TCREUR_Public/090609.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, June 9, 2009, Vol. 10, No. 112

                            Headlines

A U S T R I A

AK - ANLAGENTECHNIK GMBH: Claims Filing Period Ends June 19
AKRON LICHTSYSTEME: Claims Filing Deadline is June 18
KRISTAL MONTAGE: Claims Filing Deadline is June 22
LVDM LANDESERVERLAG: Creditors Must File Claims by 22


A Z E R B A I J A N

KAPITAL BANK: Fitch Affirms Individual Rating at 'D/E'


F R A N C E

CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'


G E R M A N Y

ALMATIS GMBH: Starts Debt Restructuring Talks
LANDESBANK BERLIN: Moody's Assigns Rating on Covered Bonds
WADAN YARDS: Files for Insolvency; 2,500 Jobs at Risk


G R E E C E

WIND HELLAS: Tight Liquidity Cues Fitch to Junk Issuer Ratings


I C E L A N D

GLITNIR BANK: S&P Withdraws 'D' Ratings on All Outstanding Debt

* ICELAND: Takes US$5.44 Billion Loan to Repay Icesave Claims


I R E L A N D

COOLFADDA DEVELOPERS: Wants to Remain in Provisional Liquidation
CORIOLANUS LTD: Moody's Junks Rating on US$28 Mln Class C Notes
NEWCOURT GROUP: Enters Into Receivership; Deloitte Appointed
SHAMROCK CAPITAL: Moody's Cuts Rating on 2007-05 Notes to 'B3'
STANTON ABS: S&P Junks Ratings on four Classes of Notes


K A Z A K H S T A N

ALLIANCE BANK: S&P Lowers LT Counterparty Credit Ratings to 'D/D'
ASIA VISION: Creditors Must File Claims by June 26
IRTOB PV: Creditors Must File Claims by June 26
JE PET: Creditors Must File Claims by June 26
KURYLYS AS: Creditors Must File Claims by June 26

VOSTOK ROSS: Creditors Must File Claims by June 26

* Fitch Affirms Issuer Default Ratings on Seven Kazakh Corporates


K Y R G Y Z S T A N

ANEL COMPANY: Creditors Must File Claims by July 10


L U X E M B O U R G

CRC BREEZE: Fitch Cuts Rating on EUR283.2MM Class A Notes to 'BB'
KAUPTHING BANK: Creditors Approve Blackfish Restructuring Plan


N E T H E R L A N D S

MAYFAIR EURO: S&P Cuts Rating on Class B Notes to 'CC' From 'CCC-'
SILVER BIRCH: S&P Puts 'BB' Rating on Class E Notes on Neg. Watch


P O R T U G A L

LUSITANO MORTGAGES NO. 6: S&P Affirms 'BB' Rating on Class E Notes
SAGRES STC: Fitch Lifts Rating on Class T Notes to 'BB'


R O M A N I A

* Fitch Affirms Romania's Long-Term Foreign Currency IDR at 'BB+'


R U S S I A

BARGUZINSKIY LES: Creditors Must File Claims by June 15
MAGISTRAL LLC: Creditors Must File Claims by June 15
MANAGING COMPANY: Creditors Must File Claims by June 15
POLIMER-PROEKT LLC: Creditors Must File Claims by July 15
STROY SER: Creditors Must File Claims by July 15

STROY-TRANS-GAZ-OREL CJSC: Creditors Must File Claims by July 15

* Moody's Cuts Omsk Oblast's Currency Issuer Ratings to 'Ba3'
* Fitch Assigns Rating on Karelia's RUB1 Bln Domestic Bond Issue


S P A I N

REALIA: FCC, Caja Madrid to Lend EUR100 Mln Under Refinancing Plan

* Moody's Reviews Ratings on Spanish RMBS Notes for Downgrade


S W I T Z E R L A N D

BUCHS & EGGER AG: Claims Filing Deadline is June 15
EDEN MONTANA: Creditors Must File Claims by June 15
HOTEL ZURICH: Claims Filing Deadline is June 15
INNOREAL HOLDING: Claims Filing Period Ends June 15
MOBILIA HANDEL: Creditors Have Until June 15 to File Claims


U K R A I N E

DRUZHBA AGRICULTURAL: Creditors Must File Claims by June 14
EXPRESS-SERVICE LLC: Creditors Must File Claims by June 17
GREMUTCHEYE AGRICULTURAL: Creditors Must File Claims by June 14
INTERFARM BUILDING: Creditors Must File Claims by June 14
NEWEST STARCH: Creditors Must File Claims by June 14


U N I T E D   K I N G D O M

ARGON CAPITAL: Moody's Cuts Rating on Series 100 Notes to 'B3'
BLOOR HOLDINGS: Breaches Covenants; Posts 2008 GBP49.3 Mln Loss
LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B'
MENUS FUNDING: Moody's Junks Rating on Class E Floating Rate Notes
MODUS COROVEST: In Administration; KPMG Appointed

SAPHIR FINANCE: Moody's Lowers Rating on 2006-9 Notes to 'B3'
SOYMAGIC: Placed Into Administration; 20 Jobs Affected
YELL GROUP: Appoints Bob Wigley as New Chairman
WHITE TOWER: Fitch Junks Rating on GBP68 Mln Class E Notes

* UK: Premier League Clubs' Net Debt Up to GBP3.1 Bln in 2007/08
* IATA Says European Carriers to Post Losses of US$1.8 Bln in 2009

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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AK - ANLAGENTECHNIK GMBH: Claims Filing Period Ends June 19
-----------------------------------------------------------
Creditors of Ak - Anlagentechnik GmbH have until June 19, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
on July 2, 2009 at 2:15 p.m.

For further information, contact the company's administrator:

         Mag. Mario Kapp
         KAPPs GmbH
         Karntnerstrasse 525-527
         8054 Graz-Seiersberg
         Austria
         Tel.: 0316/225955
         Fax: 0316/282013
         E-mail: kapp@kapp.at


AKRON LICHTSYSTEME: Claims Filing Deadline is June 18
-----------------------------------------------------
Creditors of Akron Lichtsysteme GmbH have until June 18, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 2, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

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


KRISTAL MONTAGE: Claims Filing Deadline is June 22
--------------------------------------------------
Creditors of Kristal Montage GmbH have until June 22, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 6, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


LVDM LANDESERVERLAG: Creditors Must File Claims by 22
-----------------------------------------------------
Creditors of Lvdm Landesverlag Denkmayr Druck & Medien GmbH have
until June 22, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 6, 2009 at 10:45 a.m. at:

         Land Court of Linz
         Hall 522
         5th Floor
         Linz
         Austria

For further information, contact the company's administrator:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 65 69 69
         Fax: 65 69 69-60
         E-mail: office@hep.co.at


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A Z E R B A I J A N
===================


KAPITAL BANK: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Kapital Bank's ratings at Long-term
Issuer Default 'B+' with Stable Outlook, Short-term IDR 'B' and
Individual 'D/E'.

Fitch notes that although recent privatization has eliminated
state ownership and thus, in the agency's view, reduced the
authorities' propensity to support the bank (as reflected in its
downgrade in July 2008 to 'B+' from 'BB-'), it believes Kapital
will continue to be systemically important.  Kapital distributes
pensions and other social payments through its large nation-wide
network and services state entities and regional treasury accounts
countrywide.  Those functions are underpinned by the bank's, thus
far, unmatched network in the country, especially in regions,
comprising 88 branches/sub-branches, some 90 other outlets and 300
ATMs.  The fact that the bank is now controlled by the President's
family, and also Kapital's relatively small size, may too help to
ensure support is forthcoming in case of need.

The Individual Rating reflects the bank's limited banking
franchise and short track record, and also considers risks
stemming from worsening asset quality, which has yet to be tested
though an economic cycle.  The bank's capital position,
profitability and liquidity are, however, adequate at present.

Any change in the sovereign's rating could change its ability to
support the bank and thus might affect Kapital's ratings.  Any
change in Fitch's view on the authorities' propensity to support
the bank, and, in particular, therefore its systemic importance,
especially in the area of social payments, could also impact
Kapital's ratings.  Downward pressure on the Individual Rating
could arise from a marked further deterioration in asset quality.

Kapital was the third-largest bank in Azerbaijan by asset and
retail deposits at end-2008 with market shares of 5.6% and 8.6%,
respectively.  The bank's controlling shareholder (97.5%) is the
Pashaev family, who are also the in-laws of President Aliev.

The rating actions are:

Kapital Bank

  -- Long-term foreign currency IDR: affirmed at 'B+; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '4'

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


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F R A N C E
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CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded CMA CGM's Corporate
Family Rating and Probability of Default Rating to B1 from Ba1.
At the same time, Moody's has downgraded the US$253.7 million
5.562% Class A corporate asset-backed secured notes due 2021
issued by Vega Container Vessel 2006-1 Public Limited Company to
Baa3 from A3; the transaction was designed to finance a fleet of
container vessels for CMA CGM.  The outlook on the ratings is
negative.

The action concludes the review for possible downgrade initiated
on March 23, 2009.

"The downgrade of CMA CGM's CFR to B1 reflects Moody's expectation
that the combined effects of business conditions, which are likely
to remain weak over the medium term, and the sizeable capital
investment plan currently underway will likely lead to lower cash
flow generation than previously anticipated and a financial
profile no longer in line with a Ba rating over the intermediate
term," said Marco Vetulli, a Vice President-Senior Credit Officer
in Moody's Corporate Finance Group.

In the past few years, CMA CGM, like all the main players in the
container shipping industry, has undertaken a capital investment
plan based on the expectation of steady growth of consumer
spending in the main western countries.  However, because of the
current global economic downturn, Moody's recognizes that consumer
spending is expected to remain subdued over the intermediate term;
therefore, the level of growth previously forecast is no longer
realistic.  "Moody's expects CMA CGM's credit profile will be
affected by the structural changes in the market due to both the
severity of the downturn and the persistence of weak market
conditions over the intermediate term," said Mr. Vetulli.

While Moody's recognizes that the company is taking action to
cancel or postpone some of its ship deliveries, free cash flow
will remain negative, leverage is expected to be above 7x in the
intermediate term and the leeway on the covenants contained in
some of the group's credit agreement is likely to vanish.  The
rating action is premised on Moody's assumption that lenders are
likely to remain supportive and that the liquidity situation,
which partly relies on asset sales, will remain adequate.

The rating of the Class A notes issued by Vega principally
reflects (i) CMA CGM's credit quality, and (ii) the additional
degree of protection provided by the legal and financial
arrangements of the transaction to the Class A noteholders in the
event of a default by CMA CGM.  The degree of protection is based
on an estimate of the probability and severity of a shortfall for
the Class A notes in the event of a sale of the collateral and
liquidation of the transaction, following such a default.  Under
the original modelling assumptions, collateral may have provided
more support to the Class A notes in the event of a downgrade of
CMA CGM's rating to B1 from Ba1.  However, given the severity of
the current downturn and its expected effect on the value of the
vessels assigned as collateral for the notes, Moody's believes a
more cautious approach is appropriate; therefore, the Class A
notes have been downgraded by three notches, in line with the
repositioning of the company's CFR.

The negative outlook reflects Moody's expectation that, in the
next 18 months, challenging market conditions could further exert
pressure on CMA CGM's credit metrics, increase the risk that the
company will breach its covenants, and hence add further
uncertainty to the company's financial profile.  Furthermore, the
tightened nature of the global credit environment increases the
uncertainty surrounding the company's ability to raise additional
resources to finance the capital outlays already scheduled for
2010 and 2011, which the company cannot cancel or postpone.

The last rating action was implemented on March 23, 2009, when
Moody's placed the ratings of both CMA CGM and Vega under review
for possible downgrade.

Headquartered in Marseille, France, CMA CGM is the third-largest
container shipping company in the world (measured in Twenty-foot
Equivalent Units, TEU).  The company generated revenues of around
US$15 billion for the year ended December 31, 2008.

Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of financing ships for CMA CGM.


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G E R M A N Y
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ALMATIS GMBH: Starts Debt Restructuring Talks
---------------------------------------------
Zaid Espana at Reuters reports that Almatis GmbH has begun debt
restructuring talks with its lenders.

According to Reuters, as part of a restructuring, the company,
which has hired Close Brothers as adviser, faces options including
an equity injection by sponsor Dubai International Capital as part
of a debt-for-equity swap.  The company also appointed accountants
KPMG to undertake a review of the business plan, the results of
which are already with the lenders, Reuters notes.

                             Waiver

Citing three sources close to the talks, Reuters discloses the
company has secured a waiver on requirements to provide audited
accounts for this year.

"The waiver marks the beginning of restructuring talks, there are
lots of moving pieces still," Reuters quoted a banker close to the
talks as saying.

Reuters relates the sources said the company is also expected to
secure a standstill agreement this week, under which creditors
agree not to take action against the company.  Reuters states
according to the sources, the company's senior lenders have formed
a steering committee which includes UBS, Commerzbank, SMBC, and
investors Harbourmaster Capital and Carlyle Group.  Citing one of
the sources, Reuters says the lenders have appointed Rothschild as
adviser and Allen & Overy as legal counsel.

Headquartered in Frankfurt, Germany, Almatis GmbH --
http://www.almatis.com-- manufactures alumina-based products used
to make abrasives and polishers, paper coatings, flame retardants,
plastics and polymers, and refractories.  Its manufacturing plants
are located in Asia, Europe, and the US.  Formerly known as Alcoa
World Chemicals, Almatis was formed in 2004 when the aluminum
giant sold its chemicals unit to private investment firms Rhone
Capital and Teachers' Private Capital.  Toward the end of 2007
another private equity group Dubai International Capital, a unit
of Dubai Holding, agreed to buy Almatis.


LANDESBANK BERLIN: Moody's Assigns Rating on Covered Bonds
----------------------------------------------------------
Moody's has assigned provisional long-term ratings of (P)Aaa to
the proposed issuance of the first Series of mortgage covered
bonds by Landesbank Berlin AG (rated A1/Prime-1/D+) under LBB's
"Daheim Nr. 1" covered bond program.

This covered bond program has been established in Germany under
the general German law, in contrast to other German covered bonds
which rely on specific legislation (the Pfandbrief Act).

Each series of notes will be backed by a separate pool of assets,
each of which may comprise one or both of these two types of
security:

a) Residential mortgage loans originated by German savings banks
   (or "Sparkassen" belonging to German Savings Bank Association
   (DSGV)).  This is referred to as the "Borrowing Alternative".

b) Secured loans granted to Sparkassen (or other financial
   institutions).  This is referred to as the "Funding
   Alternative".  These loans are in turn backed by residential
   mortgage loans that were originated by the respective
   Sparkasse.

The Covered Bond investors benefit from both the credit strength
of the Issuer and the rights of security in respect of the Cover
Pool. Each Cover Pool is supported:

a) By a pool of residential loans originated by the Sparkassen;
   and

b) Directly or indirectly by the respective Sparkassen.

If the security package is the Funding Alternative, recourse is
direct to the respective Sparkassen.  If the security package is
the Borrowing Alternative, the obligation of the respective
Sparkassen is limited to the obligation to replace any loans
exceeding 90 days past due and any ineligible assets in the Cover
Pool.

The program has been structured using securitization techniques
designed to ensure that the Cover Pool is ring-fenced in the event
of Issuer insolvency.  The program has been established under
general German law, in contrast to many other European covered
bonds which rely on specific legislation.  The Issuer has
incorporated a number of securitization techniques in this
program, which has enabled it to create a covered bond that has
similar characteristics to covered bonds backed by a specific
legal framework.

Structured features included in this program, which mitigate
credit risks found in many covered bonds that rely on specific
covered bond legislation, include a built-in extension to the
maturity of the notes (thus mitigating refinancing risk) and,
under the Funding Alternative, the matching of the maturities of
the pledged secured loans with those of the notes (thus mitigating
market and refinancing risks).

As is the case with other covered bonds, Moody's considers the
transaction to be linked to the credit strength of the Issuer,
particularly from a default probability perspective.  If the
Issuer credit strength deteriorates, all other things being equal
the rating of the Covered Bonds could be expected to come under
pressure.

If the Issuer rating or the pool quality deteriorates, the Issuer
would have the ability, but not the obligation, to increase the
over-collateralization in the Cover Pool.  Failure to increase the
level of over-collateralization under these circumstances could
lead to negative rating actions.

The ratings address the expected loss posed to investors.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


WADAN YARDS: Files for Insolvency; 2,500 Jobs at Risk
-----------------------------------------------------
Marinelog reports that Wadan Yards MTW GmbH on Friday filed for
insolvency in the District Court in Schwerin, Germany, putting
2,500 jobs at the shipyards in Wismar and Rostock at risk.

Wadan Yards, which is 70 percent owned by Russian privately held
investment company FLC West, is now being supervised by a court-
appointed insolvency administrator, Marc Odebrecht of Brinckmann &
Partners, Marinelog discloses.  STX Europe holds the other 30
percent in the company, Marinelog states.

Marinelog recalls in February Wadan Yards reported that it had
received a EUR180 million credit facility provided through KFW
IPEX-Bank GmbH and Deutsche Bank AG and underwritten by the German
Federal Government.  Marinelog says EUR167 million of the federal
money has already been disbursed.  According to Marinelog,
Mecklenburg Vorpommern state officials have been in contact with
potential new investors, notably the Hegemann Group.

Wadan Yards MTW GmbH is an affiliate of Wadan Yards Group AS --
http://www.wadanyards.com/-- a multinational maritime engineering
and construction group comprising leading German and Ukrainian
ship yards.  The group specializes in advanced marine solutions
for hydrocarbon exploration, production and transportation,
particularly for Arctic conditions.


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G R E E C E
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WIND HELLAS: Tight Liquidity Cues Fitch to Junk Issuer Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded WIND Hellas Telecommunications S.A.'s
Long-term Issuer Default Rating to 'CCC' from 'B-'.

The downgrade reflects concerns about the company's over-leveraged
capital structure and continued tight liquidity position.  The
agency has also downgraded the Greek mobile operator's Short-term
IDR to 'C' from 'B'.  At the same time, Fitch has removed all the
ratings from Rating Watch Negative, and assigned a Negative
Outlook to the Long-term IDR.

The debt instrument ratings have been downgraded and removed from
RWN:

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility: downgraded to 'B-'/'RR3' from 'B'/'RR3'

  -- Hellas Telecommunications (Luxembourg) V senior secured
     floating-rate notes due 2012: downgraded to 'B-'/'RR3' from
     'B'/'RR3'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: downgraded to 'CC'/'RR5' from 'CCC'/'RR5'

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015: downgraded to 'C'/'RR6' from
     'CC'/'RR6'

In March 2009, Fitch placed WIND Hellas' ratings on RWN, citing
liquidity concerns, and noted that higher-than-expected leverage
metrics could place negative pressure on the rating.  Net cash-pay
leverage reached 7.2x adjusted trailing twelve months EBITDA for
Q109, which was a faster deterioration than initially expected by
Fitch.  The agency believes that WIND Hellas' capital structure is
over-leveraged and that given the current economic outlook and
recent operating performance, a significant reduction in leverage
is unlikely before the company faces refinancing risk in 2012 when
the senior notes fall due for repayment, and this is what has
driven the downgrade of the IDR to 'CCC'.  The Negative Outlook
reflects the risk of further deterioration in liquidity or
operating performance.

The reduction in mobile termination rates by 2.5 Euro cents from
January 2009, and continuing pressure on the pre-paid segment
Average Revenue per User, due to Greek economic conditions, are
expected to place additional downward pressure on operating
margins in 2009.  Blended monthly ARPU for the postpaid and pre-
paid mobile segment was EUR14.0 for Q109 compared to EUR18.8 in
Q108 (a reduction of 26%), and although improved cost control
helped to mitigate the impact on EBITDA, WIND Hellas' operating
performance in Q109 was below Fitch's expectations: revenues were
down 13% year-on-year at EUR264.8 million in Q109; adjusted EBITDA
was EUR73.7 million for the quarter, down from EUR96.8 million in
Q108 (a reduction of EUR23 million or 24%).

Liquidity concerns remain, and the company drew the remaining
EUR50 million available under its RCF in April 2009 to improve its
cash position.  The agency understands that the company has a
contingency plan in place to scale back capex and operating
expenditures for the mobile business, however, the fixed line
business is likely to continue to be cash-flow negative in the
near-to-mid term.  Cash plus RCF liquidity at Q109 was
EUR72.5 million.

Fitch also notes the lack of an explicit commitment for cash
equity support from the parent company, but believes that Weather
Investments, the parent company, sees WIND Hellas as a strategic
asset and remains committed to its Greek operations in the long-
term.  Should the shareholder decide to inject new cash equity
into the company, it could provide positive support for the
Outlook and/or rating.  Fitch will also evaluate any new business
plan provided by the company to determine if such a plan and
capital structure will be sustainable in the long-term.


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GLITNIR BANK: S&P Withdraws 'D' Ratings on All Outstanding Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'D' ratings on Iceland-based Glitnir Bank and all its outstanding
debt.

On Oct. 9, 2008, S&P lowered its ratings on Glitnir Bank to 'D'
after the bank was placed into receivership by the country's
banking supervisor.  The Icelandic Ministry of Finance then
established a new bank, wholly owned by the Treasury, that
included Glitnir's Bank's domestic operations funded by local
deposits and has been renamed Islandsbanki.

S&P understands that pursuant to a court imposed moratorium,
Glitnir Bank continues to be generally prohibited from disposing
of its remaining domestic assets.  S&P also understands that its
foreign subsidiaries, which are not subject to the moratorium,
have been disposed of to different buyers.


* ICELAND: Takes US$5.44 Billion Loan to Repay Icesave Claims
-------------------------------------------------------------
Omar Valdimarsson at Bloomberg News reports that Iceland agreed to
take a US$5.44 billion loan from the U.K. and the Netherlands to
repay Icesave claims.

Iceland must pay back the loan over 15 years, Bloomberg News
discloses citing a joint government statement sent by e-mail
Saturday.  According to Bloomberg News, the Treasury said the U.K.
will lend GBP2.35 billion (US$3.76 billion) and the Dutch EUR1.2
billion (US$1.68 billion).  Bloomberg News says it will be
interest-only for the first seven years.  According to Reuters,
interest and principal amounts will then be payable quarterly over
the next 8 years.

Bloomberg News relates Prime Minister Johanna Sigurdardottir told
local media Friday Iceland would pay 5.5 percent interest on the
loan, adding that during the term of the loan, the government will
try to sell the assets of Landsbanki Islands hf, the failed lender
that offered the Icesave accounts.  The Treasury said it proposes
to lift the asset freezing order imposed on the U.K. assets of
Landsbanki on Oct. 8, with effect from June 15, Bloomberg News
states citing the government statement.

Bloomberg News discloses local media including Morgunbladid have
reported the Icelandic government has estimated the deposits owed
are worth ISK650 billion (US$5.26 billion).


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COOLFADDA DEVELOPERS: Wants to Remain in Provisional Liquidation
----------------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe reports that Coolfadda
Developers Ltd. is asking the Supreme Court to allow the company
to remain in provisional liquidation for an indefinite period, in
order to allow it to complete eight major developments across the
south of the country.

The report relates Coolfadda argued allowing the company to
complete its developments would provide the best return for
creditors.  According to the report, under the company's plan, the
provisional liquidator to Coolfadda, Grant Thornton accountant
Michael McAteer, would continue in his role of managing the
company's affairs on an indefinite basis.

Coolfadda, the report discloses, owes AIB EUR19.5 million, while
Bank of Scotland (Ireland) is owed EUR5.3 million.  ACC and Bank
of Ireland are owed EUR3.9 million and EUR2.2 million,
respectively, the report states.

The report recalls Coolfadda went into provisional liquidation
earlier this month, after suffering from the sharp decline in the
construction sector and the restriction of bank finance.   The
High Court placed the company into provisional liquidation, but
subsequently rejected an application by the firm to remain in
provisional liquidation indefinitely, the report says.  The report
recounts in her judgment on the High Court case, Miss Justice
Laffoy ruled that the long-term status of a provisional liquidator
had not been envisaged in Irish insolvency law.  The report notes
the court said it intended to place the company into official
liquidation as it was "hopelessly insolvent".

Headquartered in Bandon, Co. Cork, Coolfadda Developers Ltd. --
http://www.coolfadda.ie/-- develops property from green-field
sites, renovates existing properties and provides construction to
other developers.  The company has 60 direct employees both in the
office and on-site and 200 indirect employees with its sub-
contractor base.  It was founded in 2003 by Conor Slattery and
Paul Collins.


CORIOLANUS LTD: Moody's Junks Rating on US$28 Mln Class C Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of Sputnik CDO 1 notes issued by Coriolanus Limited and
the related super-senior swap.

The transaction is a synthetic CDO referencing a portfolio of 43
corporate entities, banks and supranationals incorporated in
Russia, Kazakhstan and Ukraine.  VTB Bank (Austria) AG, acting as
portfolio manager, has the possibility to add and/or remove
reference entities from the portfolio, subject to a number of
portfolio constraints.

Moody's explained that the rating actions announced are related to
a significant worsening in the credit quality of the portfolio.
In particular, credit event notices were received for Alliance
Bank and Bank TuranAlem, while another one is expected for Astana
Finance.  These entities amount to 7.55% of the portfolio.

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

  -- Moody's revises its methodology for Emerging Market CDOs
     (April 2007)

The rating actions are:

Coriolanus Limited

(1) US$36,000,000 Class A Floating Rate Notes due 2012

  -- Current Rating: Ba2

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

  -- Prior Rating Action: March 30, 2009, downgraded from A2
     to Ba1 and left under review for possible downgrade

(2) US$36,000,000 Class B Floating Rate Notes due 2012

  -- Current Rating: B3

  -- Prior Rating: Ba3, under review for possible downgrade

  -- Prior Rating Action: March 30, 2009, downgraded from Baa2 to
     Ba3 and left under review for possible downgrade

(3) US$28,000,000 Class C Floating Rate Notes due 2012

  -- Current Rating: Caa2

  -- Prior Rating: B3, under review for possible downgrade

  -- Prior Rating Action: March 30, 2009, downgraded from Ba2 to
     B3 and left under review for possible downgrade

(4) US$120,000,000 Senior Credit Default Swap related to the
    Sputnik CDO 1 issuance

  -- Current Rating: A3

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

  -- Prior Rating Action: March 19, 2009, A2 placed under review
     for possible downgrade


NEWCOURT GROUP: Enters Into Receivership; Deloitte Appointed
------------------------------------------------------------
Andras Gergely at Reuters reports Newcourt Group plc has gone into
receivership, putting more than 3,000 jobs at risk.

Newcourt, Reuters relates, had asked its main lender Bank of
Ireland to appoint a receiver after it breached its banking
covenants.  Miles Costello at Times Online reports on Thursday,
the company told its investors that discussions with Bank of
Ireland to renegotiate its EUR36 million debt pile had failed.

Reuters discloses Newcourt said David Carson, a partner in
auditing firm Deloitte, was appointed receiver of the company.
Newcourt, as cited by Reuters, said the receivership will enable
its subsidiaries, including Federal Security Group, to continue to
trade normally.  Reuters recounts trade in its shares were
suspended in both Dublin and London.

Reuters recalls last year Newcourt sold its Ely Property Group
subsidiary to reduce its net debt by EUR37 million but it had to
continue looking for other options to de-leverage.

Headquartered in Dublin, Ireland, Newcourt Group plc  --
http://www.newcourtgroup.com/-- is engaged in the provision of
outsourced and support services, recruitment services and student
accommodation.  The Company's business is divided into three
principal divisions.  The businesses within support services
division include manguarding security, electronic security,
monitoring and related services; health and safety training and
consultancy; facilities management, and business process
outsourcing and contact centre.  The businesses within the student
accommodation division include student accommodation management
and student accommodation development.  The businesses within the
recruitment and aviation outsourcing division include mid-market
permanent and temporary recruitment; contract recruitment-
pharmaceutical industry; executive search and selection; senior
sales marketing recruitment; contract recruitment–aviation; pilot
training, and health care recruitment.  In November 2007, Newcourt
acquired Lenmac Mechanical Services Limited.


SHAMROCK CAPITAL: Moody's Cuts Rating on 2007-05 Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Shamrock Capital P.L.C.

The transaction is a synthetic CDO referencing a portfolio of 75
emerging market corporate entities.  The portfolio is managed,
subject to a number of portfolio constraints, by BI Asset
Management Fondsmæglerselskab A/S (Bankinvest), a Danish Asset
Manager.  Upon the occurrence of credit events, a fixed recovery
rate of 40% is used as final price.

Moody's explained that the rating actions announced are primarily
linked to these: a credit event on Alliance Bank JSC, which failed
to pay certain due amounts, and a potential credit event on
TuranAlem Finance B.V. , which is now under Potential Repudiation/
Moratorium.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

  -- Moody's revises its methodology for Emerging Market CDOs (11
     April 2007)

The rating actions are:

Shamrock Capital P.L.C.

(1) Series 2007-05 EUR19,500,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: B3

  -- Prior Rating: B2

  -- Prior Rating Action: March 31, 2009, downgraded from Baa2 to
     B2

(2) Series 2007-09 SKK 253,125,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Ba2
  -- Prior Rating: Ba1
  -- Prior Rating Action: March 31, 2009, downgraded from A1 to
     Ba1


STANTON ABS: S&P Junks Ratings on four Classes of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-1, A—2, A-
3, A-4 Def, B-1 Def, and B-2 Def notes issued by Stanton ABS I
PLC, a cash flow collateralized debt obligation of asset-backed
securities transaction that closed in March 2005.

These rating actions follow S&P's assessment of the continued
credit deterioration of assets in the transaction's underlying
portfolio.  They also follow S&P's receipt on June 2 of a notice
from the collateral manager of an event of default under the note
conditions after the class A-3 overcollateralization test ratio
fell for the second time below its trigger level of 96%, on May
28.

According to the transaction documents, the occurrence of an event
of default gives the most senior class of notes the right to
accelerate the repayment of the notes.  In S&P's opinion, the
decision to call for an immediate redemption of the notes will
likely result in the liquidation of the collateral.  In these
circumstances, S&P considers that liquidation proceeds are
unlikely to be sufficient to repay all noteholders in full.  S&P
has therefore lowered S&P's ratings on all classes of notes to
levels that, in S&P's view, reflect the increased risk of
nonpayment following the event of default.

According to S&P's analysis, Stanton ABS I's portfolio comprises
primarily prime residential mortgage-backed securities and
corporate CDOs, and to a lesser extent commercial mortgage-backed
securities, subprime RMBS, and other ABS.

                           Ratings List

                         Stanton ABS I PLC
            EUR309.5 Million Secured Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                            Rating
                            ------
        Class        To                    From
        -----        --                    ----
        A-1          BB                    AAA/Watch Neg
        A-2          B                     AAA/Watch Neg
        A-3          CCC                   AA/Watch Neg
        A-4 Def      CCC-                  A-/Watch Neg
        B-1 Def      CC                    BBB-/Watch Neg
        B-2 Def      CC                    BB+/Watch Neg


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


ALLIANCE BANK: S&P Lowers LT Counterparty Credit Ratings to 'D/D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its short-
and long-term counterparty credit ratings on Kazakhstan-based
Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).

"The rating action reflects our understanding that the bank, as
announced on May 29, 2009, intends to undertake a restructuring of
its debt obligations that S&P would consider as a distressed
exchange offer," said Standard & Poor's credit analyst Ekaterina
Trofimova.

The Agency of the Republic of Kazakhstan on Regulation and
Supervision of Financial Markets and Financial Organizations has
instructed Alliance to prepare a debt restructuring and
recapitalization plan to be agreed upon with its creditors.  The
bank has stated that it intends to widely restructure its
financial obligations for an amount of US$4.2 billion, offering
creditors three options:

  -- Buy back the debt with an 80% discount,

  -- Roll over the debt at a 50% discount for seven years at a
     reduced interest rate, or

  -- Roll over the debt for 15 years at a reduced interest rate.

S&P understands that the bank plans additional meetings with its
creditors in the first half of June and that the final approval by
the "creditors' committee" of the debt restructuring plan is to be
discussed on July 10, 2009.  The bank has stated that, if there is
no agreement reached by July 15, 2009, AFN would put it into
bankruptcy.

                     S&P's 'D' And 'SD' Ratings

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

S&P assigns an 'SD' rating when S&P believes that the obligor has
selectively defaulted on a specific issue or class of obligations
but it will continue to meet its payments on other issues or
classes of obligations in a timely manner.


ASIA VISION: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP Asia Vision Group have until June 26, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 13, 2009.


IRTOB PV: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of LLP Irtob PV have until June 26, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on March 24,
2009.


JE PET: Creditors Must File Claims by June 26
---------------------------------------------
Creditors of LLP JE Pet have until June 26, 2009, to submit proofs
of claim to:

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

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 13, 2009.


KURYLYS AS: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Kurylys AS Nar have until June 26, 2009, to
submit proofs of claim to:

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

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


VOSTOK ROSS: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP Vostok Ross Complect have until June 26, 2009, to
submit proofs of claim to:

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

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


* Fitch Affirms Issuer Default Ratings on Seven Kazakh Corporates
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings, Short-term foreign currency IDRs, Long-term local
currency IDRs (where applicable), senior unsecured ratings (where
applicable), and national Long-term ratings (where applicable) of
seven Kazakh corporates.  Fitch has simultaneously removed their
ratings from Rating Watch Negative and, assigned Negative Outlooks
to the companies' Long-term foreign currency IDRs Long-term local
currency IDRs (where applicable) and national Long-term ratings
(where applicable).

The rating actions reflect the affirmation of Kazakhstan's Long-
term foreign and local currency IDRs at 'BBB-' and BBB,
respectively, and its Short-term foreign currency IDR at 'F3'.
The agency has removed Kazakhstan's ratings from RWN and assigned
Negative Outlooks to its Long-term foreign and local currency
IDRs.

The sovereign rating action reflects Fitch's view that the risk of
an immediate abrupt deterioration of the sovereign balance sheet
has eased, however, the ratings remain under pressure due to the
potential costs for the sovereign of coping with the economic
slowdown and financial crisis.

The rating actions affecting the seven Kazakh companies are.

KazMunaiGaz National Company (NC KMG)

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook

  -- Long-term local currency IDR: affirmed at 'BBB'; removed from
     RWN; assigned a Negative Outlook

  -- Short-term foreign currency IDR: affirmed at 'F3'; removed
     from RWN

  -- Senior unsecured rating: affirmed at 'BBB-'; removed from RWN

NC KMG's ratings are aligned with the sovereign's because it was
established as a wholly state-owned enterprise to represent the
interests of the government in Kazakhstan's oil and gas industry.

JSC KazMunaiGas Exploration Production

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook (The rating is
     constrained by Kazakhstan's sovereign rating.)

  -- Long-term local currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook

  -- Short-term foreign currency IDR: affirmed at 'F3'; removed
     from RWN

JSC KazTransOil (KTO)

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook (The rating is
     constrained by Kazakhstan's sovereign rating.)

  -- Short-term foreign currency IDR: affirmed at 'F3'; removed
     from RWN

Fitch rates NC KMG's subsidiaries (including KMG EP and KTO)
primarily on a standalone basis.  Fitch believes that KMG EP's
current solid financial profile which is underpinned by strong
profitability, its low debt level, ample cash position and
moderate capex program will provide a cushion against the cyclical
downturn in the global oil and gas markets and the worldwide
economic slowdown.  Nevertheless, the ultimate state ownership of
KMG EP and the other subsidiaries rated on a standalone basis
exposes them to being constrained by the sovereign rating, should
it deteriorate further.

The ratings of NC KMG's other subsidiaries -- KazTransGas and JSC
Intergas Central Asia -- are unaffected.  They are:

KazTransGas:

  -- Long-term foreign currency IDR: 'BB'; Outlook Stable
  -- Short-term foreign currency IDR: 'B'
  -- Long-term local currency IDR: 'BB'; Outlook Stable

JSC Intergas Central Asia:

  -- Long-term foreign currency IDR: 'BB+'; Outlook Stable
  -- Short-term foreign currency IDR: 'B'
  -- Long-term local currency IDR: 'BB+'; Outlook Stable
  -- Senior unsecured rating: 'BB+'

JSC National Atomic Company Kazatomprom

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook (The rating is
     constrained by Kazakhstan's sovereign rating.)

  -- Short-term foreign currency IDR: affirmed at 'F3'; removed
     from RWN

Kazatomprom is a 100% state-owned uranium operator.  Kazatomprom's
ratings reflect the company's strong position in the global
uranium market, its strategic importance to Kazakhstan and its
solid financial profile.

Kazakhstan Temir Zholy

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook

  -- Senior unsecured rating: affirmed at 'BBB-'; removed from RWN

KTZ's ratings are aligned with the sovereign's, given the 100%
state-owned railway company's strategic importance to Kazakhstan
due to the country's vast terrain, land-locked position and
underdeveloped road infrastructure.  Fitch notes that KTZ's YE09
leverage (1.3x at YE08) may approach its covenant level of 2.5x
given the devaluation of the Kazakh tenge in February 2009 (the
company's debt is largely denominated in foreign currencies), debt
funded capex and lower transportation volumes.  Fitch expects
management to revise its capex plans in order to limit an increase
in leverage.

Kazakhstan Electricity Grid Operating Company

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
     from RWN; assigned a Negative Outlook

  -- Long-term local currency IDR: affirmed at 'BBB'; removed from
     RWN; assigned a Negative Outlook

  -- Short-term foreign currency IDR: affirmed at 'F3'; removed
     from RWN

KEGOC's ratings are aligned with the sovereign's given its 100%
state ownership, state guarantees for some of its debt, and strong
state support resulting from the strategic nature of Kazakhstan's
national electricity transmission grid.  KEGOC's Negative rating
Outlook also has an additional component: Fitch notes that KEGOC
has breached a receivable days ratio under a Development Bank of
Kazakhstan facility.  The company is also expected to breach its
5x debt to EBITDA covenant with the European Bank for
Reconstruction and Development later this year as a result of the
Kazakh tenge's devaluation in February 2009 (the company's debt is
largely USD denominated), weaker cash flow generation and debt-
funded capex.  Fitch currently expects covenant waivers to be
provided and/or liquidity support from the government (approved
for 2011-2017) to be fast-tracked.  Fitch may place KEGOC's
ratings on RWN should one of these measures fail in the near term
and its bank lenders and, more importantly for the state-supported
rating, the government and industry regulator do not
satisfactorily resolve existing issues.

Mangistau Electricity Distribution Network Company

  -- Long-term foreign currency IDR: affirmed at 'BB'; removed
     from RWN; assigned a Negative Outlook

  -- Foreign currency senior unsecured rating: affirmed at 'BB';
     removed from RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'BB+'; removed from
     RWN; assigned a Negative Outlook

  -- Local currency senior unsecured rating: affirmed at 'BB+';
     removed from RWN

  -- National Long-term Rating: affirmed at 'AA-(kaz)'; removed
     from RWN; assigned a Negative Outlook

MEDNC's ratings are linked to the sovereign's, but notched down to
reflect that little indication has been given by MEDNC's ultimate
parent, Samruk, that it will provide timely financial assistance
in case of need.  The company has a near-monopoly position in
electricity transmission and distribution in Mangistau, one of
Kazakhstan's strategic oil and gas regions.  MEDNC's debt is
denominated in Kazakh tenge and its revenues have not been
significantly affected by the economic slowdown.


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


ANEL COMPANY: Creditors Must File Claims by July 10
---------------------------------------------------
LLC Anel Company Service is currently undergoing liquidation.
Creditors have until July 10, 2009, to submit proofs of claim.

Inquiries can be addressed to (+996 312) 66-36-38.


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


CRC BREEZE: Fitch Cuts Rating on EUR283.2MM Class A Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded CRC Breeze Finance S.A.'s (Breeze 2)
EUR283.2 million class A notes (XS0253493349) to 'BB' from 'BBB'
and EUR43.4 million class B notes (XS0253496441) to 'B' from
'BB+'.  The Outlook on class A is Negative, while that on class B
is Stable.  Breeze 2 is a Luxembourg SPV that issued three classes
of notes in May 2006 for an amount of EUR470 million to finance
the acquisition and completion of a portfolio of wind farms
located in Germany and France, as well as establishing various
reserve accounts.  The notes will be repaid from the cash flow
generated by the sale of the energy produced by the wind farms,
mainly under regulated tariffs.

The downgrades reflect Fitch's opinion that the energy production
achievable by the wind farm portfolio is materially lower than
that originally forecasted and that operating expenditures were
significantly underestimated in the original budget.

Energy output during 2008 at 540.9 GWh was some 12.5% and 19.6%
lower than the 10 year-P90 and P50 forecasts respectively.  This
was partly due to below-average wind conditions as well as lower-
than-expected technical availability (approximately 96%).  Even
after taking such factors into consideration, however, the
portfolio's performance remains well below expectations (5.5% and
13% below the 10-year P90 and P50 estimates adjusted for actual
wind conditions and availability).

Fitch has been informed that the very low wind conditions
experienced in Germany during the first months of 2009 caused
energy production to be some 42% below P50 as of end-April 2009.
As a result, based on its current forecast, Breeze 2 expects that
in order to make the full scheduled principal repayment on the
class A bonds on the November 2009 payment date it will have to
draw about 20% (some EUR2.4 million) of the class A debt service
reserve.  At the same time it expects to draw the full amount of
the class B DSR (EUR1.1 million) and still end up with a EUR2.5
million shortfall on the EUR3.6 million class B payment amount
(part of the interest payment and the full principal repayment),
which will need to be deferred.  Although Fitch views the 2009
wind conditions experienced as a one-off extreme stress to the
transaction, the agency is of the opinion that the negative
effects on Breeze 2's ability to service its debt are amplified by
the original over-estimation of the portfolio's energy yield.

Cash flows available for debt service are further negatively
impacted by higher-than-anticipated operational costs.  At around
EUR9.9 million in 2008, these stood some 16% above budget as a
result of the under-estimation of various expenses, portfolio
management and advisory costs in particular.  Fitch does not
expect these costs will revert back to the original budgeted
amount.

Various technical issues have been affecting the performance of a
number of projects.  The Korschenbroich wind farm has not been
operating since September 2008 due to problems with the blades
installed on its 5 Nordex S77 turbines.  Replacement blades have
already been installed and the approval allowing normal operation
is expected soon from the local authority.  Six Zollern &
Dorstener gearboxes failed due to a serial defect and had to be
substituted.  Breeze 2 reports that all gearboxes are covered by a
five-year warranty, but further failures and replacements are
expected in the near term.  Fitch notes that Breeze 2 was taking
longer to find a solution for such problems compared to other wind
farm transactions it rates.  Fitch will continue to monitor the
company's management of the projects' operations.  Discussions
with turbine manufacturer Vestas, are ongoing about the
foundations of the 60 V80 and V90 turbines in the portfolio.
Breeze 2 awaits the report of a court-appointed expert in relation
to the legal proceedings on the Bedburg wind farm before deciding
on the most adequate approach to reaching a solution on the
technical problem.

Under Fitch base case operating conditions financial coverage for
class A is expected to remain between 1.4x and 1.25x throughout
the life of the debt.  Further increases in operational costs or
poor wind conditions, however, are likely to pose a significant
risk to the borrower's ability to meet debt service payments
without relying on the cash reserve.  It should be noted that the
replenishment of the DSRs (for both class A and B) is subordinated
to debt service payments on the rated notes.  Given the
anticipated EUR2.4 million drawing on the class A DSR in November
2009 and the simultaneous EUR2.5 million shortfall in class B debt
service payments, the class A reserve will be replenished only
after the payment shortfall on the class B is fully met.  This is
expected to take, under normal operating conditions, approximately
12 months.  The shortfall expected to affect the class A DSR is
the reason for the Negative Outlook on the senior notes.

Financial coverage for the class B notes is thin (average debt
service coverage ratio under the Fitch base case of 1.07x) and the
timely payment of interest and scheduled principal appears to rely
solely on favorable wind conditions, control of operational
expenditures and active and professional management of the wind
farms by the company.  The rating, as well as the Outlook, on the
class B notes reflects the bond's terms and conditions, in that
any missed payment of interest and principal is deferred to the
following payment date (or after the full repayment of class A
bonds) -- i.e. a monetary default does not translate into a
contractual default.  In Fitch's opinion it is unlikely that
Breeze 2 will meet all the scheduled debt service payments on the
class B notes in a timely manner and fully redeem such bonds on
their expected final repayment date of May 2016.  The following 10
years up to the class A maturity date, however, provide comfort
about the borrower's ability to ultimately repay class B.


KAUPTHING BANK: Creditors Approve Blackfish Restructuring Plan
--------------------------------------------------------------
Antonia van de Velde at Reuters reports that creditors of
Kaupthing Bank Luxembourg approved a restructuring plan put
forward by UK investment fund Blackfish Capital.

Reuters discloses that under the plan, Kaupthing's Luxembourg
banking activities will be transferred to a new bank named Banque
Havilland S.A., which will receive at least EUR208 million
(US$294.7 million) in cash, while the group's lending activities
as well as certain securities and EUR260 million in cash will go
to a special-purpose vehicle (SPV) Pillar Securitisation.
According to Reuters, administrator Franz Fayot said Kaupthing's
bank creditors rejected a restructuring plan submitted in March by
a group of Middle Eastern investors as "The cash offer for the SPV
was much lower in the Arab investors' bid".

                              Loan

Reuters relates the Belgian government approved a EUR160 million
loan to Luxembourg on Friday.  According to Reuters, Luxembourg
will use the loan and EUR160 million of its own money to
facilitate the takeover.  Reuters notes Mr. Fayot said the
administrators would ask a Luxembourg court to extend the
suspension of payments by another month to enable the group to
implement the changes.

Reuters recalls Luxembourg's financial regulator froze Kaupthing
Luxembourg accounts in November after Iceland took control of its
parent company.  Mr. Fayot, as cited by Reuters, said he expected
Belgian savers would be able to access their accounts in early
July.

                 About Kaupthing Bank Luxembourg

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


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


MAYFAIR EURO: S&P Cuts Rating on Class B Notes to 'CC' From 'CCC-'
------------------------------------------------------------------
Standard & Poor's Rating Services lowered to 'CC' from 'CCC-' its
rating on the class B notes issued by Mayfair Euro CDO I B.V.  The
ratings assigned to the other classes of notes are not affected.

S&P has lowered its rating on the class B notes due to continued
deterioration in the transaction's overcollateralization tests and
subsequent diversion of interest payments from the class B notes
to the class A notes, as determined by the transaction's
documents.  On the May 28 payment date, interest payments on the
class B notes were again deferred.

Since the last rating action on the class B notes on Feb. 6, the
coverage levels have continued to deteriorate.  S&P's analysis
indicates that it is unlikely that the class B noteholders will be
repaid in full.

                           Ratings List

                      Mayfair Euro CDO I B.V.
          EUR317.7 Million Fixed And Floating Rate Notes

                          Rating Lowered

                Class         To             From
                -----         --             ----
                B             CC             CCC-


SILVER BIRCH: S&P Puts 'BB' Rating on Class E Notes on Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class D and E notes issued by Silver
Birch CLO I B.V.  All the other ratings in this transaction remain
unaffected.

These CreditWatch placements follow deterioration in the
transaction's portfolio credit quality.  In S&P's analysis, S&P
considers that just over 18% of the portfolio comprises assets
rated 'CCC+' and below, with 'D' rated assets comprising just
under 5%.

In determining whether S&P places a collateralized debt obligation
tranche rating on CreditWatch negative, S&P consider a number of
factors, including, but not limited to:

  -- S&P's rated overcollateralization metric, which provides an
     estimate of rating stability for cash flow CDO tranches based
     on output from Standard & Poor's CDO Evaluator model and a
     simplified cash flow analysis;

  -- The percentage of assets (including the change in the
     percentage of assets) that S&P consider as rated below 'B-'
     in CDO portfolios, and the percentage of defaults already
     experienced in the portfolios; and

  -- Performance metric trends across similar transactions.

Earlier S&P removed from CreditWatch negative the 'AAA' rated
class A notes.  S&P placed these notes on CreditWatch on Nov. 27,
2008, as a result of the transaction's exposure to an 'A-2' rated
counterparty and the revision of S&P's derivatives counterparty
criteria on Oct. 22, 2008.  S&P has completed a review of the
counterparty risk and mitigants, after which S&P affirmed S&P's
rating on the class A notes.

S&P will closely monitor the transaction's performance over the
coming months and perform further cash flow analysis before
resolving these CreditWatch placements.

Silver Birch closed on Aug. 10, 2005, and is a CDO of corporate
leveraged loans transaction managed by WestLB AG.

                           Ratings List

                     Silver Birch CLO I B.V.
                EUR300 Million Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

                                 Rating
                                 ------
               Class    To                     From
               -----    --                     ----
               D        BBB/Watch Neg          BBB
               E        BB/Watch Neg           BB


===============
P O R T U G A L
===============


LUSITANO MORTGAGES NO. 6: S&P Affirms 'BB' Rating on Class E Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes issued by Lusitano Mortgages No. 3 PLC,
Lusitano Mortgages No. 4 PLC, Lusitano Mortgages No. 5 PLC, and
Lusitano Mortgages No. 6 Ltd.

The affirmations follow S&P's credit analysis of the most recent
transaction information that S&P has received.  This analysis
showed that, given current portfolio characteristics, the credit
enhancement available for these four transactions is sufficient to
maintain their current ratings.

S&P notes though, that the volume of long-term arrears has grown
significantly over the past few quarters, with early signs of
performance deterioration most noticeable in Lusitano 6.  This
transaction closed in September 2007 with a weighted-average loan-
to-value ratio of 89% (portfolios backing the previous
transactions had generally exhibited a loan-to-value ratio of
approximately 75%).  However, the Lusitano 6 notes benefit from
available credit enhancement at more than double the levels
available to similarly rated classes in Lusitano 3, 4, and 5.

The Lusitano transactions are residential mortgage-backed
securities transactions backed by portfolios of first-ranking,
fully amortizing mortgage loans secured on residential properties
in Portugal, originated by Banco Espírito Santo, S.A. (A/Negative/
A-1).

                           Ratings List

                        Ratings Affirmed

                   Lusitano Mortgages No. 3 PLC
   EUR1.2 Billion Residential Mortgage-Backed Floating-Rate Notes

                       Class       Rating
                       -----       ------
                       A           AAA
                       B           AA
                       C           A
                       D           BBB

                   Lusitano Mortgages No. 4 PLC
  EUR1.2 Billion Residential Mortgage-Backed Floating-Rate Notes

                       Class       Rating
                       -----       ------
                       A           AAA
                       B           AA
                       C           A+
                       D           BBB+

                   Lusitano Mortgages No. 5 PLC
  EUR1.4 Billion Residential Mortgage-Backed Floating-Rate Notes

                       Class       Rating
                       -----       ------
                       A           AAA
                       B           AA
                       C           A
                       D           BBB

                   Lusitano Mortgages No. 6 Ltd.
  EUR1.1 Billion Residential Mortgage-Backed Floating-Rate Notes

                       Class       Rating
                       -----       ------
                       A           AAA
                       B           AA
                       C           A
                       D           BBB
                       E           BB


SAGRES STC: Fitch Lifts Rating on Class T Notes to 'BB'
-------------------------------------------------------
Fitch Ratings has upgraded Sagres STC - Explorer 2004's remaining
EUR76 million class O floating-rate notes to 'A' from 'BB+',
removed the rating from Rating Watch Positive and assigned a
Positive Outlook.  At the same time, Fitch has also upgraded the
transaction's junior class T notes to 'BB' from 'B'.  The Outlook
for the class T notes is Positive.  Sagres Explorer 2004 is the
first securitization launched by the Portuguese government and is
backed by unpaid tax and social security claims originated in
Portugal.

The upgrades follow the full repayment of the more senior class
A1, A2, M and N notes and a satisfactory review of the collections
information available to date.  The Positive Outlook reflects
Fitch's view that the current levels of performance are expected
to be maintained, with the repayment of class O and class T notes,
including accrued interest, expected to occur by the legal
maturity.

To date, the total collections have continued to perform broadly
in line with Fitch's revised base case expectations, and if, as
expected, this continues, all the outstanding notes including
accrued class T interest are expected to be fully redeemed by
2011.

Following the redemption of the remaining Class M and N notes in
March 2009, the Issuer Account was reduced to zero.  All future
collections will now be trapped on a monthly basis for the
repayment of the principal and interest on the class O notes on
the next payment date, followed by the class T notes and the
accrued interest once the O notes have been fully redeemed.  As of
May 2009, the reported collections totalled EUR27.6 million
(EUR9.2 million, EUR9.7 million and EUR8.7 million respectively
for March, April and May 2009).

On a six-monthly basis, the collections are expected to be
approximately EUR55 million, below Fitch's revised base case
expectations of EUR68 million for the same period.  However, Fitch
gains comfort that a minimum monthly collection amount of
approximately EUR4 million (calculated by applying the outstanding
liability payment divided by the 39 remaining collection months in
the life of the transaction) would ensure the full repayment of
the outstanding notes and the accrued interest by the final
maturity.

Fitch also recognizes the continued downward pressure on future
collections, as average monthly collections are expected to tail
off as the receivables age.  Nevertheless, the scale of the tail-
off can be mitigated by a large balance of substituted receivables
which are less than five years old in the remaining portfolio.

Fitch believes that the class O notes can withstand a sharp
decrease in monthly collections while the T notes would remain at
greater risk.  A further six months of strong collections could
lead to an upward revision of both notes' ratings.

Fitch will continue to monitor the performance of the transaction.


=============
R O M A N I A
=============


* Fitch Affirms Romania's Long-Term Foreign Currency IDR at 'BB+'
-----------------------------------------------------------------
Fitch Ratings affirmed Romania's Long-term foreign currency Issuer
Default Rating at 'BB+' and Long-term local currency IDR at
'BBB-', both with Negative Outlooks.  The Country Ceiling and the
Short-term foreign currency IDR have been affirmed 'BBB' and 'B'
respectively.

"Romania's IMF-backed adjustment program supports its
creditworthiness, but the authorities' ability to adhere to the
tough policy strategy required under the program will be crucial.
The outlook for the world economy has deteriorated significantly
since the ratings were downgraded last November, adding to the
risks facing Romania as its economy adjusts to weaker net private
sector capital inflows," said Andrew Colquhoun, Director in
Fitch's Sovereigns Group.

Romania's ratings remain supported by solid public finances, as
well as strong social, business environment and governance
indicators by 'BB' standards, all of which are buttressed by the
country's EU membership, but near-term economic and financial
challenges remain.  Romania secured a US$26.4 billion
international support package in May 2009, including a two-year
US$17.1 billion IMF stand-by arrangement.  This assistance will
help fill an external funding gap estimated by Fitch at around
US$12 billion for 2009 as private-sector capital inflows drop,
reducing the risk of a full-scale financial and economic crisis.
The EU has contributed US$6.6 billion to the package, available
for budget financing as the authorities struggle to contain a
fiscal deficit that reached 4.9% of GDP in 2008.  Other
international financial institutions are contributing US$2.6
billion.  Additionally, foreign parent banks owning about 70% of
Romania's banking system have committed to maintain overall
exposures to Romania and to increase the capitalization of their
subsidiaries.

The IMF-backed adjustment program calls for a fiscal deficit of 5%
of GDP in 2009.  This will require a fiscal tightening of perhaps
around 3% of GDP in cyclically-adjusted terms amid a steep
recession, which could be a hard sell to voters ahead of
presidential elections at the end of the year.  Gross general
government debt, at around 22% of GDP by end-2008, was below the
'BB' range median of 27%, although Fitch projects the ratio will
rise towards the peer-group median in 2009-2010.  A breakdown of
Romania's IMF program would be strongly negative for the ratings.

Romania is one of the countries most exposed to external financing
risk among 11 economies assessed in Fitch's May 2009 report,
"External Financing Risks in Central and Eastern Europe"
(available from www.fitchresearch.com).  A sharp drop in net
capital inflows is forcing an economic adjustment to narrow a
current account deficit that reached 12.3% of GDP in 2008.  The
CAD fell sharply to EUR0.7 billion in Q109, from EUR4 billion in
Q108, but this was accompanied by a 6.4% y-o-y real GDP
contraction in Q109.  Fitch projects Romania's economy will
contract 4.5% in 2009.  Official reserves fell to EUR27.1 billion
by end-April 2009, 7.6% below the end-November peak, although
reserves recovered to EUR29.2 billion by end-May after an IMF
disbursement of EUR4.9 billion.  A sustained drop in reserves
sufficient to undermine confidence in the RON would seriously
affect financial stability and the real economy (57% of bank loans
were denominated in FX, mainly EUR, by end-March 2009), and would
be negative for the ratings.


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


BARGUZINSKIY LES: Creditors Must File Claims by June 15
-------------------------------------------------------
The Arbitration Court of Buryatia commenced bankruptcy proceedings
against  LLC Barguzinskiy Les (Wood Company) after finding the
company insolvent.  The case is docketed under Case No. ?10–
1111/2009.

Creditors have until June 15, 2009, to submit proofs of claims to:

         The Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952)500-931


The Debtor can be reached at:

         LLC Barguzinskiy Les
         Lebedeva Str. 10a
         670013 Ulan_ude
         Buryatia
         Russia


MAGISTRAL LLC: Creditors Must File Claims by June 15
----------------------------------------------------
The Arbitration Court of commenced bankruptcy supervision
procedure on LLC Magistral (TIN 5262081285) (Spare Car Parts
Production).  The case is docketed under Case No. ?43–4839/2009.

Creditors have until June 15, 2009, to submit proofs of claims to:

         N. Rykova
         Temporary Insolvency Manager
         Chkalova Str. 9/19
         603002 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Magistral
         Vaneeva Str. 127
         603105 Nizhny Novgorod
         Russia


MANAGING COMPANY: Creditors Must File Claims by June 15
-------------------------------------------------------
Creditors of CJSC Managing Company Gorkovskiy Metallurgic Plant
(TIN 5257086150) have until June 15, 2009, to submit proofs of
claims to:

         M.Zalogov
         Temporary Insolvency Manager
         Gruzinskaya Str. 12B/34
         603005 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene on Sept. 15,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?43–4094/2009–33–32.

The Debtor can be reached at:

         CJSC Managing Company Gorkovskiy Metallurgic Plant
         Moskovskoe shosse 52
         603116 Nizhny Novgorod
         Russia


POLIMER-PROEKT LLC: Creditors Must File Claims by July 15
---------------------------------------------------------
The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against LLC Polimer-Proekt (TIN 801117565, PSRN
1062801080737) (Plastic Items Production) after finding the
company insolvent.  The case is docketed under Case No. ?-04–
8384/08–8/306B.


Creditors have until July 15, 2009, to submit proofs of claims to:

         A. Dovladbegov
         Insolvency Manager
         Teatralnaya Str. 181/1
         Blagoveshchensk
         Amurskaya
         Russia

The Debtor can be reached at:

         LLC Polimer-Proekt
         Teatralnaya Str. 181/1
         Blagoveshchensk
         Amurskaya
         Russia


STROY SER: Creditors Must File Claims by July 15
------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against LLC Stroy-Ser (TIN 2724064620, PSRN
1022701283175) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?73–2501/2008.

Creditors have until July 15, 2009, to submit proofs of claims to:

         I. Gorovenko
         Insolvency Manager
         Post User Box 105/36
         680020 Khabarovsk
         Russia


STROY-TRANS-GAZ-OREL CJSC: Creditors Must File Claims by July 15
----------------------------------------------------------------
The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against CJSC Stroy-Trans-Gaz-Orel (TIN 5700000206,
PSRN 1025700766134) (Oil and Gas Pipelines Construction) after
finding the company insolvent.  The case is docketed under
Case No. ?14–3538/08–1B.

Creditors have until July 15, 2009, to submit proofs of claims to:

         V. Krasovskiy
         Insolvency Manager
         Srednemoskovskaya Str. 6a
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC Stroy-Trans-Gaz-Orel
         Moskovskaya Str. 29
         Orel
         Russia


* Moody's Cuts Omsk Oblast's Currency Issuer Ratings to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the foreign and local
currency issuer ratings of the Omsk Oblast (Russia) to Ba3 from
Ba2; the outlook is stable.  Moody's also changed the outlook to
negative from stable for the ratings assigned to Saratov Oblast
(Ba2), Nizhniy Novgorod Oblast (Ba2), Belgorod Oblast (Ba1),
Vologda Oblast (Ba1) and Tatarstan Republic (Ba1).

At the same time, Moody's Interfax Rating Agency downgraded the
Omsk Oblast's national scale rating to Aa3.ru from Aa2.ru.
Moody's Interfax also affirmed the long-term national scale
ratings of Belgorod Oblast (Aa1.ru), Nizhniy Novgorod Oblast
(Aa2.ru), Saratov Oblast (Aa2.ru) and Vologda Oblast (Aa1.ru).
The national scale ratings carry no specific outlook.  Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.

"The rating actions were prompted by the budgetary pressures
stemming from the recessionary economic environment and increased
(re)financing risks, under still tight market conditions,"
explained Alexander Proklov, a Moody's Senior Analyst and lead
analyst for the aforementioned sub-sovereigns.  In most cases,
Russian regional and local administrations have faced a material
decline in tax revenue, particularly in corporate income tax,
leading to significant budgetary stress and liquidity tensions.
Although the regional governments have been able to cope with the
tax revenue shortfalls in Q1 2009, Moody's believes that revenue
weakness will likely continue and could intensify in the months
ahead, which will require additional, aggressive cost cutting
measures in light of adverse conditions in the financial markets.

"Despite the regions' generally favourable debt maturity profiles,
Moody's understands that, in some cases, short-term debt exposure
is high, while liquidity is weakening overall.  Furthermore,
access to the domestic market for sub-sovereign issuers continues
to be limited and interest rates are stubbornly high, posing
additional refinancing risks," added Mr. Proklov.

"Nevertheless, the recent budget pressures at the sub-sovereign
level have been somewhat mitigated by the significant direct and
indirect support from the federal government.  For instance, the
central government provided many regions with low-interest budget
loans and rescheduled some budget transfers to an earlier date,
while the state-owned banks have increased lending to the regional
and local governments," explained Mr. Proklov.  The federal
government is also expected to extend its support this year;
however, the sub-sovereigns will have to prove their ability to
meet strong federal requirements to re-trench budget spending and
keep borrowings under control.

Moody's will closely monitor the sub-sovereign liquidity profiles,
tax revenue dynamics and the policy response in terms of budget
adjustments made by regional governments to manage the above-
mentioned pressures.  These factors, coupled with the timeliness
and sufficiency of the central government's support, are crucial
for the creditworthiness of Russian regional and local governments
in next 12 to 18 months.

The last rating actions were implemented by Moody's:

Belgorod, Oblast of: global scale local and foreign currency
ratings of Ba1 (stable outlook) and national scale rating of
Aa1.ru were assigned on August 1, 2008.

Vologda, Oblast of: global scale local and foreign currency
ratings of Ba1 (stable outlook) were assigned December 30, 2008,
and national scale rating of Aa1.ru was upgraded from Aa2.ru on
December 18, 2006.

Nizhniy Novgorod, Oblast of: global scale local currency rating of
Ba2 (stable outlook) and national scale rating of Aa2.ru were
assigned on November 29, 2007.

Omsk, Oblast of: global scale local and foreign currency ratings
of Ba2 (stable outlook) were assigned on July 8, 2008 and national
scale rating of Aa3.ru was upgraded to Aa2.ru from Aa3.ru on
December 18, 2006.

Saratov, Oblast of: global scale local and foreign currency
ratings of Ba2 (stable outlook) and national scale rating of
Aa2.ru were assigned on December 3, 2008.

Tatarstan, Republic of: global scale foreign currency rating of
Ba1 (stable outlook) was upgraded from Ba3 on November 24, 2004.

National Scale Ratings

Moody's Interfax Rating Agency's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Russia are
designated by the ".ru" suffix.  NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


* Fitch Assigns Rating on Karelia's RUB1 Bln Domestic Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Karelia's RUB1 billion
domestic bond issue (ISIN RU000A0JQ5Z6), due 2 June 2011, a final
National Long-term rating of 'A+(rus)'.  The Republic's Long-term
local and foreign currency ratings are 'BB-', respectively, and
its National Long-term rating is 'A+(rus)'.  The Long-term ratings
both have Positive Outlooks.  The Republic's Short-term foreign
currency rating is 'B'.

The bond issue has a fixed 19.05% coupon.  The principal will be
amortized by 40% of the initial bond issue value on
September 2, 2010, and by another 30% of the initial value on
December 2, 2010.  The remaining 30% will be redeemed on June 2,
2011.

The Republic of Karelia is located in the northwest of the Russian
Federation and accounts for 0.4% of Russia's GDP and around 0.5%
of its population.


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


REALIA: FCC, Caja Madrid to Lend EUR100 Mln Under Refinancing Plan
------------------------------------------------------------------
Andres Gonzalez at Reuters reports that Spanish builder FCC and
savings bank Caja Madrid will lend their property unit Realia
EUR100 million (US$141.7 million) as part of its debt refinancing
plan.

"FCC and Caja Madrid will each lend Realia 50 million euros,"
Reuters quoted a Realia spokesman as saying.

                        Refinancing Talks

On May 29, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Realia's talks with creditors over the
refinancing of EUR871 million (US$1.2 billion) of debt maturing in
2009 were very advanced.  Reuters disclosed Expansion, citing
sources close to the talks, said Realia had reached an agreement
with creditors to restructure its debt, which stood at EUR2.34
billion at end-March.

Headquartered in Madrid, Spain, Realia Business SA --
http://www.realia.es-- is a company active in the real estate
sector.  The Company specializes in the development of residential
properties as well as the purchase, sale and lease of commercial
buildings.  Its asset portfolio includes 73 office blocks under
lease and another three properties under development with
approximately 400,000 square meters of lettable property area in
use and a further 55,000 square meters under development.  Realia
Business SA operates on both national and international markets.
It is active in such countries as Portugal, Poland, Romania and
France.  In Spain, it has offices in the autonomous communities of
Andalusia, Catalonia, Madrid, Asturias, Valencia and the Canary
Islands.


* Moody's Reviews Ratings on Spanish RMBS Notes for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade all classes of Notes issued by these Spanish RMBS
transactions as the "Affected Transactions":

  -- BANCAJA series: BANCAJA 10, FTA; and BANCAJA 11, FTA.

  -- HIPOCAT series: HIPOCAT 10, FTA; HIPOCAT 11, FTA; and HIPOCAT
     12, FTA.

  -- MADRID RMBS series: MADRID RMBS I, FTA; MADRID RMBS II, FTA;
     and MADRID RMBS III, FTA.

  -- Santander Hipotecario series: FTA Santander Hipotecario 2;
     FTA Santander Hipotecario 3; and FTA Santander Hipotecario 4.

  -- TDA CAM series: TDA CAM 9; and TDA CAM 10.

These rating actions reflect Moody's concern about continued
worsening performance of the mortgage loan collateral backing the
notes, as well as Moody's negative sector outlook for Spanish
RMBS.  They account also for the weakened macro-economic
environment in Spain, in particular the increasing unemployment
rate which is expected to rise to at least 20% by 2010.

Over the last twelve months, Moody's has taken rating actions on
these Affected Transactions.  The collateral performance has,
however, deteriorated further with an unanticipated pace.  All
Affected Transactions are currently performing outside of Moody's
expectations.  The Affected transactions placed under review for
possible downgrade closed between 2006 and 2007 with the pools
exhibiting riskier features, such as high loan-to-value ratios,
higher risk products and geographical concentration in coastal
regions.

These 13 Affected Transactions are showing rapidly increasing
levels of delinquent loans and cumulative artificial write-offs.
Sudden increases in loan write-offs are to a large extent
attributed to the acceleration of delinquent loans into write-off
category as well as to property acquisitions performed by the
servicers.  Moody's has already previously expressed concerns over
the future performance of the transactions given the rapid
performance deterioration of these relatively low seasoned
transactions and the uncertainties relating to timing and amount
of future recoveries.

BANCAJA series:

Reported loans in arrears for more than three months reached 6.75
% and 7.0% of current pool balance in Bancaja 10 and 11 at the end
of April 2009.  Cumulative write offs (either being declared as
defaulted by the originator or being overdue for more than 12
months) remain low at 0.23% and 0.30% of original pool balance
respectively.  But, Moody's observed that the share of loans
between 12 and 18 months overdue almost doubled since Moody's took
a rating action on the notes issued by Bancaja 10 and 11 in
February 2009.  Loans between 12 to 18 months in arrears currently
stand at 0.96% and 1.20% of original pool balance for Bancaja 10
and Bancaja 11 respectively, up from 0.52% and 0.69% at the end of
January 2009.

Hipocat series:

As of April 2009, loans more than 3 months in arrears increased to
4.97%, 9.03% and 7.97% in Hipocat 10, Hipocat 11 and Hipocat 12
respectively.  Cumulative write offs rose sharply since Moody's
took rating action on the notes issued by Hipocat 10, 11 and 12 in
April 2009.  Cumulative write off (either being declared as
defaulted by the originator or being overdue for more than 18
months) rose to 3.30%, 5.29% and 7.0% of original pool balance of
Hipocat 10, 11 and 12 respectively, up from 0.44%, 0.31% and 0.14%
at the end of January 2009.

Madrid RMBS series:

At the end of March 2009, loans more than 3 months in arrears
increased to 6.01% and 6.38% of the current pool balance of Madrid
RMBS I and II.  Arrears in Madrid RMBS III reached 5.68% at the
end of April 2009.  Cumulative write offs (either being declared
as defaulted by the originator or being overdue for more than 6
months) increased to 8.48%, 10.20% and 10.92% in Madrid RMBS I, II
and III.  Moody's observed that cumulative write offs more than
doubled since Moody's last rating review in November 2008, when
cumulative write-offs stood at 3.19%, 4.64% and 2.98% in Madrid
RMBS I, II and III respectively (end of September 2008).

Santanter Hipotecario series:

At the end of April 2009, loans in arrears by more than three
months reached 2.27%, 5.63% and 9.67% in FTA Santander 2, 3 and 4
respectively.  Moody's observed that cumulative write offs more
than doubled since taking rating action on the notes issued by FTA
Santander 2, 3 and 4 in November 2008.  Cumulative write offs to-
date (either being declared as defaulted by the originator or
being overdue for more than 18 months) increased to 1.80% of the
original balance of FTA Santander 2, 4.40% for FTA Santander 3 and
5.52% for FTA Santander 4, up from 0.66 %, 1.57% and 1.72%
corresponding to October 2008 respectively.

TDA CAM series:

For the TDA CAM series, reported arrears -- for loans in arrears
for more than three months -- reached 5.32% in TDA CAM 9 and
10.02% in TDA CAM 10 at end of April and March 2009 respectively.
According to the last performance reports, cumulative write offs
reached 1.90% of original pool balance in TDA CAM 10 and 1.60% in
TDA CAM 9, up from 0.29% and 0.32% in the reporting period of Q3-
08, at the time of Moody's rating review.

            Reserve Fund And Interest Deferral Trigger

The increase in the volume of artificial write-offs ultimately
resulted in draws to reserve fund in almost all Spanish RMBS under
review for possible downgrade (the only exception being TDA CAM
10).  The reserve funds of Madrid RMBS I, II and III and FTA
Santander Hipotecario 3 and 4, and Hipocat 12 have been fully
drawn.  In the case of Madrid RMBS II and III, the increase in the
volume of loans being written-off (being over due for more than 6
months) resulted in the breach of interest deferral triggers.
Interest payments on the Class E in Madrid RMBS II and Class E and
D in Madrid RMBS III were diverted to pay down senior notes as of
the last interest payment date.

                    Principal Deficiency Ledger

Six out of the 13 Affected Transactions have unpaid Principal
Deficiencies Ledgers.  Madrid RMBS I, Madrid RMBS II and Madrid
RMBS III have seen PDLs of EUR67.1 million, EUR81.6 million and
EUR148.6 million, respectively at the end of March 2009.  The
unpaid PDLs in Madrid RMBS II and III exceed the size of the Class
D and Class E and the unpaid PDL in Madrid RMBS I is currently
greater than the size of the most junior Class E. Santander
Hipotecario 3 and 4 have seen PDLs of EUR76.3 million, EUR43.1
million respectively (end of April 2009).  The unpaid PDL in
Santander Hipotecario 3 and 4 currently exceed the size of the two
most junior classes, Class E and Class F.  From the Hipocat
series, Hipocat 12 has EUR18.3 million in unpaid PDL as of
March 2009.

Moody's expects that as part of this new rating review, Moody's
will revisit Moody's lifetime loss expectations for all 13
transactions to reflect the collateral performance to date as well
as its negative outlook for the Spanish housing market, in the
context of a weakening macro-economic environment.  Moody's will
also try to obtain additional information to revise its MILAN Aaa
credit enhancement requirements as well as more details on how the
respective servicers are managing defaults and repossessions.  The
loss expectation with the MILAN Aaa credit enhancement are key
parameters used by Moody's to calibrate its loss distribution
curve, which is one of the core inputs in the cash-flow model it
uses to rate RMBS transactions.

The rating reviews will be concluded over course of the next three
to six months following a detailed review and remodeling with
updated performance data of each transaction.  In the meantime,
Moody's will continue to closely monitor the performance of the
portfolios.

Complete rating actions are:

Issuer: BANCAJA 10, FTA

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Aa1

  -- Class A3, Aa1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Aa1

  -- Class B, Baa2 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Baa2

  -- Class C, B1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to B1

  -- Class D, Caa1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Caa1

Last rating action was on 18 February 2009.

Issuer: BANCAJA 11, FTA

  -- Class A1, Aa1 Placed Under Review for Possible Downgrade;
     previously on 6 May 2009 Downgraded to Aa1

  -- Class A2, Aa2 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Aa2

  -- Class A3, Aa2 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Aa2

  -- Class B, Ba1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Ba1

  -- Class C, B1 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to B1

  -- Class D, Caa2 Placed Under Review for Possible Downgrade;
     previously on February 18, 2009, Downgraded to Caa2

Last rating action was on February 18, 2009.

Issuer: FTA SANTANDER HIPOTECARIO 2

  -- Class A, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to Aa1

  -- Class B, Aa3 Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to Aa3

  -- Class C, A3 Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to A3

  -- Class D, Ba1 Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to Ba1

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to B3

  -- Class F, Ca Placed Under Review for Possible Downgrade;
     previously on December 12, 2008, Downgraded to Ca

Last rating action was on December 12, 2008.

Issuer: FTA SANTANDER HIPOTECARIO 3

  -- Class A1, Aa1 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa1

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa1

  -- Class A3, Aa1 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa1

  -- Class B, A3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to A3

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Baa3

  -- Class D, Ba3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Ba3

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to B3

  -- Class F, Ca Placed Under Review for Possible Downgrade;
     previously on April 2, 2007, Assigned Ca

Last rating action was on November 14, 2008.

Issuer: FTA SANTANDER HIPOTECARIO 4

  -- Class A1, Aa2 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa2

  -- Class A2, Aa2 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa2

  -- Class A3, Aa2 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Aa2

  -- Class B, A3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to A3

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Baa3

  -- Class D, Ba3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to Ba3

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on November 14, 2008, Downgraded to B3

  -- Class F, Ca Placed Under Review for Possible Downgrade;
     previously on October 2, 2007, Assigned Ca

Last rating action was on November 14, 2008.

Issuer: HIPOCAT 10, FTA

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Aa1

  -- Class A3, Aaa Placed Under Review for Possible Downgrade;
     previously on July 6, 2006, Assigned Aaa

  -- Class A4, Aaa Placed Under Review for Possible Downgrade;
     previously on July 6, 2006, Assigned Aaa

  -- Class B, A2 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to A2

  -- Class C, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Ba3

Last rating action was on April 2, 2009.

Issuer: HIPOCAT 11, FTA

  -- Class A2, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 20, 2009, Downgraded to Aa2

  -- Class A3, Aa2 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Aa2

  -- Class B, Baa1 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Baa1

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to B2

Last rating action was on April 2, 2009.

Issuer: HIPOCAT 12, FTA

  -- Class A, Aa2 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Aa2

  -- Class B, Baa2 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to Baa2

  -- Class C, B3 Placed Under Review for Possible Downgrade;
     previously on April 2, 2009, Downgraded to B3

Last rating action was on April 2, 2009.

Issuer: MADRID RMBS I, FTA

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Aa1

  -- Class B, A1 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to A1

  -- Class C, Baa2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Baa2

  -- Class D, Ba2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Ba2

  -- Class E, B1 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to B1

Last rating action was on November 12, 2008.

Issuer: MADRID RMBS II, FTA

  -- Class A2, Aaa Placed Under Review for Possible Downgrade;
     previously on December 14, 2006, Assigned Aaa

  -- Class A3, Aa2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Aa2

  -- Class B, A2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to A2

  -- Class C, Baa2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Baa2

  -- Class D, Ba3 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Ba3

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to B3

Last rating action was on November 12, 2008.

Issuer: MADRID RMBS III, FTA

  -- Class A1, Aaa Placed Under Review for Possible Downgrade;
     previously on July 16, 2007, Assigned Aaa

  -- Class A2, Aaa Placed Under Review for Possible Downgrade;
     previously on July 16, 2007, Assigned Aaa

  -- Class A3, Aa2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Aa2

  -- Class B, A2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to A2

  -- Class C, Baa2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Baa2

  -- Class D, Ba2 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to Ba2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on November 12, 2008, Downgraded to B3

Last rating action was on November 12, 2008.

Issuer: TDA CAM 9, FTA

  -- Class A1, Aaa Placed Under Review for Possible Downgrade;
     previously on July 3, 2007, Assigned Aaa

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class A3, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class B, A3 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to A3

  -- Class C, Ba2 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Ba2

  -- Class D, Ca Placed Under Review for Possible Downgrade;
     previously on July 3, 2007, Assigned Ca

Last rating action was on December 5, 2008.

Issuer: TDA CAM 10, FTA

  -- Class A1, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class A2, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class A3, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class A4, Aa1 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Aa1

  -- Class B, Baa2 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to Baa2

  -- Class C, B3 Placed Under Review for Possible Downgrade;
     previously on December 5, 2008, Downgraded to B3

Last rating action was on December 5, 2008.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


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


BUCHS & EGGER AG: Claims Filing Deadline is June 15
---------------------------------------------------
Creditors of Buchs & Egger AG are requested to file their proofs
of claim by June 15, 2009, to:

         Edgar Jenny
         Liquidator
         rue de Locarno 3
         1700 Fribourg
         Switzerland

The company is currently undergoing liquidation in Duedingen.  The
decision about liquidation was accepted at the extraordinary
general meeting held on April 27, 2009.


EDEN MONTANA: Creditors Must File Claims by June 15
---------------------------------------------------
Creditors of Eden Montana Ferienclub Ilanz AG are requested to
file their proofs of claim by June 15, 2009, to:

         Cathomas + Cabernard AG
         Mail Box 83
         7130 Ilanz
         Switzerland

The company is currently undergoing liquidation in Ilanz.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 26, 2009.


HOTEL ZURICH: Claims Filing Deadline is June 15
-----------------------------------------------
Creditors of Hotel Zurich Personalhaus AG are requested to file
their proofs of claim by June 15, 2009, to:

         Dr. Christoph J. Joller
         Avenue de Tivoli 3
         Mail Box 768
         1701 Freiburg
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Dec. 19, 2008.


INNOREAL HOLDING: Claims Filing Period Ends June 15
---------------------------------------------------
Creditors of Innoreal Holding AG are requested to file their
proofs of claim by June 15, 2009, to:

         Dr. Christoph J. Joller
         Avenue de Tivoli 3
         Mail Box 768
         1701 Freiburg
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at the extraordinary
general meeting held on Dec. 19, 2008.


MOBILIA HANDEL: Creditors Have Until June 15 to File Claims
-----------------------------------------------------------
Creditors of Mobilia Handel AG are requested to file their proofs
of claim by June 15, 2009, to:

         Mandataria Treuhand AG
         Bahnhofstrasse 23
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on April 17, 2009.


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


DRUZHBA AGRICULTURAL: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 30725645) have
until June 14, 2009, to submit proofs of claim to:

          R. Bodiak
          Insolvency Manager
          Shevchenko Str. 60/127
          Gorodok
          Hmelnitsky
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 21, 2009.  The case is docketed under
Case No. 7/88-b.

The Court is located at:

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

The Debtor can be reached at:

          Agricultural LLC Druzhba
          Nesterovtsy
         Dunayevetsky
         32424 Hmelnitsky
         Ukraine


EXPRESS-SERVICE LLC: Creditors Must File Claims by June 17
---------------------------------------------------------
Creditors of Agricultural LLC Express-Service (code EDRPOU
30600147) have until June 17, 2009, to submit proofs of claim to:

         N. Chuyko
         Insolvency Manager
         Post Office Box 175
         Dneprodzerzhynsk
         51909 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 12, 2009.  The case is
docketed under Case No. B24/142-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Express-Service
         Gremutcheye
         Post Office Box 2734
         49000 Dnepropetrovsk
         Ukraine


GREMUTCHEYE AGRICULTURAL: Creditors Must File Claims by June 14
---------------------------------------------------------------
Creditors of Agricultural LLC Gremutcheye (code EDRPOU 30791440)
have until June 14, 2009, to submit proofs of claim to:

         N. Chuyko
         Insolvency Manager
         Post Office Box 175
         Dneprodzerzhynsk
         51909 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 3, 2009.  The case is
docketed under Case No. B26/40-09.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Gremutcheye
         Gremutcheye
           Krinichansky
           52300 Dnepropetrovsk
           Ukraine


INTERFARM BUILDING: Creditors Must File Claims by June 14
---------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy proceedings
against CJSC Lipovets Interfarm Enterprise Regional Interfarm
Building (code EDRPOU 03582563).  The case is docketed under
Case No. 10/65-09.

Creditors have until June 14, 2009, to submit proofs of claim to:

         V. Bolkhovitin
         Insolvency Manager
         Office 15
         1st May Str. 94
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         CJSC Lipovets Interfarm Enterprise
         Regional Interfarm Building
         Lenin Str. 90
         Lipovets
         Vinnitsa
         Ukraine


NEWEST STARCH: Creditors Must File Claims by June 14
----------------------------------------------------
Creditors of LLC Trading House Newest Starch Technologies (code
EDRPOU 35751140) have until June 14, 2009, to submit proofs of
claim to:

         V. Matveyev
         Insolvency Manager
         L. Ukrainka Str. 14
         43016 Lutsk
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company on April 29, 2009.  The case is docketed under
Case No. 1/57-b.

The Court is located at:

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

The Debtor can be reached at:

          LLC Trading House Newest Starch Technologies
          Vladimirskaya Str. 57a
          Lutsk
          Ukraine


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


ARGON CAPITAL: Moody's Cuts Rating on Series 100 Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded its rating of the series
100 notes issued by Argon Capital Limited Company.

The transaction is a repackaging of preference shares issued by
Royal Bank of Scotland PLC.  This rating action follows the
downgrade of the preference share rating of Royal Bank of Scotland
Group PLC to B3 from Ba2 on review for possible downgrade.  The
rating of the Series 100 notes is a pass-through of this
preference shares rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Argon Capital PLC:

(1) Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities:

  -- Current Rating: B3

  -- Prior Rating: Ba2 on review for possible downgrade

  -- Prior Rating Date: April 8, 2009, downgraded to Ba2 under
     review for possible downgrade from A3


BLOOR HOLDINGS: Breaches Covenants; Posts 2008 GBP49.3 Mln Loss
---------------------------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that according to
accounts at Companies House, Bloor Holdings Ltd, the owner of
Triumph Motorcycles, breached banking covenants last year and was
forced to renegotiate loans.

According to the report, Bloor Holdings, owned by millionaire John
Bloor, saw debts more than double in the year to June 30, 2008
from GBP124 million to GBP249 million.  The company, the report
discloses, made a pre-tax loss of GBP49.3 million in 2008 against
GBP53.5 million profit in 2007.  The company, the report states,
blamed the dramatic increase in debt to investment in the Triumph
business and a string of issues related to Bloor Homes, such as an
increase in work in progress because of a fall in demand for
homes, and the inability to sell surplus land due to market
conditions.  The report relates the company said this caused a
"technical breach of certain bank covenants" at June 30, 2008,
triggering a clause which means GBP90 million of banks loans must
be paid within a year.  Bloor Holdings, as cited in the report,
said it had been forced to agree new facilities with bankers and
an "asset-based provider of finance".  The majority of the loans
are committed until March 2012, although covenants will be tested
on a quarterly basis, the report notes.

Headquartered in Swadlincote, Bloor Holdings Ltd --
http://www.bloorhomes.com/-- is engaged in property development
and building, plant hire and the design, manufacture and sale of
motor cycles.


LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its rating on the class D notes issued by
Landmark Mortgage Securities No. 1 PLC.  At the same time, S&P
affirmed and removed from CreditWatch negative S&P's ratings on
the class B and C notes and affirmed its ratings on the class A
notes.

The downgrade of the class D notes was primarily driven by
increasing arrears and losses and a draw on the reserve fund on
the most recent interest payment date.  This review follows S&P's
receipt of the most recent loan-level data from the issuer.
Recent declines in house prices and increases in arrears have
contributed to deterioration in the levels of foreclosure and loss
severity S&P assume at each rating level, since S&P reviewed the
transaction in September 2008.

However, prepayments are currently 22% and the deleveraging of the
portfolio has increased available credit enhancement, enabling us
to affirm the ratings on the class A, B, and C notes.  The build-
up in credit enhancement this provides has given these notes
sufficient protection to withstand the deteriorating weighted-
average foreclosure frequency and weighted-average loss severity
numbers.

The latest investor report showed that over a six-month period
(September 2008 to March 2009), 90+ day arrears rose to 28.99%
from 11.11%, with total arrears increasing to 48.67% from 29.76%
(both measures include repossessions, which stand at 5.14%).  S&P
notes that some of these increases may be due to technical
movements between arrears buckets.

Cumulative losses are 1.10% of the original note balance, up from
0.59% in September 2008.  S&P's calculations show that the
transaction currently has an average loss severity of 25.00%, down
from 39.91% on the March IPD and 33.00% on the December 2008 IPD.

Both arrears and losses for LMS 1 are trending above S&P's
nonconforming index, and have increased sharply in recent months.
This can be seen in S&P's most recent index report for the sector.

The transaction is now paying principal sequentially following the
breach of its reserve fund and 90+ day arrears triggers, which is
beneficial for the senior notes.

S&P has conducted its analysis in line with S&P's U.K. residential
mortgage-backed securities criteria.

The notes, issued in 2006, are backed by a portfolio of first-
ranking residential mortgages secured over properties in the U.K.
The mortgage loans were originated by Unity Homeloans Ltd.,
Infinity Mortgages Ltd., and Amber Homeloans Ltd. and subsequently
purchased by Investec Bank (UK) Ltd.

                           Ratings List

              Landmark Mortgage Securities No.1 PLC
        EUR105.2 Million And GBP127.1 Million Mortgage-Backed
                       Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
         Class          To                   From
         -----          --                   ----
         D              B                    BB/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
        Class          To                   From
        -----          --                   ----
        B              A                    A/Watch Neg
        Ca             BBB                  BBB/Watch Neg
        Cc             BBB                  BBB/Watch Neg

                         Ratings Affirmed

                      Class          Rating
                      -----          ------
                      Aa             AAA
                      Ac             AAA
                      Aa DAC         AAA
                      Ac DAC         AAA


MENUS FUNDING: Moody's Junks Rating on Class E Floating Rate Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded these Classes of Notes
issued by NEMUS Funding No.1 P.L.C. (amounts reflect initial
outstandings):

  -- GBP35,730,000 Class A Floating Rate Notes due 2014
     downgraded to Aa2, previously on 2 August 2006 assigned Aaa;

  -- GBP44,840,000 Class B Floating Rate Notes due 2014
     downgraded to A3, previously on 2 August 2006 assigned Aa1;

  -- GBP35,905,000 Class C Floating Rate Notes due 2014
     downgraded to Baa3, previously on 2 August 2006 assigned A1;

  -- GBP40,375,000 Class D Floating Rate Notes due 2014
     downgraded to B3, previously on 2 August 2006 assigned Baa3;

  -- GBP17,330,000 Class E Floating Rate Notes due 2014
     downgraded to Caa2, previously on 2 August 2006 assigned Ba3.

Moody's does not rate the Class F Notes issued by NEMUS Funding
No.1 P.L.C.  Moody's has assigned a private rating to the senior
credit default swap that ranks senior to the above referenced
Notes.

The rating action concludes the review for possible downgrade that
was initiated for the Class A, Class B, Class C, Class D, and the
Class E Notes on the April 8, 2009.  The rating action takes
Moody's updated central scenarios into account, as described in
Moody's Special Report "Moody's Updates on Its Surveillance
Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

NEMUS Funding No.1 P.L.C. is a partially funded synthetic
securitization which closed in August 2006 and was arranged by
HSBC Bank Plc.  Moody's assigned at closing a private rating to
the Senior CDS between HSBC as the credit protection buyer and a
third party.  The Senior CDS with an unfunded notional amount
ranks senior to the Notes issued by NEMUS Funding No.1 P.L.C.

The transaction was initially secured by 23 commercial mortgage
loans ("Reference Obligations") originated by HSBC that were
backed by first-ranking legal mortgages over 192 commercial
properties located across the UK.  The transaction was subject to
a reinvestment period within 18 months of closing through which
HSBC reinvested GBP76.6 million by adding two new Reference
Obligations and providing further advances to three of the then
existing Reference Obligations in the portfolio.  In January 2008,
after the reinvestments, Moody's affirmed the initially assigned
ratings.  Following the reinvestment, the pool comprised of 20
Reference Obligations.  The properties were predominantly offices
(52% by underwriter market value) and located in Greater London
(84%).  The remaining collateral pool largely consisted of mixed-
use properties and other property types including industrial and a
hotel.

Since the reinvestment in the transaction, two Reference
Obligations (4.8% of the portfolio balance) have prepaid in full.
Taking into account partial prepayments and scheduled
amortization, the portfolio balance reduced by on aggregate 8.1%
since the reinvestment.  The allocation of loan prepayments and
repayments remains on modified pro-rata basis whereby Reference
Obligations in the sequential bucket are used to reduce the
notional amount of the Senior CDS prior to the Class A Notes and
prepayment or repayment of Reference Obligations in the 100% pro-
rata bucket are used to redeem on a pro-rata basis the unfunded
Senior CDS and funded notional amounts of the Notes.  A sequential
redemption event has not yet occurred in the transaction.

The Reference Obligations remaining are not equally contributing
to the portfolio: the biggest Reference Obligation (Loan 11)
represents 18.2% of the current portfolio balance, while the
smallest Reference Obligation (Loan 17) represents 0.7%.  The
current loan Herfindahl index is 11.8 compared to 12.6 as of
reinvestment, indicating a slightly higher loan concentration.
The remaining 18 Reference Obligations are secured by 176
properties which are still predominantly office use (60%) and
located mainly in the Greater London area (80%).

As of the last interest payment date, all of the remaining
Reference Obligations in the portfolio were current.  One
Reference Obligation (Loan 19 - 5.4% of the current portfolio) had
a breach of its loan-to-value covenant (70.0%) with an LTV of
88.1% following a property revaluation.  Moody's has been recently
advised by the servicer that the subject Reference Obligation is
expected to leave the portfolio in the next 60 days due to early
repayment of the loan.  In its current analysis, Moody's has
assumed that the Reference Obligation will prepay in full.

2) Rating Rationale

The downgrades of the Class A, 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 valuations, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans.
In its review, Moody's focused on the largest Reference
Obligations in the portfolio (Loan 11, Loan 18, Loan 20 and Loan
15) which account for 48% of the portfolio.  Moreover, Moody's
revised its assessment of the other Reference Obligations in the
portfolio to incorporate its expectations regarding default risk
and property value performance.

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 the significant near-to-medium term refinancing
exposure of the portfolio.  Driven by, in most cases, a higher
default risk assessment at the loan maturity dates, Moody's now
anticipates that a substantial portion of the portfolio will
default over the course of the transaction term.

Moody's notes that the transaction benefits from cash posted as
collateral in off-shore deposit accounts (GBP112.5 million) in
relation to seven Reference Obligations in the portfolio (31.9% of
current portfolio), a positive attribute of the deal which has
remained the same since closing.  However, due to a higher default
risk assessment coupled with the negative impact of significantly
reduced property values in certain cases, 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.

Moody's notes that the dispersion of the portfolio in terms of the
Reference Obigations' LTV ratios is broader than for other large
multi-borrower transactions ("EMEA CMBS conduit deals").  Based on
Moody's estimates, 34% of the portfolio comprises of Reference
Obligations with an LTV of below 50%, while 28% of the portfolio
reflects Reference Obligations with an LTV of above 80%.  This is
noteworthy because there is no cross collateralization among
Reference Obligations, meaning that high losses from highly
leveraged Reference Obligations are not balanced out by excess
recoveries of lowly leveraged Reference Obligations (the maximum
principal recovery of each Reference Obligation is its notional
amount).

The current subordination levels for Moody's rated classes, 21.1%
for the Class A Notes, 16.9% for Class B, 11.6% for Class C, 7.4%
for Class D and 2.6% for the Class E Notes provide protection
against the expected losses.  However, the likelihood of higher
than expected losses on the portfolio has increased substantially,
which results in the rating action.  Since the portfolio
reinvestment, 8% of the portfolio repaid.  The proceeds from
prepayments and repayments were allocated to the Notes on a
modified pro-rata basis.  At the same time, the loan portfolio
only provides for limited scheduled principal repayment over time.
As a result, unlike other EMEA CMBS conduit deals, the Class A,
the Class B, the Class C, the Class D and the Class E Notes have
not benefited from a meaningful increase in subordination levels
since the reinvestment.

The Class A, 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 the Class A
Notes through Class E Notes than on the most senior part of the
capital structure (the Senior CDS).

NEMUS Funding No.1 P.L.C. is a synthetic transaction governed by a
credit default swap agreement.  The credit events are bankruptcy,
failure to pay and restructuring.  Moody's considered the loss
amount determination language and the restrictions in the
Servicer's ability to extend the maturity date of Reference
Obligations in its portfolio expected loss assessment and
concluded that the synthetic nature of the transaction is neutral
compared to EMEA CMBS true sale conduit deals.

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 as of reinvestment, the values of the
properties securing this transaction have declined by on aggregate
11% until the beginning of 2009 (ranging from 1% value decline for
Loan 7 to 41% value decline for Loan 18).  Moody's notes that some
of the Reference Obligations benefit from several years of
seasoning.  In its analysis, Moody's assumed value increases for
some Reference Obligations as for the properties securing these
Reference Obligations, the U/W values date several years pre-
closing of the transaction and should be less impacted by the most
recent value declines.  Looking ahead, Moody's anticipates further
declines from beginning of 2009 until 2010, resulting in a 21.0%
value decline compared to the U/W value at reinvestment (ranging
from a 1% decline for Loan 24 to a 52% value decline for Loan 15).

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized LTV
ratio was 66.7% (net of cash collateral) compared to the reported
U/W LTV of 54.3% (net of cash collateral).  Due to the further
envisaged declines, the WA LTV will increase in Moody's opinion to
75.3% in 2010 and will only gradually recover thereafter.  Based
on Moody's anticipated trough values, the LTVs for the securitized
loans range between 23% for Loan 2 to 105% for Loan 11.

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 Reference Obligation.  A total of four Reference
Obligations (38.0% of current portfolio) are syndicated loans with
pari-passu portions outside the securitization.  However, none of
the Reference Obligations has additional debt in the form of a B-
loan. Moody's has factored into its analysis total loan
commitments and pari-passu rights between syndicate members.
Moody's also considered in its expected loss calculation for
certain scenarios that some properties would likely be traded at
vacant possession values in case of a loan default during the
term.

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 Loan 11
could be in Moody's view exposed to weakening occupational
markets.  Loan 20 is exposed to the current economic downturn
affecting the hotel and leisure sector.  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.  As of the last IPD, none of the Reference
Obligations in the portfolio was subject to a credit event.

Refinancing Risk.  The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is substantial.  While no Reference
Obligation matures in 2009, 31.8% of the current portfolio matures
in 2010.  19.3% of the portfolio matures in 2011, 34.0% in 2012
and the remaining 14.9% matures in 2013.  As Moody's expects
property values in the UK to only slowly recover from 2011
onwards, most of the loans will be still highly leveraged at their
respective maturity dates.  Consequently, in Moody's view, for
most of the loans, the default risk at maturity has increased
substantially compared to the closing analysis.  Moody's
considered for its assessment of the refinancing risk that the
Reference Obligations are balance sheet loans originated by a
client relationship driven lender.  This means that, in case the
borrower cannot secure refinancing, the likelihood that the loan
term is extended is somewhat higher than for loans in other EMEA
CMBS conduit deals.  However, there is a restriction in the
servicing agreement not to extend the maturity date of a Reference
Obligation beyond December 2012.  Moody's understands that an
extension of a Reference Obligation's maturity date beyond 2012
would render the Reference Obligation ineligible for the credit
protection, but did not give benefit for this feature and has
assumed that the servicer would not extend Reference Obligation
maturity dates beyond 2012.

Overall Default Risk. Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a substantial portion of the portfolio will
default over the course of the transaction term.  The default risk
of all currently performing loans is predominantly driven by
refinancing risk.  Of those loans, Loan 20 has in Moody's view the
highest default risk, while Loan 1 has the lowest risk of
defaulting.

Concentration Risk.  The portfolio securitized in NEMUS Funding
No.1 P.L.C. exhibits an above average concentration in terms of
property types (60% office) and property location (100% UK and 80%
Greater 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.  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, but within the time
frame as set out in the servicing and credit default swap
agreement.  The credit default swap agreement specifies that,
following a credit event, the loss amount is estimated in case the
work-out of a Reference Obligation is not completed within 450
days after the credit event.  The last date on which HSBC can
claim a credit event is in January 2013.

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.


MODUS COROVEST: In Administration; KPMG Appointed
-------------------------------------------------
Mark Firmin and Myles Halley from KPMG Restructuring were
appointed Joint Administrators of Modus Corovest (Blackpool)
Limited on June 5, 2009.

The company owns the freehold of the Houndshill Shopping Centre in
Blackpool.

Mark Firmin commented, "The centre will continue to trade whilst
the Joint Administrators review the situation and develop a
strategy that is appropriate for this particular site.  No impact
on customers or tenants is anticipated."

This is the third shopping centre over which KPMG's Restructuring
practice in the North has been appointed in the last three months.

The administration of Modus Corovest (Blackpool) Limited follows
that of Modus Ventures Limited on May 29, Modus Properties (Wigan)
Limited and Modus (Wigan) Limited on May 18 and Trinity Walk
Wakefield Limited in March 2009.


SAPHIR FINANCE: Moody's Lowers Rating on 2006-9 Notes to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Saphir Finance Plc.

The transaction is a repackaging of Lloyds TSB Group preference
shares.  The rating action is the response to the rating of the
non-cumulative callable preference shares of Lloyds TSB Group Plc
being downgraded to B3 from Baa2 on review for possible downgrade.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Saphir Finance Plc:

(1) Series 2006-9 GBP600,000,000 Perpetual Non-Cumulative
Securities

  -- Current Rating: B3

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: April 24, 2009, downgraded to Baa2 under
     review for possible downgrade from A3


SOYMAGIC: Placed Into Administration; 20 Jobs Affected
------------------------------------------------------
Jill Park at Packaging News reports that Grimsby-based soya milk
manufacturer Soymagic has been placed into administration,
resulting in the loss of 20 jobs.

According to the report, tough trading conditions led the company
to be placed into the hands of joint administrators Mark Firmin
and Howard Smith from KPMG Restructuring in Leeds on May 28, 2009.

The administrators have put the company's assets up for sale as a
going concern or individual assets, the report relates.  The
report discloses assets on sale include a 3,700sqm freehold
property on a Greenfield site in Grimsby and the company's chilled
liquid production equipment, which includes homogenizing and
pasteurizing, packaging and a soya bean liquidizer.


YELL GROUP: Appoints Bob Wigley as New Chairman
-----------------------------------------------
Alexi Mostrous at Times Online reports that Bob Wigley has been
appointed new chairman of Yell Group plc, replacing Bob Scott.

Times Online recalls Mr. Scott stepped down in May after
opposition from Yell's institutional shareholders over his role at
RBS.

According to Times Online, Mr. Wigley, 48, will be paid GBP250,000
a year, with bonuses in Yell shares -- almost GBP100,000 more than
the previous incumbent.

Times Online says Yell is reportedly considering attempting a
rights issue this autumn to pay down some of its GBP4.3 billion of
debt.

                           Refinancing

On May 22, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that the company was actively looking at
refinancing options.  According to Reuters, a large tranche of the
company's debt is due for repayment in April 2011.  Mr. David told
Reuters that he aimed to have refinancing in place by April 2010.
Reuters disclosed Mr. David said it could not rule out having to
sell assets if other options did not work out.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 10, 2009, Moody's Investors Service placed the Ba3 Corporate
Family Rating and the B1 Probability of Default Rating  of Yell
Group plc on review for possible downgrade.


WHITE TOWER: Fitch Junks Rating on GBP68 Mln Class E Notes
----------------------------------------------------------
Fitch Ratings has downgraded White Tower 2006-3 plc's commercial
mortgage-backed floating rate notes due 2012 as shown below.  The
Outlook on Class A was revised to Negative from Stable.

  -- GBP678.5 million Class A (XS0275770914) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP171.5 million Class B (XS0275771649) downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- GBP116 million Class C (XS0275772704) downgraded to 'BB' from
     'A'; Outlook Negative

  -- GBP116 million Class D (XS0275773181) downgraded to 'B' from
     'BBB'; Outlook Negative

  -- GBP68.0 million Class E (XS0275774072) downgraded to 'CCC'
     from 'BB'; Recovery Rating 'RR5' assigned

The downgrades are driven by the continued decline of commercial
property values since the last review of the transaction in
December 2008 and the uncertainty surrounding the upcoming loan
maturity in October 2009.

The nine London office properties securing the GBP1,434.8 million
commercial mortgage loan (GBP1,150 million of which has been
securitized) have not been re-valued since the transaction closed
in December 2006.  However, in light of the upcoming loan
maturity, the servicer has commissioned a re-valuation, which is
scheduled to be available prior to the July interest payment date.
Fitch estimates that the value of the assets has declined by 43%
since closing, resulting in Fitch loan-to-value ratios of 109% on
the securitized senior loan and 137% on the subordinated junior
loan.  These are compared to 62.8% and 78.3% respectively, based
on the original valuation.  The LTV covenant of 81.5%, which is
tested against the combined leverage of the senior and junior
loan, is therefore expected to be breached upon receipt of the
upcoming valuation, which would constitute a loan event of
default.

The income profile of the transaction is unchanged since the last
review.  The portfolio is currently 99.9% let on long leases to 21
tenants, the majority of which are rated or considered to be of
investment grade quality.  The weighted average unexpired lease
term, assuming that all break options are exercised, exceeds the
scheduled loan maturity by nine years and the final legal maturity
by six years.  Despite the relatively strong in-place income, the
value of the portfolio will suffer due to negative sentiment
amongst potential investors towards the City office market, given
the reduction in occupier demand and particular concern about JP
Morgan's stated intention to relocate its operations to Canary
Wharf.  JP Morgan is the largest tenant in the portfolio (40% of
passing rent), with two equally sized leases on properties in
London's Embankment and City, expiring in 2016 and 2025,
respectively.  Overall, the commercial property investment market
continues to be illiquid and new debt remains scarce, particularly
in large volume.

Taking all these factors into account, Fitch expects this loan to
remain unpaid at maturity, but that the three-year tail period
should provide the servicer with sufficient time to achieve a
workout.  The borrower-level hedging will also expire in October
2009, leaving the loan exposed to floating-rate interest payments;
however, this is of minor concern in the current low interest rate
environment.  Assuming interest rates remain low and that payments
on the junior loan will cease following loan maturity, there is
the potential for a significant amount of excess cash flow to be
available to amortize the senior loan.

Fitch will issue further commentary once it has obtained clarity
on the likely outcome of the upcoming maturity.


* UK: Premier League Clubs' Net Debt Up to GBP3.1 Bln in 2007/08
----------------------------------------------------------------
The new television rights deal sent Premier League clubs' revenue
soaring to GBP1,932 million in 2007/08 and revenues are estimated
to have reached GBP2 billion in 2008/09 according to the latest
Annual Review of Football Finance from the Sport Business Group at
Deloitte.  In a sign of football's resilience to the economic
downturn, Deloitte expects England's top clubs will continue to
grow revenues in 2009/10, albeit at a slower pace.

Dan Jones, Partner in the Sports Business Group at Deloitte,
commented: "The domestic and international popularity of the
Premier League continues to generate remarkable revenue growth.
Between 1992 and 2008, revenues for the top 20 clubs grew at a
compound annual rate of 16%, compared with 5.4% for the UK economy
as a whole.  Revenue increased by 26% in 2007/08 and Premier
League clubs generated GBP800 million more revenue than their
nearest rivals from the other 'big 5' leagues.

"It will, of course, be hard to maintain this pace in the
immediate future.  The new economic realities may lead to flat
matchday revenues.  While attendances continue to hold up well,
many clubs have frozen or reduced ticket prices.  However, the
stepped increases in the current domestic broadcast deal and the
new UEFA Champions League TV deal make it likely overall revenues
will edge up."

The majority of the incremental broadcast revenue has been spent
on player wages and transfers.  Wage costs in the Premier League
increased by GBP227 million (23%) in 2007/08 to reach GBP1.2
billion, the largest annual increase recorded by the Premier
League.  Spending in both the Summer 2008 and January 2009
transfer windows reached new record levels with an estimated
GBP675m investment in new players (gross spending).

Alan Switzer, Director in the Sports Business Group at Deloitte
commented: "Despite this increase in wage costs, Premier League
clubs improved their wages / revenue ratio to 62% and generated
record operating profits in 2007/08 of GBP185 million.  However
lower revenue growth in forthcoming seasons means clubs will have
to focus on improving cost control -- both wages and other
operating costs --  if profits are to be maintained."

Other key findings of the Deloitte Annual Review of Football
Finance 2009 include:

    * The total European football market grew by GBP1.1 billon to
      GBP11.6 billion in 2007/08.

    * Premier League clubs generated the highest revenue (GBP1.9
      billion) of any league in Europe in 2007/08, followed by
      Germany, Spain and Italy (each GBP1.1 billion), and France
      (GBP0.8 billion).

    * English clubs have regained their status as the most
      profitable in the world having lost this title to the
      Bundesliga in 2006/07.

    * Total revenues for the 72 Football League clubs exceeded
      GBP500 million for the first time.  These will be boosted
      from the coming season by an improved broadcasting deal and
      the presence of Newcastle United.

    * The enhanced broadcasting revenues should help Championship
      clubs address record losses which reached GBP102 million in
      2007/08.

    * The top 92 English Clubs invested GBP187 million in
      facilities in 2007/08, bringing the cumulative spending to
      well above GBP2.5 billion since 1992/93.  Their high quality
      stadia has been a key driver of attendances which exceeded
      30m from league games alone in 2008/09.  The Championship is
      now the 3rd best attended league in Europe.

    * Net debt in respect of Premier League clubs increased to
      GBP3.1 billion in 2007/08 up from GBP2.7 billion the
      previous season.  Serie A was the fastest growing league
      with total revenues increasing by 34% to EUR1.4 billion but
      posted a third year of operating losses.

    * The Government's tax take from the top 92 professional
      football clubs rose to GBP860 million and will exceed GBP1
      billion per year with the introduction of the 50% rate for
      earnings over GBP150,000.

Paul Rawnsley, Director in the Sports Business Group at Deloitte
commented: "While debt in the Premier League has risen, two-thirds
of this debt is in respect of just four clubs -- Arsenal, Chelsea,
Liverpool and Manchester United -- and around GBP1.2 billion is
non-interest bearing 'soft loans'.  On the positive side of the
balance sheet, these four clubs also had GBP1 billion of assets in
respect of investment in stadia and other facilities and a further
GBP450m from investment in players.  Looking forward there will be
an increased focus on clubs' business models and financial
sustainability.  Debt is not necessarily a bad thing for clubs; as
long as it is manageable within a club's finances and is
sustainable and repayable."


                        About Deloitte

Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.

Deloitte & Touche LLP is the United Kingdom member firm of DTT.


* IATA Says European Carriers to Post Losses of US$1.8 Bln in 2009
------------------------------------------------------------------
The International Air Transport Association (IATA) revised its
airline financial forecast for 2009 to a global loss of US$9
billion.  This is nearly double the association's March estimate
of a US$4.7 billion loss, reflecting a rapidly deteriorating
revenue environment.  IATA also revised its loss estimate for 2008
to US$10.4 billion from the previous estimate of US$8.5 billion.

"There is no modern precedent for today's economic meltdown.  The
ground has shifted. Our industry has been shaken.  This is the
most difficult situation that the industry has faced . After
September 11, revenues fell by 7%. It took three years to recover
lost ground, even on the back of a strong economy.  This time we
face a 15% drop—a loss of revenues of US$80 billion—in the middle
of a global recession.  Our future depends on a drastic reshaping
by partners, governments and industry.  We cannot bear the cost of
government micro-regulation, crazy taxation and partners abusing
their monopoly power," said Giovanni Bisignani, IATA's Director
General and CEO in his State of the Industry address to 500 of the
industry's top leaders gathered in Kuala Lumpur for the 65th IATA
Annual General Meeting and World Air Transport Summit.

Recession is the most significant factor impacting the industry's
bottom line.  IATA's revised forecast sees revenues declining an
unprecedented 15% (US$80 billion) from US$528 billion in 2008 to
US$448 billion in 2009.

Air cargo demand is expected to decline by 17%. In 2009, airlines
are forecast to carry 33.3 million tonnes of freight, compared to
40.1 million tonnes in 2008.  Passenger demand is expected to
contract by 8% to 2.06 billion travelers compared to 2.24 billion
in 2008.  The revenue impact of falling demand will be further
exaggerated by large falls in yields—11% for cargo and 7% for
passenger.

Mr. Bisignani noted risks and challenges:

    * Fuel bill: The industry fuel bill is forecast to decline by
      US$59 billion to US$106 billion in 2009.  Fuel will account
      for 23% of operating costs with an average price of oil at
      US$56 per barrel (Brent).  By comparison, the 2008 fuel bill
      was US$165 billion (31% of costs) at an average price of
      US$99 per barrel.  "The risk that we have seen in recent
      weeks is that even the slightest glimmer of economic hope
      sends oil prices higher. Greedy speculation must not hold
      global economy hostage.  Failure to act by governments would
      be irresponsible," said Mr. Bisignani.

    * Efficiency gains: Over the last decade, labor productivity
      improved by 71%.  Fuel efficiency increased by 20% and load
      factors rose by 7 percentage points.  The dramatic downturn
      in demand could push non-fuel unit costs higher, which
      cannot be cut in proportion.

    * Stronger Cash Reserves: Cash reserves of US$70 billion (13%)
      of revenues are much stronger than the 9% reserve that
      airlines had in 2000.  Some of this is being funded by the
      US$170 billion industry debt or by asset sales.  "We are in
      a better cash position than when we faced the challenges of
      September 11. But our pockets are not that deep.  A long
      L-shaped recovery could drain the industry of cash," said
      Mr. Bisignani.

    * Careful Capacity Management: Global load factors for the
      first quarter of 2009 are down about 3 percentage points
      compared to the previous year.  This is less than the falls
      experienced in some recent crises as a result of airlines
      better matching capacity to falling demand.  Nonetheless,
      the 4,000 aircraft expected to enter the commercial aviation
      fleet in the next three years will make this an ongoing
      challenge.

    * Strong Partnerships: Consolidation within political borders
      (including Air France-KLM, Lufthansa-Swiss, Delta-Northwest,
      Cathay Pacific-Dragonair) has created stronger players.  But
      archaic limitations on ownership continue to prevent broader
      consolidation and partnerships across borders.

Carriers in all regions are expected to report losses in 2009.

    * North American carriers are expected to show a loss of
      US$1.0 billion.  This is significantly better than the
      US$5.1 billion loss in 2008.  Limited hedging by US carriers
      exposed the US industry to rising fuel prices in 2008.  This
      turned into an advantage in 2009 by giving US carriers
      access to lower spot prices.  Early capacity cuts are also
      helping.

    * European carriers are expected to post losses of US$1.8
      billion with collapsing demand for premium services in all
      major markets served by the region's carriers (intra-Europe,
      North Atlantic and Europe to Asia).

    * Asia-Pacific carriers will post the largest losses at US$3.3
      billion.  Japan, the region's largest market, is in deep
      recession.  The growth markets of China and India are
      delivering major losses as export-driven demand slows.  This
      is a slightly better performance than the US$3.9 billion
      that the region's carriers lost in 2008.

    * Middle East carriers, despite strong traffic growth, will
      see losses deepen to US$1.5 billion.  The region's
      intercontinental hubs are vulnerable to recessionary impacts
      in both European and Asian source markets.

    * Latin American carriers are expected to post a loss of
      US$900 million, as the impact of the recession in the US and
      China weakens demand for the region's commodities.

    * African carriers are expected to see losses of US$500
      million.  This is the result of a loss of market share
      combined with the impact of the recession.

The industry crisis is making liberalization even more critical.
"We cannot manage in these unprecedented times with one hand tied
behind our back.  Airlines need the same commercial freedoms that
every other industry takes for granted—access to global markets
and capital," said Mr. Bisignani.

In a similar vein, Bisignani urged governments to avoid
protectionist policies as they stimulate economies.  "The forces
of de-globalization are gathering strength.  World trade is
already suffering with a 15% downturn.  Protectionism is the enemy
of global prosperity.  In the 1930s, it prolonged the recession.
And it will not work today.  To build a strong global economy, we
must fight hard to keep the world trading," said Mr. Bisignani.


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

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

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


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


CYPRUS
------
LIBRA HOLIDAYS G           LHG PZ     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG EO     -5044973.6     274730005.26
LIBRA HOLIDA-RTS           LBR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS          LHGCYP EO     -5044973.6     274730005.26
LIBRA HOLIDA-RTS          LGWR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG CY     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG CY     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG PZ     -5044973.6     274730005.26

LIBRA HOLIDAYS G           LHG EU     -5044973.6     274730005.26
LIBRA HOLIDAY-RT      3167808Z CY     -5044973.6     274730005.26
LIBRA HOLIDAYS          LHGCYP EU     -5044973.6     274730005.26
LIBRA HOLIDAYS            LHGR CY     -5044973.6     274730005.26


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


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


FRANCE
------
PAGESJAUNES GRP           PAJP IX  -3061283156.27   1202048352.1
RHODIA SA – NEW       3156011Q FP   -670695098.16   5563991457.04
RHODIA SA-ADR              RHA US   -670695098.16   5563991457.04
RHODIA SA-RIGHTS         RHADS FP   -670695098.16   5563991457.04
NORTENE                   NORT FP    -35623999.56    117566786.87
RHODIA SA – NEW       2335921Q FP   -670695098.16   5563991457.04
RHODIA SA – NEW          RHANV FP   -670695098.16   5563991457.04
IMMOB HOTELIERE          IMBHF US    -66874823.95    301323804.92
PAGESJAUNES GRP            PAJ EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP            PAJ EU  -3061283156.27   1202048352.1
RHODIA SA-ADR            RHAYY US   -670695098.16   5563991457.04
PAGESJAUNES GRP         PAJGBX EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP         PAJGBP EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP            PAJ BQ  -3061283156.27   1202048352.1
PAGESJAUNES GRP         PAJUSD EO  -3061283156.27   1202048352.1
THOMSON (EX-TMM)        TMSGBP EO   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS US   -186963510.99   7800843297.85
PAGESJAUNES GRP            PAJ IX  -3061283156.27   1202048352.1
PAGESJAUNES GRP            PAJ VX  -3061283156.27   1202048352.1
THOMSON (EX-TMM)           TMM VX   -186963510.99   7800843297.85
PAGESJAUNES GRP         PAJGBX EU  -3061283156.27   1202048352.1
RHODIA SA                  RHA EU   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ NQ  -3061283156.27   1202048352.1
RHODIA SA                  RHA EB   -670695098.16   5563991457.04
PAGESJAUNES GRP            QS3 GR  -3061283156.27   1202048352.1
IMMOB HOTEL BALN          IMHB FP    -66874823.95    301323804.92
RHODIA SA                  RHA IX   -670695098.16   5563991457.04
RHODIA SA                  RHA TQ   -670695098.16   5563991457.04
RHODIA SA                  RHA EO   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO EU    -66874823.95    301323804.92
RHODIA SA                RHANR PZ   -670695098.16   5563991457.04
RHODIA SA               RHAGBX EO   -670695098.16   5563991457.04
THOMSON MULTI-NE           ZTM FP   -186963510.99   7800843297.85
RHODIA SA                 RHAY IX   -670695098.16   5563991457.04
RHODIA SA                RHADF US   -670695098.16   5563991457.04
RHODIA SA                  RHA NQ   -670695098.16   5563991457.04
RHODIA SA                RHDAF US   -670695098.16   5563991457.04
TROUVAY CAUVIN            ETEC FP      -396978       133986439.74
RHODIA SA             2324011Q EU   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ TQ  -3061283156.27   1202048352.1
OROSDI-BACK               BACK IX        -7291.55    131233317.62
RHODIA SA               RHAGBX EU   -670695098.16   5563991457.04
RHODIA SA                  RHA PZ   -670695098.16   5563991457.04
THOMSON (EX-TMM)           TMM IX   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMM LN   -186963510.99   7800843297.85
NORTENE                   NRTP IX    -35623999.56    117566786.87
THOMSON (EX-TMM)         TMMLF US   -186963510.99   7800843297.85
PAGESJAUNES GRP            PAJ PZ  -3061283156.27   1202048352.1
CARRERE GROUP             CARF PZ    -23319835.34    364475420.31
THOMSON (EX-TMM)           TMS BQ   -186963510.99   7800843297.85
OROSDI-BACK               ORBA FP        -7291.55    131233317.62
THOMSON MULTIMED           TMM FP   -186963510.99   7800843297.85
RHODIA SA                  RHA VX   -670695098.16   5563991457.04
THOMSON (EX-TMM)        TMSUSD EU   -186963510.99   7800843297.85
THOMSON – NEW         2336061Q FP   -186963510.99   7800843297.85
NORTENE                   NORT EO    -35623999.56    117566786.87
NORTENE                   NORT EU    -35623999.56    117566786.87
PAGESJAUNES              PGJUF US  -3061283156.27   1202048352.1
THOMSON – NEW            TMSNV FP   -186963510.99   7800843297.85
IMMOB HOTELIERE           IMHO EO    -66874823.95    301323804.92
NORTENE                   NORT PZ    -35623999.56    117566786.87
NORTENE                   NRTN FP    -35623999.56    117566786.87
THOMSON MULT-ADR         TMS-P US   -186963510.99   7800843297.85
PAGESJAUNES GRP            PAJ EB  -3061283156.27   1202048352.1
THOMSON (EX-TMM)        TMSGBX EO   -186963510.99   7800843297.85
Selcodis                  SPVX FP    -21481214.33    175720770.81
THOMSON (EX-TMM)           TNM GR   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS PZ   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS FP   -186963510.99   7800843297.85
THOMSON (EX-TMM)          TMMN FP   -186963510.99   7800843297.85


THOMSON (EX-TMM)          TNMA GR   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMM ES   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS EU   -186963510.99   7800843297.85
THOMSON (EX-TMM)        TMSUSD EO   -186963510.99   7800843297.85
GRANDE PAROISSE           GAPA FP   -927267926.9     629287290
GRANDE PAROISSE          GDPXF US   -927267926.9     629287290
MATUSSIERE & FOR         MTUSF US    -77896683.67    293868350.79
TROUVAY CAUVIN           TVYCF US      -396978       133986439.74
SDR CENTREST           117241Q FP   -132420119.65    252176017.15
MATUSSIERE & FOR      1007765Q FP    -77896683.67    293868350.79
THOMSON (EX-TMM)           TMS VX   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS TQ   -186963510.99   7800843297.85
THOMSON (EX-TMM)           TMS EO   -186963510.99   7800843297.85
OROSDI-BACK               OROS EU        -7291.55    131233317.62
RHODIA SA                 RHDI GR   -670695098.16   5563991457.04
SELCODIS                  SLCO EO    -21481214.33    175720770.81
GRANDE PAROISSE           GDPA FP   -927267926.9     629287290
PAGESJAUNES GRP         PAJUSD EU  -3061283156.27   1202048352.1
OROSDI-BACK               OROS EO        -7291.55    131233317.62
CARRERE GROUP             CAR2 EO    -23319835.34    364475420.31
THOMSON (EX-TMM)        TMSGBX EU   -186963510.99   7800843297.85
SELCODIS                  SLCO PZ    -21481214.33    175720770.81
IMMOB HOTELIERE           IMMH IX    -66874823.95    301323804.92
THOMSON (EX-TMM)           TMS EB   -186963510.99   7800843297.85
RHODIA SA               RHAGBP EO   -670695098.16   5563991457.04
CARRERE GROUP             CARG FP    -23319835.34    364475420.31
RHODIA SA                  RHA FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO PZ    -66874823.95    301323804.92
IMMOB HOTELIERE            IMH GR    -66874823.95    301323804.92
SELCODIS                  SLCO FP    -21481214.33    175720770.81
OROSDI                    OROS FP        -7291.55    131233317.62
SELCODIS                  SPVX IX    -21481214.33    175720770.81
CARRERE GROUP             CAR2 EU    -23319835.34    364475420.31
RHODIA SA                RHANR FP   -670695098.16   5563991457.04
LAB DOLISOS               LADL FP    -27752176.19    110485462.44
RHODIA SA             3218857Q IX   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ FP  -3061283156.27   1202048352.1
RHODIA SA                  RHD GR   -670695098.16   5563991457.04
RHODIA SA-RIGHTS       653447Q FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO FP    -66874823.95    301323804.92
LAB DOLISOS               DOLI FP    -27752176.19    110485462.44
SELCODIS                  SLCO EU    -21481214.33    175720770.81
IMMOB HOTELIERE            SIH FP    -66874823.95    301323804.92
OROSDI-BACK               OROS PZ        -7291.55    131233317.62
RHODIA SA                  RHA BQ   -670695098.16   5563991457.04
RHODIA SA             2324015Q EO   -670695098.16   5563991457.04
CARRERE GROUP             CRGP IX    -23319835.34    364475420.31
CARRERE GROUP              XRR GR    -23319835.34    364475420.31
CARRERE GROUP              CAR FP    -23319835.34    364475420.31
CARRERE GROUP            CRRHF US    -23319835.34    364475420.31


GERMANY
-------
PRIMACOM AG               PRCG PZ    -14233212.49    729563484.73
KAUFRING AG                KFR EO    -19296489.56    150995473.81
PRIMACOM AG               PRCG IX    -14233212.49    729563484.73
BROKAT TECH AG             BSA LN    -27139391.98    143536859.72
KAUFRING AG               KAUG IX    -19296489.56    150995473.81
BROKAT AG                BKISF US    -27139391.98    143536859.72
HYPO REAL ESTATE           HRX GR   -813565059.9  543794828675.92
PRIMACOM AG               PRC2 GR    -14233212.49    729563484.73
HYPO REAL ES-NEW      2916649Q EU   -813565059.9  543794828675.92
BROKAT TECH AG             BRJ NM    -27139391.98    143536859.72
EECH GROUP AG              PTA GR      -114331.83    108502676.25
HYPO REAL ESTATE           HRX NR   -813565059.9  543794828675.92
EECH GROUP AG              PTA EO      -114331.83    108502676.25
BROKAT TECH AG             BRJ GR    -27139391.98    143536859.72
SANDER (JIL)-PRF      2916157Q EU     -6153256.92    127548039.68
EECH GROUP AG              PTA EU      -114331.83    108502676.25
BROKAT TECH-ADR           BRJA GR    -27139391.98    143536859.72
BROKAT AG -NEW            BRJ1 GR    -27139391.98    143536859.72
TA TRIUMPH-ACQ            TWNA GR    -96966372.18    401755623.89
BROKAT AG                BROAF US    -27139391.98    143536859.72
BROKAT TECH -ADR         BROAQ US    -27139391.98    143536859.72
BROKAT AG-ADR             BROA US    -27139391.98    143536859.72
KAUFRING AG                KFR GR    -19296489.56    150995473.81
MATERNUS KLINI-N          MAK1 GR    -17014754.15    172786677.74
HYPO REAL-ACQ             HRXV EU   -813565059.9  543794828675.92
CBB HOLDING AG            COBG PZ    -42994732.85    904723627.84
AGOR AG                   DOOG IX      -482446.63    144432986.17
ROSENTHAL AG-REG         RSTHF US     -1744121.91    217776125.75
HYPO REAL ESTATE           HRX EB   -813565059.9  543794828675.92
ROSENTHAL AG-ADR         RSTHY US     -1744121.91    217776125.75
PRIMACOM AG-ADR           PCAG US    -14233212.49    729563484.73
NORDSEE AG             533061Q GR     -8200552.05    194616922.62
HYPO REAL-ACQ             HRXV GR   -813565059.9  543794828675.92
MANIA TECHNOLOGI         MIAVF US    -35060806.5     107465713.61
PRIMACOM AG-ADR          PCAGY US    -14233212.49    729563484.73
AGOR AG                    DOO EU      -482446.63    144432986.17
ROSENTHAL AG-REG          ROS1 EU     -1744121.91    217776125.75
MANIA TECHNOLOGI      2260970Z GR    -35060806.5     107465713.61
ROSENTHAL AG-REG          ROSG PZ     -1744121.91    217776125.75
HYPO REAL-ACQ             HRXV PZ   -813565059.9  543794828675.92
AGOR AG-RTS           2301918Z GR      -482446.63    144432986.17
ALNO AG                    ANO PZ    -28265004.17    366872263.74
SINNLEFFERS AG             WHG GR     -4491629.96    453887060.07
AGOR AG                    DOO EO      -482446.63    144432986.17
ROSENTHAL AG-REG          ROSG IX     -1744121.91    217776125.75
ROSENTHAL AG-REG           ROS GR     -1744121.91    217776125.75
TA TRIUMPH-RT             TWN8 GR    -96966372.18    401755623.89
VIVANCO GRUPPE            VVA1 PZ    -16648688.57    131276010.89
VIVANCO GRUPPE            VVA1 EU    -16648688.57    131276010.89
CINEMAXX AG                MXC EO    -42015165.72    146572416.37
CINEMAXX AG             MXCUSD EO    -42015165.72    146572416.37
HYPO REAL ESTATE           HRX VX   -813565059.9  543794828675.92
P & T TECHNOLOGY           PTA NM      -114331.83    108502676.25
MANIA TECHNOLOGI           MNI PZ    -35060806.5     107465713.61
BROKAT AG                BROFQ US    -27139391.98    143536859.72
EM.TV & MERC-NEW          ETV1 NM    -22067409.41    849175624.65
EECH GROUP AG              PTA PZ      -114331.83    108502676.25
EM.TV & MERC-RTS          ETV8 NM    -22067409.41    849175624.65
SANDER (JIL) AG          JLSDF US     -6153256.92    127548039.68
HYPO REAL ES-NEW          HRXA EU   -813565059.9  543794828675.92
AGOR AG                   DOOD PZ      -482446.63    144432986.17
VIVANCO GRUPPE            VVAG IX    -16648688.57    131276010.89
CINEMAXX AG                MXC EU    -42015165.72    146572416.37
SANDER (JIL)-PRF          SAD3 GR     -6153256.92    127548039.68
CINEMAXX AG               MXCG IX    -42015165.72    146572416.37
SANDER (JIL) AG            SAD GR     -6153256.92    127548039.68
CINEMAXX AG-RTS           MXC8 GR    -42015165.72    146572416.37
PRIMACOM AG                PRC NM    -14233212.49    729563484.73
DORT ACTIEN-RTS           DAB8 GR    -12689156.29    117537053.71
MANIA TECHNOLOGI          MNIG IX    -35060806.5     107465713.61
VIVANCO GRUPPE           VIVGF US    -16648688.57    131276010.89
MANIA TECHNOLOGI          MNI1 EU    -35060806.5     107465713.61
VIVANCO GRUPPE             VVA GR    -16648688.57    131276010.89
SANDER (JIL)-PRF      2916161Q EO     -6153256.92    127548039.68
EECH GROUP AG            PTAG IX       -114331.83    108502676.25
ROSENTHAL AG-ACC         ROS4 GR      -1744121.91    217776125.75
RINOL AG                 RILB PZ            -2.71    168095049.11
HYPO REAL ES-ADR        HREHY US    -813565059.9  543794828675.92
HYPO REAL ES-NEW         HRXA EO    -813565059.9  543794828675.92
ALNO AG                   ANO EO     -28265004.17    366872263.74
CBB HOLDING-NEW          COB1 GR     -42994732.85    904723627.84
CBB HOLDING-NEW          COB3 GR     -42994732.85    904723627.84
CINEMAXX AG            MXCUSD EU     -42015165.72    146572416.37
TA TRIUMPH-ADLER          TWN EO     -96966372.18    401755623.89
MANIA TECHNOLOGI          MNI NM     -35060806.5     107465713.61
CBB HOLDING AG           COBG IX     -42994732.85    904723627.84
CBB HOLDING AG          CUBDF US     -42994732.85    904723627.84
CBB HOLD-NEW 97          COB2 GR     -42994732.85    904723627.84
MANIA TECHNOLOGI         MNI1 EO     -35060806.5     107465713.61
CBB HOLDING AG            COB GR     -42994732.85    904723627.84
TA TRIUMPH-ADLER          TWN EU     -96966372.18    401755623.89
TA TRIUMPH-ADLER          TWN PZ     -96966372.18    401755623.89
CBB HOLDING AG           COB2 EO     -42994732.85    904723627.84
HYPO REAL ESTATE       HRXUSD EU    -813565059.9  543794828675.92
TA TRIUMPH-ACQ           TWNA EU     -96966372.18    401755623.89
ALNO AG-RTS          2259765Z GR     -28265004.17    366872263.74
TA TRIUMPH-NEW           TWN1 GR     -96966372.18    401755623.89
TA TRIUMPH-RTS       3158577Q GR     -96966372.18    401755623.89
EM.TV & MERCHAND          ETV VX     -22067409.41    849175624.65
CINEMAXX AG               MXC PZ     -42015165.72    146572416.37
TA TRIUMPH-ADLER        TTZAF US     -96966372.18    401755623.89
TA TRIUMPH-ADLER         TWNG IX     -96966372.18    401755623.89
HYPO REAL ESTATE       HRXCHF EU    -813565059.9  543794828675.92
HYPO REAL ESTATE          HRX EO    -813565059.9  543794828675.92
EM.TV & MERCHAND        ETVMF US     -22067409.41    849175624.65
ALNO AG                   ANO EU     -28265004.17    366872263.74
ROSENTHAL AG-REG         ROS1 EO      -1744121.91    217776125.75
HYPO REAL ESTATE          HRX PZ    -813565059.9  543794828675.92
ALNO AG-NEW              ANO1 GR    -28265004.17     366872263.74
TA TRIUMPH-A-RTS     1018916Z GR    -96966372.18     401755623.89
VIVANCO GRUPPE           VVA1 EO    -16648688.57     131276010.89
ALNO AG                  ALNO IX    -28265004.17     366872263.74
KAUFRING AG               KFR PZ    -19296489.56     150995473.81
HYPO REAL ES-NEW     2916645Q EO   -813565059.9   543794828675.92
PRIMACOM AG               PRC EO    -14233212.49     729563484.73
HYPO REAL ESTATE       HRXCHF EO   -813565059.9   543794828675.92
EM.TV & MERCHAND        EMTVF US    -22067409.41     849175624.65
PRIMACOM AG-ADR+         PCAG ES    -14233212.49     729563484.73
PRIMACOM AG               PRC EU    -14233212.49     729563484.73
HYPO REAL ES-NEW         HRXA PZ   -813565059.9   543794828675.92
HYPO REAL ES-NEW         HRX1 GR   -813565059.9   543794828675.92
EM.TV & MERCHAND          ETV LN    -22067409.41     849175624.65
SPAR HANDELS-AG         SPHFF US   -442426199.47    1433020960.55
MANIA TECHNOLOGI          MNI GR    -35060806.5      107465713.61
MATERNUS-KLINIKE         MAKG IX    -17014754.15     172786677.74
HYPO REAL ES-NEW         HRXA GR   -813565059.9   543794828675.92
MATERNUS-KLINIKE          MAK EO    -17014754.15     172786677.74
EM.TV & MERC-NEW         ETV1 GR    -22067409.41     849175624.65
MATERNUS-KLINIKE          MAK PZ    -17014754.15     172786677.74
RINOL AG                  RIL GR           -2.71     168095049.11
EM.TV & MERC-RTS         ETV8 GR    -22067409.41     849175624.65
EM.TV & MERCHAND          ETV NM    -22067409.41     849175624.65
BROKAT AG               BRKAF US    -27139391.98     143536859.72
MATERNUS-KLINIKE        MNUKF US    -17014754.15     172786677.74
CBB HOLDING AG           COB2 EU    -42994732.85     904723627.84
MATERNUS-KLINIKE          MAK GR    -17014754.15     172786677.74
ALNO AG                   ANO GR    -28265004.17     366872263.74
HYPO REAL-ACQ            HRXV EO   -813565059.9   543794828675.92
SANDER (JIL)-PRF         SAD3 PZ     -6153256.92     127548039.68
TA TRIUMPH-ADLER          TWN GR    -96966372.18     401755623.89
VIVANCO GRUPPE           VVA1 GR    -16648688.57     131276010.89
RINOL AG                 RILB GR           -2.71     168095049.11
HYPO REAL ESTATE       HRXAUD EU   -813565059.9   543794828675.92
RINOL AG                RNLAF US           -2.71     168095049.11
HYPO REAL ESTATE       HRXGBX EO   -813565059.9   543794828675.92
KAUFRING AG               KFR EU    -19296489.56     150995473.81
BROKAT AG -NEW           BRJ1 NM    -27139391.98     143536859.72
HYPO REAL ESTATE          HRX AV   -813565059.9   543794828675.92
NORDAG AG-RTS            DOO8 GR      -482446.63     144432986.17
HYPO REAL ESTATE       HRXUSD EO   -813565059.9   543794828675.92
NORDAG AG                DOO1 GR      -482446.63     144432986.17
CINEMAXX AG             CNEMF US    -42015165.72     146572416.37
CINEMAXX AG               MXC GR    -42015165.72     146572416.37
RINOL AG                 RILB EO           -2.71     168095049.11
HYPO REAL ESTATE          HRX EU   -813565059.9   543794828675.92
HYPO REAL ESTATE          HRX TQ   -813565059.9   543794828675.92
PRIMACOM AG             PCAGF US    -14233212.49     729563484.73
ROSENTHAL AG         2644179Q GR     -1744121.91     217776125.75
HYPO REAL ESTATE          HRX BQ   -813565059.9   543794828675.92
PRIMACOM AG               PRC GR    -14233212.49     729563484.73
AGOR AG                 NDAGF US      -482446.63     144432986.17
DORT ACTIEN-BRAU      944167Q GR    -12689156.29     117537053.71
HYPO REAL ESTATE          HRX NQ   -813565059.9   543794828675.92
EM.TV & MERCHAND      985403Q GR    -22067409.41     849175624.65
HYPO REAL ESTATE         HRXG IX   -813565059.9   543794828675.92
SPAR HANDELS-AG       773844Q GR   -442426199.47    1433020960.55
AGOR AG                   DOO GR      -482446.63     144432986.17
RINOL AG                 RILB EU           -2.71     168095049.11
HYPO REAL ESTATE        HREHF US   -813565059.9   543794828675.92
MATERNUS-KLINIKE          MAK EU    -17014754.15     172786677.74
NORDAG AG-PFD            DOO3 GR      -482446.63     144432986.17
RINOL AG                 RILB IX           -2.71     168095049.11
HYPO REAL ESTATE       HRXGBX EU   -813565059.9   543794828675.92
SPAR HAND-PFD NV         SPA3 GR   -442426199.47    1433020960.55
HYPO REAL ESTATE       HRXGBP EO   -813565059.9   543794828675.92
HYPO REAL ESTATE       HRXAUD EO   -813565059.9   543794828675.92


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


PETZETAKIS – RTS        PETZKD GA   -28368224.67     235628427.44
AG PETZETAKIS SA          PTZ1 GR   -28368224.67     235628427.44
ALTEC SA INFO              AXY GR  -110161512.58     260065350.83
PETZETAKIS-AUC          PETZKE GA   -28368224.67     235628427.44
HELLAS ONLINE SA         BRAIN GA   -18667491.57     432785331.49
HELLAS ONLINE SA           UN5 GR   -18667491.57     432785331.49
NAOUSSA SPIN-AUC        NAOYKE GA   -44175513.67     341686153.14
EMPEDOS SA-RTS          EMPEDR GA   -33637669.62     174742646.9
ALMA-ATERMON SA          ATERM EU    -5395432.07     106400376
PETZETAKIS-PFD            PTZ3 GR   -28368224.67     235628427.44


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


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


IRELAND
-------
ELAN CORP PLC              ELN EU  -223400000       1844599936
ELAN CORP-ADR             ELAD LN  -223400000       1844599936
ELAN CORP PLC           ELNUSD EO  -223400000       1844599936
ELAN CORP PLC              ELA IX  -223400000       1844599936
WATERFORD WE-RTS          WTFF ID  -505729895.23     820803256.03
ELAN CORP-ADR              ELN US  -223400000       1844599936
ELAN CORP-ADR UT         ELN/E US  -223400000       1844599936
WATERFORD WED-UT           WWW GR  -505729895.23     820803256.03
ELAN CORP-ADR              EAN GR  -223400000       1844599936
ELAN CORP PLC             DRX1 PZ  -223400000       1844599936
WATERFORD – RTS           WWWA GR  -505729895.23     820803256.03
WATERFORD WED-UT       WTFUGBX EO  -505729895.23     820803256.03
WATERFORD WED-UT          WTFU EO  -505729895.23     820803256.03
ELAN CORP PLC              ELN NR  -223400000       1844599936
ELAN CORP PLC              ELN IX  -223400000       1844599936
WATERFORD WED-UT          WWWD PZ  -505729895.23     820803256.03
WATERFORD WE-RTS          WTFN ID  -505729895.23     820803256.03
ELAN CORP PLC              ELA LN  -223400000       1844599936
ELAN CORP PLC              ELA PO  -223400000       1844599936
WATERFORD WED-UT          WTFU LN  -505729895.23     820803256.03
WATERFORD – RTS           WWWB ID  -505729895.23     820803256.03
WATERFORD-SUB         3001875Z ID  -505729895.23     820803256.03
WATERFORD WED-RT          WWWD GR  -505729895.23     820803256.03
WATERFORD WED-UT          WTFU VX  -505729895.23     820803256.03
WATERFORD WED-UT          WTFU PO  -505729895.23     820803256.03
WATERFORD-ADR UT         WATFZ US  -505729895.23     820803256.03
ELAN CORP PLC              ELN TQ  -223400000       1844599936
WATERFORD WED-RT       586556Q LN  -505729895.23     820803256.03
WATERFORD WED-RT       586552Q LN  -505729895.23     820803256.03
WATERFORD WED-RT          WWWC ID  -505729895.23     820803256.03
WATERFORD – RTS           WWWA ID  -505729895.23     820803256.03
ELAN CORP PLC              DRX GR  -223400000       1844599936
ELAN CORP-CVR            LCVRZ US  -223400000       1844599936
WATERFORD-ADR UT          WFWA GR  -505729895.23     820803256.03
WATERFORD WED-RT          WWWC GR  -505729895.23     820803256.03
ELAN CORP PLC              ELN LN  -223400000       1844599936
WATERFORD – RTS        508519Q LN  -505729895.23     820803256.03
ELAN CORP-CVR            ELNZV US  -223400000       1844599936
WATERFORD WED-RT          WTFR LN  -505729895.23     820803256.03
WATERFORD – RTS           WWWB GR  -505729895.23     820803256.03
WATERFORD WED-UT          WTFU IX  -505729895.23     820803256.03
WATERFORD WE-RTS          WTFF LN  -505729895.23     820803256.03
ELAN CORP PLC           ELNGBX EO  -223400000       1844599936
WATERFORD WE-RTS          WTFN VX  -505729895.23     820803256.03
ELAN CORP PLC              ELN ID  -223400000       1844599936
ELAN CORP PLC              ELN EO  -223400000       1844599936
WATERFORD WE-RTS          WTFN LN  -505729895.23     820803256.03
ELAN CORP PLC             DRXG IX  -223400000       1844599936
WATERFORD WED-UT       WTFUGBX EU  -505729895.23     820803256.03
ELAN CORP-ADR             EANG IX  -223400000       1844599936
ELAN CORP PLC           ELNGBP EO  -223400000       1844599936
ELAN CORP PLC           ELNUSD EU  -223400000       1844599936
ELAN CORP PLC              ECN VX  -223400000       1844599936
WATERFORD WDGEWD         WATFF US  -505729895.23     820803256.03
WATERFORD – RTS        508523Q LN  -505729895.23     820803256.03
WATERFORD WED-RT          WWWD ID  -505729895.23     820803256.03
WATERFORD WED-UT           WWW PO  -505729895.23     820803256.03
ELAN CORP-ADR           QUNELN AU  -223400000       1844599936
ELAN CORP/OLD            1295Z ID  -323100000       1737800064
WATERFORD WDGEWD         WATWF US  -505729895.23     820803256.03
ELAN CORP PLC            ELNCF US  -223400000       1844599936
WATERFORD WED-UT          WTFU EU  -505729895.23     820803256.03
WATERFORD WED-UT          WTFU ID  -505729895.23     820803256.03
WATERFORD W-ADR          WATWY US  -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   -165713442.78    328106800.85
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
------
METANOLSKO SIRCE          MSKK SG   -152438442.69    135641001.94
DUVANSKA                  DIVR SG     -7729350.78    109207260.53
ZASTAVA AUTOMOBI          ZAKG SG   -353794358.88    222041784.93


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


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


TURKEY
------
ZORLU ENERJI ELE         ZRLUF US    -91603977.68   1725908124.2
TUTUNBANK                  TUT TI  -4024959601.58   2643810456.86
ZORLU ENERJI-ADR         ZRLUY US    -91603977.68   1725908124.2
ZORLU ENERJI ELE        ZORENM TI    -91603977.68   1725908124.2
YASARBANK                YABNK TI  -4024959601.58   2643810456.86
IKTISAT FINAN-RT        IKTFNR TI    -46900661.12    108228233.63
ZORLU ENERJI ELE         ZOREN TI    -91603977.68   1725908124.2
EGS EGE GIYIM-RT        EGDISR TI     -7732138.55    147075066.65
EGS EGE GIYIM VE         EGDIS TI     -7732138.55    147075066.65
IKTISAT FINANSAL         IKTFN TI    -46900661.12    108228233.63
MUDURNU TAVUKC-N        MDRNUN TI    -64930189.62    160408172.1
SIFAS                    SIFAS TI    -15439198.6     130608103.96
MUDURNU TAVUKCUL         MDRNU TI    -64930189.62    160408172.1
NERGIS HOLDING           NERGS TI    -76515062.59    399425760.39


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.

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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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