TCREUR_Public/090526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, May 26, 2009, Vol. 10, No. 102

                            Headlines

A U S T R I A

DUFFY GASTRO: Claims Registration Period Ends June 17
DUFFY GASTRO GMBH: Claims Registration Period Ends June 17
INAS INTERNATIONAL: Claims Registration Period Ends June 17
JOHANN RATHGEBER: Claims Registration Period Ends June 5
NIMMERVOLL GMBH: Claims Registration Period Ends June 5

TECHWEB SOLUTIONS: Claims Registration Period Ends June 8
WEINHAUPL & SALLETMAIER: Claims Registration Period Ends June 17


B E L G I U M

FORTIS L: Moody's Downgrades Fund Credit Rating to 'B' from 'Ba'


C Y P R U S

RITZIO INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa3'


G E R M A N Y

ARCANDOR AG: Says Metro Merger Won't Replace State Aid
COVERA GMBH: Claims Registration Period Ends June 16
DELPHIN GROUP: Claims Registration Period Ends June 26
DUESENBERG COLLECTION: Claims Registration Period Ends June 5
E.U.R.O. DACH: Claims Registration Period Ends June 3

FINO WOHNBAUPARTNER: Claims Registration Period Ends June 12
GENERAL MOTORS: Beijing Auto Expresses Interest in Opel
GFCAR GMBH: Claims Registration Period Ends July 25
GOEBEL & PARTNER: Claims Registration Period Ends June 10
IHT HOLDING: Claims Registration Period Ends July 10

IMG SERVICE: Claims Registration Period Ends June 16


G R E E C E

ASPIS PRONIA: Fitch's Junks Insurer Financial Strength Ratings


I R E L A N D

TAURUS CMBS: Fitch Cuts Ratings on Class E and F Notes to 'B'
WINDERMERE VII: Moody's Cuts Rating on Class D Notes to 'B1'
WINDERMERE XI: Fitch Affirms 'CCC' Rating on Two Classes of Notes


K A Z A K H S T A N

JAMBYL JSC: Creditors Must File Claims by June 19
KAZ TRANS: Creditors Must File Claims by June 19
SPECTR PRODUCT: Creditors Must File Claims by June 19
TRANS KAMAZ: Creditors Must File Claims by June 19
UPRAVLENIYE VREMENNYH: Creditors Must File Claims by June 19

* KAZAKHSTAN: Nonperforming Loans Nearing "Critical State"


K Y R G Y Z S T A N

KAZ TRADE: Court Names A. Mamytova as Insolvency Manager


L I T H U A N I A

FLYLAL: To Axe All 274 Employees


R U S S I A

AK JSC: Fitch Assigns 'B' Long-Term Issuer Default Rating
KALUZHSKIY PLYWOOD: Kaluzhskaya Bankruptcy Hearing Set Sept. 17
KHIM-FORM CJSC: Saratovskaya Bankruptcy Hearing Set September 24
KOLOMENSKIY PAPER: Creditors Must File Claims by July 7
KOMPEK-STROY LLC: Tulskaya Bankruptcy Hearing Set September 10

SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
TRANSCREDITBANK: S&P Gives Negative Outlook; Affirms 'BB' Rating


S L O V E N I A

* SLOVENIA: Central Bank Governor Warns of Insolvency


S P A I N

IM CAJAMAR: Fitch Cuts Ratings on Two Class E Tranches to 'CC'
MADRID RMBS: S&P Downgrades Rating on Class E Notes to 'D'


S W I T Z E R L A N D

ECH WERBEGESCHENKE: Creditors Have Until June 5 to File Claims
OUNDJIAN AG: Claims Filing Deadline is June 23
RR RORCHACHER: Claims Filing Deadline is June 8
WFT FASSADENTECHNIK: Creditors Must File Claims by June 30
W.J. MAURER: Claims Filing Deadline is June 23


U K R A I N E

ERIDAN LLC: Creditors Must File Claims by June 5
FOR STAR: Creditors Must File Claims by June 5
GENERALI GARANT: Moody's Lowers Local Currency IFSR to 'Ba1'
PRYCHORNOMORIA BANK: NBU Launches Liquidation Procedure
SOYUZ-A LLC: Creditors Must File Claims by June 5

TECHNOPROJECT LLC: Creditors Must File Claims by June 5
UKRAINE MORTGAGE: Moody's Cuts Ratings on 2 Classes of Notes to B1
ULIANA LLC: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

APPLECROSS PROPERTIES: Put Into Receivership by Bank of Scotland
BRITISH AIRWAYS: Posts GBP375 Mln Loss for 12-Mos Ended March 31
BRIXTON PLC: Gets Preliminary Approach from Segro
BRIXTON PLC: SEGRO Offer Won't Affect Fitch's Low-B Ratings
CENTRAL METAL: Appoints Joint Administrators from BDO

CHARTERS DEVELOPMENTS: Brings in Joint Administrators from PwC
TITAN 2005-1: Moody's Cuts Rating on Class E Notes to 'B2'
ELLIOTT ROSS: Taps Joint Administrators from Smith & Williamson
INEOS GROUP: May Secure Waiver Extension This Week
JUST FORMS: Appoints Joint Administrators from Tenon Recovery

LAND SECURITIES: CEO Ordered to Draw Up Turnaround Plans
LLOYDS BANKING: To Auction Stakes Inherited From HBOS
LLOYDS BANKING: U.K. Holds Stress Tests Results on Stability Issue
NEW EAST: Appoints Joint Administrators from Tenon Recovery
REMIND4U LTD: Taps Joint Administrators from Smith & Williamson

ROYAL BANK: U.K. Holds Stress Tests Results on Stability Concerns
SOHO M LTD: Appoints Joint Administrators from Tenon Recovery
SOHO P LTD: Calls in Joint Administrators from Tenon Recovery
TFIF LTD: Taps Joint Administrators from Tenon Recovery

* Fitch Downgrades Long-Term IDRs of Five UK Building Societies

* Large Companies with Insolvent Balance Sheet


                         *********


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


DUFFY GASTRO: Claims Registration Period Ends June 17
-----------------------------------------------------
Creditors owed money by Duffy Gastro GmbH have until June 17,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Wolfgang Lamprecht
         Stadtplatz 5
         5280 Braunau/Inn
         Austria
         Tel: 07722/62 457
         Fax: 07722/62457-14
         E-mail: mail@kanzlei-lamprecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 24, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Ried im Innkreis
         Austria


DUFFY GASTRO GMBH: Claims Registration Period Ends June 17
----------------------------------------------------------
Creditors owed money by Duffy Gastro GmbH & Co KG have until
June 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Lamprecht
         Stadtplatz 5
         5280 Braunau/Inn
         Austria
         Tel: 07722/62 457
         Fax: 07722/62457-14
         E-mail: mail@kanzlei-lamprecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on June 24, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria


INAS INTERNATIONAL: Claims Registration Period Ends June 17
-----------------------------------------------------------
Creditors owed money by InAS International Aluminium Systems GmbH
have until June 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Karl Robert Hiebl
         Stadtplatz 50/2
         5280 Braunau am Inn
         Austria
         Tel: 07722 / 625 43
         Fax: 07722 / 828 93
         E-mail: kanzlei@lirk-hiebl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 24, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria


JOHANN RATHGEBER: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors owed money by Johann Rathgeber GmbH have until June 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Herbert Matzunski
         Salurner Strasse 16
         6020 Innsbruck
         Austria
         Tel: 0512/58 27 16
         Fax: 0512/57 14 67
         E-mail: law@hauska-matzunski.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 19, 2009, for the
examination of claims at:

         Land Court of Innsbruck
         Meeting Room 214
         Second Floor
         Innsbruck
         Austria


NIMMERVOLL GMBH: Claims Registration Period Ends June 5
-------------------------------------------------------
Creditors owed money by Nimmervoll GmbH have until June 5, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Oskar Welzl
         Fabrikstrasse 3
         4020 Linz
         Austria
         Tel: 0732/773333-0, 773475
         Fax: 0732/773333-44
         E-mail: ra-welzl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 19, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


TECHWEB SOLUTIONS: Claims Registration Period Ends June 8
---------------------------------------------------------
Creditors owed money by TechWeb Solutions GmbH have until June 8,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Herbert Ortner
         Hauptplatz 46
         8570 Voitsberg
         Austria
         Tel: 03142/22303
         Fax: 03142/22303-6
         E-mail: office@recht-kompetent.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 23, 2009, for the
examination of claims.


WEINHAUPL & SALLETMAIER: Claims Registration Period Ends June 17
----------------------------------------------------------------
Creditors owed money by Weinhaupl & Salletmaier KG have until
June 17, 2009 , to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Petra Windhager
         Tummelplatzstrasse 5
         4780 Scharding
         Austria
         Tel: 07712 / 35855
         Fax: 07712 / 35855-5
         E-mail: office@kanzlei-windhager.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on June 24, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria


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


FORTIS L: Moody's Downgrades Fund Credit Rating to 'B' from 'Ba'
----------------------------------------------------------------
Moody's Investors Service has downgraded the fund credit rating of
FORTIS L FUND Bond High Yield World to B from Ba and affirmed the
fund's market risk rating of MR5 prior to withdrawing both
ratings.  The fund's ratings will be withdrawn for business
reasons.

The downgrade of the fund's credit risk rating follows
deterioration in the credit quality of a number of the fund's
underlying high yield investments.  The high yield asset class is
under pressure due to the challenging macroeconomic environment.

The fund is managed by Fortis Investments, an autonomous global
asset management arm of the Fortis group.  The most recent rating
action taken on this fund is dated November 22, 2002, when Moody's
assigned the initial ratings to the fund.

Moody's fund ratings consist of a credit rating and a companion
market risk rating.  The fund credit rating incorporates Moody's
assessment of a fund's published investment objectives and
policies, the creditworthiness of the assets held by the fund, as
well as the management characteristics of the fund.  Fund credit
ratings, which are not intended to consider the prospective
performance of a fund with respect to price appreciation,
volatility of net asset value or yield, are expressed using
traditional rating symbols that range from Aaa to C.  A fund rated
B is judged to be of an investment quality similar to B-rated
fixed income obligations -- that is, they generally lack
characteristics of a desirable investment.

A market risk rating represents an opinion of the relative degree
of volatility of a rated fund's net asset value.  The ratings are
not intended to reflect the prospective performance of a fund with
respect to price appreciation or yield.  Market risk ratings use a
numerical scale that ranges from MR1 to MR5.  An MR5 judged to
have very high sensitivity to changing interest rates and other
market conditions.


===========
C Y P R U S
===========


RITZIO INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa2 the
corporate family and senior unsecured ratings of the existing
US$280 million Loan Participation Notes due 2010, and to Ca from
Caa2 the probability of default rating of Ritzio International
Limited, and left the ratings on review for possible downgrade
pending the outcome of the imminent liquidity issues and ultimate
refinancing risks.  The rating action was triggered by the
increased probability of termination of the company's operations
in Ukraine should the new legislation banning gaming activities in
the country be enacted by the president.  Moody's note that the
mature Ukrainian operations contributing a significant share of
the company's revenue and the bulk of its EBITDA have already been
suspended by the authorities.  Their discontinuation would have a
major negative effect on Ritzio International's credit profile and
its ability to support debt service.

The downgrade of the probability of default rating to Ca reflects
an increased risk of a liquidity shortfall in July 2009 and
January 2010 when semi-annual coupon payments on the LPN are due,
aggravated by refinancing pressures associated with debt maturing
in July 2010, and Moody's assessment that the potential recoveries
are likely to be modest given the limited fixed asset and property
base.

The corporate family rating of Ritzio International may come under
further downward pressure if the company fails to meet its pending
coupon payment, an event which could potentially be avoided
through a re-negotiation of the terms of the Notes with the
noteholders.  The company's ability to substantially reduce its
longer-term debt service requirements, or to re-capitalise the
company to accommodate the negative changes in the business
profile, will also be rating considerations.  Moody's will examine
any restructuring of the debt structure or covenants to assess
whether it would amount to a default under Moody's definition.

The previous action of the agency was on April 28, 2009, when
Moody's downgraded to Caa2 from B3 the corporate family and
probability of default ratings of Ritzio International Limited,
and the senior unsecured rating of the existing US$280 million
Loan Participation Notes due 2010, and left the ratings on review
for downgrade pending the outcome of the imminent liquidity issues
and ultimate refinancing risks.

Ritzio International Limitedt is a gaming operator in Europe,
Latin America, CIS and the Baltics, primarily operating slot
machine halls.  Ritzio International reported revenue of US$354.5
million and Operating profit before depreciation, amortisation and
financing costs of US$88 million for the first nine months of
2008.


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


ARCANDOR AG: Says Metro Merger Won't Replace State Aid
------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG said it
needs state aid by June 12 if it is to survive and that talks with
Metro AG on a possible merger of the Karstadt and Kaufhof
department-store chains are no alternative to government
guarantees.

"Metro would have to bring the money we need for survival and it
really doesn't look like that at the moment," the report quoted
Arcandor spokesman Gerd Koslowski as saying.  The Arcandor
spokesman, as cited in the report, said May 21 talks between
Arcandor Chief Executive Officer Karl-Gerhard Eick and Metro CEO
Eckhard Cordes didn't provide such an indication.  Both executives
will meet again at a later date, the report says.

According to Bloomberg News, Arcandor is facing a June 12 expiry
of a credit line worth EUR650 million (US$907 million).  The
report recalls Arcandor said May 20 its lenders, including the
Royal Bank of Scotland Plc, Commerzbank AG and BayernLB, have
agreed on applying for a state guarantee and that the proposal is
being probed by PricewaterhouseCoopers LLP for the federal
government.  Metro however repeatedly said it opposes state
guarantees for  Arcandor, the report relates.

                     About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a 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.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.


COVERA GMBH: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of Covera 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 10:10 a.m. on July 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckeburg
         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:

         Olaf Handschuh
         Mindener St. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/9667490

The court opened bankruptcy proceedings against the company on
May 5, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Covera GmbH
         Roentgenstr. 13
         31737 Rinteln
         Germany

         Attn: Josef Johannes Borgerding Jun.
         Hagen-Ringstr. 37 B
         49377 Vechta
         Germany


DELPHIN GROUP: Claims Registration Period Ends June 26
------------------------------------------------------
Creditors of Delphin Group Wohn-u. Gewerbebau GmbH have until
June 26, 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, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Florian Fuechsl
         Leopoldstrasse 139
         80804 Muenchen
         Germany
         Tel: 089/361930-0
         Fax: 089/361930-199

The court opened bankruptcy proceedings against the company on
May 5, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Delphin Group Wohn-u. Gewerbebau GmbH
         Am Nordbahnhof 6
         85049 Ingolstadt
         Germany

         Atn: Rita Maria Rottler, Manager
         Schillerstr. 9 A
         85084 Reichertshofen
         Germany


DUESENBERG COLLECTION: Claims Registration Period Ends June 5
-------------------------------------------------------------
Creditors of Duesenberg Collection GmbH have until June 5, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 357
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The court opened bankruptcy proceedings against the company on
May 7, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Duesenberg Collection GmbH
         Max-Volmer-Str. 18
         40742 Hilden
         Germany

         Attn: Georg Kaim, Manager
         Friedrich-Ebert-Strasse 271
         58566 Kierspe
         Germany


E.U.R.O. DACH: Claims Registration Period Ends June 3
-----------------------------------------------------
Creditors of E.U.R.O. Dach GmbH have until June 3, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Room C315
         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:

         Lothar Venn
         Bruener Strasse 4 – 6
         46499 Hamminkeln
         Germany

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:

         E.U.R.O. Dach GmbH
         Dr. Alfred-Herrhausen-Allee 20
         47228 Duisburg
         Germany

         Attn: Carlo Vercoulen, Manager
         Hertog-Reinondsingel 152
         NLD-NL -5913 XH Venlo
         Germany


FINO WOHNBAUPARTNER: Claims Registration Period Ends June 12
------------------------------------------------------------
Creditors of Fino Wohnbaupartner GmbH have until June 12, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on 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 Paderborn
         Meeting Hall 218
         Bogen 2-4
         33098 Paderborn
         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:

         Sandra Bitter
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251/ 180660
         Fax: 05251 / 1806666

The court opened bankruptcy proceedings against the company on
May 7, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fino Wohnbaupartner GmbH
         Freihof 6
         33106 Paderborn
         Germany

         Attn: Josef Georg Meier, Manager
         Gesselner Hude 46
         33106 Paderborn
         Germany


GENERAL MOTORS: Beijing Auto Expresses Interest in Opel
-------------------------------------------------------
Beijing Automotive Industry Holding Co has submitted an expression
of interest for General Motors Corp.'s Opel and Vauxhall
operations in Europe, Bloomberg News reports citing a person
familiar with the matter.

The Chinese company sent a letter a day after the May 20 deadline
for bids but a specific offer may not materialize, two people, who
declined to be identified because the negotiations are private,
were cited by Bloomberg News as saying.

"The risks are huge" for a potential Chinese bidder, Bloomberg
News quoted Yu Bing, an analyst at Ping An Securities in Shanghai,
as saying.  "Chinese carmakers aren't big or experienced enough
and lack the technology and management skills to buy something
like Opel."

According to Bloomberg News, GM has said that Opel needs EUR3.3
billion (US$4.6 billion) in government aid to survive.  The
carmaker is selling a majority stake in its European operations
while preparing for a probable June 1 bankruptcy, the report says.
The unit attracted bids from Italian carmaker Fiat SpA, Canadian
auto supplier Magna International Inc. and buyout firm RHJ
International SA, the report notes.

The report relates the same people said the bids from Magna and
RHJ include cash, while Fiat’s offer requires EUR7 billion of
financing to reorganize Opel.

Greg Chang at Bloomberg News reports that Magna confirmed it made
an offer for Opel with Sberbank Rossii, with a total possible
investment of EUR700 million.

Fiat Chief Executive Officer Sergio Marchionne, according to
Bloomberg News, has said his bid for Opel wouldn't require cash.
He would offer "100 percent of Fiat's auto unit clean of debt and
assume Opel debt," he said in a May 6 interview, Bloomberg News
recalls.

Opel will get EUR1.5 billion in bridge loans from German federal
and state governments, the report cited Juergen Reinholz, economy
minister of the state of Thuringia, as saying.  The German
government will contribute EUR750 million and the four states with
Opel factories will provide the remainder, he added.

Meanwhile, Tony Czuczka at Bloomberg News relates that German
Economy Minister Karl-Theodor zu Guttenberg said he remains
unpersuaded by any of the three bids for GM's Opel unit even after
Fiat sweetened its offer aimed at winning state aid.

Mr. Guttenberg, as cited in the report, said Fiat's new offer was
being reviewed to see "if they can stand up everything they say"
while questions remain over bids by Magna and RHJ.

"We still cannot be sure whether Magna, or Fiat, or [RHJ] will
ensure that bridge loans won't disappear into a black hole; that
any further guarantees will be effective; and that they're really
offering something more than high-minded romantic ideas," the
report quoted Mr. Guttenberg as saying.

                     About General Motors

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

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

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

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

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

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

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

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

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

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

                      Going Concern Doubt

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

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

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


GFCAR GMBH: Claims Registration Period Ends July 25
---------------------------------------------------
Creditors of GFCar GmbH have until July 25, 2009, to register
their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         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. Wolfgang Maus
         Fachanwalt fuer Insolvenzrecht
         Mannheimer St. 254a
         D 55543 Bad Kreuznach
         Germany
         Tel: 0671-79496-13
         Fax: 0671-79496-10

The court opened bankruptcy proceedings against the company on
May 6, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GFCar GmbH
         Schiefersteinstr. 73a
         55606 Kellenbach
         Germany

         Attn: Elena Schult, Manager
         Elstorferstr. 43e
         21149 Hamburg
         Germany


GOEBEL & PARTNER: Claims Registration Period Ends June 10
---------------------------------------------------------
Creditors of Goebel & Partner Immobilien GmbH have until
June 10, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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:

         Robert Wartenberg
         Friedrichstr. 15
         96047 Bamberg
         Germany
         Tel: 0951/29743-0
         Fax: 0951/29743-29

The court opened bankruptcy proceedings against the company on
May 7, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Goebel & Partner Immobilien GmbH
         Rittergasse 6
         97421 Schweinfurt
         Germany

         Attn: Erwin Ross, Manager
         Am Entensee 5
         97422 Schweinfurt
         Germany


IHT HOLDING: Claims Registration Period Ends July 10
----------------------------------------------------
Creditors of IHT Holding GmbH have until July 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 31, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Gericht Street 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         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:

         IHT Holding GmbH
         Attn: Ulrich Hacker, Manager
         Zum Industriehafen 8
         32423 Minden
         Germany


IMG SERVICE: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of IMG Service 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 10:30 a.m. on July 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         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 Georg
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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:

         IMG Service GmbH
         Attn: Deniz Aksakal, Manager
         Theaterplatz 6-8
         52062 Aachen
         Germany


===========
G R E E C E
===========


ASPIS PRONIA: Fitch's Junks Insurer Financial Strength Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded Aspis Pronia AEGA's and Aspis Pronia
AEAZ's Insurer Financial Strength ratings to 'CCC' from 'B+',
respectively, and maintained the ratings on Rating Watch Negative.
Fitch has simultaneously withdrawn the ratings as it considers the
available information insufficient to maintain rating coverage or
resolve the RWN.

Fitch will no longer provide ratings or analytical coverage on
these two Aspis Pronia entities.

The downgrade of the ratings reflects the significant
deterioration in financial strength of the two companies during
2008, and the agency's opinion that there is currently a high
degree of uncertainty regarding the insurers' ability to meet
obligations.

As of  December 31, 2008, Aspis Pronia AEGA had recorded negative
shareholder equity of EUR114 million in the operating company,
resulting from substantial losses on underwriting activities and
the weakened condition of the investment market during 2008.
Furthermore, Fitch has not been able to access any recent
financial information on Aspis Pronia AEAZ, the non-life insurance
entity.  However, given the strong operational links between the
two Aspis Pronia entities, Fitch is concerned that Aspis Pronia
AEAZ may also have been significantly affected by adverse market
conditions.

In addition, the agency is concerned that recent regulatory
intervention into Commercial Value, a related insurance company in
which Aspis Pronia AEGA and Aspis Pronia AEAZ have a substantial
shareholding, may place negative pressure on the two companies'
ratings.  Fitch believes that the regulator has indicated that the
two Aspis companies cannot account for their shareholdings in
Commercial Value as part of the capital available to cover
solvency requirements.

The ratings also remain under pressure due to the potential
difficulty of rebuilding shareholder equity in the current
financial climate, the highly competitive operating environment in
the Greek insurance market, and the impact of current economic
conditions in Greece on investment values and prospective
investment returns.


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


TAURUS CMBS: Fitch Cuts Ratings on Class E and F Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS (Pan-Europe) 2007-1 Ltd's
class E and F commercial mortgage-backed notes, due February 2020.
The agency has simultaneously affirmed the transaction's other
seven tranches.  Except for the class X1 and X2 notes which are on
Outlook Stable, all other note classes are on Outlook Negative.

  -- EUR401,173,802.46 class A1 (XS0305732181): affirmed at 'AAA';
     Outlook revised to Negative from Stable

  -- EUR21,109,622.34 class A2 (XS0309194248): affirmed at 'AA+';
     Outlook revised to Negative from Stable

  -- EUR50,000 class X1 (XS0305733668): affirmed at 'AAA'; Outlook
     Stable

  -- EUR100,000 class X2 (XS0305734476): affirmed at 'AAA';
     Outlook Stable

  -- EUR31,218,455.57 class B (XS0305744608): affirmed at 'AA';
     Outlook revised to Negative from Stable

  -- EUR45,390,643.36 class C (XS0305745597): affirmed at 'A';
     Outlook Negative

  -- EUR35,876,447.36 class D (XS0305746215): affirmed at 'BBB';
     Outlook Negative

  -- EUR4,955,310.42 class E (XS0309195567): downgraded to 'B'
     from 'BBB'; Outlook Negative

  -- EUR2,483,428.43 class F (XS0309195997): downgraded to 'B'
     from 'BBB'; Outlook Negative

Taurus CMBS (Pan-Europe) 2007-1 is a securitization of a pool of
13 commercial mortgage loans originated by subsidiaries of Merrill
Lynch & Co., Inc. ('A+'/'F1+') which are secured on a total of 57
commercial properties located in Switzerland, France and Germany.

The class E and F notes have been downgraded because the EUR5.9
million WPC loan (about 1.1% of the pool balance) has been
reported to be in a payment default due to the insolvency of its
single tenant, the car parts manufacturer Gorts & Schiele which
initially sold the collateral to the borrower as part of a sale-
and-leaseback transaction.  Consequently, the liquidity facility
was drawn at the May 2009 interest payment date in an amount of
EUR77,321 to cover the interest shortfall.

The WPC loan is secured by two heavy industrial properties located
on brownfield sites near Saarbrucken, Germany.  Although the
reported loan-to-value ratio appears healthy at 51.1% (and was
originally scheduled to amortize to 42.6% at loan maturity), Fitch
believes that the value of the properties is intrinsically linked
to the tenant and that G&S would be difficult to replace, should
it vacate the property.

G&S stopped making rental payments after it experienced trading
difficulties in September 2008.  This was deemed to be a major
tenant default under the loan documents and an amount representing
six months interest (EUR191,474) was deposited into a debt service
account (deposit remedy amount).  The tenant has remained in
occupation, however, it has not paid rent since September.  In the
meantime, G&S has filed for provisional insolvency.  The remaining
balance of the deposit remedy amount was used to partially pay
down the loan at the May 2009 IPD.  The borrower did not further
support the loan this quarter and hence there were insufficient
funds to meet interest payments resulting in a drawing on the
liquidity facility.  A default notice has been issued and a
special servicing transfer event is contemplated by the servicer,
once the specified timescales for such an event have elapsed.

Fitch will continue to monitor the performance of the transaction.


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

  -- EUR466,000,000 Class A2 Commercial Mortgage-Backed Notes due
     2016 downgraded to Aa1 on Review for Possible Downgrade;
     previously on 16 May 2006 assigned Aaa;

  -- EUR50,000,000 Class B Commercial Mortgage-Backed Notes due
     2016 downgraded to A2 on Review for Possible Downgrade;
     previously on 16 May 2006 assigned Aa2;

  -- EUR27,400,000 Class C Commercial Mortgage-Backed Notes due
     2016 downgraded to Baa3 on Review for Possible Downgrade;
     previously on 16 May 2006 assigned A2;

  -- EUR50,800,000 Class D Commercial Mortgage-Backed Notes due
     2016 downgraded to B1 on Review for Possible Downgrade;
     previously on 16 May 2006 assigned Baa3.

At the same time, Moody's has kept the rating of the Class X Notes
on review for possible downgrade.  Moody's does not rate the Class
E and Class F Notes issued by Windermere VII CMBS plc.  The Class
A1 Notes were redeemed in full on July 22, 2008.

The Class A2, Class X, Class B, Class C and Class D Notes were
placed on review for possible downgrade on September 15, 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".  The Class A2, Class X, Class B, Class C and the Class
D Notes will remain on review for possible downgrade due to
several reasons.

Lehman Brothers Special Financing Inc., a guaranteed subsidiary of
LBHI, acted as counterparty of the Issuer under the interest rate
swap agreements.  The replacement of Lehman Brothers Special
Financing Inc. as hedge counterparty is still underway as of this
date with completion expected by the July 2009 IPD.

Furthermore it is expected that the largest loan in the
transaction, the Tornet Loan (17.8% of the pool balance), will
prepay at or before the July 2009 IPD.  The Notes remain on review
for further possible downgrade until the Issuer level swap
agreements have been replaced and until there is certainty
concerning the Tornet Loan prepayment.

Moody's analysis of the transaction and the current ratings are
based on the assumption that the Tornet Loan will prepay by the
July 2009 IPD.  To the extent that this does not materialize, it
will have considerable negative implications for the current
ratings, especially on the lower classes of Notes.

1) Transaction and Portfolio Overview

Windermere VII CMBS plc closed in May 2006 and represents the
securitisation of initially twelve mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 72 commercial properties located in
Germany (60.1% of the original pool), France (17.3%), Sweden
(17.5%) and Spain (5.1%).  The portfolio comprised 54.5% office
properties, 22.6% retail properties and 23.0% multifamily
properties.

Since closing, there have been changes in the portfolio
composition.  One loan (Darmstadt Loan -- 3.1% of the initial
portfolio balance) has prepaid in full and there have been some
property or unit sales under the Hanseatic, Corpus and Tornet
Loans.  The remaining loans are not equally contributing to the
portfolio: the largest loan (Tornet Loan) represents 17.8% of the
current portfolio balance, while the smallest loan (RedLeaf II
Loan) represents 3.1%.  The current loan Herfindahl index is 8.7,
virtually unchanged compared to closing.  Following the one loan
prepayment and the various property sales, the remaining loans are
secured by 66 properties which are still predominantly office use
(53.6%). 58.1% of the properties are located in Germany.

To date, the sequential payment trigger has not been breached and
proceeds from prepayments (excluding release premia) and balloon
repayments are allocated to the Notes on a 50% sequential and 50%
pro-rata basis.  Release premia is allocated pro-rata while
scheduled amortization payments are allocated sequential.

As of the last IPD, all of the remaining eleven loans in the
portfolio were current but three loans were on the servicer's
watchlist for various reasons (tenant lease breaks under the
Nitsba Loan (12.4%), pending loan maturity of the Phoenix Loan
(7.8%) and LTV covenant breach under the RedLeaf I Loan (4.3%)).

The Tornet Loan which is expected to prepay by the July 2009 IPD
is a Euro based loan with property cash flows derived in Swedish
Krona.  This currency exposure is currently unhedged.  According
to the servicer, the new financing arrangement is already is place
but the new loan has not been drawn down yet.

The debt service payment with respect to the some of the loans
have been trapped in the borrowers' account due to signatory
issues arising from Lehman Brothers International (Europe) and
Lehman Brothers Bankhaus AG insolvency, the security agent under
the respective loans.  As a result, there was a shortfall in
income on Issuer level.  Along with the issuer not receiving net
swap payments from the swap counterparty, this resulted in
liquidity facility draws at every IPD since October 2008.

The downgrades of the Class A2, Class B, Class C and Class D 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 reassessed each loan in the transaction and
assumed that the Tornet Loan will prepay by the July 2009 IPD.

As outlined in more detail below, the rating action is mainly
driven by (i) the transaction's refinancing profile, (ii) the most
recent performance of the European commercial property markets and
(iii) 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 now 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 considerable amount of losses
on the securitized portfolio.  Those expected losses will, given
the back-loaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.

The subordination levels for Moody's rated classes, assuming that
the Tornet Loan prepays will be, 27.3% for the Class A2, 19.3% for
the Class B, 14.9% for the Class C and 6.8% for the Class D Notes,
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, 24.1% of the initial loan portfolio has prepaid and
this would increase to 36.4% if the Tornet loan prepays.  The
prepayment proceeds were allocated on a 50% sequential and 50%
pro-rata basis to the transaction.  However, at the same time, the
loan portfolio only provides for limited scheduled principal
repayment over time.  As a result, the Class A2, Class B, Class C
and the Class D Notes have benefited from some moderate increase
in subordination levels since closing.

The Class B, Class C and Class D Notes are subordinated 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 and the Class C Notes than on the
expected loss of the Class A2 Notes.

3) Moody's Portfolio Analysis

Property Values.  Property values across Continental Europe 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 which were based on
predominantly 2005 valuations, the values of the properties
securing this transaction (excluding sold properties and excluding
the Tornet Loan) have declined by on aggregate 11% until the
beginning of 2009 (ranging from a 13% value increase for the
Phoenix Loan to a 27.5% decline for the Nordostpark Loan).
Looking ahead, Moody's anticipates further declines until 2010,
resulting in a 22% value decline compared to the U/W value at
closing This also includes VPV haircuts for the single tenant
exposures.

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 87% (including the Tornet Loan) compared to the U/
W LTV of 70.4% reported on the January 2009 IPD and which assumed
that the Tornet loan currency swap was still in place.  Due to the
further envisaged declines, the WA LTV will increase in Moody's
opinion to 95% in 2010 (excluding the Tornet Loan) and will only
gradually recover thereafter.  As three loans (have additional
debt in the form of B-loans (amounting to EUR23.7million on
aggregate) and one of these three loans also has a syndicated loan
portion, the overall whole loan leverage is on average 100%, based
on estimated trough values (excluding the Tornet Loan).

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 and excluding the Tornet Loan) is
substantial.  Taking into account extension options, 30.0% of the
portfolio matures in 2009 and 2010, 66.3% in 2011 and 2012 and
3.7% in 2013.  As Moody's expects property values in Continental
Europe to only slowly recover from 2011 onwards, all loans will be
highly leveraged at their respective maturity dates.
Consequently, in Moody's view, for all of the loans, the default
risk at maturity has increased substantially compared to the
closing analysis.

Term Default Risk.  Most of the occupational markets in
Continental Europe 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 and in particular the lease break option profiles, the
RedLeaf I and RedLeaf II Loans could be in Moody's view especially
exposed to weakening occupational markets.  The balance of the
portfolio benefits either from long-dated leases in some cases to
relatively creditworthy tenants or from a higly diversified tenant
base in the case of multi-family properties.  Based on the current
lease profile, Moody's has incorporated into its analysis an
allowance for deterioration in coverage ratios on some of the
loans, in turn increasing the term default risk assumption for the
respective loans.

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.  The default risk of all
loans is predominantly driven by refinancing risk.  In Moody's
view, the Nordostpark Loan has currently the highest default risk,
while the Adductor Loan has the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in Windermere VII
CMBS plc exhibits below average concentration in terms of property
types (67.3% office, excluding the Tornet Loan) and property
location (68.4% Germany, excluding the Tornet Loan).  In Moody's
view, the transaction benefits from some diversity of property
types and 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 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 Continental European 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 considerable 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

The transaction is exposed to LBHI entities through the hedging
agreements, the capex facilities and its role as security trustee
for 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.  The replacement of Lehman Brothers
Special Financing Inc. as hedge counterparty is still underway as
of this date with completion expected by the July 2009 IPD.  Once
the swap agreements have been replaced, Moody's will conclude its
analysis on the credit impact of the LBHI Chapter 11 filing,
initiated on September 15, 2008.

The transaction is also exposed to Lehman Brothers 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 be available to the Firefly
and Phoenix 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.


WINDERMERE XI: Fitch Affirms 'CCC' Rating on Two Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Windermere XI CMBS plc's commercial
mortgage-backed notes, due April 2017.

  -- GBP534.7 million Class A: affirmed at 'A+'; Outlook Negative

  -- GBP53.5 million Class B: affirmed at 'BBB-'; Outlook Negative

  -- GBP41.8 million Class C: affirmed at 'B+'; off Rating Watch
     Negative; assigned Negative Outlook

  -- GBP31.4 million Class D: affirmed at 'CCC'; Recovery Rating
     is 'RR5'

  -- GBP7.5 million Class E: affirmed at 'CCC'; Recovery Rating is
     'RR5'

This transaction is a securitization of eight commercial mortgage
loans originated by Lehman Brothers Commercial Paper Inc, which
closed in April 2007.

As with all other CMBS from the Windermere series, this
transaction was affected by the insolvency of Lehman Brothers,
which acted as issuer hedge counterparty.  The removal of the
class C notes from Rating Watch Negative follows the replacement
of Lehman Brothers in this capacity.  A Negative Outlook has been
assigned, in line with class A and B due to worsening refinancing
prospects as discussed in "Windermere XI CMBS plc - A performance
update" published on March 12, 2009.

On April 17, 2009, the issuer entered into a fixed-to-floating
interest rate swap agreement with HSBC Bank plc (rated
'AA'/Outlook Negative/'F1+') to hedge the mismatch between the
fixed-rate interest receivable on the loans and the floating-rate
interest payable on the notes.  The new agreements effectively
replace Lehman Brothers Special Financing Inc as counterparty on
this transaction on the same economic basis as the original hedge
agreements.  Consequently, the interest rate risk of this
transaction remains unchanged from that of the closing date, at no
additional cost to the issuer.

Fitch will continue to monitor the performance of the transaction.


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


JAMBYL JSC: Creditors Must File Claims by June 19
-------------------------------------------------
Creditors of JSC Jambyl have until June 19, 2009, to submit proofs
of claim to:

         Kassin Str. 2/2-21
         Mamyr
         Almaty
         Kazakhstan
         Tel: 8 777 559 68-31

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Dec. 12, 2008, after
finding it insolvent.

The Court is located at:

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


KAZ TRANS: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLP Kaz Trans Logistic have until June 19, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.


SPECTR PRODUCT: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Spectr Product have until June 19, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.


TRANS KAMAZ: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Trans Kamaz have until June 19, 2009, to submit
proofs of claim to:

         Micro District Mamyr 1, 6/18
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Dec. 19, 2008, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


UPRAVLENIYE VREMENNYH: Creditors Must File Claims by June 19
------------------------------------------------------------
Creditors of OJSC Upravleniye Vremennyh Stoyanok have until
June 19, 2009, to submit proofs of claim to:

         Tole bi Str. 295-317
         Almaty
         azakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Aug. 14, 2008, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


* KAZAKHSTAN: Nonperforming Loans Nearing "Critical State"
----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that according to
Kazakhstan's Agency for Financial Supervision, the risk posed to
the country's banks by nonperforming loans has increased from a
"satisfactory level" and is trending toward a "critical state."

The report relates the agency said higher risk had resulted from
an increase in nonperforming loans from 8.1 percent of all loans
outstanding at the start of the year to 12.4 percent on April 1.
Nonperforming loans jumped from 6.3 percent of banks' assets to 9
percent in the period, the agency said as cited by the report.

Kazakh banks increased provisions from 11.1 percent of all loans
outstanding on Jan. 1 to 15.2 percent on April 1, a rise of
KZT535.2 billion US$3.6 billion), mostly to cover bad loans, the
report cited the agency as saying.


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


KAZ TRADE: Court Names A. Mamytova as Insolvency Manager
--------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
A. Mamytova as insolvency manager for LLC Kaz Trade Ltd on
April 2, 2009.  She can be reached at:

         A. Mamytova
         Room 108
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-40-74

The court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-391/08M??5.


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


FLYLAL: To Axe All 274 Employees
--------------------------------
The Baltic Course's Danuta Pavilenene reports that Lithuanian
airline flyLAL is to lay off all of its 274 employees.

According to the report, the employees to be dismissed, including
100 administration staff and pilots as well as flight attendants,
will not receive retirement compensations.  Citing the newspaper
15 Minuciu/ELTA, the report says the airline has no funds for
retirement compensations.

The report relates according to preliminary data, flyLAL has debts
of around LTL80-90 million (EUR23.217-EUR26.119 million) which are
not covered by any fixed assets.

On Jan. 27, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that flyLAL filed for bankruptcy after
its failure to find an investor forced it to ground flights.

"Being unable to continue flights and without seeing any real
chances to renew operations, we were forced to file for
bankruptcy," Reuters quoted CEO Vytautas Kaikaris as saying in a
statement.

Reuters disclosed according to Mr. Kaikaris, flyLAL's financial
situation "worsened significantly at the end of 2008 and
beginning of 2009 and there were no possibilities to improve it
without additional investments".

Reuters recalled the Lithuanian government rejected a proposal to
buy the airline back for a symbolic LTL1 and cover its debts,
which stood at LTL89 million (US$33.41 million) at the end of
2008.

As reported in the TCR-Europe on Jan. 21, 2009, Reuters said
flyLAL's acquisition deal with Swiss Capital Holding failed to
materialize.  Citing airline officials, The Associated Press noted
the Swiss company failed to pay US$1 million (EUR756,000) that
would have cleared the airline's debts and potentially saved it
from bankruptcy.  flyLAL ceased its operations from Jan. 17, 2009,
the AP stated.


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


AK JSC: Fitch Assigns 'B' Long-Term Issuer Default Rating
---------------------------------------------------------
This announcement corrects the version issued on May 21, 2009.
The ratio cited at the end of the fifth paragraph should have
stated FY09 EBITDAR/net interest at 2.7-3.0x.

Fitch Ratings has assigned Russian diamond producer JSC AK Alrosa
a Long-term foreign currency Issuer Default Rating of 'B', a
Short-term foreign currency IDR of 'B' and a senior unsecured
rating of 'B'.  Fitch has simultaneously placed the Long-term IDR
and senior unsecured rating on Rating Watch Negative.  The agency
has also assigned a Recovery Rating of 'RR4' to the senior
unsecured rating.

Fitch applied its parent and subsidiary rating linkage criteria in
assigning Alrosa's ratings due to the legal, operational and
strategic links Alrosa has with its ultimate parent, the Russian
Federation ('BBB'/'F2'/Negative), which owns 50.9% of the company.
Fitch considered the various forms of support provided to Alrosa
by the Russian State, such as the expected procurement of the
company's output in H1 2009 for RUB45bn, and the provision of
financing via state bank VTB ('BBB'/'F3'/Negative) of RUB44
billion for the refinancing of some of Alrosa's loan facilities.
The support also includes the renegotiation of a rental contract
between Alrosa and the Republic of Sakha, the owner of 32% of
Alrosa (also known as Yakutia, rated 'BB'/Stable), which resulted
in ceasing a royalty payment to the Republic of Sakha.  The State
is also assisting in selling non-core assets.  Nevertheless, in
the absence of formal State guaranties or cross-default
provisions, operational integration, and the direct financing of
Alrosa's capital expenditures and operations by the Russian State,
Fitch believes there would be a weak linkage relationship between
Alrosa and its key shareholder.  State support has provided a two-
notch uplift to yield the current 'B' rating.

Alrosa's stand-alone credit profile is driven by the company's
strong market position as the global number two producer in the
highly consolidated diamond industry.  The company currently
accounts for 97% of all Russia diamond production.  Alrosa has
significant diamond mining reserves to continue mining operations
until at least through 2029.  The rating also reflects the
company's current low cost position despite the difficult
operating environment in northeastern Russia and its conversion to
underground mining.  The company's EBITDA margin is 30%, on
average, which exceeds the EBITDA margin of market leader De
Beers, which had an EBITDA margin of 17% in 2008 and 2007.

Constraints on the ratings include the company's exposure to
diamond market cycles.  Unlike other mining companies rated by
Fitch such as Rio Tinto ('BBB+'/'F2'/RWE) and Anglo American
('A-'/'F2'/Negative), which have wide diversification across
products and can reduce exposure to one product cycle, almost all
of Alrosa's operations are in diamond production.  Other
constraints include high indebtedness which exceeds that of
Commonwealth of Independent States's metal and mining companies
rated by Fitch (average FYE2008 gross debt/EBITDAR of 1.2x).
Fitch estimates Alrosa's FYE2008 gross debt/EBITDAR in a range of
4.1-4.2x, and FYE2008 net debt/EBITDAR in a range of 3.5-3.7x.  As
of H108, Alrosa had breached covenants (net debt/EBITDA less than
2.5x) for some loan agreements, but it received a waiver from
creditors until the next half-year covenants testing in July 2009.

Fitch forecasts that Alrosa's revenue and profitability will be
significantly affected by the global recession in financial year
2009.  Fitch expects that the company's FY09 sales will be 20%-25%
below that of FY08, including volume off-take by the Russian
State.  The agency estimates FY09 gross debt/EBITDAR at 3.8-4.0x
and EBITDAR/net interest at 2.7-3.0x.

The RWN reflects Fitch's concerns that Alrosa will again breach
covenants under some debt facilities at half-year testing for
FYE08 and 2009.  Fitch expects to resolve the RWN once the issuer
has addressed this matter by either renegotiating its covenant
level or by improving its capital structure, for example, by using
proceeds from the sale of non-core assets for debt repayments.
Conversely, a failure to do so and increased negative pressure on
Alrosa's credit profile, as a result of a sharper-than-expected
deterioration in market conditions or insufficient support from
the Russian State, could place downward pressure on the company's
ratings.

As of end-2007, Alrosa had a total debt of RUB81.7bn with short-
term maturities of RUB49bn.  Total debt includes USD500m of
eurobonds maturing in 2014.  All the debt is unsecured.  Fitch
notes that Alrosa's debt measured in US$ has increased in the last
three years by 2x from US$1.5 billion to US$3.3 billion as the
company has continued to implement a significant capex program of
conversion of open-pit mines to underground mining and engaged in
M&A activities.


KALUZHSKIY PLYWOOD: Kaluzhskaya Bankruptcy Hearing Set Sept. 17
--------------------------------------------------------------
The Arbitration Court of Kaluzhskaya will convene at 2:30 p.m. on
Sept. 17, 2009, to hear bankruptcy supervision procedure on CJSC
Kaluzhskaya Plywood Manufacturing Plant (TIN 4027026356, PSRN
1024001195569).  The case is docketed under Case No. 23–856/09?-
17–56.

The Temporary Insolvency Manager is:

         Y. Daniloy
         Office 1
         Saltykova-Shchedrina Str. 23
         248002 Kaluga
         Russia

The Court is located at:

         The Arbitration Court of Kaluzhskaya
         Staryy Torg Sq. 4
         Kaluga
         Russia

The Debtor can be reached at:

         CJSC Kaluzhskaya Plywood Manufacturing Plant
         Krasnopivtseva Str. 4
         248002 Kaluga
         Russia


KHIM-FORM CJSC: Saratovskaya Bankruptcy Hearing Set September 24
----------------------------------------------------------------
The Arbitration Court of Saratovskaya will convene on Sept. 24,
2009, to hear bankruptcy supervision procedure on CJSC Khim-Form
(TIN 6439047119, PSRN 1026401400662) (Rubber Goods).  The case is
docketed under Case No. ?-57–4539/2009.

The Temporary Insolvency Manager is:

         R. Abdullin
         Apt. 188
         Kuznechnaya Str. 11/21
         410031 Saratov
         Russia

The Debtor can be reached at:

         CJSC Khim-Form
         30 Let Pobedy Str. 76
         Balakovo
         413800 Saratovskaya
         Russia


KOLOMENSKIY PAPER: Creditors Must File Claims by July 7
-------------------------------------------------------
The Arbitration Court of Dagestan commenced bankruptcy proceedings
against CJSC Kolomenskiy Paper Stain Plant (TIN 5022027735, PSRN
1025002738980) after finding it insolvent.  The case is docketed
under Case No. ?15–1805/2008.

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

         A. Barinov
         Insolvency Manager
         Office 309
         Leningradskoe shosse 43a
         125212 Moscow
         Russia


KOMPEK-STROY LLC: Tulskaya Bankruptcy Hearing Set September 10
--------------------------------------------------------------
The Arbitration Court of Tulskaya will convene at 10:00 a.m. on
Sept. 10, 2009, to hear bankruptcy supervision procedure on LLC
Kompek-Stroy (TIN 7103016090, PSRN 1027100516068).  The case is
docketed under Case No. ?68–1547/09.

The Temporary Insolvency Manager is:

         Y. Stretinskaya
         Office 507
         Boldina Str. 98
         300028 Tula
         Russia

The Debtor can be reached at:

         LLC Kompek-Stroy
         Sakko and Vantsety Str. 24
         300002 Tula
         Russia


SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has downgraded Russia-based metals and mining
company OAO Severstal's Long-term Issuer Default Rating and senior
unsecured rating to 'BB-' from 'BB'.  At the same time, the agency
has downgraded the National Long-term rating to 'A+(rus)' from
'AA-(rus)'.  It has simultaneously placed these ratings on Rating
Watch Negative.  The Short-term IDR is affirmed at 'B'.

The downgrade and RWN reflect Fitch's view that Severstal's
profitability and credit metrics will deteriorate in 2009-2012 to
levels that are not consistent with a 'BB' rating.  EBITDA margin
dropped to -5.7% and 7.4% in Q109 and Q408 respectively, from an
average 23%-24% in 2006-2008.  Fitch forecasts that EBITDA margin
will remain in single digit in 2009-2010.

Fitch is also concerned about uncertainty surrounding steel
product volume and pricing trends over 2009-2010, especially in
the automotive and construction sectors to which Severstal is most
exposed.  The agency notes that Severstal's attempts to
restructure its US assets have failed to improve the performance
of its North America division, which in Q109 reported an EBITDA
margin of -25%.  Its Russian steel operations reported an EBITDA
margin of 7.6%, down from over 30% in 2006-2008.  Fitch expects
Severstal's 2009 profitability to remain under pressure and to
materially weaken from 2006-2008 levels.  As a result, the agency
believes that Severstal could breach covenants under various
facilities.

Fitch expects to resolve the RWN within the next two months.  In
resolving the RWN, the agency will assess expected developments in
Severstal's key markets and the adequacy of anti-crisis measures
announced by management to reduce financial and operational risks.

Fitch considers Severstal's liquidity position as adequate.  At
end-Q109, Severstal had cash and short-term deposits of US$2.7
billion, undrawn facilities of US$645 million against a total debt
of US$7.5 billion of which US$1.7 billion is short-term.

Severstal is the largest Russia-based vertically integrated steel
producer by volume (including production at its international
facilities), with crude steel production of 19.2 million tonnes in
2008.  The company generated revenues of US$22.4 billion, EBITDAR
of US$5.4 billon and had an adjusted net leverage (net
debt/EBITDAR) of 0.9x at FYE08.


TRANSCREDITBANK: S&P Gives Negative Outlook; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings said that it had revised its outlook on
Russia-based TransCreditBank to negative from stable.  At the same
time, the 'BB' long-term and 'B' short-term counterparty credit
ratings on the bank were affirmed.

"The outlook revision reflects potential deterioration of asset
quality that would pressure TransCreditBank's relatively weak
capital and loan loss reserves, and the potential for weaker links
to its major shareholder," said Standard & Poor's credit analyst
Victor Nikolskiy.

TransCreditBank's creditworthiness benefits from the bank's
significant commercial links to major shareholder, state-owned
railway monopoly Russian Railways (RZD; BBB/Negative/--; Russia
national scale 'ruAAA').  The railways company, with its suppliers
and employees, represents over one-half of TransCreditBank's
business flows, including loans and funding.  The bank is the main
settlement bank for RZD and its related companies.  It also
provides loans and payroll services to more than 1 million of
RZD's employees.

S&P's issuer credit rating on TransCreditBank incorporates a
three-notch uplift above the bank's stand-alone credit profile,
reflecting S&P's expectation of significant future support from
RZD to TransCreditBank in case of need, due to the close
operational ties between the bank and the parent.  S&P consider
that TransCreditBank is a strategically important subsidiary of
RZD under S&P's group methodology.

S&P expects problem loans in Russia to increase severalfold in
2009, including at TransCreditBank.  The bank's relatively weak
capital and loss reserves will come under pressure as the
recession deepens in Russia.

"We would lower the ratings on the bank if its stand-alone credit
profile deteriorated beyond S&P's expectations or if the bank's
links with RZD weakened," said Mr. Nikolskiy.

S&P will closely monitor the slow, ongoing process of
TransCreditBank's privatization, whereby RZD is gradually
decreasing its stake in TransCreditBank.

A positive rating action is unlikely unless the adverse
macroeconomic environment eases significantly.


===============
S L O V E N I A
===============


* SLOVENIA: Central Bank Governor Warns of Insolvency
-----------------------------------------------------
Marja Novak at Reuters reports according to daily Dnevnik, Bank of
Slovenia Governor Marko Kranjec said Slovenia could become
insolvent in the long run as there is a risk that inflation would
rise in the long-term.

Slovenia's inflation slowed to a record low of 1.1 percent year-
on-year in April, down from 6.2 percent in April 2008, the report
discloses.

The report relates the International Monetary Fund (IMF) said on
Friday that Slovenia, which has a budget deficit of only 0.9
percent of gross domestic produc in 2008, has been severely
affected by the global crisis and that it should be prepared to
inject money into its banks to help them weather the crisis.  Mr.
Kranjec, as cited in the report, said on Tuesday that Slovene
banks are healthy but could still take a turn for the worse due to
a strong impact of the global crisis on Slovenia's export-oriented
real sector of the economy.

Slovenia's budget deficit this year is seen at some 5 percent of
GDP, the report says.


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


IM CAJAMAR: Fitch Cuts Ratings on Two Class E Tranches to 'CC'
--------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed 14 tranches of four
IM Cajamar transactions.  The agency has also revised the Outlook
to Negative from Stable on eight tranches.  The rating actions
reflect Fitch's concern about the performance of the deals, as
well as the impact of the current macroeconomic environment in
Spain on the future performance of the transactions.  A full list
of rating actions is provided at the end of this comment.

As noted in a Fitch comment on March 30, 2009, as of the last
payment date, in March 2009, three of the transactions -- IM
Cajamar 3, 4 and 6 -- had drawn on their reserve funds.  The
reserve fund draws occurred due to an increase in the volume of
defaulted loans being provisioned for.  Based on the monthly
delinquency data and the loan-by-loan breakdown of the pool, Fitch
believes that further defaults will continue to be realised and
that further reserve fund draws are likely to occur on the three
deals that have drawn to date.  The agency also believes that IM
Cajamar 5 is likely to experience reserve fund draws during
forthcoming payment dates.

The overall volume of loans in arrears in March 2009 decreased
across all four deals, however, loans in arrears by more than
three months as a percentage of the outstanding portfolios
continue to increase on the two more recent transactions, IM
Cajamar 5 and 6.  According to the most recent reports, loans in
arrears by more than three months ranged between 0.89% (IM Cajamar
4) and 2.5% (IM Cajamar 6) of the respective portfolios.  However
the agency has concern over the performance of the underlying
portfolio of IM Cajamar 6, especially given the low seasoning of
the deal (13 months).  Cumulative net defaults to date stand
between 0.18% (IM Cajamar 5) and 0.65% (IM Cajamar 3) of the
original portfolio.  The agency's expectation for recovery timing
in Spain is three years, therefore recoveries are not expected on
these transactions in the near term.

The underlying collateral of the transactions are residential
mortgage loans originated by Caja Rural Intermediterranea Sociedad
Cooperativa de Credito (Cajamar) with current weighted average
loan-to-value ratios ranging from 60.97% (IM Cajamar 4) to 66.95%
(IM Cajamar 3), as calculated by Fitch.  Based on the loan-by-loan
analysis of the pool, Fitch found that the defaulted loans are
seeing much higher LTV ratios (between 65% and 74%), and that such
loans carry higher margins (between 1.1% and 1.25%, compared to
the weighted average margins seen on the overall pools which are
in the range of 0.81% to 0.86%).  Over 40% of the outstanding
portfolios are to borrowers in Andalusia, where the main office of
Cajamar is located, while the majority of defaulted loans in the
pools (with the exception of IM Cajamar 6) were made to borrowers
in the Murcia region (ranging between 44% and 72%).

The rating actions are:

IM Cajamar 3, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0347783005) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS1'

  -- Class B (ISIN ES0347783013) affirmed at 'A+'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS2'

  -- Class C (ISIN ES0347783021) affirmed at 'A-'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS3'

  -- Class D (ISIN ES0347783039) affirmed at 'BBB-'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     Rating of 'LS3'

  -- Class E (ISIN ES0347783047) downgraded to 'CCC' from 'BB-';
     assigned a Recovery Rating of 'RR1'

IM Cajamar 4, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0349044000) affirmed at 'AAA' ; Outlook
     Stable; assigned a Loss Severity Rating of 'LS1'

  -- Class B (ISIN ES0349044018) affirmed at 'AA'; Outlook revised
     to Negative from Stable; assigned a Loss Severity Rating of
     'LS2'

  -- Class C (ISIN ES0349044026) affirmed at 'A+'; Outlook revised
     to Negative from Stable; assigned a Loss Severity Rating of
     'LS4'

  -- Class D (ISIN ES0349044034) downgraded to 'BBB-' from 'BBB';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity Rating of 'LS3'

  -- Class E (ISIN ES0349044042) downgraded to 'CC' from 'CCC';
     assigned a Recovery Rating of 'RR5'

IM Cajamar 5, Fondo de Titulizacion de Activos :

  -- Class A (ISIN ES0347566004) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS1'

  -- Class B (ISIN ES0347566012) affirmed at 'AA'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS3'

  -- Class C (ISIN ES0347566020) affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned a Loss Severity Rating of
     'LS3'

  -- Class D (ISIN ES0347566038) downgraded to 'BBB-' from 'BBB';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity Rating of 'LS3'

  -- Class E (ISIN ES0347566046) downgraded to 'CC' from 'CCC';
     assigned a Recovery Rating of 'RR5'

IM Cajamar 6, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0347559009) affirmed at 'AAA'; Outlook Stable
     ; Loss Severity Rating 'LS1' assigned

  -- Class B (ISIN ES0347559017) affirmed at 'AA'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS3'

  -- Class C (ISIN ES0347559025) affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned a Loss Severity Rating of
     'LS4'

  -- Class D (ISIN ES0347559033) downgraded to 'BB+' from 'BBB-';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity Rating of 'LS3'

  -- Class E (ISIN ES0347559041) affirmed at 'CC'; assigned a
     Recovery Rating of 'RR5'.

Fitch will continue to monitor the performance of the
transactions, and may take further rating actions as deemed
necessary.  More details on the performance of the four
transactions will be covered in a Special Report, "IM Cajamar 3 to
6, Fondo de Titulizaction de Activos, Performance Update", which
will be published shortly.


MADRID RMBS: S&P Downgrades Rating on Class E Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on the class E notes issued by MADRID RMBS II, Fondo de
Titulizacion de Activos and the class D and E notes issued by
MADRID RMBS III, Fondo de Titulizacion de Activos following missed
interest payments on these classes of notes on the May 22 interest
payment date.

At the same time, S&P has taken various other rating actions:

  -- S&P lowered its ratings on various mezzanine notes issued by
     MADRID RMBS II, MADRID RMBS III, and MADRID RMBS I, Fondo de
     Titulizacion de Activos.

  -- S&P withdrew its ratings on the class A1 notes issued by
     MADRID RMBS I and MADRID RMBS II following full repayment.

  -- S&P affirmed the class A2 and E notes in MADRID RMBS I, the
     class A2, A3, and D notes in MADRID RMBS II, and the class A1
     to A3 notes in MADRID RMBS III.

MADRID RMBS I, MADRID RMBS II, and MADRID RMBS III closed in
November 2006, December 2006, and July 2007, respectively, and are
each backed by a portfolio of residential mortgage loans secured
over properties in Spain, originated and serviced by Caja de
Ahorros y Monte de Piedad de Madrid.

When the level of defaulted loans in these transactions reaches a
certain percentage of the initial collateral balance, the priority
of payments is altered so as to shut off interest payments to
junior notes in turn, with these funds diverted to amortize the
most senior notes.

Defaults in these transactions are defined as arrears greater than
six months, which is generally more conservative than in other
Spanish residential mortgage-backed securities transactions that
S&P rate.

The deferral trigger for each of the affected transactions and the
current cumulative default level (both as a percentage of the
initial collateral balance) are:

  -- MADRID RMBS I.  Current cumulative default level: 7.91%.
     Trigger levels: Class B: 18.30%, class C: 13.20%, class D:
     9.40%, and class E: 8.00%.

  -- MADRID RMBS II.  Current cumulative default level: 9.29%.
     Trigger levels: Class B: 18.30%, class C: 13.20%, class D:
     9.40%, and class E: 8.00%.

  -- MADRID RMBS III.  Current cumulative default level:  10.92%.
     Trigger levels: Class B: 20.30%, class C: 14.65%, class D:
     10.47%, and class E: 8.94%.

As a result of breaching their respective trigger levels, the
issuer has not paid interest on the class E notes issued by MADRID
RMBS II and the class D and E notes issued by MADRID RMBS III; S&P
has accordingly lowered S&P's ratings on these notes to 'D'.  The
nonpayments were also due in part to the full depletion of the
reserve funds in both transactions, which could have otherwise
been used to cure the interest shortfalls.

The mortgage portfolios underlying these transactions continue to
generate high delinquency levels.  In S&P's view, recent
performance data, combined with the portfolio characteristics,
suggests that delinquencies will continue to rapidly increase over
the next few quarters.  S&P calculates severe delinquencies,
defined as arrears greater than 90 days (including outstanding
defaulted loans), as standing at 11.68%, 13.00%, and 13.85% of the
closing balance as of the end of Q1 2009 for MADRID I, II, and
III, respectively.  Given this deterioration, S&P has lowered the
ratings on the class B and C notes in each transaction and on the
class D notes in MADRID RMBS I to reflect the increased risk of
interest deferral in the future.

                          Ratings List

         MADRID RMBS I, Fondo de Titulizacion de Activos
        EUR2 Billion Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             B          BBB-                    A-
             C          B                       BB
             D          CCC                     B

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2         AA
                        E          CCC

                         Rating Withdrawn

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             A1         NR                      AAA

         MADRID RMBS II, Fondo de Titulizacion de Activos
        EUR1.8 Billion Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             B          BB                      BBB
             C          B                       BB

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             E          D                       CCC

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2         AA
                        A3         AA
                        D          CCC

                         Rating Withdrawn

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             A1         NR                      AAA

        MADRID RMBS III, Fondo de Titulizacion de Activos
        EUR3 Billion Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                               Rating
                               ------
             Class      To                      From
             -----      --                      ----
             B          BB                      BBB
             C          B                       BB
             D          D                       CCC
             E          D                       CCC

                        Ratings Affirmed

                      Class      Rating
                      -----      ------
                       A1         AA
                       A2         AA
                       A3         AA

                       NR — Not rated.


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


ECH WERBEGESCHENKE: Creditors Have Until June 5 to File Claims
--------------------------------------------------------------
Creditors of ECH Werbegeschenke GmbH are requested to file their
proofs of claim by June 5, 2009, to:

         KPMG Fides
         Landis + Gyr-Strasse 1
         6300 Zug
         Switzerland

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


OUNDJIAN AG: Claims Filing Deadline is June 23
----------------------------------------------
Creditors of Oundjian AG are requested to file their proofs of
claim by June 23, 2009, to:

         Kurt Gross
         Liquidator
         Muchried 10
         8907 Wettswil
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on Dec. 11, 2008.


RR RORCHACHER: Claims Filing Deadline is June 8
-----------------------------------------------
Creditors of RR Rorschacher Reisen AG are requested to file their
proofs of claim by June 8, 2009, to:

          Herrn Otto Teufel
          Liquidator
          Hafenzentrum
          9400 Rorschach
          Switzerland

The company is currently undergoing liquidation in Rorschach.  The
decision about liquidation was accepted at a general meeting held
on March 19, 2009.


WFT FASSADENTECHNIK: Creditors Must File Claims by June 30
----------------------------------------------------------
Creditors of WFT Fassadentechnik AG are requested to file their
proofs of claim by June 30, 2009, to:

         G-Consult GmbH
         Hans Giger
         Michlenberg 1/Mail Box 64
         9038 Rehetobel
         Switzerland

The company is currently undergoing liquidation in Weinfelden.
The decision about liquidation was accepted at a general meeting
held on March 13, 2009.


W.J. MAURER: Claims Filing Deadline is June 23
----------------------------------------------
Creditors of W.J. Maurer AG re requested to file their proofs of
claim by June 23, 2009, to:

         Kurt Gross
         Liquidator
         Muchried 10
         8907 Wettswil
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on Dec. 11, 2008.


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


ERIDAN LLC: Creditors Must File Claims by June 5
------------------------------------------------
Creditors of LLC Trading Company Eridan (code EDRPOU 34645553)
have until June 5, 2009, to submit proofs of claim to:

         LLC Mediasale
         Insolvency Manager
         Naberezhnaya Str. 8-A
         Vyshgorod
         07300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009.  The case is docketed under
Case No. 28/53-b.

The Court is located at:

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


FOR STAR: Creditors Must File Claims by June 5
----------------------------------------------
Creditors of LLC For Star (code EDRPOU 32896547) have until
June 5, 2009, to submit proofs of claim to D. Benzeliuk, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 24, 2009.  The case is docketed under
Case No. 7/82-09-1242.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine


GENERALI GARANT: Moody's Lowers Local Currency IFSR to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has has lowered its ratings on Ukrainian
insurer Generali Garant.  The local currency rating was lowered to
Ba1 from Baa2, and the foreign currency rating was lowered to B1
from Ba3.  The Aaa.ua National Scale rating was affirmed.  The
ratings remain on review for a further possible downgrade.  These
ratings actions follow the rating actions on the Government of the
Ukraine on the May 12, 2009.

The recent action on the Ukraine Sovereign ratings on May 12
resulted in the government bonds being downgraded to B2 from B1,
the foreign currency bond ceiling being lowered to B1 from Ba3 and
the local currency bond ceiling being downgraded to Ba1 from A3.
The downgrades reflected concern over the continuing fragility of
both the Ukrainian economy and its banking system.  A negative
outlook was also assigned

The ratings of Generali Garant remain on review for possible
downgrade reflecting concerns about the standalone strength of
Generali Garant and the worsening business environment in the
Ukraine, and to some extent the support factored into the rating
from Generali Garant's owners, which include Assicurazioni
Generali (rated Aa3 IFSR).  The review will focus on these
factors, along with the level of disclosure through local GAAP,
IFRS and internal management accounts.  The downgrade on the local
currency rating could be multiple notches.

Generali Garant published audited IFRS statements up to 2006.  It
continues to publish audited Ukrainian GAAP statements and reports
internally to Generali using a modified form of IFRS.  Disclosure
under local GAAP is not so transparent in comparison with IFRS,
and valuation of some asset classes still differ from IFRS.

These ratings were downgraded and remain on review for further
possible downgrade:

* Generali Garant -- local currency insurance financial strength
  rating Ba1 from Baa2;

* Generali Garant -- foreign currency insurance financial strength
  rating to B1 from Ba3;

These rating was affirmed and remains on review for further
possible downgrade:

* Generali Garant -- national scale rating of Aaa.ua

The last rating action was on 12th March 2009 when all ratings on
Generali Garant were placed on review for possible downgrade.

Based in Kiev, Ukraine, Generali Garant is ultimately controlled
by Generali SpA.  In 2008, Generali Garant reported Gross Premiums
Written of UAH643.5 million compared to UAH527.8 million in 2007.
Shareholders' equity under local GAAP was UAH83.5 million as at 31
December 2008.


PRYCHORNOMORIA BANK: NBU Launches Liquidation Procedure
-------------------------------------------------------
The National Bank of Ukraine has decided to liquidate OJSC
Prychornomoria Bank, Interfax-Ukraine reports citing a letter from
the NBU sent out to banks on May 22, 2009.

The report relates according to the letter, Prychornomoria's
banking license has been cancelled as of May 25, 2009.

"The procedure of the bank's liquidation has been launched," the
report quoted the NBU as saying in the document.

The report recalls the NBU introduced a temporary administration
at the Dnipropetrovsk-based bank on February 2, 2009.  It is to
work until August 2, 2009, the report says.  The report notes a
six-month moratorium on meeting creditors' claims against the bank
was also introduced until August 2, 2009.

The bank, founded in 1993, had no shareholders owning over 10% of
its statutory capital as of April 1, 2009, the report states.   As
of April 1, 2009, in terms of overall assets (UAH158 million), the
bank ranked 167th among the 182 banks operating in Ukraine, the
report discloses citing the NBU.


SOYUZ-A LLC: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of LLC SOYUZ-A (code EDRPOU 32426315) have until June 5,
2009, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 19, 2009.  The case is docketed under
Case No. 28/27-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC SOYUZ-A
         Office 69
         Pobeda Avenue 16
         01135 Kiev
         Ukraine


TECHNOPROJECT LLC: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of LLC Commercial Union Technoproject (code EDRPOU
34731060) have until June 5, 2009, to submit proofs of claim to:

         LLC Mediasale
         Insolvency Manager
         Naberezhnaya Str. 8-A
         Vyshgorod
         07300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009.  The case is docketed under
Case No. 28/48-b.

The Court is located at:

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


UKRAINE MORTGAGE: Moody's Cuts Ratings on 2 Classes of Notes to B1
------------------------------------------------------------------
Issuer: Ukraine Mortgage Loan Finance No. 1 Plc

  -- Class A US$134,100,000 Class A Residential Mortgage Backed
     Floating Rate Notes due 2031, Downgraded to Ba1 from Baa3, on
     review for possible downgrade.  Previously on 16 December
     2008 ratings were placed on review for possible downgrade.

  -- Class B US$36,900,000 Class B Residential Mortgage Backed
     Floating Rate Notes due 2031, Downgraded to B1 from Ba3, on
     review for possible downgrade.  Previously on 16 December
     2008 ratings were placed on review for possible downgrade.

Issuer: Ukraine Auto Loan Finance No.1 PLC

  -- Class A US$85,800,000 Class A Floating Rate Notes due 2018,
     Downgraded to Ba1 from Baa3, on review for possible
     downgrade.  Previously on 16 December 2008 ratings were
     placed on review for possible downgrade.

  -- Class B US$18,700,000 Class B Floating Rate Notes due 2018,
     Downgraded to B1 from Ba3, on review for possible downgrade.
     Previously on 16 December 2008 ratings were placed on review
     for possible downgrade.

On May 12, 2009 the Local Currency Country Bond Ceiling of Ukraine
was downgraded to Ba1 from A3.  This consequently limits the
highest achievable rating for both transactions to Ba1.  Other
sovereign ratings were also affected, amongst them the Foreign
Currency Country Bond Ceiling, which was downgraded to B1 from
Ba3.  This rating represents the maximum rating achievable by
foreign currency bonds without the benefit of liquidity to
mitigate currency transferability and convertibility risks.  The
Class A Notes of both transactions are supported by a PRI reserve
fund and a PRI Policy provided by Steadfast Insurance Company
(NR), which mitigate the risks associated with the transferability
and convertibility of foreign currency.  The ratings of these
notes are therefore limited by the Local Currency Country Bond
Ceiling of Ba1 and were downgraded to that level.  Class B Notes
do not benefit from such support and, as a result, their ratings
are limited by the Foreign Currency Country Bond Ceiling, which is
currently B1.

On May 12, 2009, the Foreign Currency Deposit Rating of PrivatBank
was downgraded to B3 from B2 and its Foreign Currency Debt Rating
was downgraded to B1 from Ba3.  In October 2008, the Local
Currency Deposit Rating was downgraded to Ba1/NP from Baa3/P-3.
PrivatBank is the originator/seller and servicer for both
transactions.  On May 20, 2009 the Local Currency Deposit Rating
of PrivatBank was placed on review for possible downgrade.

In addition, there still exists uncertainty related to the rapid
depreciation of the Hryvnia against the US Dollar and the
resulting low but increased risk, in Moody's opinion, of
redenomination of US$mortgages and loan agreements into Hryvnia.
If such redenomination were to occur at an unfavorable exchange
rate, this would result in significant immediate losses to the
noteholders.  In addition, following a redenomination of the
portfolio, the transactions would suffer from an unhedged risk
with respect to the currency mismatch between the Hryvnia-
denominated portfolio and the foreign-denominated notes.

Due to the remaining risk associated with redenomination, and due
to the uncertainty around the originator/servicer as reflected by
the fact that its ratings retain a negative outlook/review for
possible downgrade, the notes will remain on review for possible
downgrade.

During the review process, Moody's will assess the risks
associated with the uncertainty surrounding the credit quality of
the originator/servicer, monitor any further developments of the
US$/ Hryvnia exchange rate and resulting performance of the
underlying assets, and, if necessary, re-model the redenomination
risk with updated assumptions.

Both transactions use the redenomination methodology described in
the report "Impact of Redenomination Risk on Emerging Market RMBS
and ABS Transactions" dated February 4, 2008.


ULIANA LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Uliana (code EDRPOU 24135957).

The Insolvency Manager is:

         A. Rodzinsky
         50 Years of USSR Str. 2-A
         62431 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Uliana
         Yelizarov Str. 16
         Kharkov
         Ukraine


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


APPLECROSS PROPERTIES: Put Into Receivership by Bank of Scotland
----------------------------------------------------------------
The Scotman's Jane Bradley reports that Applecross Properties
Limited has been put into receivership by its banker, Bank of
Scotland, resulting in the loss of nearly all of the company's 45
staff, including founders Colin Cumberland and Graham Aggett.

The report relates representatives from receivers
PricewaterhouseCoopers arrived at Applecross's Edinburgh Park
office Friday afternoon to close the company, which has been hit
by the falling housing market.  According to the report, the
property market slowdown coincided with a period of rapid
expansion by the company.  The report recalls the company, founded
in 1979, took out a massive GBP70 million debt facility with Bank
of Scotland in 2006 and quickly began to expand, making its first
foray into Glasgow last year with the Williamswood development and
unveiling plans to build homes south of the Border.  "It all came
at the wrong time.  We had a great business and the time was right
to do what we did –- then all of a sudden all of the ground rules
changed.  If you take blood out of a body, it dies.  And money is
the property market's blood," the report quoted Mr. Aggett as
saying.

Bruce Cartwright, joint receiver and partner at PwC, as cited by
the report, said he was hopeful of selling off as many of the
company's assets as possible -– in the form of undeveloped land
bank and completed properties.  The report states properties which
PwC will continue to market include developments at Eskmill,
Midlothian, and The Cedars in Edinburgh, and Williamwood in
Glasgow.

Headquartered in Edinburgh, Applecross Properties Limited (t/a)
Applecross -- http://www.applecross.co.uk/-- specializes in
luxury apartment developments.


BRITISH AIRWAYS: Posts GBP375 Mln Loss for 12-Mos Ended March 31
----------------------------------------------------------------
Kaveri Niththyananthan and Steve McGrath at Dow Jones Newswires
reports that British Airways plc posted a GBP375 million (US$594.6
million) loss for the 12 months ended March 31, compared with a
GBP712 million profit a year earlier.

Dow Jones relates the loss came as passenger and cargo volumes
slumped and fuel costs rose 45% to GBP3 billion.  According to Dow
Jones, the airline said it would cut costs further and take an
additional 4% of capacity out of the market this winter by
grounding 16 planes.  It expects to reduce fuel costs by GBP400
million, Dow Jones says.  The airline also warned of further jobs
cuts, Dow Jones relates.

Martin Flanagan at The Scotsman reports that management will forgo
bonuses.  The Scotsman discloses chief executive Willie Walsh, who
earns GBP735,000 a year, and finance director Keith Williams, who
is paid GBP440,000 a year will work for no pay in July.  The chief
executive also cancelled the group's dividend, The Scotsman
states.

The airline's net debt nearly doubled to GBP2.4 billion, compared
with GBP1.3 billion a year earlier, while its cash balance was
just under GBP1.4 billion, down GBP483 million, Dow Jones notes.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) -- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on U.K.-based British Airways
PLC to 'BB+' from 'BBB-'.  At the same time, the rating remains on
CreditWatch with negative implications, where it was originally
placed on Jan. 27, 2009.

On Feb. 13, 2009, the TCR-Europe reported Moody's lowered the
Corporate Family Rating of British Airways plc ('BA', or 'the
company') to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively.  The ratings remain under
review for possible downgrade.


BRIXTON PLC: Gets Preliminary Approach from Segro
-------------------------------------------------
Anital Likus and Jonathan Buck at Dow Jones Newswires report that
U.K. industrial real-estate investment trust Segro plc has made a
preliminary approach to buy Brixton plc in a potential all-share
deal.

Segro, as cited by Dow Jones, said that the consideration for any
offer will be in the form of Segro shares, but reserved the right
to introduce other forms of consideration.

                               Talks

The Board of Brixton on Friday said that following the receipt of
preliminary approaches relating to possible offers for the
company, it has entered into discussions with a small number of
parties.  Brixton said these discussions are at a very early stage
and there can be no certainty that any offer will be made.

Telegraph.co.uk discloses potential bidders include MGPA, the
Australian fund backed by Macquarie Group and Barwood
Developments, the privately-owned property company.
Telegraph.co.uk notes both Brixton and the potential suitors are
likely to come under pressure from the Takeover Panel to clarify
whether they are -- or are not –- interested in bidding.

                         Covenant Breach

According to Dow Jones, selling the company might be the only
option for Brixton's shareholders because it is expected to breach
its debt covenants at the June 30 valuation unless it raises
GBP250 million (US$396.4 million) in new equity and sells more
assets.  Dow Jones says the company would have to sell some of its
prime portfolio to raise sufficient cash.  Dow Jones discloses
Brixton's wholly owned portfolio is valued at GBP1.6 billion.  Dow
Jones recalls in March the company said its net asset value had
plunged 47% and warned a further 10% fall would spark a breach
when the covenants were next tested.  Dow Jones relates the
company said Friday that gearing covenants will be tested on the
basis of the net assets published in its half-year results.

The company, Dow Jones discloses, has about GBP650 million of debt
approaching maturity.  Its most pressing repayments are a GBP275
million bond and a GBP370 million bank facility, which mature by
the end of 2010, Dow Jones states.

On April 30, 2009, the Troubled Company Reporter-Europe, citing
Dow Jones, reported Brixton was exploring options including an
equity issue, disposals and debt refinancing, to strengthen its
balance sheet to avoid breaching covenants.

Telegraph.co.uk disclosed the company has lost 80pc of its market
value since the start of the year on fears that it could breach
its covenants.

                        About Brixton plc

Brixton plc -- http://www.brixton.plc.uk/-- is a United Kingdom-
based real estate investment trust.  The Company operates as a
specialist owner of industrial and warehousing space in the United
Kingdom.  It owns and/or manages in excess of 19 million square
feet in over 1,300 units in nearly 90 estates.  During the year
ended December 31, 2007, it acquired Pisces Industrial Estate,
Trafford Park; Heathrow International Trading Estate; Rockware
Avenue, Greenford; Severnside Trading Estate and Europa Way,
Trafford Park; Jupiter House, Poyle; Oldfield Lane, Greenford;
Mercury Centre and Riverside Cargo Centre, Heathrow, and Heathrow
Gateway.


BRIXTON PLC: SEGRO Offer Won't Affect Fitch's Low-B Ratings
-----------------------------------------------------------
Following the announcements by Brixton Plc (Brixton, Long-term
Issuer Default Rating 'BB', Senior Unsecured 'BB+', Short term IDR
'B', Rating Watch Negative) and SEGRO Plc (SEGRO, rated Long-term
IDR 'BBB+', Senior Unsecured 'A-', Short-term IDR 'F2', Stable
Outlook), Fitch Ratings notes that SEGRO has made a preliminary
approach to Brixton's Board of Directors regarding a possible
offer for the company.  A bid from SEGRO, or other unrevealed
suitors, is not certain however.

There is currently no detail on the structure, timing or
likelihood of any potential transaction.  As such, Fitch does not
intend to take any rating action at this time on SEGRO or Brixton.
However, the agency will closely monitor the potential
transaction's evolution and evaluate the impact of any changes to
a combined group's business and financial profile.  Fitch would in
particular focus on the combined group's liquidity structure and
access to debt capital markets, including bank debt facilities.
Rating actions could occur in the future if the acquisition
progresses.

In the event of a successful offer by SEGRO for Brixton on a share
exchange offer basis, Fitch estimates the combined group would
have a pro-forma (based on FYE08 to December 2008) net interest
cover of around 1.7x and a loan-to-value of 50%-55%.  SEGRO has a
standalone Fitch adjusted NIC of 1.7x and a LTV of 54% post its
GBP501 million rights issue, whilst Brixton has a standalone
Fitch-adjusted NIC of 1.7x and a LTV 51% at FY08.  The combined
group would have investment property assets totaling GBP5.5
billion and net rents of GBP320 million, confirming it as the
largest business space property company in the UK and one of the
largest in Europe.  Fitch anticipates that under such a scenario,
SEGRO would seek to sell certain Brixton property assets to reduce
borrowings and retain strong liquidity.  A key element in any
possible share offer by SEGRO will be the discount to net asset
value it has to offer new shares at and thus the dilution of
existing SEGRO shareholders.  Brixton's market capitalization as
of the date stands at a GBP162 million.

Brixton's bondholders are currently protected by a gearing
covenant whereby Net Borrowings (as defined) must not exceed 175%
of Adjusted Capital and Reserves.  Brixton announced that its
gearing covenants will be tested on the basis of the net assets
published in its H109 (June 2009) interim results.  Any potential
bidder will have to take account of this now revised compliance
date in terms of possible refinance risk should a covenant breach
materialize.  Furthermore, Brixton's bond documentation provides
additional comfort to bondholders by way of a put option further
to a Rating Downgrade or Negative Rating Event, in the event of a
change of control at Brixton.  The New Owner Restriction of
Dividends Clause provides protection preventing both loans to a
new owner and the repurchase of share capital from a new owner.
Unsecured bondholders on both the 2010 and 2019 bond issues also
benefit from a negative pledge clause which limits secured and
unguaranteed subsidiary debt to 50% of adjusted capital and
reserves.

Brixton's operational performance in 2009, although satisfactory
in FY08 (vacancy on Brixton portfolio, including unlet
developments, of 17.3% ((10.6% excluding developments)) against a
UK industrial average of 14.6% according to Independent Property
Databank Ltd January 2009), could be affected by a possible rent
roll reduction from significant lease expiries in 2009 and 2010.
For the year to FYE08, NIC fell to 1.7x (versus 2.0x at FYE07),
due to interest on acquisitions, the remaining costs on the
development program and higher attendant voids.  With no
development under construction, Brixton's contracted capital
commitments at FY08 amounted to just GBP2.8 million.

SEGRO's ratings are supported at their current level by the
company's long average lease terms and debt maturities, good net
interest cover (NIC of 1.7x at FY08) and its property portfolio
which is well diversified regarding tenants and geography.  Post
the GBP501 million rights issue in April 2009, SEGRO currently
benefits from a strong liquidity position with cash, deposits and
undrawn bank facilities totaling around GBP1.16 billion, which can
support development spending expected to be around GBP196 million
in 2009.  There are no debt maturities within the next twelve
months.  No other bond debt matures until July 2010, at which time
a GBP125 million bond becomes due for repayment.


CENTRAL METAL: Appoints Joint Administrators from BDO
-----------------------------------------------------
Joanne Marie Wright and Geoffrey Stuart Kinlan of BDO Stoy Hayward
LLP were appointed joint administrators of Central Metal
Manufacturing Ltd. on May 7, 2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


CHARTERS DEVELOPMENTS: Brings in Joint Administrators from PwC
--------------------------------------------------------------
Peter Norman Spratt and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators of
Charters Developments Ltd. on May 6, 2009.

The company can be reached at:

         Charters Developments Ltd.
         Manor Cottage
         18a Waxwell Lane
         Pinner
         Middlesex
         HA5 3EN
         England


TITAN 2005-1: Moody's Cuts Rating on Class E Notes to 'B2'
----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Cornerstone Titan 2005-1 p.l.c. (amounts reflect initial
outstandings):

  -- GBP38,480,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due 2014 downgraded to Aa3, previously on 13
     October 2005 assigned Aa2;

  -- GBP47,350,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due 2014 downgraded to Baa2, previously on 13
     October 2005 assigned A2;

  -- GBP77,060,000 Class D Commercial Mortgage Backed Floating
     Rate Notes due 2014 downgraded to Ba3, previously on 13
     October 2005 assigned Baa3;

  -- GBP7,280,000 Class E Commercial Mortgage Backed Floating Rate
     Notes due 2014 downgraded to B2, previously on 14 November
     2005 assigned Ba2.

At the same time Moody's has affirmed the Aaa rating of the Class
A1, Class A2 and Class X Notes issued by Cornerstone Titan 2005-1
p.l.c.  Moody's does not rate the Class F, Class VA and the Class
VB Notes.

The rating action concludes the review for possible downgrade that
was initiated for the Class B, Class C, Class D and the Class E
Notes on 08 April 2009.  The rating action takes Moody's updated
central scenarios in account, as described in Moody's Special
Report "Moody's Updates on Its Surveillance Approach for EMEA
CMBS".

1) Transaction and Portfolio Overview

Cornestone Titan 2005-1 plc closed in October 2005 and represents
the securitisation of initially nine commercial mortgage loans
originated by Credit Suisse and GMAC Commercial Mortgage Bank
Europe plc and secured by first-ranking legal mortgages over
initially 71 commercial properties located across the UK.  The
properties were predominantly offices (82%) and located in London
(72%).  The remaining collateral pool largely consisted of self
storage (6.7%) and industrial (4.8%) properties located
predominantly in South East (excluding London) (21.1%) and West
Midlands (3.9%).

Since closing of the transaction, five loans (50% of the initial
portfolio balance) have prepaid in full and one loan (5.4% of
original, 2.6% of current portfolio balance) had partial
prepayments due to property disposals.  The aggregate principal
amount outstanding of the Notes is 44.2% of the aggregate amount
outstanding at closing (excluding the Class X Notes).  Therefore
the allocation of loan prepayments has switched from modified pro-
rata to sequential.

The remaining loans are not equally contributing to the portfolio:
the biggest loan (the Eagle Office Portfolio Loan) represents
86.7% of the current portfolio balance, while the smallest loans
(the Bentima House Portfolio Loan and the Jubilee Way Loan)
represent 2.6% each.  The current loan Herfindahl index is 1.3
compared to 4.3 at closing, indicating a higher loan concentration
after the prepayments.  The remaining four loans are secured by
six properties which are still predominantly office use (97.4%).
and located mainly in London (97.4%).

As of the last interest payment date, all of the remaining loans
in the portfolio were current.  However, one loan (Jubilee Way
Loan -- 2.6% of the current portfolio) was transferred to special
servicing on April 24, 2009, due to a breach of its ICR covenant
of 1.2x and failure to rectify such breach within the agreed grace
period.

2) Rating Rationale

The downgrades of the Class B, Class C, Class D, and the Class E
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 since closing, 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 Eagle
Office Portfolio Loan and the Trevelyan House Loan) and on the
loan that is currently in special servicing (the Jubilee Way
Loan).

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the UK commercial
property markets, Moody's opinion about future property value
performance and increased portfolio concentration following
prepayments.  Driven by, in most cases, a higher default risk
assessment at the loan maturity dates, Moody's now 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
considerable 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, 74%
for the Class A1 Notes, 50.5% for Class A2, 41% for Class B, 28.1%
for Class C, 7.2% for Class D and 5.2% for the Class E Notes
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 for
the Class B, Class C, Class D and Class E Notes.  The Moody's
rated classes of Notes have benefited from a large amount of
prepayments (50.0% of the original portfolio balance have prepaid
in full), which has increased the subordination that is available
to the Notes and hence the protection the Notes have against
portfolio losses.

The Class B, Class C, Class D and Class E are subordinated classes
in the transaction's capital structure.  Due to this additional
leverage, the higher portfolio risk assessment has a relatively
bigger impact on the expected loss of those Notes than on the
expected loss of the more senior Notes.

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 in 2005, the values of the
properties securing this transaction have declined by on aggregate
12% until the beginning of 2009 (ranging from a 11% value decline
for the Eagle Office Portfolio Loan to a 47% value decline for the
Jubilee Way Loan).  Looking ahead, Moody's anticipates further
declines until 2010, resulting in a 20.3% value decline compared
to the U/W value at closing (ranging from a 19.4% decline for the
Eagle Office Portfolio Loan to a 52% value decline for the Jubilee
Way Loan).

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitised loan-to-
value ratio was 81.5% compared to the reported U/W LTV of 73.9%.
Due to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 90.3% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 134% for the Jubilee Way
Loan to 53.6% for the Bentima House Loan. The largest loan in the
portfolio, the Eagle Office Portfolio Loan, has debt outside the
securitization in the form of a B-loan (amounting to GBP39.85
million as of closing).  Based on estimated trough values, the
portfolio's weighted average whole loan LTV is 104%.  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 considerable.  10.8% of the
current portfolio matures in 2009 and 2010 and 89.2% in 2012.  As
Moody's expects property values in the UK to only slowly recover
from 2011 onwards, almost all loans (except for the Bentima House
Portfolio Loan, for which the LTV based on Moody's anticipated
trough value amounts to 53.6%) will be still highly leveraged at
their respective maturity dates, especially when taking into
account the B-loan for the Eagle Office Portfolio Loan.
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, in particular the
Trevelyan House Loan and the Jubilee Way Loan could be in Moody's
view exposed to weakening occupational markets.  Based on the
current lease profile, Moody's has incorporated into its analysis
an allowance for deterioration in coverage ratios on 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 (Jubilee Way Loan - 2.6%) was transferred on April 24,
2009, to special servicing due to the breach of its ICR covenant.
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.  The default risk of all
currently performing loans (i.e. excluding the Jubilee Way Loan)
is predominantly driven by refinancing risk.  Of those loans, the
Trevelyan House Loan has in Moody's view the highest default risk,
while the smallest loan in the portfolio (Bentima House Loan) has
the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in Cornerstone
Titan 2005-1 plc exhibits an above average concentration in terms
of property types (97.4% office) and property location (100% UK
and 97.4% 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 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 considerable
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.


ELLIOTT ROSS: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
James Douglas Ernle Money and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint administrators of Elliott
Ross Associates Ltd. on May 5, 2009.

The company can be reached at:

         Elliott Ross Associates Ltd.
         3 Copthall Avenue
         London
         EC2R 7BH
         England


INEOS GROUP: May Secure Waiver Extension This Week
--------------------------------------------------
The Independent's Mark Leftly reports that Ineos Group Holdings
Plc is close to securing a waiver on its debt terms to July 17.

According the report, the company's current waiver expires at the
end of the month.  The report relates Ineos, which has debts of
EUR7.5 billion (GBP6.6 billion), sought for an extension so that
its lenders and their advisers, Houlihan Lokey and Deloitte, could
properly assess a new five-year business plan, drew up by big four
account KPMG.

The report discloses as of Friday night, 60 percent of the
company's shareholders voted in favor of the extension.  The
company, the report says, needs two-thirds support from its 200-
plus banks which executive chairman Jim Ratcliffe expects to
secure by the middle of the week.

                        About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group.  Ratcliffe has placed INEOS among the world's
top chemical companies (with ExxonMobil, Dow, and BASF) through
his many and varied acquisitions.


JUST FORMS: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Ian Cadlock and A. J. Pear of Tenon Recovery were appointed joint
administrators of Just Forms Ltd. on April 24, 2009.

The company can be reached through Tenon Recovery at:

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


LAND SECURITIES: CEO Ordered to Draw Up Turnaround Plans
--------------------------------------------------------
Richard Fletcher at Telegraph.co.uk reports that Alison Carnwath,
chairman of Land Securities Group plc, has ordered Francis Salway,
chief executive, to draw up plans to turn around the company.

Ms. Carnwarth, however, denied reports that she has given Mr
Salway just six months -– or face being sacked, Telegraph.co.uk
relates.

On May 18, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Land Securities said its net loss for
fiscal 2009 widened to GBP5.19 billion (US$7.9 billion) from
GBP830.8 million a year earlier as the value of properties from
Birmingham's Bullring mall to Cardinal Place in London slumped.
Revenue was little changed at GBP821.2 million, the report said.

The report related Land Securities's assets depreciated by GBP4.7
billion, or 34 percent, in the year ended March 31, forcing the
company to sell more shares to investors and cut its quarterly
dividend.  According to the report, Land Securities said its
adjusted net asset value plunged 66 percent to 593 pence a share
from 1,552 pence six months earlier.  Tenants accounting for 5.6
percent of retail rental income were in administration as of March
31, the report cited Mr. Salway as saying during a conference call
with reporters on May 13.

Headquartered in London, England, Land Securities Group plc
(LON:LAND) --  http://www.landsecurities.co.uk/-- is a real
estate investment trust.  The Company's national portfolio of
commercial property includes some of United Kingdom's shopping
centers and landmarks.  It is also involved in long-term, large-
scale regeneration projects in the south east.  It operates
through three divisions: Retail portfolio, which includes shopping
centers, retail warehouses, shops outside London, shops held
through the Metro Shopping Fund LP, regional offices and other
regional properties; London Portfolio, which includes all London
offices and London retail, but excludes those assets held in the
Metro Shopping Fund LP., and Property Partnerships, which is
engaged in long-term property outsourcing partnerships with public
sector organizations, including DWP, DVLA and Royal Mail and with
corporates, including Norwich Union, Barclays and Accor Hotels. In
January 2009, the Company completed the sale of Land Securities
Trillium to Telereal, the property investment and services
company.


LLOYDS BANKING: To Auction Stakes Inherited From HBOS
-----------------------------------------------------
Richard Tyler at Telegraph.co.uk reports that Lloyds Banking Group
is to auction its shareholding in more than than 60 of Britain's
largest companies.

Telegraph.co.uk relates UBS, the investment bank, is working on
plans to auction the stakes, inherited from HBOS.  Citing the
Sunday Telegraph, BreakingNews.ie discloses the investments were
accumulated by HBOS for around GBP1.4 billion (EUR1.6 billion).
Telegraph.co.uk says the combined value of the investments have
more than halved to GBP600 million since last June.

BreakingNews.ie discloses shareholdings reportedly being lined up
for sale by Lloyds include cinema chain Vue Entertainment, gym
group David Lloyd Leisure and D&D Restaurants, founded by Terence
Conran.  Hamish Rutherford at The Scotsman reports other assets
reportedly to be included in the sale cover a wide range of
sectors, including Polypipe, a manufacturer of piping systems and
Sunseeker, a yacht-building company.  According to
Telegraph,co.uk, a number of potential financial bidders are
understood to have expressed an interest in the stakes.
Telegraph.co.uk adds stakes in a number of smaller companies such
as Aberdeen-based oil industry specialist Red Spider Technology
and Leaseway Vehicle Rental are also thought to be included in the
the sale.

Telegraph states City sources told The Sunday Telegraph the
auction process could begin July.  Breakingnews.ie notes Lloyds
may choose to sell assets individually or as a whole.
Breakingnews says it is not thought that Lloyds will rush into a
firesale of the HBOS investment portfolio.

On May 22, 2009, the Troubled Company Reporter-Europe, citing The
Scotsman, reported, Lloyds may be forced sell off core parts of
its business as the price for taking part in the government's
multi-billion pound bank support schemes.

The Scotsman related the group warned shareholders on Wednesday
that the European Commission could compel it to "divest or exit
core businesses" as a condition of granting state aid approval.
According to the Scotsman, under competition rules, the bank has
to obtain approval from Brussels for the GBP17 billion government
recapitalization and the placing of GBP260 billion of toxic debts
into the taxpayer-backed Asset Protection Scheme.

                        State Guarantees

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Bloomberg News said Lloyds Banking Group obtained GBP260
billion or US$367 billion in state guarantees increasing the U.K.
government's stake in the bank to as much as 75 percent from 43
percent.  Under the agreement, Lloyds will pay GBP15.6 billion for
asset protection, or 5.2 percent of the insured assets, in the
form of non-voting shares, the report said citing the bank in a
statement.  Lloyds also agreed to increase lending to businesses
and homeowners by GBP28 billion over the next 24 months, the
report related.  In return, the report disclosed Lloyds will get
government insurance for GBP74 billion of residential mortgages,
GBP18 billion of unsecured personal loans, GBP151 billion of
corporate and commercial loans and GBP17 billion of treasury
assets.  The report stated Lloyds will be responsible for the
initial GBP25 billion of losses on the insured assets and will
cover 10 percent of any additional losses, with the Treasury
responsible for the rest.  The government will also underwrite a
GBP4 billion share sale and convert existing preference shares
into equity, the report disclosed.  According to Bloomberg News,
about 83 percent of the assets Lloyds is insuring came from HBOS
Plc.  Lloyds acquired HBOS's deteriorating quality of loans when
it bought the firm in a government-brokered deal, the report said.
The report recalled in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze.  In February, HBOS posted a
pretax loss of GBP7.5 billion, the report noted.

                About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/--  formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


LLOYDS BANKING: U.K. Holds Stress Tests Results on Stability Issue
------------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that the U.K. refused
to release the results of stress tests conducted on British banks
saying publishing the information may increase instability and
force the government to take further action to shore up the U.K.
financial system.

According to the report, in response to a Freedom of Information
Act request by Bloomberg News that sought the test results and
criteria used to evaluate banks, the Treasury said disclosure of
the results "at this time may lead to uncertainty in financial
markets, either in relation to specific institutions or more
generally" adding that "such instability could require further
action by the authorities."

The report recalls the Financial Services Authority carried out
stress tests on U.K. banks earlier this year to determine their
ability to withstand losses amid the worst recession in 60 years.
Barclays Plc is the only bank to have disclosed its results,
saying it will continue to meet the regulator's capital
requirements under various credit risk, market risk and economic
scenarios, Bloomberg News relates.

According to Bloomberg News, the U.K. has committed as much as
GBP1.4 trillion (US$2.2 trillion) to bolster the nation's banking
system through direct investments, asset insurance and
underwriting loans.  The government has nationalized Northern Rock
Plc and Bradford & Bingley Plc, and taken controlling stakes Royal
Bank of Scotland Group Plc and Lloyds Banking Group Plc, the
report says.

"Keeping the information under wraps will only serve to create
more uncertainty in the long term," Vince Cable, the opposition
Liberal Democrats' spokesman on treasury issues, said in an e-
mailed statement obtained by Bloomberg News.  "We need a system
that is as open and as transparent as that in the United States."

In the U.S., the report says the Federal Reserve said similar
reviews showed 10 U.S. lenders needed to raise a total of US$74.6
billion and the banks were given six months to fill any capital
shortfalls identified by the U.S. tests or face expanded federal
ownership.  The report relates U.S regulators said publishing
their findings would ease concerns about lenders.

               About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/--  formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


NEW EAST: Appoints Joint Administrators from Tenon Recovery
-----------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of The New East One Company Ltd. on April 29,
2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


REMIND4U LTD: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Mark Boughey and Colin Prescott of Smith & Williamson were
appointed joint administrators of Remind4u Ltd. on April 30, 2009.

The company can be reached through Smith & Williamson at:

         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


ROYAL BANK: U.K. Holds Stress Tests Results on Stability Concerns
-----------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that the U.K. refused
to release the results of stress tests conducted on British banks
saying publishing the information may increase instability and
force the government to take further action to shore up the U.K.
financial system.

According to the report, in response to a Freedom of Information
Act request by Bloomberg News that sought the test results and
criteria used to evaluate banks, the Treasury said disclosure of
the results "at this time may lead to uncertainty in financial
markets, either in relation to specific institutions or more
generally" adding that "such instability could require further
action by the authorities."

The report recalls the Financial Services Authority carried out
stress tests on U.K. banks earlier this year to determine their
ability to withstand losses amid the worst recession in 60 years.
Barclays Plc is the only bank to have disclosed its results,
saying it will continue to meet the regulator's capital
requirements under various credit risk, market risk and economic
scenarios, Bloomberg News relates.

According to Bloomberg News, the U.K. has committed as much as
GBP1.4 trillion (US$2.2 trillion) to bolster the nation's banking
system through direct investments, asset insurance and
underwriting loans.  The government has nationalized Northern Rock
Plc and Bradford & Bingley Plc, and taken controlling stakes Royal
Bank of Scotland Group Plc and Lloyds Banking Group Plc, the
report says.

"Keeping the information under wraps will only serve to create
more uncertainty in the long term," Vince Cable, the opposition
Liberal Democrats' spokesman on treasury issues, said in an e-
mailed statement obtained by Bloomberg News.  "We need a system
that is as open and as transparent as that in the United States."

In the U.S., the report says the Federal Reserve said similar
reviews showed 10 U.S. lenders needed to raise a total of US$74.6
billion and the banks were given six months to fill any capital
shortfalls identified by the U.S. tests or face expanded federal
ownership.  The report relates U.S regulators said publishing
their findings would ease concerns about lenders.

                           About RBS

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


SOHO M LTD: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Soho M Ltd. on April 29, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


SOHO P LTD: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Soho P Ltd. on April 29, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


TFIF LTD: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of TFIF Ltd. on may 5, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


* Fitch Downgrades Long-Term IDRs of Five UK Building Societies
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five UK building societies: Chelsea Building Society, Newcastle
Building Society, Principality Building Society, West Bromwich
Building Society and Yorkshire Building Society.  The Long-term
IDRs of Britannia Building Society, Coventry Building Society,
Leeds Building Society and Norwich & Peterborough Building Society
are affirmed, while the Long-term IDR of Skipton Building Society
is placed on Rating Watch Negative.

"Fitch's concerns are concentrated on higher-risk lending by
societies, which includes buy-to-let, self-cert, adverse,
purchased loans and commercial mortgages," said Matthew Taylor,
Senior Director, in Fitch's Financial Institutions team.  The
weakening economic environment has increased the credit risk of
the societies, as unemployment has risen and continues to rise,
and house prices have fallen.

"Fitch expects larger loan impairment charges to erode earnings,
making societies more vulnerable in the case of further
deterioration in loan quality or other shocks," added Andrea
Jaehne, Director, in Fitch's Financial Institutions team.

The loan books of most institutions are composed mainly of low-
risk, owner-occupied residential mortgages, which yield low profit
margins.  Societies have offered higher-risk buy- to-let, self-
cert, second charge and adverse mortgages, which produce slightly
greater revenues but which are also showing signs of strain as
unemployment rises.  Often a small percentage of the riskiest
loans generates a significant proportion of the loan impairment
charge.  Commercial loans form a small part of some societies'
lending but the type of loan (for example, subordinated or
syndicated) and large size of some counterparties mean that the
risks may be large in relation to the other credit risks and pre-
impairment operating profitability in a society.

Fitch notes that the societies have been successful in raising
retail deposits and in the first months of 2009 have further
strengthened their holdings of liquid assets.  In all cases, the
societies look well-placed to withstand a variety of potential
stresses linked to wholesale money markets, although access to
wholesale markets has narrowed.  As a consequence, societies have
reduced their reliance on wholesale funding and, in some cases,
plan to reduce it further.  While these actions should allow the
societies to cope with possible shocks, they also suggest that
availability of this important source of funding is more limited
than formerly, reducing financial flexibility.  As a result, to
reflect the harsher operating conditions, the Short-Term IDR for a
society with a Long-term IDR of 'A-' has been downgraded to 'F2'
from 'F1'.

Capital is at least adequate at all societies and strong in
several.  Fitch does not expect possible losses to erode a
significant proportion of capital at any society.  However, to
reflect the increased strain on societies with a Long-term IDR in
the 'BBB' range, the ratings of the permanent interest bearing
shares have been notched farther from the Long-term IDR.

The affirmations of Britannia Building Society's Long- and Short-
Term IDRs and Individual rating reflect Fitch's view that capital,
funding and liquidity are all at acceptable levels.  The
maintaining of the Negative Outlook on its Long-term IDR reflects
Fitch's concerns over the society's credit risk in relations to
earnings.  In 2008, the society reported an improved pre-
impairment operating profit mainly as a result of reducing costs.
However, some of the society's higher risk loans reflected the
deteriorating economic environment and contributed to a larger
loan impairment charge.  With unemployment and house prices
worsening, Fitch expects these higher risk loans to weigh on the
society's profitability, constraining financial flexibility.  The
ratings take also into account Britannia Building Society's
proposed merger with the smaller Co-Operative Bank (Co-Op, rated
'A' RWN) which should create a larger institution with a more
diversified loan book and income streams.  The new institution
should benefit from cost synergies supporting overall operating
profitability, adequate capitalization and liquidity as well as a
strong retail funding position.  Legal completion of the merger is
scheduled for August 2009, at which point Fitch will review the
ratings of the new institution.  Should the merger not take place
for any reason, the agency would review Britannia's ratings.

The downgrade of Chelsea Building Society's Long- and Short-term
IDRs and Individual rating as well as Negative Outlook reflects
the society's reduced ability to generate profits and the
vulnerability of its specialist lending to falling house prices
and rising unemployment.  Fitch also believes there is a risk of
losses in Chelsea's small commercial book, which includes some
substantial syndicated loans and is mainly exposed to London.
Fitch expects arrears in Chelsea's substantial buy-to-let, self-
cert and adverse lending to rise and considers that recoveries are
likely to be adversely affected as a result of the relatively high
indexed loan to values.  The society's new strategy is to focus on
its core business of retail savings and prime owner-occupied
residential mortgages although, given that there are limited
remortgaging opportunities for riskier borrowers, it is likely to
take some time for the composition of its mortgage book to change.
Liquidity is good and the society is well-capitalized although
capitalization is slightly lower than some similarly rated peers.

The affirmation of Coventry Building Society's Long- and Short-
term IDRs and Individual rating reflects its relatively minor
credit risks, strong asset quality and good cost efficiency.  They
also take into account the society's good customer deposit inflows
and its satisfactory liquidity and capital position.  In 2008
profitability proved to be more resilient than in many other
societies and, for 2009, Fitch expects the society to be
reasonably profitable.  Downside risks could arise from
significant deterioration in asset quality resulting from higher-
than-expected levels of unemployment and a sharper decline in the
UK house prices.  Given pressure on net interest revenue and
larger loan impairment charges, the agency also considers that a
larger-than-expected deterioration in profitability would put
pressure on the ratings.

The affirmation of Leeds Building Society Long- and Short-term
IDRs with Stable Outlook reflects the society's good earnings
capacity, strong cost efficiency and good capitalization.  The
Rating Watch Negative placed on its Individual Rating signals
Fitch's concerns over the society's small commercial mortgage
exposure.  Although the proportion of commercial loans in the
total loan book at 9% compares well with other rated building
societies, the agency is concerned about single name concentration
and its involvement in a small number of syndicated loans.
However, Fitch considers that Leeds has always provided
conservatively for its known risks.

The downgrade and placing on RWN of Newcastle Building Society's
Long- and Short-term IDRs and its Individual Rating reflect
concerns about certain elements in its buy-to-let mortgage book
and large exposure to commercial mortgages, including single name
concentrations, especially in light of its small absolute capital
size and limited earning capacity. On the other hand, the agency
takes comfort from the large proportion of less risky housing
association loans in the commercial mortgage book.  The agency
will complete its analysis of Newcastle's commercial mortgage book
before resolving the RWN.  Despite acknowledging the society's
good retail deposit flows and diversification of income streams,
the agency has some concerns over its profitability especially in
light of the pressure on its net interest revenue arising from the
low interest rate environment and the potential reduction in fee
income as a result of the more difficult economic conditions.

Norwich & Peterborough Building Society's Long-term IDR and
Individual Rating have been affirmed, reflecting its consistent
performance despite the worsening UK economy.  The downgrade of
its Short-term IDR reflects the prolonged tightening of wholesale
funding markets, which has reduced the availability of long-term
wholesale funds, restricting flexibility.  The society continues
to expand its customer deposits and its residential mortgage asset
quality remains good.  In addition to containing lower-risk
housing associations, its commercial lending portfolio continues
to exhibit low arrears and is well-diversified by single names.

The downgrade of Principality Building Society's Long-term IDR and
Individual Rating reflects the continued deterioration in the
economy and the impact which it may have above all on the
society's commercial mortgage book.  The book continues to perform
well but contains a small number of exposures which Fitch
considers large in proportion to equity and earnings and which
could therefore generate sizeable loan impairment charges.
Falling house prices and worsening unemployment are likely to lead
to significant loan impairment charges in second-charge mortgage
lending.  The downgrade incorporates an expectation of some
further deterioration in the society's asset quality and
profitability but, if loan impairment charges exceed Fitch's
expectations, there could be pressure on the ratings.  However,
Fitch takes some comfort from the wider risk-adjusted spreads on
these loans which should help absorb losses.  Principality
Building Society has a strong retail funding franchise in Wales
and its capital is solid, justifying the Stable Outlook on the
Long-term IDR.

The placing of Skipton Building Society's Long- and Short-term
IDRs on RWN reflects the risks of asset quality deterioration in
its high, but sub-100%, LTV self-cert and adverse lending.  Fitch
also recognizes potential integration risks in the merger with the
smaller Scarborough Building Society and the risks to Skipton
Building Society's profitability from its subsidiaries amid a
worsening economic environment.  Following pressure on operating
profitability in 2008, management expects better performance in
2009. As a diversified group with subsidiaries including estate
agency, mortgage servicing, financial services and data services
the group is less dependent on net interest margin development
than peers.  Skipton's liquidity remains good and it continues to
expand customer deposits strongly both organically and non-
organically.

The downgrade and placing on RWN of West Bromwich Building
Society's Long- and Short-term IDRs as well as its Individual
Rating reflect Fitch's concerns about the society's credit risk,
especially in light of the single name concentration in its
commercial mortgage book.  This risk is worsened by the society's
limited ability to generate sufficient pre-impairment operating
profit to absorb potential losses in its loan book.  The IDRs have
been placed on RWN, pending the outcome of further analysis of the
society's commercial mortgage loan book.  Fitch acknowledges that
the asset quality of its buy-to-let portfolio is good, that the
society has benefited from strong retail deposit inflows over the
past 12 months and that it is adequately capitalized.

The downgrade of Yorkshire Building Society's Long- and Short-term
IDRs is in anticipation of worse performance during the economic
downturn due to its relatively high proportion of riskier high,
but sub-100%, LTV and broker-introduced borrowers.  Operating
profitability is therefore likely to be placed under pressure by
larger loan impairment charges and the ratings incorporate
expectations of a weaker performance in 2009.  The society's
public covered bond issuance has eased its funding situation but
it is not clear whether it will continue to access to this market.
The Stable Outlook is supported by strong capitalization and good
liquidity.

The ratings for all societies are below:

Britannia Building Society:

  -- Long-term IDR affirmed at 'A-', Negative Outlook

  -- Short-term IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

  -- Senior unsecured notes at 'A', remains on RWN

  -- Subordinated notes and permanent interest bearing shares
     affirmed at 'BBB+'

Chelsea Building Society

  -- Long-term IDR downgraded to 'BBB+' from 'A-'; Outlook revised
     to Negative from Stable

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

  -- Individual Rating downgraded to 'C' from 'B/C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured notes downgraded to 'A-' from 'A'

  -- Subordinated notes downgraded to 'BBB' from 'BBB+'

Coventry Building Society:

  -- Long-term IDR affirmed at 'A' , Stable Outlook

  -- Short-term IDR affirmed at 'F1'

  -- Individual rating affirmed at 'B'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured notes affirmed at 'A+'

  -- Subordinated notes and permanent interest bearing shares
     affirmed at 'A-'

Leeds Building Society:

  -- Long-term IDR affirmed at 'A', Stable Outlook

  -- Short-term IDR affirmed at 'F1'

  -- Individual rating at 'B', placed on RWN

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured notes at 'A+'

  -- Subordinated notes and permanent interest bearing shares
     affirmed at 'A-'

Newcastle Building Society:

  -- Long-term IDR downgraded to 'BBB+' from 'A-'; placed on RWN

  -- Short-term IDR downgraded to 'F2' from 'F1'; placed on RWN

  -- Individual rating downgraded to 'C' from 'B/C'; placed on RWN

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured notes downgraded to 'A-' from 'A'; placed on
     RWN

  -- Subordinated notes downgraded to 'BBB' from 'BBB+'; placed on
     RWN

Norwich & Peterborough Building Society
  -- Long-term IDR affirmed at 'A-'
  -- Short-term IDR downgraded to 'F2' from 'F1'
  -- Individual rating affirmed at 'B/C'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'

Principality Building Society

  -- Long-term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable

  -- Short-term IDR affirmed at 'F2'

  -- Individual Rating downgraded to 'C' from 'B/C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured notes downgraded to 'A-' from 'A'

  -- Subordinated notes downgraded to 'BBB' from 'BBB+'

  -- Permanent interest bearing shares downgraded to 'BBB-' from
     'BBB+'

Skipton Building Society:

  -- Long-term IDR at 'A' placed on RWN

  -- Short-term IDR at 'F1' placed on RWN

  -- Individual rating affirmed at 'B/C'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured notes 'A+' placed on RWN

  -- Subordinated notes and permanent interest bearing shares 'A-'
     placed on RWN

West Bromwich Building Society:

  -- Long-term IDR downgraded to 'BBB+' from 'A-'; placed on RWN

  -- Short-term IDR at 'F2'; placed on RWN

  -- Individual rating downgraded to 'C' from 'B/C'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured notes downgraded to 'A-' from 'A'; placed on
     RWN

  -- Subordinated notes downgraded to 'BBB' from 'BBB+'; placed on
     RWN

  -- Permanent interest bearing shares downgraded to 'BBB-' from
     'BBB+'; placed on RWN

Yorkshire Building Society

  -- Long-term IDR downgraded to 'A-' from 'A'; Outlook Stable

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

  -- Individual Rating affirmed at 'B/C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior unsecured notes downgraded to 'A' from 'A+'

  -- Subordinated notes downgraded to 'BBB+' from 'A-'

  -- Permanent interest bearing shares downgraded to 'BBB+' from
     'A-'


* 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


CROATIA
-------
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


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


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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