TCREUR_Public/090616.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 16, 2009, Vol. 10, No. 117



ALLGEMEINE OESTERR- TSCHECH: Creditors Must File Claims by June 22
FBS FERTIGBADER: Creditors Have Until June 22 to File Claims
HOLZ & WARME: Claims Filing Deadline is June 22
SHALABI GMBH: Creditors Must File Claims by June 23


GENERAL MOTORS: Publicis Groupe Has EUR55MM Exposure to Bankruptcy
UNION NAVAL: Appeal Court Upholds Liquidation Decision


ANTENNA TV: S&P Puts 'B' Corporate Credit Rating on Watch Negative


* ICELAND: Agreement Reached on Icesave Commitments


ARDAGH GLASS: Moody's Assigns '(P)Ba3' Rating on EUR300 Mil. Notes
DUNCANNON CRE: Repurchase of Notes Won't Affect Fitch's Ratings
INDEPENDENT NEWS: Slashes Profit Forecast for 2009
TITAN EUROPE: S&P Junks Rating on Class H Notes
TOWN BAR: Creditors to Get 20% of Debts Under Rescue Plan


FIAT GROUP: Moody's Says Chrysler Alliance Won't Affect Ba1 Rating
FIAT SPA: S&P Retains Negative Watch on 'BB+' Corporate Rating


ALANA COMPANY: Creditors Must File Claims by June 26
ATF BANK: Fitch Affirms Individual Rating at 'D/E'
SANATORY METALLURG: Creditors Must File Claims by June 26
TANEMO TRANS: Creditors Must File Claims by June 26
TECH STROY: Creditors Must File Claims by June 26

UNITEK CENTRAL: Creditors Must File Claims by June 26


CENTRAL ASIAN: Creditors Must File Claims by July 10


FORTIS BANK: Moody's Retains Review on 'Ba1'-Rated Securities


AUER AND VARLEN: Creditors Must File Claims by June 29
BIN-SI LLC: Creditors Must File Claims by June 29
DISTILLING PLANT: Under External Management Bankruptcy Procedure
PROEKT-STROY LLC: Creditors Must File Claims by June 29
TAMBOV FUEL: Creditors Must File Claims by June 29

VIMPEL COMMUNICATIONS: Litigation Won't Affect S&P's 'BB+' Rating


BANCAJA 7: S&P Affirms 'BB' Rating on Class D Notes


CHRISTOPHER HITZ: Creditors Must File Claims by June 22
CROWN FOREX: Appeals FINMA Bankruptcy Ruling
FPC FLEXIBLE: Claims Filing Deadline is June 22
GOBRAG IMMOBILIEN: Claims Have Until June 22 to File Claims
S. RAKA: Creditors Must File Claims by June 22

SELE-GAST SELEZIONE: Claims Filing Deadline is June 22


ALEZOR SERVICE LTD: Creditors Must File Claims by June 21
BUILDINGUNIVERSAL-GROUP LLC: Creditors Must File Claims by June 21
LUTCH-2000 LLC: Creditors Must File Claims by June 21
MAGISTRAL-AGRO LLC: Creditors Must File Claims by June 21
MTS OJSC: Creditors Must File Claims by June 21

OST FIRM: Creditors Must File Claims by June 21
UKR-PROF-SERVICE LLC: Creditors Must File Claims by June 21
VEGA LLC: Creditors Must File Claims by June 21

U N I T E D   K I N G D O M

BDL PRINT: Placed Into Administration; 20 Jobs Affected
CABLE & WIRELESS: Says Leading Investors Back Incentive Plan
DECO 6: Moody's Junks Rating on GBP30.1 Mln Class D Notes
ITV PLC: Plans Legal Action Against STV Over GBP22 Million Fee
JOYNSON HOLLAND: Goes Into Liquidation; 70 Jobs Affected

LADBROKES PLC: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
MADOFF SECURITIES: UK Liquidators Gain Recognition in U.S. Court
REXAM PLC: Refinances GBP775 Million Credit Facility
SETANTA SPORTS: Netherland's Endemol May Acquire Stake
TARQUIN BOAT: Goes Into Administration

WEST BROMWICH: Rules Out Merger Following Debt-For-Equity-Swap
WEST BROMWICH: Fitch Lowers Subordinated Debt Rating to 'C'
WORKSPACE GROUP: In Talks to Refinance Joint Venture

* S&P Takes CreditWatch Actions on 119 European CDO Tranches

* Large Companies with Insolvent Balance Sheet



ALLGEMEINE OESTERR- TSCHECH: Creditors Must File Claims by June 22
Creditors of Allgemeine oesterr.- tschech. Rechtsinformation 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 8, 2009 at 8:30 a.m., at:

         Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau

For further information, contact the company's administrator:

         Dr. Gerhard Roessler
         Hamerlingstrasse 1
         3910 Zwettl
         Tel: 02822/52208
         Fax: 02822/52208-20

FBS FERTIGBADER: Creditors Have Until June 22 to File Claims
Creditors of FBS Fertigbader GmbH have until June 22, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for June 29, 2009 at 9:30 a.m., at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor

For further information, contact the company's administrator:

         Dr. Hannes Hammerschmidt
         Tirolerstrasse 18
         9800 Spittal/Drau
         Tel: 04762/2475, 5352
         Fax: 04762/2766

HOLZ & WARME: Claims Filing Deadline is June 22
Creditors of Holz & Warme Pelletsproduktion GmbH have until
June 22, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for June 29, 2009 at 9:00 a.m., at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor

For further information, contact the company's administrator:

         Dr. Harald Mlinar
         Bahnhofstrasse 10
         Second Floor
         9300 St. Veit/Glan
         Tel: 04212/2217
         Fax: 04212/6667-22

SHALABI GMBH: Creditors Must File Claims by June 23
Creditors of Shalabi GmbH have until June 23, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 14, 2009 at 10:30 a.m., at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten

For further information, contact the company's administrator:

         Dr. Martin Brandstetter
         Bahnhofstrasse 2 (Hofmann Center)
         3300 Amstetten
         Tel: 07472/611 22
         Fax: 07472/611 22-4


GENERAL MOTORS: Publicis Groupe Has EUR55MM Exposure to Bankruptcy
Publicis Groupe [Euronext Paris: FR0000130577], the world's fourth
largest communications group based in Paris, France, disclosed in
a public statement that it has a maximum exposure of EUR55,000,000
to the bankruptcy filing of General Motors Corporation.

Publicis Groupe said its agencies that work with GM have been
asked to continue to work with GM through the bankruptcy and
expect their relationships to continue with new GM.

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

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

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

On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008.  The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt.  It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.  The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies.  A full-text copy
of GM's viability plan presented in February 2009 is available at

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11
restructuring proceedings commenced by General Motors Corporation
and its affiliates.  (

UNION NAVAL: Appeal Court Upholds Liquidation Decision
Andrew Spurrier Lloyd's List reports that a French appeal court
has confirmed a lower court decision to put Marseilles
shiprepairer Union Naval Marseille into liquidation.

Lloyd's List relates the company's 130 employees were contesting a
court of commerce decision to put the company into liquidation in
March.  According to MGN, employees are hoping to persuade Finance
and Economy Ministry officials to back a plan for a syndicate to
take over the yard, Marseilles' last general repair yard.

On March 12, 2009, the Troubled Company Reporter-Europe, citing
Lloyd's List, reported that the Marseilles court of commerce
decided to put UNM into liquidation.  Lloyd's List disclosed the
court turned down pleas from Fabrice Cirillo, the lawyer
representing UNM's workforce, to give the company time produce a
recovery plan.  The court, as cited by Lloyd's List, said the
company was unable to continue in activity without running up new

UNM, Lloyd's List noted, was involved in a dispute with the CGT
union confederation.  According to the report, the CGT claims that
the liquidation of UNM was being "orchestrated" by its parent,
Spain's Boluda group, as a means of breaking its resistance to the
company's plans to make massive use of subcontractors rather than
increase the size of the company's permanent workforce.  Boluda,
Lloyd's List stated, decided to withdraw financial support for the

                        Bankruptcy Filing

Lloyd's List disclosed on March 5, 2009, UNM filed for bankruptcy,
claiming "Mafia-style" union harassment had lost it the support of
its Spanish parent.  Lloyd's List said the company, which lost
EUR3.5 million last year as a result of disruption at the port of
Marseilles over port reform, formally declared itself unable to
meet its financial obligations before the court.

Headquartered in Marseilles, France, Union Navale de Marseille
operates a shipyard for military ship repairs.


ANTENNA TV: S&P Puts 'B' Corporate Credit Rating on Watch Negative
Standard & Poor's Ratings Services said that it placed its 'B'
long-term corporate credit rating on Greek broadcaster Antenna TV
S.A. on CreditWatch with negative implications.

"The CreditWatch placement mainly reflects our view that the
proposed modifications of the indentures are aggressive from a
financial policy and corporate governance standpoint," said
Standard & Poor's credit analyst Melvyn Cooke.

At the same time, the proposed removal of practically all debt
limitations raises concerns about the seniority position of
unsecured creditors in Antenna's capital structure and the group's

The CreditWatch also reflects S&P's uncertainty on the extent of
business and financial information that Antenna would publish in
the future, if the group is successful in obtaining consent from a
majority of holders of its EUR120 million notes to a proposed
substantial modification of the notes' indentures.


* ICELAND: Agreement Reached on Icesave Commitments
The government of Iceland on Friday, June 12, approved the signing
of an agreement to conclude the talks with Britain and Holland on
the Icesave issue.  The agreement is an important milestone in the
resurrection of Iceland's economy, based on the IMF stabilization
program, as it paves the way for concluding loan agreements with
other countries in order to strengthen Iceland's currency
reserves.  HM Treasury in Britain has announced that the freezing
of Landsbanki assets in Britain will be lifted on June 15.

According to the agreement, the Icelandic Depositors' and
Investors' Guarantee Fund will reimburse the UK and the Dutch
Governments the amounts paid out to eligible depositors of the
Icesave accounts in accordance with the EU Deposit Guarantee
Scheme (up to 20,887 EUR per deposit).

British and Dutch loans to the Depositors' Guarantee Fund have a
fifteen year term, but during the first seven years neither
principal nor interest amounts need be paid.  As a precondition
for the loan, the Guarantee Fund will receive the claims of
British and Dutch depositors on the bankruptcy estate of
Landsbanki. During the seven-year non-payment period and later,
the dividends from the bankrupt estate can be used to repay the
loan partly without any additional cost.  By 2016 the guarantee of
Iceland's Treasury on the remaining debt will come into effect.
A parliamentary bill will be introduced in the Althingi on this
Government guarantee.

The agreement stipulates a 5.55% interest per year or 125 points
over OECD's CIRR's rate of 4.3% (Commercial Interest Reference
Rates, CIRR).  Furthermore, in case still better terms on loans
become available during this period, the possibility remains to
repay the loan in full earlier.  When the old Landsbanki went into
insolvency last October, the deposits of 345 thousand depositors
in Britain and the Netherlands became inaccessible.  The sum total
of these deposits was over 1,200 billion ISK.  The Depositors'
Guarantee Fund is responsible for 20,887 EUR per account, or about
2.35 billion pounds in the UK and 1.33 billion EUR in  the

The terms of the agreement are based on a conservative estimate of
Landsbanki assets and around 75% of the Icesave deposit guarantees
are expected to be covered by these assets during the next seven
years.  The remainder may then have to be covered by the Treasury
in the next eight year period.  The British Chartered Institute of
Public Finance and Accountancy (CIPFA) however, estimates that
Landsbanki assets might cover up to 95% of the Icesave depositor


ARDAGH GLASS: Moody's Assigns '(P)Ba3' Rating on EUR300 Mil. Notes
Moody's Investors Service assigned a provisional (P)Ba3 rating to
Ardagh Glass Finance plc's proposed EUR300 million Senior Secured
Notes due 2016.

The Corporate Family Rating for Ardagh Glass Group Plc has been
affirmed as well the ratings on the group's existing bonds (B3 for
the EUR175 million Senior Notes due 2013 at Ardagh Glass Finance
B.V., B3 for the EUR310 million Senior Notes due 2017 at Ardagh
Glass Finance plc, and Caa1 for the EUR126.25 million Senior PIK
Notes due 2015 at Ardagh Glass Group Plc).  At the same time
Moody's notes that LGD rates for these already rated bonds could
change slightly once the final amount of issuance has been set and
a definitive rating has been assigned to the proposed Senior
Secured Notes.

The affirmation of the CFR and existing instrument ratings is
based on the expectation of a gradual recovery in earnings
following a weak Q1 2009, which was impacted by lower volume and
substantial restructuring expenses, and a stabilization of
earnings in the second half of 2009 compared to 2008.  Moreover,
the ratings are based on the expectation of material positive Free
Cash Flow generation in 2009 supported by an unwinding of working
capital and reduced capex.  Moody's will closely monitor Ardagh's
operating performance and benchmark actual results against the
expectations incorporated in the ratings.  In case of notable
deviation, downward pressure would arise on the ratings.

The proposed EUR300 million Senior Secured Notes will rank pari
passu with all existing senior secured debt of the Group, i.e.
benefit from senior guarantees by the majority of the Group's
wholly owned operating subsidiaries and from security interests in
essentially all assets of the group.  The collateral of the new
Senior Secured Notes will comprise the same assets that secure the
existing Group's Senior Secured Credit Facility with the exception
of certain charges over land in Germany, which Moody's anticipates
to provide only a marginally higher asset coverage to the Senior
Secured Credit Facility relative to the new Senior Secured Notes.

Ardagh plans to apply the expected proceeds of EUR300 million to
refinance EUR150 million of existing senior secured term loans
with a final maturity in 2014 and to repay outstanding amounts
under the Group's senior secured revolving credit facilities.
Purpose of the proposed bond issuance is to increase the Group's
liquidity headroom for general corporate purposes and to pro-
actively address future bank debt maturities with longer term
capital markets debt.

The proposed EUR300 million Senior Secured Notes will rank ahead
of the existing Senior Notes issued by Ardagh Glass Finance B.V.
and Ardagh Glass Finance plc which are guaranteed on a senior
subordinated basis by the majority of its wholly owned
subsidiaries and do not benefit from a security interest in
respect of the property and assets of operating subsidiaries.  The
EUR126.25 million Senior PIK Notes due 2015 at Ardagh Glass Group
Plc remain the most subordinate debt instrument as these notes do
not benefit from any guarantee and are effectively subordinated to
all other debt of the Group's subsidiaries.


Issuer: Ardagh Glass Finance plc

  -- Senior Secured Regular Bond/Debenture, Assigned a range of 23
     - LGD2 to (P)Ba3

Ardagh Glass Group plc, registered in Ireland, is a leading
supplier of glass containers in the food and beverage segments in
Northern Europe and is the third largest supplier of glass
containers in Europe.  In June 2007, Ardagh acquired Rexam's
remaining European glass activities for about EUR660 million.  The
company generated sales of EUR1.36 billion in 2008 with a
workforce of about 6,900 people.

DUNCANNON CRE: Repurchase of Notes Won't Affect Fitch's Ratings
Fitch Ratings said that the recently proposed repurchase of
Duncannon CRE CDO I PLC class A notes will not in itself impact
the rating of the notes.

  -- EUR7,083,333 Class X: 'B'; Outlook Negative
  -- EUR420 million Class A: 'B-'; Outlook Negative
  -- EUR100 million Class RCF: 'B-'; Outlook Negative
  -- EUR60 million Class B: 'CCC'; Recovery Rating 'RR5'
  -- EUR60 million Class C: 'CC'; Recovery Rating 'RR6'
  -- EUR60 million Class D: 'C'; Recovery Rating 'RR6'
  -- EUR40 million Class E: 'C'; Recovery Rating 'RR6'

As per Condition 7 (h) of the Duncannon CRE CDO I PLC Prospectus
the issuer may at any time, at the direction of the portfolio
manager, purchase senior or mezzanine notes in the open market or
in privately negotiated transactions, at a price not exceeding 100
per cent.  Under this proposed buyback, the repurchase of class A
notes is planned to take place in two separate trades, for EUR25
million and EUR96.4 million respectively at a significantly
discounted purchase price.  Subsequently a total of EUR121.4
million class A notes will be cancelled, thereby increasing
available credit enhancement to all rated notes.

The repurchase will be funded by using cash available in the
principal collection account.  As of the April 2009 trustee report
a total of EUR68,067,112 is available in the principal collection
account.  Generally, proceeds in the principal collection account
can be used by the portfolio manager to invest in new portfolio
assets, limited by the eligibility criteria, or may be distributed
to noteholders, if no investment opportunity exists.  Due to
funding the proposed repurchase of class A notes the amount of
principal proceeds available for immediate distribution to the
remaining noteholders will be lower.  At the same time,
noteholders will benefit from an increase in credit enhancement
due to the relative increase of assets compared to liabilities in
the structure.

In addition, the senior, second senior and mezzanine par value
ratios, which are currently in breach of their limits, will
improve as a result of the repurchase.  Consequently the amount of
interest diverted to the senior notes to cure the par value tests
will be reduced.

INDEPENDENT NEWS: Slashes Profit Forecast for 2009
Tristan O'Carroll at Media Week reports that Independent News &
Media plc has cut its pre-tax profit forecast for 2009.

Media Week relates whereas in April it expected operating profit
before exceptional charges for 2009 to be between EUR200
million and EUR230 million, the company now anticipates this
figure will be "in the range of EUR180 million to EUR210 million".

"The business environment remains extremely challenging for our
group in each of our markets, with all major economies in
recession and substantial reductions in advertising spend
globally," Dr. Brian Hillery, the company's chairman, was quoted
by Media Week  as saying.


According to Media Week, INM is hopeful of refinancing a EUR200
million bond by June 26.  The report relates at its AGM on Friday
in Dublin, Mr. Hillery said discussions with lenders had shown a
"willingness on the part of all parties to reach consensus".  Mr.
Hillery, as cited by the report, said "Although the outcome is
subject to material uncertainty, the directors believe, based on
discussions to date, that terms will be reached that will be
acceptable to the group and fair to all parties."

On May 19, 2009, the Troubled Company Reporter-Europe, citing, reported that INM reached a deal with its lenders
to defer the repayment of a EUR200 million (GBP180 million) bond
until June 26.  The agreement, the report disclosed, will give
INM, which has total debts of EUR1.3 billion, more time to de-
leverage its balance sheet and sell assets.  The report recalled
the company warned there was a "strong likelihood" that it would
breach its financial covenants unless it could reach a deal with
the lenders.

                         Sale of Assets reports the company intends to complete the sale
of some 'non-core' assets, including its African advertising
business INM Outdoor, its stake in German price comparison site
Verivox, and Cashcade, a UK-based gaming business, before the end
of September.  Citing Mr. Hillery, discloses the
company anticipates total proceeds of up to EUR150 million.

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

TITAN EUROPE: S&P Junks Rating on Class H Notes
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on the class D, E, F, G,
and H notes issued by Titan Europe 2006-3 PLC.  At the same time,
S&P placed the class A, X, B, and C notes on CreditWatch negative.

The transaction is backed by 14 loans secured against commercial
real estate spread across continental Europe.

Several factors drove S&P's rating opinion.

Commercial real estate debt and capital markets have been under
pressure over the past 18 months, with market value declines in
many markets led by a sharp increase in capitalization rates.
Based on current information, S&P expects further downward
pressure on values, with drops in net operating income and falls
in market rents likely as economic activity contracts in Europe.
S&P believes that the difficulties faced by the European banking
sector and its disinclination to lend on European commercial real
estate collateral are well known.

Quelle AG (an entity forming part of the Arcandor AG Group that,
S&P understands, recently filed for insolvency) is the sole tenant
of the large mixed-use property that backs the Quelle Nurnberg
senior loan.  The senior loan is the fourth-largest loan in Titan
Europe 2006-3's pool (11% by loan balance).  As a consequence of
the tenant's insolvency filing, S&P believes that the loan's
creditworthiness has materially decreased.  S&P believes that
there are scenarios that may lead to principal losses, especially
if the property were sold at its vacant-possession value.

In May 2009, the SQY Ouest Shopping Centre loan (the third largest
loan in the pool; 13% by loan balance) was transferred into
special servicing after the borrower notified the servicer that it
would not be able to pay its debt service obligation.  To date,
S&P understands that the loan is current.  The loan is secured
against a shopping center located in the greater Paris area.  S&P
understands that the property is experiencing cash flow
difficulties and S&P can envisage scenarios that may lead to
principal losses.

The transfer to special servicing of the SQY Ouest Shopping Centre
loan is, in S&P's opinion, likely to result in interest shortfalls
on the class H notes.  This is because neither the class X note
nor the liquidity facility covers certain transaction costs
(including special servicing fees) and accrued interest on
liquidity draws.

                           Ratings List

                     Titan Europe 2006-3 PLC
    EUR943,750,559 Commercial Mortgage-Backed Floating-Rate and
                       Variable-Rate Notes

        Ratings Lowered and Placed on Creditwatch Negative

              Class       To                  From
              -----       --                  ----
              D           BBB/Watch Neg       A
              E           BB/Watch Neg        BBB
              F           BB-/Watch Neg       BBB-
              G           B/Watch Neg         BB
              H           CCC-/Watch Neg      B

              Ratings Placed On Creditwatch Negative

              Class       To                  From
              -----       --                  ----
              A           AAA/Watch Neg       AAA
              X           AAA/Watch Neg       AAA
              B           AAA/Watch Neg       AAA
              C           AA/Watch Neg        AA

TOWN BAR: Creditors to Get 20% of Debts Under Rescue Plan
Paul Cullen at the Irish Times reports that Town Bar and Grill's
creditors will recover no more than 20 percent of the money they
are owed under a rescue plan for the restaurant.

The report relates Town Bar's owner, Ronan Ryan, said an unnamed
investor to put EUR500,000 into the business, rescuing it from
closure.  However, as part of the examinership process, a string
of suppliers will lose most of the money due to them, the report

Mr. Ryan attributed Town's problems to the knock-on effects of the
liquidation of South, Bar and Grill, another of his ventures in
the Beacon quarter in Sandyford which went into liquidation in
January with debts of EUR1.35 million, the report discloses.


FIAT GROUP: Moody's Says Chrysler Alliance Won't Affect Ba1 Rating
Moody's Investors Service commented on Fiat Group's and Chrysler
Group's announcement that they have finalized their previously
announced global strategic alliance resulting in Fiat owning an
equity stake of 20% in Chrysler.

Falk Frey, Senior Vice President and lead analyst at Moody's for
the European automotive sector, said, "On its own the announced
transaction does not appear to change materially the credit
profile of the company in the short term."

Mr. Frey continued, "The terms and conditions of the finalization
of the strategic alliance and Fiat's equity stake in Chrysler are
as anticipated and will, based on Moody's understanding that Fiat
will not make any cash investment nor provide any kind of
financial commitment or support, not change Moody's current
ratings for Fiat (Ba1/Negative)."

Potential benefits resulting for Fiat from economies of scale,
sale of platforms, engines and components or the access to the
North American car market might occur only over the medium term.

The finalization of the announced alliance follows the approval of
the U.S. Bankruptcy Court in New York and various regulatory and
antitrust regulators.  Fiat declares in a joint press release that
the company formerly known as Chrysler LLC sold substantially all
its assets without certain debts and liabilities, to a new company
that will operate as Chrysler Group LLC.  Chrysler Group issued to
a subsidiary of Fiat 20% equity interest in the new company.
Fiat's equity interest will increase in increments by up to a
total of 35% if certain milestones defined in the agreement are
achieved.  The agreement defines the transfer of technology,
platforms and powertrains to new Chrysler.

Going forward, Moody's will closely monitor the progress in the
execution of Fiat's plan to allow for increasing its stake step by
step to 35%.  Key challenges, in Moody's view, are (i) the
implementation and transfer of Fiat technologies into Chrysler
vehicles; (ii) creating a more attractive product pipeline that
enable the company to stabilized or regain its eroding market
position in its home market; (iii) re-engineering of Fiat models
to meet U.S. safety regulations (iv) bridging the cultural gap
between an American and a European company.  Furthermore, the
amount of time and energy dedicated by Fiat management to
successfully turn around Chrysler's operating performance could
become critical especially in the current market environment which
is a challenge for any car manufacturer in its own.  Any changes
towards the company's intention to abstain from any kind of
financial commitment or support would likely result in a re-
assessment of Fiat's ratings.

Fiat's ratings have been downgraded to Ba1/NP with a negative
outlook on February 23, 2009 to reflect the significant
deterioration in Fiat's financial flexibility and the severe
downturn of its key markets affecting the company's expected
operating performance and cash generation.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR59.4 billion
generated in fiscal year 2008.  The company is also a leading
European-based manufacturer of commercial vehicles and one of the
largest producers of agricultural equipment in the world.

FIAT SPA: S&P Retains Negative Watch on 'BB+' Corporate Rating
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit rating on Italian industrial group Fiat SpA
remains on CreditWatch with negative implications, where it was
placed on Jan. 22, 2009.  At the same time, the 'B' short-term
corporate credit rating was affirmed.

"The CreditWatch status reflects our view of Fiat's liquidity
profile, which S&P classify as "weak," and the risks S&P see for
Fiat's creditworthiness as a result of our opinion of the
management team's high level of engagement in the new entity
Chrysler Group LLC (Chrysler; not rated), with Fiat's CEO now the
CEO of Chrysler," said Standard & Poor's credit analyst Barbara

The negative CreditWatch implications also reflect -- albeit to a
lesser extent--Standard & Poor's uncertainty about the future of
the group's structure given Fiat's stated interest in new
alliances or mergers to enlarge its auto business.  S&P expects to
learn more on the first two points over the coming weeks.  The
last point remains an event risk that S&P cannot specifically
factor into the ratings; if, for example, Fiat were to enlarge its
auto activities, it might then spin them off from the group.

On June 10, 2009, Fiat announced the close of a strategic alliance
with the new Chrysler entity created to acquire substantially all
of the "old" Chrysler's assets and part of its liabilities; the
"old" Chrysler remains in bankruptcy.  The alliance gives Fiat 20%
of the new Chrysler.  The new entity's structure is designed to be
leaner, and the debt burden has been reduced.  However, S&P
believes that Chrysler is facing a number of industrial issues
that have affected performance in the last several years.  In
exchange for Fiat's 20% ownership, Chrysler will be entitled to
use some of Fiat's intellectual properties and technologies, as
well as receive ongoing management services to help it in its

Furthermore according to the announcement, Fiat will also have the
right to receive up to 15% in additional equity in three 5%
tranches, each in exchange for meeting certain technical
performance metrics.  In addition, it will receive an option to
acquire another 16% shareholding between Jan. 1, 2013, and June
30, 2016, under specific conditions.

According to these conditions, Fiat could achieve 35% ownership in
Chrysler without paying out any cash itself.  However, S&P finds
it difficult to quantify the engagement of Fiat's management in
Chrysler over the next few years.  The first decision communicated
upon announcement of the agreement is that Sergio Marchionne,
Fiat's CEO, will now also be Chrysler's CEO.  In S&P's opinion,
this shows a very strong commitment on the part of Fiat to
dedicate its best resources to Chrysler.

S&P considers Chrysler's turnaround to be a challenging target
that could require a significant managerial effort from Fiat.
Over the next weeks, S&P will seek more information on the new
Chrysler structure and S&P will try to assess the main challenges
that Chrysler is facing, as well as the impacts on Fiat's
activities of management's dedication to Chrysler's recovery.

S&P's resolution of the CreditWatch listing will focus on Fiat's
capacity to generate cash and fulfill its financial obligations,
Fiat's ability to strengthen its current "weak" liquidity profile
and sustain that profile in light of continuing weak light-vehicle
sales, the evolution of the Fiat group's operating performance in
the current difficult market environment, and our opinion of the
prospective effect of the Chrysler alliance on Fiat's business and
financial profile," said Ms. Castellano.  "Notwithstanding an
initial 20% ownership stake, S&P believes Fiat's involvement in
and control of the direction of Chrysler will be more

S&P aims to solve the CreditWatch listing in the next 90 days at
the latest.


ALANA COMPANY: Creditors Must File Claims by June 26
Creditors of LLP Alana Company have until June 26, 2009, to submit
proofs of claim to:

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

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

The Court is located at:

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

ATF BANK: Fitch Affirms Individual Rating at 'D/E'
Fitch Ratings has affirmed the Development Bank of Kazakhstan's
and ATF Bank's Long-term foreign currency Issuer Default Ratings
at 'BBB-' and 'BBB' respectively.  Fitch has simultaneously
removed their ratings from Rating Watch Negative and assigned
Negative Outlooks.  A full rating breakdown is provided at the end
of the commentary.

The rating actions follow the recent affirmation of Kazakhstan's
Long-term foreign and local currency IDRs at 'BBB-' and 'BBB',

DBK is indirectly owned by the Kazakhstan government (100%-owned
by the government-owned National Welfare Fund Samruk-Kazyna) and
is key to the government's strategic development efforts.  As
such, and given the authorities' ability to provide support, Fitch
believes that there is a high probability of state support, if
required.  The Negative Outlooks assigned to DBK's Long-term
foreign and local currency IDRs reflect the Negative Outlooks on
the corresponding ratings of the sovereign.

ATF Bank's IDRs and Support Rating are driven by potential support
from UniCredito Italiano (UCI, rated 'A'/'F1'/Negative).  Given
UCI's ability and propensity to provide support, Fitch believes
there is a high probability that support would be forthcoming, if
required.  ATF's Individual Rating reflects the bank's rapidly
weakening asset quality and its potential further deterioration
due to high borrower concentrations and its exposure to the
construction/real estate sectors, as well as the increasingly
challenging credit environment.  In addition, Fitch notes ATF's
moderate loss absorption capacity and capitalization relative to
the bank's risk profile.  However, the agency also takes into
account recent improvements in risk management and access to
funding following ATF's acquisition by UCI.

At the same time, the Long-term IDR of 'BB+' of Kazakh development
finance institution Kazagrofinance remains on RWN.  KAF's ratings
are driven by the potential of government support, in case of
need, given its ownership and the national importance of the
agriculture industry in Kazakhstan.  Fitch will resolve the RWN
after reassessing the likelihood of government support for KAF in
light of the recent defaults of other companies in the financial
sector, namely BTA Bank, Alliance Bank and Astana Finance, of
which are rated 'RD' (Restricted Default).

The rating actions are:

Development Bank of Kazakhstan

  -- 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

  -- Short-term local currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'; removed from RWN

  -- Support Rating Floor: affirmed at 'BBB-'; removed from RWN

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

ATF Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

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

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

KAF's present ratings are:


  -- Long-term foreign currency IDR: 'BB+'; RWN
  -- Long-term local currency IDR: 'BBB-'; RWN
  -- Short-term foreign currency IDR: 'B'
  -- National Long-term rating: 'AA(kaz)'; Outlook Stable
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB+'; RWN

SANATORY METALLURG: Creditors Must File Claims by June 26
Creditors of LLP Sanatory Metallurg have until June 26, 2009, to
submit proofs of claim to:

         Almatinskaya Str. 35
         Tel: 8 777 226 20-31

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.

The Court is located at:

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

TANEMO TRANS: Creditors Must File Claims by June 26
Creditors of LLP Tanemo Trans Oil have until June 26, 2009, to
submit proofs of claim to:

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

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

The Court is located at:

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

TECH STROY: Creditors Must File Claims by June 26
LLP Tech Stroy Service 5 is currently undergoing liquidation.
Creditors have until June 26, 2009, to submit proofs of claim to:

         Tallinskaya Str. 98
         140000 Pavlodar

The Court is located at:

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

UNITEK CENTRAL: Creditors Must File Claims by June 26
LLP Unitek Central Asia is currently undergoing liquidation.
Creditors have until June 26, 2009, to submit proofs of claim to:

         Abai/Gagarin Str. 143/93

The Court is located at:

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


CENTRAL ASIAN: Creditors Must File Claims by July 10
LLC Central Asian Consult Agency is currently undergoing
liquidation.  Creditors have until July 10, 2009, to submit proofs
of claim.

Inquiries can be addressed to (+996 312) 69-18-20.


FORTIS BANK: Moody's Retains Review on 'Ba1'-Rated Securities
Moody's Investors Service has placed the A3 rating of Fortis
Capital Company's Non-cumulative Non-voting Class A Series 1
Preference Shares (the Class A1 Preference Shares) on review for
possible downgrade.  The Ba1 rating of the non-cumulative
Mandatory Convertible Securities issued by Fortis Bank Nederland
(Holding) N.V. remains on review for possible downgrade.

This rating action has been prompted by FCC's June 8, 2009
announcement that it has not received the unconditional and
irrevocable confirmation that Fortis Holdings will complete the
cash settlement of FCC's preference shares, as set out in the
instrument's offering circular.  FCC consequently intends to
institute legal proceedings against Fortis Holdings.  On the same
date, Fortis Holdings claimed that under arrangements put in place
at the time FCC issued the preference shares in 1999, it is
entitled to receive simultaneous compensation in the form of new
shares to be issued by Fortis Bank Nederland (Holding) N.V.(FBNH,
A1/C-/positive outlook/Prime 1).  This compensation agreement is
not recognized by FBNH.

      Timely Repayment of the Preference Shares Is Uncertain
                    Due to Pending Litigation

FCC, a wholly-owned issuing vehicle of FBNH, issued non-cumulative
non-voting perpetual preference shares in 1999.  On March 27,
2009, FCC decided not to call the preference shares at the first
call date (June 29, 2009).  As a consequence, the shareholders had
the option to convert their Class A1 Preference Shares into Fortis
Holdings shares.  According to Fortis Holdings' announcement of 4
May 2009, eighty percent (80%) of the Class A1 shareholders have
requested conversion, and will be paid in cash on June 29, 2009
for a total amount of EUR362.5 million.  On June 8, however,
Fortis Holdings stated that since the cash settlement results from
FCC's decision not to redeem the instrument, it believes it should
be compensated for this payment under arrangements made at a time
when Fortis Holding owned FBNH.

Because of uncertainty regarding the duration and ultimate outcome
of pending legal proceedings, Moody's rating action reflects the
risk of a delayed principal payment to those shareholders who
exercised their option to convert.

          Performance of Preferences Shares Could Impact
                  the Mandatory Convertible Notes

Moody's also cautions that, should a payment default on the Class
A1 Preference Shares occur, assuming that FCC would not be in a
position to satisfy the obligations, an accelerated conversion of
FBNH's Mandatory Convertible Notes into Fortis Holdings' shares
(initially scheduled for December 2010) could be triggered.  In
such event, if at least 25 % of MCS's noteholders demand
conversion of their notes, conversion of the entire instrument
would become mandatory.  In this case, Fortis Holdings would have
to deliver its shares to MCS's noteholders.  If this happens,
Fortis Holdings believes that it would be entitled to compensation
from FBNH.  It is Moody's understanding that the compensation
agreement may also be contested by FBNH.  The potential legal
dispute over FBNH's obligation could therefore compromise timely
payment on the MCS.

Moody's rating of the MCS (Ba1 on review for possible downgrade)
currently derives from Fortis Holdings' rating (Baa2 on review for
possible downgrade) because the terms and conditions of the notes
include an optional deferral trigger that is tied to a non payment
of dividend on its ordinary shares.  FBNH decided not to use the
optional deferral trigger and paid the coupon of the instrument on
7 June, which Moody's views as a positive development.
Nevertheless, the rating of MCS remains on review for possible
downgrade to reflect both the risk of payment deferral or default
as a result of: i) the potentially deferred repayment of the FCC
preference shares and ii) the remaining optional deferral trigger
tied to a future non payment of dividend on Fortis Holdings'
ordinary shares.

                Ratings Under Review Are Vulnerable
                   to Significant Migration Risk

The review for possible downgrade of the Class A1 Preference
Shares will focus on the timely payment in full to shareholders
who requested the conversion.  Moreover, Moody's review will also
consider whether any additional notching is necessary given the
junior status of this instrument.

Moody's cautions that without a swift resolution of the legal
dispute, there would be considerable migration risk on the ratings
of FCC's preference shares.  In the event that principal would not
be paid at maturity, Moody's would indeed consider the instrument
as defaulted and the rating would likely go to below investment
grade.  This would reflect Moody's expectation of eventual full
recovery but not timely payment.  Under such a scenario, Moody's
would further consider the possibility of more substantial losses
depending on Moody's assessment of whatever further steps FCC or
Fortis Holdings might take.

Moody's review for possible downgrade on the MCS rating will focus
on the timely delivery of shares or cash settlement to MCS's
noteholders and will consider any contagion risk due to possible
payment problems on FCC's Class A1 Preference Shares.  The rating
will continue to derive from Fortis Holdings' ratings, given the
existence of the optional deferral trigger.

The last rating action on FCC was taken on December 17, 2008.  At
that time, Moody's changed FCC's ratings outlook to positive from
stable to reflect expected improvement in the intrinsic position
of its shareholders, given the increased liquidity provided by the
support of the Dutch government, as well as the potential benefits
for its franchise value due to the planned merger with ABN AMRO.

The last rating action on the MCS was on February 13, 2009, when
Moody's placed Fortis Holdings' rating on review for possible
downgrade.  This action followed Fortis' shareholders' vote to
disapprove the sale of Fortis Bank SA/NV to the Belgian State and
the subsequent rejection of the revised agreement signed among BNP
Paribas, Fortis, and the Belgian government.

Headquartered in Amsterdam, FBNH had total assets of
EUR184,203 billion and reported shareholders' equity (including
minority interest) of EUR2,944 billion as of December 31, 2008.


AUER AND VARLEN: Creditors Must File Claims by June 29
Creditors of LLC Auer and Varlem Plant (Timber Production) have
until June 29, 2009, to submit proofs of claims to:

         N. Mikhailov
         Temporary Insolvency Manager
         Post User Box 52
         Postal Office 5
         Lunacharskogo Street
         185005 Karelia

The Arbitration Court of Karelia will convene on Sept. 15, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?26–2741/2009.

The Debtor can be reached at:

         LLC Auer and Varlem Plant
         Zavodskaya Str. 1
         186167 Karelia

BIN-SI LLC: Creditors Must File Claims by June 29
Creditors of LLC Bin-Si (TIN 2311020652, PSRN 1032306428208)
(Construction) have until June 29, 2009, to submit proofs of
claims to:

         A. Levitskiy
         Temporary Insolvency Manager
         Post User Box 2950
         350004 Krasnodar

The Arbitration Court of Krasnodarskiy will convene at 9:30 a.m.
on Oct. 20, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?-32–7048/2009–

The Debtor can be reached at:

         LLC Bin-Si

DISTILLING PLANT: Under External Management Bankruptcy Procedure
The Arbitration Court of Kemerovskaya has commenced external
management bankruptcy procedure on OJSC Distilling Plant (PSRN
1024201364967).  The Case is docketed under No. ?27–5320/2008–4.

The External Insolvency Manager is:

         S. Dzhurabaev
         Apt. 284
         Popova Str. 10
         394000 Voronezh

The Debtor can be reached at:

         OJSC Distilling Plant
         Yubileynaya Str. 2a

PROEKT-STROY LLC: Creditors Must File Claims by June 29
The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings againstLLC Proekt-Stroy KSSK (Construction) after
finding the company insolvent.  The case is docketed under Case No

Creditors have until June 29, 2009, to submit proofs of claims to:

         A. Odnoshivkin
         Insolvency Manager
         Office 4
         Bolshevikov Str. 89a

The Debtor can be reached at:

         LLC Proekt-Stroy KSSK
         Melkombinatovskiy proezd 7

TAMBOV FUEL: Creditors Must File Claims by June 29
Creditors of LLC Tambov Fuel Company (TIN 6829018152, PSRN
1066829000457) have until June 29, 2009, to submit proofs of
claims to:

         A. Ignatov
         Temporary Insolvency Manager
         Astrakhanskaya Str. 165G

The Arbitration Court of Tambovskaya will convene at 9:50 a.m. on
Oct. 14, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?64–1960/09.

The Debtor can be reached at:

         LLC Tambov Fuel Company
         Office 404
         Derzhavinskaya Str. 16

VIMPEL COMMUNICATIONS: Litigation Won't Affect S&P's 'BB+' Rating
Standard & Poor's Ratings Services said that there is no immediate
impact on the rating or outlook on Russian telecoms operator
Vimpel-Communications (BB+/Negative/--) as a result of ongoing
litigation between two of its shareholders, Telenor ASA
(BBB+/Negative/A-2) and Farimex (not rated).

Following a court ruling in March 2009, Telenor faces losing its
33.6% stake in VimpelCom if it fails to pay a US$1.7 billion fine.
According to media reports, bailiffs have seized Telenor's stake
and are ready to sell the shares at auction before the scheduled
hearing of Telenor's appeal in September 2009.

While any resulting change in ownership may not have an immediate
consequence on VimpelCom's business profile or leverage, S&P notes
the possible effects of such a change on the company's debt
profile and liquidity.  S&P is aware that some of VimpelCom's debt
obligations carry "change of control" provisions.  S&P is of the
view that the company might, in certain circumstances, be required
to prepay certain obligations in the event of a change of control.
Such a change of control might lead to litigation between
VimpelCom and its debt holders.

S&P will continue to monitor further legal proceedings and will
assess the impact on VimpelCom's credit profile.


BANCAJA 7: S&P Affirms 'BB' Rating on Class D Notes
Standard & Poor's Ratings Services raised and removed from
CreditWatch positive its credit rating on the class B notes issued
by Bancaja 7 Fondo de Titulizacion de Activos.  At the same time,
S&P affirmed its ratings on the class A, C, and D notes.

S&P initially placed the class B notes on CreditWatch positive on
April 2.

The rating actions follow an updated credit analysis, based on the
most recent loan-level information S&P has received on the
underlying collateral.  S&P factors structural characteristics,
including levels of available credit enhancement, into S&P's cash
flow analysis.

The results of S&P's credit and cash flow analysis showed that
class B notes can attain a higher rating and that S&P can affirm
the ratings on the other notes at this stage.

As the transaction has become more seasoned, the portfolio risk
measures have gradually improved.  The weighted-average loan-to-
value ratio of the collateral has fallen since closing.  In
particular, the number of loans with a weighted-average LTV ratio
above 80% has significantly decreased.

As of the latest interest payment date, long-term arrears in this
transaction were 1.63% of the outstanding balance.  Defaults
remain low at 0.07% of the closing balance.

The cash reserve provides credit enhancement and it is at its
required level.

                           Ratings List

            Bancaja 7 Fondo de Titulizacion de Activos
         EUR1.9 Billion Mortgage-Backed Floating-Rate Notes

        Rating Raised and Removed From CreditWatch Positive

         Class       To                       From
         -----       --                       ----
         B           AA                       A/Watch Pos

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        C           BBB
                        D           BB


CHRISTOPHER HITZ: Creditors Must File Claims by June 22
Creditors of Christopher Hitz Architekten GmbH are requested to
file their proofs of claim by June 22, 2009, to:

         Christopher Hitz Architekten GmbH
         Unterer Rheinweg 134
         4057 Basel

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

CROWN FOREX: Appeals FINMA Bankruptcy Ruling
Martin de Sa'Pinto at Reuters reports that Crown Forex SA Chairman
Ibrahim Ali said the foreign exchange provider has appealed to the
Federal Administrative Tribunal against a bankruptcy ruling by
Swiss markets regulator FINMA.

"The FINMA decision (to declare bankruptcy) was made to avoid
responding to our appeal against an earlier decision to liquidate
the company.  FINMA are applying the law incorrectly," Reuters
quoted Mr. Ali as saying.  "FINMA knew our appeal was strong, and
that the delay in our compliance was due to FINMA, so they
cancelled the liquidation decision and said that under their
estimated financial reports, which did not have any credibility,
they considered the company bankrupt."

Reuters recalls FINMA ruled Feb. 23 to liquidate Crown following a
money laundering investigation.  Mr. Ali, as cited by
Reuters, said the investigation had hampered the company's efforts
to meet the requirements for a banking license, including an
audit.  Reuters relates according to Mr. Ali, Crown was cleared
but FINMA took control of the company anyway, citing possible
liquidity issues.  In a May 29 report Reuters disclosed the
financial regulator took control of Crown on Dec. 9, 2008.  It
declared the company bankrupt on May, 29, 2009, the report said.

Reuters states new Swiss rules have made operating more onerous
for foreign exchange providers since April 1, with liquidity
requirements and and obligation to be licensed by the regulator.
Reuters notes a FINMA spokesman Alain Bichsel said companies were
given a year's notice to comply with requirements.  According to
Reuters, both FINMA and Crown agree that Crown was not in
compliance at the time of the deadline.  The company asked the
court for an extended deadline to meet new capital requirements,
complete the banking application, employ additional risk
management staff and address several client complaints that had
come to light, Reuters says citing Mr. Ali.

Based in Bassecourt, Crown Forex SA --
-- offers trading on 13 currency pairs + gold and silver.

FPC FLEXIBLE: Claims Filing Deadline is June 22
Creditors of FPC Flexible Packaging Consulting AG are requested to
file their proofs of claim by June 22, 2009, to:

         Dr. Karljoerg Landolt
         Spielhof 14a
         8750 Glarus

The company is currently undergoing liquidation in Olten.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 30, 2009.

GOBRAG IMMOBILIEN: Claims Have Until June 22 to File Claims
Creditors of Gobrag Immobilien AG are requested to file their
proofs of claim by June 22, 2009, to:

         Prefera Treuhand
         Grossfeldstrasse 40
         7320 Sargans

The company is currently undergoing liquidation in Sargans.  The
decision about liquidation was accepted at a general meeting held
on April 28, 2009.

S. RAKA: Creditors Must File Claims by June 22
Creditors of S. Raka und Co. GmbH are requested to file their
proofs of claim by June 22, 2009, to:

         Sherif Raka
         Eichmattweg 10
         5082 Kaisten

The company is currently undergoing liquidation in Kaisten.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 9, 2009.

SELE-GAST SELEZIONE: Claims Filing Deadline is June 22
Creditors of Sele-Gast Selezione Gastronomica dei formaggi
Svizzeri AG are requested to file their proofs of claim by
June 22, 2009, to:

         AGOR-Treuhand Emmental
         Baregg 830
         3552 Barau

The company is currently undergoing liquidation in Ruederswil.
The decision about liquidation was accepted at a general meeting
held on March 11, 2009.


ALEZOR SERVICE LTD: Creditors Must File Claims by June 21
Creditors of LLC Alezor Service Ltd (code EDRPOU 35290107) have
until June 21, 2009, to submit proofs of claim to LLC Yaris-
Budtrade-Service, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. 15/272-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alezor Service Ltd
         Office 3
         Gorky Str. 13
         01004 Kiev

BUILDINGUNIVERSAL-GROUP LLC: Creditors Must File Claims by June 21
Creditors of LLC BuildingUniversal-Group (code EDRPOU 34883723)
have until June 21, 2009, to submit proofs of claim to:

         S. Chikildina
         Insolvency Manager
         Tokarny Lane 55
         49008 Dnepropetrovsk

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 5, 2009.  The case is
docketed under Case No. B29/19-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC BuildingUniversal-Group
         20 years of Pobeda Str. 26/303
         49000 Dnepropetrovsk

LUTCH-2000 LLC: Creditors Must File Claims by June 21
Creditors of LLC Lutch-2000 (code EDRPOU 35704572) have until
June 21, 2009, to submit proofs of claim to:

         V. Varakina
         Insolvency Manager
         Balochnaya Str. 3

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 28, 2009.  The case is docketed under
Case No. B18/060-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev

The Debtor can be reached at:

         LLC Lutch-2000
         Yunost str. 14
         08720 Kiev

MAGISTRAL-AGRO LLC: Creditors Must File Claims by June 21
Creditors of LLC Magistral-Agro (code EDRPOU 30085324) have until
June 21, 2009, to submit proofs of claim to:

         S. Chalapliuk
         Insolvency Manager
         Pravda Str. 63/28
         69005 Zaporozhye

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 28, 2009.  The case is docketed under
Case No. 16/127/08.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye

The Debtor can be reached at:

         LLC Magistral-Agro
         Office 45
         Krupskaya Str. 14-A
         72319 Zaporozhye

MTS OJSC: Creditors Must File Claims by June 21
Creditors of OJSC Radivonovka Joint Group MTS (code EDRPOU
30031766) have until June 21, 2009, to submit proofs of claim to
V. Kutsenko, the company's insolvency manager.

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. 18/113.

The Court is located at:

         The Economic Court of Poltava region
         Zigin Str. 1
         36000 Poltava

The Debtor can be reached at:

         OJSC Radivonovka Joint Group MTS
         Velikaya Bogachka

OST FIRM: Creditors Must File Claims by June 21
Creditors of Firm OST (code EDRPOU 19193941) have until June 21,
2009, to submit proofs of claim to:

          A. Frolov
          Insolvency Manager
          Office 20
         M. Zalka Str. 7
         95053 Simferopol
         AR Krym

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on April 21, 2009.  The case is docketed under
Case No. 4/5825-2007.

The Court is located at:

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

The Debtor can be reached at:

         Firm OST
         Office 1
         Studencheskaya Str. 4
         95048 Simferopol
         AR Krym

UKR-PROF-SERVICE LLC: Creditors Must File Claims by June 21
Creditors of LLC Ukr-Prof-Service (code EDRPOU 35704902) have
until June 21, 2009, to submit proofs of claim to:

         V. Varakina
         Insolvency Manager
         Balochnaya Str. 3

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 28, 2009.  The case is docketed under
Case No. B18/064-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern str. 16
         01032 Kiev

The Debtor can be reached at:

         LLC Ukr-Prof-Service
         Malishko Str. 1
         08700 Kiev

VEGA LLC: Creditors Must File Claims by June 21
Creditors of LLC Firm Vega (code EDRPOU 32548629) have until
June 21, 2009, to submit proofs of claim to V. Verbitsky, the
company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 29, 2009.  The case is docketed under
Case No. B-39/200-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov

The Debtor can be reached at:

         LLC Firm Vega
         Oschepkov Str. 52
         62460 Kharkov

U N I T E D   K I N G D O M

BDL PRINT: Placed Into Administration; 20 Jobs Affected
Tim Sheahan at Print Week reports that Tunbridge Wells-based BDL
Print Group, the print management arm of the Paterson Group, has
been placed into administration, resulting in the loss of 20 jobs.

The report relates Geoff Rhodes and Jon Beard, of the Brighton
office of Begbies Traynor, were appointed to the company
on June 10.

"The recession has claimed a significant number of casualties
within the printing industry, but it's particularly sad to see
long-established businesses lose the fight for survival," the
report quoted Mr. Beard as saying.  "Investment in cutting-edge
technology and competitive pricing is essential for these
businesses, but the resultant borrowing can leave them

CABLE & WIRELESS: Says Leading Investors Back Incentive Plan
Amanda Andrews at reports that Cable & Wireless
plc has insisted many of its leading shareholders support its
plans to extend one long-term incentive plan (Ltip) and establish
a follow-on scheme to retain top executives.

"We have undertaken extensive consultation with a large cross
section of our leading shareholders and to date have received a
broad level of support for our proposals," the report quoted C&W
as saying.

The Association of British Insurers, which represents close to a
fifth of UK shareholders, is believed to be considering issuing a
red-top, its most serious warning, on C&W's proposals, which could
pay directors up to four times salaries based on a 30pc rise next
year, the report discloses.  According to the report, the ABI said
it is still making a decision and would not comment ahead of any

Headquartered in London, Cable & Wireless plc --
-- is an international telecommunications company.  The Company
offers mobile, broadband and domestic and international fixed line
services to homes, small and medium-sized enterprises, corporate
customers and governments.  It operates in 39 countries through
four major operations in the Caribbean, Panama, Macau and Monaco &
Islands. It operates through two businesses: International and
Europe, Asia & US.  Its International business operates full
service telecommunications companies through four major operations
in the Caribbean, Panama, Macau and Monaco and Islands.  Its
Europe, Asia & US provides enterprise and carrier solutions to the
largest users of telecom services across the United Kingdom,
continental Europe, Asia and the United States.  Its subsidiaries
include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable &
Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco
Telecom SAM.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable

DECO 6: Moody's Junks Rating on GBP30.1 Mln Class D Notes
Moody's Investors Service has downgraded these classes of Notes
issued by Deco 6 -- UK Large Loan 2 plc (amounts reflect initial

  -- GBP259,900,000 Class A2 Commercial Mortgage Backed Floating
     Rate Notes due 2017 downgraded to Aa3, previously on 6
     December 2005 assigned Aaa;

  -- GBP43,000,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due 2017 downgraded to Baa3, previously on 6
     December 2005 assigned Aa2;

  -- GBP49,100,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due 2017 downgraded to B1, previously on 6
     December 2005 assigned A2;

  -- GBP30,119,911 Class D Commercial Mortgage Backed Floating
     Rate Notes due 2017 downgraded to Caa1, previously on 17
     September 2007 downgraded to Ba1 from initially Baa3.

At the same time, Moody's Investors Service has confirmed the Aaa
rating of the GBP173,000,000 Class A1 Notes issued by Deco 6 -- UK
Large Loan 2 plc.

The rating action concludes the review for possible downgrade that
was initiated for the Class A1, Class A2, Class B, Class C and the
Class D Notes on April 8, 2009.  The rating action takes Moody's
updated central scenarios in account, as described in Moody's
Special Report "Moody's Updates on Its Surveillance Approach for

1) Transaction and Portfolio Overview

Deco 6 -- UK Large Loan 2 plc closed in December 2005 and
represents the securitization of initially four mortgage loans
originated by Deutsche Bank AG and secured by first-ranking legal
mortgages over initially 24 commercial properties located across
the UK.  The properties were predominantly offices (67%) and
shopping centres (23%).  74% of the properties were located in
England with the remainder in Scotland (24%) and in Wales (2%).

Since closing, one of the originally four loans has prepaid
(Canary Wharf Loan, 33% of the original pool).  The prepayment
proceeds were applied modified pro-rata, which reduced the
notional amount of the Class A1 Notes from GBP173 million to
GBP65 million.  The remaining loans are not equally contributing
to the portfolio: the biggest loan (the Mapeley Loan) represents
46.3% of the current portfolio balance while the Brunel Shopping
Centre Loan and the St. Enoch Centre Loan contribute 27.9% and
25.8% to current pool, respectively.  The current loan Herfindahl
index is 2.8, compared to 3.3 at closing.  Following the
prepayment, the remaining loans are secured by 22 properties which
are predominantly retail use (65%).  13% of the properties are
located in London with 37% in the rest of England, 48% in Scotland
and 2% in Wales.  The transaction structure provides for the
allocation of amortization and prepayment proceeds to the Notes
switching from currently modified pro-rata to fully sequential
subject to certain triggers that have not been hit to date.

As of the last interest payment date April 22, 2009, all of the
remaining 3 loans in the portfolio were current and none of the
loans is in special servicing or has defaulted since closing.

2) Rating Rationale

The downgrade of the Notes follows a detailed re-assessment of the
loan and property portfolio's credit risk.  Hereby, Moody's main
focus was on property value declines, term default risk,
refinancing risk and the anticipated work-out timing for
potentially defaulting loans.  In its review, Moody's has
undertaken a detailed analysis of all three loans in the pool.

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

The current subordination levels for most Moody's rated classes,
82.9%, 26.5%, 17.2% and 6.5% for the Class A1, Class A2, Class B
and the Class C Notes respectively, provide protection against
those losses.  However, the likelihood of higher than expected
losses on the portfolio has increased substantially, which results
in the rating action.

Since closing, a third of the initial loan portfolio prepaid.  The
prepayment proceeds were allocated modified pro-rata to the
transaction.  As a result, subordination levels that benefit the
Class A1, Class A2, Class B, and Class C Notes have moderately
increased compared to closing.

Even though the Class A1 Notes and the Class A2 Notes were to rank
pari passu in a post-enforcement scenario following the service of
a Note acceleration notice, Moody's assesses the credit risk of
the two Classes of Notes to be different as the pre-enforcement
priority of payments will prevail in most cases for the remaining
term of the transaction.  In terms of sequential principal
proceeds, the Class A1 Notes rank ahead of the Class A2 Notes in
the pre-enforcement priority of payments, i.e. the Class A2 Notes
are timely subordinated to the Class A1 Notes.

The Class A2, Class B, Class C and Class D Notes are timely
subordinated or subordinated 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 more junior Notes than on the expected loss of the
more senior Notes.

3) Moody's Portfolio Analysis

Property Values. Property values across the UK have declined
significantly until Q1 2009 and are expected to continue to
decline at least until 2010.  Moody's estimates that compared to
the underwriter's values at closing, the values of the properties
securing this transaction have declined by on aggregate 21% until
the beginning of 2009 (ranging from a 17% value decline for the
St. Enoch Loan to a 27% value decline for the Brunel Shopping
Centre Loan).  Looking ahead, Moody's anticipates further declines
until 2010, resulting in an on average 29% value decline compared
to the U/W value at closing (ranging from a 23% decline for the
St. Enoch Loan to a 37% decline for the Brunel Shopping Centre

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 92% compared to the reported U/W LTV of 76%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 103% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitised loans range between 90% (St. Enoch Loan) and
126% (Brunel Shopping Centre Loan).  As there is an additional
subordinated debt in the form of a B-loan in place for the Brunel
Shopping Centre Loan in an amount of GBP6 million, based on
estimated trough values, the overall whole loan leverage is on
average 105%.

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

Refinancing Risk.  The transaction's has no exposure to loans
maturing in the short-term (2009 and 2010).  The St. Enoch Loan
and Brunel Shopping Centre Loan mature in April 2012, while the
Mapeley Loan matures in April 2015.  None of the three loans
benefits from an extension option.  Since Moody's expects property
values in the UK to only slowly recover from 2011 onwards, all
loans will still be highly leveraged at their respective maturity
dates.  Consequently, in Moody's view, the default risk at
maturity has increased substantially for all three loans compared
to the closing analysis.  The refinancing risk of the Brunel
Shopping Centre Loan, which matures in April 2012, is
significantly higher compared to the other loans in the pool due
to its high leverage, also taking the B-loan of this loan into

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.  Based on the
current lease profile, Moody's has incorporated into its analysis
an allowance for deterioration in coverage ratios on the loans, in
turn increasing the term default risk.  The St. Enoch Loan and the
Brunel Loan, both secured by shopping centres, are already
affected by some tenant defaults, rental arrears and increasing
vacancies albeit to a different degree, with the St. Enoch
shopping centre showing an overall better performance.  The
Mapeley Loan has a significantly lower term default risk compared
to the other loans in the pool due to its tenant and lease
profile, although Moody's has reduced the lease renewal
assumptions for some of the properties securing this loan.

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 loans is predominantly driven by refinancing risk.  In
Moody's view, the Brunel Shopping Centre Loan has currently the
highest default risk, while the Mapeley Loan has the lowest risk
of defaulting.

Concentration Risk.  The portfolio securitised in Deco 6 -- UK
Large Loan 2 plc exhibits an above average concentration in terms
of property types (65% retail) and property location (100% UK).
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 expects that, upon default, a sale of the
mortgaged properties and ultimate work-out of the loan will occur
at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the UK commercial property markets, Moody's opinion about
future property value performance, the most likely work-out
strategies for defaulted loans and the portfolio concentration,
Moody's anticipates a substantial amount of losses on the
securitized portfolio, which will, given the backloaded default
risk profile and the anticipated work-out strategy for defaulted
loans, crystallize only towards the end of the transaction term.
Moody's view of the expected loss ranking of the loans has changed
since closing.  Initially, the Mapeley Loan and St. Enoch Loan
were of a similar credit risk from an expected loss perspective
with the Brunel Loan being the weakest loan in the pool.  While
Moody's relative ranking for the Brunel Loan has not changed, it
views the Mapeley Loan now as better than the St. Enoch Loan from
an expected loss perspective.

ITV PLC: Plans Legal Action Against STV Over GBP22 Million Fee
Amanda Andrews at reports that ITV Plc is planning
to carry out legal action against STV Group after accusing the
Scottish media company of failing to pay a GBP22 million fee for
being part of the ITV network.

The report relates according to sources close to STV, the Scottish
broadcaster has argued that the GBP22 million is not a contractual
amount and it disputes the figure.

STV, the report discloses has been opting out of a number of
series in the ITV network, including Kingdom, the Norfolk-based
series featuring Stephen Fry, and Al Murray's Happy Hour.  It also
opted out of ITV's coverage of the FA Cup, the report notes.  The
sources, as cited in the report, said "STV is acting completely
within its rights to opt out".

                          About ITV plc

ITV plc -- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include, and Friends Reunited

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.

JOYNSON HOLLAND: Goes Into Liquidation; 70 Jobs Affected
Neil Phillips at Bucks Free Press reports that Joynson Holland has
gone into liquidation, resulting in the loss of 70 jobs.

The report relates the company called in insolvency practitioners
Harris Lipman Monday last week, when the decision was made to make
all the firm's employees redundant.

"Like many manufacturers, Joynson Holland has been affected by the
downturn in the economy --  many of its customers are elderly, and
they have seen their incomes decline due to the cuts in interest
rates, while it sources many of its raw materials from abroad and
they have become more expensive as the pound has fallen against
the euro," Harris Lipman partner Martin Atkins was quoted in the
report as saying.  "Like many other firms, it has also experienced
difficulty in getting trade credit insurance, which covers against
customers and suppliers going out of business or being unable to
pay their bills, which in turn has had an adverse effect on

Harris Lipman hopes to be able to sell the business as a going
concern, the report discloses.

Headquartered in Wycombe, Joynson Holland -- is a British furniture
manufacturer supplying independent group retailers, the NHS,
housing associations and the leisure industry throughout
the UK.

LADBROKES PLC: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
Fitch Ratings has downgraded UK-based betting operator Ladbrokes
PLC's Long-term Issuer Default Rating to 'BB+' from 'BBB-' and its
Short-term IDR to 'B' from 'F3'.  The Outlook for the Long-term
IDR is Stable.  The downgrade reflects increased competition and a
prospective tougher trading environment for the sector which, for
a 'BBB-' rating, is commensurate with lower leverage.

"Fitch is concerned that increased competitive dynamics are
shaping the UK gaming industry -- Ladbrokes' key market -- making
what traditionally was a stable and recession-proof business more
expensive to operate," said Giulio Lombardi, Senior Director in
Fitch's European Retail, Leisure and Consumer Products Group.
"Traditional betting operators, who could previously rely on a
stable retail business and their internet units as their growth
engine, are challenged at both ends."

Fitch's previous concerns about the company's exposure to a more
competitive environment had to date been limited to its internet
business (23% of FY08 group profit).  However, Fitch calculates
that approximately half of the 34% drop of operating profit
announced by Ladbrokes for the first four months of 2009 was due
to increased competitive dynamics across all of the company's UK
operations (92% of group profit).  Additionally, while part of the
rest of the decline can be attributed to seasonal factors, the
agency also notes that Ladbrokes' less established retail business
in Spain and Italy is also affecting profitability.

While the Gambling Act of 2005 has increased the flexibility of
opening hours for UK retail betting operators and allowed them to
offset the decline of over-the-counter betting with new, enhanced
gaming machines in the stores, this has resulted in higher
operating costs and pressure to maintain the competitive appeal of
its machine game offerings.

On the internet front, the increasing penetration of pure-play
internet competitors such as 888, Betfair and Partygaming has in
the meantime introduced more aggressive competition in the UK
industry.  Due to favorable regulation, the lack of language
barriers and high broadband penetration, UK customers have been
heavily targeted by international internet gaming companies with
media advertising and the offer of loyalty cards and free bets.

Internet competition is not expected to abate and could lead to
more consolidation.  The opening up of the potentially large and
lucrative US internet gaming market, which could allow the focus
of competition to shift away from the UK, is not expected to take
place before 2010-2011.

Although betting shop customers remain a distinct group from
internet gamblers, impaired consumer spending on the high street
is leading retail betting operators to replicate expensive
marketing strategies already tested by internet operators.  The
result is an upfront increase of customer retention costs,
particularly for Ladbrokes, which has been the first to launch an
in-store loyalty programme.  The loyalty programme has yet to
produce any results, which in turn would depend on the extent of
competitors' reaction.  Also, while these expenses are
discretionary, Fitch believes it could be difficult to withdraw
them when customer spending is no longer growing and competitors
are winning market share.

Compared with previous rating guidance of 4x lease-adjusted
leverage (net debt/operating EBITDAR excluding High Rollers) for
Ladbrokes' 'BBB-' IDR, Fitch has tightened this parameter closer
to a sustainable level of 3.5x to reflect the now more riskier
nature of Ladbrokes' business.  Following an increase in leverage
to 4.1x at FYE08 (FYE07: 3.8x) due to overseas expansion activity,
Fitch believes underlying leverage could remain above 4x in FY09-
FY10, despite the expectation that management will take a more
conservative approach to capex and acquisitions in FY09 and,
possibly, FY10.

MADOFF SECURITIES: UK Liquidators Gain Recognition in U.S. Court
The Joint Provisional Liquidators of Madoff Securities
International Limited on June 9, 2009, obtained formal recognition
in the United States Bankruptcy Court, allowing them to work in
direct coordination with the Trustee of Bernard Madoff Securities
Limited.  Chapter 15 of the Bankruptcy Code permits foreign
liquidators to have their proceedings recognized and to obtain the
assistance of the U.S. courts in carrying out their activities.

The U.S. Bankruptcy Court also approved the protocols put forward
by the Liquidators and agreed with the Trustee that guide their
cooperation going forward.  Lawyers for the Liquidators and the
Trustee described to the court their extensive cooperation to date
in exchanging information, examining witnesses and realizing
assets.  They also indicated that they were negotiating with the
United States government to make certain that all recoveries were
allocated to victims of the fraud.  UK liquidators have powers
under the European Convention equivalent to domestic liquidators
to realize assets, as well as investigatory powers in current and
former Commonwealth jurisdictions.  The Liquidators have already
filed proceedings to recover a 27 metre luxury yacht in France
paid for with Madoff International funds.

"New international bankruptcy conventions enable fiduciaries in
cross-border insolvencies to work together to maximize return to
creditors," said Steve Akers, a partner of Grant Thornton and a
Joint Provisional Liquidator.  "We assisted the US Trustee to
obtain recognition in England and now we have worked together for
reciprocal cooperation in the United States. This is a positive
step for creditors."

Eric Lewis of Baach Robinson & Lewis, the Liquidators lawyer,
observed, "With information, witnesses and documents located all
over the world, international recognition of the type obtained
today allows Liquidators to join forces and use their respective
powers to find assets and pursue claims on behalf of the victims
of this massive fraud."

London-based Madoff Securities International Limited is a money
management business of Bernard L. Madoff in the United Kingdom.
Mark Richard Byers, Andrew Laurence Hosking, and Stephen John
Akers at Grant Thornton UK LLP filed a Chapter 15 petition against
the Company on April 14, 2009 (Bankr. S.D. Fla. Case No. 09-
16751).  The Company has US$100 million to US$500 million in
assets and more than US$1 billion in debts.

REXAM PLC: Refinances GBP775 Million Credit Facility
Rexam PLC said Thursday it has refinanced its GBP775 million
revolving credit facility and a number of smaller bilateral
facilities which mature in 2010.

Rexam said the refinancing package, which totals GBP860 million of
new committed debt facilities, consists of GBP647 million of
syndicated forward start commitments and GBP213 million of new
bilateral commitments, all maturing in the second half of 2012.

Headquartered in London, Rexam PLC -- is
a global consumer packaging company and a beverage can-maker.  The
Company offers a range of packaging products and solutions for
different industries, using different materials and technologies.
The Company's global operations focus on beverage packaging, as
well as plastic packaging solutions.  Rexam makes beverage cans
used for an array of beverages, including beer, carbonated soft
drinks, juices, sports and energy drinks, water, wine and spirit
mixers.  Its plastic packaging business is focused primarily on
segments, such as pharmaceutical packaging, closures for beverages
and personal care applications and packaging for cosmetics, home
and personal care products, as well as food.  Its products include
spray samplers, lipstick and mascara cases, compacts, closures for
fragrances, lotions and beverages, fine mist and foam pumps, food
containers and drug delivery devices.

                         *     *     *

Rexam continues to carry a 'Ba2' junior subordinated debt rating
from Moody's Investors Service with negative outlook.

SETANTA SPORTS: Netherland's Endemol May Acquire Stake
Ben Fenton at the Financial Times reports Endemol is eyeing to
take a share in Setanta Sports.

According to BBC News, the Dutch media company is believed to be
interested in taking of up to 49% in the company, along with other
investors.  It is not clear how much Endemol would pay for such a
stake in a weakened economic climate, BBC News notes.

The FT relates Access Industries, the investment vehicle of
Russian-born US billionaire Len Blavatnik, said on Friday that
that it had offered Setanta's board GBP20 million in return for a
51 percent stake.

"Endemol was interested in going in with Access as equal partners
and taking the whole thing out, but they may be less keen to be
involved in holding a minority stake of Setanta," the FT quoted a
person familiar with the discussions as saying.  "If that's how it
is going to pan out, then Endemol might want to take on some of
Setanta's production businesses [the Dublin-based broadcaster
makes programms for various sports bodies], but not much else."

The FT discloses Setanta was facing administration as early as
Tuesday because a GBP35 million instalment of its GBP392 million,
three-year contract with the FA Premier League falls due and the
company had little cash with which to pay it.  The FT says
according to people close to Setanta, after Mr. Blavatnik appeared
as a potential rescuer, the sports broadcaster's board released
GBP10 million to the Premier League, and the football authorities
in London agreed to a rescheduling of the payment of the rest.  It
now has until Friday to finish discussions with Access and then
pay another GBP10 million, with the balance due within a month,
the FT states.

As reported in the Troubled Company Reporter-Europe on June 9,
2009, The Sunday Times said Setanta which has 1.2 million
customers, got into trouble when it won the rights to screen only
23 Premier League fixtures per season from 2010, raising doubts
over its future viability.

Setanta Sports -- is an international
sports broadcaster with operations in Great Britain, Ireland,
Luxembourg, USA, Canada and Australia.  It owns and operates
premium sports TV channels that are made available on a
subscription basis to residential and commercial customers through
satellite, cable, digital terrestrial, broadband and mobile

TARQUIN BOAT: Goes Into Administration
Motor Boat and Yachting News reports The Tarquin Boat Company has
gone into administration after being hit by the recession.

MBY relates Carl Faulds and James Tickell of Portland Business and
Financial Solutions were appointed administrators on June 9.  The
administrators are putting the business up for sale, MBY

A spokesman for Portland Business and Financial Solutions told
MBY: "Our role very much is trying to deal with existing boats
which are in production and looking for buyers."

The company does not have any stock boats to sell off, MBY notes.

MBY states according to administrators, some Trader owners have
expressed an interest in investing in the company's future.

Headquartered in Emsworth, Hamsphire, The Tarquin Boat Company -- manufactures and sells the
Trader range of motoryachts.

WEST BROMWICH: Rules Out Merger Following Debt-For-Equity-Swap
Hamish Rutherford at The Scotsman reports that West Bromwich
Building Society has reiterated it would retain its independence
after agreeing a debt deal to strengthen its finances.

"We have absolutely no plans to merge with anyone as I have said
consistently over the last few weeks.  We have never been in
merger talks with anyone," the report quoted West Bromwich chief
executive Robert Sharpe as saying.  "Following the transaction
signed overnight we now have one of the strongest tier 1 capitals
in the building society sector."

On June 15, 2009, the Troubled Company Reporter-Europe, citing, reported that West Bromwich reached a debt-for-
equity swap deal with bondholders, rescuing it from
administration.  According to, under the deal,
brokered by the Treasury, the subordinated debt holders will swap
their GBP182.5 million of loans for an instrument that shares in
the members' profits. disclosed West Brom last
year had GBP394 million of "members equity" and GBP192 million of
subordinated debt. said after the debt-for-equity
swap, it is thought bondholders will have rights over 20pc of the
society's profits.  Telegraph noted after the conversion, West
Brom's tier one capital ratio will rise to 12pc-13pc from last
year's 10pc. recalled the mutual was close to
breaching regulatory capital requirements after suffering heavy
losses on its buy-to-let, sub-prime and commercial lending books.
Its auditors, KPMG, have also been unwilling to sign off the
accounts, recounted.

West Bromwich Building Society, along with its subsidiaries -- operates in three business segments.
Retail lending is engaged in incorporating core society lending,
mortgage company lending, private customer savings and financial
services. Commercial is engaged in incorporating commercial
lending. Property is engaged in property rental.  Some of its
wholly owned subsidiaries include West Bromwich Mortgage Company
Limited, which holds and disposes debts secured on land and lend
money on the security of land; West Bromwich Commercial Limited,
which is engaged in commercial lending; MortgageForce Limited,
which is a franchised mortgage broker; WBBS Computer Finance
Limited, which is engaged in leasing and licensing computer
equipment, and West Bromwich Homes Limited, which is engaged in
investment in property for rental.

                          *     *     *

In April, Moody's Investors Service downgraded West Bromwich
Building Society's bank financial strength rating to 'E+'
from 'C-'.

WEST BROMWICH: Fitch Lowers Subordinated Debt Rating to 'C'
Fitch Ratings has downgraded West Bromwich Building Society's
Long-term Issuer Default Rating to 'BBB-' from 'BBB+' and
downgraded the Short-term IDR to 'F3' from 'F2'.  Both IDRs remain
on Rating Watch Negative.  Fitch has simultaneously downgraded the
Individual Rating to 'C/D' from 'C', and placed the rating on RWN.

At the same time, the agency has downgraded the society's senior
debt to 'BBB-' from 'A-' maintaining RWN and downgraded the
subordinated debt and Permanent Interest Bearing Shares to 'C'
from 'BBB' and 'BBB-' respectively, and removed them from RWN.
WBBS's Support Rating is affirmed at '3' and its Support Rating
Floor is affirmed at 'BB'.  The subordinated debt rating will be
withdrawn upon legal completion of the debt exchange announced by
West Bromwich.

The rating action follows WBBS's announcement of a GBP39.3 million
loss for the financial year ended March 31, 2009.  The downgrades
of the Long- and Short-term IDRs and Individual rating reflect a
marked deterioration in the underlying performance of the
society's asset quality, with loan impairment charges rising to
GBP65.2 million from GBP6.4 million in FY2008.  Given the
society's portfolio mix, Fitch had expected some pressure on asset
quality and profitability, but the scale of the deterioration
reported was more than Fitch's prior expectation.

The higher impairment charges reflect a rapid deterioration in
those parts of the society's mortgage book which Fitch considers
to be higher risk such as buy-to-let, acquired and commercial
mortgages.  The agency acknowledges the society's efforts to
reduce its cost base, but believes that profitability will remain
under pressure over the medium-term.

Fitch expects to resolve the RWN following completion of a
detailed review of WBBS's loan books together with an assessment
of its ability to generate sufficient earnings to absorb further
losses.  The review will focus on the society's commercial book.

Fitch notes the strengthening of the society's core Tier 1 capital
which will be achieved through the exchange of the full
outstanding principal amount of the society's subordinated debt,
totalling GBP182.5 million, for a new instrument, Participating
Profit Deferred shares, which will qualify as core tier 1 capital.
Following the exchange, the society's core Tier 1 ratio will
increase to 11.6% from 6.8%.  Whilst no fresh funds are being
injected into the society, its financial flexibility will be
moderately improved by the substitution of a deferrable instrument
for the fixed coupon obligation on the existing subordinated debt.

Given the circumstances under which this exchange has taken place,
and the nature of the exchange itself, Fitch views this as a
Coercive Debt Exchange and accordingly has lowered the
subordinated debt rating to 'C'.  The rating will be withdrawn
upon legal completion of the exchange.  As an exception to Fitch's
criteria on CDEs, the agency has, however, not placed WBBS's IDR
on 'RD' given the ongoing potential for external support for
senior creditors as expressed in the Support Rating Floor of 'BB'.
As holders of the society's PIBS will have coupon payments at
least partially deferred until profitability recovers materially,
Fitch has lowered the rating for WBBS's PIBS to 'C'.

WBBS has been successful in attracting retail funding, which at
end-March 2009 increased by GBP1 billion, and reduced its
wholesale funding ratio to 19% (March 2008: 32%).

WORKSPACE GROUP: In Talks to Refinance Joint Venture
James Whitmore at Property Week reports that Workspace Group PLC
is in talks to refinance its 1.2m sq ft development joint venture
with Glebe.

The report relates Workspace admitted in its annual results that
the joint venture's GBP134 million drawn debt from Bank of
Scotland Corporate was more than the value of GBP129.6 million
value of its properties as at March 31.  According to the report,
the loan-to-value covenants of 85% on total facilities and 82.5%
for the core property facility have been breached.

Workspace, the report discloses, is in talks with Glebe and Bank
of Scotland Corporate about agreeing revised terms for the debt
funding "and appropriate returns for any additional equity
invested".  The report notes according to Workspace, the facility
was non-recourse "apart from an interest shortfall guarantee under
which the joint venture partners have a maximum liability of GBP6
million, of which GBP1.6 million has been contributed to date".

Workers, the report says, has written down the value of its 50%
interest in the joint venture, which was set up three years ago,
to nil.  Workspace and Glebe put in GBP20 million of equity, the
report states.

Workspace Group PLC -- is a
United Kingdom-based company that is engaged in property
investment in the form of letting of business accommodation to
small and medium-sized enterprises located in London and the South
East of England.  As of March 31, 2008, the Company had seven
active subsidiaries, four of which are engaged in the Company's
core activities.  LI Property Services Limited procures insurance
on behalf of Workspace Group PLC.  Workspace Management Limited
acts as manager for all the Company's property investment
companies.  Workspace Holdings Limited is an intermediate holding

* S&P Takes CreditWatch Actions on 119 European CDO Tranches
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
took CreditWatch actions on 119 European synthetic collateralized
debt obligation tranches.

Specifically, S&P:

  -- Placed ratings on 72 tranches on CreditWatch negative;

  -- Affirmed and removed from CreditWatch negative ratings on 45
     tranches; and

  -- Placed ratings on two tranches on CreditWatch positive.

Of the 72 tranches placed on CreditWatch negative:

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

  -- 53 have experienced corporate downgrades in their portfolios.

S&P is placing two tranches on CreditWatch positive due to an
upward revision of their attachment points.  S&P believes that the
new attachment points may be sufficient to support a higher

This table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches as well as key corporate
downgrades since Dec. 19, 2008.

                       CreditWatch Summary

           Watch Neg  Watch Pos
           (no. of    (no. of   Key corporate
           tranches)  tranches) downgrades*
           ---------  --------- -------------
  Jan—09   364          0       Citigroup Inc.
                                (AA-/Watch Neg to A/Stable)
                                Dec. 19, 2008

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

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

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

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

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

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

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

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

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

  Jun-09    72           2      Visteon Corp.
                                (CCC/Negative to D)
                                May 28, 2009

                                General Motors Corp.
                                (CC/Negative to D)
                                June 1, 2009

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

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

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

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA                 SABA BB    -85494497.66   2215341059.54

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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  Go to order any title today.


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

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

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

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

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

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

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