceedings.  S&P's
ratings were also affected by a consideration of "cession Dailly"
issue.

S&P expects these notes to remain on CreditWatch until the
discussions regarding the safeguard plan are concluded.

                           Ratings List

                        Windermere XII FCC
EUR1.519 Billion Commercial Mortgage-Backed Floating-Rate Notes

         Ratings Lowered and Kept on Creditwatch Negative

                             Rating
                             ------
         Class     To                     From
         -----     --                     ----
         B         A/Watch Neg            AAA/Watch Neg
         C         BBB/Watch Neg          AA/Watch Neg
         D         BB/Watch Neg           BBB/Watch Neg
         E         BB-/Watch Neg          BBB-/Watch Neg
         F         B/Watch Neg            BB/Watch Neg

         Rating Affirmed and Kept on Creditwatch Negative

                             Rating
                             ------
         Class     To                     From
         -----     --                     ----
         G         B/Watch Neg            B/Watch Neg


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


BRAWOGE WOHNUNGSBAUGESELLSCHAFT: Claims Filing Period Ends May 27
-----------------------------------------------------------------
Creditors of Brawoge Wohnungsbaugesellschaft mbH 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 9:10 a.m. on June 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         England

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:

         Brawoge Wohnungsbaugesellschaft mbH
         Berliner Strasse 33
         16540 Hohen Neuendorf
         Germany

         Attn: Roland Schuh, Manager
         Rohrwallallee 31
         12527 Berlin
         Germany


CONZEPT WIRTSCHAFTSBERATUNG: Claims Registration Ends May 26
------------------------------------------------------------
Creditors of Conzept Wirtschaftsberatung GmbH have until May 26,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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
         Moorfuhrtweg 11
         22301 Hamburg
         Germany
         Tel: 040/3208360

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:

         Conzept Wirtschaftsberatung GmbH
         Attn: Bjoern Gauger, Manager
         Grevesmuehlener Strasse 18
         19057 Schwerin
         Germany


COPRO GMBH: Claims Registration Period Ends May 15
--------------------------------------------------
Creditors of Copro 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 10:00 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hanau
         Room 211
         Engelhardstrasse 21
         63450 Hanau
         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:

         Tobias Kampf
         Gerichtsfach 28
         Philippsruher Allee 22
         63450 Hanau
         Germany
         Tel: 06181 – 5070366
         Fax: 06181-5070344

The court opened bankruptcy proceedings against the company on
April 17, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Copro GmbH
         Attn: Torsten Krieg and
               Holger Krieg, Managers
         Herzbergstrasse 1
         61138 Niederdorfelden
         Germany


EDSCHA: Sale Likely in Two to Four Months, Administrator Says
-------------------------------------------------------------
Marilyn Gerlach at Reuters reports that Edscha is likely to be
sold in an auction to various investors in two to four months'
time.

The report relates Edscha's court-appointed administrator, Joerg
Nerlich, said in an interview with a German newspaper Rheinische
Post the sale of the company's cabriolet activities is expected to
take place in two months' time and the car body business in about
four months.

On Feb. 12, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Edscha filed for insolvency for its European
sites on Feb. 2, putting 4,200 jobs at risk.

Reuters said the debts incurred by the company's leveraged buyout
through Carlyle in late 2002 "was not responsible" for the
insolvency filing, but the massive slump in car sales.  According
to Reuters, the company's Asian and American operations, which
employ the remaining 1,600 workers, were not affected by the
insolvency.

Washington Post disclosed the insolvency of Edscha, which
manufactures door hinges, convertible roofs and driver controls
for major carmakers, follows a 50 percent drop in some of the
company's businesses during the fourth quarter of 2008.

"Edscha succumbed to the double-barreled effect of an ailing
worldwide economy and a suffering automobile industry," Washington
Post quoted Carlyle spokesman Chris Ullman as saying.

Washington Post recalled Carlyle acquired Edscha in January 2003
and grew sales from US$1 billion in 2005 to almost US$1.4 billion
in the fiscal year that ended June 2008.


KONZEPT GMBH: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors of Konzept GmbH Personalentwicklung have until May 25,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Barbara Kohler
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Konzept GmbH Personalentwicklung
         Hoehenweg 6
         71543 Wuestenrot-Greuthof
         Germany

         Attn: Dagmar Christel Adler-Melk
         General-Wille-Strasse 304
         CH-8706 Feldmeilen-Zuerich
         Schweiz
         Germany


RS-ELEKTROTECHNIK GMBH: Claims Registration Period Ends May 20
--------------------------------------------------------------
Creditors of RS-Elektrotechnik 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 9:03 a.m. on July 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf
         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:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040/65039-0

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         RS-Elektrotechnik GmbH
         Attn: Hans-Werner Bahr, Manager
         Grossen-rader Moor 15
         25712 Grossenrade
         Germany


SPEICHER VAZ: Claims Registration Period Ends June 8
----------------------------------------------------
Creditors of Speicher VAZ GmbH have until June 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/228779-0
         Fax: 0511/228779-99

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Speicher VAZ GmbH
         Attn: Karin Hoelzel, Manager
         An der Zuckerfabrik 50
         31171 Nordstemmen
         Germany


ILM GMBH: Claims Registration Period Ends June 19
-------------------------------------------------
Creditors of ILM GmbH have until June 19, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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 Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The cCourt opened bankruptcy proceedings against the company on
April 17, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ILM GmbH
         Attn: Andreas Willig, Manager
         Muensterstrasse 12
         22529 Hamburg
         Germany


JUICE IN THE CITY: Claims Registration Period Ends May 16
---------------------------------------------------------
Creditors of Juice in the City BSLS GmbH have until May 16, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 121
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Ralf Hildebrandt
         Bahnhofstrasse 2 a
         56068 Koblenz
         Germany
         Tel: 0261 / 914 97 26
         Fax: 0261 / 914 97 27
         E-mail: info@bl-law.de
         Website: www.bl-law.de

The court opened bankruptcy proceedings against the company on
April 3, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Juice in the City BSLS GmbH
         Attn: Marcus Schall, Manager
         Firmungsstr. 19
         56068 Koblenz
         Germany


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


ALLIED IRISH: S&P Lowers Ratings on Hybrid Instruments to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'A'
long-term counterparty credit ratings on Allied Irish Banks PLC
and wholly owned subsidiary AIB Group (UK) PLC on CreditWatch with
negative implications.  At the same time, the 'A-1' short-term
counterparty credit ratings on both entities were affirmed.
Furthermore, the ratings on AIB's hybrid capital instruments were
lowered to 'BB' from 'BB+' and remain on CreditWatch with negative
implications.

"The CreditWatch placement with negative implications incorporates
S&P's view of the likely impact of the Irish government's plan --
announced April 7, 2009 -- to remove the riskiest lending from the
balance sheets of the country's main domestically owned,
commercial banks via the establishment of a National Asset
Management Agency," said Standard & Poor's credit analyst Claire
Curtin.

It also reflects S&P's view of AIB's announcement on April 20,
2009, of a need to raise an additional EUR1.5 billion in core
capital, on top of the EUR3.5 billion committed by the Government
of Ireland (AA+/Negative/A-1+) in the form of preference shares,
following a government stress test.

"The CreditWatch placement of the long-term ratings on AIB
reflects S&P's opinion that the NAMA proposal will proceed, but
also uncertainty about AIB's medium-term business and financial
profile following its capital raising and the execution of the
NAMA plan," added Ms. Curtin.

While S&P expects that the Irish government would continue to
support AIB, the level of support provided, particularly regarding
capitalization, may not be at a level consistent with the current
'A' rating.  The financial strength of AIB will not be clear until
execution of NAMA, expected in the coming months.

The continuing CreditWatch placement also reflects the very weak
outlook for the Irish economy, the still dislocated wholesale
funding market, and the related challenges faced by AIB in terms
of managing asset quality and profitability.  Continuing sharp
deterioration of the Irish economy on the bank's asset quality may
prompt negative rating action prior to the transfer of assets to
NAMA.  S&P does not currently expect the ratings on AIB to be
lowered by more than one notch, and may be affirmed.

The CreditWatch placement of AIB's undated capital instruments
reflects S&P's view that, while AIB may continue to be willing to
service the coupons on these instruments, uncertainty persists
about whether the authorities, particularly the European
Commission, will continue to allow AIB to do this.  S&P will
resolve the CreditWatch placement of these instruments when the
authorities' position becomes clearer.  Should there be no
impediment to AIB servicing its hybrid obligations the ratings on
these instruments may be affirmed.  Should the instruments be
downgraded as a result of S&P's view of increased deferral risk
arising from potential authorities' intervention, they are likely
to be downgraded to the 'B' range or lower.


BANK OF IRELAND: S&P Cuts Ratings on Hybrid Instruments to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'A'
long-term counterparty credit rating on Bank of Ireland (the
trading name of the Governor and Company of the Bank of Ireland)
on CreditWatch with negative implications.  At the same time, the
'A-1' short-term counterparty credit rating on BOI was affirmed.
Furthermore, the ratings on BOI's hybrid capital instruments were
lowered to 'BB' from 'BB+', and remain on CreditWatch with
negative implications.

"The CreditWatch placement follows our consideration of the Irish
government's plan -- announced April 7, 2009 -- to remove the
riskiest lending from the balance sheets of the country's main
domestically owned, commercial banks via the establishment of a
National Asset Management Agency," said Standard & Poor's credit
analyst Giles Edwards.

The impact of the planned transfer of assets to NAMA has been
factored into S&P's assessment of BOI's stand-alone credit
profile.  S&P now factors two notches of support into the ratings
on BOI, reflecting S&P's view that the government will provide
further support to BOI if required.  S&P considers BOI to be of
high systemic importance to the Irish banking sector.

The CreditWatch placement of the long-term rating on BOI reflects
S&P's expectation that the NAMA proposal will proceed, but also
uncertainty about the financial profile of BOI following the
execution of the NAMA plan.  While S&P expects that the Irish
government would continue to support BOI, the level of support
provided, particularly regarding capitalization, may not be
consistent with the current 'A' rating.

"The CreditWatch placement with negative implications also
reflects the very weak outlook for the Irish economy, the still
dislocated wholesale funding market, and the related challenges
faced by BOI in terms of managing asset quality and
profitability," added Mr. Edwards.  S&P expects to resolve the
CreditWatch placement when S&P has more details on the NAMA plan,
but continuing deterioration of the Irish economy could prompt
negative rating action prior to this.  S&P does not currently
expect the ratings on BOI to be lowered by more than one notch,
and they may be affirmed.  An affirmation could result if S&P
consider that, following the execution of the NAMA plan, the
bank's financial profile will be comfortably positioned to weather
the economic downturn.

The CreditWatch placement of BOI's undated capital instruments
reflects S&P's view that, while BOI may continue to be willing to
service the coupons on these instruments, uncertainty persists
about whether the authorities, particularly the European
Commission, will continue to allow the bank to do this.  S&P will
resolve the CreditWatch placement of these instruments when the
authorities' position becomes clearer.  Should there be no
impediment to BOI servicing its hybrid obligations, the ratings on
these instruments may be affirmed.  Should the instruments be
downgraded as a result of S&P's view of increased deferral risk
arising from potential authorities' intervention, they are likely
to be lowered to the 'B' rating level or lower.


BROKER CRM: Revenue Commissioners Files Winding-Up Petition
-----------------------------------------------------------
The Revenue Commissioners has filed a High Court petition to wind
up BrokerCRM Ltd in an effort to secure outstanding taxes.

Headquartered in Ennis, Co. Clare, Ireland, BrokerCRM Ltd --
http://www.brokercrm.com/-- is a financial software firm.


CORIOLANUS LTD: Standard & Poor's Junks Rating on Series 43 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the series 43 notes issued by
Coriolanus Ltd.  At the same time, S&P lowered and withdrew the
ratings on the CPDO notes series 2007-6 issued by Motif Finance
(Ireland) PLC.  The ratings on series 2007-3 and 2007-4 issued by
Motif Finance (Ireland) PLC were removed from CreditWatch
negative.  All transactions are constant proportion debt
obligations.

These rating actions follow S&P's review of the net asset value
calculation and analysis of the structure's ability to repay
noteholders, after the recent roll of the CDX NAIG and iTraxx
Europe indices, which make up the reference portfolio in these
transactions.

These transactions have a 10% trigger that is referred to as the
"cash-out" trigger.  If the NAV (sometimes referred to as the
"reserve amount") falls below 10%, the transaction is usually
unwound.  The low NAV means that if the "cash-out" is triggered,
the noteholders are likely to suffer principal losses, in S&P's
opinion.

The NAV for Coriolanus has fallen so that it is now closer to the
"cash-out" trigger.  The ratings on Motif Finance series 2007-6
have been lowered to 'D' and then withdrawn, because the NAV has
already fallen below the "cash-out" trigger.

Although the transactions are no longer on CreditWatch negative,
future performance could be negatively impacted by significant
spread widening in the CDX NAIG and iTraxx Europe indices.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

                          Coriolanus Ltd.
        A$13 Million Floating-Rate Secured Notes Series 43

                         Rating
                         ------
             To                        From
             --                        ----
             CCC                       BB/Watch Neg

Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn

                   Motif Finance (Ireland) PLC
A$26 Million Adjustable Leverage Debt Obligations Series 2007-6

                         Rating
                         ------
             To                        From
             --                        ----
             D                         CCC/Watch Neg
             NR                        D

            Ratings Removed From Creditwatch Negative

                   Motif Finance (Ireland) PLC
EUR5 Million Adjustable Leverage Debt Obligations Series 2007-3

                         Rating
                         ------
             To                        From
             --                        ----
             B                         B/Watch Neg

                   Motif Finance (Ireland) PLC
US$10 Million Adjustable Leverage Debt Obligations Series 2007-4

                         Rating
                         ------
             To                        From
             --                        ----
             B                         B/Watch Neg


KETTLES COUNTRY: Goes Into Examinership
---------------------------------------
The Sunday Business Post Online reports that the Kettles Country
House Hotel in north Dublin has gone into examinership in an
effort to restructure its finances.

According to the report, Tom Kavanagh, a partner of Dublin
insolvency firm Kavanagh Fennell, has been appointed as
examiner to the holding company behind the hotel.

Kettles Country House Hotel -- http://www.kettleshotel.ie/--  was
completed in January 2007; it is opened and operated by the Kettle
family who previously operated the Rolestown Inn on this site for
the preceding 30 years.


MAGNOLIA FINANCE: Moody's Withdraws 'B1' Rating on JPY5 Bil. Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of one class
of notes issued by Magnolia Finance Plc.

The rating action follows the repurchase in full of the notes in
October 2008.

The rating action is:

Magnolia Finance Plc:

(1) Series 2007-01 JPY5,000,000,000 Credit Linked Notes due
September 2012

  -- Current Rating: WR

  -- Prior Rating: B1

  -- Prior Rating Date: 23 February 2009, downgraded to B1 from
     Aaa


MOTIF FINANCE: S&P Lowers Rating on Series 2007-6 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the series 43 notes issued by
Coriolanus Ltd.  At the same time, S&P lowered and withdrew the
ratings on the CPDO notes series 2007-6 issued by Motif Finance
(Ireland) PLC.  The ratings on series 2007-3 and 2007-4 issued by
Motif Finance (Ireland) PLC were removed from CreditWatch
negative.  All transactions are constant proportion debt
obligations.

These rating actions follow S&P's review of the net asset value
calculation and analysis of the structure's ability to repay
noteholders, after the recent roll of the CDX NAIG and iTraxx
Europe indices, which make up the reference portfolio in these
transactions.

These transactions have a 10% trigger that is referred to as the
"cash-out" trigger.  If the NAV (sometimes referred to as the
"reserve amount") falls below 10%, the transaction is usually
unwound.  The low NAV means that if the "cash-out" is triggered,
the noteholders are likely to suffer principal losses, in S&P's
opinion.

The NAV for Coriolanus has fallen so that it is now closer to the
"cash-out" trigger.  The ratings on Motif Finance series 2007-6
have been lowered to 'D' and then withdrawn, because the NAV has
already fallen below the "cash-out" trigger.

Although the transactions are no longer on CreditWatch negative,
future performance could be negatively impacted by significant
spread widening in the CDX NAIG and iTraxx Europe indices.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

                          Coriolanus Ltd.
        A$13 Million Floating-Rate Secured Notes Series 43

                         Rating
                         ------
             To                        From
             --                        ----
             CCC                       BB/Watch Neg

Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn

                   Motif Finance (Ireland) PLC
A$26 Million Adjustable Leverage Debt Obligations Series 2007-6

                         Rating
                         ------
             To                        From
             --                        ----
             D                         CCC/Watch Neg
             NR                        D

            Ratings Removed From Creditwatch Negative

                   Motif Finance (Ireland) PLC
EUR5 Million Adjustable Leverage Debt Obligations Series 2007-3

                         Rating
                         ------
             To                        From
             --                        ----
             B                         B/Watch Neg

                   Motif Finance (Ireland) PLC
US$10 Million Adjustable Leverage Debt Obligations Series 2007-4

                         Rating
                         ------
             To                        From
             --                        ----
             B                         B/Watch Neg


WEB APP: Lack of Funding Prompts Liquidation
--------------------------------------------
Ian Kehoe at the Sunday Business Post Online reports that Web App
Technology, a Dublin firm that developed credit control software,
has gone into liquidation after attempts to raise external funding
failed.

The report relates directors of the company told creditors that
WebApp, founded and run by businessman David Malone, had
commitments from its investors to inject further capital into the
company, but the deal never materialized because of the economic
downturn.  The directors, as cited in the report, said the
company's costs were significantly higher in 2008, it had a
salaries bill of EUR1.2 million and overheads of EUR500,000.
"Developing software is an expensive business and we spent the
funds primarily on salaries for engineering staff, marketing and
sales activities in the US, Britain and Germany," the report
quoted the directors as saying.

WebApp, the report states, racked up debts of EUR4.2 million, most
of which is due to its shareholders, including businessman Simon
Kelly, European financial software firm Arvato and state
development agency Enterprise Ireland.

Paul McCann, a partner with accountancy firm Grant Thornton, was
appointed liquidator to the company last week, and will now
attempt to sell the company's assets, the report discloses.  The
report says according to a statement of affairs circulated to
creditors, the directors of WebApp believe that the firm’s
intellectual property is worth EUR250,000.


=========
I T A L Y
=========


CHRYSLER LLC: U.S. Govt. Expects Fiat Alliance to Close June 27
---------------------------------------------------------------
U.S. President Barack Obama on March 30, 2009, laid out a
framework for Chrysler LLC to achieve viability by partnering with
the international car company Fiat.  After a month of close
engagement with the President's Auto Task Force, Chrysler, Fiat
and their key stakeholders have made unprecedented sacrifices and
executed an agreement that positions Chrysler for a viable future.

Chrysler has not only been an icon of America's auto industry and
a source of pride for generations of American workers; it has also
been responsible for helping build our middle class, giving
countless Americans the chance to provide for their families, send
their kids to college, and save for a secure retirement.  As a
result of the sacrifices by key stakeholders and a substantial
commitment of U.S. government resources, Chrysler has an
opportunity to thrive as a long-term viable 21st century company.
To execute this agreement, Chrysler will use Section 363 of the
bankruptcy code to clear away the remaining impediments to its
successful re-launch.

      The Chrysler Fiat Alliance -- Shared Sacrifice

  * The alliance will retain Chrysler's existing factory
    footprint and continue producing Chrysler cars in U.S.
    factories. The alliance will create the sixth-largest
    global automaker, spreading R&D and design development
    costs over higher volumes, making it more competitive in
    an increasingly global and consolidating industry.

  * Fiat is contributing billions of dollars in advanced
    technology and intellectual property, and offering
    Chrysler access to a global distribution network.  Fiat's
    technology will allow Chrysler to build new fuel efficient
    cars and engines in U.S. factories.

  * The UAW has made important concessions on wages, benefits,
    and retiree health care that, while difficult, will help
    save jobs for active employees, pensions and health care
    for retirees and make Chrysler more competitive.

  * Chrysler's largest secured creditors have agreed to
    exchange their portion of the Company's US$6.9 billion
    secured claim for their pro-rata share of US$2 billion in
    cash at closing.  The Bankruptcy Court process will be
    used to confirm this treatment on those lenders that
    failed to accept the offer that was accepted by a majority
    of the lenders.

  * Daimler, Chrysler's current minority shareholder, has
    agreed to waive its share of Chrysler's US$2 billion of
    second lien debt, give up its 19% equity interest in
    Chrysler's ultimate parent, and settle its guaranty
    obligation to the PBGC by agreeing to pay US$600 million to
    Chrysler's pension funds.

  * Cerberus has agreed to waive its share of Chrysler's US$2
    billion of second lien debt and forfeit its entire equity
    stake in Chrysler.  Cerberus has also agreed to transfer
    its ownership of the Chrysler headquarters in Auburn
    Hills, Michigan to the new Chrysler alliance.  Lastly,
    Cerberus will contribute a claim it had against Daimler to
    assist in the Daimler settlement with the PBGC.

           Details on the Chrysler Fiat Alliance:

  * Fiat will contribute a free license to use all of its
    intellectual property and "know how" to capitalize
    Chrysler in exchange for 20% of the equity of the
    reorganized Chrysler.  Fiat will have the right to select
    three directors of Chrysler once reorganized. In addition,
    Fiat will have the right to earn up to 15% in additional
    equity in three tranches of 5% ? each in exchange for
    meeting performance metrics, including introducing a
    vehicle produced at a Chrysler factory in the U.S. that
    performs at 40 mpg; providing Chrysler with a distribution
    network in numerous foreign jurisdictions; and
    manufacturing state-of-the art, next generation engines at
    a U.S Chrysler facility.

  * The newly reorganized Chrysler will purchase substantially
    all of the assets of the old Chrysler out of a chapter 11
    bankruptcy case in exchange for a US$2 billion payment to
    its secured lenders.

  * This new Chrysler will establish an independent trust
    (VEBA) that will provide health care benefits for
    Chrysler's retirees.  The VEBA will be funded by a note of
    US$4.6 billion payable over approximately 13 years with a 9%
    rate of interest and will receive 55% of the equity of New
    Chrysler.  The VEBA will have the right to select one
    independent director and will have no other governance
    rights.

  * The Chrysler Pension Plans will be preserved, and their
    stability will be strengthened from the Daimler
    contribution of US$600 million.

  * The U.S. Treasury will receive 8% of the equity of the new
    Chrysler.  U.S. Treasury also has the right to select the
    initial group of four independent directors, but
    thereafter will not play a role in the governance or
    management of the Company.

  * The Governments of Canada and Ontario will together
    receive 2% of the equity of the new Chrysler.  Based on
    its substantial financial contribution, Canada will also
    have the right to select one independent director, on the
    same basis as the four independent directors initially
    chosen by the U.S.

             Details on U.S. Government Support

Consistent with the President's commitment to provide adequate
working capital to help Chrysler through this restructuring period
and loan up to US$6 billion to the Chrysler-Fiat Alliance, the
U.S.
government has committed to provide assistance sufficient to help
give Chrysler a chance to achieve financial viability.

  * Working capital: The U.S. government is prepared to
    provide approximately US$3.3 billion in debtor in
    possession financing to support Chrysler through an
    expedited chapter 11 proceeding.

  * Loan to the New Chrysler: Upon closing, the U.S.
    government is prepared to loan approximately US$4.7 billion
    to New Chrysler, in the form of a term loan with US$2.1
    billion due in 30 months and the balance 50% due on the
    7th anniversary and 50% due on the 8th anniversary of the
    loan.  The interest will be an appropriate combination of
    cash and payment-in-kind.  There is also an additional
    note of US$288 million which is a fee for making these
    loans.  The loans will be secured by a first priority lien
    on all of Chrysler's assets.

                Canadian Government Participation

  * The governments of Canada and Ontario will participate
    alongside the U.S. Treasury in lending money to Chrysler
    and New Chrysler based on a 3:1 formula using Canadian
    currency.  The amount lent by the Canadians is incremental
    to the funding referenced above.

                 Viable Financing Solution

  * Chrysler will enter into an agreement with GMAC to provide
    dealer and customer financing. This agreement will
    continue once Chrysler has emerged from bankruptcy.
    Chrysler Financial has agreed to uphold and cooperate in
    the transition of its current agreements with dealers to
    GMAC.  The U.S. Government is supporting the automotive
    restructuring initiative by promoting the availability of
    credit financing for dealers and customers, including
    liquidity and capitalization that would be available to
    GMAC, and by providing the capitalization that GMAC
    requires to support the Chrysler business.

                          Warranties

  * Chrysler will continue to honor consumer warranties.
    Yesterday, the U.S. Treasury made available the Warranty
    Support Program to Chrysler and US$280 million was funded to
    a special vehicle available to provide a backstop on the
    orderly payment of warranties for cars sold during this
    restructuring period.

              Executing the Chrysler-Fiat Alliance

While many stakeholders made sacrifices and worked constructively
in this process, some did not.  In particular, a group of
investment firms and hedge funds failed to accept reasonable
offers to settle on their debt.  In order to effectuate this
alliance without rewarding those who refused to sacrifice, the
U.S. government will stand behind Chrysler's efforts to use our
bankruptcy code to clear away remaining obligations and emerge
stronger and more competitive.

During this process, Chrysler will continue operating in the
ordinary course.  From an operating perspective, the day after the
filing will not be materially different from the day before the
filing.  These parties will be treated as follows:

  * Employees: Employees will get paid in the ordinary course,
    including salary, wages and ordinary benefits.  Workers
    compensation claims will continue to be paid by Chrysler's
    insurers.  Assuming the sale moves forward as expected,
    Pension Plan and VEBA funding will be transferred to the
    purchaser.

  * Suppliers: Chrysler will seek authority at its "first day"
    hearing to continue to pay suppliers in the ordinary
    course. In addition, the U.S. Treasury's Supplier Support
    Program will continue to operate, and Chrysler suppliers
    benefiting from the program will continue to receive that
    benefit.

  * Dealers: Chrysler will seek authority at its "first day"
    hearing to honor its customer warranties in the ordinary
    course.  Moreover, Chrysler will seek to continue to honor
    its dealer incentives for those dealers who are expected
    to continue to be part of Chrysler's distribution network
    going forward.  There are some dealers that Chrysler has
    identified and certain other dealers identified by GMAC as
    being risky credits that will not continue with Chrysler.
    It is expected that the terminated dealers will wind down
    their operations over time and in an orderly manner.

  * UAW: The modified labor agreement reached between the UAW
    and Chrysler will be operative.

  * Creditors: A majority of the Senior Secured Lenders now
    support the transaction with Chrysler.

             US Treasury Makes Known its Position
                  to the Bankruptcy Court

In a filing with the U.S. Bankruptcy Court for the Southern
District of New York, the United States of America, through the
United States Department of Treasury and its Presidential Task
Force on the Auto Industry, reiterated to Judge Gonzalez its full
support of Chrysler's efforts to become viable again through a
sale to an appropriate partner.

Acting U.S. Attorney Lev L. Dassin noted that Chrysler has
articulated the promise and potential of a new company
transformed through the bankruptcy process.  Indeed, with the
assistance from the Auto Task Force, Chrysler has convinced its
stakeholders to make meaningful concessions and has driven a hard
bargain with Fiat S.p.A. for a revamped Chrysler.

The Auto Task Force is a cabinet level group led by Treasury
Secretary Timothy F. Giethner and National Economic Council
Director Laurence H. Summers, which includes the Secretaries of
Transportation, Commerce, Labor and Energy.  It also includes the
Chair of the President's Council of Economic Advisors, the
Director of the Office of Management and Budget, the
Environmental Protection Agency Administrator and the Director of
the While House Office of Energy and Climate Change.  The members
of the Auto Task Force, along with their official designees and
the Auto Task Force's advisors, are charged wit advising the
President of the United States on the state of, and support for,
the domestic auto industry.

The U.S. Treasury informed Judge Gonzalez it intends to
participate in the Chrysler bankruptcy as a postpetition lender
and a partial owner in the contemplated Section 363 sale.

In papers filed with the Court, Treasury said it has committed to
provide Chrysler, as co-lender with Export Development Canada,
about US$4 billion in postpetition financing under the TARP.
About
US$1.8 billion will be made available on an interim basis.
Mr. Dassin adds that postpetition loan documents will provide for
events of default if Chrysler fails to achieve these conditions:

   May 4, 2009    File motion to approve the 363 Sale

   May 9, 2009    Obtained a hearing on the proposed bidding
                  procedures for the 363 Sale

   May 10, 2009   Entry of a final order approving bidding
                  procedures on the 363 Sale

   May 20, 2009   Acceptance of all bids for parties
                  participating in the auction with respect to
                  the 363 Sale

   May 29, 2009   Determination of the lead bid for the
                  auction with respect to the 363 Sale

   June 1, 2009   Hearing for approval of the 363 Sale

   June 15, 2009  Entry of a final order approving the 363
                  Sale

   June 27, 2009  Closing of the 363 Sale

Mr. Dassin said that Treasury is intervening in the Chrysler case
pursuant to authority promulgated in the Emergency Economic
Stabilization Act of 2008, the Guidelines for Automotive Industry
Financing Program, and the December 19, 2008 Written
Determination issued by the Treasury providing for the
eligibility of certain automotive companies for fund under the
TARP.

Treasury nevertheless clarifies that it must be a careful and
vigilant guardian of the public's money and thus, its support for
the Chrysler revitalization must be limited.

"In the end, it will be the actions of Chrysler and its
constituents, and their willingness and ability to resolve their
issues under the supervision of this Court that will determine
whether Chrysler survives," Mr. Dassin said.

                       About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.


                      About Chrysler

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion.  Daimler AG kept a 19.9% stake.  Late
in 2008, Daimler attempted to sell its remaining stake to
Cerberus, but talks have been stalled.

Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC.  The Treasury purchased senior
preferred stock from GMAC LLC.  In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009.  Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability.  However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.

The U.S. Government told Chrysler March 31, 2009, it would provide
up to US$6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the US$4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002).  U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.

In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.

Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.

Chrysler's says that as of Dec. 31, 2008, it had US$39,336,000,000
in assets and US$55,233,000,000 in debts.  Chrysler had US$1.9
billion in cash at that time.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FIAT SPA: U.S. Govt. Expects Chrysler Alliance to Close June 27
---------------------------------------------------------------
U.S. President Barack Obama on March 30, 2009, laid out a
framework for Chrysler LLC to achieve viability by partnering with
the international car company Fiat.  After a month of close
engagement with the President's Auto Task Force, Chrysler, Fiat
and their key stakeholders have made unprecedented sacrifices and
executed an agreement that positions Chrysler for a viable future.

Chrysler has not only been an icon of America's auto industry and
a source of pride for generations of American workers; it has also
been responsible for helping build our middle class, giving
countless Americans the chance to provide for their families, send
their kids to college, and save for a secure retirement.  As a
result of the sacrifices by key stakeholders and a substantial
commitment of U.S. government resources, Chrysler has an
opportunity to thrive as a long-term viable 21st century company.
To execute this agreement, Chrysler will use Section 363 of the
bankruptcy code to clear away the remaining impediments to its
successful re-launch.

      The Chrysler Fiat Alliance -- Shared Sacrifice

  * The alliance will retain Chrysler's existing factory
    footprint and continue producing Chrysler cars in U.S.
    factories. The alliance will create the sixth-largest
    global automaker, spreading R&D and design development
    costs over higher volumes, making it more competitive in
    an increasingly global and consolidating industry.

  * Fiat is contributing billions of dollars in advanced
    technology and intellectual property, and offering
    Chrysler access to a global distribution network.  Fiat's
    technology will allow Chrysler to build new fuel efficient
    cars and engines in U.S. factories.

  * The UAW has made important concessions on wages, benefits,
    and retiree health care that, while difficult, will help
    save jobs for active employees, pensions and health care
    for retirees and make Chrysler more competitive.

  * Chrysler's largest secured creditors have agreed to
    exchange their portion of the Company's US$6.9 billion
    secured claim for their pro-rata share of US$2 billion in
    cash at closing.  The Bankruptcy Court process will be
    used to confirm this treatment on those lenders that
    failed to accept the offer that was accepted by a majority
    of the lenders.

  * Daimler, Chrysler's current minority shareholder, has
    agreed to waive its share of Chrysler's US$2 billion of
    second lien debt, give up its 19% equity interest in
    Chrysler's ultimate parent, and settle its guaranty
    obligation to the PBGC by agreeing to pay US$600 million to
    Chrysler's pension funds.

  * Cerberus has agreed to waive its share of Chrysler's US$2
    billion of second lien debt and forfeit its entire equity
    stake in Chrysler.  Cerberus has also agreed to transfer
    its ownership of the Chrysler headquarters in Auburn
    Hills, Michigan to the new Chrysler alliance.  Lastly,
    Cerberus will contribute a claim it had against Daimler to
    assist in the Daimler settlement with the PBGC.

           Details on the Chrysler Fiat Alliance:

  * Fiat will contribute a free license to use all of its
    intellectual property and "know how" to capitalize
    Chrysler in exchange for 20% of the equity of the
    reorganized Chrysler.  Fiat will have the right to select
    three directors of Chrysler once reorganized. In addition,
    Fiat will have the right to earn up to 15% in additional
    equity in three tranches of 5% ? each in exchange for
    meeting performance metrics, including introducing a
    vehicle produced at a Chrysler factory in the U.S. that
    performs at 40 mpg; providing Chrysler with a distribution
    network in numerous foreign jurisdictions; and
    manufacturing state-of-the art, next generation engines at
    a U.S Chrysler facility.

  * The newly reorganized Chrysler will purchase substantially
    all of the assets of the old Chrysler out of a chapter 11
    bankruptcy case in exchange for a US$2 billion payment to
    its secured lenders.

  * This new Chrysler will establish an independent trust
    (VEBA) that will provide health care benefits for
    Chrysler's retirees.  The VEBA will be funded by a note of
    US$4.6 billion payable over approximately 13 years with a 9%
    rate of interest and will receive 55% of the equity of New
    Chrysler.  The VEBA will have the right to select one
    independent director and will have no other governance
    rights.

  * The Chrysler Pension Plans will be preserved, and their
    stability will be strengthened from the Daimler
    contribution of US$600 million.

  * The U.S. Treasury will receive 8% of the equity of the new
    Chrysler.  U.S. Treasury also has the right to select the
    initial group of four independent directors, but
    thereafter will not play a role in the governance or
    management of the Company.

  * The Governments of Canada and Ontario will together
    receive 2% of the equity of the new Chrysler.  Based on
    its substantial financial contribution, Canada will also
    have the right to select one independent director, on the
    same basis as the four independent directors initially
    chosen by the U.S.

             Details on U.S. Government Support

Consistent with the President's commitment to provide adequate
working capital to help Chrysler through this restructuring period
and loan up to US$6 billion to the Chrysler-Fiat Alliance, the
U.S.
government has committed to provide assistance sufficient to help
give Chrysler a chance to achieve financial viability.

  * Working capital: The U.S. government is prepared to
    provide approximately US$3.3 billion in debtor in
    possession financing to support Chrysler through an
    expedited chapter 11 proceeding.

  * Loan to the New Chrysler: Upon closing, the U.S.
    government is prepared to loan approximately US$4.7 billion
    to New Chrysler, in the form of a term loan with US$2.1
    billion due in 30 months and the balance 50% due on the
    7th anniversary and 50% due on the 8th anniversary of the
    loan.  The interest will be an appropriate combination of
    cash and payment-in-kind.  There is also an additional
    note of US$288 million which is a fee for making these
    loans.  The loans will be secured by a first priority lien
    on all of Chrysler's assets.

                Canadian Government Participation

  * The governments of Canada and Ontario will participate
    alongside the U.S. Treasury in lending money to Chrysler
    and New Chrysler based on a 3:1 formula using Canadian
    currency.  The amount lent by the Canadians is incremental
    to the funding referenced above.

                 Viable Financing Solution

  * Chrysler will enter into an agreement with GMAC to provide
    dealer and customer financing. This agreement will
    continue once Chrysler has emerged from bankruptcy.
    Chrysler Financial has agreed to uphold and cooperate in
    the transition of its current agreements with dealers to
    GMAC.  The U.S. Government is supporting the automotive
    restructuring initiative by promoting the availability of
    credit financing for dealers and customers, including
    liquidity and capitalization that would be available to
    GMAC, and by providing the capitalization that GMAC
    requires to support the Chrysler business.

                          Warranties

  * Chrysler will continue to honor consumer warranties.
    Yesterday, the U.S. Treasury made available the Warranty
    Support Program to Chrysler and US$280 million was funded to
    a special vehicle available to provide a backstop on the
    orderly payment of warranties for cars sold during this
    restructuring period.

              Executing the Chrysler-Fiat Alliance

While many stakeholders made sacrifices and worked constructively
in this process, some did not.  In particular, a group of
investment firms and hedge funds failed to accept reasonable
offers to settle on their debt.  In order to effectuate this
alliance without rewarding those who refused to sacrifice, the
U.S. government will stand behind Chrysler's efforts to use our
bankruptcy code to clear away remaining obligations and emerge
stronger and more competitive.

During this process, Chrysler will continue operating in the
ordinary course.  From an operating perspective, the day after the
filing will not be materially different from the day before the
filing.  These parties will be treated as follows:

  * Employees: Employees will get paid in the ordinary course,
    including salary, wages and ordinary benefits.  Workers
    compensation claims will continue to be paid by Chrysler's
    insurers.  Assuming the sale moves forward as expected,
    Pension Plan and VEBA funding will be transferred to the
    purchaser.

  * Suppliers: Chrysler will seek authority at its "first day"
    hearing to continue to pay suppliers in the ordinary
    course. In addition, the U.S. Treasury's Supplier Support
    Program will continue to operate, and Chrysler suppliers
    benefiting from the program will continue to receive that
    benefit.

  * Dealers: Chrysler will seek authority at its "first day"
    hearing to honor its customer warranties in the ordinary
    course.  Moreover, Chrysler will seek to continue to honor
    its dealer incentives for those dealers who are expected
    to continue to be part of Chrysler's distribution network
    going forward.  There are some dealers that Chrysler has
    identified and certain other dealers identified by GMAC as
    being risky credits that will not continue with Chrysler.
    It is expected that the terminated dealers will wind down
    their operations over time and in an orderly manner.

  * UAW: The modified labor agreement reached between the UAW
    and Chrysler will be operative.

  * Creditors: A majority of the Senior Secured Lenders now
    support the transaction with Chrysler.

             US Treasury Makes Known its Position
                  to the Bankruptcy Court

In a filing with the U.S. Bankruptcy Court for the Southern
District of New York, the United States of America, through the
United States Department of Treasury and its Presidential Task
Force on the Auto Industry, reiterated to Judge Gonzalez its full
support of Chrysler's efforts to become viable again through a
sale to an appropriate partner.

Acting U.S. Attorney Lev L. Dassin noted that Chrysler has
articulated the promise and potential of a new company
transformed through the bankruptcy process.  Indeed, with the
assistance from the Auto Task Force, Chrysler has convinced its
stakeholders to make meaningful concessions and has driven a hard
bargain with Fiat S.p.A. for a revamped Chrysler.

The Auto Task Force is a cabinet level group led by Treasury
Secretary Timothy F. Giethner and National Economic Council
Director Laurence H. Summers, which includes the Secretaries of
Transportation, Commerce, Labor and Energy.  It also includes the
Chair of the President's Council of Economic Advisors, the
Director of the Office of Management and Budget, the
Environmental Protection Agency Administrator and the Director of
the While House Office of Energy and Climate Change.  The members
of the Auto Task Force, along with their official designees and
the Auto Task Force's advisors, are charged wit advising the
President of the United States on the state of, and support for,
the domestic auto industry.

The U.S. Treasury informed Judge Gonzalez it intends to
participate in the Chrysler bankruptcy as a postpetition lender
and a partial owner in the contemplated Section 363 sale.

In papers filed with the Court, Treasury said it has committed to
provide Chrysler, as co-lender with Export Development Canada,
about US$4 billion in postpetition financing under the TARP.
About
US$1.8 billion will be made available on an interim basis.
Mr. Dassin adds that postpetition loan documents will provide for
events of default if Chrysler fails to achieve these conditions:

   May 4, 2009    File motion to approve the 363 Sale

   May 9, 2009    Obtained a hearing on the proposed bidding
                  procedures for the 363 Sale

   May 10, 2009   Entry of a final order approving bidding
                  procedures on the 363 Sale

   May 20, 2009   Acceptance of all bids for parties
                  participating in the auction with respect to
                  the 363 Sale

   May 29, 2009   Determination of the lead bid for the
                  auction with respect to the 363 Sale

   June 1, 2009   Hearing for approval of the 363 Sale

   June 15, 2009  Entry of a final order approving the 363
                  Sale

   June 27, 2009  Closing of the 363 Sale

Mr. Dassin said that Treasury is intervening in the Chrysler case
pursuant to authority promulgated in the Emergency Economic
Stabilization Act of 2008, the Guidelines for Automotive Industry
Financing Program, and the December 19, 2008 Written
Determination issued by the Treasury providing for the
eligibility of certain automotive companies for fund under the
TARP.

Treasury nevertheless clarifies that it must be a careful and
vigilant guardian of the public's money and thus, its support for
the Chrysler revitalization must be limited.

"In the end, it will be the actions of Chrysler and its
constituents, and their willingness and ability to resolve their
issues under the supervision of this Court that will determine
whether Chrysler survives," Mr. Dassin said.

                      About Chrysler

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion.  Daimler AG kept a 19.9% stake.  Late
in 2008, Daimler attempted to sell its remaining stake to
Cerberus, but talks have been stalled.

Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC.  The Treasury purchased senior
preferred stock from GMAC LLC.  In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009.  Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability.  However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.

The U.S. Government told Chrysler March 31, 2009, it would provide
up to US$6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the US$4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002).  U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.

In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.

Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.

Chrysler's says that as of Dec. 31, 2008, it had US$39,336,000,000
in assets and US$55,233,000,000 in debts.  Chrysler had US$1.9
billion in cash at that time.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


                       About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3.  The outlook on the ratings is negative.  At the
same time Moody's assigned a Ba1 Corporate Family Rating.  The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.


FIAT SPA: EU Commission Approves EUR46 Million Regional Aid
-----------------------------------------------------------
The European Commission on Wednesday, April 29, 2009, authorized,
under EC Treaty state aid rules, EUR46 million of regional
investment aid, which the Italian authorities intend to grant to
Fiat for an investment project for the production of a new car
model in Sicily.  The project involves investments to extend the
existing Fiat plant in Termini Imerese in order to change the
production process and to diversify its production . The
investment is expected to maintain existing jobs in the region.
The Commission found the measure to be compatible with the
requirements of the Regional Aid Guidelines 2007-2013 and in
particular with the rules on large investment projects, because
Fiat would not increase significantly its production capacity.
Therefore the positive impact of this investment on regional
development can be considered to outweigh potential distortions of
competition.

Competition Commissioner Neelie Kroes said: "In these difficult
times, maintaining existing jobs is of utmost importance.  This
investment project is expected to do so in Sicily without unduly
distorting competition."

The Italian authorities intend to grant to Fiat EUR46 million
regional aid for a total investment project amounting to EUR319
million.  Fiat intends to produce with this investment project in
Termini Imerese a new passenger car under the Lancia brand which
is to replace the existing Lancia small car model Ypsilon.  The
project includes the extension of the existing plant and a
significant change in the production process.

The project is to be carried out in Sicily, in Southern Italy, an
area eligible for regional aid under Article 87(3)(a) of the EC
Treaty as a region with an abnormally low standard of living and
high unemployment.

The aid is granted under an existing aid scheme but, due to the
high amount of aid and investment costs involved, the measure had
to be notified to the Commission for individual assessment and
clearance.

The Commission has assessed Fiat's position on the relevant car
market segments and found that Fiat's market share and capacity
increase resulting from this project would remain below the
thresholds provided by the Regional Aid Guidelines.

                        About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3.  The outlook on the ratings is negative.  At the
same time Moody's assigned a Ba1 Corporate Family Rating.  The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.


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


EURO COMFORT: Creditors Must File Claims by June 5
--------------------------------------------------
LLP Euro Comfort has gone into liquidation.  Creditors have until
June 5, 2009, to submit proofs of claim to:

         Griboedov Str. 59
         Kokshetau
         Akmola
         Kazakhstan


HLEBOROBNOYE LLP: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of LLP Hleborobnoye have until June 5, 2009, to submit
proofs of claim to:

         Kenesary Str. 46-38
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on Nov. 18, 2008, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


NUR DAULET: Creditors Must File Claims by June 5
------------------------------------------------
Creditors of LLP Nur Daulet have until June 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on March 20,
2009.


PROM SERVICE: Creditors Must File Claims by June 5
--------------------------------------------------
LLP Prom Service has gone into liquidation.  Creditors have until
June 5, 2009, to submit proofs of claim to:

         Husainov Str. 154
         Almaty
         Kazakhstan


TECH POLI: Creditors Must File Claims by June 5
------------------------------------------------
LLP Tech Poli Snub has gone into liquidation.  Creditors have
until June 5, 2009, to submit proofs of claim to:

         Chimkentskaya Str. 39
         Sholak-Korgan
         Suzaksky
         South Kazakhstan
         Kazakhstan


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


ERDOS COMPANY: Creditors Must File Claims by May 22
---------------------------------------------------
LLC Erdos Company has shut down.  Creditors have until May 22,
2009, to submit proofs of claim.

Inquiries can be addressed to (0-543) 07-54-92.


JTI CENTRAL: Creditors Must File Claims by May 22
-------------------------------------------------
Branch of LLC JTI Central Asia has shut down.  Creditors have
until May 22, 2009, to submit proofs of claim to:

         Erkindik Ave. 71
         Bishkek
         Kyrgyzstan


SHERBET COMPANY: Creditors Must File Claims by May 22
-----------------------------------------------------
LLC Sherbet Company Stroy Industriya has shut down.  Creditors
have until May 22, 2009, to submit proofs of claim.

Inquiries can be addressed to (0-772) 02-10-75.


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


BALT-RYB-PROM LLC: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Balt-Ryb-Prom (TIN 3910003496, PSRN
1023902051282) (Fishing Industry) have until May 24, 2009, to
submit proofs of claims to:

         A. Mikhnovets
         Temporary Insolvency Manager
         Z. Kosmodemyanskoy Str. 29
         183008 Murmansk
         Russia

The Arbitration Court of Kaliningradskaya will convene on July 6,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?21–2037/2009.

The Debtor can be reached at:

         LLC Balt-Ryb-Prom
         Portovaya Str. 1
         Pionerskiy
         Kaliningradskaya
         Russia


INTEGRA GROUP: May Breach US$250MM Loan, Posts US$272MM 2008 Loss
-----------------------------------------------------------------
Simon Shuster at Reuters reports that Integra said it expects to
be in technical breach this June of a US$250 million loan
agreement after posting a 2008 net loss of US$272 million, more
than five-times its 2007 loss.

The report relates the company said the loan, which was granted by
the EBRD and a consortium of commercial banks in February of last
year to help Integra refinance its debt and fund capital expenses,
requires a debt-to-EBITDA ratio of 2.5.

According to the report, Dmitry Avdeyev, Integra's chief financial
officer, said during a conference call that if the company
is unable to secure a waiver it will have to seek alternative
solutions as the loan may be accelerated at the discretion of the
lenders.  "There is no safe assurance that these options will be
available," the report quoted Mr. Avdeyev as saying.

Integra's net debt was about US$300 million, including a cash
position of about US$50 million, while 39 percent of its
outstanding debt of US$356 million is due within 12 months, the
report discloses.

The report states Integra said in its financial results its EBITDA
fell 23.4 percent in 2008 to US$162 million.  The company said
"The annual result has been significantly affected by the sharp
downturn in global commodities markets compounded by a lagged
application of lower export duties which resulted in a slowdown in
spending by Russian oil and gas companies", the report notes.

Headquartered in Moscow, Russia Integra Group, --
http://www.integra.ru/-- along with its subsidiaries, is engaged
in manufacturing of drilling tools and equipment, and the
provision of drilling, workover, formation evaluation and other
oil filed services to the petroleum industry in the Russian
Federation, in the Ukraine, Kazakhstan and Uzbekistan. The Company
also has certain procurement and management activities in United
States.  In September 2007, Integra Group announced that it has
executed a purchase and sale agreement to acquire Obnefteremont
(ONR), a company specializing in well workovers. In March 2008,
the Company announced the creation of Integra-MashService. In June
2008, Integra Group acquired NKRS (ZAO Nizhnevartovskyi Kapitalnyi
Remont Skvazhin), a well workover company in Khanty-Mansyisk
Autonomous Okrug.


KEMSKIY WOOD: Creditors Must File Claims by June 24
---------------------------------------------------
The Arbitration Court of Karelia commenced bankruptcy proceedings
against LLC Kemskiy Wood-Processing Plant (TIN 100200414, PSRN
1021000842840) after finding it insolvent.  The case is docketed
under Case No. ?26–5688/2008.

Creditors have until June 24, 2009, to submit proofs of claims to:

         M. Golov
         Insolvency Manager
         Office 510
         1-ya Ulitsa Yamskogo Polya 9/13
         125124 Moscow
         Russia

The Debtor can be reached at:

         LLC Kemskiy Wood-Processing Plant
         Komsomolskaya Str. 1
         Rabocheovstrovsk
         Kemskiy
         186601 Karelia
         Russia


MAGNITOGORSK IRON: 2008 Net Profit Down 17% Y-o-Y to US$1.08 Bln
----------------------------------------------------------------
RIA Novosti reports Magnitogorsk Iron and Steel Works' net profit
under International Financial Reporting Standards declined 17%
year-on-year in 2008 to US$1.08 billion.

The report relates MMK said its revenue in the reporting period
increased 29% to US$10.55 billion, while earnings before interest,
taxes, depreciation and amortization (EBITDA) dropped 8% to US$2.2
billion.

                  About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

Magnitogorsk Iron and Steel Works continues to carry a 'Ba2'
long-term corporate family and probability of default ratings from
Moody's with stable outlook.


SBERBANK: 2008 Net Profit Declines 8.3% Year-on-Year to RUR97.7BB
-----------------------------------------------------------------
Sberbank's net profit under International Financial Reporting
Standards declined by 8.3%, year-on-year, to RUR97.7 billion
(US$2.93 billion) in 2008 after it increased provisions for bad
loans by 450% to RUR97.9 billion (US$2.9 billion), RIA Novosti
reports.

The bank, the report discloses, also attributed the decline to
losses from securities transactions "as a result of a slump on the
global and Russian financial markets."

The report, however, notes the bank's net profit under IFRS
slightly exceeded the RUR97.6 billion (US$2.92 billion) consensus
forecast of analysts compiled by RIA Novosti.

Headquartered in Moscow, Russia, Sberbank Rossii OAO (AK
Sberegatel'nyi bank Rossiyskoy Federatsii OAO) --
http://www.sbrf.ru/-- is a commercial bank.  It provides a range
of corporate and retail banking services, such as payments and
transfers, currency exchange, credit cards, travelers checks,
mutual funds, precious metal trading, deposits, brokerage services
and others.  The Company owns 14 subsidiaries and affiliated
companies.

                         *     *     *

Sberbank continues to carry a 'D+' bank financial strength rating
from Moody's Investors Service with stable outlook.


SEVERSTAL OAO: Steel Output Declines 21% in First Quarter 2009
--------------------------------------------------------------
RIA Novosti reports that Severstal's steel output declined 21%,
year-on-year, in January-March to 3.8 million metric tons.

According to the report, the company said the production of rolled
products declined 18% in the reporting period to 2.9 million
metric tons, output of cast iron fell 20% to 2.6 million metric
tons and coal 32% to 2.6 million metric tons.

Headquartered in Cherepovets, Russia, Severstal OAO --
http://www.severstal.com/  -- through its subsidiaries, operates
in seven segments.  The mining segment comprises iron ore and coal
mining complexes and gold mining assets.  The Russian Steel
segment comprises the Company's steel production and automotive
galvanizing facilities.  The Lucchini segment comprises plants and
service centers, including Piombino and Ascometal business units.
The North America segment consists of two integrated iron and
steel mills.  Izhora Pipe Mill operates a large-diameter pipe mill
in Northwest Russia.  The Metalware segment comprises plants
containing wire drawing equipment that takes long products from
the Russian Steel and Lucchini segments and external suppliers and
turns them into products with a higher value for the Russian and
International markets.  The Financing segment, until November
2007, operated a retail bank. In December 2008, the Company
acquired ZAO Trade House Severstal – Invest.  In January 2008, it
acquired baracom Limited.

                           *     *     *

Severstal OAO continues to carry a 'Ba2' rating from Moody's
Investors Service with negative outlook.


VEKA LLC: Vologodskaya Bankruptcy Hearing Set September 15
----------------------------------------------------------
The Arbitration Court of Volodskaya will convene on Sept. 15, 2009
to hear bankruptcy supervision procedure on LLC Veka (TIN
3528079170, PSRN 1023501236494) (Construction Company).  The case
is docketed under Case No. ?13–2263/2009.

The Temporary Insolvency Manager is:

         L. Likhanova
         Pushkina Str. 47/1
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Veka
         Lunacharskogo Str. 51/5
         Cherepovets
         Russia


WILKOM STROY: Creditors Must File Claims by June 24
---------------------------------------------------
The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against LLC Wilkom Stroy (Construction) after finding
it insolvent.  The case is docketed under Case No. ?56–17413/2008.

Creditors have until June 24, 2009, to submit proofs of claims to:

         A. Lubyanskiy
         Insolvency Manager
         Office 28/1
         Bukharestskaya Str. 6
         192102 Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC Wilkom Stroy
         Reshetnikova Str. 3V/5N
         196105 Saint-Petersburg
         Russia


WOODWORKING PLANT: Creditors Must File Claims by June 24
--------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against LLC Woodworking Plant (TIN 1642000060) after
finding it insolvent.  The case is docketed under Case No. ?65–
19830/2008-SG4–21.

Creditors have until June 24, 2009, to submit proofs of claims to:

         I. Zakirov
         Insolvency Manager
         Post User Box 813
         Zelenodolsk
         422540 Tatarstan
         Russia

The Debtor can be reached at:

         LLC Woodworking Plant
         Slavyanskiy Pereulok 1
         Urussu
         Yutazinskiy
         Tatarstan
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


* EU Commission Okays Slovak Tempoary Aid Scheme for Businesses
---------------------------------------------------------------
The European Commission on Thursday, April 30, 2009, authorized,
under EC Treaty state aid rules, a Slovak measure to help
businesses to deal with the current economic crisis.  Aid of up to
EUR500,000 per firm may be granted in 2009 and 2010 to businesses
facing funding problems because of the current credit squeeze.
The scheme meets the conditions of the Commission's Temporary
Framework for state aid measures, which gives Member States
additional scope to facilitate access to financing in the present
economic and financial crisis.  It is therefore compatible with
Article 87(3)(b) of the EC Treaty, which permits aid 'to remedy a
serious disturbance in the economy of a Member State'.

"The scheme will help to alleviate difficulties faced by Slovak
businesses affected by the current financial crisis without giving
rise to any undue distortions of competition", said Competition
Commissioner Neelie Kroes.

The scheme is based on the provisions of the Temporary Framework
that deals with compatible aid of a limited amount.  In
particular, the maximum amount of aid does not exceed EUR500,000
per company and the scheme applies only to businesses which were
not in difficulty on July 1, 2008.

The aid will be available inter alia in the form of grants and
remission of penalties for non payment of taxes.  Under the
scheme, limited amounts of compatible aid can be granted as from
its approval by the Commission until December 31, 2010.


=========
S P A I N
=========


INFINITY 2007-1: Fitch Cuts Rating on Class E Notes to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded Infinity 2007-1 "SoPRANo" commercial
mortgage-backed notes due November 2019:

  -- EUR706.7 million class A (FR0010478420) downgraded to 'AA+'
     from 'AAA'; Outlook Stable

  -- EUR51.7 million class B (FR0010478438) downgraded to 'AA'
     from 'AAA'; Outlook Stable

  -- EUR47.6 million class C (FR0010478446) downgraded to 'A' from
     'AA'; Outlook Stable

  -- EUR42 million class D (FR0010478453) downgraded to 'BBB' from
     'A'; Outlook Stable

  -- EUR47.6 million class E (FR0010478479) downgraded to 'BB'
     from 'BBB'; Outlook Stable

Infinity 2007-1 "SoPRANo", which closed in May 2007, is a
synthetic securitization of 15 commercial mortgage loans
originated in Germany, France and Spain by Natixis (rated
'A+' /'F1+'/Stable) and Capmark AB No.2.

The downgrades reflect the adverse impact of the deteriorating
conditions in the respective commercial property markets on the
creditworthiness of the transaction's reference loan pool.

The reference loan pool had a reported weighted average loan-to-
value ratio of 66.5% as of the January 2009 interest payment date.
Following the January IPD, Natixis provided the agency with
updated valuation reports on 13 of the 15 loans which, on an
overall basis, point to a largely unchanged collateral portfolio
value since closing of the transaction.  This compares to an
estimated current WA Fitch LTV of 87.3% and an implied market
value decline of 23%.

As approximately 76% of the reference loan pool by debt balance is
due to mature in 2011, the transaction may be subject to
considerable refinance risk if the current constrained conditions
in the lending market fail to ease in the near term.

The current reference pool is dominated by two large loans, "EHE
Pool A" and "Leipzig", which together account for 65% of the
aggregate debt balance.  By aggregate debt balance, the three
German loans represent 72.6% of the reference pool, the 12 French
loans 19.5% and the Spanish loan 7.9%. Retail properties account
for 90% of reference loan pool's collateral portfolio.

As at closing, the reference loan pool had an initial aggregate
loan balance of EUR1,028.4 million, secured on a commercial real
estate portfolio comprising 67 properties located in Germany,
France and Spain.  As of the January 2009 IPD, the aggregate loan
balance had fallen to EUR937 million.  Since closing, one loan has
partially prepaid following an asset disposal.

Fitch will continue to monitor the performance of the transaction.


===========
S W E D E N
===========


* SWEDEN: Commission Approves Amendments to Bank Guarantee Scheme
-----------------------------------------------------------------
The European Commission on Tuesday, April 28, 2009, approved under
EC Treaty state aid rules a package of amendments to the Swedish
state guarantee scheme for financial institutions, initially
approved on 30 October 30, 2008, and January 29, 2009.  The
changes concern the prolongation of the scheme's validity until
October 31, 2009, and the extension of its scope.  The Commission
found that the amendments were in line with its guidance on state
aid to banks during the crisis.  In particular, they are well
targeted, proportionate and limited in time and scope.  The
amended Swedish guarantee scheme is therefore compatible with
Article 87.3.b of the EC Treaty, which permits aid to remedy a
serious disturbance in the economy of a Member State.

Competition Commissioner Neelie Kroes said: "The global financial
crisis is not over and there is still a need to build confidence
and keep credit channels open.  The Swedish guarantee scheme
remains an appropriate and proportionate form of support and we
can therefore approve it for another six months".

On March 16, 2009, Sweden notified the following modifications to
its support measures for the banking industry:

    * Prolongation of the period during which guarantees can be
      provided by six months, until October 31, 2009 (instead
      of April 30

    * Extension of the material scope of the scheme by including
      uncollateralized debt instruments with a term of up to five
      years, years.  However, a strict limit is attached to the
      amount of guaranteed debt instruments with longer maturity.
      Accordingly, a maximum of SEK500 billion of guaranteed
      instruments with terms over three years will be allowed.
      The total amount of guarantees that can be granted under the
      scheme remains unchanged at SEK1,500 billion.

    * Amendment of the eligibility criteria for institutions
      covered by the scheme.  Participating banks will only need
      to meet the basic legal capital requirements (and not the
      enhanced capital levels that applied previously).  However,
      as before, only solvent institutions may benefit from the
      guarantee.

The purpose of the changes is to improve the short and medium term
lending and help to smooth the banks' transition from reliance on
state guarantees as markets recover.  The Commission found that
the amendments are well targeted, proportionate, and limited in
time and scope.  The Commission therefore concluded that the
scheme remains in line with the conditions laid down in the
Commission Communication on state aid to the financial sector in
the context of the current financial crisis and constitutes an
appropriate means to restore confidence in the Swedish financial
market and to stimulate inter-bank lending.


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


AUTIMAG JSC: Claims Filing Deadline is May 8
--------------------------------------------
Creditors of Autimag JSC are requested to file their proofs of
claim by May 8, 2009, to:

         Autimag ??
         Sanja Geisser
         Tanne 270
         9044 Wald
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on Feb. 25, 2009.


CSO GASTRONOMICA: Creditors' Proofs of Claim Due by May 7
---------------------------------------------------------
Creditors of CSO Gastronomica JSC are requested to file their
proofs of claim by May 7, 2009, to:

         Advisa Treuhand JSC
         Lagerstrasse 8
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at Canton Court
Graubuenden on Jan. 26, 2007.


DEGEN + DEGEN: Creditors Must File Proofs of Claim by May 8
-----------------------------------------------------------
Creditors of Degen + Degen Architektur LLC are requested to file
their proofs of claim by May 8, 2009, to:

         Martin Degen
         Liquidator
         Sackweidhoe 26
         6012 Obernau
         Switzerland

The company is currently undergoing liquidation in Kriens LU.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting on March 16, 2009.


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

         Advisa Treuhand JSC
         Lagerstrasse 8
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Ruschein.  The
decision about liquidation was accepted at a general meeting held
on Sept. 22, 2004.


CDF COLOR: Proof of Claim Filing Deadline is May 8
--------------------------------------------------
Creditors of CDF Color Design Frick LLC are requested to file
their proofs of claim by May 8, 2009, to:

         Christoph Vogel
         CDF Color Design Frick LLC
         Werkstrasse 3
         5070 Frick
         Switzerland

The company is currently undergoing liquidation in Frick.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 5, 2008.


===========
T U R K E Y
===========


* Fitch Assigns 'BB-' Rating on Turkey's US$1.5 Bil. Eurobond
-------------------------------------------------------------
Fitch Ratings has assigned the Republic of Turkey's forthcoming
US$1.5bn eurobond, due on November 7, 2019, a 'BB-' (BB minus)
rating.  The eurobond has a coupon rate of 7.5%, with a yield to
investors of 7.6% and a spread over US Treasury Bonds of 448 basis
points.  The rating is in line with Turkey's Long-term foreign
currency Issuer Default Rating, which has a Stable Outlook.

"Turkey's sovereign Eurobond, following the US$1 billion issue in
January, highlights its continued international capital market
access in challenging global conditions and suggests that the
Treasury's 2009 Financing Programme Eurobond issuance target of
US$3.5 billion remains on track," says Edward Parker, Head of
Emerging Europe in Fitch's Sovereigns team.

Nevertheless, Turkey faces a challenging outlook, with the global
financial crisis and recession taking its toll on Turkey's economy
and public finances.  Fitch has revised its forecast for the
contraction in real GDP this year to 4.5% from 3% previously,
largely reflecting the depth of the recession in Q408 and Q109,
while leaving its forecast for GDP growth of 2.5% for 2010
unchanged.  Notwithstanding poor recent activity indicators,
Turkey's relatively closed and moderately-leveraged economy, as
well as terms of trade gains from lower energy prices, should add
up to better near-term growth prospects than in many countries in
emerging Europe.

More favorably, recent outturns show a sharp reduction in the
current account deficit, which Fitch projects to narrow to just
US$8 billion (1.5% of GDP) in 2009, from US$41.6 billion (5.8%) in
2008.  Nonetheless, 2009 medium- and long-term amortization of
US$53 billion (including non-resident holdings of domestic debt),
plus short-term debt of US$48 billion represent a sizable
financing requirement.  In view of the challenging economic and
financial environment, Fitch believes the agreement of a new IMF
loan program would reduce external financing risks.

Turkey's sovereign ratings are underpinned by its high GDP per
capita, which at US$10,100 (in 2008 at market exchange rates) is
the highest in the 'BB' rating category.  Prior to the current
economic downturn, real GDP growth averaged 6.9% in the five years
to 2007.  Turkey's ratings are also supported by its strong
banking sector, which is moderate in size, well capitalized, has a
close to balanced net external debtor position, has no significant
open FX position or FX lending to households and a low loan-to-
deposit ratio of only 75%.  Other strengths include Turkey's
favorable business climate and governance, its customs union with
the EU, its track record in attracting FDI, low commodity price
dependence and good modern debt service record.


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


ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk  commenced bankruptcy
supervision procedure on LLC Active-Center (code EDRPOU 33338424).

The Insolvency Manager is:

         M. Salova
         Office 75
         Suvorov Str. 11-B
         49089 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 Active-Center
         Office 5
         Zaporozhsky Blind Alley 5
         49055 Dnepropetrovsk
         Ukraine


DIOS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Dios (code EDRPOU 31124238).

The Insolvency Manager is:

         I. Ternova
         Gagarin Avenue 169/4/43
         49000 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 Dios
          Liebkneht Str. 7
          Krivoy Rog
          Dnepropetrovsk
          Ukraine


ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of LLC Energygroup Vertical (code EDRPOU 34779579) have
until May 10, 2009, to submit proofs of claim to:

         LLC Financial Initiative
         Insolvency Manager
         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev 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 Energygroup Vertical
         Lenin Str. 1-a
         Klavdiyevo-Tarasovo
         Borodiansky
         07850 Kiev
         Ukraine


MARKET FIALKA: Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of Common Enterprise Market Fialka (code EDRPOU
14194858) have until May 10, 2009, to submit proofs of claim to:

         A. Yuditsky
         Insolvency Manager
         Office 9
         Khimikov Avenue 60
         18018 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 17, 2009.  The case is docketed under
Case No. 14/656.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

          Common Enterprise Market Fialka
          I. Franko str. 17
          Smila
          20700 Cherkassy
          Ukraine


MARKET-TRANS LLC: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of LLC Market-Trans (code EDRPOU 35590102) have until
May 10, 2009, to submit proofs of claim to:

         K. Kavtaridze
         Insolvency Manager
         Oreshanka
         Zolochev
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on March 31, 2009.  The case is
docketed under Case No. B-19/35-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine


OBERIG STATE: Creditors Must File Claims by May 10
--------------------------------------------------
Creditors of State Agricultural Enterprise Oberig (code EDRPOU
00487551) have until May 10, 2009, to submit proofs of claim to:

         S. Sautenko
         Insolvency Manager
         Office 47
         Geroyev Truda Str. 58
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on April 3, 2009.  The case is
docketed under Case No. B-24/158-07.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         State Agricultural Enterprise Oberig
         Shevchenko str. 1
         Merefa
         Kharkov
         Ukraine


YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10
------------------------------------------------------------
Creditors of Agricultural LLC Yubileyny (code EDRPOU 30903913)
have until May 10, 2009 to submit proofs of claim to:

         N. Gapina
         Insolvency Manager
         Office 4
         Gogol Str. 11
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company on March 25, 2009.  The case is docketed under
Case No. 6/79-B-08.

The Court is located at:

         The Economic Court of Herson
         Gorky Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

          Agricultural LLC Yubileyny
          Melitopol Str. 11
          Kakhovka
          74800 Herson
          Ukraine


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


A & J BADMAN: Appoints Joint Liquidators from BDO Stoy
------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of : A & J Badman
Ltd. on April 8, 2009, for the creditors' voluntary winding-up
proceeding.

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

         One Victoria Street
         Bristol
         BS1 6AA
         England


AEL LTD: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Fox, Alexander Kinninmonth and Nigel Fox of Tenon Recovery
were appointed joint liquidators of AEL (Dorset) Ltd. on April 8,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


ASHTON HAULAGE: Taps Liquidator from Tenon Recovery
---------------------------------------------------
Matthew Colin Bowker of Tenon Recovery were appointed joint
liquidators of Ashton Haulage Ltd. on March 27, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


AVANTI AIR: Brings in Joint Liquidators from Baker Tilly
--------------------------------------------------------
Lindsey Jane Cooper and Donald Bailey of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of Avanti Air
Conditioning Limited (formerly Crackdown Limited) on March 31,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         3 Hardman Street
         Manchester
         M3 3HF
         England


BETTS GLOBAL: Seized by Lenders Via Pre-Pack Administration
-----------------------------------------------------------
Jonathan Sibun at Telegraph.co.uk reports that lenders to Betts
Global seized control of the toothpaste tube maker via a pre-pack
administration, leaving Gresham Private Equity with millions of
pounds in losses.

The report relates Betts, which was acquired by Gresham for GBP110
million in October 2007, has been placed in administration after
the company breached its banking covenants.  Betts, the report
discloses, had group debts of GBP94.1 million made up of GBP53
million of bank loans and GBP39 million in shareholder debts.  The
report recalls in last year's accounts auditors KMPG said "The
group's ability to continue as a going concern is dependant upon
the directors successfully agreeing with its shareholders and
bankers such steps, including new shareholder loans, refinancing
its loan facilities or agreeing new covenants, that enable it to
meet its loan covenants at June 30, 2009".

Gresham, the report states, is thought to have ploughed GBP39
million of equity into Betts, which employs about 1,500 people in
eight countries, since agreeing a secondary buy-out from Permira,
Royal Bank of Scotland and Bank of Scotland.

According to the report, Paul Marson-Smith, managing partner at
Gresham, said that while the lenders, including CIT Group, GMAC,
Icelandic bank Glitnir and South Africa's Nedbank, had taken full
control of Betts, Gresham retained an interest in the company that
would allow it to profit if trading at the toothpaste tube company
were to "get back on track".  The report notes no jobs have been
lost as a result of the restructuring.


CADOGAN BISTROS: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint liquidators of Cadogan Bistros Ltd. on April 2, 2009, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


DOLPHIN HOTEL: To Close at the End of May After No Buyer is Found
-----------------------------------------------------------------
Southampton's Dolphin Hotel is to close at the end of May after no
buyer could be found for the business, thisishampshire.net
reports.

According to the report, despite slashing the sale price of the
building from GBP5 million to GBP3 million, the Grade II listed,
65-bedroom hotel failed to attract a buyer.

"Unfortunately a buyer has not come forward to purchase the
business as a going concern and as the hotel needs significant
investment and repairs to remain open in the longer term, we have
no option but to cease trading," the report quoted Jane Moriarty
and Richard Hill of administrators KPMG Restructuring, as saying.
"We will continue to market the property for sale and hope that we
will eventually see a refurbished hotel reopen again at some point
in the future."

The hotel's closure will result in the loss of 33 jobs, the report
states.

The report recalls administrators were called into the business in
November last year when debts climbed to GBP4.7 million after
losses more than doubled from GBP313,000 in 2006 to GBP731,000 in
2007.


EASTLAKE WORK: In Administration; PwC Appointed
-----------------------------------------------
Bruce Cartwright and Laurie K Manson of PricewaterhouseCoopers LLP
were appointed as Joint Administrators to Eastlake Work Group
Limited on May 1, 2009.

They have also been appointed as Joint Administrators to Burdew
Contract Furniture Limited, Work Inc. Group Limited and as Joint
Receivers to Eastlake Commercial Interiors Limited.  Together with
Garth Calow, they have also been appointed as Joint Administrators
to the Belfast-based CM3 Limited.  The Group's subsidiary
facilities management company Work Facilities Limited is not in
administration.

Eastlake Work Group Limited was established in 1975 as a small
family run office supplies group and has grown to be a market
leader in the provision of workplace services.

The Group has a turnover of approximately GBP70 million per annum,
and currently employs over 500 staff and trades from East
Kilbride, Belfast, Wakefield, London, Manchester, Cardiff and
Newcastle.

Providing specialist knowledge, services and products, its
individual subsidiary businesses include:

    * Burdew Contract Furniture Limited - bespoke office furniture

    * Eastlake Commercial Interiors Limited - furniture and fit
      out, office design, space design and property services

    * Work Inc. Group Limited - furniture and fit out, office
      design, space design and property services

    * CM3 Limited - office design, fit out, space design,
      furniture and graphic design

The insolvencies were triggered by cash flow problems caused by
customers delaying discretionary spend as a result of the general
economic downturn.

Bruce Cartwright, Joint Administrator and Head of Business
Recovery Services at PricewaterhouseCoopers LLP in Scotland, said:

"The Group has grown successfully both organically and by
acquisition and is well regarded by its customers.

"With the support of key customers, we hope to trade the business
for a period of time while a buyer is sought."


INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Inner Sanctuary Spas Ltd. on
April 2, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


JEDBURGH KILTMAKERS: Calls in Liquidators from Tenon Recovery
-------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint liquidators of Jedburgh Kiltmakers Ltd. on
April 9, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


RESTAURANT MANAGEMENT: In Administration; Five Outlets Closed
-------------------------------------------------------------
Restaurant Management Services Ltd, the company which is a
franchisee of 14 Pizza Hut outlets in Northern Ireland,
has gone into administration, Ulster Star reports.

The report relates according to administrator David McClean of
Moore Stephens, "The franchises run by Restaurant Management
Services have been operating in an increasingly competitive market
for some time and the company's financial situation has been
exacerbated by the current economic downturn, resulting in the
decision to enter administration".

Mr. McClean, as cited in the report, said that after assessing the
current trading position of outlets run by the company, he has
decided to close five of the 14 immediately, resulting in the loss
of 130 jobs.  However, the report notes the administrator said
four other outlets, which together employ about 120 people, will
remain open.  The outlets closed are in Dublin Road, Yorkgate and
Connswater in Belfast, in Coleraine and in Dungannon, while the
outlets to remain open are at Lisburn, Carrickfergus, Ballymena
and Glengormley, the report discloses.

The administrator, the report states, will be working closely with
the company to keep the remaining five outlets, which in total
employ around 160 people, open while their trading position is
urgently assessed.  The outlets whose trading position
are currently assessed are at the Odyssey, Castlecourt and
Victoria Square in Belfast, and in Carryduff, the report says.


SAMURAI-SEC LTD: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Joanne Kim Rolls and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Samurai-Sec Ltd. on April 8, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Samurai-Sec Ltd.
         Sherlock House
         73 Baker Street
         London
         England


SPORTS NETWORK: Placed Into Administration
------------------------------------------
Sports Network Limited, a boxing promotion company, has been
placed into administrations, BBC News reports.

BBC News recalls last month the High Court ordered the company to
pay former world champion Joe Calzaghe GBP1.8 million.
Mr. Calzaghe, BBC News discloses, launched his High Court case
after falling out with Sports Network Limited chief executive
Frank Warren.  According to Hertfordshire Mercury's Daniel
Phillips, the company went into administration on Monday last week
without paying the boxer the cash owed, which related to his
world-title fight with Bernard Hopkins last year.

"We are in contact with the administrators to ensure that there is
a full and rigorous investigation of Sports Network's assets," BBC
News quoted Andrew Forbes, Calzaghe's solicitor, as saying.  "Joe
will pursue every angle to make sure he is paid the money he's
owed and to put an end to this sorry episode, which blights his
retirement and extraordinary legacy in the ring."

BBC News relates a spokesman for Sports Network Limited told the
BBC Sports Network Europe and Frank Warren Promotions will
continue trading as normal.


STAINCLIFFE: Enters Into Administration; Vantis Appointed
---------------------------------------------------------
The 25-room Stanclaiffe hotel in Seaton Carew has entered into
administration after suffering financial difficulties, Hartlepool
Mail reports.

The report relates the hotel called in administrators Chris
Stevens and Ian Vickers of Vantis Business Recovery Services
Tuesday last week.  According to the report, Mr. Stevens said the
property will be placed on the open market, though the
administrators have not set a deadline for any sale to take place.

"We are not restricted to a short period of trading and are
committed to continuing to trade until a suitable buyer is found,"
the report quoted Mr. Stevens as saying.

The report recalls Mark Jones, a former Tees Valley Chef of the
Year, snapped up the hotel, along with Ocean and the surrounding
grounds, in a GBP1.3 million deal with Academy Hotels in 2007.


W H WESSON LTD: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint liquidators of W H Wesson (Fencing) Ltd. on March 28, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Stainless Pipeline Supplies Ltd. on
April 1, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England

* UK: PwC Says Corporate Insolvencies Up 56% in First Quarter 2009
------------------------------------------------------------------
PricewaterhouseCoopers LLP analysis of the latest national
corporate insolvency statistics found that the number of corporate
insolvencies in quarter one of 2009 has risen by 56 % on the same
quarter of last year.

In total, 6,893 businesses across England and Wales entered into
insolvency in January, February and March of this year. On a
rolling 12 month basis, the statistics are showing a 47% increase.

Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented:  "UK businesses continue to
suffer from the effects of the global recession as more and more
of them enter into insolvency with no apparent signs of a
slowdown.  Companies need to be obsessive over their cashflow
management and ensure they plan for continuing challenges."

"Those businesses most likely to survive the current turmoil will
turn to 'recession veterans' -- management teams and advisors
experienced in turnarounds.  There is still capacity amongst these
recession veterans to get involved in ailing businesses and they
are ready to come off the bench."


* UK: Personal Insolvencies Continue to Rise, PwC Says
------------------------------------------------------
Figures released Friday by the Government's Insolvency Service
revealed that levels of personal insolvency in the UK continued to
increase for the third consecutive quarter as the recession
continues to bite.

The figures show that 19,062 individuals were made bankrupt this
quarter, and 10,713 entered into Individual Voluntary
Arrangements, totalling 29,774 personal insolvencies, an 18.5%
increase on the first quarter of 2008.

Pat Boyden, personal insolvency expert at PricewaterhouseCoopers
LLP, said: "We expect to see the trends continue, particularly the
rise in bankruptcies, as the recession bites.  What may be
interesting is that in the 90's recession, bankruptcies continued
to increase for nearly three years after the worst of the
recession had passed.  If that is the case this time, we may be
seeing record figures every quarter until 2012.

"We are already seeing the impact of the recession on the self-
employed with a 10% increase in the number of traders going
bankrupt in 2008 in comparison with the previous year.  We expect
this to increase more sharply during 2009."

* 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.


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