TCREUR_Public/090512.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 12, 2009, Vol. 10, No. 92

                            Headlines

A U S T R I A

EK-LINE LLC: Claims Registration Period Ends May 26
ESCOM TOURISMUS: Claims Registration Period Ends May 26
KARL WINTER: Claims Registration Period Ends May 27
SERVICE & WARTUNGSTECHNIK: Claims Registration Period Ends May 26


F I N L A N D

STORA ENSO: Moody's Confirms 'Ba2' Corporate Family Rating


G E R M A N Y

AETRON GMBH: Claims Registration Period Ends June 30
BEQAS AUTOMOTIVE: Claims Registration Period Ends June 2
BROECKER NATUERLICH: Claims Registration Period Ends June 10
COMMERZBANK AG: Fitch Takes Various Rating Actions on Five Units
INITIATIVBAU BAUTRAGER: Claims Registration Period Ends June 15

INTELLSOLUTIONS GMBH: Claims Registration Period Ends June 2
LEHR UND LERNMITTEL: Claims Registration Period Ends May 25
NOVARENT VERMOEGENSVERWALTUNG: Claims Registration Ends June 5
PRO BAUTEAM: Claims Registration Period Ends June 11
RESOURCE PROGRAMMIERSERVICE: Claims Registration Ends June 3

SPS REHMUS: Files for Insolvency; 50 Jobs at Risk
TBN IDENTIFIKATION: Claims Registration Period Ends May 28


I C E L A N D

LANDSVIRKJUN: S&P Assesses Stand-Alone Creditworthiness as 'B-'


I R E L A N D

LARAGAN DEVELOPMENTS: Banks to Inject EUR3 Mln Under Rescue Plan
SMURFIT KAPPA: Net Profit Down to EUR12.5 Mln in First Qtr. 2009
STANTON VINTAGE: S&P Cuts Ratings on Five Classes of Notes to 'D'


I T A L Y

ALTA PADOVANA: Moody's Assigns 'D+' Bank Financial Strength Rating
GENERAL MOTORS: DBRS Comments on Fiat Alliance and GM Europe Talks
GENERAL MOTORS: Six Executives Dump Remaining Shares


K A Z A K H S T A N

DELO-NS LLP: Creditors Must File Claims by June 12
JAKSYLYK ALTYN: Creditors Must File Claims by June 12
KAZAKH MORTGAGE: Fitch Junks Rating on Class C Notes
KIP ELECTRO: Creditors Must File Claims by June 12
TALDYKORGANSKY JSC: Creditors Must File Claims by June 12

TORP TRADE: Creditors Must File Claims by June 12


K Y R G Y Z S T A N

IPEACE-TRAIN LLC: Creditors Must File Claims by May 29


L U X E M B O U R G

HAYES LEMMERZ: Files Chapter 22; Secured Creditors to Get Equity
HAYES LEMMERZ: Jan. 31 Balance Sheet Upside-Down by US$292.9MM
REDWOOD CBO: Moody's Junks Ratings on Two Classes of Notes


N E T H E R L A N D S

INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims
LYONDELLBASELL INDUSTRIES: S&P Puts 'BB' Rating on US$3.25BB Loan


R U S S I A

DELTA LLC: Creditors Must File Claims by June 24
MDM BANK: In Talks With Banks to Secure One-Year Refinancing Loan
POWER STATIONS: Creditors Must File Claims by June 24
SIB-RESURS LLC: Creditors Must File Claims by May 24
TEKH-STROY-PROEKT LLC: Creditors Must File Claims by June 24

URUKHSKIY CANNERY: Creditors Must File Claims by June 24


S W I T Z E R L A N D

IMAGE IMMOBILIEN : Claims Filing Deadline is May 15
PETROPLUS HOLDINGS: S&P Gives Negative Outlook; Holds 'BB' Rating
PRIMANCE GMBH: Creditors' Proofs of Claim Due on May 14
RUEESCH PRINTMEDIA GMBH: Claims Filing Deadline is May 14
SHOP - TANKSTELLE: Creditors Must File Claims by May 15

VETTIGER GMBH: Claims Filing Deadline is May 15


U K R A I N E

ALFA ZAO: Misses US$100 Million Bond Payment
BANK FORUM: Fitch Affirms Individual Rating at 'D/E'
ELECTRO-NET SUBSIDIARY: Creditors Must File Claims by May 17
MAGNETO LLC: Creditors Must File Claims by May 16
UKRAINIAN CHEMICAL: Creditors Must File Claims by May 21

U.S.T.A.S. LLC: Court Starts Bankruptcy Supervision Procedure
ZAPOROZHYE BREWERY: Creditors Must File Claims by May 16


U N I T E D   K I N G D O M

B & P GROUP: Appoints Joint Administrators from Tenon Recovery
BRITISH AIRWAYS: S&P Cuts Long-Term Corp. Credit Rating to 'BB'
CASTLE HOLDCO: Restructuring Scheme Approval Cues S&P's 'D' Rating
MEDICAL FINANCE: Taps Joint Administrators from Tenon Recovery
MOUSELLS REMOVALS: Taps Joint Administrators from Tenon Recovery

PASSLINE LTD: Appoints Joint Administrators from PKF
PHILLIP GREEN: Taps Joint Administrators from Tenon Recovery
PREMIER NETWORK: Creditors to Appoint Liquidator on May 20
ROYAL BANK: Incurs GBP857 Million First-Quarter Loss
TATA STEEL: May Mothball TCP Plant in Northeast England

TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B-'
TIME & TIDE: Appoints Joint Administrators from Grant Thornton
TURTON SPRINGS: Taps Joint Administrators from PwC
TW STAMPING: Appoints Joint Administrators from BDO
VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB-'

WATERFORD WEDGWOOD: U.S. Arm Put Into Administration

* Large Companies with Insolvent Balance Sheet


                         *********


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


EK-LINE LLC: Claims Registration Period Ends May 26
---------------------------------------------------
Creditors owed money by EK-LINE LLC have until May 26, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Andreas Wippel
         Triester St. 15
         2620 Neunkirchen
         Austria
         Tel: 02635/62860
         Fax: 02635/6286114
         E-mail: kanzlei@dr-wippel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 9, 2009, for the
examination of claims.


ESCOM TOURISMUS: Claims Registration Period Ends May 26
-------------------------------------------------------
Creditors owed money by Escom Tourismus LLC  have until May 26,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Bernhard Schatz
         Enzersdorfer Strasse 4
         2340 Moedling
         Austria
         Tel: 02236/89 33 77
         Fax: 02236/89 33 77-40
         E-mail: bernhard.schatz@bpv-huegel.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 9, 2009, for the
examination of claims.


KARL WINTER: Claims Registration Period Ends May 27
---------------------------------------------------
Creditors owed money by Karl Winter Kartonagen LLC have until
May 27, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Stefan Jahns
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 10, 2009, for the
examination of claims.


SERVICE & WARTUNGSTECHNIK: Claims Registration Period Ends May 26
-----------------------------------------------------------------
Creditors owed money by Service & Wartungstechnik have until
May 26, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Friedrich Lorenz
         Hauptstrasse 4
         2486 Pottendorf
         Austria
         Tel: 02623/7226120
         Fax: 02623/7226161
         E-mail: masseverwalter@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 9, 2009, for the
examination of claims.


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


STORA ENSO: Moody's Confirms 'Ba2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 Corporate Family
Rating, the Ba2 Senior Unsecured Note Ratings and Not-Prime short-
term rating of Stora Enso Oyj.  The outlook for the ratings is
negative.  The action concludes a review initiated by Moody's on
February 13, 2009.

"The confirmation of the Ba2 ratings reflects the company's
proactive approach in addressing the significant cyclical demand
contraction of paper, packaging and forest products supported by a
solid liquidity profile which provides some headroom until
restructuring measures are fully implemented", said Christian
Hendker, a Moody's Assistant Vice President and Lead Analyst for
Stora Enso.  "The negative outlook reflects the execution
challenge of restoring profitability and cash flow generation
supporting a recovery of credit metrics more in line with the Ba
rating category in a very challenging market environment," Mr.
Hendker continued.

Moody's notes that there is only limited headroom in the current
rating category for a further erosion in credit metrics over the
next few quarters.  Moody's believes that the company's continued
implementation of capacity and cost reduction activities combined
with discretionary cash flow preservation measures focused on
working capital improvements, lower dividend payouts and a more
disciplined capex program than historically could support a
gradual performance recovery over the next quarters.  On the back
of a severe macroeconomic environment in Stora Enso's core
markets, Moody's expects that deliveries are likely to remain
depressed throughout 2009.  The company's capacity adjustment
measures however should support an improvement in operating rates
over the second half of 2009, which together with potential
benefits from lower input costs is an important fundament for a
profitability turnaround.

Moody's recognizes that a source of uncertainty linked to
performance recovery is the preservation of pricing levels.  These
levels held up reasonably well for most paper grades in the first
quarter 2009, but could be challenging to sustain in a
deflationary macroeconomic environment, particularly given the
persistent industry over-capacity for most paper grades, packaging
and forest products, and the continued demand contraction
throughout 2009.

Moody's confirmation of the Ba2 rating favorably reflects Stora
Enso's visible reduction of free cash flow consumption towards
break-even levels in the last 12 months ending March 2009, which
further supports the company's solid liquidity profile, with
sufficient on-balance sheet cash of EUR493 million at the end of
March 2009 and a EUR1.4 billion revolving credit facility that is
currently undrawn, combined with an extended debt maturity
profile.  The company's liquidity profile provides some cushion
for the company's permanent and temporary capacity adjustments.
Furthermore the confirmation of the Ba2 rating continues to
reflect Stora Enso's relatively strong business profile as a
diversified and leading European paper and forest products
manufacturer with a high level of vertical integration.

However, Moody's believes the ratings remain constrained by the
recent erosion of Stora Enso's profitability and credit metrics,
which are clearly below the requirements for the Ba rating
category, such as RCF to Debt which fell to the low single digits
in the last 12 months ending March 2009.  The negative outlook
consequently considers the challenge to improve operating
performance over the next few quarters and to minimize free cash
flow consumption by improving funds from operations, or through
other discretionary measures to stem cash consumption from capital
activities.

The outlook could be stabilized if a turnaround in free cash flow
generation is driven by a material strengthening of funds from
operations from 2008 levels, and if credits metrics are to be
restored, such as RCF to debt above 10% and EBITDA Margin in the
low double digits.

The ratings could be downgraded within the next quarters if free
cash flow generation is not restored to break-even levels, or the
RCF/Debt ratio and EBITDA margin do not improve towards the mid to
high single-digit percentages.

The last rating action was implemented on February 13, 2009, when
Moody's downgraded Stora Enso's ratings to Ba2 from Ba1 and placed
them on review for further possible downgrade.

Outlook Actions:

Issuer: Stora Enso Oyj

  -- Outlook, Changed to Negative From Rating Under Review

Confirmations:

Issuer: Stora Enso Oyj

  -- Probability of Default Rating, Confirmed at Ba2

  -- Corporate Family Rating, Confirmed at Ba2

  -- Senior Unsecured Medium-Term Note Program, Confirmed at Ba2
     (LGD 4, 52%)

  -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba2
     (LGD 4, 52%)

Stora Enso, with headquarters in Helsinki, Finland, is among the
world's largest paper and forest products companies.  It recorded
annual sales of approximately EUR11 billion in 2008.


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


AETRON GMBH: Claims Registration Period Ends June 30
----------------------------------------------------
Creditors of Aetron GmbH have until June 30, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8.30 a.m. on July 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         Second Stock
         Tiepolostr. 6
         Wuerzburg
         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:

         Andreas Becker
         Ludwigstr. 2
         97070 Wuerzburg
         Germany
         Tel: 0931/3046211

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Aetron GmbH
         Attn: Reinhard Nuernberger, Manager
         Zeller St. 3a
         97082 Wuerzburg
         Germany


BEQAS AUTOMOTIVE: Claims Registration Period Ends June 2
--------------------------------------------------------
Creditors of Beqas Automotive Europe GmbH have until June 2, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 2, 2009, at which time the
insolvency manager will present her 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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel:  07131/173032
         Fax: 07131/171112

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Beqas Automotive Europe GmbH
         Attn: Dr. Ernst Hallas, Manager
         Bustadt 20-22
         74360 Ilsfeld
         Germany


BROECKER NATUERLICH: Claims Registration Period Ends June 10
------------------------------------------------------------
Creditors of Broecker Natuerlich Wohnen GmbH have until June 10,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Dr. Frank Kreuznacht
         Sperlichstr. 10
         48151 Muenster
         Germany
         Tel:  0251/20803-0
         Fax: +4925120803133

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Broecker Natuerlich Wohnen GmbH
         Attn: Reinhard Rehkemper, Manager
         Linzel 15
         59302 Oelde
         Germany


COMMERZBANK AG: Fitch Takes Various Rating Actions on Five Units
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on five
subsidiaries of Commerzbank AG (rated 'A+'/Stable) following the
completion of an European Commission review to consider the
injection of EUR18 billion into Commerzbank by Germany's Financial
Market Stabilization Fund.  The EC has approved the injection,
subject to certain conditions.

The performing hybrid capital instruments issued by the group,
including Commerzbank Capital Funding Trust I/II, Delaware (US),
Dresdner Funding Trusts I-IV, and EUROHYPO Capital Funding Trust
I/II are rated 'B+', Rating Watch Negative.  Fitch is undertaking
a review of the implication of an announcement by Commerzbank on 7
May 2009 regarding its flexibility to continue to pay coupons on
hybrid capital instruments that are linked to profits.

EUROHYPO AG, Germany

  -- Long-term Issuer Default Rating of 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor assigned at 'A-'

EUROHYPO Europaeische Hypothekenbank SA (EUROHYPO LUX), Luxembourg

  -- Long-term IDR of 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'

The rating actions affecting EUROHYPO and its Luxembourg
subsidiary, EUROHYPO LUX relate to the conditions attached to the
EC's endorsement of the capital injections into Commerzbank.
Accordingly, the EC requires Commerzbank to divest EUROHYPO by
2014.  While there is uncertainty surrounding the definite timing
and structure of the divesture, and the profit and loss agreement
between the parent and the subsidiary, Fitch has taken the
perspective that EUROHYPO will not form part of the Commerzbank
group in the long-term.  The RWN reflects this uncertainty over
future ownership and will be resolved upon clarification of the
likely acquirer of EUROHYPO.  Likewise, Fitch would review the RWN
should a buyer with a Long-term IDR higher than 'A' materialize.
At the same time, the agency has assigned a Support Rating Floor
of 'A-' to EUROHYPO, based on its systemic importance within the
domestic banking system.  As a result, the Support Rating of '1'
is now based on potential support from the public authorities,
rather than the support of its parent.  Any possible downgrade of
EUROHYPO resulting from a change in ownership would be restricted
to one notch.

The agency has also affirmed EURHYPO's mortgage and public sector
Pfandbriefe and EUROHYPO LUX's Lettres de Gage Publiques' ratings
at 'AAA' respectively.

BRE BANK, Poland

  -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed
     from RWN, Stable Outlook

  -- Short-term IDR upgraded to 'F1' from 'F2'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '1'; removed from RWN

BRE Leasing, Poland

  -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed
     from RWN, Stable Outlook

  -- Short-term IDR upgraded to 'F1' from 'F2'

  -- Support Rating affirmed at '1'; removed from RWN

The rating actions with respect to the Polish subsidiaries reflect
the strategic importance of the Polish banking subsidiary and its
leasing subsidiary.  As a result of the EC's decision, Commerzbank
can retain its retail and corporate banking activities in Central
and Eastern Europe.

Bank Forum, Ukraine

  -- Long-term IDR affirmed at 'B'; Negative Outlook

  -- Short-term IDR affirmed at 'B'

  -- Long-term local currency IDR affirmed at 'B+'; Negative
     Outlook

  -- National Long-term Rating: affirmed at 'AAA(ukr)', Stable

  -- Individual Rating affirmed at 'D/E'

  -- Support Rating affirmed at '4'

Fitch announced its proposed refinement of the agency's
assumptions related to liquidity risks within covered bond
programmes on March 11, 2009.  The exposure draft report was
subject to a six-week market consultation period.  D-Factors and
over collateralization in line with assigned ratings are generally
expected to increase.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(ukr)' for national ratings in Ukraine.


INITIATIVBAU BAUTRAGER: Claims Registration Period Ends June 15
---------------------------------------------------------------
Creditors of Initiativbau Bautrager und Immobiliengesellschaft mbH
have until June 15, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

         Dr. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The court opened bankruptcy proceedings against the company on
April 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Initiativbau Bautrager and
         Immobiliengesellschaft mbH
         Attn: Petra Kamp, Manager
         Kardinal-Graf-Galen-Str. 28
         45468 Muelheim an der Ruhr
         Germany


INTELLSOLUTIONS GMBH: Claims Registration Period Ends June 2
------------------------------------------------------------
Creditors of Intellsolutions GmbH have until June 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 13, 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:

         Ulrich Rosenkranz
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040/8078810

The court opened bankruptcy proceedings against the company on
April 21, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Intellsolutions GmbH
         Attn: Lars Mainka, and
               Emile Wirtz, Managers
         Alter Holzhafen 17c
         23966 Wismar
         Germany


LEHR UND LERNMITTEL: Claims Registration Period Ends May 25
-----------------------------------------------------------
Creditors of Lehr und Lernmittel GmbH Pfaffschwende 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 2:05 p.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 Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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:

         Dr. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany

The court opened bankruptcy proceedings against the company on
April 28, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Lehr und Lernmittel GmbH Pfaffschwende
         Attn: Uwe Wagner, Manager
         Gasse 18
         37308 Pfaffschwende
         Germany


NOVARENT VERMOEGENSVERWALTUNG: Claims Registration Ends June 5
--------------------------------------------------------------
Creditors of Novarent Vermoegensverwaltung GmbH have until
June 5, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 6, 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:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
April 28, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Novarent Vermoegensverwaltung GmbH
         Attn: Monika Weber, Manager
         Max-Herz-Ring 23
         22159 Hamburg
         Germany


PRO BAUTEAM: Claims Registration Period Ends June 11
----------------------------------------------------
Creditors of Pro Bauteam GmbH have until June 11, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The court opened bankruptcy proceedings against the company on
April 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pro Bauteam GmbH
         Attn: Mike Duerkopp, Manager
         Grafenheider St. 111
         33729 Bielefeld
         Germany


RESOURCE PROGRAMMIERSERVICE: Claims Registration Ends June 3
------------------------------------------------------------
Creditors of Resource Programmierservice und EDV-Vertrieb GmbH
have until June 3, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Herbert Feigl
         Mozartstrasse 11
         76133 Karlsruhe
         Germany
         Tel:  0721/8301184

The court opened bankruptcy proceedings against the company on
April 28, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Resource Programmierservice and
         EDV-Vertrieb GmbH
         Attn: Friedrich Kauffmann, Manager
         Erzberger Strasse 117
         76133 Karlsruhe
         Germany


SPS REHMUS: Files for Insolvency; 50 Jobs at Risk
-------------------------------------------------
Adam Hooker at Printweek reports Germany-based European screen
press manufacturer SPS Rehmus has filed for insolvency, putting
50 jobs at risk.

According to the report, the company appointed Jens Hamdorf of
Treugarant AG as temporary insolvency administrator on April 1.

Mr. Hamdorf, the report says, is currently talking to potential
buyers.

"SPS is a good and well known company in the printing industry and
the current problems are not caused by bad products but by the
worldwide financial crisis," the report quoted Mr. Hamdorf as
saying.  "At the moment we are talking to a couple of potential
buyers, but it is too early for a prediction.  I think in three or
four weeks we shall know more."


TBN IDENTIFIKATION: Claims Registration Period Ends May 28
----------------------------------------------------------
Creditors of TBN Identifikation und Netzwerke GmbH have until
May 28, 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 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         TBN Identifikation und Netzwerke GmbH
         Niedenstrasse 63
         40721 Hilden
         Germany

         Attn: Peter Erich Kern, Manager
         Am Schuetzenrain 19
         64354 Reinheim
         Germany


=============
I C E L A N D
=============


LANDSVIRKJUN: S&P Assesses Stand-Alone Creditworthiness as 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BBB-'
long-term and 'A-3' short-term foreign and local currency
corporate credit ratings on Iceland-based utility Landsvirkjun on
CreditWatch with negative implications.

"The CreditWatch placement reflects Standard & Poor's opinion of
deterioration in Landsvirkjun's stand-alone credit profile because
of a weakening in Landsvirkjun's liquidity and business outlook as
well as uncertainties about the ability and willingness of the
Icelandic state to provide timely financial support if necessary,"
said Standard & Poor's credit analyst Karin Erlander.

S&P's concerns about Landsvirkjun's liquidity include: the funding
sources for Landsvirkjun's short-term debt service requirements
are uncertain; access to capital markets is limited; a credit
support agreement counterparty could require Landsvirkjun to post
more collateral; and Landsvirkjun's cash resources have declined
following debt repayments in March 2009.  Uncertainties about
Landsvirkjun's business outlook reflect, in S&P's view, its
exposure to a weakened domestic economy and the aluminum industry,
which is experiencing less demand and lower price levels.

Standard & Poor's analyzes Landsvirkjun using its criteria for
government-related entities.  The ratings on Landsvirkjun are
currently based on a top-down methodology, which reflects these
facts and opinions: Landsvirkjun's 100% ownership by the state,
the Republic of Iceland (foreign currency BBB-/Negative/A-3; local
currency BBB+/Negative/A-2); the provision of state guarantees for
the collection of all of Landsvirkjun's debt; S&P's expectation
that Landsvirkjun will not be incorporated and privatized in the
medium term; its strategic importance to the Icelandic economy;
its central role in the promotion of power-intensive industries;
and the risk to the sovereign reputation if Landsvirkjun were to
default.

The debt guarantees are ultimate--but not timely--and S&P's review
of the ratings on Landsvirkjun will assess the ability,
willingness, and formal mechanisms for the Icelandic government to
provide timely financial support to Landsvirkjun if needed.  If
S&P perceives more uncertainties than so far expected about the
state's ability and willingness to provide timely support, S&P
would consider whether to alter S&P's ratings approach to one in
which the ratings are derived from Landsvirkjun's stand-alone
credit quality.  Adopting such an approach could lead to a
lowering of the ratings on Landsvirkjun by more than one notch.

In S&P's opinion, Landsvirkjun's stand-alone credit quality has
further deteriorated, and S&P now assesses Landsvirkjun's stand-
alone credit profile as 'B-', reflecting a weak and highly
leveraged financial risk profile and a weak liquidity position.
It also reflects customer concentration risks and exposure to
inherently volatile aluminum prices and foreign exchange
fluctuations.

Landsvirkjun's stand-alone creditworthiness also reflects S&P's
view of the company's dominant position in the Icelandic
electricity market, ownership of the transmission grid, and modern
asset base.

A resolution of the CreditWatch placement is likely this month
after discussions with Landsvirkjun's management and owners to
determine whether S&P has sufficient evidence that the state would
indeed provide timely support to Landsvirkjun if needed.  S&P will
also continue to monitor Landsvirkjun's progress to secure funding
via the capital markets.

S&P could lower the ratings if S&P determine that timely financial
support remains uncertain.  An upgrade is unlikely at present,
given Landsvirkjun's weak financial profile and weak liquidity
position.


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


LARAGAN DEVELOPMENTS: Banks to Inject EUR3 Mln Under Rescue Plan
----------------------------------------------------------------
Ian Kehoe at the Sunday Business Post Online reports that Paul
McCann, examiner to Irish homebuilder Laragan Developments Ltd,
has drawn up a rescue package for the company, which has debts of
EUR75 million.

According to the report, under the plan, Anglo Irish Bank, AIB and
Bank of Scotland (Ireland) will inject about EUR3 million into
Laragan to help finance a pay-out to the company's trade
creditors, who are owed EUR11 million.  The EUR3 million would be
used to pay a 30 per cent dividend to preferential creditors, and
a 25 per cent dividend to unsecured creditors, the report states.

The banks already have a EUR60 million exposure to Laragan,
through loans they advanced to the company's owner, Alan Hanly,
the report discloses.  The report relates Mr. McCann, a corporate
recovery partner with Grant Thornton in Dublin, informed the three
lenders that the best way to secure their lendings was to back the
refinancing plan.

The report says negotiations between Mr. McCann and the lenders
are ongoing.  If successful, the examiner will send a scheme of
arrangement to creditors in the coming two weeks, the report
notes.

Laragan Developments Ltd is the house building subsidiary of the
Hanly Group --  http://www.hanlygroup.com/laragan_developments--
which has interests in hotels, quarrying, road construction and
commercial property.


SMURFIT KAPPA: Net Profit Down to EUR12.5 Mln in First Qtr. 2009
----------------------------------------------------------------
RTT News reports that Smurfit Kappa Group Plc's net profit for the
first quarter of the year plunged to EUR12.5 million from EUR42.8
million in the comparable period last year.

According to the report, profit before income tax dropped to
EUR20.1 million from EUR61.6 million in the prior-year period,
while revenue from continuing operations declined to EUR1.5
billion from EUR1.83 billion in the year-ago period.

Gary McGann, the company's chief executive officer, attributed the
18% drop in revenues in the first quarter of the year on the
impact of the weak macro environment on both volumes and price,
the report states.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc (SKG) --
http://www.smurfitkappa.com/-- is a paper-based packaging
company.  The Company operates in 22 countries in Europe and is in
to containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                            *   *   *

Smurfit Kappa Group Plc currently carries a 'Ba3' long-term
corporate family rating from Moody's Investors Service with a
stable outlook.


STANTON VINTAGE: S&P Cuts Ratings on Five Classes of Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on all the rated notes issued by Stanton Vintage CDO PLC.

The rating actions consider previous highlighted concerns and
recent events that have affected the transaction.  These include,
but are not limited to, the serving of a notice of enforcement
declaring all the notes immediately due and payable.  The notice
of enforcement followed an event of default under the note
conditions after the class A par value ratio fell below 100% on
March 23.

From the information provided to us by the trustee, the
liquidation proceeds of the portfolio were insufficient to repay
principal or interest on any of the rated notes.

Stanton Vintage CDO closed in June 2006, and is an arbitrage
hybrid collateralized debt obligation of CDOs that are referenced
almost entirely through total return swaps.

                           Ratings List

                     Stanton Vintage CDO PLC
             US$159.6 Million Floating-Rate Notes

                         Ratings Lowered

                Class          To           From
                -----          --           ----
                A              D            CCC
                B              D            CCC
                C              D            CCC
                D              D            CCC
                E              D            CC


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


ALTA PADOVANA: Moody's Assigns 'D+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned Baa3 and Prime-3 long- and
short-term deposit ratings and a D+ Bank Financial Strength Rating
to Alta Padovana -- Banca di Credito Cooperativo.  The outlook on
all ratings is stable.

According to Moody's, the BFSR, which translates into a baseline
risk assessment of Ba1, reflects the bank's good, but very local
franchise, its adequate financials, modest risk management
capabilities, weak asset quality and significant geographic,
industry and borrower lending concentrations.

Moody's said that it believes that the probability of support from
the network of co-operative credit banks, known as banche di
credito cooperativo, and their guarantee funds is moderate, while
the probability of systemic support is low, resulting in a one-
notch uplift to the deposit ratings.  Despite the absence of a
legally binding support system for BCCs, there have been numerous
examples of troubled BCCs being supported by the system.

Based in the north-eastern region of Veneto, BCC Alta Padovana is
the result of a merger between two co-operative banks, Casse di
Campodarsego and Trebaseleghe, in 1991.  With total assets
ofEUR2.4 billion at 2008 year-end, BCC Alta Padovana is a small
bank; however, it is the second largest BCC in Italy (with 33
branches against an average of about nine).  BCC Alta Padovana is
a retail and commercial bank offering a wide range of products
mainly to retail and small business customers in the province of
Padova.  Its main areas of activities include mortgage lending,
leasing, as well as asset management.

Moody's added that the bank shows overall satisfactory, but
weakening financial factors -- in particular asset quality.  Pre-
provision profitability is acceptable, as well as capitalization,
although low in absolute terms.  Profitability in particular
declined in 2008, the bank reporting a net income of EUR5 million,
compared to EUR24 million in 2007.  This was affected by trading
losses of EUR11 million deriving mainly from revaluations of the
bank's securities portfolios and by loan loss provisions of EUR23
million, which more than doubled from the previous year.  The
bank's Tier 1 ratio stood at 9.92% at year-end 2008, which Moody's
said it considers to be an important strength underlying the
current ratings, as it provides a significant buffer to withstand
losses.  However the rating agency added that the small size of
regulatory capital in absolute terms (EUR221 million) leaves the
bank exposed to any large defaults in its highly real estate
concentrated loan portfolio.

As common for a local co-operative bank, BCC Alta Padovana has a
stable deposit base.  Its retail customers absorb the bulk of the
bank's market funds and make its modest reliance on the relatively
volatile interbank markets acceptable.  At the end of 2008, the
majority of funding was provided by retail clients, when adjusting
for bonds sold to its retail customers.  That said with wholesale
funding more difficult and expensive to source Moody's said that
the ability to obtain funding could provide a constrain on the
bank's ability to grow its business for the foreseeable future.

These ratings were assigned:

BCC Alta Padovana:

  -- Long-term bank deposits: Baa3
  -- Short-term bank deposits: Prime-3
  -- Bank financial strength rating: D+

Based in Campodarsego, in the Veneto region of Italy, BCC Alta
Padovana reported total assets of EUR2.4 billion at the end of
2008.


GENERAL MOTORS: DBRS Comments on Fiat Alliance and GM Europe Talks
------------------------------------------------------------------
Fiat S.p.A. and Chrysler LLC announced on April 30, 2009, that
they have signed agreements to establish a global alliance (the
Alliance).  Dominion Bond Rating Service notes that the
announcement of the Alliance coincided with Chrysler's filing for
bankruptcy protection in the United States.  DBRS notes that the
Alliance in isolation has no immediate impact on the ratings of
Fiat amid highly uncertain global market conditions and many other
factors affecting the ratings.

The main objectives of the Alliance are to increase the geographic
and product diversities of both Fiat and Chrysler.  The Alliance
is to be formed through Chrysler's submitting a motion under
Section 363 of the Bankruptcy Code requesting approval of the
Alliance as well as the sale of Chrysler's principal assets to the
new company (NewCo) being formed with Fiat.  Fiat is to obtain an
initial 20% equity interest in NewCo.  Additional equity
participants in NewCo include the Voluntary Employee Benefit
Association (VEBA), which will be issued an equity interest of
approximately 55%, as well as the U.S. Treasury and the Canadian
government, which will collectively hold a 10% equity interest.

DBRS notes that Fiat will be able to receive an additional 15%
equity interest that can be obtained in three tranches of 5%.
Each of these additional tranches remains subject to the
achievement of the following established targets: (1) approval to
build the Fully Integrated Robotised Engine (FIRE) engines in the
United States; (2) achievement of sales of Chrysler vehicles
outside of North America; and (3) regulatory approval to build a
Chrysler model based on Fiat technology.  Furthermore, Fiat will
have the option to acquire a further 16% shareholding in Chrysler
from the beginning of 2013 through June 30, 2016.  DBRS notes that
Fiat's shareholding in Chrysler will, however, be capped at 49%,
subject to the repayment in full of the loans made to Chrysler by
the U.S. Treasury.

While there is no immediate rating impact, DBRS considers the
Alliance to be modestly positive to the business profile of Fiat.
The Alliance would appear to present an opportunity for the
Company to re-enter the North American market, which remains among
the most significant automotive markets despite an alarming
decline in 2008 that is expected to persist through this year and
possibly into 2010.  DBRS notes that the North American market is
likely to be more receptive to Fiat's product portfolio than in
the past in light of the apparent shift in segmentation toward
smaller vehicles.  DBRS further notes that there are no firm
commitments from Fiat to invest cash into the Alliance; this is
critical as automotive original equipment manufacturers worldwide
seek to preserve their liquidity positions to help them survive
the current severe industry downturn.

DBRS also notes that Fiat has entered into discussions regarding a
possible merger between Fiat Group Automobiles, Chrysler and the
European operations of General Motors Corporation (GM Europe).
DBRS notes that, in the event that such a merger is executed, the
resulting automotive concern (New Fiat) would be among the world's
largest OEMs as combined sales in the range of six to
seven million units would rank only behind Toyota Motor
Corporation and roughly on par with Volkswagen AG.  This would
provide New Fiat with the requisite scale to compete more
effectively on a global basis.

DBRS notes that many details of the proposed merger remain to be
addressed, including antitrust approvals.  With respect to
required financing, European countries where Fiat and GM Europe
have plants are likely to be requested to provide guarantees in
support of the debt of New Fiat.  Furthermore, it is possible that
Fiat Group Automobiles would be spun off from Fiat.  As such, New
Fiat would likely be a purely automotive concern.

Unlike the acquisition of Chrysler in isolation, DBRS notes that
the transactions resulting in New Fiat, if completed, could lead
to rating actions. Any rating action would depend on many factors,
including but not limited to the resulting business profiles,
capital structures and the financial profiles of both New Fiat and
Fiat.  DBRS will monitor the progress of Fiat's actions regarding
the expansion of its automotive activities and will provide
commentaries or new rating actions when appropriate.


GENERAL MOTORS: Six Executives Dump Remaining Shares
----------------------------------------------------
Shawn Langlois at MarketWatch reports that a group of top General
Motors Corp. executives have sold what was left of their personal
stakes, citing several filings with the Securities and Exchange
Commission on Monday.

The selling executives are:

   * Vice Chairman Bob Lutz,
   * Vice Chairman Thomas Stephens,
   * Ralph Szygenda,
   * Troy Clarke,
   * Gary Cowger and
   * Carl-Peter Forster.

The executives sold nearly 205,000 shares in the aggregate between
Friday and Monday, for US$1.45 and US$1.61 a share, according to
the report.

"Our shareholders are obviously facing some pretty severe dilution
if the bond exchange goes through or we end up in bankruptcy," GM
spokesperson Julie Gibson said, according to Mr. Langlois.
"Either way, no matter the outcome, we'll essentially be issuing
new stock."

According to Mr. Langlois, Ms. Gibson acknowledged that the
executives took advantage of a trading window to sell their shares
while there's still some value "like most reasonable people would
do."

At the same time, GM is trying to rid itself of US$27 billion in
debt by convincing thousands of creditors to exchange their bonds
for 10% in GM stock, Mr. Langlois notes.

                    About General Motors Corp.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  Excluding special items, the company
reported an adjusted net loss of US$5.9 billion in the first
quarter of 2009 compared to an adjusted net loss of US$381 million
in the first quarter of 2008.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

On April 27, General Motors Corp. presented the United States
Department of Treasury with an updated plan as required by the
loan agreement signed by GM and the U.S. Treasury on December 31,
2008.  The plan addresses the key restructuring targets required
by the loan agreement, including a number of the critical elements
of the plan that was submitted to the U.S. government on
December 2, 2008.  Among these are: U.S. market competitiveness;
fuel economy and emissions; competitive labor cost; and
restructuring of the company's unsecured debt.  It also includes a
timeline for repayment of the Federal loans, and an analysis of
the company's positive net present value.

The plan details the future reduction of GM's vehicle brands and
nameplates in the U.S., further consolidation in its workforce and
dealer network, accelerated capacity actions and enhanced
manufacturing competitiveness, while maintaining GM's strong
commitment to high-quality, fuel-efficient vehicles and advanced
propulsion technologies.

GM also launched a bond exchange offer for roughly US$27 billion
of unsecured public debt.  If successful, the bond exchange would
result in the conversion of a large majority of this debt to
equity.

GM is also in talks with the UAW to modify the terms of the
Voluntary Employee Benefit Association, and with the U.S. Treasury
regarding possible conversion of its debt to equity.  The current
bond exchange offer is conditioned on the converting to equity of
at least 50% of GM's outstanding U.S. Treasury debt at June 1,
2009, and at least 50% of GM's future financial obligations to the
new VEBA.  GM expects a debt reduction of at least US$20 billion
between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and
bond exchange could result in at least US$44 billion in debt
reduction.

GM filed with the Securities and Exchange Commission a
registration statement related to its exchange offer.  The filing
incorporates the revised Viability Plan.  A full-text copy of the
filing is available at http://ResearchArchives.com/t/s?3c09

A full-text copy of GM's viability plan presented in February 2009
is available at http://researcharchives.com/t/s?39a4

                      Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'.  It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default.  The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


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


DELO-NS LLP: Creditors Must File Claims by June 12
--------------------------------------------------
Creditors of LLP Delo-ns have until June 12, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 39
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on March 27, 2009,
after finding it insolvent.


JAKSYLYK ALTYN: Creditors Must File Claims by June 12
-----------------------------------------------------
Creditors of LLP Jaksylyk Altyn have until June 12, 2009, to
submit proofs of claim to:

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

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


KAZAKH MORTGAGE: Fitch Junks Rating on Class C Notes
----------------------------------------------------
Fitch Ratings has downgraded Kazakh Mortgage Backed Securities
2007-I B.V.'s notes and maintained the notes' ratings on Rating
Watch Negative.  Kazakh MBS is a securitization of residential
mortgage loans originated by BTA Ipoteka, a wholly-owned
subsidiary of BTA Bank (RD).  The notes ratings are:

  -- Class A (ISIN XS0293196266) downgraded to 'BB+' from 'BBB+';
     remains on RWN; assigned a 'LS1' Loss Severity Rating

  -- Class B (ISIN XS0293196696) downgraded to 'B' from 'BBB';
     remains on RWN; assigned a 'LS1' Loss Severity Rating

  -- Class C (ISIN XS0293196779) downgraded to 'CCC' from 'BB';
     remains on RWN; assigned a 'RR4' Recovery Rating

The downgrades were prompted by concerns regarding the
transaction's future performance following a rapid increase in 1-
30 day delinquencies to 14.9% of the portfolio in April from 7.3%
in February 2009.  To a large degree, Fitch attributes this
performance deterioration to the 25% devaluation of the tenge
versus the US dollar in March 2009.  The agency's concerns are
compounded by the ongoing downward pressure on the tenge which it
expects will further impact borrower affordability.  Fitch is
additionally concerned that if BTAI is unable to continue
servicing the mortgage portfolio, its replacement by the
transaction's back-up servicer -- Halyk Bank ('B+'/Negative) --
could result in considerable operational disruptions.

BTAI has repurchased virtually all distressed loans since closing,
leaving the transaction with only one defaulted loan to date.
Fitch estimates that had BTAI not repurchased these loans, the
defaults would have amounted to 5.8% of the original portfolio as
of March 2009.  Fitch believes that the increase in 1-30 day
delinquencies will roll-over to a large degree into long-term
delinquencies and defaults in coming quarters because of continued
devaluation pressures and due to BTAI's inability to keep
repurchasing distressed loans.

Fitch downgraded BTA Bank's Long-term Issuer Default Rating to
'RD' from 'CC'/RWN on April 24, 2009, following the initiation of
a debt restructuring procedure with its wholesale creditors.
Failure to reach an agreement could result in the insolvency of
BTA and BTAI, which would also raise the risk that the receiver
may challenge the assignment of the mortgage loans in a Kazakh
court.

If BTAI does become insolvent, its replacement by Halyk Bank as
the servicer of the portfolio is likely to cause at least
temporary operational disruptions.  Concerns in this area relate
mainly to the possibility that a substantial number of borrowers
would have to be convinced to pay into the issuer's account, in
addition to the difficulty that the back-up servicer may have in
servicing delinquent and defaulted loans.  Fitch notes that a
potential notification to borrowers of the assignment of their
loans, and the transfer of mortgage files to the back-up servicer,
would only take place after a servicer termination event is
declared by the transaction's trustee.

Fitch has updated its modeling for the transaction to incorporate
the effects of BTAI's possible insolvency.  The agency is now
assuming in its rating scenarios that 40% of borrowers in the
portfolio will stop making payments for a period of six months
following notification of the assignment.  Fitch has assumed that
three months of interest and principal collections, inclusive of
prepayments, will be paid to BTAI's accounts after insolvency,
resulting in a commingling loss for the transaction.  Fitch has
also assumed a lengthened foreclosure process, with the property
liquidation occurring at around 30 to 46 months following first
arrears, depending on the considered rating scenario.

The agency believes that the class A notes could withstand
portfolio defaults of 50%, with recoveries of around 30% of the
defaulted balance.  This recovery rate would imply a fall in the
US$-equivalent value of each foreclosed property, due to a fall in
property values and/or the depreciation of the local currency, of
around 80% on average from indexed valuations.  The class B notes
could withstand a default rate of 42% and have a recovery rate of
40%, which implies an MVD of around 76%, while class C would
survive a default rate of 32% and have a recovery rate of 60%,
implying an MVD of around 66%.  According to the same analysis,
the liquidity facility provided by ABN Amro ('AA-' /'F1+'/Stable),
which is currently 7.82% of the notes outstanding, would allow the
servicing of the notes' interest to be maintained in the event of
high delinquencies, defaults and commingling losses.

Data from the Statistical Agency of Kazakhstan suggest Kazakh
house prices have lost approximately a further 10% since the
middle of 2008, and are now comparable to levels seen in early
2006.  Recovery rates are likely to be affected by the lack of
liquidity in the housing market as well as the recent devaluation
of the tenge: Fitch estimates that the proportion of loans with
original Loan-to-Value above 90% has risen from negligible levels
at closing to more than 16% of the portfolio as of March 2009,
solely due to the depreciation of the local currency.
Nonetheless, the average LTV is still low, at 66%, when related to
original property values and 53% when property values are indexed
using SAK's figures.


KIP ELECTRO: Creditors Must File Claims by June 12
--------------------------------------------------
Creditors of LLP Kip Electro Complect Avtomatika have until
June 12, 2009, to submit proofs of claim to:

         Pushkin Str. 201-9
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on Feb .2,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


TALDYKORGANSKY JSC: Creditors Must File Claims by June 12
---------------------------------------------------------
Creditors of JSC Taldykorgansky have until June 12, 2009, to
submit proofs of claim to:

         Shkolnaya Str. 22
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on March 26, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


TORP TRADE: Creditors Must File Claims by June 12
-------------------------------------------------
Creditors of LLP Torp Trade have until June 12, 2009, to submit
proofs of claim to:

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

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


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


IPEACE-TRAIN LLC: Creditors Must File Claims by May 29
------------------------------------------------------
LLC Ipeace-Train has shut down.  Creditors have until May 29,
2009, to submit proofs of claim.

Inquiries can be addressed to (+996 312) 41-82-53.


===================
L U X E M B O U R G
===================


HAYES LEMMERZ: Files Chapter 22; Secured Creditors to Get Equity
----------------------------------------------------------------
Hayes Lemmerz International, Inc., has reached agreements with
lenders holding a majority of the Company's secured debt regarding
a restructuring of the Company's debt.  Certain of the lenders
will provide a debtor-in-possession loan to the Company, which
will make available up to US$100 million of additional liquidity
(subject to certain terms and conditions), to provide the Company
with operating funds during the restructuring.  Including the DIP
loan, the Company will have total liquidity of approximately
US$138 million.

To facilitate the restructuring, the Company and certain of its
U.S. subsidiaries filed voluntary petitions for relief under
Chapter 11 of the U.S. Bankruptcy Code in the District of
Delaware.  Also included in the filings is Hayes Lemmerz Finance
LLC - Luxembourg S.C.A., a borrower under the Company's secured
credit facility and issuer of its senior notes.  As a result of
the restructuring, the Company expects to eliminate a significant
portion of its existing debt.  Upon confirmation of a plan of
reorganization, it is anticipated that the DIP lenders will
convert certain of their loans into equity and will own
substantially all of the equity of the reorganized Company.

"The Chapter 11 filings were precipitated by an unprecedented
slowdown in industry demand and a tightening of credit markets,"
said Curtis Clawson, Chairman and Chief Executive Officer.  "These
filings will allow us to reduce our debt and restructure our
balance sheet.  We fully expect to emerge from Chapter 11 as a
stronger, more competitive company than we are today."  The
filings were made pursuant to a "pre-negotiated" restructuring
plan with the support of a majority of the Company's secured
lenders.  As a result, the Company expects to complete its
restructuring process on an accelerated basis.

                            Chapter 22

This is the Company's second trip to the bankruptcy court, usually
dubbed a Chapter 22.  Hayes Lemmerz and its direct and indirect
domestic subsidiaries and one subsidiary in Mexico filed for
bankruptcy in December 2001 before the U.S. Bankruptcy Court for
the District of Delaware.  The Chapter 11 filings were
precipitated by declining market conditions and the Company's
excessive debt burdens, according to Mr. Clawson, who also served
as chairman and chief executive officer at that time.

The Court confirmed the Company's reorganization plan in May 2003,
allowing the Company to exit bankruptcy in June.  Creditors
overwhelmingly accepted the Plan.

In accordance with the Plan of Reorganization, approximately
US$2.1 billion in pre-petition debt and other liabilities were
discharged.  The Plan provided for holders of prepetition secured
claims to receive US$478.5 million in cash and 53.1% of the
reorganized company common stock.  Holders of senior note claims
were to receive US$13 million in cash and 44.9% of the New Common
Stock, and holders of general unsecured claims were to receive 2%
of the New Common Stock.  Hayes Lemmerz' prior common stock and
securities were cancelled as of June 3, 2003.

                         Business as Usual

The Company expects to continue its operations in the normal
course of business during the financial restructuring process with
no interruption in its supply to customers.  Liquidity for ongoing
operations will be provided by the DIP financing.

"We fully expect our day-to-day operations will continue
uninterrupted.  I want to personally assure our customers,
suppliers and employees that we will continue to focus on being a
premier automotive supplier by satisfying customers, being a low-
cost producer and having the best people," Mr. Clawson stated.

"We have been executing our operating plan by diversifying our
global customer base, focusing on our core wheel business and
expanding our operations in leading-cost regions.  We are focusing
on the right customers, the right products and the right
geography. We expect to emerge from Chapter 11 with a strong
balance sheet and with our Company better positioned to succeed as
the marketplace recovers," Mr. Clawson continued.

The Company has filed a variety of first day motions, including a
motion seeking approval of the DIP loan, that, with court
approval, will allow it to continue to conduct business without
interruption.  These motions are designed to minimize any impact
on the Company's customers, suppliers and employees.  During the
reorganization process, suppliers will be paid in the ordinary
course of business for goods and services purchased by the Company
postpetition.

The Company's principal bankruptcy attorneys are Skadden, Arps,
Slate, Meagher & Flom, LLP. Lazard Freres & Co., LLC serves as the
Company's financial advisor.  AlixPartners, LLP serves as the
Company's restructuring advisor.

              About Hayes Lemmerz International, Inc.

Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers.  The Company is also a supplier of
automotive powertrain components.  The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world.  The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.


HAYES LEMMERZ: Jan. 31 Balance Sheet Upside-Down by US$292.9MM
------------------------------------------------------------
Hayes Lemmerz International, Inc., on Monday delivered to the
Securities and Exchange Commission its Annual Report on Form 10-K
for the fiscal year ended January 31, 2009.

As of January 31, 2009, Hayes Lemmerz had US$1.09 billion in total
assets and US$1.38 billion in total liabilities, resulting in
US$292.9 million in stockholders' deficit.

The Company reported a net loss during fiscal 2008 of US$371.7
million as compared to US$194.4 million during fiscal 2007.  The
Company said net sales increased 18.4% or US$329.9 million to
US$2,126.7 million during fiscal 2007 from US$1,796.8 million
during fiscal 2006.  Higher volumes increased sales by US$94
million and resulted primarily from an increase in international
wheels demand, partially offset by a decrease in domestic volumes.
Favorable fluctuations in foreign exchange rates relative to the
U.S. dollar and the impact of higher metal pass-through pricing
increased sales by US$139 million and US$60 million, respectively.
Favorable product mix increased sales by US$79 million, partially
offset by lower pricing.  Sales decreased by US$36 million due to
the sale of the Company's Wabash, Indiana powertrain facility in
July 2007.

In fiscal 2008, the Company's most significant customers were Ford
and General Motors, which accounted for roughly 29% of the
Company's fiscal 2008 net sales on a worldwide basis, while sales
to these customers in the U.S. accounted for approximately 12% of
total sales in fiscal 2008.  Other significant customers include
Daimler, Renault/Nissan, Toyota, and Volkswagen.

Ford and General Motors are currently facing significant financial
difficulties, which could result in significantly reduced sales
and accounts receivables with these customers.  The loss of a
major portion of sales to any of the significant customers,
including Ford and General Motors, could have a material adverse
impact on the Company's business.

Hayes noted that its current sources of liquidity are not
sufficient to fund operations through May 2009.  As a result of
current conditions in the automotive industry and the Company's
recurring operating losses, negative cash flows, and need for
additional financing, the report of the Company's independent
auditor -- KPMG LLP -- contained an explanatory paragraph
regarding the Company's ability to continue as a going concern.

The Company's lenders have agreed to waive defaults that result
from the receipt of a going concern explanatory paragraph.

A full-text copy of the Company's Annual Report is available at no
charge at http://ResearchArchives.com/t/s?3cba

On May 4, 2009, Hayes Lemmerz received a letter from the NASDAQ
Stock Market notifying the Company that it was no longer in
compliance with the rules for continued listing according to
Listing Rule 5250(c)(1) as a result of its failure to file its
Annual Report on Form 10-K for the fiscal year ended January 31,
2009, with the Securities and Exchange Commission within the
required period.  The Company has until July 3, 2009, to submit a
plan to regain compliance with Nasdaq's continuing listing
standards.

              About Hayes Lemmerz International, Inc.

Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers.  The Company is also a supplier of
automotive powertrain components.  The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world.  The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.

                           *     *     *

In February 2009 Fitch downgraded the Company's corporate rating
from B? to CCC; bank debt rating from B+/RR2 to B?/RR3; and New
Senior Notes rating from CCC/RR6 to C/RR6.  In April 2009, Fitch
further downgraded the Company's corporate rating from CCC to C
and bank debt rating from B?/RR3 to CC/RR3.

In February 2009 S&P downgraded the Company's corporate rating
from B? to CCC+; bank debt rating from B+ to B?; and New Senior
Notes rating from CCC+ to CCC?.  In May 2009, S&P further
downgraded the Company's corporate rating from CCC+ to CC; bank
debt rating from B? to CCC?; and New Senior Notes rating from CCC?
to C.

In April 2009 Moody's downgraded the Company's corporate rating
from Caa1 to Caa3, bank debt rating from B3 to Caa2, and New
Senior Notes rating from Caa3 to Ca.


REDWOOD CBO: Moody's Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Redwood CBO S.A.

The transaction is a managed cash CDO referencing sub-investment
grade corporate bonds and sovereign debt.  The rating actions are
a response to credit deterioration in the underlying portfolio due
to corporate name defaults and general corporate deterioration.
The transaction suffered significant aggregate losses in the order
of EUR24 million where the current subordination below the
Mezzanine Notes is approximately EUR3 million.

The rating action is also the result of the application of revised
and updated key modelling parameter assumptions that Moody's uses
to rate and monitor ratings of collateralized loan obligations.
Moody's announced the changes to these assumptions in a press
release published on February 4, 2009.  The revisions affect
default probability and correlation, which are key parameters in
Moody's model for rating CLOs.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's publications below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (March 2009)

The rating actions are:

Redwood CBO S.A.:

(1) EUR35,300,000 Class 2 Fixed Rate Notes due 2011

  -- Current Rating: Caa3

  -- Prior Rating: A2, on review for possible downgrade

  -- Prior Rating Action Date: 5 March 2009, A2 placed on review
     for possible downgrade

(2) EUR11,675,000 Mezzanine Fixed Rate Notes due 2011

  -- Current Rating: Ca

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Action Date: 5 March 2009, Ba1 placed on review
     for possible downgrade


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


INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims
------------------------------------------------------------------
Ferry Irwanto at Jakarta Globe reports that Indonesian creditors
are seeking repayment of EUR151.28 million in credit claims from
Netherlands-based Bank Indover, owned by Bank Indonesia.

According to the report, Indover's Indonesian creditors include
owner BI, and 42 Indonesian banks -- both state and private.  BI,
the report discloses, has credit claims to Indover worth EUR101.48
million, or nearly 25 percent of Indover's total liabilities,
while the 42 Indonesian banks, including PT Bank Mandiri and PT
Bank Negara Indonesia, have credit claims on Indover worth EUR49.8
million, the report notes.  PT Bank Mandiri, one of Indonesia's
state banks, has credit claims worth EUR31 million, while PT Bank
Negara Indonesia, another state bank, has EUR27 million in credit
claims, the report states.

The report says Indonesia's central bank and other Indonesian
banks will have to wait for a creditors meeting organized by
trustees A. van Hees and H.P. de Haan, appointed by the District
Court of Amsterdam, which is scheduled for the end of this month.
The report relates Bank Indonesia spokeswoman Dyah Nastiti K.
Makhijani on Sunday said that the central bank did not have any
information about which creditors had already submitted claims,
what Indover assets had been sold and what the results of
Indover's claims verification process were.  "Everything is
handled by the trustees [appointed by the District Court of
Amsterdam] now," the report quoted Ms. Makhijani as saying.

The report states Mr. Economist Dradjad H. Wibowo, a member of the
House of Representative's Commission XI, which handles banking and
financial issues, said Bank of Indonesia's failure to secure
domestic banks' claims to Indover "will reflect badly on Bank
Indonesia and state banks' financial audits".

"Commission XI was worried because the trial was held in the
Netherlands using the country's legal system and liquidators," Mr.
Dradjad was quoted by the report as saying.  "We were afraid the
liquidators would see that our banks were the last in line to
receive credit based on fraudulent reasons."

Citing Indover's provisional financial statement of March 31,
which was released in April, the report discloses the bank's total
liabilities were EUR429.87 million, including debts to some
central banks amounting to EUR130.99 million, as well as
liabilities to banks, financial institutions and customers
totaling EUR298.88 million.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Antara News said De Indonesische Overzeese Bank
N.V. (Indover), Bank Indonesia (BI)'s subsidiary based in the
Netherlands, was declared bankrupt by a local court.

As reported by the TCR-Asia Pacific, the District Court of
Amsterdam, on Oct. 6, 2008, declared the emergency regulations
applicable to Indover Bank at Amsterdam and appointed T. van Hees
(Stibbe lawyers) and H. de Haan as administrators.

                       About Bank Indonesia

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

                        About Indover Bank

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly-owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.


LYONDELLBASELL INDUSTRIES: S&P Puts 'BB' Rating on US$3.25BB Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned preliminary
ratings to The Netherlands-based petrochemicals producer
LyondellBasell Industries AF S.C.A.'s (LBI's; D/--/--) debtor-in-
possession term loan facilities.  S&P assigned a preliminary
rating of 'BB-' to LBI's US$3.25 billion "new money" secured term
loan, and a preliminary rating of 'B-' to the group's US$3.25
billion secured "roll-up" loan.  LBI's US$1.57 billion DIP asset-
based loan revolving credit facility is not rated.

At the same time, Standard & Poor's revised its recovery ratings
on a number of pre-petition (pre-bankruptcy) debt obligations of
LBI and various subsidiaries.  The recovery rating on LBI's pre-
petition US$8.812 billion senior secured term loan facilities
(representing the portion of the original US$12.45 billion term
loan facilities that was not "rolled up" into LBI's post-petition
DIP facilities obtained in connection with its U.S. bankruptcy
proceedings) was changed to '3' from '1'.  A recovery rating of
'3' indicates S&P's expectation of meaningful (50%-70%) recovery
prospects for holders of the non-rolled-up pre-petition term loans
on conclusion of the bankruptcy process, although S&P note that
coverage is at the low end of the range.

In addition, S&P changed the recovery rating on the US$150 million
senior notes issued by Equistar Chemicals L.P. (D/--/--) to '6'
from '4', and the recovery rating on the US$100 million and
US$225 million debentures issued by Lyondell Chemical Co. to '6'
from '5'.  Furthermore, the recovery rating on LyondellBasell
Finance Co.'s US$3.5 billion second-lien fixed-rate loans and
US$2 billion second-lien floating-rate loans is also changed to
'6', from '5'.  Recovery ratings on all other instruments are
unchanged at '6'.  A recovery rating of '6' indicates S&P's
expectation of negligible (0-10%) recovery.

"The 'BB-' preliminary rating on the new-money DIP term loan and
the 'B-' preliminary rating on the roll-up loan reflect our view
of the likelihood that the company and its subsidiaries that filed
for Chapter 11 protection will emerge from bankruptcy," said
Standard & Poor's recovery analyst Marc Lewis.  "We believe that
the company faces numerous challenges to effectuating a
reorganization that may ultimately prove insurmountable, including
the need to rationalize its asset base in light of weak demand,
poor near-term industry fundamentals, excess production capacity,
intense competition, and tight milestones in its DIP loan
facilities.  Even so, S&P believes a reorganization is the more
likely outcome based on LBI's status as one of the five largest
chemical producers in the world, its geographically diverse and
vertically integrated asset base (which includes many complex and
cost-competitive plants), and solid prospects to generate
meaningful operating cash flow before debt service.

"With LBI and its U.S. subsidiaries currently debtors under
Chapter 11, the downward revision of S&P's expectations for
recovery on the pre-petition debt facilities is reflective of the
addition to the capital structure of a sizeable DIP financing
package secured by "priming" liens, which have priority over the
liens securing the pre-petition debt."

The ratings on both the roll-up loans and the new-money loans are
preliminary pending the resolution of any appeals and any
challenges that may be filed by June 1, 2009 (or any later
deadline set by the U.S. Bankruptcy Court).


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


DELTA LLC: Creditors Must File Claims by June 24
------------------------------------------------
The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against LLC Delta (TIN 7203171332, PSRN 1067203012051)
(Construction) after finding the company insolvent.  The case is
docketed under Case No. ?70–4069/3–2008.

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

         V. Dmitriev
         Insolvency Manager
         Post User Box 2004
         650000 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Delta
         Apt. 116
         Parfenova St. 20
         625013 Tumen
         Russia


MDM BANK: In Talks With Banks to Secure One-Year Refinancing Loan
-----------------------------------------------------------------
Christopher Mangham at Reuters reports that MDM Bank's press
service told Reuters Loan Pricing Corp on Friday that it is in
talks with lenders to secure a one-year refinancing loan.

The report relates MDM said requests for proposals have been sent
to banks, though a loan amount has not yet been determined.
According to the report, the loan will be split between an 'A'
loan that will be provided by the International Finance Corp, an
arm of the World Bank, and a 'B' loan that will be syndicated to
commercial banks.

The report discloses proceeds will partly refinance the IFC one-
year US$500 million syndicated 'B' loan that matures in July 2009
and was provided by 27 banks.

MDM Bank -- http://www.mdmbank.com-- is a leading financial
services provider in Russia.  Its operations are organized across
five divisions: corporate banking (the largest), investment
banking and financial markets, private banking, asset management,
and retail banking (the smallest).  The bank's corporate
clientele, which includes nearly half of the 100 largest companies
in Russia, operate mainly in the mining, nuclear energy, oil,
transportation, manufacturing, and food processing industries.
The bank has more than 160 offices throughout Russia, a number
which may expand if a proposed merger between MDM Bank and Ursa
Bank goes through.  The deal would create the second largest
private bank in Russia.

                             *     *     *

MDM Bank currently carries a 'D+' bank financial strength rating
from Moody's Investors Service with a negative outlook, and a 'D'
individual rating from Fitch Ratings with a negative outlook.


POWER STATIONS: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of CJSC Power Stations Pilot-Production Plant (TIN
7422032395, PSRN 1037401172808) have until June 24, 2009, to
submit proofs of claims to:

         V. Maksimov
         Insolvency Manager
         Post User Box 58
         620076 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinskaya will convene at 3:00 p.m.
on Sept. 29, 2009, to hear the company's bankruptcy proceedings.
The case is docketed under Case No. ?76-9841/2007-34-160.

The Debtor can be reached at:

         CJSC Power Stations Pilot-Production Plant
         Krasnoarmeyskaya St. 5-3
         Ozersk
         456780 Chelyabinskaya
         Russia


SIB-RESURS LLC: Creditors Must File Claims by May 24
----------------------------------------------------
Creditors of LLC Sib-Resurs (Furniture Factory) have until May 24,
2009, to submit proofs of claims to:

         Yu. Solotin
         Temporary Insolvency Manager
         Office 501
         Kommunisticheskaya St. 50
         630007 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 3:00 p.m.
on Aug. 12, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?45–3707/2009.

The Debtor can be reached at:

         LLC Sib-Resurs
         Krasnoobsk
         Novosibirskiy
         630501 Novosibirskaya
         Russia


TEKH-STROY-PROEKT LLC: Creditors Must File Claims by June 24
------------------------------------------------------------
The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against LLC Tekh-Stroy-Proekt (Construction) after
finding the company insolvent.  The case is docketed under Case
No. ?70–5608/3–2008.

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

         R. Sammasov
         Insolvency Manager
         Post User Box 6213
         625016 Tumen
         Russia

The Debtor can be reached at:

         LLC Tekh-Stroy-Proekt
         Chervishevskiy trakt St. 94-281
         Tumen
         Russia


URUKHSKIY CANNERY: Creditors Must File Claims by June 24
--------------------------------------------------------
The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against OJSC Urukhskiy Cannery after finding the
company insolvent.  The case is docketed under Case No. ? 20–
1619/2008.

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

         B. Dumanov
         Insolvency Manager
         Apt. 61
         Tarchokova St. 54G
         Nalchik
         360005 Kabardino-Balkaria
         Russia

The Debtor can be reached at:

         OJSC Urukhskiy Cannery
         Lenina Str. 104
         Urukh
         Leskenskiy
         Kabardino-Balkaria
         Russia


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


IMAGE IMMOBILIEN : Claims Filing Deadline is May 15
---------------------------------------------------
Creditors of Image Immobilien Gmbh are requested to file their
proofs of claim by May 15, 2009, to:

         Thirukumaran Thirugnansothy
         Bettwilerstrasse 11
         5615 Fahrwangen
         Switzerland

The company is currently undergoing liquidation in Fahrwangen.
The decision about liquidation was accepted at a shareholders'
meeting held on Feb. 19, 2009.


PETROPLUS HOLDINGS: S&P Gives Negative Outlook; Holds 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Switzerland-based oil refiner Petroplus Holdings AG to
negative from stable due to worsened industry conditions, notably
a strong contraction in middle distillate crack spreads, and a
potential severe weakening of the company's credit metrics in
2009.  At the same time, the 'BB' long-term corporate credit
ratings were affirmed.

"The outlook revision reflects the possibility of a greater-than-
previously-expected deterioration in Petroplus' credit metrics as
a result of increasingly challenging conditions in the refining
sector," said Standard & Poor's credit analyst Per Karlsson.

"We believe that European refiners, such as Petroplus, with high
levels of middle distillate output, are particularly affected.
S&P has revised downward our expectations for demand for middle
distillate and consequently lowered our expectations for crack
spreads," Mr. Karlsson added.

In addition, Petroplus' working capital outflow over the past six
months has been higher than previously expected, while its cash
has been reduced by an increase in short-term debt.  Petroplus'
first quarter operating performance was reasonable, with reported
replacement-cost EBITDA of US$148 million (reported EBITDA of
US$90 million), but S&P expects 2009 to be challenging in light of
a fall in middle distillate crack spreads since March.

Market conditions for European refineries with a focus on diesel
and middle distillates (47% of Petroplus' output) have
deteriorated sharply since March 2009 as a result of a drop in
middle distillate demand, itself a consequence of a sharp fall in
European GDP.  Diesel crack spreads have weakened by more than S&P
previously expected, although gasoline crack spreads have held up
somewhat better.  The ultra-low sulfur diesel crack spread, for
instance, has fallen to an average of US$9.83 per barrel so far in
the second quarter of 2009, compared with levels of about US$30
per barrel in 2008.

At the end of the first quarter of 2009, Petroplus' financial debt
stood at US$2 billion, a rise of about US$90 million over the
quarter.  At the same time, cash balances diminished by US$115
million to only US$45 million.  According to the company, this was
because reported funds from operations of US$65 million did not
cover an unexpected large working capital outflow of US$281
million.  S&P understands, however, that the rise in working
capital outflow may be partly due to temporarily higher
inventories and prepayments of insurance.  S&P believes that the
possibility of further negative free operating cash in the coming
quarters has increased, which is likely to put pressure on the
ratings.


PRIMANCE GMBH: Creditors' Proofs of Claim Due on May 14
-------------------------------------------------------
Creditors of Primance GmbH are requested to file their proofs of
claim by May 14, 2009, to:

         Turicum Treuhand AG
         Baumackerstrasse 24
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 17, 2008.


RUEESCH PRINTMEDIA GMBH: Claims Filing Deadline is May 14
----------------------------------------------------------
Creditors of Rueesch Printmedia GmbH are requested to file their
proofs of claim by May 14, 2009, to:

         Roger Rueesch
         Schulweg 2
         9532 Rickenbach
         Switzerland

The company is currently undergoing liquidation in Jonschwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 23, 2009.


SHOP - TANKSTELLE: Creditors Must File Claims by May 15
-------------------------------------------------------
Creditors of Shop-Tankstelle Zurich-Pfingstweid GmbH are requested
to file their proofs of claim by May 15, 2009, to:

         Battig Treuhand AG
         Obergrundstrasse 17
         6002 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 12, 2009.


VETTIGER GMBH: Claims Filing Deadline is May 15
-----------------------------------------------
Creditors of Vettiger GmbH are requested to file their proofs of
claim by May 15, 2009, to:

         Stieger Treuhand AG
         Neuhofstrasse 5
         8645 Jona
         Switzerland

The company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at a
shareholders' meeting held on March 20, 2009.


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


ALFA ZAO: Misses US$100 Million Bond Payment
--------------------------------------------
Bloomberg News reports that ZAO Alfa-Bank said it didn't make a
US$100 million bond payment due May 4 because of a lack of U.S.
dollars supply in the Ukraine interbank market.  The report
recalls the central bank imposed restrictions on foreign-currency
trading last month to arrest a 40 percent slump in the hryvnia in
the past year.

The report relates Alfa's reason earned negative comment from
Natsionalnyi Bank Ukrainy, which said "This is an artificial
reason to avoid scheduled payments and a dangerous precedent to
destabilize Ukraine's internal currency market."

Kiev-based ZAO Alfa-Bank, a unit of Russian billionaire Mikhail
Fridman's Alfa Group, is Ukraine's ninth-biggest lender by assets
as of April 1, according to central bank data obtained by
Bloomberg News.


BANK FORUM: Fitch Affirms Individual Rating at 'D/E'
----------------------------------------------------
Fitch Ratings has taken various rating actions on five
subsidiaries of Commerzbank AG (rated 'A+'/Stable) following the
completion of an European Commission review to consider the
injection of EUR18 billion into Commerzbank by Germany's Financial
Market Stabilization Fund.  The EC has approved the injection,
subject to certain conditions.

The performing hybrid capital instruments issued by the group,
including Commerzbank Capital Funding Trust I/II, Delaware (US),
Dresdner Funding Trusts I-IV, and EUROHYPO Capital Funding Trust
I/II are rated 'B+', Rating Watch Negative.  Fitch is undertaking
a review of the implication of an announcement by Commerzbank on 7
May 2009 regarding its flexibility to continue to pay coupons on
hybrid capital instruments that are linked to profits.

EUROHYPO AG, Germany

  -- Long-term Issuer Default Rating of 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor assigned at 'A-'

EUROHYPO Europaeische Hypothekenbank SA (EUROHYPO LUX), Luxembourg

  -- Long-term IDR of 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'

The rating actions affecting EUROHYPO and its Luxembourg
subsidiary, EUROHYPO LUX relate to the conditions attached to the
EC's endorsement of the capital injections into Commerzbank.
Accordingly, the EC requires Commerzbank to divest EUROHYPO by
2014.  While there is uncertainty surrounding the definite timing
and structure of the divesture, and the profit and loss agreement
between the parent and the subsidiary, Fitch has taken the
perspective that EUROHYPO will not form part of the Commerzbank
group in the long-term.  The RWN reflects this uncertainty over
future ownership and will be resolved upon clarification of the
likely acquirer of EUROHYPO.  Likewise, Fitch would review the RWN
should a buyer with a Long-term IDR higher than 'A' materialize.
At the same time, the agency has assigned a Support Rating Floor
of 'A-' to EUROHYPO, based on its systemic importance within the
domestic banking system.  As a result, the Support Rating of '1'
is now based on potential support from the public authorities,
rather than the support of its parent.  Any possible downgrade of
EUROHYPO resulting from a change in ownership would be restricted
to one notch.

The agency has also affirmed EURHYPO's mortgage and public sector
Pfandbriefe and EUROHYPO LUX's Lettres de Gage Publiques' ratings
at 'AAA' respectively.

BRE BANK, Poland

  -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed
     from RWN, Stable Outlook

  -- Short-term IDR upgraded to 'F1' from 'F2'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '1'; removed from RWN

BRE Leasing, Poland

  -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed
     from RWN, Stable Outlook

  -- Short-term IDR upgraded to 'F1' from 'F2'

  -- Support Rating affirmed at '1'; removed from RWN

The rating actions with respect to the Polish subsidiaries reflect
the strategic importance of the Polish banking subsidiary and its
leasing subsidiary.  As a result of the EC's decision, Commerzbank
can retain its retail and corporate banking activities in Central
and Eastern Europe.

Bank Forum, Ukraine

  -- Long-term IDR affirmed at 'B'; Negative Outlook

  -- Short-term IDR affirmed at 'B'

  -- Long-term local currency IDR affirmed at 'B+'; Negative
     Outlook

  -- National Long-term Rating: affirmed at 'AAA(ukr)', Stable

  -- Individual Rating affirmed at 'D/E'

  -- Support Rating affirmed at '4'

Fitch announced its proposed refinement of the agency's
assumptions related to liquidity risks within covered bond
programmes on March 11, 2009.  The exposure draft report was
subject to a six-week market consultation period.  D-Factors and
over collateralization in line with assigned ratings are generally
expected to increase.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(ukr)' for national ratings in Ukraine.


ELECTRO-NET SUBSIDIARY: Creditors Must File Claims by May 17
------------------------------------------------------------
Creditors of Subsidiary Company Electro-Net (code EDRPOU 30578709)
have until May 17, 2009, to submit proofs of claim to:

         State Enterprise Energoatom
         Insolvency Manager
         Netishyn
         30100 Hmelnitsky
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009. The case is docketed under
Case No. 44/26-b.

The Court is located at:

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

The Debtor can be reached at:

         Subsidiary Company Electro-Net
         I. Lepse boulevard 6
         03124 Kiev
         Ukraine


MAGNETO LLC: Creditors Must File Claims by May 16
-------------------------------------------------
Creditors of LLC Magneto (code EDRPOU 32821471) have until May 16,
2009, to submit proofs of claim to:

         LLC Tshekay
         Insolvency Manager
         I. Mazepa St. 26
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 7, 2009.  The case is docketed under
Case No. 44/188-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Magneto
         Office 5A
         Krasnoarmeyskaya St. 62
         03150 Kiev
         Ukraine


UKRAINIAN CHEMICAL: Creditors Must File Claims by May 21
--------------------------------------------------------
Creditors of LLC Ukrainian Chemical Industry Ltd (code EDRPOU
35697780) have until May 21, 2009, to submit proofs of claim to O.
Sharmonov, the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 2, 2009.  The case is docketed under
Case No. 7/9-09-361.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Chemical Industry Ltd
         Melnitskaya St. 32B
         Odessa
         Ukraine


U.S.T.A.S. LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on LLC Company U.S.T.A.S. (code EDRPOU
34985497).

The Insolvency Manager is:

         O. Usachev
         Office 27
         Sachko St. 26
         Dneprodzerzhynsk
         51931 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Company U.S.T.A.S.
         195th Strelkovoy divizii St. 5
         Novomoskovsk
         51200 Dnepropetrovsk
         Ukraine


ZAPOROZHYE BREWERY: Creditors Must File Claims by May 16
--------------------------------------------------------
Creditors of LLC Zaporozhye Brewery (code EDRPOU 35037076) have
until May 16, 2009, to submit proofs of claim to:

         A. Petrenko
         Insolvency Manager
         Komsomolskaya St. 30
         69063 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on March 2, 2009.  The case is docketed under
Case No. 16/295/08.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian St. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Zaporozhye Brewery
         Proletarskaya str. 57
         69002 Zaporozhye
         Ukraine


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


B & P GROUP: Appoints Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Colin Bowker and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint administrators of B & P Group Ltd. on
April 17, 2009.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


BRITISH AIRWAYS: S&P Cuts Long-Term Corp. Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'BB'
from 'BB+' its long-term corporate credit rating on U.K.-based
British Airways PLC, reflecting S&P's view of a significant
worsening in the trading outlook for BA as the economic downturn
takes hold.  The outlook is stable.

At the same time, Standard & Poor's lowered to 'BB' from 'BB+' its
long-term rating on BA's senior unsecured debt.  The recovery
rating on the senior unsecured debt is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of payment
default.  In addition, S&P lowered to 'B' from 'B+' the rating on
the non-voting cumulative preferred securities issued by British
Airways Finance (Jersey) L.P. guaranteed by British Airways PLC.
Under S&P's criteria, preferred stock is generally rated below
subordinated debt.  When the corporate credit rating is
speculative grade, the preferred stock is rated at least three
notches below the corporate credit rating.

All ratings were removed from CreditWatch, where they were placed
with negative implications on Jan. 27, 2009.

"The downgrade reflects our view of the sharp deterioration in the
operating environment for airlines, the depth and duration of the
recession, and the adverse cumulative effect on BA's financial
profile of the group's anticipated losses over the next two
financial years," said Standard & Poor's credit analyst Leigh
Bailey.

For the current financial year, ending March 31, 2009, S&P
anticipate that deteriorating market conditions will result in
operating losses for BA of about GBP225 million, including
GBP75 million cash severance costs, at current exchange rates.  On
March 5, 2009, BA cautioned that for financial 2010 it is
targeting a comparable level of operating performance.
Furthermore, BA has factored targeted reductions of GBP220 million
in underlying non-fuel costs into its guidance for that year.

In S&P's opinion, losses of this magnitude and the associated cash
outflows related to restructuring are likely to result in
materially lower cash flow generation over the next two financial
years, which is likely to materially weaken credit metrics from
current levels.  On Sept. 30, 2008, BA's ratio of funds from
operations to adjusted debt was 38%.  Based on BA's current
guidance, absent other developments, S&P anticipate that FFO to
adjusted debt will fall to about 10%-15% over the next 12 months.

BA has reported a progressive weakening of demand in recent
quarters, most notably for high-yielding premium traffic.  Slowing
demand appears to be having the greatest effect on important
transatlantic and Asia-Pacific routes.  In S&P's view, lower
levels of business activity and an increased focus on reducing
corporate travel costs are likely to contribute to a weak outlook
for premium segment revenues, which is a core profit generator for
many full-service network carriers such as BA.  Market conditions
remain tough, with yield under pressure in all cabins.  At this
stage, it is too early to factor into the rating any specific
impact relating to the recent outbreak of swine flu.

BA's financial profile is likely to come under increased pressure
from the challenging trading environment and a subsequent slowdown
in passenger growth.  Trading losses will likely result in
significant cash outflows over the next two financial years.  In
addition, S&P believes that foreign exchange differences will not
only affect operating revenues, but will also have a significant
negative effect on BA's debt levels.  Given the extremely
uncertain outlook, S&P believes that further deterioration for the
year ended March 2010 relative to current guidance cannot be
excluded.

The stable outlook reflects that the rating factors in the
anticipated adverse effect on BA's financial profile of expected
operating losses of about GBP150 million per year plus associated
cash outflows in the financial years ended March 31, 2009, and
March 31, 2010.

"The economic outlook is still uncertain, and S&P believes that
BA's performance over the next 12 months will represent a cyclical
low point before recovery begins," added Mr. Bailey, "The ratings
are underpinned by the group's good liquidity position,
illustrated by cash reserves of more than GBP1 billion and
sufficient committed facilities to fund mainline aircraft
deliveries until 2012."

Failure to satisfactorily adapt the cost base to offset weakening
revenues, and/or a sustained level of cash outflows could lead to
pressure on the ratings if cash reserves weaken to less than
GBP1 billion or operating performance deteriorates beyond S&P's
expectations.  S&P believes that BA's credit ratios are likely to
weaken materially from current levels and, at this rating level,
anticipate FFO to adjusted debt of about 10%-15%.  The outlook is
unlikely to be revised to positive in the short term, given that
trading conditions will likely remain pressured by the uncertain
global economic outlook.

S&P understands that BA is in negotiations over a potential merger
with Spanish airline Iberia.  Based on current information, S&P
does not factor this into S&P's rating or outlook.


CASTLE HOLDCO: Restructuring Scheme Approval Cues S&P's 'D' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'D'
(Default) from 'SD' (Selective Default) its long-term corporate
credit rating on Castle HoldCo 4, the holding company for U.K.-
based real-estate services provider Countrywide PLC, following
court approval for the noteholders' proposed scheme of
arrangement.

At the same time, Standard & Poor's lowered its senior unsecured
debt rating on the company's GBP170 million notes due 2015 to 'D'
(Default) from 'C'.  The senior secured debt rating on the
GBP470 million floating-rate notes due 2014 remains unchanged at
'D', where it was placed in on Feb. 17, 2009, following a missed
coupon payment.  The senior secured bank loan rating on Castle
HoldCo 4's GBP100 million revolving credit facility also remains
unchanged, at 'C', reflecting S&P's anticipation of full repayment
under the approved scheme of arrangements.  The recovery ratings
on all Castle HoldCo 4's debt instruments are unchanged.

"The rating actions follow the sanctioning of the restructuring
scheme announced in February 2009, under which Countrywide would
receive GBP112.5 million of fresh equity capital to reduce its
indebtedness to GBP175 million, including the repayment in full of
the company's RCF.  As per S&P's general criteria, S&P consider
the completion of a distressed exchange offer as equivalent to a
default," said Standard & Poor's credit analyst Mohammed Fayek.

On Feb. 17, 2009, Standard & Poor's lowered the company's long-
term corporate credit rating to 'SD' when it failed to honor the
coupon payment due under its senior secured notes, although the
company had not defaulted on other financial commitments.

The loan rating on Castle HoldCo 4's GBP100 million senior secured
bank revolving credit facility remains at 'C', reflecting S&P's
anticipation of full repayment in cash according to the approved
scheme of arrangements.  The recovery rating is unchanged at '1',
indicating S&P's expectation of a very high (90%-100%) recovery in
the event of a payment default.

The rating on Castle HoldCo 4's GBP470 million senior secured
notes remains 'D'.  The recovery rating on the notes is unchanged
at '4', indicating S&P's expectation of average (30%-50%) recovery
in the event of a payment default.

The senior unsecured rating on the company's GBP170 million notes
has been lowered to 'D', following the lowering of the corporate
credit rating to 'D'.  The recovery rating is unchanged at '6',
reflecting S&P's expectations of negligible (0%-10%) recovery in
the event of a payment default.


MEDICAL FINANCE: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
T. J. Binyon and Colin Wilson of Tenon Recovery were appointed
joint administrators of Medical Finance (Retail) Ltd. on April 27,
2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


MOUSELLS REMOVALS: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Mousells Removals Ltd. on
April 22, 2009.

The company can be reached at:

         Mousells Removals Ltd.
         Porter House
         Huyton Road
         Adlington
         Chorley
         PR7 4JR
         England


PASSLINE LTD: Appoints Joint Administrators from PKF
----------------------------------------------------
Ian Schofield and Charles Escott of PKF (UK) LLP were appointed
joint administrators of Passline Ltd. on April 22, 2009.

The company can be reached through PKF (UK) LLP at:

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


PHILLIP GREEN: Taps Joint Administrators from Tenon Recovery
------------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint administrators of Phillip Green & Partners
Ltd. on April 23, 2009.

The company can be reached at:

         Phillip Green & Partners Ltd.
         31 Crendon Street
         High Wycombe
         Bucks
         HP13 6LJ
         England


PREMIER NETWORK: Creditors to Appoint Liquidator on May 20
----------------------------------------------------------
Creditors of Premier Network Group will meet on May 20 to vote on
the appointment of a liquidator for the company, Nicole Blackmore
at Mortgage Strategy reports.

Natalie Holt at Money Marketing reports that according to a letter
sent by insolvency practitioner Elwell Watchorn & Saxton LLP to
creditors, the meeting will take place at the EWS head offices in
Leicestershire.  According to Mortgage Strategy, at the meeting, a
liquidation committee of between three and five creditors may also
be formed.  The committeee, Mortgage Strategy notes, will monitor
and comment on progress in the liquidation and determine the basis
of the liquidators' fees.  Money Marketing says voting rights will
be attributed according to the sums creditors are owed.

Mortgage Strategy states the company, which closed to new business
on Feb. 16, is thought to have owed money to many of its appointed
representatives in renewal commissions and procuration fees.
Mortgage Strategy in a report last month disclosed that several
advisers were threatening to launch legal action over outstanding
payments.


ROYAL BANK: Incurs GBP857 Million First-Quarter Loss
----------------------------------------------------
The Royal Bank of Scotland Group plc incurred a first-quarter loss
of GBP857 million, compared with a profit of GBP245 million in the
same period a year earlier, Bloomberg News reports citing the bank
in a statement.

Revenue rose 26 percent to GBP9.7 billion in the first quarter,
lifted by "exceptional" growth at the global banking and market
securities unit and income from its rates business, currencies and
commodities, the report says.

RBS, the report relates, attributed the loss to a GBP4.9 billion
(US$7.4 billion) write down as credit-market investments soured
and bad loans increased in all its markets.

RBS incurred a GBP24.0 billion full year net loss from a net
income of GBP6.8 billion in 2007, the bank's results for the full
year ending Dec. 31, 2008 showed.  Total income for 2008 decreased
20% to GBP26.8 billion from GBP33.5 billion in 2007.

The Troubled Company Reporter-Europe on Mar. 2, 2009, citing The
Wall Street Journal, reported that the U.K. government agreed to
provide RBS with as much as GBP25.5 billion (US$36.64 billion) in
capital and insure GBP300 billion of the bank's assets.  The
recent help given to RBS is part of U.K.'s GBP500 billion bank-
insurance plan announced in January.  Under the funding agreement,
the Journal said RBS will pay a fee of GBP6.5 billion to
participate in the insurance plan.  The bank will also absorb the
first GBP20 billion in losses on the GBP300 billion asset pool
before the insurance kicks in, and will be responsible for 10% of
subsequent losses, the Journal disclosed.  RBS will also pay the
insurance fee, and raise an additional GBP13 billion in fresh
capital, by issuing special "B" shares to the government,
according to the Journal.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


TATA STEEL: May Mothball TCP Plant in Northeast England
-------------------------------------------------------
Tata Steel Limited's European arm Corus said that it has been
forced to open consultations that might result in a decision to
mothball its Teesside Cast Products (TCP) plant in northeast
England.

"This development has become unavoidable because of a failure by
four international slab buyers to fulfil their obligations under
an Offtake Framework Agreement (OFA).  The OFA was signed with
Corus in 2004 and committed the consortium to buy just under 78%
of the plant's production for ten years," the company said in a
statement released Friday, May 8.

The company has begun discussions with employees and their
representatives about what can be done to mitigate the impact of
mothballing the plant on the 1,920 TCP employees and what future
action may be needed.  Any decision to mothball is likely to lead
to a very significant number of redundancies.

The signatories to the OFA, which include Marcegaglia SpA, Dongkuk
Steel Mills Co Ltd, Duferco Participations Holding Ltd1 and Alvory
SA2, agreed to buy their share of TCP's output at cash cost.  Over
the duration of the contract so far the consortium members have
benefited tremendously.  Despite this, last month the consortium
unilaterally and unreasonably initiated moves to terminate the
contract, thereby making the TCP operation unviable.

Corus said it is using all legal means to ensure that the terms of
the 10-year OFA are fully enforced and that the four consortium
members live up to their contractual obligations.  Alongside these
actions Corus will explore alternative options that might secure a
viable future for TCP and its employees.

"I am extremely disappointed that the consortium members have seen
fit to take this irresponsible action," said Corus CEO Kirby
Adams.  "Their unilateral termination of a legally binding 10-year
contract could bring to an end a fine heritage of steelmaking at
Teesside.   We regret the distress their action will cause TCP’s
dedicated employees, who have worked steadfastly in the interests
of the consortium."

                         About Corus

Corus is Europe's second largest steel producer with annual
revenues of more than GBP12 billion and crude steel production of
about 20 million tonnes.  With main steelmaking operations
primarily in the UK and the Netherlands, Corus supplies steel and
related services to the construction, automotive, packaging,
mechanical engineering and other markets worldwide.  Corus is a
subsidiary of Tata Steel, one of the world's top ten steel
producers.  Following the acquisition of Corus in 2007, the
combined enterprise has an aggregate crude steel capacity of more
than 28 million tonnes and approximately 82,700 employees across
four continents.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  The rating remains on review for possible
further downgrade.


TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B-'
------------------------------------------------------------------
Fitch Ratings has upgraded Taylor Wimpey plc's Long-term Issuer
Default rating to 'B-' from 'CCC' and Short-term IDR to 'B' from
'C'.  This follows the announcement by the company of a fully
underwritten share issue that could raise an estimated GBP510
million.  The Recovery Rating on TW's senior unsecured obligations
has been revised down to 'RR5' from 'RR4' to reflect concerns
about structural subordination.  The senior unsecured debt rating
of 'CCC' and the Long-term IDR remain on Rating Watch Positive.

TW's proposed share issue is expected to have a positive impact on
the company's credit profile given that the net proceeds will be
used to reduce gross debt.  In turn, this will improve TW's credit
ratios, with pro-forma December 31, 2008 net debt/EBITDAR falling
to 4.9x from 7.4x and pro-forma cash flow from operations/net debt
increasing to 17% from 11%.

The equity issuance should also positively impact upon TW's credit
profile by ensuring that pre-agreed de-leveraging targets are met,
thus avoiding increased interest costs under TW's debt facilities
in the future, and by providing the company with additional
flexibility to invest in land and work-in-progress, thus enhancing
the future cash-generating ability of the company.  The receipt of
additional equity, alongside the successful amendment to its debt
facilities in April 2009, also indicates the commitment of TW's
stakeholders to ensuring that the company continues as a viable
entity, rather than being a controlled wind-down.

Fitch expects the share issue to close successfully, although the
agency notes that it is dependent on shareholder approval on 27
May 2009, while the underwriting agreement is also conditional.
Fitch further notes that the size of the issuance is substantial
relative to TW's current market capitalisation of GBP434 million.

The revision of the Recovery Rating on TW's senior unsecured debt
reflects concerns about structural subordination.  As flagged in a
commentary on April 8, 2009 (available on www.fitchresearch.com),
following TW's recent debt amendments the agency now believes that
GBP416 million of undrawn secured committed debt facilities and
GBP1,177 million of pensions liabilities (valued on FY07's full
buyout cost) would effectively rank ahead of TW's senior unsecured
obligations.  In the case of the pension liabilities, this relates
to their position within TW's group structure, given their
location closer to the assets and cash flows of TW's main
operating subsidiary.  Given the structural seniority of these
liabilities, the adjusted value of TW's asset base (at FYE08, but
also including expected equity proceeds) would allow senior
unsecured creditors to recover only approximately 13% upon a
default scenario, versus 39% as previously calculated.  In turn,
the Recovery Rating has been revised down.  As a result, the
senior unsecured rating has been notched down from the Long-term
IDR by one level.

The Long-term IDR and senior unsecured ratings remain on RWP,
reflecting the fact that these ratings could be upgraded further,
once Fitch has had the opportunity to conduct a full review of the
company's new financing structure, operational strategy and
forecasts.  This is in line with Fitch's comment on May 5, 2009.
Any upgrade following this review is likely to be no more than two
notches.  Any upgrade of these ratings is also likely to preserve
the one-notch differential between the Long-term IDR and senior
unsecured rating.

The credit profile of TW continues to be constrained by concerns
that the company may not be sufficiently cash-generative over the
coming three years to allow the company to repay or refinance up
to GBP2,470 million (if fully drawn) of debt maturities in 2012,
especially if market conditions remain weak.  Fitch expects the UK
housing market to remain soft until end-2010, and possibly later,
with peak-to-trough house price declines of approximately 30%.
Despite the expected reduction in debt following the equity
issuance, TW will likely remain over-leveraged, with net debt of
approximately GBP1 billion post-transaction, relatively to weak
funds from operations of GBP58.9 million (as of FY08).  In Fitch's
opinion it may take a considerable period of time for the company
to significantly de-leverage.


TIME & TIDE: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
Ian S. Carr and Martin G Ellis of Grant Thornton UK LLP were
appointed joint administrators of Time & Tide (Bedford) Ltd. on
April 23, 2009.

The company can be reached at:

         Time & Tide (Bedford) Ltd.
         The Stables, Woodlands
         Silver Street
         Goffs Oak
         Waltham Cross
         Hertfordshire
         EN7 5JD
         England


TURTON SPRINGS: Taps Joint Administrators from PwC
--------------------------------------------------
Lyn Vardy and Stephen Ellis of PricewaterhouseCoopers LLP, were
appointed joint administrators of Turton Springs Ltd. on April 21,
2009.

The company can be reached at:

         Turton Springs Ltd.
         92 Burton Road
         Sheffield
         S3 8DA
         England


TW STAMPING: Appoints Joint Administrators from BDO
---------------------------------------------------
C. K. Rayment and J. M. Wright of BDO Stoy Hayward LLP were
appointed joint administrators of TW Stamping Ltd. on April 22,
2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed UK cable operator Virgin Media Inc.'s
Long-term Issuer Default Rating at 'BB-' with a Stable Outlook,
and affirmed its Short-term IDR at 'B'.  Fitch has also affirmed
Virgin Media's instrument ratings as detailed at the end of this
comment.

"Although competitive pressures may be easing somewhat in the UK
broadband market, Virgin Media's hybrid fibre co-axial network
will retain its superior speed advantage over incumbent BT's
network for a number of years yet, a position which Fitch
considers as vital for this market," said Michelle De Angelis,
Senior Director in Fitch's Leveraged Finance team.  "In addition,
despite the recession gripping the UK economy, Virgin Media's
results for Q408 and Q109 show no obvious signs of increased churn
or reduced consumer on-net spending, which supports Fitch's view
of the relative resilience of the cable business model.  The
rating Outlook has been maintained at Stable to reflect the
refinancing risk related to maturing bank facilities in 2012 and
the continued downward pressure on consolidated revenues."

Virgin Media's DOCSIS 3.0 upgrade to its network will be completed
by Q309, making 50Mbs speeds available to customers in its cable
footprint.  This exceeds the 40Mbs speeds which will be available
on BT's (rated 'BBB'/Stable) VDSL-upgraded network (fibre-to-the-
cabinet: an upgrade planned to be implemented over the next four
years) and Virgin Media has announced commercial testing of a
200Mbs product last week.  Fitch therefore believes that Virgin
Media is strongly positioned to take full advantage of the
increasing bandwidth requirements of UK consumers over the next
few years.

While the UK's economic recession is forcing consumers to cut back
on their spending.  Fitch expects cable will remain relatively
resilient in the face of such a retrenchment.  This appears to be
borne out by Virgin Media's latest results: consumer on-net
average revenue per user has registered year-on-year growth in the
last three quarters, and churn (customer disconnections) continues
to decrease.  Thus Fitch does not anticipate severe stress for
Virgin Media through the downturn.  Nonetheless, there is a risk
of customers "trading down" in their package choices, and as such
the agency has built in downsides to its forecast scenarios which
nonetheless support the current rating at 'BB-'.

Virgin Media's successful amendment of its bank facilities in Q408
effectively postponed its refinancing risk to 2012, however, its
total debt due at that time of over GBP3 billion remains
significant given the current credit environment.  The agency will
monitor continued efforts by the company to reduce this
refinancing risk through prepayments from cashflow or alternative
sources of liquidity.

Although total revenues declined in Q109, performance in the
consumer on-net segment showed modest growth, and the announced
price increases effective in Q209 should support stronger on-net
revenues through 2009.  All other consumer and business segments
reported lower revenues year-on-year and quarter-on-quarter, in
the case of mobile as a result of the repositioning of the
business strategy towards postpaid from prepaid, with the
declining prepaid base more than offsetting any postpaid gains.
In the agency's view there is potential for continued weakness in
the mobile segment as this shift continues, given the highly
competitive nature of the UK mobile market.  However, should these
operating trends improve, then there could be the potential for
Virgin Media's Outlook to be revised.  Reported operating cash
flow also declined in Q109, which was partly due to cost inflation
and also a result of the cost transformation program being
undertaken by the company from 2009, which is anticipated to
deliver GBP120 million in benefits by 2012.  Net Fitch-adjusted
debt, adjusted for currency hedging, to trailing twelve months OCF
reached 4.5x at Q109, up slightly from 4.4x at YE08 and YE07.

These instrument ratings have been affirmed:


  -- Virgin Media Investment Holdings Limited senior secured bank
     facilities affirmed at 'BB+'

  -- Virgin Media Finance plc's senior unsecured notes due 2014
     and 2016 affirmed at 'BB'


WATERFORD WEDGWOOD: U.S. Arm Put Into Administration
----------------------------------------------------
BBC News reports that New York-based private equity firm KPS has
put Waterford Wedgwood's U.S. arm into administration.

BBC relates KPS announced on April 26 it had applied to the
federal bankruptcy court in Manhattan on behalf of Wedgwood USA.
According to BBC, the U.S. arm had assets of less than US$10
million (GBP6.6 million) and up to US$1 billion (GBP660.4 million)
of debt KPS did not want.  BBC discloses the private equity firm
said the original British company Josiah Wedgwood and Sons Limited
would also be liquidated in the future.  The decision is not
expected to have any impact on jobs in Staffordshire though, BBC
notes.

KPS, thisisstaffordshire.co.uk recalls, bought the Wedgwood and
Royal Doulton brands and "certain assets" of parent company
Waterford Wedgwood in March.  Barlaston-based Waterford Wedgwood
went into administration in January, thisisstaffordshire.co.uk
recounts.  thisisstaffordshire.co.uk discloses more than 900
creditors across the UK and overseas were owed GBP8.5 million in
total when administrator Deloitte was called in.


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

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

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


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


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


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


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



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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *