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        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 19, 2009, Vol. 10, No. 97

                            Headlines

A U S T R I A

A.K.L. GMBH: Claims Registration Period Ends May 27
ECO-PLAN-CONSULTING GMBH: Claims Registration Period Ends May 27
STERNBAU GMBH: Claims Registration Period Ends May 27


B E L G I U M

FORTIS BANK: Fitch Lifts Individual Rating to 'D'


B U L G A R I A

KREMIKOVTZI AD: Workers Stage Protest Over Plant Shutdown


F R A N C E

GECINA SA: S&P Cuts Long-Term Corporate Credit Rating to 'BB-'

* FRANCE: Economy Shrinks 1.2 Percent in Fourth Quarter


G E R M A N Y

ARCANDOR AG: Seeks State Guarantees, Faces Gov't Resistance
EV DUISBURG: Claims Registration Period Ends June 16
FTC HANDELSVERTRETUNGEN: Claims Registration Period Ends June 19
GEOGRAPHISCHE BUCHHANDLUNG: Claims Registration Ends June 18
GLASPROJECT GMBH: Claims Registration Period Ends June 4

GLOCKENGOLD FRUCHTSAFT: Claims Registration Period Ends June 30
GMA-HAUPLER GMBH: Claims Registration Period Ends June 9
HEIDELBERGCEMENT AG: S&P Retains 'B-/B' Corporate Credit Ratings
HYPO REAL ESTATE HOLDING: Soffin Wins EU Approval to Buy Firm
VULCAN LTD: Fitch Puts 'BB' Rating on Class G Notes on Watch Neg.


I R E L A N D

PRESBYTERIAN MUTUAL: NIO Could Not Guarantee Savers' Investments


I T A L Y

CHRYSLER LLC: Notifies & to Pay 1,200 Suppliers Co. Wants to Keep

* ITALY: 4th Qtr GDP Down 2.4 Percent


K A Z A K H S T A N

CONCERN ABN-25 LLP: Creditors Must File Claims by June 5
OMAR SHIPIN: Creditors Must File Claims by June 5
PETRO NEXT: Creditors Must File Claims by June 5
TEMIR TULPAR: Creditors Must File Claims by June 5
ZOLOTAYA LOZA: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

UON STROY: Creditors Must File Claims by June 5


L U X E M B O U R G

FORTIS BANK: Fitch Lifts Individual Rating to 'D'
KAUPTHING LUXEMBOURG: To Be Taken Over by Blackfish Capital


N E T H E R L A N D S

MONTE 2008-I: S&P Reinstates 'BB' Rating on Class C Notes


N O R W A Y

NEMI FORSIKRING: S&P Retains Developing Watch on 'BB' Rating


P O L A N D

BIOTON S.A.: Posts PLN20 Million Net Loss in First Quarter 2009


R U S S I A

BRAND DEV'T: S&P Withdraws 'D' Corp. Rating at Sunway's Request
FAR EASTERN: Moody's Withdraws 'B3' Corporate Family Rating
GALLERY MEDIA: May Default on US$175 Million Bond
GALLERY MEDIA: Postponed Interest Payment Cues S&P's 'D' Rating
MEZHTOPENERGOBANK: Moody's Withdraws 'Ba1' National Scale Rating

MOSCOW STARS: Fitch Downgrades Rating on Class A Notes to 'BB+'
MOST CJSC: Creditors Must File Claims by July 7
NOVOSILSKIY DAIRY: Court Names I. Novikova as Insolvency Manager
SEVERSTAL OAO: Incurs US$644 Million 1st Qtr Loss
SMOLENSK FISHING: Creditors Must File Claims by June 7

STROY-MONTAZH LLC: Creditors Must File Claims by June 7
TMK OAO: In Talks With EBRD Over Debt Refinancing
VOLOSOVSKIY CONSTRUCTION: Creditors Must File Claims by June 7


S P A I N

AYT BONOS: Fitch Cuts Rating on EUR93.8 Mln Class C Notes to 'BB'
AYT DEUDA: Fitch Cuts Rating on EUR22.8 Mln Class C Notes to 'BB'


S W I T Z E R L A N D

HUBER PLASTMASCHINEN: Claims Filing Deadline is May 25
KOBA LIEGENSCHAFTEN: Creditors Must File Claims by May 25
LUEBCO HANDELS AG: Claims Filing Deadline is May 25
VTM AG: Creditors Have Until May 25 to File Proofs of Claim


U K R A I N E

AGRO-LAN LLC: Creditors Must File Claims by May 24
MODERN BUSINESS: Court Starts Bankruptcy Supervision Procedure
NAFTOGAZ NJSC: Moody's Downgrades Corporate Family Rating to 'B2'
SUMY FIELDS: Court Starts Bankruptcy Supervision Procedure
TCHERNOMORSKY REGIONAL: Creditors Must File Claims by May 24

TONIS-TV LTD: Creditors Must File Claims by May 24
ZAPOROZHYE BUILDING: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

BT GROUP: To Cut 15,000 Jobs, CEO Could Be Paid Cash Bonus
C.P.S. LAND: Appoints Liquidator from Tenon Recovery
CHERRY MOVE: Brings in Joint Liquidators from Tenon Recovery
CHROME FUNDING: Declining Credit Quality Cues S&P's Junk Rating
CRUISE: Rescued From Administration by Existing Management

DIGITAL RIGHTS: Taps Joint Liquidators from Tenon Recovery
ELISION HEALTH: Appoints Liquidators from Smith & Williamson
G A DEVELOPMENT: Names Liquidator from Tenon Recovery
GREAT LEIGHS: Terry Chambers Pulls Out of Sale Negotiations
INDEPENDENT NEWS: Has Until June 26 to Repay EUR200 Million Bond

LDV: Westar to Restart Production by July if Takeover Succeeds
MCNAMEE LAWRENCE: Taps Joint Liquidators from Smith & Williamson
PREMIUM 1ST: Appoints Liquidator from Grant Thornton
SHENDISH MANOR: In Administration; KPMG Appointed
SOUTHWOOD SKIP: Calls in Joint Liquidators from Deloitte LLP

TITAN EUROPE: S&P Lowers Rating on Class E Notes to 'D'
TRIANGLE COMPUTER: Taps Joint Liquidators from Tenon Recovery
WINDERMERE XI: Moody's Cuts Rating on Class B Notes to 'B1'

* S&P Takes Rating Actions on 339 European Synthetic CDO Tranches

* Large Companies with Insolvent Balance Sheet


                         *********


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


A.K.L. GMBH: Claims Registration Period Ends May 27
---------------------------------------------------
Creditors owed money by A.K.L. GmbH have until May 27, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: DW 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 9, 2009, for the
examination of claims.


ECO-PLAN-CONSULTING GMBH: Claims Registration Period Ends May 27
----------------------------------------------------------------
Creditors owed money by Eco-Plan-Consulting GmbH have until
May 27, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

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


STERNBAU GMBH: Claims Registration Period Ends May 27
-----------------------------------------------------
Creditors owed money by Sternbau GmbH have until May 27, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 10, 2009, for the
examination of claims.


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


FORTIS BANK: Fitch Lifts Individual Rating to 'D'
-------------------------------------------------
Fitch Ratings has upgraded Fortis Bank's and BGL SA's Long-term
Issuer Default Ratings to 'AA-' from 'A+' and removed them from
Rating Watch Positive following the purchase of majority stakes in
these banks by BNP Paribas (rated 'AA'/'F1+'/Outlook Negative).
The Outlooks on Fortis Bank's and BGL SA's Long-term IDRs are
Negative.  At the same time, the banks' Individual ratings have
been upgraded to 'D' from 'F'.  The Short-term IDRs of both Fortis
Bank and BGL SA have been affirmed at 'F1+'.

The upgrade of the Long-term IDRs reflects the completion of the
takeover of both banks by BNPP which resulted in the French bank
now holding 75% of Fortis Bank (the remaining being in the hands
of the Belgian government) and 66% of BGL SA (16% directly and 50%
through Fortis Bank, the residual 34% being held by the Luxembourg
government).  Accordingly, Fitch considers that there is an
extremely high probability that BNPP would provide support to
these strategically important subsidiaries, in case of need.  This
assumption drives Fortis Bank's and BGL SA's Long- and Short-term
IDRs and Support rating.  BNPP's move into the Belgian and
Luxembourg markets will allow the French bank to roll out its
business model in two more retail markets and strengthen its
franchise in asset management and private banking.  The Negative
Outlook on Fortis Bank and BGL SA is a reflection of the Negative
Outlook on BNPP.

The upgrade of the Individual ratings reflects Fitch's view that
while the banks are still facing a number of challenges, they are
now not expected to require additional external support.  The
Individual ratings could be reviewed once the new business and
risk profiles are detailed.  Fitch expects BNPP will manage well
the integration of Fortis Bank and BGL SA, which should help
consolidate their sound franchises in their respective markets.

Fortis Bank's hybrids securities have been upgraded to 'A+' from
'BB-', with the exception of a convertible and subordinated hybrid
equity-linked instrument (CASHES), whose 'CCC' rating remains on
Rating Watch Evolving .  The reduced notching of the hybrid
securities compared to the bank's IDR reflects Fitch's expectation
that these securities would also benefit from support from the
parent, in case of need.

Fortis Bank's and BGL SA's Support Rating Floors of 'A+' have been
withdrawn since Fitch now expects that, if needed, support will
come from BNPP rather than the Belgian and Luxembourg states
respectively.

According to Fitch's rating definitions, the Individual rating
reflects the standalone strength of a bank, while the Support
rating reflects the probability of support from a major
shareholder and/or the state.

Fortis Bank

  -- Long-term IDR upgraded to 'AA-' from 'A+'; RWP removed;
     Negative Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured upgraded to 'AA-' from 'A+'; RWP removed

  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed

  -- Support rating affirmed at '1',

  -- Support Rating Floor 'A+' withdrawn

  -- Hybrid capital instruments (ISIN BE0117584202 and
     BE0119806116) upgraded to 'A+' from 'BB-'; RWP removed

  -- CASHES instruments (ISIN BE0933899800) rated 'CCC'; remains
     on Rating Watch Evolving  

  -- Individual rating upgraded to 'D' from 'F'

BGL SA

  -- Long-term IDR upgraded to 'AA-' from 'A+'; RWP removed;
     Negative Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured upgraded to 'AA-' from 'A+'; RWP removed

  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed

  -- Support rating affirmed at '1',

  -- Support Rating Floor 'A+' withdrawn

  -- Individual rating upgraded to 'D' from 'F'

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured upgraded to 'AA-' from 'A+';RWP removed
  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Workers Stage Protest Over Plant Shutdown
---------------------------------------------------------
Irina Ivanova and Tsvetelia Ilieva at Reuters report that about
1,000 workers at Bulgaria's troubled steelmaker Kremikovtzi AD
staged a protest in Sofia last week after state gas monopoly
Bulgaraz cut natural gas supplies to the plant, prompting its
effective shutdown.

"The gas cut off is the craziest move of this government," Reuters
quoted Vassil Yanachkov, head of the metallurgy unit at CITUB
trade union as saying.  "They do not know what they are doing."

Reuters relates the Economy Ministry said talks for a production
agreement with Brazil's CSN failed late on Thursday.

                         Unpaid Salaries

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Reuters said about 1,500 Kremikovtzi workers protested on
March 9 over planned lay-offs and unpaid salaries.  Reuters
related that according to the workers, who have not received their
salaries for the past since November, managers plan to cut some
2,000 jobs.  The workers, Reuters disclosed, demanded compensation
of 30 times monthly salary if the plant was shut down.  They are
calling on the government to find a buyer for the plant, which has
sharply reduced its operations since August when a court declared
it insolvent over its huge debt, Reuters stated.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer in
Bulgaria that reported BGN896 million in revenues in 2006.  It
explores and produces iron and ore fields.

As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt.  The court
appointed a temporary bankruptcy administrator for the steelmaker.

The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005.  As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.


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


GECINA SA: S&P Cuts Long-Term Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on French property company Gecina to
'BB-' from 'BB+' and removed it from CreditWatch with negative
implications, where it was placed on March 3, 2009.  S&P affirmed
the 'B' short-term credit rating.  The outlook is negative.

At the same time, S&P lowered the issue rating on the company's
unsecured bonds to 'BB-' from 'BB+'.  The '3' recovery rating
remains unchanged.

"The rating actions reflect our negative opinion of Gecina's
corporate governance and the resulting risk S&P perceives of
significantly reduced financial flexibility," said Standard &
Poor's credit analyst Pierre Georges.

S&P believes that several unexpected related-party transactions
reflected heavily credit dilutive corporate governance practices
that may weaken the company's access to financing, although
potential improvements in corporate governance could mitigate this
risk.  At the same time, S&P continues to believe that the
company's business fundamentals remain resilient and its credit
metrics are solid, in line with higher credit ratings.

S&P recently discovered what S&P views as repeated specific
(notably the Bami acquisition and the Bamolo transaction) weak
governance practices since 2007, including a clear lack of board
control over some top management decisions.  Other negative
factors include the long-lasting uncertainties about the evolution
of Gecina's shareholding structure, notably regarding the 27%
stake in Gecina owned by Spanish property group Metrovacesa (not
rated); the resulting lack of visibility about the group's future
strategy; and S&P's assessment that management compensation,
mainly based on the absolute increase in EBITDA, is inadequately
aligned with credit quality.

"The negative outlook reflects further possible rating pressure if
the group's liquidity position deteriorates, if it does not
implement the asset disposal program as planned, or if corporate
governance does not significantly improve in the coming quarters,"
said Mr. Georges.

S&P will therefore monitor the progress of asset disposals in the
coming months and evidence of significant access to capital, which
could help stabilize the credit ratings.  S&P could also lower the
ratings if any additional shareholder-friendly transaction
deteriorated the group's credit profile.

Market conditions that were more depressed than S&P expected,
further increased financing risks, or a large acquisition would
also put pressure on ratings.  Ratings upside potential is limited
at this stage, given S&P's currently negative opinion of the
group's corporate governance.


* FRANCE: Economy Shrinks 1.2 Percent in Fourth Quarter
-------------------------------------------------------
Sandrine Rastello at Bloomberg News reports that France's
statistics office Insee said the country's gross domestic product
fell 1.2 percent from the fourth quarter, when it slipped 1.5
percent.

The report says the fourth-quarter contraction was revised from an
earlier estimate of 1.1 percent, revealing that France has been in
a recession since the third quarter.

The report notes that the French economy shrank 3.2 percent from a
year earlier.

The French economy meanwhile lost 138,100 jobs in the first
quarter, Insee said as cited by Bloomberg News.


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


ARCANDOR AG: Seeks State Guarantees, Faces Gov't Resistance
-----------------------------------------------------------
Karin Matussek at Bloomberg News reports that the Financial Times
Deutschland, citing unidentified people in the government, said
senior Christian Democrat lawmakers are against state guarantees
for Essen-based retailer Arcandor AG.

Bloomberg News relates according to the FTD, Arcandor needs to
extend a EUR650 million (US$887 million) loan within four weeks to
avoid insolvency.

Erin Fines at Dow Jones reports Arcandor said it aims to apply for
state-backed guarantees by the end of this week to meet its
immediate refinancing needs.

According to Dow Jones, Arcandor said in addition to state-backed
financial guarantees of EUR650 million, it will also apply for a
loan from the federal and state-owned KfW bank.  The company, Dow
Jones says, has to refinance EUR650 million by June, while a
further EUR300 million in loans will come due in September.  Dow
Jones discloses the company also said in April it needs an
additional EUR900 million to fund its planned restructuring
program.

Dow Jones states Arcandor said it meets the criteria for state
aid, noting the company wasn't insolvent or overly indebted before
July 1, 2008 and in the last two years.  Arcandor, as cited by Dow
Jones, said its role in the German economy should be an
influential factor for state aid approval, noting it employs
53,000 people in Germany and has business dealings with around
20,000 suppliers and service providers.

Dow Jones recalls earlier this month, Arcandor, which made a loss
of EUR745.7 million in fiscal 2008, postponed the publication of
its second quarter results to May 29 from May 14, citing its
consolidation program, restructuring and financing negotiations.

Arcandor AG (fka KarstadtQuelle AG) --
http://www.arcandor.com/-- is a Germany-based tourism and retail
group.  Its three core business areas are tourism, mail order
services and department store retail.  The Company's business
areas are covered by its three operating segments: Thomas Cook,
Primondo and Karstadt.


EV DUISBURG: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of EV Duisburg GmbH have until June 16, 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 22, 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
         Room C207
         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
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EV Duisburg GmbH
         Margaretenstrasse 17-19
         47055 Duisburg
         Germany

         Attn: Ulf Manthei, Manager
         Lindauer Strasse 11
         47249 Duisburg
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at on July 3, 2009, at which time the insolvency
manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Room 129
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Stefan Conrads
         Mankhauser St. 7a
         42699 Solingen
         Germany
         Tel: 0212 221720
         Fax: 0212 2217218

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         FTC Handelsvertretungen GmbH
         Franz Robert Waibel,
         Hauptstrasse 22
         73326 Deggingen
         Germany


GEOGRAPHISCHE BUCHHANDLUNG: Claims Registration Ends June 18
------------------------------------------------------------
Creditors of Geographische Buchhandlung - GEOBUCH GmbH have until
June 18, 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 30, at which time the insolvency
manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Rolf G. Pohlmann
         Rosental 6
         80331 Muenchen
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

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:

         Geographische Buchhandlung - GEOBUCH GmbH
         Attn: Rainer Michels, Manager
         Rosental 6
         80331 Muenchen
         Germany


GLASPROJECT GMBH: Claims Registration Period Ends June 4
--------------------------------------------------------
Creditors of Glasproject GmbH have until June 4, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 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 Wolfratshausen
         Meeting Room 3/I
         Station Route 18
         Wolfratshausen
         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:

         Thomas Kloeckner
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

The court opened bankruptcy proceedings against the company on
May 4, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Glasproject GmbH
         Buergermeister-Graf-Ring 28
         82538 Geretsried
         Germany


GLOCKENGOLD FRUCHTSAFT: Claims Registration Period Ends June 30
---------------------------------------------------------------
Creditors of Glockengold Fruchtsaft 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 9:30 a.m. on July 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer St. 16
         06112 Halle
         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. Lucas F. Floether
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Glockengold Fruchtsaft GmbH
         Hirschrodaer St. 13
         06636 Laucha
         Germany

         Attn: Christian Dabbert, Manager
         Tannengarten 21
         06636 Laucha
         Germany


GMA-HAUPLER GMBH: Claims Registration Period Ends June 9
--------------------------------------------------------
Creditors of GMA-Haupler GmbH have until June 9, 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 June 30, 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:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GMA-Haupler GmbH
         Attn: Gerardus Heldens, Manager
         Auf dem Sand 45
         40721 Hilden
         Germany


HEIDELBERGCEMENT AG: S&P Retains 'B-/B' Corporate Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it its 'B-/B' long-
and short-term corporate credit ratings on Germany-based heavy
remain unchanged and are still on CreditWatch with negative
implications, where they had originally been placed on Oct. 24,
2008.

The 'CCC+' senior unsecured debt ratings also remain unchanged.
The recovery rating on the senior unsecured bonds issued by
HeidelbergCement and its subsidiaries remains unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

"Our decision follows HeidelbergCement's announcement [Thurs]day
that it had completed the refinancing of a EUR600 million loan, a
first step in the company's debt restructuring process," said
Standard & Poor's credit analyst Xavier Buffon.

            Aims of the Process that S&P Understands

Reset financial covenants to prevent a breach at end-June 2009;
andRefinance the bulk of the company's bank debt to alleviate
liquidity risks stemming from the existence of heavy maturities in
May 2010, including the EUR5 billion Tranche B loan of the Hanson
acquisition facility.

S&P views HeidelbergCement's refinancing of the EUR600 million
Tranche A facility, which matured on May 14, 2009, through the
announced new like-amount bridge loan as tantamount to a debt
rescheduling.  But S&P thinks that the terms of the new loan
offset the change in maturity.  S&P also thinks the company was
able and willing to repay the Tranche A facility.

S&P sees HeidelbergCement's completion of the first step in the
restructuring as somewhat positive.  Had the company not completed
this step as planned, S&P would have considered the chances of
success in the second phase as even more uncertain.  That said,
S&P think the outcome of the second phase of the restructuring
process is still highly uncertain, given its much larger scope.

HeidelbergCement is one of the world largest manufacturers and
distributors of heavy building materials.  S&P consider that the
company's business profile is underpinned by HeidelbergCement's
strong cement and aggregates positions in diverse consolidated
markets and limited product substitution risks, and that the
company is likely to benefit meaningfully from infrastructure
stimulus packages launched in markets such as the U.S.

To resolve the CreditWatch placement, S&P intend to continue
following closely any further developments regarding
HeidelbergCement's debt restructuring process.

S&P could lower the ratings on HeidelbergCement in June 2009 if
covenants are not waived and/or if debt maturing in May 2010 is
not refinanced.


HYPO REAL ESTATE HOLDING: Soffin Wins EU Approval to Buy Firm
-------------------------------------------------------------
Oliver Suess at Bloomberg News reports that Germany's bank-rescue
fund, Soffin, won European Union approval of its plan to buy
property lender Hypo Real Estate Holding AG.  The transaction
wouldn't significantly hinder competition in the EU, Bloomberg
News cited the European Commission as saying in a statement.

According to the report, Soffin holds more than 47 percent of Hypo
Real Estate's shares after an offer of EUR1.39 a share for the
Munich-based lender ended on May 4.  The German government bought
the shares ahead of a June 2 extraordinary general meeting when it
seeks to gain approval for a capital increase of as much as
EUR5.64 billion (US$7.64 billion), the report says.

The report relates by acquiring new Hypo Real Estate shares, the
government seeks to push minority shareholders' stake below 10
percent, which would allow it to force them out.  If that fails,
it can employ legislation approved April 3 allowing the state to
seize Hypo Real Estate as a final resort, the report says.

Bloomberg News notes the decision is separate from the
commission’s state-aid investigation opened on May 7 into whether
the government subsidies distort competition.  The "large amount
of aid" triggered the probe, Competition Commissioner Neelie Kroes
said at the time, according to the report.

As reported in the Troubled Company Reporter-Europe on April 29,
2009, Dow Jones said Hypo RE will ask shareholders June 2 to
approve a capital increase that would exclude existing
shareholders from participation.  Dow Jones stated the planned
capital increase -- of up to EUR5.64 billion -- is the only agenda
item for the June 2 extraordinary shareholders meeting.

On April 22, 2009, the TCR-Europe, citing Reuters, reported that
the German government has given shareholders like J Christopher
Flowers until June 30 to sell HRE shares or face expropriation.
Reuters disclosed offer documents said if the government doesn't
have assurances "that it will be able to acquire all HRE shares"
by June 30, it intends to "initiate an expropriation procedure".
Reuters related Mr. Flowers through a spokesman said he is
studying the offer but he would prefer to remain a shareholder of
Hypo Real Estate.  According to Reuters, Germany's Financial
Market Stabilisation Fund, which launched a voluntary takeover
offer of EUR1.39 a share, could implement a capital increase
excluding subscription rights of the shareholders as a way to
sideline Mr. Flowers and gain control of the lender.  Reuters
stated by launching a capital increase without subscription
rights, the German government will be able to dilute the 22
percent stake held by Mr. Flowers and a consortium of
shareholders.

                     About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

A TCR-Europe report on Nov. 24, 2008, said Hypo Real Estate Group
incurred a consolidated pre-tax loss of EUR3.105 billion for the
third quarter of 2008 compared with a pre-tax profit of EUR237
million in the corresponding previous year period.  The quarterly
loss is mainly attributable to the writeoff of goodwill
and other intangible assets attributable to the initial
consolidation of DEPFA Bank Plc (EUR2.482 billion).

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


VULCAN LTD: Fitch Puts 'BB' Rating on Class G Notes on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed Vulcan (European Loan Conduit No. 28)
Ltd's class A to G notes, due May 2017, on Rating Watch Negative:

  -- EUR777.1 million (XS0314738963) class A due May 2017: 'AAA';
     placed on RWN

  -- EUR0.1 million (XS0314739342) class X due May 2017: 'AAA';
     placed on RWN


  -- EUR20.6 million (XS0314739938) class B due May 2017: 'AAA';
     placed on RWN

  -- EUR73.4 million (XS0314740431) class C due May 2017: 'AA';
     placed on RWN

  -- EUR75.2 million (XS0314740944) class D due May 2017: 'A';
     placed on RWN

  -- EUR38 million (XS0314741595) class E due May 2017: 'BBB';
     placed on RWN

  -- EUR3 million (XS0314742056) class F due May 2017: 'BBB-';
     placed on RWN

  -- EUR3 million (XS0314742213) class G due May 2017: 'BB';
     placed on RWN

The principal reason for placing all eight note classes on RWN is
the payment default of the largest loan in the pool, the Tishman
German Office Portfolio loan (36.3% of current balance as of
May 13, 2009).  The payment default led to a drawdown of the
servicer advance facility per the May 15, 2009 Interest Payment
Date.  The loan is tranched, with only the senior portion forming
part of the securitization and the servicer (Morgan Stanley
Mortgage Servicing) is currently in negotiations with the other
loan parties regarding a restructuring of the loan.  In addition,
four other loans are currently on the servicer's watchlist, namely
the PDF Paris Portfolio (10.6%), the Babcock French Portfolio
(8.7%), the Inovalis Eboue Paris (2.6%) and the Guardian Bonn
Rochusstrasse (0.4%).

Fitch will resolve the negative rating watch as soon as more
detailed information regarding the Tishman German Office Portfolio
loan is available, especially on the loan's restructuring.


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


PRESBYTERIAN MUTUAL: NIO Could Not Guarantee Savers' Investments
----------------------------------------------------------------
BBC News reports the Northern Ireland Office said it is unlikely
to guarantee the investments of the nearly 10,000 savers hit
by the collapse of the Presbyterian Mutual Society.

BBC relates the NIO said it could not help the PMS savers as the
society, which went into administration last November, carried out
unregulated activities.

As reported in the Troubled Company Reporter-Europe on April 27,
2009, BreakingNews.ie said according to the British Financial
Services Authority, the PMS broke the law in the way it was being
run.  BreakingNews.ie disclosed the FSA said the society was
effectively being run as a bank without the necessary
authorization, although it did not say that this caused the
organization's collapse.  The British financial regulator also
said it won't be taking a case against any of those involved in
the society, BreakingNews.ie noted.

On Nov. 21, 2008, the TCR-Europe, citing News Letter, reported
that the society went into administration after high investor
withdrawals left it out of cash.  According to News Letter,
shareholders rushed to withdraw their investments when they
realized the society had no government-backed security in the
current economic climate.

Arthur Boyd, of Belfast-based chartered accountants and business
recovery specialists Arthur Boyd & Company, was appointed
administrator at the request of the society's directors, News
Letter recalled.  Mr. Boyd, as cited by News Letter, said his
appointment will provide protection for the assets of the society,
which has some GBP180 million invested in loans and GBP130 million
in fixed and other assets including commercial property.

The Presbyterian Mutual Society has 9,500 members.  It is based in
Belfast, Ireland.


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


CHRYSLER LLC: Notifies & to Pay 1,200 Suppliers Co. Wants to Keep
-----------------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Chrysler LLC
has started notifying the initial 1,200 suppliers it wants to keep
after the Company completes its planned merger with Fiat S.p.A.

According to WSJ, Chrysler CEO Bob Nardelli notified the suppliers
how they could switch their contract to the new company and said
that they will be paid some of the money owed them before the
Company filed for bankruptcy protection.

WSJ quoted Mr. Nardelli as saying, "We recognize that our Chapter
11 restructuring has caused anxiety for suppliers that have been
affected by the industry downturn and economic recession just as
we have....  As you know, there is a high degree of
interdependence between the auto makers and supplier partners in
this industry.  That is why it is critical to get all of our key
suppliers on board to take on new agreements and move business
quickly to the new company.  This will allow us to swiftly move
forward and resume our business of building and selling vehicles."

Chrysler's plants are temporarily shut down, WSJ relates.

                 Fiat to Meet With Gov't & Unions

Stacy Meichtry at the WSJ reports that Fiat CEO Sergio Marchionne
has agreed to hold negotiations with Italian government officials
and unions to try to avert labor opposition that could derail his
plans.  According to WSJ, Mr. Marchionne sent a letter to Italian
Industry Minister Claudio Scajola on Friday, pledging to meet with
the government and unions as soon as it knows the result of its
proposed merger with Opel.  Fiat has already signed a deal to buy
20% of Chrysler LLC, WSJ relates.

WSJ says that Mr. Marchionne has confirmed his plan to submit an
offer for Opel by the German government's May 20 deadline.

Mr. Marchionne, according to WSJ, is under pressure from the
Italian and German governments over potential plant closures and
job losses his plans for Opel and Chrysler could bring.  German
union leaders who sit on Opel's board are against the deal, saying
that the merger could lay off about 18,000 workers across Europe,
WSJ states.

                         About Chrysler

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

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion.  Daimler AG kept a 19.9% stake.

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

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

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

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

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

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

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


* ITALY: 4th Qtr GDP Down 2.4 Percent
-------------------------------------
Lorenzo Totaro at Bloomberg News reports that Istat, the
statistics office in Rome, said Italy's gross domestic product
shrank 2.4 percent from the fourth quarter, when it contracted a
revised 2.1 percent.  The figure was revised from the original
estimate of a 1.9 percent drop, the report says.

From a year earlier, the Italian economy contracted 5.9 percent in
the first quarter, Istat said as cited by the report.

Bloomberg News relates the Italian statistics office said the
contraction was due to declines in agriculture, manufacturing and
services.  Istat will provide a breakdown of the GDP figures in
its final report on June 10, the report notes.

Meanwhile, the report says the International Monetary Fund expects
Italy's jobless rate to reach 8.9 percent this year and 10.5
percent in 2010.

According to the report, the European Commission and the Italian
government expect the US$2.1 trillion economy to shrink more than
4 percent this year.  The commission also forecasts Italy's public
debt will reach 116.1 percent of gross domestic product in 2010,
the report adds.


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


CONCERN ABN-25 LLP: Creditors Must File Claims by June 5
--------------------------------------------------------
Creditors of LLP Concern ABN-25 have until June 5, 2009, to submit
proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


OMAR SHIPIN: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of LLP Omar Shipin have until June 5, 2009, to submit
proofs of claim to:

         Kievskaya Str. 17
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on March 20,
2009 after finding it insolvent.

The Court is located at:

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


PETRO NEXT: Creditors Must File Claims by June 5
------------------------------------------------
Creditors of LLP Petro Next have until June 5, 2009, to submit
proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009 after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TEMIR TULPAR: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLP Temir Tulpar KZ have until June 5, 2009, to
submit proofs of claim to:

         Shokaya Str. 20
         Kyzylorda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kyzylorda
commenced bankruptcy proceedings against the company on March 20,
2009 after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         120014 Kyzylorda
         Kazakhstan


ZOLOTAYA LOZA: Creditors Must File Claims by June 5
---------------------------------------------------
Creditors of LLP Zolotaya Loza have until June 5, 2009, to submit
proofs of claim to:

         Kievskaya Str. 17
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on March 20,
2009 after finding it insolvent.

The Court is located at:

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


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


UON STROY: Creditors Must File Claims by June 5
-----------------------------------------------
LLC UON Stroy has shut down.  Creditors have until June 5, 2009,
to submit proofs of claim to:

         Kalyk Akiyev Str. 52/7
         Bishkek
         Kyrgyzstan


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


FORTIS BANK: Fitch Lifts Individual Rating to 'D'
-------------------------------------------------
Fitch Ratings has upgraded Fortis Bank's and BGL SA's Long-term
Issuer Default Ratings to 'AA-' from 'A+' and removed them from
Rating Watch Positive following the purchase of majority stakes in
these banks by BNP Paribas (rated 'AA'/'F1+'/Outlook Negative).
The Outlooks on Fortis Bank's and BGL SA's Long-term IDRs are
Negative.  At the same time, the banks' Individual ratings have
been upgraded to 'D' from 'F'.  The Short-term IDRs of both Fortis
Bank and BGL SA have been affirmed at 'F1+'.

The upgrade of the Long-term IDRs reflects the completion of the
takeover of both banks by BNPP which resulted in the French bank
now holding 75% of Fortis Bank (the remaining being in the hands
of the Belgian government) and 66% of BGL SA (16% directly and 50%
through Fortis Bank, the residual 34% being held by the Luxembourg
government).  Accordingly, Fitch considers that there is an
extremely high probability that BNPP would provide support to
these strategically important subsidiaries, in case of need.  This
assumption drives Fortis Bank's and BGL SA's Long- and Short-term
IDRs and Support rating.  BNPP's move into the Belgian and
Luxembourg markets will allow the French bank to roll out its
business model in two more retail markets and strengthen its
franchise in asset management and private banking.  The Negative
Outlook on Fortis Bank and BGL SA is a reflection of the Negative
Outlook on BNPP.

The upgrade of the Individual ratings reflects Fitch's view that
while the banks are still facing a number of challenges, they are
now not expected to require additional external support.  The
Individual ratings could be reviewed once the new business and
risk profiles are detailed.  Fitch expects BNPP will manage well
the integration of Fortis Bank and BGL SA, which should help
consolidate their sound franchises in their respective markets.

Fortis Bank's hybrids securities have been upgraded to 'A+' from
'BB-', with the exception of a convertible and subordinated hybrid
equity-linked instrument (CASHES), whose 'CCC' rating remains on
Rating Watch Evolving .  The reduced notching of the hybrid
securities compared to the bank's IDR reflects Fitch's expectation
that these securities would also benefit from support from the
parent, in case of need.

Fortis Bank's and BGL SA's Support Rating Floors of 'A+' have been
withdrawn since Fitch now expects that, if needed, support will
come from BNPP rather than the Belgian and Luxembourg states
respectively.

According to Fitch's rating definitions, the Individual rating
reflects the standalone strength of a bank, while the Support
rating reflects the probability of support from a major
shareholder and/or the state.

Fortis Bank

  -- Long-term IDR upgraded to 'AA-' from 'A+'; RWP removed;
     Negative Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured upgraded to 'AA-' from 'A+'; RWP removed

  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed

  -- Support rating affirmed at '1',

  -- Support Rating Floor 'A+' withdrawn

  -- Hybrid capital instruments (ISIN BE0117584202 and
     BE0119806116) upgraded to 'A+' from 'BB-'; RWP removed

  -- CASHES instruments (ISIN BE0933899800) rated 'CCC'; remains
     on Rating Watch Evolving  

  -- Individual rating upgraded to 'D' from 'F'

BGL SA

  -- Long-term IDR upgraded to 'AA-' from 'A+'; RWP removed;
     Negative Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured upgraded to 'AA-' from 'A+'; RWP removed

  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed

  -- Support rating affirmed at '1',

  -- Support Rating Floor 'A+' withdrawn

  -- Individual rating upgraded to 'D' from 'F'

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured upgraded to 'AA-' from 'A+';RWP removed
  -- Subordinated debt upgraded to 'A+' from 'A'; RWP removed


KAUPTHING LUXEMBOURG: To Be Taken Over by Blackfish Capital
-----------------------------------------------------------
Antonia van de Velde at Reuters reports that according to Belgian
daily De Tijd, UK investment fund Blackfish Capital is set to take
over Kaupthing Bank Luxembourg  S.A., a unit of Icelandic bank
Kaupthing Bank hf.

Reuters relates the paper, citing a letter sent out to customers,
said the deal had yet to be submitted to Kaupthing's creditors.
Reuters says a Kaupthing Luxembourg official who declined to be
named confirmed a letter had gone out to clients regarding an
offer, but declined to confirm Blackfish was the suitor.

                       Restructuring Plan

As reported in the Troubled Company Reporter-Europe on April 6,
2009, interbank creditors rejected the restructuring plan that
they were asked to vote on March 16, 2009.  A memorandum of
understanding was entered into last December between the
Luxembourg government and a consortium of investors headed by a
Libyan sovereign fund.  Under the memorandum of understanding, the
activities of Kaupthing Bank Luxembourg would be taken over by the
consortium.  This memorandum was subject to several conditions,
including the approval of the interbank creditors.  A vote took
place on March 16 and the interbank creditors rejected the
restructuring offer.  According to the terms of the judgement
rendered by the Luxembourg Court of Appeal on January 28, 2009,
the restructuring offer had to win (i) more than half the votes of
the restructured interbank creditors, representing together (ii)
more than half the liabilities represented by the restructured
debt.  The restructuring offer was rejected by 17 of the 25
creditor banks.  In terms of liabilities, the restructuring offer
was rejected by a majority of 53% of the total restructured debt.

                       About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                 About Kaupthing Bank Luxembourg

Kaupthing Bank Luxembourg SA -- http://www.kaupthing.lu/-- is a
unit of Iceland-based Kaupthing Bank hf.  The main services
offered at Kaupthing Bank Luxembourg are Private Banking and
Wealth Management.  Its services include asset management,
securities brokerage, issuing of credit cards and the
establishment and management of holding companies in addition to
providing general deposit accounts and loans. It also offers
specialized Corporate and Institutional services that offer
various types of Debt capital market products.


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


MONTE 2008-I: S&P Reinstates 'BB' Rating on Class C Notes
---------------------------------------------------------
Standard & Poor's Ratings Services reinstated its 'BB' credit
rating on the class C notes issued by MONTE 2008-I B.V.  On
May 11, 2009, S&P withdrew this rating due to an administrative
error.


===========
N O R W A Y
===========


NEMI FORSIKRING: S&P Retains Developing Watch on 'BB' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Norway-based non-life insurer NEMI Forsikring ASA.
The 'BB' long-term counterparty credit and insurer financial
strength ratings on NEMI remain on CreditWatch with developing
implications, where they were placed on Jan. 22, 2009, following a
related action on NEMI's then parent, Iceland-based insurer
Tryggingamidstödin hf. (TM; BB/Watch Neg/--).

The maintenance of the CreditWatch placement on NEMI follows the
announcement by Copenhagen-based insurer, Alpha Group (not rated),
that it has completed its acquisition of 100% of the shares in
NEMI following receipt of approval from the relevant regulatory
authorities.

The CreditWatch status reflects S&P's current uncertainty
regarding the financial strength of Alpha Group and NEMI's
strategic fit under its new ownership.  S&P intend to hold
discussions with the management teams of both companies within the
next month, following which S&P expects to resolve the CreditWatch
placement and take the appropriate rating action.


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


BIOTON S.A.: Posts PLN20 Million Net Loss in First Quarter 2009
---------------------------------------------------------------
Patryk Wasilewski at Reuters reports that Polish insulin maker
Bioton posted a net loss of PLN20 million (US$6 million) in the
first quarter of the year following a drop in revenues and losses
at subsidiaries.

Reuters discloses the company's revenues dropped 19 percent to
EUR90 million in the first quarter while losses generated by its
foreign subsidiaries totaled PLN16 million.

Reuters says the company has been hit by concerns over its
financial situation as the company heavily invested into an
international expansion but failed to meet lofty goals tied with
it.

Headquartered in Warsaw, Poland, Bioton S.A. --
http://www.bioton.pl/-- operates in the biotechnology sector.
The Company's portfolio consists of four categories of products:
recombinant human insulin in pharmaceutical substance form and for
injections; oral hypoglycemic drugs; lakcillus probiotic,
containing live cultures of bacteria, and antibiotics . The
antibiotics group includes aminoglycosides, cephalosporines and
macrolides. Production is carried out at sites near Warsaw, in
Macierzysz and Duchnice.  Bioton S.A. is the sole producer of
recombinant human insulin in Poland.  It operates through its
subsidiaries, BIOTON TRADE Sp. z o.o.; Mindar Holdings Ltd;
Germonta Holdings Ltd; SciGen Ltd, and BioPartners Holdings AG.
It accesses foreign markets through three associated companies:
BIOTON WOSTOK ZAO in Orle, Russian Federation; BIOTON-ASIA Sp. z
o.o. in Astan, Kazakhstan, and INDAR ZAO in Kiev, Ukraine.


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


BRAND DEV'T: S&P Withdraws 'D' Corp. Rating at Sunway's Request
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'D' long-term corporate credit and 'D' Russia national scale
ratings on Russian fresh produce distributor Brand Development
Inc. at Sunway's request.

"Sunway's management has confirmed that Sunway has filed for
liquidation of its two key operating subsidiaries, which, in our
opinion, means that the group will effectively cease to exist,"
said Standard & Poor's credit analyst Anton Geyze.

On April 28, 2009, S&P lowered its long-term corporate credit and
Russia national scale ratings on Sunway to 'D/D' from 'CCC+/ruBB'
after Sunway's management confirmed to us that it had missed
scheduled payments of interest and principal on its bank loans and
that Sunway was unlikely to make timely and full payments on its
remaining debt.


FAR EASTERN: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service and Moody's Interfax Rating Agency,
which is majority owned by Moody's, have withdrawn all the ratings
of Far Eastern Shipping Company for business reasons.  Moody's
added that the ratings were withdrawn at the request of FESCO.
The issuer has no rated debt outstanding.

These ratings are withdrawn:

  -- Corporate Family Rating of B3
  -- Probability of Default Rating of Caa1
  -- Long-term National Scale Rating of Baa3.ru

The last rating action on FESCO was on March 25, 2009, when
Moody's downgraded the company's Corporate Family Rating from to
B3 from B2 and Probability of Default Rating to Caa1 from B3 and
at the same time Interfax downgraded FESCO's long-term National
Scale Rating to Baa3.ru from A3.ru.

Headquartered in Moscow, Russia, FESCO is an integrated logistics
group active in four business segments: shipping (16.2% of
revenues at H1 2008); liner and logistics operations (45.2%);
container terminals (20.2%); and railway transportation (18.3%).
FESCO's main shareholder is Industrial Investors Group, which
controls 53.81% of the group.  Other important shareholders are
East Capital (7.62%), European Bank for Reconstruction and
Development (3.76%) and Temasek (3.14%).  The shares in free float
amount to 28%. At HY2008, FESCO reported revenues of USD614
million.


GALLERY MEDIA: May Default on US$175 Million Bond
-------------------------------------------------
Denis Maternovsky at Bloomberg News reports that Gallery Media
Group Ltd., Russia's second-biggest outdoor advertising company,
missed a coupon payment on its US$175 million of bonds.

The company won't pay an US$8.9 million interest payment due
Friday last week on the 10.125 percent notes maturing in 2013 "as
part of a strategy to preserve liquidity," Moscow-based Gallery
said in a statement obtained by Bloomberg News.

The report relates Gallery said it has a 30-day grace period to
pay the coupon or face default.

The company hired JPMorgan Chase & Co. and Latham & Watkins LLP to
help restructure its debt, the report notes.

As reported in the Troubled Company Reporter-Europe on May 18,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and debt ratings on Gallery Media a.k.a Rapsod
Trade Ltd. to 'CC' from 'CCC+'.  The outlook is negative.

S&P noted that at Dec. 31, 2008, Gallery Media had gross on-
balance-sheet debt of about US$278 million.

A TCR-Europe report on May 15, 2009 said Moody's Investors Service
downgraded the corporate family rating of Gallery Media from Caa2
to Caa3.

Headquartered in Moscow, Russia, Gallery Media Group Ltd currently
operates the second-largest outdoor advertising network after News
Outdoor in Russia and Ukraine (based on revenues and the number of
advertising faces owned).  During the year of 2008, Gallery
reported revenues of US$212 million and adjusted for imputed tax
EBITDA of US$59.6 million.  Net loss for the year 2008 amounted to
US$156.2 million, reflecting significant impairment losses on the
Russian and Ukrainian assets, and foreign exchange losses.


GALLERY MEDIA: Postponed Interest Payment Cues S&P's 'D' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit and debt ratings on Russian outdoor
advertising group Rapsod Trade Ltd. (Gallery Media) to 'D' from
'CC'.

At Dec. 31, 2008, Gallery Media had gross on-balance-sheet debt of
about US$278 million.

The downgrade follows Gallery Media's announcement that it has
decided to postpone the US$8.9 million interest payment due on its
senior secured notes due 2013, in order to preserve cash.  While
the group has announced that it will shortly begin restructuring
negotiations with its lenders with the help of recently appointed
advisors, S&P believes it is unlikely that the group will make the
missed interest payment ahead of the end of the 30-day grace
period.

In addition, a debt restructuring of the group is highly likely to
result in a distressed exchange offer in the short term, in S&P's
opinion, and encompass both senior and junior creditors.  The
group's main debt facilities are US$175 million of senior secured
notes, of which about US$161 million are left outstanding, and
US$100 million of payment-in-kind (PIK) notes, both due in 2013.


MEZHTOPENERGOBANK: Moody's Withdraws 'Ba1' National Scale Rating
----------------------------------------------------------------
Moody's Interfax Rating Agency has withdrawn Mezhtopenergobank's
Ba1.ru National Scale Rating for business reasons.  Moscow-based
Moody's Interfax is majority-owned by Moody's Investors Service.

Mezhtopenergobank has no Moody's-rated foreign and/or local
currency debt outstanding.

Moody's previous rating action on MTEB was on April 28, 2009, when
Moody's downgraded the bank's NSR to Ba1.ru from Baa3.ru.

Domiciled in Moscow, Russia, MTEB reported total assets of RUB10.1
billion (US$298 million) under Russian Accounting Standards as at
April 1, 2009.


MOSCOW STARS: Fitch Downgrades Rating on Class A Notes to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Moscow Stars B.V.'s class A notes and
placed both classes of notes on Rating Watch Negative.  The rating
actions are:

  -- Class A (ISIN XS0307297225): downgraded to 'BB+' from 'BBB-';
     placed on Rating Watch Negative

  -- Class B (ISIN XS0307297811): 'BB'; placed on RWN

The downgrade of the class A notes was triggered by a May 6, 2009
downgrade of the seller, CB Moskommertsbank, to 'CCC'/Outlook
Negative from 'B-'/Outlook Negative.  The agency is concerned that
following a potential insolvency of the seller, the segregation of
the securitized assets may be successfully challenged.  Taking the
increased probability of default of MKB into account, Fitch is of
the view that the class A note's rating should maintain a six
notches distance above the seller's rating.  The specific notching
distance is in line with Fitch's criteria for rating emerging
markets securitizations.

In addition, Fitch's decision to put all ratings on Rating Watch
Negative is due to a potential commingling loss that may have a
detrimental impact on the transaction.  Following its recent
downgrade, MKB is obliged to notify borrowers to redirect their
payments into an account that has yet to be opened with the
transaction's backup servicer, ZAO Raiffeisenbank
('BBB+'/Negative).  Additionally Raiffeisenbank is now obliged to
collect data and documents with regards to the loan portfolio in
order to be prepared to take over the servicing function if
needed.

The agency has been informed that the collection procedure using
the backup servicer has not been set up, and that notification
letters have not been sent out yet.  As such, the agency is
concerned that the redirection of payments may be initiated too
late, and that funds could be commingled with MKB's other assets
in a potential insolvency scenario.

To determine the extent of this risk, Fitch has assumed that all
collections over a three month horizon may be lost before the
transition of payments to the backup servicer's account is
completed.  Monthly collections have equalled on average USD3m
over the past three months.  Multiplied by three this would
represent 7.7% of the current aggregate loan balance.  While the
issuer's cash reserve would be able to pay interest on the notes
over such a horizon, the degree of losses would shrink the
available credit enhancement below levels Fitch considers adequate
to support the notes' current ratings.  In the agency's view,
however, a successful redirection of the collections would provide
adequate mitigation, as Raiffeisenbank's rating exceeds the rating
of the class A notes.

The resolution of the RWN will therefore depend on the actions of
the transaction's parties in coming weeks, and Fitch will resolve
the RWN in future months.  If a redirection of collections is not
effected, both classes of notes may be downgraded further by
multiple notches.  On the other hand, a successful transition of
the collection account from MKB to Raiffeisenbank may result in an
affirmation of the ratings at their current levels.


MOST CJSC: Creditors Must File Claims by July 7
-----------------------------------------------
The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against  CJSC Most (TIN 7453189780) (Manufacturing and
Financial Group) after finding it insolvent.  The case is docketed
under Case No. ?76–22092/2008–60-180.

Creditors  ave until July 7, 2009, to submit proofs of claims to:

         V. Redkin
         Insolvency Manager
         Post User Box 8347
         454084 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Most
         Lutsenko Str. 12
         454010 Chelyabinsk
         Russia


NOVOSILSKIY DAIRY: Court Names I. Novikova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orlovskaya appointed I. Novikova as
Insolvency Manager for OJSC Novosilskiy Dairy Factory.  The case
is docketed under Case No. A48–3020/06–16B.  He can be reached at:

         3rd Kurskaya Str. 15
         Orel
         Russia

The Debtor can be reached at:

         OJSC Novosilskiy Dairy Factory
         Golun'
         Novosilskiy
         Orlovskaya
         Russia


SEVERSTAL OAO: Incurs US$644 Million 1st Qtr Loss
-------------------------------------------------
Maria Kolesnikova at Bloomberg News reports that OAO Severstal
posted a second consecutive quarterly loss after demand for the
metal collapsed.

Severstal had a US$644 million loss in the first quarter compared
with net income of US$470 million a year earlier, the steelmaker
said in a statement obtained by Bloomberg News.  The company
reported a loss of US$1.21 billion in the fourth quarter, the
report notes.

Sales dropped 36 percent to US$2.8 billion, the report says.

The report relates no dividend was proposed for the quarter and
Severstal doesn’t expect to make any dividend payments in 2009
unless conditions improve.

As reported in the Troubled Company Reporter-Europe on May 5,
2009, RIA Novosti said Severstal's steel output declined 21%,
year-on-year, in January-March to 3.8 million metric tons.
According to the report, the company said the production of rolled
products declined 18% in the reporting period to 2.9 million
metric tons, output of cast iron fell 20% to 2.6 million metric
tons and coal 32% to 2.6 million metric tons.

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

                          *     *     *

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


SMOLENSK FISHING: Creditors Must File Claims by June 7
------------------------------------------------------
The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure on LLC Smolensk Fishing Company.  The case
is docketed under Case No. ?62-3172/08.

Creditors have until June 7, 2009, to submit proofs of claims to:

         V. Fomina
         Temporary Insolvency Manager
         Office 5
         Prospect Gagarina 10/2
         214000 Smolensk
         Russia
         Tel: 8 (4812) 38–08–94

The Debtor can be reached at:

         LLC Smolensk Fishing Company
         Vitebskoe Shosse 17
         Smolenskiy
         214522 Smolenskaya
         Russia


STROY-MONTAZH LLC: Creditors Must File Claims by June 7
-------------------------------------------------------
Creditors of LLC Stroy-Montazh (TIN 7713336334, PSRN
1037713004493)  (Construction)have until June 7, 2009, to submit
proofs of claims to:

         Y. Sazonov
         Temporary Insolvency Manager
         Apt. 84
         Prospect Revolutsii 52
         Rybinsk
         152930 Yaroslavskaya
         Russia

The Arbitration Court of Moscow will convene at 3:30 p.m. on
June 16, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?40–59846/08–71–
176B.

The Debtor can be reached at:

         LLC Stroy-Montazh
         Klyazminskaya Str. 32
         127644 Moscow
         Russia


TMK OAO: In Talks With EBRD Over Debt Refinancing
-------------------------------------------------
TMK is in talks with the European Bank for Restruction and
Development about a loan to refinance part of US$1 billion in debt
falling due this year, Reuters reports citing Vladimir Shmatovich,
the company's senior vice-president.

Reuters relates Mr. Shmatovich said "We hope to announce something
within the next two months".  Mr. Shmatovich, as cited by Reuters,
said the company is also in talks with Russia's state banks about
refinancing.

According to Reuters, TMK's net debt stood at US$3.1 billion on
December 31, 2008, though analysts say it is now higher.  The
company's 2008 net profit plunged 61% to US$199 million after
being hit by forex losses and goodwill impairment charges.

"It is clear that with a big amount of debt ... the interest
payments will hurt net profit," Reuters quoted Mr. Shmatovich as
saying.

TMK OAO (Trubnaya Metallurgicheskaya Kompaniya OAO or Pipe
Metallurgical Company JSC) -- http://www.tmk-group.ru--  is a
Russia-based company active in the steel industry.  TMK OAO is
mainly involved in the operation of its five separate subdivisions
and 14 subsidiaries and affiliated companies that are mainly
engaged in the production of steel pipes.  It has in its offer
seamless threaded pipes for oil and gas fields, seamless line
pipes for infield pipelines, seamless and welded pipes for
industrial use, large diameter welded pipes and other products.

                          *    *    *

As reported in the Troubled Company Reporter-Europe on May 11,
2009, Moody's Investors Service downgraded the Ba3 Corporate
Family Rating for TMK, the Ba3 rating for the US$300 million Loan
Participation Notes due 2009 and US$600 million Loan Participation
Notes due 2011 to B1.  At the same time, Moody's Interfax Rating
Agency, which is majority owned by Moody's, downgraded a Aa3.ru
national scale credit rating to A2.ru.  The outlook was left
unchanged at negative.


VOLOSOVSKIY CONSTRUCTION: Creditors Must File Claims by June 7
--------------------------------------------------------------
Creditors of CJSC Volosovskiy Construction Materials Plant (TIN
4717007737) have until June 7, 2009, to submit proofs of claims
to:

         A. Gamichev
         Temporary Insolvency Manager
         Chekhova Str. 4/90
         160009 Vologda
         Russia

The Arbitration Court of Saint-Petersburg will convene at
10:20 a.m. on July 9, 2009, to hear bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
?56–52847/2008.


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


AYT BONOS: Fitch Cuts Rating on EUR93.8 Mln Class C Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded AyT Bonos Tesoreria I, FTA's class A,
B and C notes.  All three classes remain on Negative Outlook.
Fitch is reviewing all rated concentrated Spanish bank debt
transactions due to the recent negative rating actions on several
Spanish financial institutions.

Rating actions:

  -- EUR935.1 million class A (ISIN: ES0312348008): downgraded to
     'AA' from 'AAA'; Outlook Negative

  -- EUR151.6 million class B (ISIN: ES0312348016): downgraded to
     'A-' from 'A'; Outlook Negative

  -- EUR93.8 million class C (ISIN: ES0312348024): downgraded to
     'BB' from 'BBB-'; Outlook Negative

AyT Bonos Tesoreria I, FTA is a cash flow securitization of senior
unsecured bonds structured to provide funding for 10 Spanish
financial institutions and one fully-owned and guaranteed
subsidiary of a Spanish savings bank.

The downgrade reflects the increase in portfolio credit risk since
Fitch's last review in November 2008.  The recent downgrade of two
banks to below investment grade has been the key driver with
respect to the rating actions announced.  Fitch downgraded Caja
Castilla La Mancha to 'BB+' on Feb. 19 2009, and downgraded
CajaSur to 'BB+' on April 21, 2009.  The two institutions
represent 12.7% and 16.9% of the pool, respectively.  However, CCM
was placed on Rating Watch Positive on March 31, 2009 reflecting
sovereign support.

Four other obligors have also been downgraded by at least one
notch.  The current portfolio weighted average rating (WAR) is
'BBB' compared to 'BBB+' as of the last review and an initial WAR
of 'A'/'A-' at closing in April 2005.

The key drivers of the transaction's credit risk also include the
high industry and obligor concentration present in the portfolio,
as it is 100% exposed to the Spanish banking sector and the pool
consists of just 11 names.  Nevertheless, the rating actions take
into consideration several mitigating factors including the short
term to maturity of the transaction (April 2010), the formal
support provided by the Bank of Spain to CCM and the inherent
government support to the financial sector.

The notes remain on Negative Outlook due to the fact that 38.1% of
the portfolio remains on Negative Outlook.  Fitch's rating Outlook
indicates the likely direction of any rating change over a one- to
two-year period and may be Positive, Negative, Stable or,
occasionally, Evolving.


AYT DEUDA: Fitch Cuts Rating on EUR22.8 Mln Class C Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded AyT Deuda Subordinada I, FTA's class
A, B and C notes and resolved the Rating Watch Negative.  The
rating actions are part of Fitch's review of all rated
concentrated Spanish bank debt transactions following the recent
negative rating actions on several Spanish financial institutions.

Rating actions:

  -- EUR214.5 million Class A (ISIN: ES0312284005): downgraded to
     'A+' from 'AAA'; off RWN; assigned Negative Outlook.

  -- EUR60.7 million Class B (ISIN: ES0312284013): downgraded to
     'BBB' from 'A'; off RWN; assigned Negative Outlook.

  -- EUR22.8 million Class C (ISIN: ES0312284021): downgraded to
     'BB' from 'BBB-'; off RWN; assigned Negative Outlook.

AyT Deuda Subordinada I, FTA is a cash flow securitization of
subordinated bonds to provide funding for nine Spanish financial
institutions.

The downgrades reflect the increase in portfolio credit risk since
Fitch's last review in October 2008.  The downgrade of Caja de
Ahorros y Monte de Piedad de Cordoba to below investment grade
('BB+'/Stable) on April 21, 2009 has been one of the key drivers
with respect to the rating actions announced.  CajaSur represents
13.4% of the portfolio.  Three other obligors have also been
downgraded by at least one notch since the last review. The
current portfolio weighted average rating is 'BBB' compared to
'BBB+' as of the last review and an initial WAR of 'A-/BBB+' at
closing in November 2006.

The key drivers of the transaction's credit risk also include the
high industry and obligor concentration present in the portfolio,
as it is 100% exposed to the Spanish banking sector and the pool
consists of just nine names.  The current credit enhancement
levels for class A, B and C of 46.4%, 26% and 18.4%, respectively
are commensurate with the ratings above.

Although Fitch's analysis acknowledges the probability of
sovereign support for financial institutions, it is unclear if
that support will be available for subordinated debt.  This, in
addition to the fact that 45.3% of the portfolio is on Negative
Outlook justify the Negative Outlook on the notes.

Fitch's rating Outlook indicates the likely direction of any
rating change over a one- to two-year period and may be Positive,
Negative, Stable or, occasionally, Evolving.


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


HUBER PLASTMASCHINEN: Claims Filing Deadline is May 25
------------------------------------------------------
Creditors of Huber Plastmaschinen AG are requested to file their
proofs of claim by May 25, 2009, to:

         Huber Plastmaschinen AG
         Kniestrasse 10
         8640 Rapperswil
         Switzerland

The company is currently undergoing liquidation in Rapperswil. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 25, 2009.


KOBA LIEGENSCHAFTEN: Creditors Must File Claims by May 25
---------------------------------------------------------
Creditors of Koba Liegenschaften AG are requested to file their
proofs of claim by May 25, 2009, to:

         Thalmann Treuhand AG
         Marktplatz 3
         8570 Weinfelden
         Switzerland

The company is currently undergoing liquidation in Güttingen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Feb. 20, 2009.


LUEBCO HANDELS AG: Claims Filing Deadline is May 25
---------------------------------------------------
Creditors of Lübco Handels AG are requested to file their proofs
of claim by May 25, 2009, to:

         Dr. Kurt Fricker
         Liquidator
         Kirchenfeldstrasse 6
         5630 Muri
         Switzerland

The company is currently undergoing liquidation in Muri AG.  The
decision about liquidation was accepted at a general meeting held
on March 31, 2009.


VTM AG: Creditors Have Until May 25 to File Proofs of Claim
------------------------------------------------------------
Creditors of VTM AG are requested to file their proofs of claim by
May 25, 2009, to:

         Karl Keusch
         D4 Platz 4
         6039 Root Langenbold
         Switzerland

The company is currently undergoing liquidation in Root.  The
decision about liquidation was accepted at a general meeting held
on Dec. 13, 2007.


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


AGRO-LAN LLC: Creditors Must File Claims by May 24
--------------------------------------------------
Creditors of LLC Agro-lan (code EDRPOU 33483793) have until
May 24, 2009, to submit proofs of claim to:

         A. Bondar
         Insolvency Manager
         Post Office Box 14
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 13, 2009.  The case is docketed under
Case No. B2/258-08/11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-lan
         Zavodskaya Str. 1
         Staroye
         Borispol District
         08362 Kiev
         Ukraine


MODERN BUSINESS: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Rovno commenced bankruptcy supervision
procedure on LLC Modern Business Decisions Ltd.

The Insolvency Manager is:

         I. Demidov
         Office 22
         Slovatsky Str. 4/6
         Rovno
         Ukraine

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Modern Business Decisions Ltd.
         Kolkhoznaya Str. 8
         Radislavovka
         35340 Rovno
         Ukraine


NAFTOGAZ NJSC: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service downgraded the foreign currency
corporate family, probability of default and debt ratings of NJSC
Naftogaz of Ukraine from B1 to B2.  The ratings remain on review
for downgrade having initially been placed on review for downgrade
on March 11, 2009.

This rating action follows the decision of Moody's Sovereign Risk
Group to downgrade Ukraine's sovereign rating from B1 to B2 and to
assign a negative outlook to the rating which has a direct impact
on the rating assigned to Naftogaz.  The decision to maintain the
ratings under review reflects Moody's heightened concerns that
Naftogaz is increasingly becoming more reliant in the short-term
on direct state support at a time when heightened political
tensions and worsening economic conditions may be making it more
difficult for the state to provide timely support.  Recognizing
that Naftogaz's standalone credit profile is seen to be more
equivalent to a weak Caa1 rating expressed as a BCA of 17 under
Moody's GRI methodology, any reduction in Moody's support
assumption will lead to a further downgrade in the ratings
assigned to Naftogaz.

Moody's previous rating action on Naftogaz took place on March 11,
2009, when the rating was placed on review for possible downgrade,
reflecting the decision of Moody's Sovereign Group to place on
review for possible downgrade Ukraine's sovereign rating as well
as the other concerns noted above.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2007 the company generated revenue of UAH30.4 billion
and operating profit of UAH4.5 billion, while arriving at a break
even profitability at the net profit level.


SUMY FIELDS: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on LLC Sumy Fields (code EDRPOU 32647061).

The Insolvency Manager is:

         A. Petrov
         Office 32
         Bogun Str. 2/1
         40007 Sumy
         Ukraine

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Sumy Fields
         Komsomolskaya Str. 3
         Tokari
         42334 Sumy
         Ukraine



TCHERNOMORSKY REGIONAL: Creditors Must File Claims by May 24
------------------------------------------------------------
Creditors of OJSC Tchernomorsky Regional Agricultural Chemistry
(code EDRPOU 05489773) have until May 24, 2009, to submit proofs
of claim to:

         O. Borisenko
         Insolvency Manager
         Office 165
         Kuybishev Str. 15
         Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on April 9, 2009.  The case is docketed under
Case No. 2-4/6620-2007.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         OJSC Tchernomorsky Regional Agricultural Chemistry
         Industrialnaya Str. 5
         96400 Tchernomorskoye
         AR Krym
         Ukraine


TONIS-TV LTD: Creditors Must File Claims by May 24
--------------------------------------------------
Creditors of TV and Radio Company Tonis-TV Ltd (code EDRPOU
13346024) have until May 24, 2009, to submit proofs of claim to:

         State Innovative Finance and Credit Department
         Insolvency Manager
         16th of July Str. 10
         33028 Rovno
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company on April 15, 2009.  The case is docketed under
Case No. 8/38-b.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-A
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         TV and Radio Company Tonis-TV Ltd
         Druzhby Narodov Str. 6A
         43000 Lutsk
         Ukraine


ZAPOROZHYE BUILDING: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Zaporozhye renewed bankruptcy supervision
procedure on OJSC Zaporozhye Building Detail (code EDRPOU
20486128).

The Insolvency Manager is:

         O. Liaskovets
         Post Office Box 3398
         69006 Zaporozhye
         Ukraine

The Court is located at:

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


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


BT GROUP: To Cut 15,000 Jobs, CEO Could Be Paid Cash Bonus
----------------------------------------------------------
Rupert Neate at Telegraph.co.uk reports that BT Group plc said it
plans to eliminate a further 15,000 jobs this year in an attempt
to cut costs as it collapsed to its first full-year loss since
2001.

Telegraph.co.uk relates BT, which cut 15,000 jobs last year, said
about 70% of the job cuts will be in the UK.

According to Telegraph.co.uk, BT fell to a pre-tax loss loss of
GBP134 million for the 12 months to March 31 compared with a GBP2
billion profit last year following billions of pounds of
writedowns at its Global Service division, which provides IT
infrastructure to multinational companies and government
departments.  BT, Telegraph.co.uk discloses, plunged to a GBP1.28
billion loss in the first three months of the year after writing
down the value of its two biggest contracts -- believed to be with
Reuters, the global financial data provider, and the NHS -- by
GBP1.2 billion.

                             Dividend

Telegraph.co.uk says the collapse of Global Services and a rising
pension fund deficit forced the company to reduce its final
dividend to a nominal payment of just 1.1p.  The cut, the report
notes, takes the full-year payment to 6 1/2p -– a 59pc drop on
last year’s payout of 15.8p and the company’s first dividend
reduction in seven years.  The company, as cited by
Telegraph.co.uk, said the pension deficit increased to GBP4
billion, from GBP2.8 billion last year.  Telegraph.co.uk relates
BT said it will double its annual contributions to GBP525 million.

                               Bonus

In a separate report, Telegraph.co.uk relates Ian Livingston, the
chief executive of BT, could be paid a cash bonus of more than
GBP680,000 this year, despite the loss-making company slashing its
dividend and axing a further 15,000 jobs.

According to Telegraph.co.uk, under the terms of BT's remuneration
policy Mr. Livingston would be paid the bonus because 40pc of the
payment is based on non-financial measures.  Telegraph.co.uk
discloses the company's remuneration policy states that 30pc of
executives' bonuses will be paid if the company meets targets for
customer satisfaction and a further 10pc if individuals meet
"environmental, social and governance objectives".

Telegraph.co.uk says any bonus is likely to anger BT's 1.1m
shareholders.  It would also enrage BT's union, the Communication
Workers Union (CWU), with officials indicating that they will
strike if senior executives are awarded big bonuses, following the
company's decision to cut jobs, Telegraph.co.uk notes.

Headquartered in London, England, BT Group plc --
http://www.btplc.com/-- is a communications services company.
The Company's activities include the provision of networked
information technology (IT) services globally; local, national and
international communications services; broadband and Internet
products and services, and converged fixed/mobile products and
services.  BT serves customers in over 170 countries.  It is
organized into four customer-facing lines of business: BT Global
Services, BT Retail, BT Wholesale and Openreach, which are
supported by two internal functional units: BT Operate and BT
Design.  During the fiscal year ended March 31, 2008, the Company
acquired a number of smaller subsidiary undertakings that form
part of BT Global Services.  These acquisitions include Frontline
Technologies Corporation Limited, i2i Enterprise Private Limited,
Net 2S SA and I.NET SpA. In March 2009, the Company acquired the
remaining 2.19% of interest in Net2S S.A. that it did not already
own. As a result, the Company wholly owns Net2S S.A.


C.P.S. LAND: Appoints Liquidator from Tenon Recovery
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
C.P.S. Land and New Homes Ltd. on April 9, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


CHERRY MOVE: Brings in Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Cherry Move Ltd. on April 21, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


CHROME FUNDING: Declining Credit Quality Cues S&P's Junk Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'B-' and
removed from CreditWatch negative its credit ratings on the
floating-rate secured credit- and equity-linked notes series 9 and
10 issued by Chrome Funding Ltd.

These downgrades follow deterioration in the credit quality of the
underlying reference portfolio in the form of downgrades and
CreditWatch placements of reference entities.

Since S&P lowered the notes to 'B-' and kept them on CreditWatch
negative on Feb. 16, 2009, S&P has reviewed the transaction,
including the credit and equity default swaps referenced in the
portfolio.  S&P has also received notification of one further
equity default swap credit event.

The portfolio references entities via 30 second-to-default
baskets, with each basket referencing three credit default swaps
and one equity default swap.  A second-to-default basket would be
considered in default if two of the underlying reference entities
in the basket trigger a credit event.  Following the credit events
in the reference portfolio, it now contains three defaulted
baskets.

Chrome Funding series 9 and 10 have the same reference portfolio,
including credit default swaps and equity default swaps.  A credit
event on an equity default swap can be called once the underlying
stock price reaches a predetermined level.  Credit event notices
have been received on some credit default swap and equity default
swap reference entities.


CRUISE: Rescued From Administration by Existing Management
----------------------------------------------------------
Laura Weir at Drapers reports that designer fashion chain Cruise
has been bought out of administration by its existing
management.

Drapers relates accountancy firm Deloitte was appointed
administrators of the retailer Friday and the business was
immediately acquired by a newly formed company called Cruise
Fashion.  Cruise managing director John Heath and Cruise finance
director Iain Baird are directors of the new company, Drapers
states.

Cruise, Drapers discloses, went into administration after finding
itself in financial difficulties after store expansion at the end
of 2008.  Drapers notes according to Cruise, the expansion was set
to be funded by Icelandic investment firm Kcaj, but as a result of
the Icelandic economic crisis, Kcaj was unable to inject the
funding, putting the retailer under significant strain.  "The
management undertook a protracted and extensive search to find a
buyer but none were identified and the decision was taken to
restructure the company via an administration," BBC quoted
administrators Deloitte as saying.

BBC discloses Cruise has closed its shops in Chester, Leicester
and Birmingham after calling in administrators.  The store
closures resulted in the loss of about 30 jobs, BBC says.   The
Scotsman's Erikka Askeland notes a number of Glasgow-based
retailer's stores are currently "under review" and may also be
shut down.

The Herald's Ian McConnell reports Cruise collapsed into
administration with debts of GBP15 million.  The Herald says
secured creditors Kcaj and Bank of Scotland are owed about
GBP7 million between them while unsecured creditors are owed about
GBP8 million.  Mr. Reid, as cited by The Herald, said secured
creditors "are unlikely to be paid out in full".


DIGITAL RIGHTS: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Digital Rights Management Ltd. on April 17,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD


ELISION HEALTH: Appoints Liquidators from Smith & Williamson
------------------------------------------------------------
Robert William Leslie Horton and James Douglas Ernle Money of
Smith & Williamson Limited were appointed joint liquidators of
Elision Health Ltd. on March 20, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Limited

         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


G A DEVELOPMENT: Names Liquidator from Tenon Recovery
-----------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of G A
Development Ltd. on April 20, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sixth Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


GREAT LEIGHS: Terry Chambers Pulls Out of Sale Negotiations
-----------------------------------------------------------
The Joint Administrators has confirmed that the proposed sale of
the Great Leighs racecourse to Terry Chambers will not be
concluded following Mr. Chambers' withdrawal from the process.

As the exclusivity agreement entered into with Mr. Chambers has
now expired, the Joint Administrators have approached a number of
other interested parties in an attempt to secure a third party
sale and negotiations in this regard are continuing.  The Joint
Administrators are, in parallel, also continuing in their
discussions with The Royal Bank of Scotland as the main creditors
for the Essex County Showground Limited.

Carlton Siddle and Nick Edwards of Deloitte, the business advisory
firm, were appointed as Joint Administrators to the group of
companies that own and operate the Great Leighs all weather horse
racing complex in Chelmsford, Essex, on Jan. 16, 2009.


INDEPENDENT NEWS: Has Until June 26 to Repay EUR200 Million Bond
----------------------------------------------------------------
Jamie Dunkley at Telegraph.co.uk reports that Independent News &
Media Plc has reached a deal with its lenders to defer the
repayment of a EUR200 million (GBP180 million) bond until June 26.

The agreement, the report says, will give INM, which has total
debts of EUR1.3 billion, more time to de-leverage its balance
sheet and sell assets.

According to the report, holders of the EUR200 million bond
include Pioneer, Invesco and Aviva, but it is not clear which ones
have agreed to the standstill pact.

The report recalls the company warned there was a "strong
likelihood" that it would breach its financial covenants unless it
could reach a deal with the lenders.

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


LDV: Westar to Restart Production by July if Takeover Succeeds
--------------------------------------------------------------
BBC News reports Malaysia's Westar said it will restart production
at LDV by July once its takeover deal is finalized.

BBC News relates Westar said it intended to maintain production at
the company's plant in Birmingham, but also to expand
manufacturing in Malaysia.

On May 7, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that Russia's GAZ Group agreed on May 6
to sell LDV to Westar.

The FT related a court hearing which was expected to place LDV
into administration was adjourned for a week after the government
on March 5 agreed to provide a GBP5 million one-off bridge loan,
which is designed to keep LDV afloat while Weststar completes its
due diligence on the deal.  Maria Antonova of The Moscow Times
disclosed according to the term of the bridge loan, Westar would
have four weeks to complete the deal.

Telegraph.co.uk noted LDV has warned there are still "major steps"
to be negotiated in its takeover by Weststar.  There are also
doubts about how many of LDV's 850 employees will be saved,
Telegraph.co.uk said.   According to Telegraph.co.uk, a spokesman
for LDV said Weststar would look to secure "as many jobs as
possible" but that the "marketplace and the economy is going to
determine exactly how many people are required to build vehicles
and assemble them".

As reported in the TCR-Europe on May 1, 2009, Telegraph.co.uk said
LDV halted down production last December.  The company has
suffered amid the the financial crisis and a fall of more than
70pc in commercial vehicle sales, Telegraph.co.uk said.

LDV -- http://www.ldv.com/-- are based in Birmingham, UK and
design, manufacture and distribute the MAXUS range of light
commercial vehicles.  Originally formed in 1993 as Leyland DAF
Vans Ltd, it later changed its name to LDV Group Ltd and is now
under Gaz Group ownership since July 2006.

LDV have an annual turnover of GBP160 million and export vehicles
to Europe, the Middle East and to the Asian Pacific Rim.  They
employ approximately 900 people producing at a current rate of
approximately 13,000 vehicles per year.

The Group also includes Birmingham Pressings, a stamping business
producing body panels and subassemblies for LDV and external
customers.


MCNAMEE LAWRENCE: Taps Joint Liquidators from Smith & Williamson
----------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Limited were appointed joint liquidators of Mcnamee
Lawrence & Co. Ltd. on April 22, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Limited at:

         25 Moorgate
         London
         EC2R 6AY
         England


PREMIUM 1ST: Appoints Liquidator from Grant Thornton
----------------------------------------------------
Ian Carr of Grant Thornton UK LLP was appointed liquidator of
Premium 1st Ltd. on April 21, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Premium 1st Ltd.
         Minton Distribution Centre
         Wellingborough Road
         Sywell
         Northants
         NN6 0BN
         England


SHENDISH MANOR: In Administration; KPMG Appointed
-------------------------------------------------
David Crawshaw & Jane Moriarty of KPMG have been appointed joint
administrators of Shendish Manor Limited on May 14, 2009.

Shendish Manor is a 70 bed country house hotel with an 18 hole
golf course close to the M25 at Hemel Hempstead.  It has recently
been refurbished and in 2007 a new hotel wing was completed with
52 further standard double rooms to compliment the 18 suites
within the main house.  The hotel also has extensive conference
facilities including a suite to accommodate up to 450 people, bar/
lounge, restaurant and employs around 80 full and part-time staff.

David Crawshaw, joint administrator and partner at KPMG said: "The
business has experienced a difficult trading period due to the
current economic climate and the current structure of the company
is no longer sustainable.  We are currently continuing to trade
the business as normal while we market the business and assets for
sale.  It is anticipated that all deposits for bookings will be
honoured by a new purchaser."

Specialist hotel agents, Savills, have been instructed to offer
the Hotel to the market.  Paul Barrasford, director at Savills
said: "economic conditions remain difficult but we are have
certainly seen a marked increase in hotels for sale in recent
months.  Given the strong location, scale and business potential
offer at Shendish Manor we're anticipating significant interest in
this opportunity".

Any interested parties should contact Paul Barrasford of Savills
on 01865 269 112 ( pbarrasford@savills.com ) or Gary Witham 0207
409 9902 ( gwitham@savills.com )


SOUTHWOOD SKIP: Calls in Joint Liquidators from Deloitte LLP
------------------------------------------------------------
Richard Michael Hawes and Robin David Allen of Deloitte LLP were
appointed joint liquidators of Southwood Skip Hire Ltd. on
April 16, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Deloitte LLP at:

         Blenheim House
         Newport Road
         Cardiff
         CF24 0TS
         England


TITAN EUROPE: S&P Lowers Rating on Class E Notes to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
removed from CreditWatch negative its credit rating on the class E
notes issued by Titan Europe 2007-3 Ltd.

The rating action follows a material interest shortfall on the
class E notes on the April note interest payment date.  This is
due to reduced servicing advances for the Metro and Holmewood
Chesterfield loans that are available to pay note interest.

The class A1 to D notes remain on CreditWatch negative due to
increased concerns over the deteriorating creditworthiness of the
overall loan pool, as explained in the media release S&P published
on April 23.

Following the full repayment of the senior portion of the Auric
loan in April 2009, the commercial mortgage-backed securities
notes are now secured against 18 loans on commercial properties
spread throughout the U.K.


TRIANGLE COMPUTER: Taps Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Triangle Computer Services North
Ltd. on April 17, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


WINDERMERE XI: Moody's Cuts Rating on Class B Notes to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Windermere XI CMBS plc (amounts reflect initial
outstandings):

  -- GBP570,000,000 Class A Commercial Mortgage-Backed Notes due
     2017 downgraded to Baa1, previously on 2 August 2007 assigned
     Aaa;

  -- GBP55,000,000 Class B Commercial Mortgage-Backed Notes due
     2017 downgraded to B1, previously on 2 August 2007 assigned
     Aa3.

Moody's does not rate the Class C, Class D and Class E Notes
issued by Windermere XI CMBS plc.

The rating action concludes the review for possible downgrade that
was initiated for the Class A and the Class B Notes on 15
September 2008 after Lehman Brothers Holdings Inc filed a petition
under Chapter 11 of the U.S. Bankruptcy Code.  The rating action
takes Moody's updated central scenarios into account, as described
in Moody's Special Report "Moody's Updates on Its Surveillance
Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Windermere XI CMBS plc closed in August 2007 and represents the
securitization of initially eight mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 47 commercial properties located across
the UK.  The properties were predominantly offices (81%) and
located in London (63%).  The remaining collateral pool largely
consisted of shopping centres located in small town centres.

Since closing, there have been almost no changes in the portfolio
composition. One loan (Fleetwalk Mortgage Loan -- 4.0% of the
initial portfolio balance) has prepaid in full.  The remaining
loans are not equally contributing to the portfolio: the biggest
loan (the Devonshire House Mortgage Loan) represents 27.8% of the
current portfolio balance, while the smallest loan (the Trent Road
Mortgage Loan) represents 1.1%.  The current loan Herfindahl index
is 5.5.  Following the prepayment, the remaining loans are secured
by 45 properties which are still predominantly office use (82%).
66% of the properties are located in London.  As of the last
interest payment date, all of the remaining seven loans in the
portfolio were current.  However, one loan (Shrewsbury Mortgage
Loan -- 11.7% of the current portfolio) was transferred to special
servicing on April 9, 2009 due to the expectation of a future
payment default following the default of a major tenant.

2) Rating Rationale

The downgrades of the Class A and Class B Notes follow a detailed
re-assessment of the loan and property portfolio's credit risk.
Hereby, Moody's main focus was on property value declines, term
default risk, refinancing risk and the anticipated work-out timing
for potentially defaulting loans.  In its review, Moody's
especially concentrated on the largest loans in the portfolio (the
Devonshire House Mortgage Loan, the Long Acre Mortgage Loan, the
Government Income Portfolio Mortgage Loan and the CAA House
Mortgage Loan) and on the loan currently showing performance
problems (the Shrewsbury Mortgage Loan).

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the UK commercial
property markets and Moody's opinion about future property value
performance.  Driven by, in most cases, a higher default risk
assessment at the loan maturity dates, Moody's anticipates that a
large portion of the portfolio will default over the course of the
transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a
substantial amount of losses on the securitized portfolio.  Those
expected losses will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.

The current subordination levels for Moody's rated classes, 20.1%
and 12.1% for the Class A and the Class B Notes respectively,
provide protection against those expected losses.  However, the
likelihood of higher than expected losses on the portfolio has
increased substantially, which results in the rating action.

Since closing, only 4% of the initial loan portfolio prepaid. The
prepayment proceeds were allocated modified pro-rata to the
transaction.  At the same time, the loan portfolio only provides
for limited scheduled principal repayment over time.  As a result,
unlike other large multi-borrower transactions, the Class A and
the Class B Notes do not benefit from a meaningful increase in
subordination levels since closing.

In addition, the Class B Notes are subordinated to the Class A
Notes in the capital structure.  Due to this additional leverage,
the higher portfolio risk assessment has a relatively bigger
impact on the expected loss of the Class B Notes than on the
expected loss of the Class A Notes.

Moody's anticipates that Windermere XI CMBS plc is one of the most
negatively affected EMEA CMBS conduit deals following the
application of its updated central scenarios.

3) Moody's Portfolio Analysis

Property Values. Property values across the UK have declined
significantly until Q1 2009 and are expected to continue to
decline at least until 2010.  Moody's estimates that compared to
the underwriter's values at closing, the values of the properties
securing this transaction have declined by on aggregate 33% until
the beginning of 2009 (ranging from a 4% value increase for the
Trent Road Mortgage Loan to a 48% decline for the Shrewsbury
Mortgage Loan).  Looking ahead, Moody's anticipates further
declines until 2010, resulting in a 40% value decline compared to
the U/W value at closing (ranging from 6% decline for the Trent
Road Mortgage Loan Mortgage Loan to a 56% decline for the
Shrewsbury Mortgage Loan).

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 100% compared to the reported U/W LTV of 69%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 112% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 147% (Shrewsbury Mortgage
Loan) and 71% (Trent Road Mortgage Loan).  As five loans (all but
the Government Income Portfolio Mortgage Loan and the Trent Road
Mortgage Loan) have additional debt in the form of B-loans
(amounting to GBP41.74 million on aggregate), the overall whole
loan leverage based on estimated trough values will be on average
120%.

Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk.  The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is low.  Taking into account
extension options, 1.1% of the current portfolio matures in 2009
and 2010, 42.4% in 2011 and 2012 and 56.5% in 2013 and 2014.
However, as Moody's expects property values in the UK to only
slowly recover from 2011 onwards, all loans will be still highly
leveraged at their respective refinancing dates, especially when
taking into account the B-loans for five of the loans.
Consequently, in Moody's view, for almost all of the loans, the
default risk at maturity has increased substantially compared to
the closing analysis.

Term Default Risk. The occupational markets in the UK are
currently characterized by falling rents, increasing vacancy rates
and higher than average tenant default rates.  Taking into account
the lease profile of the respective loans, the Shrewsbury Mortgage
Loan, the Long Acre Mortgage Loan and the Devonshire House
Mortgage Loan could be in Moody's view especially exposed to
weakening occupational markets.  The balance of the portfolio
benefits from long-dated leases to relatively creditworthy
tenants.  Based on the current lease profile, Moody's has
incorporated into its analysis an allowance for deterioration in
coverage ratios on a majority of the loans, in turn increasing the
term default risk assumption for the respective loans.

Loans in Default and/or Special Servicing.  One loan of the
portfolio (Shrewsbury Mortgage Loan -- 11.7%) was transferred to
special servicing due to the expectation of a future payment
default. In Moody's analysis, this loan is deemed to be defaulted.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term.  With the exception of
the Shrewsbury Mortgage Loan, the default risk of all loans is
predominantly driven by refinancing risk.  In Moody's view, the
Shrewsbury Loan has currently the highest default risk, while the
smallest loan in the portfolio (Trent Road Mortgage Loan) has the
smallest risk of defaulting.

Concentration Risk.  The portfolio securities in Windermere XI
CMBS plc exhibits an above average concentration in terms of
property types (82.1% office) and property location (100% UK and
66% London).  In Moody's view, this limits the potential benefits
from different markets performing differently over time.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and the ultimate
work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the UK commercial property markets, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a substantial
amount of losses on the securitized portfolio, which will, given
the backloaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.

4) Lehman Brothers Insolvency and Subsequent Events

In its rating review, Moody's has also analyzed and concluded on
the credit impact of the LBHI Chapter 11 filing, initiated on 15
September 2008.  The transaction is exposed to Lehman Brothers
through the hedging agreements, the capex facilities and its role
as security trustee to the loans.

The transaction at closing benefited from loan-specific Issuer
level hedges provided by Lehman Brothers Special Financing Inc,
guaranteed by LBHI.  The hedging agreements are designed to allow
the Issuer to exchange the fixed cashflows it receives from the
loans into floating cashflows matching the Notes liability
structure.  As such, they are an integral part of the capital
structure of the Issuer.  On April 17, 2009, Moody's received
confirmation that new swaps had been successfully entered into at
no additional cost by the Issuer, with HSBC Bank plc (Aa2, P-1,
negative outlook), which effectively replicate the economic and
legal characteristics of the Lehman Brothers swaps at closing.
The new swaps are substantially in line with Moody's published
criteria entitled "Framework for De-Linking Hedge Counterparty
Risks from Global Structured Finance Cashflow Transactions Moody's
Methodology", May 10, 2007.  As a result, in Moody's view, the
replacement of the swaps is credit neutral to the Issuer, all else
being equal.

The transaction is also exposed to Lehman Brothers family entities
through a) provision of capex facilities and b) its role as the
security trustee for the loans.  Moody's based its analysis on the
assumption that the capex amounts will no longer be available to
the Devonshire House and Long Acre loans.  Regarding the security
trustee roles, Moody's expectation in its credit analysis has been
that there will be a transition to a suitable replacement
counterparty within the next 12 months.


* S&P Takes Rating Actions on 339 European Synthetic CDO Tranches
-----------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
took CreditWatch actions on 339 European synthetic collateralized
debt obligation tranches.

Specifically, ratings on:

  -- 258 tranches were placed on CreditWatch negative;

  -- 71 tranches were affirmed and removed from CreditWatch
     negative; and

  -- 10 tranches were placed on CreditWatch positive.

Of the 258 tranches placed on CreditWatch negative:

  -- 30 reference U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced recent negative rating actions.

  -- 228 have experienced corporate downgrades in their
     portfolios.

This table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches as well as key corporate
downgrades since Nov. 20, 2008.

                        CreditWatch Summary

          Watch Neg  Watch Pos
          (no. of    (no. of    Key corporate
          tranches)  tranches)  downgrades*
          ---------  ---------  -------------
Dec—08   203          0        Residential Capital, LLC
                                (CCC+/Negative to CC/Watch Neg)
                                Nov. 20, 2008

                                Financial Guaranty Insurance Co.
                                (BB/Watch Neg to CCC/Negative)
                                Nov. 24, 2008

Jan—09   364          0        Citigroup Inc.
                                (AA-/Watch Neg to A/Stable)
                                Dec. 19, 2008

                                Morgan Stanley
                                (A+/Negative to A/Negative)
                                Dec. 19, 2008

Feb—09   315          6        International Lease Finance Corp.
                                (A-/Watch Dev to BBB+/Watch Dev)
                                Jan. 21, 2009

                                Thomson S.A.
                                (B/Watch Neg to CC/Negative)
                                Jan. 29, 2009

Mar-09    98          34       MBIA Inc.
                                (A-/Negative to BB/Negative)
                                Feb. 18, 2009

                                MBIA Insurance Corp.
                                (AA/Negative to BBB+/Negative)
                                Feb. 18, 2009

Apr-09   454           0       MGIC Investment Corp.
                                (BB+/Watch Neg to CCC/Negative)
                                March 13, 2009

                                MGM MIRAGE
                                (B/Watch Neg to CCC/Negative)
                                March 19, 2009

May-09   258          10       PMI Group Inc.
                                (BBB-/Watch Neg to CCC/Watch Dev)
                                April 8, 2009

                                Radian Group Inc.
                                (BB/Watch Neg to CCC/Stable)
                                April 8, 2009

* Those corporate names that have experienced a significant notch
  downgrade or upgrade as well as being widely referenced within
  European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the April month-end run.  S&P will publish
these SROC figures in the SROC report covering April 2009, which
is imminent.  The Global SROC Report provides SROC and other
performance metrics on over 3,500 individual CDO tranches.

The current ratings are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, these criteria
are under review.  As highlighted in this notice, S&P is
soliciting feedback from market participants regarding proposed
changes to S&P's collateralized loan obligation and CDO criteria.
S&P will evaluate the market feedback, which may result in changes
to the criteria. Any such criteria changes, as well as other
credit factors, may have an impact on S&P's ratings on the notes
affected by the rating actions.


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

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

AUSTRIA
-------
LIBRO AG                    LBROF   -110486313.84    174004185.02
SKYEUROPE HLDG             SKY AV     -3897543.17    213166287.14
SKYEUROPE HLDG            SKYV IX     -3897543.17    213166287.14
SKYEUROPE HLDG             S8E GR     -3897543.17    213166287.14
LIBRO AG                   LIB AV   -110486313.84    174004185.02
LIBRO AG                  LIBR AV   -110486313.84    174004185.02
LIBRO AG                   LB6 GR   -110486313.84    174004185.02
SKYEUROPE HLDG            SKYA PZ     -3897543.17    213166287.14
SKYEUROPE HLDG          SKYPLN EU     -3897543.17    213166287.14
SKYEUROPE HLDG             SKY EO     -3897543.17    213166287.14
SKYEUROPE HLDG           SKURF US     -3897543.17    213166287.14
SKYEUROPE HLDG          SKYPLN EO     -3897543.17    213166287.14
SKYEUROPE                  SKY PW     -3897543.17    213166287.14
SKYEUROPE HOL-RT           SK1 AV     -3897543.17    213166287.14
SKYEUROPE HLDG             SKY EU     -3897543.17    213166287.14
SKYEUROPE                 SKYP PW     -3897543.17    213166287.14


BERLGIUM
--------
SABENA SA                 SABA BB    -85494497.66   2215341059.54


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


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


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


FRANCE
------
PAGESJAUNES GRP            PAJ NQ  -3061283156.27   1202048352.1
CARRERE GROUP             CAR2 EO    -23319835.34    364475420.31
RHODIA SA             3218857Q IX   -670695098.16   5563991457.04
PAGESJAUNES GRP         PAJUSD EU  -3061283156.27   1202048352.1
RHODIA SA – NEW       3156011Q FP   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ TQ  -3061283156.27   1202048352.1
PAGESJAUNES GRP            PAJ EB  -3061283156.27   1202048352.1
LAB DOLISOS               LADL FP    -27752176.19    110485462.44
CARRERE GROUP             CARG FP    -23319835.34    364475420.31
SDR CENTREST           117241Q FP   -132420119.65    252176017.15
PAGESJAUNES GRP         PAJGBX EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP           PAJP IX  -3061283156.27   1202048352.1
CARRERE GROUP              CAR FP    -23319835.34    364475420.31
PAGESJAUNES GRP            PAJ IX  -3061283156.27   1202048352.1
RHODIA SA                RHADF US   -670695098.16   5563991457.04
RHODIA SA               RHAGBP EO   -670695098.16   5563991457.04
RHODIA SA             2324015Q EO   -670695098.16   5563991457.04
RHODIA SA                  RHD GR   -670695098.16   5563991457.04
CARRERE GROUP             CRGP IX    -23319835.34    364475420.31
RHODIA SA                  RHA NQ   -670695098.16   5563991457.04
NORTENE                   NORT EO    -35623999.56    117566786.87
PAGESJAUNES GRP            QS3 GR  -3061283156.27   1202048352.1
RHODIA SA                  RHA EU   -670695098.16   5563991457.04
RHODIA SA                  RHA VX   -670695098.16   5563991457.04
RHODIA SA                RHANR PZ   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ VX  -3061283156.27   1202048352.1
NORTENE                   NORT EU    -35623999.56    117566786.87
RHODIA SA                  RHA BQ   -670695098.16   5563991457.04
NORTENE                   NRTN FP    -35623999.56    117566786.87
NORTENE                   NRTP IX    -35623999.56    117566786.87
IMMOB HOTELIERE            IMH GR    -66874823.95    301323804.92
RHODIA SA                 RHDI GR   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ BQ  -3061283156.27   1202048352.1
GRANDE PAROISSE           GAPA FP   -927267926.9     629287290
CARRERE GROUP              XRR GR    -23319835.34    364475420.31
CARRERE GROUP             CAR2 EU    -23319835.34    364475420.31
TROUVAY CAUVIN           TVYCF US      -396978       133986439.74
PAGESJAUNES GRP         PAJGBP EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP         PAJUSD EO  -3061283156.27   1202048352.1
CARRERE GROUP             CARF PZ    -23319835.34    364475420.31
CARRERE GROUP            CRRHF US    -23319835.34    364475420.31
PAGESJAUNES GRP         PAJGBX EU  -3061283156.27   1202048352.1
NORTENE                   NORT PZ    -35623999.56    117566786.87
RHODIA SA                  RHA EB   -670695098.16   5563991457.04
RHODIA SA                 RHAY IX   -670695098.16   5563991457.04
MATUSSIERE & FOR         MTUSF US    -77896683.67    293868350.79
RHODIA SA                  RHA PZ   -670695098.16   5563991457.04
SELCODIS                  SLCO EO    -21050704.97    140597126.19
RHODIA SA-RIGHTS       653447Q FP   -670695098.16   5563991457.04
MATUSSIERE & FOR      1007765Q FP    -77896683.67    293868350.79
RHODIA SA-ADR              RHA US   -670695098.16   5563991457.04
Selcodis                  SPVX FP    -21050704.97    140597126.19
PAGESJAUNES              PGJUF US  -3061283156.27   1202048352.1
SELCODIS                  SLCO EU    -21050704.97    140597126.19
RHODIA SA-RIGHTS         RHADS FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO EU    -66874823.95    301323804.92
SELCODIS                  SLCO PZ    -21050704.97    140597126.19
SELCODIS                  SPVX IX    -21050704.97    140597126.19
PAGESJAUNES GRP            PAJ FP  -3061283156.27   1202048352.1
SELCODIS                  SLCO FP    -21050704.97    140597126.19
MMOB HOTELIERE            IMMH IX    -66874823.95    301323804.92
GRANDE PAROISSE           GDPA FP   -927267926.9     629287290
PAGESJAUNES GRP            PAJ EO  -3061283156.27   1202048352.1
IMMOB HOTEL BALN          IMHB FP    -66874823.95    301323804.92
IMMOB HOTELIERE          IMBHF US    -66874823.95    301323804.92
LAB DOLISOS               DOLI FP    -27752176.19    110485462.44
PAGESJAUNES GRP            PAJ EU  -3061283156.27   1202048352.1
RHODIA SA                  RHA TQ   -670695098.16   5563991457.04
RHODIA SA             2324011Q EU   -670695098.16   5563991457.04
RHODIA SA                RHANR FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO FP    -66874823.95    301323804.92
GRANDE PAROISSE          GDPXF US   -927267926.9     629287290
TROUVAY CAUVIN            ETEC FP      -396978       133986439.74
RHODIA SA                RHDAF US   -670695098.16   5563991457.04
IMMOB HOTELIERE            SIH FP    -66874823.95    301323804.92
RHODIA SA                  RHA IX   -670695098.16   5563991457.04
RHODIA SA               RHAGBX EU   -670695098.16   5563991457.04
RHODIA SA                  RHA FP   -670695098.16   5563991457.04
RHODIA SA                  RHA EO   -670695098.16   5563991457.04
NORTENE                   NORT FP    -35623999.56    117566786.87
RHODIA SA-ADR            RHAYY US   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO PZ    -66874823.95    301323804.92
RHODIA SA               RHAGBX EO   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO EO    -66874823.95    301323804.92
RHODIA SA – NEW          RHANV FP   -670695098.16   5563991457.04
RHODIA SA – NEW       2335921Q FP   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ PZ  -3061283156.27   1202048352.1


GERMANY
-------
VIVANCO GRUPPE            VVA1 EU    -16648688.57    131276010.89
CINEMAXX AG             MXCUSD EU    -45477041.55    177659446.07
PRIMACOM AG-ADR+          PCAG ES    -14233212.49    729563484.73
CINEMAXX AG                MXC EO    -45477041.55    177659446.07
PRIMACOM AG-ADR          PCAGY US    -14233212.49    729563484.73
ALNO AG                    ANO EU    -28265004.17    366872263.74
CINEMAXX AG                MXC PZ    -45477041.55    177659446.07
CINEMAXX AG                MXC EU    -45477041.55    177659446.07
CINEMAXX AG               MXCG IX    -45477041.55    177659446.07
VIVANCO GRUPPE            VVA1 PZ    -16648688.57    131276010.89
EM.TV & MERC-NEW          ETV1 NM    -22067409.41    849175624.65
HYPO REAL ESTATE        HRXAUD EU   -813565059.9  543794828675.92
CBB HOLDING-NEW           COB1 GR    -42994732.85    904723627.84
HYPO REAL ESTATE        HRXGBP EO   -813565059.9  543794828675.92
SINNLEFFERS AG             WHG GR     -4491629.96    453887060.07
HYPO REAL ESTATE        HRXCHF EO   -813565059.9  543794828675.92
BROKAT AG                BKISF US    -27139391.98    143536859.72
BROKAT AG                BRKAF US    -27139391.98    143536859.72
RINOL AG                  RILB PZ           -2.71    168095049.11
EECH GROUP AG              PTA PZ      -114331.83    108502676.25
BROKAT TECH AG             BSA LN    -27139391.98    143536859.72
BROKAT TECH -ADR         BROAQ US    -27139391.98    143536859.72
BROKAT AG-ADR             BROA US    -27139391.98    143536859.72
NORDAG AG-RTS             DOO8 GR      -482446.63    144432986.17
EM.TV & MERCHAND           ETV LN    -22067409.41    849175624.65
CBB HOLDING AG            COB2 EO    -42994732.85    904723627.84
ALNO AG                    ANO GR    -28265004.17    366872263.74
EM.TV & MERC-NEW          ETV1 GR    -22067409.41    849175624.65
EM.TV & MERC-RTS          ETV8 GR    -22067409.41    849175624.65
EM.TV & MERCHAND         EMTVF US    -22067409.41    849175624.65
EM.TV & MERCHAND           ETV NM    -22067409.41    849175624.65
HYPO REAL ESTATE           HRX EO   -813565059.9  543794828675.92
HYPO REAL ESTATE          HRXG IX   -813565059.9  543794828675.92
PRIMACOM AG              PCAGF US    -14233212.49    729563484.73
PRIMACOM AG                PRC EU    -14233212.49    729563484.73
CBB HOLD-NEW 97           COB2 GR    -42994732.85    904723627.84
RINOL AG                  RILB GR           -2.71    168095049.11
PRIMACOM AG                PRC GR    -14233212.49    729563484.73
HYPO REAL ESTATE           HRX AV   -813565059.9  543794828675.92
HYPO REAL ES-NEW      2916649Q EU   -813565059.9  543794828675.92
HYPO REAL ES-NEW      2916645Q EO   -813565059.9  543794828675.92
BROKAT TECH AG             BRJ GR    -27139391.98    143536859.72
HYPO REAL ES-NEW          HRXA EO   -813565059.9  543794828675.92
VIVANCO GRUPPE            VVA1 GR    -16648688.57    131276010.89
PRIMACOM AG               PRCG IX    -14233212.49    729563484.73
NORDSEE AG             533061Q GR     -8200552.05    194616922.62
ALNO AG                    ANO EO    -28265004.17    366872263.74
EECH GROUP AG              PTA EO      -114331.83    108502676.25
HYPO REAL ESTATE           HRX EU   -813565059.9  543794828675.92
HYPO REAL ESTATE        HRXCHF EU   -813565059.9  543794828675.92
EECH GROUP AG              PTA GR      -114331.83    108502676.25
EECH GROUP AG              PTA EU      -114331.83    108502676.25
EECH GROUP AG             PTAG IX      -114331.83    108502676.25
HYPO REAL-ACQ             HRXV GR   -813565059.9  543794828675.92
HYPO REAL-ACQ             HRXV EO   -813565059.9  543794828675.92
SPAR HANDELS-AG          SPHFF US   -442426199.47   1433020960.55
ROSENTHAL AG-ACC          ROS4 GR     -1744121.91    217776125.75
DORT ACTIEN-BRAU       944167Q GR    -12689156.29    117537053.71
P & T TECHNOLOGY           PTA NM      -114331.83    108502676.25
CBB HOLDING-NEW           COB3 GR    -42994732.85    904723627.84
HYPO REAL ESTATE           HRX NR   -813565059.9  543794828675.92
HYPO REAL ESTATE        HRXUSD EU   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX PZ   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX EB   -813565059.9  543794828675.92
HYPO REAL ES-NEW          HRXA GR   -813565059.9  543794828675.92
HYPO REAL ES-NEW          HRX1 GR   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX VX   -813565059.9  543794828675.92
KAUFRING AG                KFR GR    -19296489.56    150995473.81
MANIA TECHNOLOGI          MNI1 EO    -35060806.5     107465713.61
HYPO REAL ESTATE           HRX NQ   -813565059.9  543794828675.92
MANIA TECHNOLOGI          MNIG IX    -35060806.5     107465713.61
HYPO REAL ESTATE        HRXGBX EU   -813565059.9  543794828675.92
MANIA TECHNOLOGI           MNI PZ    -35060806.5     107465713.61
SANDER (JIL) AG          JLSDF US     -6153256.92    127548039.68
SANDER (JIL)-PRF      2916157Q EU     -6153256.92    127548039.68
SANDER (JIL)-PRF      2916161Q EO     -6153256.92    127548039.68
CINEMAXX AG-RTS           MXC8 GR    -45477041.55    177659446.07
HYPO REAL ESTATE         HREHF US   -813565059.9  543794828675.92
RINOL AG                  RILB EU           -2.71    168095049.11
PRIMACOM AG                PRC NM    -14233212.49    729563484.73
MATERNUS-KLINIKE         MNUKF US    -17434186.39    182076493.22
CINEMAXX AG                MXC GR    -45477041.55    177659446.07
HYPO REAL ESTATE           HRX GR   -813565059.9  543794828675.92
HYPO REAL ES-ADR         HREHY US   -813565059.9  543794828675.92
TA TRIUMPH-ACQ            TWNA GR    -96966372.18    401755623.89
PRIMACOM AG-ADR           PCAG US    -14233212.49    729563484.73
ROSENTHAL AG          2644179Q GR     -1744121.91    217776125.75
EM.TV & MERC-RTS          ETV8 NM    -22067409.41    849175624.65
ROSENTHAL AG-ADR         RSTHY US     -1744121.91    217776125.75
RINOL AG                 RNLAF US           -2.71    168095049.11
RINOL AG                  RILB EO           -2.71    168095049.11
HYPO REAL ESTATE        HRXAUD EO   -813565059.9  543794828675.92
TA TRIUMPH-NEW            TWN1 GR    -96966372.18    401755623.89
ROSENTHAL AG-REG         RSTHF US     -1744121.91    217776125.75
SANDER (JIL)-PRF          SAD3 GR     -6153256.92    127548039.68
ROSENTHAL AG-REG          ROSG IX     -1744121.91    217776125.75
ROSENTHAL AG-REG          ROSG PZ     -1744121.91    217776125.75
MATERNUS-KLINIKE           MAK EO    -17434186.39    182076493.22
CBB HOLDING AG            COB2 EU    -42994732.85    904723627.84
EM.TV & MERCHAND       985403Q GR    -22067409.41    849175624.65
EM.TV & MERCHAND         ETVMF US    -22067409.41    849175624.65
MATERNUS-KLINIKE           MAK EU    -17434186.39    182076493.22
MATERNUS-KLINIKE           MAK PZ    -17434186.39    182076493.22
HYPO REAL-ACQ             HRXV PZ   -813565059.9  543794828675.92
MATERNUS-KLINIKE           MAK GR    -17434186.39    182076493.22
ALNO AG-RTS           2259765Z GR    -28265004.17    366872263.74
ALNO AG-NEW               ANO1 GR    -28265004.17    366872263.74
VIVANCO GRUPPE             VVA GR    -16648688.57    131276010.89
AGOR AG                  NDAGF US      -482446.63    144432986.17
ROSENTHAL AG-REG          ROS1 EO     -1744121.91    217776125.75
AGOR AG                    DOO GR      -482446.63    144432986.17
AGOR AG                    DOO EO      -482446.63    144432986.17
TA TRIUMPH-ACQ            TWNA EU    -96966372.18    401755623.89
TA TRIUMPH-ADLER           TWN EO    -96966372.18    401755623.89
TA TRIUMPH-ADLER         TTZAF US    -96966372.18    401755623.89
TA TRIUMPH-RT             TWN8 GR    -96966372.18    401755623.89
HYPO REAL ESTATE        HRXUSD EO   -813565059.9  543794828675.92
PRIMACOM AG               PRCG PZ    -14233212.49    729563484.73
ROSENTHAL AG-REG          ROS1 EU     -1744121.91    217776125.75
TA TRIUMPH-A-RTS      1018916Z GR    -96966372.18    401755623.89
TA TRIUMPH-RTS        3158577Q GR    -96966372.18    401755623.89
CBB HOLDING AG           CUBDF US    -42994732.85    904723627.84
MATERNUS-KLINIKE          MAKG IX    -17434186.39    182076493.22
TA TRIUMPH-ADLER           TWN GR    -96966372.18    401755623.89
TA TRIUMPH-ADLER          TWNG IX    -96966372.18    401755623.89
TA TRIUMPH-ADLER           TWN PZ    -96966372.18    401755623.89
SPAR HAND-PFD NV          SPA3 GR   -442426199.47   1433020960.55
VIVANCO GRUPPE           VIVGF US    -16648688.57    131276010.89
RINOL AG                   RIL GR           -2.71    168095049.11
BROKAT AG -NEW            BRJ1 GR    -27139391.98    143536859.72
MANIA TECHNOLOGI      2260970Z GR    -35060806.5     107465713.61
VIVANCO GRUPPE            VVAG IX    -16648688.57    131276010.89
VIVANCO GRUPPE            VVA1 EO    -16648688.57    131276010.89
CINEMAXX AG             MXCUSD EO    -45477041.55    177659446.07
MANIA TECHNOLOGI          MNI1 EU    -35060806.5     107465713.61
MANIA TECHNOLOGI         MIAVF US    -35060806.5     107465713.61
HYPO REAL ESTATE           HRX TQ   -813565059.9  543794828675.92
TA TRIUMPH-ADLER           TWN EU    -96966372.18    401755623.89
SPAR HANDELS-AG        773844Q GR   -442426199.47   1433020960.55
SANDER (JIL) AG            SAD GR     -6153256.92    127548039.68
CBB HOLDING AG            COBG IX    -42994732.85    904723627.84
BROKAT TECH-ADR           BRJA GR    -27139391.98    143536859.72
MANIA TECHNOLOGI           MNI GR    -35060806.5     107465713.61
AGOR AG-RTS           2301918Z GR     -482446.63     144432986.17
CBB HOLDING AG            COBG PZ   -42994732.85     904723627.84
ALNO AG                   ALNO IX   -28265004.17     366872263.74
ALNO AG                    ANO PZ   -28265004.17     366872263.74
HYPO REAL ES-NEW          HRXA EU  -813565059.9   543794828675.92
DORT ACTIEN-RTS           DAB8 GR   -12689156.29     117537053.71
MANIA TECHNOLOGI           MNI NM   -35060806.5      107465713.61
CINEMAXX AG              CNEMF US   -45477041.55     177659446.07
BROKAT AG -NEW            BRJ1 NM   -27139391.98     143536859.72
BROKAT AG                BROAF US   -27139391.98     143536859.72
AGOR AG                   DOOG IX     -482446.63     144432986.17
AGOR AG                    DOO EU     -482446.63     144432986.17
AGOR AG                   DOOD PZ     -482446.63     144432986.17
CBB HOLDING AG             COB GR   -42994732.85     904723627.84
HYPO REAL ES-NEW          HRXA PZ  -813565059.9   543794828675.92
KAUFRING AG                KFR EU   -19296489.56     150995473.81
KAUFRING AG                KFR PZ   -19296489.56     150995473.81
PRIMACOM AG               PRC2 GR   -14233212.49     729563484.73
KAUFRING AG               KAUG IX   -19296489.56     150995473.81
SANDER (JIL)-PRF          SAD3 PZ    -6153256.92     127548039.68
KAUFRING AG                KFR EO   -19296489.56     150995473.81
HYPO REAL-ACQ             HRXV EU  -813565059.9   543794828675.92
HYPO REAL ESTATE        HRXGBX EO  -813565059.9   543794828675.92
BROKAT AG                BROFQ US   -27139391.98     143536859.72
NORDAG AG                 DOO1 GR     -482446.63     144432986.17
NORDAG AG-PFD             DOO3 GR     -482446.63     144432986.17
EM.TV & MERCHAND           ETV VX   -22067409.41     849175624.65
HYPO REAL ESTATE           HRX BQ  -813565059.9   543794828675.92
BROKAT TECH AG             BRJ NM   -27139391.98     143536859.72
RINOL AG                  RILB IX          -2.71     168095049.11
MATERNUS KLINI-N          MAK1 GR   -17434186.39     182076493.22
PRIMACOM AG                PRC EO   -14233212.49     729563484.73
ROSENTHAL AG-REG           ROS GR    -1744121.91     217776125.75


GREECE
------
UNITED TEXTILES          NAOYK GA   -44175513.67     341686153.14
THEMELIODOMI-AUC        THEMEE GA   -55751178.85     232036822.56
ALTEC SA INFO-RT        ALTECR GA  -110161512.58     260065350.83
PETZETAKIS – RTS        PETZKD GA   -28368224.67     235628427.44
THEMELIODOMI-RTS        THEMED GA   -55751178.85     232036822.56
ALTEC SA INFO            ALTEC EU  -110161512.58     260065350.83
SAFE BULKERS INC           SBL GR   -35545000        482282016
RADIO KORASS-RTS         KORAR GA  -100972173.86     180679253.63
ALTEC SA INFO              AXY GR  -110161512.58     260065350.83
ALTEC SA INFO            ALTEC GA  -110161512.58     260065350.83
HELLAS ONLINE SA          HOLR GA   -18667491.57     432785331.49
HELLAS ONLINE SA         BRAIN EU   -18667491.57     432785331.49
ALTEC SA INFO-RT         ALTED GA  -110161512.58     260065350.83
PETZETAKIS-PFD            PTZ3 GR   -28368224.67     235628427.44
ALTEC SA INFO            ATCQF US  -110161512.58     260065350.83
AG PETZETAKIS SA         PETZK EO   -28368224.67     235628427.44
UNITED TEXTILES           UTEX EO   -44175513.67     341686153.14
RADIO KORASSI-RT         KORAD GA  -100972173.86     180679253.63
PETZETAKIS-PFD           PETZP GA   -28368224.67     235628427.44
PETZET – PFD-RTS        PETZPD GA   -28368224.67     235628427.44
SAFE BULKERS INC            SB US   -35545000        482282016
ALTEC SA INFO            ALTEC EO  -110161512.58     260065350.83
RADIO KORASSIDIS          KORA GA  -100972173.86     180679253.63
THEMELIODOMI-RTS        THEMER GA   -55751178.85     232036822.56
NAOUSSA SPIN-AUC        NAOYKE GA   -44175513.67     341686153.14
NAOUSSA SPINNING           NML GR   -44175513.67     341686153.14
NAOUSSA SPINNING          NML1 GR   -44175513.67     341686153.14
RADIO KORASSIDIS         RAKOF US  -100972173.86     180679253.63
NAOUSSA SPIN -RT         NAOYD GA   -44175513.67     341686153.14
HELLAS ONLINE SA         BRAIN EO   -18667491.57     432785331.49
THEMELIODOMI             THEME GA   -55751178.85     232036822.56
HELLAS ONLINE SA         BRAIN GA   -18667491.57     432785331.49
AG PETZETAKIS SA          PTZ1 GR   -28368224.67     235628427.44
EMPEDOS SA               EMPED GA   -33637669.62     174742646.9
ALMA-ATERM-AUCT         ATERME GA    -5395432.07     106400376
AG PETZETAKIS SA           PTZ GR   -28368224.67     235628427.44
HELLAS ONLINE SA           UN5 GR   -18667491.57     432785331.49
ALTEC SA INFO            ALTEC PZ  -110161512.58     260065350.83
NAOUSSA SPIN-RTS        NAOYKR GA   -44175513.67     341686153.14
UNITED TEXTILES           UTEX PZ   -44175513.67     341686153.14
ALTEC SA -AUCT          ALTECE GA  -110161512.58     260065350.83
PETZETAKIS-AUC          PETZKE GA   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK PZ   -28368224.67     235628427.44
UNITED TEXTILES          NAOSF US   -44175513.67     341686153.14
RADIO KORASSIDIS           RKC GR  -100972173.86     180679253.63
ALMA-ATERMON SA          ATERM EU    -5395432.07     106400376
AG PETZETAKIS SA         PZETF US   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK GA   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK EU   -28368224.67     235628427.44
ALMA-ATERMON SA          ATERM GA    -5395432.07     106400376
ALMA-ATERMON SA          ATERM EO    -5395432.07     106400376
EMPEDOS SA-RTS          EMPEDR GA   -33637669.62     174742646.9
ALMA-ATERMON SA          ATERM PZ    -5395432.07     106400376
HELLAS ONLINE SA         BRAIN PZ   -18667491.57     432785331.49
UNITED TEXTILES           UTEX GA   -44175513.67     341686153.14
UNITED TEXTILES           UTEX EU   -44175513.67     341686153.14
HELLAS ONLINE SA           HOL GA   -18667491.57     432785331.49


HUNGARY
-------
OT OPTIMA TELEKO      2299892Z CZ   -46364581.24     128095158.43
IPK OSIJEK DD OS        IPKORA CZ   -12114019.44     135803427.79
BRODOGRADE INDUS        3MAJRA CZ  -322247407.73     263945276.33
OT OPTIMA TELEKO        OPTERA CZ   -46364581.24     128095158.43


ICELAND
-------
EIMSKIPAFELAG HF         HFEIM EO  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM PZ  -223771648       2277793536
EIMSKIPAFELAG HF         AVION IR  -223771648       2277793536
EIMSKIPAFELAG HF      HFEIMEUR EO  -223771648       2277793536
EIMSKIPAFELAG HF      HFEIMEUR EU  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM IR  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM EU  -223771648       2277793536
AVION GROUP                B1Q GR  -223771648       2277793536


IRELAND
-------
ELAN CORP PLC             DRX1 PZ  -223400000       1844599936
ELAN CORP PLC              ELN IX  -223400000       1844599936
WATERFORD WED-RT          WTFR LN  -505729895.23     820803256.03
WATERFORD – RTS        508519Q LN  -505729895.23     820803256.03
WATERFORD W-ADR          WATWY US  -505729895.23     820803256.03
ELAN CORP PLC           ELNGBX EO  -223400000       1844599936
ELAN CORP PLC           ELNGBP EO  -223400000       1844599936
ELAN CORP-ADR             ELAD LN  -223400000       1844599936
WATERFORD WED-RT          WWWD ID -505729895.23      820803256.03
WATERFORD WED-UT          WTFU PO -505729895.23      820803256.03
WATERFORD WED-UT          WTFU IX -505729895.23      820803256.03
WATERFORD WED-UT          WTFU LN -505729895.23      820803256.03
WATERFORD WED-RT          WWWC ID -505729895.23      820803256.03
WATERFORD WED-RT          WWWD GR -505729895.23      820803256.03
WATERFORD WED-RT       586556Q LN -505729895.23      820803256.03
WATERFORD WED-RT       586552Q LN -505729895.23      820803256.03
WATERFORD WED-UT          WTFU EO -505729895.23      820803256.03
WATERFORD-ADR UT          WFWA GR -505729895.23      820803256.03
WATERFORD-SUB         3001875Z ID -505729895.23      820803256.03
ELAN CORP PLC              ELA PO -223400000        1844599936
WATERFORD WED-UT          WWWD PZ -505729895.23      820803256.03
WATERFORD WED-UT        WTFUGBX E -505729895.23      820803256.03
WATERFORD WED-UT       WTFUGBX EU -505729895.23      820803256.03
WATERFORD WED-UT          WTFU VX -505729895.23      820803256.03
WATERFORD WED-UT          WTFU ID -505729895.23      820803256.03
WATERFORD – RTS           WWWB GR -505729895.23      820803256.03
WATERFORD – RTS           WWWA ID -505729895.23      820803256.03
WATERFORD – RTS        508523Q LN -505729895.23      820803256.03
WATERFORD WE-RTS          WTFF LN -505729895.23      820803256.03
WATERFORD-ADR UT         WATFZ US -505729895.23      820803256.03
WATERFORD WE-RTS          WTFN VX -505729895.23      820803256.03
ELAN CORP PLC           ELNUSD EU -223400000        1844599936
WATERFORD WE-RTS          WTFN ID -505729895.23      820803256.03
WATERFORD WED-RT          WWWC GR -505729895.23      820803256.03
WATERFORD WED-UT           WWW PO -505729895.23      820803256.03
WATERFORD – RTS           WWWA GR -505729895.23      820803256.03
WATERFORD WDGEWD         WATWF US -505729895.23      820803256.03
WATERFORD WE-RTS          WTFN LN -505729895.23      820803256.03
ELAN CORP-ADR             EANG IX -223400000        1844599936
ELAN CORP PLC              ELN EU -223400000        1844599936
ELAN CORP-ADR              ELN US -223400000        1844599936
ELAN CORP-ADR           QUNELN AU -223400000        1844599936
ELAN CORP PLC              ELN ID -223400000        1844599936
ELAN CORP PLC              ELN TQ -223400000        1844599936
ELAN CORP PLC              ELN LN -223400000        1844599936
ELAN CORP-CVR            ELNZV US -223400000        1844599936
ELAN CORP-CVR            LCVRZ US -223400000        1844599936
WATERFORD WED-UT          WTFU EU -505729895.23      820803256.03
ELAN CORP-ADR              EAN GR -223400000        1844599936
ELAN CORP-ADR UT         ELN/E US -223400000        1844599936
WATERFORD – RTS           WWWB ID -505729895.23      820803256.03
ELAN CORP PLC              ELA IX -223400000        1844599936
WATERFORD WDGEWD         WATFF US -505729895.23      820803256.03
ELAN CORP PLC              ELA LN -223400000        1844599936
ELAN CORP PLC            ELNCF US -223400000        1844599936
ELAN CORP PLC              ECN VX -223400000        1844599936
ELAN CORP PLC             DRXG IX -223400000        1844599936
ELAN CORP PLC              ELN EO -223400000        1844599936
ELAN CORP PLC           ELNUSD EO -223400000        1844599936
WATERFORD WE-RTS          WTFF ID -505729895.23      820803256.03
ELAN CORP PLC              DRX GR -223400000        1844599936
ELAN CORP PLC              ELN NR -223400000        1844599936
ELAN CORP/OLD            1295Z ID -323100000        1737800064
WATERFORD WED-UT           WWW GR -505729895.23      820803256.03


ITALY
-----
SNIA SPA-RTS              SNAA IM   -25149276.06     487726334.06
FULLSIX                    FUL IM   -11045098.78     109413985.34
COIN SPA                    GC IX  -151690764.75     791310848.67
PARMALAT FINANZI         PMLFF US  -18419390028.95  4120687886.18
LAZIO SPA                 SSLI PZ   -15482934.18     260633690.01
PARMALAT FINANZI          PRFI VX -18419390028.95   4120687886.18
COIN SPA-RTS              GCAA IM   -151690764.75    791310848.67
LAZIO SPA                 LZO1 GR    -15482934.18    260633690.01
FULLSIX                   FUL1 IX    -11045098.78    109413985.34
SNIA SPA-DRC             SNR00 IM    -25149276.06    487726334.06
LAZIO SPA              571260Q US    -15482934.18    260633690.01
CART SOTTRI-BIND           DEM IM    -11146475.29    128859802.94
I VIAGGI DEL VEN           VVE PZ    -73353723.87    448043832.77
CREDITO FONDIARI           CRF IM   -200209050.26   4213063202.32
CREDITO FOND-RTS         CRFSA IM   -200209050.26   4213063202.32
SNIA SPA-NON CON         SPBNF US    -25149276.06    487726334.06
BINDA SPA                BNDAF US    -11146475.29    128859802.94
SNIA SPA-RNC             SNRNC IM    -25149276.06    487726334.06
I VIAGGI DEL VEN           VVE EO    -73353723.87    448043832.77
FULLSIX                  IFASF US    -11045098.78    109413985.34
SNIA SPA-RTS              SNSO IM    -25149276.06    487726334.06
TECNODIFF ITALIA           TEF GR    -89894162.82    152045757.48
TECNODIFF ITALIA         TDIFF US    -89894162.82    152045757.48
TECNODIFF-RTS           TDIAOW NM    -89894162.82    152045757.48
PARMALAT FINANZI           PAF GR -18419390028.95   4120687886.18
I VIAGGI DEL VEN           VVE IX    -73353723.87    448043832.77
PARMALAT FINANZI           PMT LI -18419390028.95   4120687886.18
I VIAGGI DEL VEN           VVE EU    -73353723.87    448043832.77
I VIAGGI DEL VEN           VVE IM    -73353723.87    448043832.77
SNIA SPA                  SNIA GR    -25149276.06    487726334.06
SNIA SPA                    SN IM    -25149276.06    487726334.06
OLCESE SPA-RTS             OAA IM    -12846689.89    179691572.79
TECNODIFF ITALIA           TDI NM    -89894162.82    152045757.48
FULLSIX                    IA6 GR    -11045098.78    109413985.34
FULLSIX                    INF NM    -11045098.78    109413985.34
FULLSIX-RNC            160135Z IM    -11045098.78    109413985.34
FULLSIX                    FUL EU    -11045098.78    109413985.34
SNIA SPA                 SBPDF US    -25149276.06    487726334.06
FULLSIX -RIGHTS          INFAA IM    -11045098.78    109413985.34
LAZIO SPA                 SSL1 IX    -15482934.18    260633690.01
FULLSIX                    FUL EO    -11045098.78    109413985.34
FULLSIX                   FULI PZ    -11045098.78    109413985.34
SNIA SPA                 SSMLF US    -25149276.06    487726334.06
PARMALAT FINANZI          FICN AV -18419390028.95   4120687886.18
OLCESE SPA                   O IM    -12846689.89    179691572.79
LAZIO SPA                  SSL IM    -15482934.18    260633690.01
LAZIO SPA                 SSL1 EO    -15482934.18    260633690.01
LAZIO SPA                SSLZF US    -15482934.18    260633690.01
LAZIO SPA                 SSL1 EU    -15482934.18    260633690.01
TECNODIFFUSIONE         TDIAAW IM    -89894162.82    152045757.48
CIRIO FINANZIARI           CRO IM   -422095869.5    1583083044.16
SNIA SPA-RCV             SNIVF US    -25149276.06    487726334.06
LAZIO SPA                  LZO GR    -15482934.18    260633690.01
OLCESE VENEZIANO          OLVE IM    -12846689.89    179691572.79
FULLSIX                    INF IM    -11045098.78    109413985.34
LAZIO SPA-RTS            SSLAA IM    -15482934.18    260633690.01
COMPAGNIA ITALIA         CGLUF US   -137726596.25    527372691.43
I VIAGGI DEL VEN           IV7 GR    -73353723.87    448043832.77
SNIA SPA-2003 SH          SN03 IM    -25149276.06    487726334.06
SNIA SPA                    SN TQ    -25149276.06    487726334.06
PARMALAT FINA-RT          PRFR AV -18419390028.95   4120687886.18
SNIA SPA                    SN EO    -25149276.06    487726334.06
SNIA BPD-ADR             SBPDY US    -25149276.06    487726334.06
SNIA SPA-RNC             SNIWF US    -25149276.06    487726334.06
SNIA BPD                    SN GR    -25149276.06    487726334.06
SNIA SPA                  SIAI PZ    -25149276.06    487726334.06
SNIA SPA                 SNIXF US    -25149276.06    487726334.06
SNIA SPA – RTS           SNAAW IM    -25149276.06    487726334.06
SNIA SPA                  SNIB GR    -25149276.06    487726334.06
SNIA SPA                    SN EU    -25149276.06    487726334.06
SNIA SPA                  SIAI IX    -25149276.06    487726334.06
COIN SPA                 GUCIF US   -151690764.75    791310848.67
COIN SPA               965089Q GR   -151690764.75    791310848.67
BINDA SPA                  BND IM    -11146475.29    128859802.94
I VIAGGI-RTS             VVEAA IM    -73353723.87    448043832.77
LAZIO SPA-RTS            SSLAZ IM    -15482934.18    260633690.01
PARMALAT FINANZI           PRF IM -18419390028.95   4120687886.18
COMPAGNIA ITALIA           ICT IM   -137726596.25    527372691.43
CIRIO FINANZIARI           FIY GR   -422095869.5    1583083044.16
PARMALAT FINANZI         PARAF US -18419390028.95   4120687886.18
COIN SPA/OLD                GC IM   -151690764.75    791310848.67
TECNODIFF ITALIA           TDI IM    -89894162.82    152045757.48
COMPAGNIA ITALIA          CITU IX   -137726596.25    527372691.43
SNIA SPA-RCV               SNR IM    -25149276.06    487726334.06
I VIAGGI DEL VEN           VVE TQ    -73353723.87    448043832.77
SNIA SPA- RTS            SNAXW IM    -25149276.06    487726334.06
I VIAGGI DEL VEN         IVGIF US    -73353723.87    448043832.77
SNIA SPA-RIGHTS           SNAW IM    -25149276.06    487726334.06
SNIA SPA-CONV SA         SPBDF US    -25149276.06    487726334.06
SNIA SPA-NEW              SN00 IM    -25149276.06    487726334.06


LUXEMBOURG
----------
CARRIER1 INTL              CJN GR   -94729000        472360992
CARRIER1 INTL              CJN NM   -94729000        472360992
CARRIER1 INTL SA         CONEF US   -94729000        472360992
CARRIER1 INT-AD+          CONE ES   -94729000        472360992
CARRIER1 INTL SA         1253Z SW   -94729000        472360992
CARRIER1 INT-ADR         CONEQ US   -94729000        472360992
CARRIER1 INTL             CJNA GR   -94729000        472360992
CARRIER1 INT-ADR         CONEE US   -94729000        472360992
CARRIER1 INT-ADR          CONE US   -94729000        472360992


NETHERLANDS
-----------
JAMES HARDIE IND       600241Q GR   -37500000       1827000064
UNITED PAN-EUROP         UPCEF US -5505478849.55    5112616630.06
UNITED PAN-EUROP           UPE GR -5505478849.55    5112616630.06
JAMES HARDIE IND       726824Z NA   -37500000       1827000064
JAMES HARDIE-CDI         JHIUF US   -37500000       1827000064
UNITED PAN-EUR-A           UPC LN  -5505478849.55   5112616630.06
UNITED PAN-EUR-A           UPC NA  -5505478849.55   5112616630.06
UNITED PAN-EUR-A           UPC LI  -5505478849.55   5112616630.06
UNITED PAN-A ADR         UPCOY US  -5505478849.55   5112616630.06
JAMES HARDIE-CDI           JHX AU    -37500000      1827000064
UNITED PAN -ADR           UPEA GR  -5505478849.55   5112616630.06
JAMES HARDIE-ADR         JHINY US    -37500000      1827000064
JAMES HARDIE NV          JHXCC AU    -37500000      1827000064
JAMES HARDIE IND           HAH NZ    -37500000      1827000064
JAMES HARDIE-ADR           JHX US    -37500000      1827000064
UNITED PAN-EUROP           UPC VX  -5505478849.55   5112616630.06
BAAN COMPANY NV           BAAN IX     -7854741.41    609871188.88
JAMES HARDIE-CDI           JHA GR    -37500000      1827000064
JAMES HARDIE IND           HAH AU    -37500000      1827000064
BAAN COMPANY NV           BAAN NA     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN GR     -7854741.41    609871188.88
BAAN COMPANY NV           BNCG IX     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN EU     -7854741.41    609871188.88
BAAN COMPANY NV          BAAVF US     -7854741.41    609871188.88
BAAN CO NV-ASSEN         BAANA NA     -7854741.41    609871188.88
UNITED PAN-EUROP         UPCOF US  -5505478849.55   5112616630.06
UNITED PAN-EUROP          UPE1 GR  -5505478849.55   5112616630.06
BAAN COMPANY NV           BAAN PZ     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN EO     -7854741.41    609871188.88
BAAN COMPANY-NY          BAANF US     -7854741.41    609871188.88


NORWAY
------
PETRO GEO-SERV-N          PGSN NO    -18066142.21    399710323.59
PETRO GEO-SERV         265143Q NO    -18066142.21    399710323.59
PETRO GEO-SERV             PGS VX    -18066142.21    399710323.59
PETRO GEO-SV-ADR         PGOGY US    -18066142.21     99710323.59
PETRO GEO-SERV             PGS GR    -18066142.21    399710323.59
PETRO GEO-SV-ADR          PGSA GR    -18066142.21    399710323.59


POLAND
------
TOORA                 2916661Q EO      -288818.39    147004954.18
TOORA                      TOR PZ      -288818.39    147004954.18
TOORA                      TOR PW      -288818.39    147004954.18
TOORA                 2916665Q EU      -288818.39    147004954.18
TOORA-ALLOT CERT          TORA PW      -288818.39    147004954.18


PORTUGAL
--------
COFINA                     CFN PL    -17427901.34    340046487.94
COFINA                    COFI PL    -17427901.34    340046487.94
SPORTING-SOC DES           SCP PL     -6889744.9     191103206.82
SPORTING-SOC DES          SCDF PL     -6889744.9     191103206.82
COFINA                   COFSI IX    -17427901.34    340046487.94
COFINA                    COFI EO    -17427901.34    340046487.94
COFINA                    CFNX PX    -17427901.34    340046487.94
LISGRAFICA IMPRE          LIAG EU     -1293754.01    104525863.1
COFINA                   CFASF US    -17427901.34    340046487.94
SPORTING-SOC DES          SCDF EU     -6889744.9     191103206.82
SPORTING-SOC DES          SCDF EO     -6889744.9     191103206.82
LISGRAFICA-RTS           LIGDS PL     -1293754.01    104525863.1
LISGRAFICA IMPRE          LIAG EO     -1293754.01    104525863.1
LISGRAFICA IMPRE           LIG EO     -1293754.01    104525863.1
SPORTING-SOC DES          SCP1 PZ     -6889744.9     191103206.82
LISGRAFICA IMPRE          LIAG PL     -1293754.01    104525863.1
SPORTING-SOC DES           SCG GR     -6889744.9     191103206.82
COFINA                    CFN1 PZ    -17427901.34    340046487.94
SPORTING-SOC DES          SCPL IX     -6889744.9     191103206.82
LISGRAFICA IMPRE           LIG EU     -1293754.01    104525863.1
COFINA                    COFI EU    -17427901.34    340046487.94
SPORTING-SOC DES          SCPX PX     -6889744.9     191103206.82
LISGRAFICA IMPRE           LIG PL     -1293754.01    104525863.1
LISGRAFICA IMPRE           LIG PZ     -1293754.01    104525863.1
COFINA                    COFI TQ    -17427901.34    340046487.94


ROMANIA
-------
OLTCHIM RM VALCE           OLT RO    -16862370.58    614340383.91
OLTCHIM RM VALCE           OLT EU    -16862370.58    614340383.91
OLTCHIM RM VALCE           OLT PZ    -16862370.58    614340383.91
OLTCHIM RM VALCE        OLTEUR EO    -16862370.58    614340383.91
RAFO SA                    RAF RO   -457922636.25    356796459.26
OLTCHIM RM VALCE         OLTCF US    -16862370.58    614340383.91
OLTCHIM RM VALCE        OLTEUR EU    -16862370.58    614340383.91
UZINELE SODICE G          UZIM RO    -35878364.71    104942905.83
OLTCHIM RM VALCE           OLT EO    -16862370.58    614340383.91


RUSSIA
------
DAGESTAN ENERGY          DASB* RU    -42846850.4     123618648.06
AMO ZIL-CLS              ZILL* RU   -233159478.39    443253297.59
URGALUGOL-BRD             YRGL RU    -14863411.56    135736934.02
ZIL AUTO PLANT-P         ZILLP RM   -233159478.39    443253297.59
DAGESTAN ENERGY           DASB RM    -42846850.4     123618648.06
ZIL AUTO PLANT-P        ZILLP* RU   -233159478.39    443253297.59
DAGESTAN ENERGY           DASB RU    -42846850.4     123618648.06
ZIL AUTO PLANT           ZILL$ RU   -233159478.39    443253297.59
AMO ZIL                   ZILL RM   -233159478.39    443253297.59
KOMPANIYA GL-BRD          GMST RU     -7218941.93   1603534830.61
SAMARANEFTEGAS-P        SMNGP* RU   -331600428.45    891998590.74
TERNEYLES-BRD            TERL* RU    -15178937.2     182115156.77
SAMARANEFTEGAS-$          SMNG RU   -331600428.45    891998590.74
SAMARANEFTEGAS-P         SMNGP RM   -331600428.45    891998590.74
TERNEYLES-BRD             TERL RU    -15178937.2     182115156.77
SAMARANEFTEGAS           SVYOF US   -331600428.45    891998590.74
SAMARANEFTEGAS-P        SMNGP$ RU   -331600428.45    891998590.74
KOMPANIYA GL-BRD         GMST* RU     -7218941.93   1603534830.61
ZIL AUTO PLANT-P         ZILLP RU   -233159478.39    443253297.59
GUKOVUGOL                GUUG* RU    -57835245.31    143665227.24
AKCIONERNOE-BRD          SOVP$ RU   -110204703.34    120620770.43
GUKOVUGOL                 GUUG RU    -57835245.31    143665227.24
SAMARANEFTEGA-P$         SMNGP RU   -331600428.45    891998590.74
URGALUGOL-BRD-PF         YRGLP RU    -14863411.56    135736934.02
EAST-SIBERIA-BRD          VSNK RU   -100985377.37    116491783.13
GUKOVUGOL-PFD            GUUGP RU    -57835245.31    143665227.24
SAMARANEFTEGAS           SMNG* RU   -331600428.45    891998590.74
SAMARANEFTEGAS            SMNG RM   -331600428.45    891998590.74
GUKOVUGOL-PFD           GUUGP* RU    -57835245.31    143665227.24
EAST-SIBERIA-BRD         VSNK* RU   -100985377.37    116491783.13
VIMPEL SHIP-BRD           SOVP RU   -110204703.34    120620770.43
AMO ZIL-CLS               ZILL RU   -233159478.39    443253297.59
SAMARANEFTEGAS           SMNG$ RU   -331600428.45    891998590.74
EAST-SIBERIAN-BD         VSNK$ RU   -100985377.37    116491783.13
VIMPEL SHIP-BRD          SOVP* RU   -110204703.34    120620770.43
URGALUGOL-BRD            YRGL* RU    -14863411.56    135736934.02


SERBIA
------
DUVANSKA                  DIVR SG     -7729350.78    109207260.53
ZASTAVA AUTOMOBI          ZAKG SG   -353794358.88    222041784.93


SPAIN
-----
MARTINSA-FADESA            MTF SM   -936423454.31  10696164113.42
MARTINSA-FADESA            4PU GR   -936423454.31  10696164113.42
MARTINSA-FADESA           MFAD PZ   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF EU   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF EO   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF NR   -936423454.31  10696164113.42


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


TURKEY
------
ZORLU ENERJI ELE         ZRLUF US      -237590.68   1686710346.13
ZORLU ENERJI-ADR         ZRLUY US      -237590.68   1686710346.13
ZORLU ENERJI ELE         ZOREN TI      -237590.68   1686710346.13
ZORLU ENERJI ELE        ZORENM TI      -237590.68   1686710346.13
MUDURNU TAVUKCUL         MDRNU TI    -64930189.62    160408172.1
MUDURNU TAVUKC-N        MDRNUN TI    -64930189.62    160408172.1
NERGIS HOLDING           NERGS TI    -76515062.59    399425760.39
YASARBANK                YABNK TI  -4024959601.58   2643810456.86
EGS EGE GIYIM-RT        EGDISR TI     -7732138.55    147075066.65
EGS EGE GIYIM VE         EGDIS TI     -7732138.55    147075066.65
SIFAS                    SIFAS TI    -15439198.6     130608103.96
IKTISAT FINANSAL         IKTFN TI    -46900661.12    108228233.63
TUTUNBANK                  TUT TI  -4024959601.58   2643810456.86
IKTISAT FINAN-RT        IKTFNR TI    -46900661.12    108228233.63


UKRAINE
-------
LUGANSKOBLENERGO          LOEN UZ    -25962109.73    198804344.57
ZAPORIZHOBLENERG          ZAON UZ     -9405838.12    126687446.19
DNIPROOBLENERGO           DNON UZ    -20762857.28    271459240.45
DONETSKOBLENERGO          DOON UZ   -215120607.25    374165068.75


UNITED KINGDOM
--------------
PARK GROUP PLC             PKG EU   -61525595.88     223674903.79
ANKER PLC                  ANK PO   -21861359.81     115463159
SCOTTISH MEDIA           1442Q GR   -24923249.67     194430485.8
PARK GROUP PLC             PKG PO   -61525595.88     223674903.79
PARK GROUP PLC             PKG EO   -61525595.88     223674903.79
PATIENTLINE PLC            PTL PZ   -54677284.64     124948245.8
DANKA BUS SYSTEM           DNK PZ  -497127008        121439000
PARK FOOD GROUP           PKFD LN   -61525595.88     223674903.79
PATIENTLINE PLC            PTL PO   -54677284.64     124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64     124948245.8
PARK GROUP PLC           PRKGF US   -61525595.88     223674903.79
PARK GROUP PLC             PKG PZ   -61525595.88     223674903.79
DANKA BUS SYSTEM           DNK PO  -497127008        121439000
SMITHS NEWS PLC            NWS PZ  -124124656.94     201361815.36
PARK GROUP PLC             PKG VX   -61525595.88     223674903.79
AIRTOURS PLC             ATORF US  -379721841.57    1817512773.61
MYTRAVEL GROUP P           MT/ VX  -379721841.57    1817512773.61
MYTRAVEL GROUP P      1018144Q GR  -379721841.57    1817512773.61
NEW STAR ASSET            NSAM IX  -397718038.04     292972732.12
SKYEPHARMA PLC            SK8C GR  -130883498.29     153620497.99
MYTRAVEL GROUP            ARO2 GR  -379721841.57    1817512773.61
MYTRAVEL GROUP              MT IX  -379721841.57    1817512773.61
MYTRAVEL GROUP            MT/S PO  -379721841.57    1817512773.61
NEW STAR ASSET             N6S GR  -397718038.04     292972732.12
ATKINS (WS) PLC            ATK PO   -36314039.75    1257996718.47
PARK GROUP PLC          PKGGBP EO   -61525595.88     223674903.79
MYTRAVEL GROUP-A         MYTVF US  -379721841.57    1817512773.61
NEW STAR ASSET            NSAM LN  -397718038.04     292972732.12
NEW STAR ASSET           NWSAF US  -397718038.04     292972732.12
AEA TECHNOLO-NPR          AATN LN   -98795549.33     133685509.1
MARCONI PLC              MRCQF US -2203513803.24    7204891601.83
MARCONI PLC            203083Q VX -2203513803.24    7204891601.83
MARCONI PLC-ADR          MONIY US -2203513803.24    7204891601.83
MARCONI PLC                MNI LN -2203513803.24    7204891601.83
M 2003 PLC-ADR           MTWOY US -2203513803.24    7204891601.83
MARCONI PLC-ADR          MCONY US -2203513803.24    7204891601.83
RENTOKIL INITIAL           RTO EB   -90219248.82    3493481471.08
MARCONI PLC-ADR          MONIE US -2203513803.24    7204891601.83
RANK GROUP PLC          RNKEUR EU    -6412999.92     835001785.71
ORANGE PLC-ADR             ONG GR  -593935051.02    2902299501.9
MARCONI PLC                MY2 GR -2203513803.24    7204891601.83
MARCONI PLC              MONIF US -2203513803.24    7204891601.83
MARCONI PLC-ADR          MRCQY US -2203513803.24    7204891601.83
MARCONI PLC-ADR         QUQMON AU -2203513803.24    7204891601.83
ORANGE PLC-ADR           ORNGY US  -593935051.02    2902299501.9
ORBIS PLC                  OBS PO    -4168498.48     127701679.5
ATKINS (WS) PLC         ATKGBP EO   -36314039.75    1257996718.47
PARK GROUP PLC             PKG LN   -61525595.88     223674903.79
NORTHERN ROCK         2733269Q EU  -586206492.33  152084295061.92
ORANGE PLC               1460Q GR  -593935051.02    2902299501.9
ORANGE PLC               ORNGF US  -593935051.02    2902299501.9
SKYEPHARMA-ADR             SK8 GR  -130883498.29     153620497.99
MYTRAVEL GROUP-A      2281919Q GR  -379721841.57    1817512773.61
SKYEPHARMA PLC             SKP PO  -130883498.29     153620497.99
ORBIS PLC                  RLP GR    -4168498.48     127701679.5
ORBIS PLC                ORBSF US    -4168498.48     127701679.5
ORBIS PLC                  OBS IX    -4168498.48     127701679.5
NORTHERN ROCK         2733273Q EO  -586206492.33  152084295061.92
NORTHERN ROCK         2733277Q EU  -586206492.33  152084295061.92
TOPPS TILES PLC         TPTEUR EU  -101299352.89     170960693.68
NORTHERN ROCK              NRK PZ  -586206492.33  152084295061.92
PREMIER FARNELL            PFL NR    -7994895.94     689988072.4
NEW STAR ASSET            NSAM PO  -397718038.04     292972732.12
NORTHERN ROCK              NRK VX  -586206492.33  152084295061.92
ORANGE PLC-ADR            ORA$ LN  -593935051.02    2902299501.9
NORTHERN ROCK         2733265Q EO  -586206492.33  152084295061.92
DAWSON HOLDINGS            DWN PO   -18157019.88     210051798.58
NORTHERN ROCK              NR3 GR  -586206492.33  152084295061.92
NORTHERN ROCK            NHRKF US  -586206492.33  152084295061.92
NORTHERN ROCK              NRK PO  -586206492.33  152084295061.92
NORTHERN ROCK         2733285Q EU  -586206492.33  152084295061.92
NORTHERN ROCK         2733281Q EO  -586206492.33  152084295061.92
REGUS PLC-ADS             REGS US   -46111835.37     367181111
AEA TECHNOLOGY          AATGBP EO   -98795549.33     133685509.1
DANKA BUS-ADR             AP39 LI  -497127008        121439000
STV GROUP PLC          STVGEUR EO   -24923249.67     194430485.8
BNB RECRUITMENT            BNB PO   -10242627.53     103637704.96
LADBROKES PLC              LAD BQ  -478059993.74    1887316678.66
ATKINS (WS) PLC            ATK NQ   -36314039.75    1257996718.47
EUROPEAN HOME            FPAKF US   -14328735.16     110864081.39
NEW STAR ASSET        3226443Q EO  -397718038.04     292972732.12
BRITISH ENER-$US        BGYNYD AR -5822867500.78    4921095749.61
M 2003 PLC-ADR           MTWOE US -2203513803.24    7204891601.83
MYTRAVEL GROUP P         MYTGF US  -379721841.57    1817512773.61
SKYEPHARMA PLC          SKPGBP EO  -130883498.29     153620497.99
STV GROUP PLC            SMGPF US   -24923249.67     194430485.8
STV GROUP PLC              SMG PZ   -24923249.67     194430485.8
TELEWEST COM-ADR          TWT$ LN -3702234580.99    7581020925.22
TELEWEST COM-ADR       940767Q GR -3702234580.99    7581020925.22
SMG PLC-FUL PAID          SMGF LN   -24923249.67     194430485.8
STV GROUP PLC             STVG EO   -24923249.67     194430485.8
STV GROUP PLC              SMG IX   -24923249.67     194430485.8
BRITISH SKY BROA           BSY NQ   -30607499.6     8332527670.8
STV GROUP PLC             STVG LN   -24923249.67     194430485.8
STV GROUP PLC             STVG VX   -24923249.67     194430485.8
STV GROUP PLC          STVGGBP EO   -24923249.67     194430485.8
EMI GROUP PLC              EMI PO -2265916256.89    2950021937.14
SKYEPHARMA-ADR            SKYE US  -130883498.29     153620497.99
SKYEPHARMA-ADR            AP80 LI  -130883498.29     153620497.99
CARLISLE GROUP         506819Q LN   -11904426.45     203548565.03
JESSOPS PLC             JSPGBP EO   -27246210.42     167576832.77
SKYEPHARMA-ADR            SK8N GR  -130883498.29     153620497.99
RENTOKIL INITIAL          RTO EU    -90219248.82    3493481471.08
SKYEPHARMA PLC            SKP IX   -130883498.29     153620497.99
BRIT SKY BRO-ADR          BSY US    -30607499.6     8332527670.8
SKYEPHARMA PLC           SKP1 VX   -130883498.29     153620497.99
BRITISH SKY BROA       BSYEUR EU    -30607499.6     8332527670.8
SKYEPHARMA PLC          SKYEF US  -130883498.29      153620497.99
SMITHS NEWS PLC          NWS2 EO  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS2 TQ  -124124656.94      201361815.36
SMITHS NEWS PLC         SMWPY US  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS2 EU  -124124656.94      201361815.36
SMITHS NEWS PLC       NWS2EUR EU  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS1 EO  -124124656.94      201361815.36
SMG PLC-NIL PAID         SMGN LN   -24923249.67      194430485.8
SMG PLC                   SMG LN   -24923249.67      194430485.8
SMG PLC                   SMG PO   -24923249.67      194430485.8
SKYEPHARMA PLC            SKP PZ  -130883498.29      153620497.99
SMITHS NEWS PLC           NWS LN  -124124656.94      201361815.36
SMITHS NEWS PLC       NWS2EUR EO  -124124656.94      201361815.36
VIRGIN MOB-ASSD          VMOC LN  -392165437.58      166070003.71
RENTOKIL-SP ADR         RTOKY US   -90219248.82     3493481471.08
UTC GROUP                 UGR LN   -11904426.45      203548565.03
PREMIER FARNELL           PFL VX    -7994895.94      689988072.4
VIRGIN MOBILE            VMOB PO  -392165437.58      166070003.71
VIRGIN MOB-ASSD          VMOA LN  -392165437.58      166070003.71
ORANGE PLC            951641Q LN  -593935051.02     2902299501.9
LADBROKES PLC          LADEUR EO  -478059993.74     1887316678.66
MYTRAVEL GROUP          MT/S VX   -379721841.57     1817512773.61
RANK GROUP PLC         RANKF US     -6412999.92      835001785.71
LEEDS SPORTING           LES LN    -73166148.8       143762193.66
MARCONI PLC-ADR         MONI US  -2203513803.24     7204891601.83
NEW STAR ASSET      3226447Q EO   -397718038.04      292972732.12
EMI GROUP PLC       3020138Q GR  -2265916256.89     2950021937.14
THORN EMI-ADR          TORNY US  -2265916256.89     2950021937.14
BRIT ENERGY-A           BENA GR  -5822867500.78     4921095749.61
RANK GROUP-ADR          RNK$ LN     -6412999.92      835001785.71
WATSON & PHILIP         WTSN LN   -120493900.04      252232072.87
VIRGIN MOBILE          VGMHF US   -392165437.58      166070003.71
VIRGIN MOBILE            UEM GR   -392165437.58      166070003.71
VIRGIN MOBILE           VMOB LN   -392165437.58      166070003.71
LADBROKES PLC            LAD TQ   -478059993.74     1887316678.66
BRITISH ENERGY-A       BHEAF US  -5822867500.78     4921095749.61
SKYEPHARMA PLC           SKP EO   -130883498.29      153620497.99
THORN EMI-REGD         1772Q GR  -2265916256.89     2950021937.14
THORN EMI-CDR            THN NA  -2265916256.89     2950021937.14
EMI GROUP PLC          EMIPF US  -2265916256.89     2950021937.14
TOPPS TILES PLC          TPT PZ   -101299352.89      170960693.68
DAWSON HOLDINGS         DWN1 EU    -18157019.88      210051798.58
AMER BUS SYS             ARB LN   -497127008         121439000
TELEWEST COMM            TWT VX  -3702234580.99     7581020925.22
TELEWEST COMM        604296Q GR  -3702234580.99     7581020925.22
TELEWEST COM-ADR       TWSTY US  -3702234580.99     7581020925.22
THORN EMI PLC           THNE FP  -2265916256.89     2950021937.14
PREMIER FARNELL          PFL EO     -7994895.94      689988072.4
TELEWEST COMM        715382Q LN  -3702234580.99     7581020925.22
TOPPS TILES PLC       TPTGBP EO   -101299352.89      170960693.68
NORTHERN ROCK            NRK LN   -586206492.33   152084295061.92
TOPPS TILES PLC          TPT VX   -101299352.89      170960693.68
JESSOPS PLC              JSP PO    -27246210.42      167576832.77
BRITISH SKY BROA         BSY PO    -30607499.6      8332527670.8
TOPPS TILES-NEW         TPTN LN   -101299352.89      170960693.68
TOPPS TILES PLC       TPTEUR EO   -101299352.89      170960693.68
TOPPS TILES PLC          TPT PO   -101299352.89      170960693.68
SKYEPHARMA -SUB     2976665Z LN   -130883498.29      153620497.99
TOPPS TILES PLC        TPTJY US   -101299352.89      170960693.68
TOPPS TILES PLC          TPT EU   -101299352.89      170960693.68
TOPPS TILES PLC          TPT EO   -101299352.89      170960693.68
SKYEPHARMA PLC        SKPEUR EO   -130883498.29      153620497.99
RANK GROUP PLC           RNK PO     -6412999.92      835001785.71
RANK GROUP PLC           RNK LN     -6412999.92      835001785.71
RANK GROUP PLC        RNKDKK EO     -6412999.92      835001785.71
RANK GROUP-ADR         RANKY US     -6412999.92      835001785.71
CLIPPER WINDPOWE        CWPA LN    -99360000         989187968
RANK GROUP PLC        RNKUSD EO     -6412999.92      835001785.71
GALIFORM PLC            GFRM PZ    -84844622.18      585251745.06
RANK GROUP PLC        RNKEUR EO     -6412999.92      835001785.71
SMITHS NEWS PLC          NWS PO   -124124656.94      201361815.36
RANK GROUP PLC        RNKDKK EU     -6412999.92      835001785.71
RANK GROUP PLC           RNK BQ     -6412999.92      835001785.71
MYTRAVEL GROUP          MT/S LN   -379721841.57     1817512773.61
REGUS PLC-ADS          REGSV US    -46111835.37      367181111
REGUS PLC-ADS          REGSY US    -46111835.37      367181111
RENTOKIL INITIAL         RTO NR    -90219248.82     3493481471.08
RENTOKIL INITIAL         RTO IX    -90219248.82     3493481471.08
RENTOKIL INITIAL      RTOGBP EO    -90219248.82     3493481471.08
PATIENTLINE PLC          PTL LN    -54677284.64      124948245.8
REGUS LTD            273187Q LN    -46111835.37      367181111
RANK ORG PLC           RANKY SP     -6412999.92      835001785.71
BRITISH SKY BROA         BSY EO    -30607499.6      8332527670.8
REGUS PLC              REGSF US    -46111835.37      367181111
REGUS PLC              2296Z LN    -46111835.37      367181111
REGUS PLC            273195Q VX    -46111835.37      367181111
DANKA BUS SYSTEM         DNK LN   -497127008         121439000
PREMIER FARNELL          PFL PZ    -7994895.94       689988072.4
RANK GROUP PLC        RNKUSD EU    -6412999.92       835001785.71
RENTOKIL INITIAL       RTOKF US   -90219248.82      3493481471.08
PREMIER FARNELL          PFL TQ    -7994895.94       689988072.4
PREMIER FARNELL          PFL PO     7994895.94       689988072.4
NEW STAR ASSET      3226431Q EU  -397718038.04       292972732.12
PATIENTLINE PLC          PTL VX   -54677284.64       124948245.8
PATIENTLINE PLC     2928899Q EO   -54677284.64       124948245.8
PREMIER FARNELL       PFLUSD EO    -7994895.94       689988072.4
PREMIER FARNELL       PFLSEK EU    -7994895.94       689988072.4
PREMIER FARNELL          PFL EB    -7994895.94       689988072.4
TELEWEST COMM          TWSTF US -3702234580.99      7581020925.22
RANK GROUP PLC           RNK GR    -6412999.92       835001785.71
STV GROUP PLC           STVG EU   -24923249.67       194430485.8
RANK GROUP PLC        RNKGBP EO    -6412999.92       835001785.71
RANK GROUP PLC           RNK NR    -6412999.92       835001785.71
RANK GROUP PLC           RNK NQ    -6412999.92       835001785.71
LADBROKES PLC            LAD EB  -478059993.74      1887316678.66
PATIENTLINE PLC          PTL IX   -54677284.64       124948245.8
PREMIER FARNELL       PFLEUR EO    -7994895.94       689988072.4
PREMIER FARNELL          PFL LN    -7994895.94       689988072.4
ABBOTT MEAD VICK     648824Q LN    -1685852.9        168258996.33
PREMIER FARNELL       PFLEUR EU    -7994895.94       689988072.4
SCOTTISH MEDIA          SSMR LN   -24923249.67       194430485.8
RANK ORG PLC-ADR      14873Z US    -6412999.92       835001785.71
RANK GROUP PLC           RNK PZ    -6412999.92       835001785.71
MARCONI PLC             MONI BB -2203513803.24      7204891601.83
SCOTTISH TELEV         SCTVF US   -24923249.67       194430485.8
SCOTTISH MEDIA           SSM LN   -24923249.67       194430485.8
GALIFORM PLC         GFRMEUR EO   -84844622.18       585251745.06
ORBIS PLC                OBS LN    -4168498.48       127701679.5
AEA TECHNOLOGY           AAT VX   -98795549.33       133685509.1
SAATCHI & SAATCH     188190Q GR  -119260804.15       705060824.55
SAATCHI & SA-ADR        SSI$ LN  -119260804.15       705060824.55
JESSOPS PLC              JSP IX   -27246210.42       167576832.77
SKYEPHARMA PLC           SKP TQ  -130883498.29       153620497.99
TOPPS TILES PLC          TPT TQ  -101299352.89       170960693.68
SKYEPHAR-RTS N/P        SKPN VX  -130883498.29       153620497.99
SKYEPHARMA PLC           SKP EU  -130883498.29       153620497.99
SKYEPHARMA PLC          SK8A GR  -130883498.29       153620497.99
SKYEPHARMA PLC           SKP VX  -130883498.29       153620497.99
EUROPEAN HOME            EHR EO   -14328735.16       110864081.39
SETON HEALTHCARE       2290Z LN   -10585179.82       156822902.77
RANK GROUP PLC           RNK EB    -6412999.92       835001785.71
SKYEPHAR-RTS N/P        SKPN LN  -130883498.29       153620497.99
SFI GROUP PLC            SUF LN  -108067115.81       177647536.08
COMPASS GRP-ADR        CMSGY US  -668101173.88      2972459078.38
RENTOKIL INITIAL      RTOEUR EU   -90219248.82      3493481471.08
RENTOKIL INITIAL      RTOEUR EO   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO TQ   -90219248.82      3493481471.08
GALIFORM PLC            GFRM LN   -84844622.18       585251745.06
RENTOKIL INITIAL        RTO1 GR   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO LN   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO GR   -90219248.82      3493481471.08
BRITISH ENERGY-A        BGYA PO -5822867500.78      4921095749.61
RENTOKIL INITIAL         RTO EO   -90219248.82      3493481471.08
ORBIS PLC                OBG PO    -4168498.48       127701679.5
RENTOKIL INITIAL        RTOG IX   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO PZ   -90219248.82      3493481471.08
EUROPEAN HOME            EHR PZ   -14328735.16       110864081.39
RENTOKIL INITIAL         RTO PO   -90219248.82      3493481471.08
JESSOPS PLC              JSP PZ   -27246210.42       167576832.77
ORBIS PLC                OBS PZ    -4168498.48       127701679.5
SAATCHI & SA-ADR         SSA US  -119260804.15       705060824.55
LADBROKES PLC            HG/ VX  -478059993.74      1887316678.66
NEW STAR ASSET          NSAM PZ  -397718038.04       292972732.12
RENTOKIL INITIAL      RTOUSD EO   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO BQ   -90219248.82      3493481471.08
EMI GROUP -ASSD         EMIA LN -2265916256.89      2950021937.14
ATKINS (WS) PLC          ATK PZ   -36314039.75      1257996718.47
DANKA BUS-$US CE       DANKD AR  -497127008          121439000
DANKA BUS SYSTEM         DNK VX  -497127008          121439000
DANKA BUS SYSTEM    3205287Q EU  -497127008          121439000
DANKA BUS-BLK CE       DANKB AR  -497127008          121439000
DANKA BUS-ADR            DB6 GR  -497127008          121439000
DANKA BUS-ADR          DANKY US  -497127008          121439000
PARK GROUP PLC          PRKG IX   -61525595.88       223674903.79
DANKA BUS SYSTEM    3205283Q EO  -497127008          121439000
BRITISH SKY BROA       BSYBF US   -30607499.6       8332527670.8
PREMIER FARNELL          PFL EU    -7994895.94       689988072.4
DANKA BUS SYSTEM    3205291Q EO  -497127008          121439000
DANKA BUS SYSTEM         DNK IX  -497127008          121439000
DAWSON HOLDINGS      DWN1GBP EO   -18157019.88       210051798.58
DAWSON HOLDINGS         DWN1 EO   -18157019.88       210051798.58
DAWSON HOLDINGS          DWN VX   -18157019.88       210051798.58
EUROPEAN HOME            EHR VX   -14328735.16       110864081.39
JESSOPS PLC              JSP LN   -27246210.42       167576832.77
DAWSON HOLDINGS          DWN IX   -18157019.88       210051798.58
DAWSON HOLDINGS      DWN1EUR EO   -18157019.88       210051798.58
DAWSON HOLDINGS      DWN1EUR EU   -18157019.88       210051798.58
DANKA BUS-CEDEAR        DANK AR  -497127008          121439000
DAWSON HOLDINGS          DWN PZ   -18157019.88       210051798.58
DAWSON HOLDINGS          DWN LN   -18157019.88       210051798.58
NORTHERN ROCK       2733289Q EO  -586206492.33    152084295061.92
BRITISH ENER-ADR       BGYNY US -5822867500.78      4921095749.61
PREMIER FARN-ADR        PFLZ LN    -7994895.94       689988072.4
CLIPPER WINDPOWE         CWP IX   -99360000          989187968
BRITISH SKY BROA      BSYGBP EO   -30607499.6       8332527670.8
MARCONI PLC-ADR         MY2A GR -2203513803.24      7204891601.83
SKYEPHARMA-ADR         SKYEY US  -130883498.29       153620497.99
BRIT SKY BRO-ADR        BSY$ LN   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY BQ   -30607499.6       8332527670.8
RANK GROUP PLC          RNKA GR    -6412999.92       835001785.71
MARCONI PLC-ADR         MCBA GR -2203513803.24      7204891601.83
BOOKER PLC-ADR          BOK$ LN   -59832880.4       1298182548.71
COMPASS GROU-OLD       1259Q LN  -668101173.88      2972459078.38
MYTRAVEL GROUP         MYTPF US  -379721841.57      1817512773.61
RANK GROUP PLC           RNK VX    -6412999.92       835001785.71
DANKA BUS SYSTEM       DANKF US  -497127008          121439000
COMPASS GRP-ADR        CMSJY US  -668101173.88      2972459078.38
COMPASS GROUP            QOP GR  -668101173.88      2972459078.38
RANK GROUP PLC           RNK IX    -6412999.92       835001785.71
CLIPPER WINDPOWE         CWP EO   -99360000          989187968
CLIPPER WINDPOWE       CRPWF US   -99360000          989187968
CLIPPER WINDPOWE         C2W GR   -99360000          989187968
CLIPPER WINDPOWE         CWP PG   -99360000          989187968
CLIPPER WINDPOWE         CWP EU   -99360000          989187968
EUROPEAN HOME         EHREUR EO   -14328735.16       110864081.39
EUROPEAN HOME            EHR PO   -14328735.16       110864081.39
FAREPAK PLC              FPK LN   -14328735.16       110864081.39
EUROPEAN HOME         EHREUR EU   -14328735.16       110864081.39
EUROPEAN HOME            KLZ PO   -14328735.16       110864081.39
BRITISH ENERGY-A       BGYGF US -5822867500.78      4921095749.61
EMI GROUP-ADR           EMI$ LN -2265916256.89      2950021937.14
JESSOPS PLC              JSP VX   -27246210.42       167576832.77
EUROPEAN HOME            EHR LN   -14328735.16       110864081.39
EUROPEAN HOME            KLZ VX   -14328735.16       110864081.39
EUROPEAN HOME         EHRGBP EO   -14328735.16       110864081.39
SAATCHI & SAATCH         SSI LN  -119260804.15       705060824.55
SKYEPHAR-RTS F/P        SKPF LN  -130883498.29       153620497.99
SMITHS NEWS PLC          NWS IX  -124124656.94       201361815.36
GGT GROUP PLC        500970Q LN  -156372271.99       408211200.87
BRITISH ENER-C/E      BGYNYC AR -5822867500.78      4921095749.61
MFI FURNITURE GR         MFI LN   -84844622.18       585251745.06
TOPPS TILES PLC          TPT IX  -101299352.89       170960693.68
FARNELL ELEC-ADR        FRN$ LN    -7994895.94       689988072.4
FARNELL ELEC-ADR        FRNZ LN    -7994895.94       689988072.4
VIRGIN MOBILE           VMOB VX  -392165437.58       166070003.71
NEW STAR ASSET      3226439Q EU  -397718038.04       292972732.12
FARNELL ELECTRON        FRNL LN    -7994895.94       689988072.4
RANK GROUP-ADR       935543Q GR    -6412999.92       835001785.71
EASYNET GROUP-CV      91009Z LN   -45232889.17       322770283.93
GALIFORM PLC            GFRM NR   -84844622.18       585251745.06
GALIFORM PLC             MFI IX   -84844622.18       585251745.06
BRIT ENERGY PLC      555140Q VX -5822867500.78      4921095749.61
EASYNET GROUP            ESY VX   -45232889.17       322770283.93
EASYNET GROUP            ESY LN   -45232889.17       322770283.93
SKYEPHARMA-ADR         SKYPY US  -130883498.29       153620497.99
EASYNET GROUP            ESY PO   -45232889.17       322770283.93
SFI GROUP PLC          SUYFF US  -108067115.81       177647536.08
EASYNET GROUP            EAY GR   -45232889.17       322770283.93
THORN EMI-ADR           THN$ LN -2265916256.89      2950021937.14
EMI GROUP PLC            EMI IX -2265916256.89      2950021937.14
EMI GROUP LTD            EMI LN -2265916256.89      2950021937.14
EMI GROUP-ADR           38IS LN -2265916256.89      2950021937.14
EMI GROUP PLC-B     1019425Q LN -2265916256.89      2950021937.14
EMI GROUP PLC            EMI VX -2265916256.89      2950021937.14
JESSOPS PLC              JSP EO   -27246210.42       167576832.77
REGUS PLC-ADS           RGUA GR   -46111835.37       367181111
EASYNET GROUP          EZNGF US   -45232889.17       322770283.93
TOPPS TILES PLC          TPT LN  -101299352.89       170960693.68
PREMIER FARNELL        PIFLF US    -7994895.94       689988072.4
RENTOKIL INITIAL         RTO VX   -90219248.82      3493481471.08
BRITISH SKY BROA         BSY VX   -30607499.6       8332527670.8
ANKER PLC               DW14 GR   -21861359.81       115463159
HILTON G-CRT OLD        HIGT BB  -478059993.74      1887316678.66
ANKER PLC – ASSD        ANKC LN   -21861359.81       115463159
ANKER PLC – ASSD        ANKB LN   -21861359.81       115463159
LADBROKES PLC            LAD PZ  -478059993.74      1887316678.66
AMEY PLC               AMEYF US   -48862569.33       931527720.46
REGUS PLC                RGU GR   -46111835.37       367181111
AEA TECHNOLOGY         EAETF US   -98795549.33       133685509.1
AMEY PLC-NEW            AMYN LN   -48862569.33       931527720.46
AMEY PLC-ASSENT         AMYA LN   -48862569.33       931527720.46
AMEY PLC                 AMY LN   -48862569.33       931527720.46
ATKINS (WS) PLC          ATK EO   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK LN   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK IX   -36314039.75      1257996718.47
BRITISH ENERGY-A        BGYA VX -5822867500.78      4921095749.61
ATKINS (WS) PLC          ATK VX   -36314039.75      1257996718.47
ATKINS (WS) PLC        WATKF US   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK EB   -36314039.75      1257996718.47
LADBROKES PLC         LADUSD EO  -478059993.74      1887316678.66
ANKER PLC-ASSD          ANKA LN   -21861359.81       115463159
ATKINS (WS) PLC          ATK NR   -36314039.75      1257996718.47
LADBROKES PLC            LAD NQ  -478059993.74      1887316678.66
ATKINS (WS) PLC          ATK BQ   -36314039.75      1257996718.47
AEA TECHNOLOGY           AAT LN   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT PZ   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT EU   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT IX   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT EO   -98795549.33       133685509.1
AEA TECHNOLO-FPR        AATF LN   -98795549.33       133685509.1
AEA TECHNOLO-FPR        AATF PZ   -98795549.33       133685509.1
PREMIER FARNELL          PFL NQ    -7994895.94       689988072.4
AEA TECHNOLOGY           AAT PO   -98795549.33       133685509.1
AEA TECHNOLOGY           AEY GR   -98795549.33       133685509.1
AEA TECHNOLO-NPR        AATN PZ   -98795549.33       133685509.1
PREMIER FARN-ADR    2246804Q US    -7994895.94       689988072.4
BRITISH SKY BROA      BSYUSD EO   -30607499.6       8332527670.8
ALLDAYS PLC            ALDYF US  -120493900.04       252232072.87
ADVANCE DISPLAY         ADTP PZ -3015578834.69      2590007903.69
BOOKER PLC-ADR         BKRUY US   -59832880.4       1298182548.71
NORTHERN ROCK           NRKI IX  -586206492.33    152084295061.92
AMEY PLC                 AMY VX   -48862569.33       931527720.46
PATIENTLINE PLC     2928903Q EU   -54677284.64       124948245.8
NEW STAR ASSET          NSAA LN  -397718038.04       292972732.12
ALLDAYS PLC          317056Q LN  -120493900.04       252232072.87
AIRTOURS PLC             AIR LN  -379721841.57      1817512773.61
AIRTOURS PLC             AIR VX  -379721841.57      1817512773.61
TOPPS TILES PLC        TPTJF US  -101299352.89       170960693.68
BRITISH ENER-CED       BGYNY AR -5822867500.78      4921095749.61
BRITISH SKY BROA         BSY NR   -30607499.6       8332527670.8
PREMIER FARNELL       PFLUSD EU    -7994895.94       689988072.4
HILTON GROUP-ADR       HLTGY US  -478059993.74      1887316678.66
BRITISH ENER-$US        BGYD AR -5822867500.78      4921095749.61
BRIT SKY BROADCA        BSYB GR   -30607499.6       8332527670.8
BNB RECRUITMENT          BNB IX   -10242627.53       103637704.96
BRITISH ENER-C/E        BGYC AR -5822867500.78      4921095749.61
BRITISH ENER-BLK      BGYNYB AR -5822867500.78      4921095749.61
BRITISH ENER-BLK        BGYB AR -5822867500.78      4921095749.61
BRITISH SKY BROA         BSB GR   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY EB   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY LN   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY EU   -30607499.6       8332527670.8
SMITHS NEWS PLC        SMWPF US  -124124656.94       201361815.36
BRITISH SKY BROA         BSY TQ   -30607499.6       8332527670.8
GALIFORM PLC            GFRM TQ   -84844622.18       585251745.06
BRITISH SKY BROA         BSY IX   -30607499.6       8332527670.8
CLIPPER WINDPOWE         CWP LN   -99360000          989187968
BRITISH SKY BROA      BSYEUR EO   -30607499.6       8332527670.8
STV GROUP PLC            SMG VX   -24923249.67       194430485.8
BRITISH SKY BROA         BSY PZ   -30607499.6       8332527670.8
BNB RECRUITMENT          BNB LN   -10242627.53       103637704.96
BLACK & EDGINGTO         BLE LN  -130883498.29       153620497.99
BOOKER PLC             BKERF US   -59832880.4       1298182548.71
BNB RECRUITMENT          BQX GR   -10242627.53       103637704.96
BNB RECRUITMENT        BNBRF US   -10242627.53       103637704.96
ATKINS (WS) PLC       ATKEUR EU   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK EU   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK TQ   -36314039.75      1257996718.47
RANK GROUP PLC           RNK EO    -6412999.92       835001785.71
BCH GROUP PLC            BCH LN    -5728274.38       187993198.22
LAMBERT FENCHURC         LMF LN    -1453050.04      1826806853.46
BRIT ENERGY PLC         BEN1 GR -5822867500.78      4921095749.61
BRIT ENERGY PLC        BGYEF US -5822867500.78      4921095749.61
BRIT ENERGY PLC        BHEGF US -5822867500.78      4921095749.61
SKYEPHARMA PLC           SKP LN  -130883498.29       153620497.99
BRIT NUCLEAR           1046Z LN -4247644149.6      40325778907.11
BRIT ENERGY-ADR        BHEFF US -5822867500.78      4921095749.61
BRADSTOCK GROUP        BSKGF US    -1855444.44       268563822.49
STV GROUP PLC        STVGEUR EU   -24923249.67       194430485.8
BOOKER PLC             1330Q GR   -59832880.4       1298182548.71
NEW STAR ASSET          NSAM TQ  -397718038.04       292972732.12
BRIT ENERGY LTD      523362Q LN -5822867500.78      4921095749.61
BRADSTOCK GROUP          BDK LN    -1855444.44       268563822.49
GALIFORM PLC         GFRMNOK EU   -84844622.18       585251745.06
FARNELL ELEC-RFD        FRNR LN    -7994895.94       689988072.4
BRITISH ENER-CED         BGY AR -5822867500.78      4921095749.61
SKYEPHAR-RTS F/P        SKPF VX  -130883498.29       153620497.99
GARTLAND WHALLEY         GWB LN   -10986769.42        45352034.49
RENTOKIL INITIAL         RTO NQ   -90219248.82      3493481471.08
PREMIER FARN-ADR       PIFLY US    -7994895.94       689988072.4
GALIFORM PLC            GFRM EU   -84844622.18       585251745.06
SMITHS NEWS PLC      NWS2GBP EO  -124124656.94       201361815.36
SAATCHI & SAATCH       SSATF US  -119260804.15       705060824.55
PREMIER FARNELL       PFLGBP EO    -7994895.94       689988072.4
JESSOPS PLC           JSPEUR EU   -27246210.42       167576832.77
JESSOPS PLC           JSPEUR EO   -27246210.42       167576832.77
NEW STAR ASSET      3226435Q EO  -397718038.04       292972732.12
JESSOPS PLC              JS4 GR   -27246210.42       167576832.77
DAWSON HOLDINGS        DWHGF US   -18157019.88       210051798.58
JESSOPS PLC              JSP EU   -27246210.42       167576832.77
DANKA BUS-C/E CE       DANKC AR  -497127008          121439000
PREMIER FARNELL          PML GR    -7994895.94       689988072.4
HILTON GROUP PLC       HLTGF US  -478059993.74      1887316678.66
MARCONI PLC              MNI BB -2203513803.24      7204891601.83
HILTON GROUP PLC         HG/ LN  -478059993.74      1887316678.66
HILTON GROUP PLC          HG PO  -478059993.74      1887316678.66
GALIFORM PLC            GFRM EO   -84844622.18       585251745.06
GALIFORM PLC         GFRMNOK EO   -84844622.18       585251745.06
NORTHERN ROCK            NRK IX  -586206492.33    152084295061.92
GGT GROUP-ADR          GGTRY US  -156372271.99       408211200.87
SMITHS NEWS PLC         NWS1 EU  -124124656.94       201361815.36
RENTOKIL INITIAL       RKLIF US   -90219248.82      3493481471.08
PREMIER FARNELL          PFL BQ    -7994895.94       689988072.4
EUROPEAN HOME            EHR EU   -14328735.16       110864081.39
LADBROKES PLC            LAD IX  -478059993.74      1887316678.66
HILTON GROUP-CRT         HIG BB  -478059993.74      1887316678.66
HILTON GROUP-CER          HG BB  -478059993.74      1887316678.66
RENTOKIL-SP ADR         AP76 LI   -90219248.82      3493481471.08
SKYEPHARMA PLC        SKPEUR EU  -130883498.29       153620497.99
KLEENEZE PLC             KLZ LN   -14328735.16       110864081.39
LEEDS SPORTING         LEDPF US   -73166148.8        143762193.66
LEEDS UNITED PLC       LDSUF US   -73166148.8        143762193.66
LEEDS UNITED PLC        LUFC LN   -73166148.8        143762193.66
LEEDS UNITED PLC     889687Q GR   -73166148.8        143762193.66
LADBROKES PLC-AD       LDBKY LN  -478059993.74      1887316678.66
LADBROKES PLC            LAD EU  -478059993.74      1887316678.66
LADBROKES PLC-CE         LAD BB  -478059993.74      1887316678.66
GALIFORM PLC            GFRM VX   -84844622.18       585251745.06
GALIFORM PLC           GLFMF US   -84844622.18       585251745.06
LADBROKES PLC         LADEUR EU  -478059993.74      1887316678.66
EMI GROUP-ADR          EMIPY US -2265916256.89      2950021937.14
M 2003 PLC           203055Q LN -2203513803.24      7204891601.83
M 2003 PLC             MTWOF US -2203513803.24      7204891601.83
SMITHS NEWS PLC          NWS VX  -124124656.94       201361815.36
BOOKER PLC           987188Q LN   -59832880.4       1298182548.71
LADBROKES PLC            LAD GR  -478059993.74      1887316678.66
PREMIER FARNELL       PFLSEK EO    -7994895.94       689988072.4
LADBROKES PLC         LADNZD EO  -478059993.74      1887316678.66
LADBROKES PLC            LAD VX  -478059993.74      1887316678.66
LADBROKES PLC         LADNZD EU  -478059993.74      1887316678.66
RANK GROUP PLC           RNK TQ    -6412999.92       835001785.71
LADBROKE GRP-IDR     695767Q BB  -478059993.74      1887316678.66
LADBROKE GROUP          LADB LN  -478059993.74      1887316678.66
LADBROKES PLC            LAD LN  -478059993.74      1887316678.66
LADBROKE GRP-OLD        LADB BB  -478059993.74      1887316678.66
PREMIER FARNELL          PFL IX     7994895.94       689988072.4
LADBROKES PLC            LAD PO  -478059993.74      1887316678.66
LADBROKES PLC            LAD EO  -478059993.74      1887316678.66
ATKINS (WS) PLC       ATKEUR EO   -36314039.75      1257996718.47
ANKER PLC                ANK LN   -21861359.81       115463159
LADBROKES PLC            LAD NR  -478059993.74      1887316678.66
TELEWEST COM-ADR       TWSTD US -3702234580.99      7581020925.22
LADBROKES PLC          LDBKF US  -478059993.74      1887316678.66
LADBROKES PLC         LADGBP EO  -478059993.74      1887316678.66
RENTOKIL INITIAL      RTOUSD EU   -90219248.82      3493481471.08
GALIFORM PLC           MFIFF US   -84844622.18       585251745.06
RANK GROUP PLC           RNK EU    -6412999.92       835001785.71
GALIFORM PLC             MFI PO   -84844622.18       585251745.06
GALIFORM PLC         GFRMGBP EO   -84844622.18       585251745.06
GALIFORM PLC            GFRM NQ   -84844622.18       585251745.06
BRITISH SKY BROA      BSYUSD EU   -30607499.6       8332527670.8
LADBROKES PLC-AD       LDBKY US  -478059993.74      1887316678.66
GALIFORM PLC             MFI VX   -84844622.18       585251745.06
GALIFORM PLC         GFRMEUR EU   -84844622.18       585251745.06
GALIFORM PLC            GFRM BQ   -84844622.18       585251745.06
GALIFORM PLC            GFRM IX   -84844622.18       585251745.06
GALIFORM PLC            GFRM PO   -84844622.18       585251745.06
GALIFORM PLC            GFRM EB   -84844622.18       585251745.06
BRITISH ENERGY-A    3012442Q LN -5822867500.78      4921095749.61

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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