TCREUR_Public/090630.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 30, 2009, Vol. 10, No. 127



AUSTRIAN AIRLINES: EU Commission Postpones Decision on Takeover
BST 3 PROJEKT: Creditors Must File Claims by July 14
CONT-TRANS-TRANSPORT GMBH: Creditors Must File Claims by July 7
FIDU FINANCIAL: Creditors Must File Claims by July 14
NATURELLNESS LIMITED: Creditors Have Until July 7 to File Claims

SAMOBIL HANDEL: Claims Filing Deadline is July 9


GROUPE CAISSE: Fitch Downgrades Individual Rating to 'D'


ARCANDOR AG: Germany Delays Decision on Quelle Loan
DEUTSCHE POSTBANK: S&P Cuts Ratings on Hybrid Securities to 'BB'
SGL CARBON: S&P Affirms 'BB' Rating on EUR200 Mil. Senior Bond


ARIES MARITIME: Covenant Default, Loss Cue Going Concern Doubt
ARIES MARITIME: Completes Sale of Container Vessel for US$2.3 Mil.


BANK OF IRELAND: S&P Raises Ratings on Two Securities to 'B'


VALENTINO FASHION: Nears Debt Deal With Banks


ALTYN TAU: Creditors Must File Claims by July 3
DALEX CAR: Creditors Must File Claims by July 3
JCD AEROPORT: Creditors Must File Claims by July 3
KAZAKHGOLD GROUP: Fitch Changes Watch on 'CC' Rating to Positive
KLN COMMERCE: Creditors Must File Claims by July 3

RTI TORG: Creditors Must File Claims by July 3


GROUND LTD: Creditors Must File Claims by July 24


ABN AMRO: Dutch Government to Pump EUR2.5 Billion
ICTS INTERNATIONAL: Losses, 9/11 Suit Prompt Going Concern Doubt


KANNSKAYA TOBACCO: Creditors Must File Claims by July 5
KHIM-STROY LLC: Creditors Must File Claims by July 5
MEGOSTROY-N LLC: Creditors Must File Claims by July 5
MOSCOW BANK: Fitch Assigns Rating on RUB5 Bil. Series 5 Bond Issue
PSKOVSKIY TIMBER: Creditors Must File Claims by July 5

STERLITAMAKSKIY LIMESTONE: Creditors Must File Claims by July 5
SASOVSKIY MACHINE: Creditors Must File Claims by July 5


BANCO DE VALENCIA: Fitch Cuts Preference Shares Ratings to 'BB'
CAJA DE AHORROS: Fitch Lowers Preference Shares Rating to 'BB'
EDT FTPYME: Moody's Reviews Ba2-Rated Series C Notes for Downgrade
GC FTPYME: Moody's Reviews Caa1-Rated Series E Notes for Downgrade

* SPAIN: Launches EUR9 Billion Bank Restructuring Fund


IPE AG: Claims Filing Deadline is July 3
BESO IMMOBILIEN AG: Creditors Have Until July 3 to File Claims
CALANDA AG: Creditors Must File Claims by July 3
LIFE BERNARDI: Creditors Must File Claims by July 3
SCHORI SCHLOSS: Creditors Have Until July 3 to File Claims

UBS AG: Raises US$3.5 Bln in a Share Sale to Boost Capital


DENIZBANK AS: Fitch Affirms 'BB' Long-Term Issuer Default Rating


BANK NADRA: Moody's Downgrades Senior Unsecured Debt Rating to 'C'
INDEX SOUTH: Creditors Must File Claims by July 3
INVEST LLC: Creditors Must File Claims by July 3
LAURPLUS LLC: Creditors Must File Claims by July 4
LIMB-TRADE LLC: Creditors Must File Claims by July 3

PRO-TEKS LLC: Creditors Must File Claims by July 3
RUNA LLC: Creditors Must File Claims by July 3

* Ukrainian Govt Should Stop Subsidizing Businesses During Crisis

U N I T E D   K I N G D O M

ALLIED CARPETS: Set to Put Property Division Into Administration
BRITISH AIRWAYS: 17% of Workforce Take Part in Pay Cuts
DECO 8: Moody's Junks Rating on Class E Notes
DSG INTERNATIONAL: Posts GBP140.4 Mln Loss in the Year to May 2
FAB UK: S&P Downgrades Rating on Class BE Notes to 'BB-'

HERCULES UNIT: Gets Capital Injection From Canadian Pension Fund
NATIONAL EXPRESS: Turns Down FirstGroup Takeover Bid
TATA MOTORS: Warns of Further Job Cuts at Jaguar Land Rover
VEDANTA RESOURCES: S&P Puts 'BB' Ratings on CreditWatch Negative

* S&P Takes Rating Actions on 174 European CDO Tranches

* Large Companies with Insolvent Balance Sheet



AUSTRIAN AIRLINES: EU Commission Postpones Decision on Takeover
Reuters reports that according to Der Standard, the European
Commission will postpone by two weeks a decision on the takeover
of Austrian Airlines (AUA) that had been this Wednesday.

Reuters says the Austrian newspaper reported that the European
Union's executive body may even start a detailed probe which could
delay the transaction further.

Reuters recalls Lufthansa agreed in December to buy state-
controlled AUA in a deal that also includes EUR500 million (US$703
million) in state aid by the Austrian government to reduce the
loss-making flagship carrier's debt pile.  According to Reuters,
if the deal falls through, analysts expect that AUA will need a
significant cash injection in order to survive.  Reuters discloses
Lufthansa has said from the outset that it would walk away from
the deal if conditions were too onerous.

Austrian Airlines AG --
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector.  The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows.  The Company divides its
activities into three segments: scheduled services, charter and
complementary services.  The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand.  The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.

BST 3 PROJEKT: Creditors Must File Claims by July 14
Creditors of BSt 3 Projekt GmbH have until July 14, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 28, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Wien
         Tel: 533 52 72
         Fax: DW 15

CONT-TRANS-TRANSPORT GMBH: Creditors Must File Claims by July 7
Creditors of Cont-Trans-Transport GmbH have until July 7, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 28, 2009 at 11:50 a.m. at:

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

For further information, contact the company's administrator:

         Dr. Alexander Schoeller
         Schiessstattring 35/13
         3100 St. Poelten
         Tel: 02742/74731
         Fax: 02742/74731-22

FIDU FINANCIAL: Creditors Must File Claims by July 14
Creditors of Fidu Financial Ltd have until July 14, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 28, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Peter Pullez
         Tuchlauben 8
         1010 Wien
         Tel: 513 29 79
         Fax: 513 29 79 25

NATURELLNESS LIMITED: Creditors Have Until July 7 to File Claims
Creditors of Naturellness Limited have until July 7, 2009 to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 28, 2009 at 10:10 a.m. at:

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

For further information, contact the company's administrator:

         Mag. Herbert Hoffmann
         Wiener Strasse 18
         3430 Tulln
         Tel: 02272/81 9 29
         Fax: 02272/81 9 29-20

SAMOBIL HANDEL: Claims Filing Deadline is July 9
Creditors of Samobil Handel GmbH have until July 9, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 23, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Christof Stapf
         Esslinggasse 7
         1010 Wien
         Tel: 90 333
         Fax: 90 333 44


GROUPE CAISSE: Fitch Downgrades Individual Rating to 'D'
Fitch Ratings has affirmed Groupe Caisse d'Epargne's, Groupe
Banque Populaire's, Natixis', Credit Foncier de France's and
Banque Palatine's Long-term Issuer Default Ratings at 'A+' and
Short-term IDRs at 'F1+'.  The Outlook is Stable.

At the same time, the agency has downgraded BP's Individual Rating
to 'D' from 'C' and affirmed the Individual Ratings of GCE at
'C/D', GBP at 'C/D', Natixis at 'E', and CFF at 'C'.  The '1'
Support Rating for all the abovementioned banks has been affirmed.
All ratings actions on these groups' entities are listed below.

The affirmation of GCE's and GBP's ratings is based on the
assumption of the completion of their merger to create a new
group, Groupe BPCE by July 2009.  While the IDRs are driven by
support from the French state, the Individual Ratings reflect the
combined group's large size and impressive domestic retail
franchise, as well as the ongoing troubles at Natixis and the
significant operational challenges associated with the merger.
GCE and GBP are fairly complementary (with GCE more focused on
individuals/associations and GBP being the leader in the
professional/SME segment) but the two retail networks will remain
competitors.  The combined retail network will hold market shares
in French retail banking of 16%-25% (depending on product), serve
34 million customers through an 8,000-branch network and have
110,000 employees.  The two groups' corporate investment banking
activities have been regrouped into Natixis since 2006.

The merger is likely to be a lengthy process, with a large number
of entities involved and new management and taking place amid a
global banking crisis.  The group's focus will be firmly domestic
and global investment banking ambitions are likely to be largely
shelved.  The French state has been encouraging this merger
strongly and agreed to inject a total of EUR5 billion into GBPCE
in 2009, including EUR3 billion of non-voting preferences shares.
Natixis' equity and assets are large as a share of GBPCE's at 44%
and 46%, respectively and Fitch expects the French state to
provide additional capital to GBPCE to support Natixis if needed.

GBPCE would be the banking group in France hardest hit by the
crisis, which shaved off EUR13 billion pre-tax profit (Fitch
calculations, including the impact of the crisis on revenue and
impairment charges, as well as write-offs on the monoline insurer
CIFG and goodwill impairment on Natixis) between 2007 and end-
March 2009.  Management's top priorities will be to halt losses at
Natixis (by reducing its high-risk positions and cost base) and
increase profitability/cost efficiency in the retail network.
Nevertheless, taking into account the EUR1.8 billion net loss
reported by Natixis in Q109, the uncertainty on Natixis' remaining
toxic assets, as well as potential restructuring costs in Natixis
and the GCE/GBP merger, GBPCE's profitability is likely to be poor
in 2009 and remain far below that of its peers in the short- to
medium- term.

Natixis is the wholesale lending, investment banking and
specialized services bank jointly owned by GCE and GBP (around
35.6% each).  Its Short- and Long-term IDRs are driven by its
affiliation to and, consequently, the support it receives from its
two strategic owners.  Natixis has been severely hit by the global
financial crisis since summer 2007 and continues to receive
significant support from its two owners in terms of funding,
liquidity and capitalization.  The 'E' Individual Rating reflects
the requirement for continued external support.  The restructuring
measures undertaken since 2008 should translate into profit,
although this is challenging to achieve given the current
environment and the remaining volume of toxic assets.  The level
of potential further losses from the activities in run-off is
uncertain and subject to market developments.  The bank's risk
profile should benefit from the refocusing on existing core
customers and less complex capital market products, as well as a
reduction in own account trading.

The IDRs of CFF and BP reflect potential support available from
GCE.  CFF and BP are affiliated to GCE's central body, CNCE, which
undertakes to ensure that it maintains adequate liquidity and
solvency at both these subsidiaries at all times.  In future, the
IDRs of CFF and BP will be equalised with those of GBPCE given
their affiliation to GBPCE's central body.

CFF is a real estate specialist bank and its Individual 'C' Rating
reflects its lack of diversification and modest operating
profitability.  These are offset to some extent by acceptable
asset quality, a well-established franchise and know-how in the
real estate market, adequate capital adequacy and an ability to
continue to issue highly rated covered bonds through Compagnie de
Financement Foncier, its specialised covered bonds issuing

The downgrade of BP's Individual Rating reflects the bank's
difficulties in achieving sustainable recurrent profitability,
largely due to a weak franchise in its core SME niche.  Upside
potential for the Individual Rating is limited given the tough
operating environment and uncertainties regarding the bank's role
within GBPCE.

Groupe Caisse d'Epargne:

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'

Caisse Nationale des Caisses d'Epargne et de Prevoyance:

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Senior debt: affirmed at 'A+'
  -- Dated subordinated debt: affirmed at 'A'
  -- Undated subordinated debt: 'BB+'; remain on RWN
  -- Commercial paper: affirmed at 'F1+'
  -- Senior Short-term notes: affirmed at 'F1+'


  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'E'
  -- Support Rating: affirmed at '1'
  -- Senior debt: affirmed at 'A+'
  -- Dated subordinated debt: affirmed at 'A'
  -- Undated subordinated debt: 'BB+'; remain on RWN
  -- Commercial paper: affirmed at 'F1+'
  -- Short-term notes: affirmed at 'F1+'

Natixis (commitments guaranteed by CDC):

  -- Senior notes: affirmed at 'AAA'
  -- Commercial paper: affirmed at 'F1+'

Natixis (commitments guaranteed by CNCE):

  -- Senior notes: affirmed at 'A+'

NBP Capital Trust I:

  -- Preferred stock: 'BB+'; remain on RWN

Credit Foncier de France:

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '1'

  -- Senior notes: affirmed at 'A+'

  -- Subordinated notes: affirmed at 'A'

  -- Obligations foncieres of Compagnie de Financement Foncier are
     not impacted

Banque Palatine:

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: downgraded to 'D' from 'C'
  -- Support Rating: affirmed at '1'
  -- Groupe Banque Populaire:
  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'

Banque Federale des Banques Populaires:

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Senior debt: affirmed at 'A+'
  -- Dated subordinated debt: affirmed at 'A'

These GBP entities' Long-term IDRs of 'A+' and Short-term IDRs of
'F1+' have been affirmed, with a Stable Outlook:

  -- Banque Populaire Atlantique
  -- Banque Populaire Bourgogne, Franche-Comte
  -- Banque Populaire Centre Atlantique
  -- Banque Populaire Cote d'Azur
  -- Banque Populaire d'Alsace
  -- Banque Populaire de l'Ouest
  -- Banque Populaire de Lorraine-Champagne
  -- Banque Populaire des Alpes
  -- Banque Populaire du Massif-Central
  -- Banque Populaire du Nord
  -- Banque Populaire du Sud
  -- Banque Populaire du Sud-Ouest
  -- Banque Populaire Loire et Lyonnais
  -- Banque Populaire Occitane
  -- Banque Populaire Provencale et Corse
  -- Banque Populaire Rives de Paris
  -- Banque Populaire Val-de-France
  -- BRED - Banque Populaire
  -- CASDEN - Banque Populaire
  -- Credit Cooperatif
  -- Groupe Credit Cooperatif
  -- Credit Maritime Mutuel
  -- Societe Centrale de Credit Maritime Mutuel


ARCANDOR AG: Germany Delays Decision on Quelle Loan
Rainer Buergin at Bloomberg News reports that German officials
delayed a decision on providing a loan to Quelle AG, Arcandor AG's
mail-order unit, as the information on collateral was insufficent.

According to Bloomberg News, insolvency administrator Klaus Hubert
Goerg is seeking a EUR50 million (US$70.5 million) loan from
state-controlled lenders including KfW Group for Quelle to pay for
next season's catalogue Bloomberg News relates Economy Ministry
spokesman Steffen Moritz told reporters at a press briefing in
Berlin on Friday that negotiations involving a loans committee are

"It was clear that information on collateral was insufficient for
a positive decision.  This information hasn't changed decisively,"
Bloomberg News quoted Finance Ministry spokesman Stefan Olbermann.
"Should the KfW extend a loan, it has to be assured that it is the
creditor with the first call on the collateral."


The Troubled Company Reporter-Europe, citing Bloomberg News,
reported that Arcandor on June 9 filed for bankruptcy protection
after the German government turned down its request for loan
guarantees.  German Chancellor Angela Merkel, as cited by
Bloomberg News, said Arcandor's collapse was "unavoidable" after
investors and banks offered too little to save the retailer.

Bloomberg News recalled the government on June 8 rejected two
applications for help by Arcandor, which employs 43,000 people.
According to Bloomberg News, the retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program as debt came due this week.  It also sought a further
EUR437 million from a state-owned bank, Bloomberg News noted.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) --
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, that offers
online shopping, among others.

DEUTSCHE POSTBANK: S&P Cuts Ratings on Hybrid Securities to 'BB'
Standard & Poor's Ratings Services said it affirmed its 'A-/A-2'
counterparty credit ratings on Germany-based Deutsche Postbank AG
and its 'BBB+/A-2' counterparty credit ratings on Postbank's 100%
owned strategically important subsidiary, BHW
Bausparkasse AG, Hameln (BHW B).  The outlook on both entities
remains positive.

At the same time, Standard & Poor's lowered its ratings on
Postbank's hybrid capital securities to 'BB' from 'BB+.'

"Our ratings affirmation reflects S&P's view that Postbank
continues to benefit from its relatively reliable retail business
model and franchise as Germany's largest private-sector retail
bank," said Standard & Poor's credit analyst Harm Semder.

Postbank continues to demonstrate a strong, granular retail
funding position, which remains a particular rating strength
against the ongoing global liquidity squeeze.  Moreover, its
granular and highly collateralized retail lending structure should
restrict credit losses to manageable levels overall.

Despite its affirmation, S&P is mindful that the elements
contributing to its ratings assessment have changed.  S&P lowered
by one notch its appraisal of Postbank's stand-alone credit
quality to reflect Postbank's weak capitalization and financial
flexibility and bleak earnings prospects in difficult markets.  At
the same time, S&P incorporated a one-notch uplift for implicit
government support.  Postbank has not yet applied for support from
the German government's Financial Markets Stabilization Fund.
However, S&P believes it would receive government support, if
necessary, because of its high systemic importance in Germany,
owing to its size, large retail deposits and operations, and
capital market activities.

"The downgrade of Postbank's hybrid capital securities reflects
Postbank's weakened stand-alone financial profile and S&P's base-
case assumption that the bank could incur further cumulative
losses in 2009-2011, in light of S&P's negative economic forecasts
and unstable financial markets," said Mr. Semder.

S&P remain concerned, however, about potential pressure on
Postbank's already low 6.1% regulatory Tier 1 capital ratio
(including market risk), despite beneficial Basel II treatments,
and the potential volatility of this ratio because of the market-
sensitivity of some components of Postbank's equity.  This ratio
compares with S&P's estimate of a regulatory 4.5% ratio, based on
Basel I on March 31, 2009.  However, S&P expects Postbank's risk-
adjusted capital ratio under S&P's new framework to be much lower,
underlining Postbank's remaining impairment risks from low quality
in EUR6.5 billion of structured credit investments; higher risk
charges for its cyclical and less seasoned commercial real estate
financings, in particular, development loans; and bulk risk from
larger corporate financings.  Moreover, S&P's adjusted total
capital figure is 10% lower than Postbank's regulatory Tier 1
capital.  This difference did not result from S&P's new
methodology, but because S&P continue to deduct goodwill and
intangibles, which are sizable, and continue to limit perpetual
hybrid instruments to 33% of adjusted common equity.

Our ratings on Postbank do not yet benefit from implicit ownership
support from Deutsche Bank AG (A+/Stable/A-1).  This is because
arrangements between Deutsche Bank and Postbank's 37% shareholder,
Deutsche Post AG (BBB+/Negative/A-2), afford Deutsche Bank
significant flexibility as to whether, and when, it will proceed
to majority ownership by early 2012.

In the event of a capital increase at Postbank, both Deutsche Bank
and Deutsche Post are obliged to participate on a pro rata basis
to prevent dilution of their stakes and to protect their

The positive outlook on Postbank continues to reflect the
possibility of parental support being factored into the ratings if
Deutsche Bank were to increase its current blocking minority stake
and become a majority or full owner.

The positive outlook on BHW B reflects the potentially positive
implications for the ratings on Postbank.  This is provided that
BHW B maintains the strategic importance to its parent on which
the ratings on BHW B are based.  BHW B's intrinsic risk and
financial profiles are much weaker than Postbank's.

SGL CARBON: S&P Affirms 'BB' Rating on EUR200 Mil. Senior Bond
Standard & Poor's Ratings Services said that it revised to '4'
from '3' the recovery rating on the EUR200 million senior
unsecured convertible bond issued by SGL Carbon SE (BB/Negative/
--).  The issue rating of 'BB' on this instrument is affirmed.
The recovery rating of '4' indicates S&P's expectation of average
(30%-50%) recovery in the event of a payment default.

At the same time, S&P assigned an issue rating of 'BB' and a
recovery rating of '4' to the new EUR190 million convertible bond
issued by SGL.  This bond ranks pari passu with the existing
convertible bond.

The issue rating of 'BBB-' and recovery rating of '1' on the
group's senior secured floating-rate notes are unchanged.  The
recovery rating of '1' indicates S&P's expectation of very high
(90%-100%) recovery in the event of a payment default.

The 'BB' long-term corporate credit rating on SGL remains
unchanged, as does the negative outlook.

S&P will continue to monitor closely SGL's operating and financial
performance in the coming quarters, and the usage of the proceeds
from the issuance of the new EUR190 million convertible
instrument.  This should enable us to further assess the effect on
the group's credit quality caused by the sharp deterioration in
the operating environment and its continued high investments.

The revision of the recovery rating on the convertible bond
results from the new issuance, which almost doubles the volume of
debt at this level of the capital structure.  S&P understand from
management that the proceeds of the bond issuance may, in the
medium term, be used for further capital expenditure investments
or new projects.  S&P see a risk that any such projects will still
be in progress at the time of S&P's simulated payment default in
2012.  S&P believes that the value attributable to such projects
at the time of S&P's simulated default may be insufficient to
offset the additional debt raised, such that recoveries fall below
50%.  S&P has not materially revised any other assumptions
underpinning the recovery ratings.  Coverage is at the low end of
the range.

                        Recovery Analysis

Despite the limited security package provided to secured lenders
(comprising share pledges and guarantees), the relatively low
leverage through the secured facilities leads to very high (90%-
100%) recoveries for the secured notes given S&P's stressed
enterprise valuation.  Recovery prospects for the convertible bond
reflect S&P's view of their more junior position in SGL's capital
structure, allowing for average recovery prospects of 30%-50%.
Recoveries are also supported by the group's extensive asset base.

In determining recovery prospects for the various debt
instruments, S&P has assumed that the EUR125 million capital
expenditure and acquisition facility remains largely undrawn by
the time of S&P's simulated default.  If this were to be heavily
drawn, recovery prospects for the convertible bonds could be
negatively affected, depending on the use of the proceeds of this

                          Ratings List

                        Rating Unchanged

                          SGL Carbon SE
      Corporate credit rating                BB/Negative/--

                          Rating Revised

                          SGL Carbon SE

      Senior Unsecured
      EUR200 mil 0.75% convertible due 05/16/2013         BB
       Recovery Rating                 4                  3

                           New Rating

                          SGL Carbon SE

             Senior Unsecured
             EUR190 mil 3.5% convertible           BB
             due 06/30/2016
              Recovery Rating                      4


ARIES MARITIME: Covenant Default, Loss Cue Going Concern Doubt
Aries Maritime Transport Limited has incurred a net loss, has a
net working capital deficit and has not met certain of its
financial covenants of debt agreements with lenders.  "These
conditions raise substantial doubt about its ability to continue
as a going concern," PricewaterhouseCoopers S.A. in Athens,
Greece, said in its June 26, 2009 audit report.

The Company had US$317,777,000 in total assets and US$252,261,000
in total liabilities as of December 31, 2008.

During the years ended December 31, 2008 and December 31, 2007,
the Company incurred losses of US$39.8 million and US$8.7 million,
respectively.  As at December 31, 2008, the Company reported
working capital deficit of US$231.7 million which includes
US$223.7 million of debt reflected as current.

During the years ended December 31, 2008 and December 31, 2007,
the Company has not been in compliance with these covenants of its
facility agreement:

  -- The interest coverage ratio financial covenant, during each
     quarter of 2007 and 2008;

  -- The minimum working capital financial covenant, as at
     December 31, 2007 and during each quarter of 2008, as a
     result of the Company's outstanding borrowings being
     reflected as current;

  -- The adjusted equity ratio financial covenant, as of
     December 31, 2008; and

  -- The reduction of the outstanding borrowings from their level
     of US$284.8 million as at June 11 to US$200 million, by
     disposal of vessels, by August 31, 2008.

The outstanding borrowings have been reduced to US$223.7 million
through the sale of three of the Company's vessels, the Arius, MSC
Oslo and Energy 1 for net proceeds of US$59.6 million.

In addition, the Company expects to reduce its outstanding
borrowings to US$221.4 million with net proceeds of US$2.3 million
from the sale of the Ocean Hope.

Due to the current financial turmoil that has significantly
affected the industry and our vessels' values, the Company's
lenders notified it on April 9, 2009, that the Security Value of
the Company's vessels was less than the Security Requirement, as
defined in the credit agreement.  However, the Company believes
that the valuations obtained by the lenders are not valid due to
the lack of liquidity in the vessel sale and purchase market as
noted in the various disclaimers included in such valuations.

The Company is currently in discussions with the lenders regarding
the alleged breach of the Security Requirement covenant.  The
Company is also seeking waivers in respect of the covenants of
which it is in breach and to restructure its credit facility.

The Company has plans in place to improve performance and
financial strength.  These plans mainly relate to the reduction of
vessel operating expenses, the potential sales of one or more
vessels to strengthen financial position and plans for enhancing
equity capital.

On June 24, 2009, the Company signed a non-binding letter of
intent with Grandunion, a company controlled by Michael Zolotas
and Nicholas Fistes, that contemplates, among other things, the
acquisition of three Capesize drybulk carriers with an approximate
net asset value of US$36.0 million in exchange for 15,977,778
newly issued shares of Aries Maritime and a change of control of
the Company's board of directors.

However, there is no assurance that the Company will enter into
definitive agreements with Grandunion or that the Company will be
successful in achieving its objectives.

The Company noted that absent any further relaxation under the
credit facility covenants, the lenders have the ability to demand
repayment of outstanding borrowings.

The lenders notified the Company on October 27, 2008, December 24,
2008, February 6, 2009 and April 3, 2009 that certain events of
default have occurred and continue to occur.  In addition, the
lenders have advised the Company that it is not their immediate
intention to take enforcement action, but they reserve their
rights to do so.

"The Company's ability to continue as a going concern is dependent
on management's ability to reach an agreement with its lenders and
to continue to improve the performance of the Company, which
includes achieving profitable operations in the future, and the
continued support of its shareholders and its lenders," the
Company said in a Form 20-F regulatory filing with the U.S.
Securities and Exchange Commission.

A full-text copy of the Company's annual report filed on Form 20-F
is available at no charge at

Aries Maritime Transport Limited is a Bermuda company incorporated
in January 2005 as a wholly owned indirect subsidiary of Aries
Energy Corporation.  Aries Maritime is an international shipping
company that owns product tankers and container vessels.  Aries
Maritime's common stock is listed on the Nasdaq Global Market
under the symbol "RAMS."  Aries Maritime's principal executive
office is at 18 Zerva Nap., Glyfada, 166 75, Greece.

ARIES MARITIME: Completes Sale of Container Vessel for US$2.3 Mil.
Aries Maritime Transport Limited has completed the sale of the
Ocean Hope, a 1989-built container vessel, to an unrelated third
party for a net price ofUS$2.3 million.  Proceeds from the sale of
the Ocean Hope,
which was delivered on June 29, 2009, will be used to pay down
debt under the Company's fully revolving credit facility.

Jeff Parry, Chief Executive Officer, said, "We are pleased to
complete the sale of the Ocean Hope, the oldest vessel in our
fleet.  With this transaction, we have enhanced Aries' fleet
profile and improved the Company's financial position."

             About Aries Maritime Transport Limited

Aries Maritime Transport Limited is an international shipping
company that owns and operates products tankers and container
vessels.  The Company's products tanker fleet consists of five MR
tankers and four Panamax tankers, all of which are double-hulled.
The Company also owns a fleet of two container vessels, excluding
the Ocean Hope, with a capacity of 2,917 TEU per vessel.  Seven of
the Company's 11 vessels are secured on period charters.  Charters
for two of the Company's products tanker vessels currently have
profit-sharing components.

Aries Maritime Transport Limited is a Bermuda company incorporated
in January 2005 as a wholly owned indirect subsidiary of Aries
Energy Corporation.  Aries Maritime is an international shipping
company that owns product tankers and container vessels.  Aries
Maritime's common stock is listed on the Nasdaq Global Market
under the symbol "RAMS."  Aries Maritime's principal executive
office is at 18 Zerva Nap., Glyfada, 166 75, Greece.


BANK OF IRELAND: S&P Raises Ratings on Two Securities to 'B'
Standard & Poor's Ratings Services said that it raised its ratings
on two hybrid securities issued by subsidiaries of the Bank of
Ireland (trading name of the Governor and Company of the Bank of
Ireland; A/Watch Neg/A-1) to 'B' from 'C'.

On May 19, 2009, BOI announced tender offers for six series of
hybrid capital securities with an aggregate value of about EUR3
billion.  In line with S&P's criteria, S&P characterized the
tender offers as a "distressed exchange".  As a result, on May 20,
2009, S&P lowered the ratings on the tender offer securities to
'C', reflecting S&P's opinion that the exchange was equivalent to
a payment deferral.  Under S&P's criteria, upon completion of
distressed offers, S&P review the ratings on the remaining tender
offer securities.

On June 3, 2009, BOI announced that the offers for the four euro-
and sterling-denominated securities had closed.  S&P subsequently
reviewed the ratings on these securities and raised them to 'B',
commensurate with the ratings on BOI's other hybrid securities
without voting rights.

On June 17, 2009, BOI announced that the offers on the remaining
two, U.S.-dollar denominated securities had closed.  The
securities were purchased for 40% of their face value.  S&P has
now reviewed the ratings on these two securities and raised them
to 'B', commensurate with the ratings on BOI's other hybrid
securities without voting rights.

BOI says that through these six tender offers it has purchased
securities with a face value of about $1.7 billion, realizing a
profit of about EUR1 billion.  S&P expects that this will have led
to a reduction in the bank's Tier 1 regulatory capital base, but a
strengthening of its Core Tier 1 regulatory capital base and its
Total Adjusted Capital, which is Standard & Poor's preferred
capital measure.

                           Ratings List

                  BOI Capital Funding (No.2) LP*
  US$800 mil var rate /fltg rate gtd non-voting non-cum callable
                          perp pfd secs

                          To              From
                          --              ----
                          B               C

                  BOI Capital Funding (No.3) LP*
  US$400 mil var rate /fltg rate gtd non-voting non-cum callable
                          perp pref secs

                          To              From
                          --              ----
                          B               C

                 * Guaranteed by Bank of Ireland.


VALENTINO FASHION: Nears Debt Deal With Banks
Martin Arnold and Anousha Sakoui at the Financial Times report
that Permira nears completion of talks with lenders to Valentino,
the Italian fashion house, about renegotiating its EUR2.5 billion
(GBP2.1 billion) debt.

The FT relates a person familiar with the company said it was
expected to announce in the next few weeks that it had secured a
"standstill agreement" with its banks.  The person familiar with
Valentino said its lenders -- led by Citigroup, UniCredit and
Mediobanca -- were not expected to push for a debt-for-equity swap
and Permira was unlikely to inject more equity, the FT discloses.

According to Ben Marlow of The Sunday Times, the Italian fashion
house's banks expect performance to decline in 2009 as the
recession takes its toll.  Stefano Sassi, Valentino's chief
executive, as cited by the Sunday Times, said this year that he
had been forced to scale back expansion plans to preserve cash to
service its huge debt.  The Sunday Times says on its own website,
Permira, which bought Valentino in 2007, values the Italian group
at EUR5.3 billion but its true value is likely to be much less

Headquartered in Milan Italy, The Valentino Fashion Group S.p.A -- offers a rich and well-
diversified portfolio of products which includes clothing,
accessories, and footwear for men and women.  The group's
activities are broken down into three business units, covering the
entire luxury and fashion sector where a wide range of styles and
products are offered: Valentino, featuring the prestigious brands
Valentino, Valentino Garavani, Valentino Roma and R.E.D.
Valentino; Hugo Boss, which includes the Boss and Hugo brands;
Licensed brands Marlboro Classics and M Missoni, in addition to
its own brands Lebole, Oxon and Portrait.  Moreover Valentino
Fashion Group S.p.A. owns 45% of US brand Proenza Schouler.  The
Valentino Fashion Group S.p.A operates in over 110 countries, with
more than 1,600 single-brand boutiques and 433 directly-managed
shops.  The Group's consolidated revenue for the 2008 financial
year is approximately 2.206,9 million.  More than 13.081 employees
work in directly controlled companies and branches spread across
28 countries.


ALTYN TAU: Creditors Must File Claims by July 3
Creditors of LLP Firm Altyn Tau have until July 3, 2009, to submit
proofs of claim to:

         Makataev Str. 127
         Tel: 8(7272) 44-54-96

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 17, 2008
after finding it insolvent.

The Court is located at:

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

DALEX CAR: Creditors Must File Claims by July 3
Creditors of LLP Dalex Car Ltd have until July 3, 2009, to submit
proofs of claim to:

         Kazybek bi Str. 50
         Office 74
         Tel: 8 (7272) 72-12-50

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on March 13, 2009,
after finding it insolvent.

The Court is located at:

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

JCD AEROPORT: Creditors Must File Claims by July 3
Creditors of LLP JCD Aeroport I Nazemnoye Obslujivaniye Almaty
have until July 3, 2009, to submit proofs of claim to:

         Kazybek bi Str. 50
         Office 74
         Tel: 8 (7272) 72-12-50

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on March 13, 2009,
after finding it insolvent.

The Court is located at:

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

KAZAKHGOLD GROUP: Fitch Changes Watch on 'CC' Rating to Positive
Fitch Ratings has revised the Rating Watch on KazakhGold Group
Limited's Long-term Issuer Default and senior unsecured ratings of
'CC' to Positive from Negative.  The Recovery Rating for the
senior unsecured debt is 'RR4'.

This follows Polyus Gold's announcement on June 12, 2009 of a firm
intention to make an offer to acquire 50.1% of KazakhGold in a
cash- and-share transaction at a total value of approximately
US$265 million and a recent meeting with KazakhGold's management
to discuss the company's near-term corporate and operational
strategy.  While final terms of the offer document are yet to be
disclosed and it is uncertain if the offer will succeed, Fitch
views announcement of a firm intention to make an offer as a major
step in resolving KazakhGold's operational and financial

Fitch expects Polyus Gold to publish the offer document by
July 10, 2009.  KazakhGold's shareholders will then have 21 days
to accept or reject the offer.  Hence, the agency expects to
resolve the Rating Watch by early August.  Fitch reiterates that
Polyus Gold's much larger business and stronger balance sheet may
enhance KazakhGold's credit profile, resulting in a multiple-notch
upgrade (see commentary dated 18 December 2008 on  In FY08, Polyus Gold delivered revenue
and EBITDA of approximately US$1.1bn and US$347 million,
respectively, with a net cash position of US$399 million.

In revising KazakhGold's Rating Watch, Fitch has balanced the
positive effects of the possible acquisition against the remaining
uncertainties surrounding the possible final terms and conditions
of the transaction, and the resulting effect on bondholders.  The
agency notes that KazakhGold's corporate transparency remains an

KLN COMMERCE: Creditors Must File Claims by July 3
Creditors of LLP KLN Commerce have until July 3, 2009, to submit
proofs of claim to:

         Makataev Str. 127
         Tel: 8(7272) 44-54-96

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

The Court is located at:

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

RTI TORG: Creditors Must File Claims by July 3
Creditors of LLP RTI Torg have until July 3, 2009, to submit
proofs of claim to:

         Tole bi Str. 295
         Room 319
         Tel: 8 (7272) 56-81-63

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on October 28, 2008,
after finding it insolvent.

The Court is located at:

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


GROUND LTD: Creditors Must File Claims by July 24
LLP Ground Ltd is currently undergoing liquidation.  Creditors
have until July 24, 2009, to submit proofs of claim to:

Inquiries can be addressed to (+996 312) 68-10-66


ABN AMRO: Dutch Government to Pump EUR2.5 Billion
Karen Foster at Reuters reports that the Dutch government will
inject EUR2.5 billion (US$3.48 billion) into ABN AMRO.

Reuters relates that in a letter to parliament on Friday, Finance
Minister Wouter said without the recapitalization, the legal split
of ABN AMRO, which is intended to be done next year, cannot take
place.  The money, Reuters says, will be taken from the EUR20
billion fund the Dutch government has created to support Dutch
financial companies.

Citing a ministry spokeswoman, the AFP discloses for EUR1.7
billion of the total, the government would take over the credit
risk of ABN Amro's Dutch mortgage portfolio, while the other 800
million would be in the form of a loan.

ABN AMRO -- is a Dutch bank.  It was
acquired by the consortium of Fortis, RBS and Santander in October
2007.  On October 3, 2008, the Dutch state announced that it has
bought Fortis Bank Nederland, including its interests in ABN AMRO.
As of December 24, 2008, the Dutch state replaced Fortis as a
stakeholder in RFS Holdings, which continues to manage ABN AMRO.
RBS-bound businesses are not affected by this change.

ICTS INTERNATIONAL: Losses, 9/11 Suit Prompt Going Concern Doubt
MHM Mahoney Cohen CPAs, the New York Practice of Mayer Hoffman
McCann P.C., in its June 26, 2009 audit report raised substantial
doubt about the ability of ICTS International N.V. and its
subsidiaries to continue as a going concern.

ICTS has a history of recurring losses and working capital
deficiency.  ICTS incurred net losses of US$2.0 million, US$2.6
million, and US$14.1 million during the years ended December 31,
2008, 2007, and 2006, respectively.  As of December 31, 2008, the
Company had a working capital deficit and shareholders deficiency
of US$15.3 million and US$23.0 million respectively.  In addition,
the Company is subject to potential material  contingencies in
connection with (a) an audit of the Company's operations in the
United States of America by the Internal Revenue Service (b) the
September  11, 2001 terrorist attacks in the United States of
America, (c) unpaid rent obligations related to certain non-core
businesses which have been  discontinued in the United States of
America, and (d) certain claims made against the Company by the
United States Transportation Security

"These factors raise substantial doubt about the Company's ability
to continue as a going concern," ICTS said in its annual report
filed with the U.S. Securities and Exchange Commission on June 26.

As of December 31, 2008, the Company had US$25,396,000 in total
assets and US$48,361,000 in total liabilities.

ICTS's principal cash requirement for its operations is the
payment of wages.  Working capital is financed primarily by cash
from operating activities, and by short-term and long-term
borrowings.  As of December 31, 2008, the Company had cash and
cash equivalents of US$3.8 million as compared to US$2.1 million
on December 31, 2007.  In 2008 there was no short-term restricted
cash compared to US$1.8 million on December 31, 2007.

As of December 31, 2008 and 2007, the Company had loans from a
related party which amount to US$6.1 million and US$6.5  million,
respectively, which were used to cover part of the Company's

Management believes that the Company's operating cash flows and
related party financing activities will provide it with sufficient
funds to meet its obligations and execute its business plan.
However, there are no assurances that management's plans to
generate sufficient cash to continue to operate the Company will
be successful.

"Our future capital will depend on our success in developing and
implementing our business strategy," the Company said.

As a result of the September 11th terrorist attacks, numerous
lawsuits have been commenced against the Company and its U.S.
subsidiary.  The cases arise out of airport security services
provided for United Flight 175 out of Logan Airport in Boston,
Massachusetts which crashed into the World Trade Center.

"The outcome of these cases is uncertain.  If there is an adverse
outcome with respect to any of these claims which is not covered
by insurance, then there may be a significant adverse impact on
us," the Company said.

A full-text copy of the Company's 2008 Annual Report is available
at no charge at

Headquartered in Amstelveen, The Netherlands, ICTS International,
N.V., including its subsidiaries, provides aviation security and
other aviation related services through service contracts with
airline companies, airport authorities and governments.


KANNSKAYA TOBACCO: Creditors Must File Claims by July 5

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against  LLC Kannskaya Tobacco Factory (TIN
24661014351) after finding the company insolvent.  The case is
docketed under Case No. ?33–8298/2008.

Creditors have until July 5, 2009, to submit proofs of claims to:

         S. Romanova
         Insolvency Manager
         Post User Box 152
         Babaevskaya Str.20
         453300 Bashkortostan

The Debtor can be reached at:

         LLC Kannskaya Tobacco Factory
         Dubenskogo Str. 6-323
         660032 Krasnoyarsk

KHIM-STROY LLC: Creditors Must File Claims by July 5
The Arbitration Court of Omskaya commenced bankruptcy proceedings
against  LLC Khim-Stroy-Biznes-M (TIN 5520006872) (Lubricant
Manufacturing) after finding the company insolvent.  The case is
docketed under Case No. ?46–23794/2008.

Creditors have until July 5, 2009, to submit proofs of claims to:

         I. Stepanov
         Insolvency Manager
         Moskovskaya Str. 127-218

The Debtor can be reached at:

         LLC Khim-Stroy-Biznes-M
         40 let Oktyabrya Str. 164/2

MEGOSTROY-N LLC: Creditors Must File Claims by July 5
Creditors of LLC Megostroy-N (TIN 6229055829, PSRN 1066229065320)
(Construction) have until July 5, 2009, to submit proofs of claims

         I. Chibizov
         Temporary Insolvency Manager
         Post User Box 208
         Krupskoy Str. 19/1
         390044 Ryazan'

The Arbitration Court of Ryazanskaya will convene on Oct.13, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?54–1664/2009 S1.

MOSCOW BANK: Fitch Assigns Rating on RUB5 Bil. Series 5 Bond Issue
Fitch Ratings has assigned the Moscow Bank for Reconstruction and
Development's RUB5 billion series 5 bond issue a National Long-
term Rating of 'A-(rus)' and placed it on Rating Watch Negative.
The bonds will mature in June 2014, although there is an option
available to bondholders to submit the bond for early repayment in
June 2010.

MBRD has a Long-term Issuer Default Rating of 'B+', a Short-term
IDR of 'B', a Support Rating of '4', an Individual Rating of 'D/E'
and a National Long-term rating of 'A-(rus)'.  The Long-term IDR
and National Long-term rating are on RWN.

The bank's obligations under the new bond issue will rank at least
equally with all its other unsecured and unsubordinated creditors,
except those preferred by any bankruptcy, employment, insolvency,
liquidation or similar laws of general application.  Under Russian
law, the claims of retail depositors rank above those of other
senior unsecured creditors.

MBRD is a medium-sized Russian bank, which is 95%-owned by Sistema
JSFC (Sistema, rated 'BB-'/RWN).  Servicing the needs of Sistema
remains an important part of MBRD's business, but the bank has
also developed a sizeable third-party customer franchise.  Since
December 2007, the bank has owned 66% of Luxembourg-based East-
West United Bank, and since February 2009, it has owned 100% of
Russian regional bank Dalcombank ('B+'/RWN).

PSKOVSKIY TIMBER: Creditors Must File Claims by July 5
The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against LLC Pskovskiy Timber Mill No. 1 after finding
the company insolvent.  The case is docketed under Case No. ?52–

Creditors have until July 5, 2009, to submit proofs of claims to:

         Insolvency Manager
         Vokzalnaya Str. 1a
         18004 Pskov

STERLITAMAKSKIY LIMESTONE: Creditors Must File Claims by July 5
Creditors of OJSC Sterlitamakskiy Limestone Brick Plant (TIN
0268030111) have until July 5, 2009, to submit proofs of claims

         V. Karteshkov
         Temporary Insolvency Manager
         Dzhambula Str. 5
         453102 Sterlitamak

The Arbitration Court of Bashkortostan will convene at 2:00 p.m.
on Nov. 19, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?07 -8855 /2009.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy revolutsii Str. 63A
         450057 Ufa

The Debtor can be reached at:

         OJSC Sterlitamakskiy Limestone Brick Plant
         Dzhambula Str. 5
         453102 Sterlitamak

SASOVSKIY MACHINE: Creditors Must File Claims by July 5
The Arbitration Court of Ryazanskaya commenced bankruptcy
supervision procedure on LLC Sasovskiy Machine-Building Plant.
The case is docketed under Case No. ?54–1267/2009-S1.

Creditors have until July 5, 2009, to submit proofs of claims to:

          S. Yabrov
          Temporary Insolvency Manager
          Post User Box 990
          248033 Kaluga

The Debtor can be reached at:

         LLC Sasovskiy Machine-Building Plant


BANCO DE VALENCIA: Fitch Cuts Preference Shares Ratings to 'BB'
Fitch Ratings has downgraded Banco de Valencia's Long-term Issuer
Default Rating to 'BBB+' from from 'A-'.  The Outlook is Stable.
The agency has simultaneously downgraded BValencia's Individual
Rating to 'C' from 'B/C'.  Fitch has affirmed BValencia's Short-
term IDR at 'F2'.

Following Fitch's downgrade of Caja de Ahorros de Valencia
Castellon y Alicante group's (Bancaja) Long-term IDR to 'BBB+'
from 'A-' -- Bancaja is BValencia's parent -- BValencia's Support
Rating has been downgraded to '2' from '1', in accordance with
Fitch's criteria on Support Ratings.  BValencia's Support Rating
is based on its integration within Bancaja, which has a 38.4%
stake in BValencia.

In addition to the above rating actions, Fitch has also downgraded
BValencia's senior debt issues to 'BBB+' from 'A-', and downgraded
the bank's subordinated debt issues to 'BBB' from 'BBB+'.  The
agency has also downgraded BValencia's preference shares of
EUR170 million to 'BB' from 'BBB', in line with Fitch's view that
the possibility of a coupon deferral has increased.

The rating actions reflect Fitch's view that the sharp correction
of the Spanish economy and housing sector will continue to weigh
down BValencia's asset quality and ultimately profitability, in
the context of its tight capital levels.  The downgrades also
reflect BValencia's reliance on wholesale funding.  The Stable
Outlook, however, reflects BValencia's good regional franchise and
strong profitability ratios.

While Fitch expects profitability to be affected in 2009-2010 by
lower interest rates, persistent higher funding costs and limited
lending growth, the bank has an excellent cost/income ratio (30%
in Q109).  Capital gains from the sale of some of its equity
stakes would help BValencia to cope with lower banking revenues
and further loan impairment charges arising from a further
deterioration of asset quality.

BValencia's strong lending growth of 27% on average between 2004
and 2007 resulted in 39% of its loans being linked to real estate
and construction companies as of end-Q109.  Spain's economic and
housing downturn has caused a large number of real estate
companies to enter financial difficulties and a steep rise in
unemployment, which in turn has increased BValencia's impaired
loans.  However, the bank's impaired/total loans ratio has
remained better than the sector average at 3.6% at end-Q109,
whilst its loan loss coverage was 70% as of the same period.
Although Fitch expects further deterioration in asset quality in
2009-2010, the EUR168 million in generic reserves required by the
Bank of Spain will help offset loan impairment charges over the
next two years.  Furthermore, 62% of loans were secured by
mortgages at end-Q109.

BValencia is a regional bank with operations concentrated in the
regions of Valencia and Murcia.  The bank has expanded outside its
home regions and its main activities include lending to
individuals and to small- and medium-sized enterprises.

CAJA DE AHORROS: Fitch Lowers Preference Shares Rating to 'BB'
Fitch Ratings has downgraded Caja de Ahorros de Valencia Castellon
y Alicante's (Bancaja) Long-term Issuer Default Rating to 'BBB+'
from 'A-'.  The Outlook is Stable.  The agency has simultaneously
downgraded Bancaja's Individual Rating to 'C' from 'B/C'.  Fitch
has affirmed Bancaja's Short-term IDR at 'F2', Support Rating at
'3' and Support Rating Floor at 'BB+'.  Consequently the agency
has also downgraded Bancaja's senior debt issues to 'BBB+' from
'A-' and downgraded its subordinated debt issues to 'BBB' from
'BBB+'.  Fitch has downgraded Bancaja's preference shares to 'BB'
from 'BBB', in line with the agency's view that the possibility of
coupon deferral has increased.

The rating actions reflect Fitch's view that the sharp correction
of Spain's economy and housing sector will continue to weigh down
Bancaja's asset quality and ultimately profitability, which could
also be affected by limited lending growth and high funding costs.
The downgrades also reflect Bancaja's tight capital levels (Tier 1
ratio of 7.6% at end-Q109) and reliance on wholesale funding.  The
Stable Outlook on the Long-term IDR reflects Bancaja's strong
regional franchise, dynamic management and healthy pre-impairment

Bancaja's strong branch expansion and loan growth in 2004-2007
supported revenue and geographical diversification, but resulted
in a concentration to the real estate/construction sectors (36% of
lending at end-Q109).  Due to the significant adjustment of
Spain's housing market and economy, the group's asset quality has
deteriorated sharply and its impaired/total loans ratio rose to
5.2% at end-Q109.  Nevertheless, loss severity has been minimised
by low single-name concentration and by exposures that are
generally collateralised and granted at an original LTV of 51% on
average.  Furthermore, the EUR642 million in generic reserves
required by the Bank of Spain will help offset loan impairment
charges over the next two years.

The group has been working to rebalance its funding structure and
has increased customer deposits substantially so far this year.
In addition, Bancaja's ability to generate recurrent revenues,
capital gains from the sale of some equity stakes, and strict cost
control should help it to support a reasonable level of profits.

Bancaja holds a controlling 38.4% stake in Banco de Valencia.  Its
activities are centred in the Autonomous Community of Valencia,
although its expansion has led to 42% of the group's branches
being situated outside Valencia.  Its main activities are retail
commercial banking.

EDT FTPYME: Moody's Reviews Ba2-Rated Series C Notes for Downgrade
Moody's Investors Service has placed under review for possible
downgrade the long-term credit ratings of these notes issued by
EdT FTPYME Pastor 3, FTA:

  -- Series C Notes, Ba2 and placed under review for possible
     downgrade; previously, on 07 December 2005 assigned Ba2.

The above rating action was prompted by a greater-than-expected
increase in the level of delinquencies over the last year.  As of
April 2009, the outstanding 90+ delinquencies (i.e. delinquencies
equal or greater than 90 days) were equal to 12.98% of the
portfolio balance, a 270% increase since July 2008, when the
outstanding 90+ delinquencies were equal to 4.79% of the portfolio
balance.  The reserve fund started to be drawn in April 2009.

As part of the review, Moody's has considered the exposure of the
transaction to the real estate sector (either through security in
the form of a mortgage or debtors operating in the real estate
sector) and the deterioration of the Spanish economy which has
been reflected in the negative asset performance outlook Moody's
published on the Spanish SMEs securitization sector.

EdT FTPYME Pastor 3, FTA, is a securitization of small- and
medium-sized entreprises loans under the FTPYME programme carried
out by Banco Pastor.

As of closing, the pool of underlying assets comprised a portfolio
of 2,165 loans granted to 1,989 Spanish SMEs.  The loans were
originated between 2004 and June 2005, with a weighted average
seasoning of 0.9 years and a weighted average remaining life of
6.8 years.  32% of the portfolio corresponded to bullet loans.
52% of the portfolio paid interest on a monthly basis, 46% on a
quarterly basis and 2% on a semi-annual basis.  Around 61% of the
loans in the portfolio were secured by a mortgage.  Geographically
the pool was concentrated in the Catalonia (17%), Madrid (15.6%)
and Galicia (15.4%) regions.

As of April 2009, the pool of underlying assets consisted of a
portfolio of loans to 1,214 Spanish SMEs.  The concentration in
the "buildings and real estate" sector according to Moody's
industry classification was approximately 48%.

Moody's assigned definitive ratings in December 2005.  Moody's
ratings address the expected loss posed to investors by the legal
final maturity of the notes.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

In September 2008, Moody's reviewed the long-term credit ratings
of the notes issued by EdT FTPYME Pastor 3 and raised the
cumulative mean default assumption for this transaction to 9%,
given greater-than-expected increase in the level of delinquencies
over the past year.  As of July 2008, the outstanding 90+
delinquencies were equal to 4.79% of the portfolio balance.
Moody's also lowered its recovery rate assumption to 45%, with a
standard deviation of 20%.  However, Moody's took no rating action
in consideration that worse than expected performance was offset
by increased credit enhancement available in the structure due to
the amortization of the portfolio.

GC FTPYME: Moody's Reviews Caa1-Rated Series E Notes for Downgrade
Moody's Investors Service has placed under review for possible
downgrade the long-term credit ratings of these notes issued by GC
FTPYME Pastor 4, FTA:

  -- Series A2 Notes, Aaa and placed under review for possible
     downgrade; previously, on 14 November 2006 assigned Aaa;

  -- Series B Notes, Aa3 and placed under review for possible
     downgrade; previously, on 29 September 2008 downgraded to Aa3
     from Aa2;

  -- Series C Notes, Baa1 and placed under review for possible
     downgrade; previously, on 29 September 2008 downgraded to
     Baa1 from A2;

  -- Series D Notes, Ba3 and placed under review for possible
     downgrade; previously, on 29 September 2008 downgraded to Ba3
     from Baa3;

  -- Series E Notes, Caa1 and placed under review for possible
     downgrade; previously, on 29 September 2008 downgraded to
     Caa1 from Ba3.

The rating of the EUR50.4 million Series A3(G) notes, Aaa, is not
placed on review for possible downgrade as it benefits from the
guarantee of the Government of Spain (Aaa, Outlook: Stable) for
interest and principal payments.  However the expected loss
associated with Series A3(G) notes without the Spanish Government
guarantee -- which was consistent with a Aaa rating at closing of
the transaction -- may need to be adjusted during the current
rating review.

The above rating actions were prompted by a greater-than-expected
increase in the level of delinquencies over the last year.  As of
March 2009, the outstanding 90+ delinquencies (i.e. delinquencies
equal or greater than 90 days) were equal to 7.84% of the current
portfolio balance, an increase of 277% since June 2008, when the
outstanding 90+ delinquencies equalled 2.83%.  The reserve fund
was first drawn in December 2008, then again in January 2009, and
it never recovered to its target level since then.

As part of the initial review, Moody's has considered the exposure
of the transaction to the real estate sector (either through
security in the form of a mortgage or debtors operating in the
real estate sector) and the deterioration of the Spanish economy
which has been reflected in the negative asset performance outlook
Moody's published on the Spanish SMEs securitization sector.

GC FTPYME Pastor 4, FTA, is a securitization of small- and medium-
sized enterprises loans under the FTPYME programme structured by
Banco Pastor.

As of closing, the pool of underlying assets comprised a portfolio
of 6,136 loans granted to 5,514 Spanish SMEs.  The loans were
originated between 2000 and May 2006, with a weighted average
seasoning of 1.23 years and a weighted average remaining life of
8.09 years.  The weighted average interest rate was 4.46%, with
the majority of the loans (86.5%) linked to floating reference
rates.  Around 56% of the loans in the portfolio were secured by a
mortgage.  Geographically the pool was concentrated in the Galicia
(31%) region.  The concentration in the "buildings and real
estate" sector according to Moody's industry classification was
approximately 40%.

As of March 2009, the pool of underlying assets consisted of a
portfolio of loans to 3,511 Spanish SMEs.  The concentration in
the "buildings and real estate" sector according to Moody's
industry classification was approximately 29%.

Moody's assigned definitive ratings in November 2006.  Moody's
ratings address the expected loss posed to investors by the legal
final maturity of the notes.  Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

In September 2008, Moody's downgraded Classes B, C, D, and E Notes
as the performance was weaker than expected.  Moody's raised its
cumulative mean default assumption for this transaction to 10.5%.
Moody's also lowered its recovery rate assumption to 45%, with a
standard deviation of 20%.  The increased credit enhancement
available in the structure due to the amortization of the
portfolio was not sufficient to offset the worse than expected

* SPAIN: Launches EUR9 Billion Bank Restructuring Fund
BBC News reports that Spain has launched a EUR9 billion (US$12.7
billion; GBP7.7 billion) fund in case any of its troubled banks
needs a bail-out.

Finance Minister Elena Salgado, as cited by BBC News, said the
money could be used for capital injections, mergers or
restructuring.  BBC News relates Ms. Salgado said the Fund for
Ordered Bank Restructuring would start off with EUR9 billion, but
that the size of the fund could rise to EUR90 billion.


IPE AG: Claims Filing Deadline is July 3
Creditors of IPE AG are requested to file their proofs of claim by
July 3, 2009, to:

         Dr. Karljoerg Landolt
         Spielhof 14a
         8750 Glarus

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted according to the official
documents on April 30, 2009.

BESO IMMOBILIEN AG: Creditors Have Until July 3 to File Claims
Creditors of Beso Immobilien AG are requested to file their proofs
of claim by July 3, 2009, to:

         Stalder Robert
         Impasse des Fougeres 8
         1786 Sugiez

The company is currently undergoing liquidation in Bas-Vully.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 5, 2009.

CALANDA AG: Creditors Must File Claims by July 3
Creditors of Calanda AG are requested to file their proofs of
claim by July 3, 2009, to:

         Dr. iur. Romano Kunz
         Ottoplatz 19
         7001 Chur

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 18, 2009.

LIFE BERNARDI: Creditors Must File Claims by July 3
Creditors of Life Bernardi GmbH are requested to file their proofs
of claim by July 3, 2009, to:

         Patric Bernardi
         Neuarlesheimerstrasse 8
         4143 Dornach

The company is currently undergoing liquidation in Dornach.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 15, 2009.

SCHORI SCHLOSS: Creditors Have Until July 3 to File Claims
Creditors of Schori Schloss + Riegel GmbH are requested to file
their proofs of claim by July 3, 2009, to:

         Brigitte Schori
         Walbergstrasse 6
         8604 Volketswil

The company is currently undergoing liquidation in Volketswil.
The decision about liquidation was accepted at a shareholders'
meeting held on April 16, 2009.

UBS AG: Raises US$3.5 Bln in a Share Sale to Boost Capital
Elena Logutenkova and Christine Harper at Bloomberg News report
that UBS AG raised about CHF3.8 billion (US$3.5 billion) in a
share sale.

Bloomberg News relates the bank said Thursday it sold 293.3
million shares for 13 francs apiece to a "small number of
institutional investors".

According to Bloomberg News, UBS said the capital increase is
aimed at boosting confidence in the bank.

The bank, Bloomberg News says, expects a second-quarter loss.
Bloomberg News discloses the bank said the second-quarter loss is
mostly tied to reorganization costs and charges on the company’s
own debt.  The bank is scheduled to publish detailed second-
quarter earnings on Aug. 4, Bloomberg News notes.

Bloomberg News recalls UBS has amassed more than US$53 billion in
writedowns and losses since the credit crisis began and had to
raise about US$34 billion before this announcement from investors
including the Swiss government to replenish capital.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) -- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


DENIZBANK AS: Fitch Affirms 'BB' Long-Term Issuer Default Rating
Fitch Ratings has affirmed Turkey-based Denizbank A.S.'s ratings:

  -- Long-term foreign currency Issuer Default Rating: affirmed at
     'BB'; Outlook Stable

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

  -- Long-term local currency IDR: affirmed at 'BBB-'; Outlook

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

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '3'

Denizbank's Long- and Short-term foreign currency IDRs reflect its
individual financial strength, and are also underpinned by the
support it could expect to receive from its parent, Dexia (Long-
term IDR 'A+'/Stable; Individual Rating: 'C/D'/Rating Watch
Negative) in case of need.  Despite the important changes in the
ownership structure of Dexia in 2008, Dexia's management has
publicly stated that it continues to view Denizbank as a strategic
subsidiary.  Denizbank's Individual Rating reflects its well-
established and improving franchise in niche areas, stable
deposits, good profitability and improved capitalization.  These
are balanced by growing dependence on parent funding, gradual
deterioration of asset quality in a tougher operating environment
and its rapid growth and appetite for market share, which could
lead to further asset quality problems.

Denizbank's main funding source continues to be customer deposits,
but parent funding is growing.  This is also reflected by an
increasing gross loan/deposit ratio of 149% at end-2008, which is
high by local standards.  NPLs continue to grow at Denizbank,
reflecting the worsening economic environment and slowdown in loan
growth, and were 3.4% of gross loans at end-Q109.  However, the
bank's NPLs compare better to its peers and the sector.  Fitch
expects some increase in SME and consumer lending NPLs in 2009,
although it does not expect them to exceed sector averages.  The
bank improved its capitalization in 2008 with a sizable cash
capital increase and retained earnings.

Belgium-based Dexia became the main shareholder of Denizbank in
2006.  Denizbank, the ninth-largest commercial bank in Turkey in
terms of total assets, provides services in retail, SME,
agricultural, commercial, and corporate banking and has
increasingly focused on public and project finance since the Dexia


BANK NADRA: Moody's Downgrades Senior Unsecured Debt Rating to 'C'
Moody's Investors Service has downgraded the long-term foreign
currency senior unsecured debt rating of Bank Nadra to C from
Caa2, with a stable outlook.  The rating agency also left the bank
financial strength rating of E, the deposit ratings of Caa2/Not
Prime and the national scale rating of unchanged and kept
the deposit ratings and the NSR on review for possible downgrade.

"The downgrade of Nadra's debt rating to C reflects Moody's
expectation that Nadra's senior unsecured creditors will incur
significant losses consistent with a C rating category, according
to the terms of the restructuring recently proposed by the bank to
the bondholders" said Yaroslav Sovgyra, a Moscow-based Moody's
Vice-President -- Senior Credit Officer and the lead analyst on

Moody's understands that Nadra has recently made an offer to
existing holders of Eurobonds in order to restructure the
repayment terms of the bonds which are due to be repaid in
June 2010.  According to the terms of this offer, the bank may, at
the option of the holders, either (1) redeem Eurobonds at 15% of
their par value (thus at a loss of 85% to the bondholders) or (2)
write off 60% of the principal and make a bullet repayment of the
principal and the accrued interest on this principal in July 2015.

Moody's also commented on the Government's stated intention to
recapitalize the bank for the amount of UAH5.5 billion (ca.
US$700 million), which, however, may only occur upon a
satisfactory debt restructuring.  According to Moody's, such
recapitalization -- if it occurs -- would improve the bank's
financial fundamentals and the bank's liquidity profile and could
enable the bank to continue its business as a going concern.
This, in turn, could lead to some positive pressure on the bank's
ratings If, however, the recapitalization does not materialize,
Bank Nadra could face a potential risk of liquidation, which would
merit further deposit rating downgrade as the expected losses for
the remaining creditors in case of bank liquidation are estimated
by Moody's to be higher than those implied by the current Caa2
deposit ratings.

Moody's previous rating action on Nadra was on February 12, 2009,
when the agency downgraded Nadra's bank financial strength rating
to E from E+, its long-term local currency and foreign currency
bank deposit ratings and foreign currency debt rating to Caa2 from
B2 and its National Scale Rating to from  At that
time, the bank's long-term deposit ratings had then been placed on
review for possible further downgrade.

Headquartered in Kyiv, Ukraine, Bank Nadra had assets of
UAH27.1 billion (US$3.5 billion) at end-May 2009.

INDEX SOUTH: Creditors Must File Claims by July 3
Creditors of LLC Index South (code EDRPOU 35938448) have until
July 3, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev

The Economic Court of Nikolayev region commenced bankruptcy
proceedings against the company on May 19, 2009.  The case is
docketed under Case No. 5/129/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev

The Debtor can be reached at:

         LLC Index South
         Volodarsky Str. 2/83

INVEST LLC: Creditors Must File Claims by July 3
Creditors of LLC North Gas Industrial Service Invest (code EDRPOU
33492724) have until July 3, 2009, to submit proofs of claim to:

         O. Obertas
         Insolvency Manager
         Druzhba Boulevard 13A/73
         43017 Volin

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No. 8/10.

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno

The Debtor can be reached at:

         LLC North Gas Industrial Service Invest
         Kiev Str. 10
         33000 Rovno

LAURPLUS LLC: Creditors Must File Claims by July 4
Creditors of LLC Laurplus (code EDRPOU 35575426) have until
July 4, 2009, to submit proofs of claim to:

         LLC S.D.K.
         Insolvency Manager
         V. Vasilevskaya str. 18
         04166 Kiev

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 20/265.

The Court is located at:

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

The Debtor can be reached at:

         LLC Laurplus
         Kikvidze Str. 18
         01103 Kiev

LIMB-TRADE LLC: Creditors Must File Claims by July 3
Creditors of LLC Limb-Trade (code EDRPOU 35889988) have until
July 3, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 5/128/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev

The Debtor can be reached at:

         LLC Limb-Trade
         Faleyevskaya Str. 22/28

PRO-TEKS LLC: Creditors Must File Claims by July 3
Creditors of LLC Pro-teks (code EDRPOU 36201353) have until
July 3, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 5/123/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev

The Debtor can be reached at:

         LLC Pro-teks
         Lenin Avenue 183/b

RUNA LLC: Creditors Must File Claims by July 3
Creditors of LLC Runa Subsidiary Company Kamianka Sugar Plant
(code EDRPOU 32895522) have until July 3, 2009, to submit proofs
of claim to:

         I. Nogovsky
         Insolvency Manager
         Blagovisna Str. 414/1
         18000 Cherkassy

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 10/4896.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy

The Debtor can be reached at:

         LLC Runa Subsidiary Company Kamianka Sugar Plant
         Pobeda Str. 2
         20800 Cherkassy

* Ukrainian Govt Should Stop Subsidizing Businesses During Crisis
The Ukrainian government's subsidies support program of public and
private companies was the subject of a June 11 debate in Kyiv,
organized by London-based Intelligence Squared and the Ukrainian
Foundation for Effective Governance.  Panelists provided arguments
for and against the motion "The state should stop subsidizing
businesses during the crisis."  Audience members were invited to
vote before and after the debate.

"According to the liberal market model of economy, companies
unable to survive by themselves must leave the market, and the
sooner this happens the faster their place will be taken by more
effective businesses," stated Nataliya Izosimova, Managing
Director of the Foundation for Effective Governance.  "However,
many companies needing a bailout are major employers in their
towns.  Therefore, their bankruptcy will result in mass
unemployment and huge social fallout."

Supporters of the motion stated that removing uncompetitive
companies would improve the economy by allowing more efficient
businesses to prosper, in part by enabling economic assets such as
investment, skilled workers and entrepreneurial initiatives to be

The other side of the debate contended that if the government
allows companies to go bankrupt, the resulting loss of jobs would
exacerbate the downturn, possibly leading to permanent economic
losses for entire industries in Ukraine.

The Oxford Style debate featured three speakers on either side of
the motion.  Each speaker was given seven minutes of uninterrupted
time to present their arguments, followed by a question and answer
session, closing statements, and a final audience vote.

Irina Akimova, MP and Deputy Chair of the Parliamentary Committee
of Economic Policy, spoke for the motion: "The arguments in favor
of subsidizing businesses during the crisis are myths created by
lobby interests.  Governmental support often benefits owners at
the expense of the overall economy and society as a whole."

Another speaker for the motion, Boris Krasnyanskiy, Managing
partner of PricewaterhouseCoopers in Ukraine, mentioned that
overcoming the current economic crisis cannot be the effort of
just one country: "I believe that it is a waste of time to try to
get the country out of the crisis, which is not of internal nature
and which emerged as the result of a global downturn.  This is
beyond the control of the state.  That is why I believe we should
stop fighting against the crisis and start doing the right things
-- we should start preparing for post-crisis time and in
particular, we should take efforts to make the country more

Speaking against the motion, Anatoly Blyzniuk, Chair of Donetsk
Regional Council, stated: "The best way to ensure that businesses
survive is to set up a regulatory framework that provides a
systematic economic policy for regional development."

At the same time, Oleksiy Kuznetsov, Smart Holding CEO, emphasized
that pure market rules are applicable in stable economies only:
"The idea of a state regulator, which monitors how the 'invisible
hand of the market' independently settles all economic problems,
is pleasant with its logicality and theoretical maturity. But the
'invisible hand of the market' works well in a stable economy,
where clear rules exist and where one can plan and foresee key
trends for its changes."

This was the third in a series of debates on the Ukrainian economy
held in 2009 by Intelligence Squared and FEG. The two previous
debates focused on the topics "The economic crisis is the best
time to introduce major economic reforms," and "Ukraine must
institute agricultural land reform now." Future debates will
include regional economic development, tax policy and other
issues. More information is available at

          About The Foundation for Effective Governance

The Foundation for Effective Governance -- an independent public policy
institution, was formed in 2007 by Ukrainian businessman Rinat
Akhmetov.  FEG's main objective is to encourage the development of
long-term national economic programs for Ukraine, through the
formulation of practical policy solutions to the political,
economic and social challenges facing the country.  The
basic principles governing FEG's activities are independence, a
focus on economic development, openness, and a practice-oriented
approach.  FEG's International Advisory Board includes former
Prime Minister of Canada Kim Campbell, Chair; former U.S. Sen.
Lincoln Chafee; and Gyorgy Suranyi, former president of the
National Bank of Hungary.

                   About Intelligence Squared

Intelligence Squared conducts Oxford style debates in London,
Sydney, New York, and other major cities.  Starting from January
2009, the debates in London and New York are broadcast on BBC
World News.  It is estimated that 70 million viewers around the
globe will watch the forums.

U N I T E D   K I N G D O M

ALLIED CARPETS: Set to Put Property Division Into Administration
Daniel Thomas and Anousha Sakoui at the Financial Times report
that Allied Carpets Group plc, owned by retail debt specialist
Hilco, has filed an intention to appoint administrators to its
property division, which holds the leases to its 218 stores.

According to the FT, BDO Stoy Hayward is expected to be appointed
to oversee the administration of the division, which is making a
loss of about GBP2 million a month.

The FT says the move is part of the refinancing and restructuring
of the wider Allied Carpets business, which is set to be finalized
this week according to a person familiar with situation.

Headquartered in Orpington, United Kingdom, Allied Carpets Group
plc -- operates as a home
furnishing retailer specializing in curtains, beds and carpets.
It also sells rugs, real wood flooring and laminate flooring.
Allied Carpets Group Plc also provides a home sales service and
has a separate contracts division to serve its large clients.  The
company was formerly known as Carpetland Carpet Centres Ltd.
Allied Carpets Group Plc operates as a subsidiary of Saint Maclou
S.C.A. As of November 24, 1999, Allied Carpets Group Plc operates
as a subsidiary of Saint Maclou S.C.A.

BRITISH AIRWAYS: 17% of Workforce Take Part in Pay Cuts
Dan Milmo at reports that British Airways plc said
on Thursday that 6,940 employees, or 17% of its workforce, had
volunteered for unpaid work, part-time hours or unpaid leave.

According to the report, BA said the move will save the carrier,
which is burning through cash at nearly GBP3 million a day, up to
GBP10 million.  The report discloses more than 800 have matched a
pledge by their chief executive, Willie Walsh, who is working
without pay next month.  Citing analysts, the report states the
move amounted to a pay cut of about 3% for the staff who have
taken part.

The report relates BA said the program will be launched again
later this year, targeting the 33,000 staff members who did not
respond before the 24 June deadline for the first round of
voluntary salary reductions.


The report says Unite, BA's largest union described the work-for-
no-pay offer as "insulting" and accused the airline's managers of
bullying staff into signing up.  BA, however, said "absolutely no
pressure" was put on staff to volunteer for a pay cut and rejected
claims of bullying and intimidation, the report notes.

                      About British Airways

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

                     *     *     *

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

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

DECO 8: Moody's Junks Rating on Class E Notes
Moody's Investors Service has downgraded these classes of Notes
issued by Deco 8 -- UK Conduit 2 plc (amounts reflect initial

  -- GBP256,600,000 Class A2 Commercial Mortgage Backed Floating
     Rate Notes due April 2018 downgraded to Aa3, previously on 4
     May 2006 assigned Aaa;

  -- GBP32,400,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due January 2036 downgraded to Baa2, previously on
     4 May 2006 assigned Aa2;

  -- GBP34,000,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due January 2036 downgraded to Ba1, previously on
     4 May 2006 assigned A1;

  -- GBP23,500,000 Class D Commercial Mortgage Backed Floating
     Rate Notes due January 2036 downgraded to B2, previously on 4
     May 2006 assigned A3;

  -- GBP61,100,000 Class E Commercial Mortgage Backed Floating
     Rate Notes due January 2036 downgraded to Caa2 , previously
     on 4 May 2006 assigned Baa3.

At the same time, Moody's Investors Service has confirmed the Aaa
rating of the GBP200,000,000 Class A1 Notes issued by Deco 8 -- UK
Conduit 2 plc.

Moody's does not rate the Class F, Class G or Class X Notes of the

The rating action concludes the review for possible downgrade that
was initiated for the Class A1, Class A2, Class B, Class C, Class
D and the Class E Notes on 08 April 2009.  The rating action takes
Moody's updated central scenarios into account, as described in
Moody's Special Report "Moody's Updates on Its Surveillance
Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Deco 8 -- UK Conduit 2 plc closed in April 2006 and represents the
securitization of initially 22 mortgage loans originated by
Deutsche Bank AG and secured by first-ranking legal mortgages over
initially 75 commercial properties located across the UK.  The
properties were predominantly offices (45%) followed by industrial
properties (28%).  32% of the properties were located in South
East England (excluding London), 15% in North West England and 12%
in London.

Since closing, five of the originally 22 loans contributing
between 0.3% and 3.8% of the original pool balance have prepaid in
full (combined 4.9% of the original pool).  The remaining loans
are not equally contributing to the portfolio: the three biggest
loans (the Lea Valley Limited Loan, the Mapeley II Loan and the
Fairhold Portfolio Loan) represent 38%, 36% and 12% of the current
portfolio balance, respectively, while the smallest loan (the
Swiftgold Limited Loan) represents 0.2%.  The current loan
Herfindahl index is 3.5.  Following the prepayment, the remaining
loans are secured by 65 properties which are still predominantly
office use (42%). 43% of the properties are located in South East
England and 16% in North West England.  Amortization, prepayment
and redemption proceeds are allocated to the Notes according to
loan categories with proceeds of category one loans (containing
the 13 smallest loans) being distributed fully sequentially,
proceeds of category two loans (containing the two largest loans)
being distributed 30% pro-rata and 70% sequentially and proceeds
of the remaining two loans in category three being distributed
fully pro-rata.  The transaction structure provides for a switch
of the allocation to fully sequential subject to certain triggers
that have not been hit to date.

As of the last interest payment date, all but one of the remaining
17 loans in the portfolio were current.  One loan (KS Focus Derby
Loan, 0.7% of the current pool) has experienced a payment default
as of the April 2009 payment date that has not been cured.
Consequently, the loan has been transferred to special servicing.

2) Rating Rationale

The downgrade of the Class A2, Class B, Class C, Class D and Class
E 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 concentrated on the four largest loans in
the portfolio (the Lea Valley Limited Loan, the Mapeley II Loan,
the Fairhold Portfolio Loan and the Le Meridien Piccadilly Limited
Loan; which together account for 91% of the current pool), but has
also analyzed the key characteristics of the remaining 13 smaller
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 and Moody's opinion about future property value
performance.  Driven by, in most cases, a higher default risk
assessment at the loan maturity dates, Moody's now anticipates
that a large portion of the portfolio will default over the course
of the transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a
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,
73.4%, 29.6%, 24.1%, 18.3%, 14.3% and 4% for the Class A1, Class
A2, Class B, Class C, Class D and Class E Notes respectively,
provide protection against those expected losses.  However, the
likelihood of higher than expected losses on the portfolio has
increased substantially, which results in the rating action.

Since closing, only 4.9% of the initial loan portfolio prepaid.
The prepayment proceeds were allocated to the Class A1 Notes.  At
the same time, the loan portfolio only provides for limited
scheduled principal repayment over time.  As a result, unlike
other large multi-borrower transactions (EMEA CMBS conduit deals),
the more senior classes in the capital structure do not benefit
from a meaningful increase in subordination levels since 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, Class D and Class E 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 June 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 23% until
the beginning of 2009, ranging from no value change to 61% value
decline with respect to the 13 loans that contribute to less than
2.6% of the current pool, respectively.  For the four larger
loans, value changes range from 14% value decline for the Mapeley
II Loan to 32% value decline with respect to the Lea Valley
Limited Loan.  Looking ahead, Moody's anticipates further value
declines until 2010, resulting in a weighted average value decline
of 30% on a total pool level compared to the U/W value at closing.
With respect to the four largest loans the value decline will
range from 21% to 39%.

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 96% compared to the reported U/W LTV of 77%.  Due
to further envisaged declines, the WA LTV will increase in Moody's
opinion to 107% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 75% (Fairhold Portfolio
Loan) and 127% (Lea Valley Limited Loan) with respect to the four
largest loans. The range for the 13 smaller loans is 74% to 233%.

As four loans (Lea Valley Limited Loan, Mapeley II Loan, Fairhold
Portfolio Loan, Le Meridien Piccadilly Limited Loan) have
additional debt in the form of B-loans (amounting to
GBP49.1 million on aggregate), the overall whole loan leverage is
on average 116%, based on estimated trough values.

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

Refinancing Risk.  The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is considerable.  While no loan
matures in 2009, 9.3% of the current portfolio matures in 2010
(including the fourth largest loan (Le Meridien Piccadilly Limited
Loan, 5.9% of the current pool)), 0.6% in 2011, 39.4% in 2012
(including the largest loan (Lea Valley Limited Loan (37.7% of the
current pool)), 13.8% in 2013 (including the third largest loan
(Fairhold Portfolio Loan, 11.7% of the current pool)), and 37% in
2014 or later.  The Meridien Piccadilly Limited Loan benefits from
three one-year extension options.  Since Moody's expects property
values in the UK to only slowly recover from 2011 onwards, all
loans will be still highly leveraged at their respective maturity
dates, especially when taking into account the B-loans for four of
the loans.  Consequently, in Moody's view, for almost all of the
loans, the default risk at maturity has increased substantially
compared to the closing analysis.  Given the high leverage at loan
maturity with respect to the Lea Valley Limited Loan and the Le
Meridien Piccadilly Limited Loan in light of the current market
environment and their loan maturity in 2012 and 2010,
respectively, the refinancing risk of these two loans has been
assessed to be significantly higher compared to other loans in the

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 a majority of
the loans, in turn increasing the term default risk assumption for
the respective loans.  The vacancy rate of the properties (by
area) securing the largest loan (Lea Valley Limited Loan) has
almost doubled since closing to currently 21%.  However, the total
net income has only decreased by about 5%.  The weighted average
lease term has reduced to 3.9 years from 6.4 years at closing.
While Moody's has adjusted its assessment of the default risk
during the term of the loan, the default risk at loan maturity has
been assessed to be the main driver of the overall default risk of
this loan.

Loans in Default and/or Special Servicing.  One loan of the
portfolio (KS Focus Derby Loan, 0.7% of the current pool) was
transferred to special servicing due to its payment default as a
consequence of a downturn in turnover from the hotel securing the
loan.  In Moody's analysis, this loan is deemed to be defaulted.
Drawings under the liquidity facility in an amount of
approximately GBP62,000 have been made in order to cover the

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term.  The default risk of
almost all loans is predominantly driven by refinancing risk.  In
Moody's view, the Le Meridien Piccadilly Limited Loan has
currently the highest default risk (excluding the defaulted KS
Focus Derby Loan), while the Challenge&Wrencote Loan has the
lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in Deco 8 -- UK
Conduit 2 plc exhibits an average concentration in terms of
property types (42% office) and property location (43% South East
England).  In Moody's view, this limits the potential benefits
from different markets performing differently over time.

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

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the UK commercial property markets, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a 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.

DSG INTERNATIONAL: Posts GBP140.4 Mln Loss in the Year to May 2
Peter Stiff at The Times reports that DSG International plc posted
a pre-tax loss of GBP140.4 million for the 12 months to May 2,
compared with a loss of GBP184.1 million in the previous period,
citing smaller writedowns on the value of its European businesses.

The report says profits fell 78 per cent to GBP50.5 million,
compared with GBP225.6 million, with like-for-like sales falling 9
per cent to GBP8.2 billion.  According to the report, the UK
business was particularly badly hit as consumers bought fewer
white goods at Currys as the housing market slowed and because of
weaker laptop sales at PC World.  The report discloses like-for-
like sales in the UK fell 11 per cent to GBP4.2 billion and
underlying profits dropped 63 per cent to GBP58.7 million.

The company, the report notes, will not pay a dividend this year
or next.

The report relates John Browett, chief executive, said that the
difficult economic conditions across Europe and the decline in
consumer spending, particularly on discretionary items, would
continue this year in many of its markets.

Headquartered in Hemel, Hempstead, United Kingdom, DSG
International Plc -- is the parent
company of a group engaged in the multi-channel retail of high
technology consumer electronics, personal computers, domestic
appliances, photographic equipment, communication products, and
related financial and after-sales services.  The Company also
undertakes business to business (B2B) sales.  The Company operates
in three divisions: electricals, computing and e-commerce.  The
electricals division is engaged in the retail sale of high
technology consumer electronics, domestic appliances, photographic
equipment and related services.  The computing division is engaged
in the retail and B2B sale of computer hardware and software,
associated peripherals and related services. The e-commerce
division is engaged in online retail sale of high technology
consumer electronics, domestic appliances, photographic equipment
and related services.

                        *     *     *

DSG International plc continues to carry Fitch Ratings' (DSG) 'B'
long-term and short-term issuer default ratings with negative
outlook.  The company's long-term IDR was downgraded by Fitch to
its current level from 'BB-' in January 2009.

FAB UK: S&P Downgrades Rating on Class BE Notes to 'BB-'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-2E, A-3E,
A-3F, and BE notes issued by FAB UK 2004-1 Ltd., a cash flow
collateralized debt obligation of asset-backed securities.

At the same time, S&P removed the class A-1E, A-1F, and S1
combination notes from CreditWatch negative and affirmed them.

The downgrades follow S&P's assessment that the credit quality of
the assets in the transaction's underlying portfolio has
deteriorated.  In S&P's opinion, the deterioration in the
portfolio's credit quality has led to an increase in the scenario
default rates.  At the same time, S&P's cash flow analysis
indicates that the break-even default rates have generally
improved.  This general improvement in the BDRs is, in S&P's view,
partially due to the fact that the portfolio's principal balance
exceeds the total amount of the rated notes, while the weighted-
average life of the portfolio has reduced.  However, the
improvement in the BDRs is not sufficient to compensate for the
increase in the SDRs for the class A-2E, A-3E, A-3F, and BE notes.
As a result, the existing ratings on the class A-2E, A-3E, A-3F,
and BE notes are, in S&P's opinion, no longer consistent with the
available credit enhancement and S&P has lowered its ratings on
these notes.

S&P also note that, according to information from the trustee, the
class A and B overcollateralization ratios currently breach their
respective trigger levels (as set out in the transaction
documents).  S&P understand that this breach of the
overcollateralization triggers is largely due to adjustments to
the principal balance of assets.  According to the transaction
documents, these are required to be made for assets rated 'CCC+'
and lower, and to the balance of assets purchased at a price lower
than 90% of the principal amount.

FAB UK 2004-1's portfolio comprises primarily U.K. prime and
subprime residential mortgage-backed securities, commercial
mortgage-backed securities, and to a lesser extent CDOs of
corporate and other ABS.  Assets on CreditWatch negative account
for 22% of the total portfolio.  In S&P's analysis, in line with
the application of S&P's revised assumptions for the treatment of
structured finance assets that have ratings on CreditWatch
negative and are currently held within CDOs, S&P lowered its
ratings on assets on CreditWatch negative by three notches.

The most recent rating action on FAB UK 2004-1 took place on
May 12, when S&P placed all rated classes on CreditWatch negative.

                           Ratings List

                        FAB UK 2004-1 Ltd.
    GBP198.5 Million Fixed-, Floating-, And Zero-Coupon Notes

      Ratings Lowered and Removed From Creditwatch Negative

     Class                To                   From
     -----                --                   ----
     A-2E                 AA+                  AAA/Watch Neg
     A-3E                 BBB                  AA/Watch Neg
     A-3F                 BBB                  AA/Watch Neg
     BE                   BB-                  BBB+/Watch Neg

      Ratings Affirmed And Removed From Creditwatch Negative

      Class                To                   From
      -----                --                   ----
      A-1E                 AAA                  AAA/Watch Neg
      A-1F                 AAA                  AAA/Watch Neg
      combination note[1]  AAA                  AAA/Watch Neg

[1]The GBP10 million class S1 combination notes comprise
GBP7.5 million class A-1F notes and GBP2.5 million class C
subordinated notes.  The rating on the class S1 combination notes
addresses the payment of GBP7.5 million of principal.

HERCULES UNIT: Gets Capital Injection From Canadian Pension Fund
Daniel Thomas and Anousha Sakoui at the Financial Times report
that The Canada Pension Plan Investment Board has agreed to
recapitalize the Hercules unit trust run by British Land and
Schroders to help it pay bondholders in a restructuring of a
GBP800 million debt facility.

According to the FT, the GBP1.5 billion Hercules unit trust wants
to reduce the refinancing risk that it and its unit holders face
at maturity in 2011.

The FT says the Canadian pension fund is making an equity
injection of about GBP100 million in return for convertible bonds,
carrying a coupon of 10 per cent, to help an early repayment of
GBP300 million.  Hercules, the FT discloses, will also raise up to
GBP100 million from existing unit holders on the same terms, half
underwritten by British Land.  The FT states in return for the
repayment, the trust wanted a waiver of a 55 per cent loan-to-
value ratio covenant, although this has now been changed and
raised to 75 per cent.

"This transaction ensures that the trust will not breach its loan
covenants at the end of June, should agreed property sales fall
through," the FT quoted William Hill, head of property at
Schroders, as saying.

The FT states bondholders have until July 6 to accept the offer.
Cairn Capital is advising on the restructuring, the FT notes.

The Hercules Unit Trust is the UK's largest specialist retail
property unit trust.

NATIONAL EXPRESS: Turns Down FirstGroup Takeover Bid
Gill Plimmer at the Financial Times reports that National Express
Group plc has rejected an unsolicited takeover bid from its larger
rival FirstGroup.

The FT relates that news of the board's decision comes a week
after the company agreed a deal with bankers to ease restrictions
on its GBP1.2 billion debt.  According to the FT, analysts said
the approach from FirstGroup suggested an agreement with the
Department for Transport was imminent.  The FT recalls the Dft
refused to renegotiate the terms of the company's East Coast rail
franchise between London and Edinburgh, casting doubt on its
future.  The company, the FT discloses, is contracted to pay the
government GBP1.4 billion to run the East Coast rail franchise
until 2015, with annual installments rising from GBP85 million in
2008 to GBP138 million this year.   The recession -— and the
cutback on Britons' travel -— has left the company struggling to
make money from the route, Dominic O'Connell writes for The Times.

National Express is expected to launch a GBP400 million rights
issue but is unlikely to win shareholder support until it has
resolved the troubles, the FT says.

National Express Group PLC --
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.

TATA MOTORS: Warns of Further Job Cuts at Jaguar Land Rover
BBC News reports that India's Tata Motors Ltd has warned more job
cuts may be made at Jaguar Land Rover.

BBC News relates Tata also said that further shutdowns were likely
at Jaguar Land Rover's factories in Castle Bromwich, Coventry,
Solihull and Halewood, Merseyside.  Jaguar Land Rover, which was
acquired by Tata for GBP1.7 billion in June 2008 from Ford,
currently employs 14,500 people, having made 450 redundancies at
the start of the year, BBC News notes.


According to BBC News, sales of Jaguar and Land Rover cars fell
32% in the 10 months to March 31.  BBC News discloses Jaguar Land
Rover posted a GBP280 million loss for the same period to
March 31, which was the carmaker's first 10 months under the
ownership of India's Tata.  Tata made a net loss of US$520 million
(GBP315 million) in the year to March 31, which includes the 10
month impact of Jaguar Land Rover, BBC News states.

BBC News meanwhile relates Jaguar Land Rover said the firm was
continuing talks with the UK government about the possibility of
some form of financial assistance.  BBC News says according to a
spokesman for the Department for Business, Innovation and Skills,
"The government has said that it is willing to help as it regards
Jaguar Land Rover as a viable company with good long term

                         India Launch

Janaki Krishnan at Reuters reports Tata on Sunday announced the
launch in India of Jaguar and Land Rover vehicles.  Jaguar,
Reuters discloses, is launching the XF and XK range of luxury
coupes and convertibles in India starting at a price tag of 6.3
million rupees (US$130,977) and going up to 9 million rupees,
while Land Rover will initially be launching three vehicles
including the Range Rover Sport and Land Rover Discovery 3, with
prices also starting at 6.3 million rupees but going beyond 9

                        About Tata Motors

India's largest automobile company, Tata Motors Limited -- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.

VEDANTA RESOURCES: S&P Puts 'BB' Ratings on CreditWatch Negative
Standard & Poor's Ratings Services placed its 'BB' rating on
London-based Vedanta Resources PLC on CreditWatch with negative
implications.  At the same time, the 'BB' rating on Vedanta's
senior unsecured debt has been placed on CreditWatch with negative

The CreditWatch listing reflects S&P's view that Vedanta's
sizeable capital expenditure program and appetite for debt-funded
acquisitions in a severe industry downturn increases its risk.
Despite some project deferrals and 20% reduction in major
expansion project costs, Vedanta's capital expenditure pipeline
remains sizeable at more than US$7.6 billion, which will place
demand on its funding and liquidity during the current period of
uncertain internal cash flow generation.

"Although Vedanta is taking decisive actions to address the
industry downturn, including steps to reduce operating costs at
all businesses, especially in aluminum and copper through full
integration, S&P expects weak industry conditions to prevail,"
said Standard & Poor's credit analyst Anita Yadav.  "That could
make it difficult for the company to maintain the business and
financial risk metrics appropriate for the current rating."

The increases in debt at Vedanta, or debt guaranteed by it,
despite some of the nonrecourse project finance debt arranged by
its subsidiaries Vedanta Aluminium Ltd. and Sterlite Energy Ltd.,
heighten the risk in Vedanta's holding company and operating
company structure, Ms. Yadav said.

The CreditWatch takes into consideration the recent acquisition of
the mining assets of the V. S. Dempo & Co. for a total of US$368
million by Vedanta's subsidiary Sesa Goa and Vedanta's proposed
issuance of US$1.25 billion convertible bond issue.

"In resolving the CreditWatch listing, S&P will meet with
Vedanta's management and evaluate its future strategies relating
to financial policy, growth aspirations and asset
investment/divestment.  S&P will also review the sustainability of
improvements in operating margins as Vedanta undertakes major
production cost-cutting programs," Ms. Yadav added.

* S&P Takes Rating Actions on 174 European CDO Tranches
Standard & Poor's Ratings Services took credit rating actions on
174 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 107 tranches were lowered and removed from CreditWatch

  -- 61 tranches were lowered and remain on CreditWatch negative;

  -- Three tranches were raised and removed from CreditWatch

  -- Two tranches were placed on CreditWatch negative; and

  -- One tranche was removed from CreditWatch negative.

Of the 170 tranches lowered and/or placed on CreditWatch negative:

  -- 27 references U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced negative rating actions; and

  -- 143 have experienced corporate downgrades in their portfolio.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the effect of recent rating migration within reference portfolios
and recent credit events on several corporate entities.

This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since November 2008.

           Downgrades  Upgrades
           (no. of     (no. of   Key corporate
           tranches)   tranches) downgrades*
           ----------  --------- -------------
  Jan-09   255         2         Citigroup Inc.
                                 (AA-/Watch Neg to A/Stable)
                                 Dec. 19, 2008

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

  Feb-09   344         1         MBIA Inc.
                                 (A-/Negative to BB+/Negative)
                                 Feb. 18, 2009

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

  Mar-09   208         4         MGIC Investment Corp.
                                 (BB+/Watch Neg to CCC/Negative)
                                 March 13, 2009

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

                                 Idearc Inc.
                                 (CCC/Negative to D)
                                 March 31, 2009

  Apr-09   352         0         PMI Group Inc.
                                 (BBB/Watch Neg to CCC/Watch Dev)
                                 April 8, 2009

  May-09   283        17         Donnelley (R.H.) Corp.
                                 (CCC+/Negative to D)
                                 April 16, 2009

  Jun-09   170         3         CIT Group Inc.
                                 (BBB- to BB-/Watch Neg)
                                 June 12, 2009

                                 Sabre Holdings Corp.
                                 (B to SD)
                                 June 16, 2009

* Corporate names that have experienced a significant notch
  downgrade, as well as being highly referenced within European
  synthetic CDOs.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on June 12, 2009.

For the second review, SROC (synthetic rated
overcollateralization) is run for scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has assessed portfolio credit quality and
not run scenarios 90 days into the future.

                          What Is SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets.  SROC is one of the
tools S&P use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches.  SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario.  It is comparable across different tranches of the same

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: the credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay.  When SROC is
100%, there is exactly sufficient credit enhancement to maintain
the rating on a tranche.

When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.  If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P maintain the rating at its current level and it remains
on CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, S&P may lower the
rating subject to S&P's criteria.

If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, S&P may upgrade
subject to its criteria.

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA          SABA BB           -85494497.66   2215341059.54

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

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

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

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

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

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

CARRERE GROUP      CAR2 EO           -23319835.34    364475420.31
CARRERE GROUP      XRR GR            -23319835.34    364475420.31
CARRERE GROUP      CAR2 EU           -23319835.34    364475420.31
CARRERE GROUP      CRRHF US          -23319835.34    364475420.31
CARRERE GROUP      CARF PZ           -23319835.34    364475420.31
CARRERE GROUP      CARG FP           -23319835.34    364475420.31
CARRERE GROUP      CRGP IX           -23319835.34    364475420.31
CARRERE GROUP      CAR FP            -23319835.34    364475420.31
GRANDE PAROISSE    GAPA FP           -927267926.9       629287290
GRANDE PAROISSE    GDPA FP           -927267926.9       629287290
GRANDE PAROISSE    GDPXF US          -927267926.9       629287290
IMMOB HOTEL BALN   IMHB FP           -66874823.95    301323804.92
IMMOB HOTELIERE    SIH FP            -66874823.95    301323804.92
IMMOB HOTELIERE    IMH GR            -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO EU           -66874823.95    301323804.92
IMMOB HOTELIERE    IMBHF US          -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO EO           -66874823.95    301323804.92
IMMOB HOTELIERE    IMMH IX           -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO FP           -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO PZ           -66874823.95    301323804.92
LAB DOLISOS        DOLI FP           -27752176.19    110485462.44
LAB DOLISOS        LADL FP           -27752176.19    110485462.44
MATUSSIERE & FOR   1007765Q FP       -77896683.67    293868350.79
MATUSSIERE & FOR   MTUSF US          -77896683.67    293868350.79
NORTENE            NRTP IX           -35623999.56    117566786.87
NORTENE            NRTN FP           -35623999.56    117566786.87
NORTENE            NORT EU           -35623999.56    117566786.87
NORTENE            NORT FP           -35623999.56    117566786.87
NORTENE            NORT EO           -35623999.56    117566786.87
NORTENE            NORT PZ           -35623999.56    117566786.87
OROSDI             OROS FP               -7291.55    131233317.62
OROSDI-BACK        ORBA FP               -7291.55    131233317.62
OROSDI-BACK        BACK IX               -7291.55    131233317.62
OROSDI-BACK        OROS PZ               -7291.55    131233317.62
OROSDI-BACK        OROS EU               -7291.55    131233317.62
OROSDI-BACK        OROS EO               -7291.55    131233317.62
PAGESJAUNES        PGJUF US        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EO          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJUSD EO       -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBP EO       -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBX EO       -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ PZ          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EB          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ VX          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ FP          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBX EU       -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ BQ          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ IX          -3061283156.27    1202048352.1
PAGESJAUNES GRP    QS3 GR          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJP IX         -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ NQ          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJUSD EU       -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ TQ          -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EU          -3061283156.27    1202048352.1
RHODIA SA          3218857Q IX      -670695098.16   5563991457.04
RHODIA SA          RHAGBX EU        -670695098.16   5563991457.04
RHODIA SA          RHA EB           -670695098.16   5563991457.04
RHODIA SA          RHA PZ           -670695098.16   5563991457.04
RHODIA SA          RHD GR           -670695098.16   5563991457.04
RHODIA SA          RHA TQ           -670695098.16   5563991457.04
RHODIA SA          RHDI GR          -670695098.16   5563991457.04
RHODIA SA          RHA IX           -670695098.16   5563991457.04
RHODIA SA          RHA NQ           -670695098.16   5563991457.04
RHODIA SA          RHA FP           -670695098.16   5563991457.04
RHODIA SA          RHAY IX          -670695098.16   5563991457.04
RHODIA SA          2324011Q EU      -670695098.16   5563991457.04
RHODIA SA          RHADF US         -670695098.16   5563991457.04
RHODIA SA          RHAGBX EO        -670695098.16   5563991457.04
RHODIA SA          RHA EO           -670695098.16   5563991457.04
RHODIA SA          RHANR PZ         -670695098.16   5563991457.04
RHODIA SA          RHA BQ           -670695098.16   5563991457.04
RHODIA SA          2324015Q EO      -670695098.16   5563991457.04
RHODIA SA          RHANR FP         -670695098.16   5563991457.04
RHODIA SA          RHAGBP EO        -670695098.16   5563991457.04
RHODIA SA          RHDAF US         -670695098.16   5563991457.04
RHODIA SA          RHA EU           -670695098.16   5563991457.04
RHODIA SA          RHA VX           -670695098.16   5563991457.04
RHODIA SA - NEW    2335921Q FP      -670695098.16   5563991457.04
RHODIA SA - NEW    RHANV FP         -670695098.16   5563991457.04
RHODIA SA - NEW    3156011Q FP      -670695098.16   5563991457.04
RHODIA SA-ADR      RHA US           -670695098.16   5563991457.04
RHODIA SA-ADR      RHAYY US         -670695098.16   5563991457.04
RHODIA SA-RIGHTS   653447Q FP       -670695098.16   5563991457.04
RHODIA SA-RIGHTS   RHADS FP         -670695098.16   5563991457.04
SDR CENTREST       117241Q FP       -132420119.65    252176017.15
SELCODIS           SLCO FP           -21481214.33    175720770.81
SELCODIS           SPVX IX           -21481214.33    175720770.81
SELCODIS           SLCO EU           -21481214.33    175720770.81
Selcodis           SPVX FP           -21481214.33    175720770.81
SELCODIS           SLCO PZ           -21481214.33    175720770.81
SELCODIS           SLCO EO           -21481214.33    175720770.81
THOMSON - NEW      2336061Q FP      -186963510.99   7800843297.85
THOMSON - NEW      TMSNV FP         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM VX           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TNM GR           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBX EO        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSUSD EU        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMMN FP          -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS TQ           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM ES           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EU           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EO           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS BQ           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS US           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM LN           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBP EO        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS FP           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EB           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS PZ           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBX EU        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TNMA GR          -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM IX           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS NQ           -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMMLF US         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSUSD EO        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS VX           -186963510.99   7800843297.85
THOMSON MULT-ADR   TMS-P US         -186963510.99   7800843297.85
THOMSON MULTI-NE   ZTM FP           -186963510.99   7800843297.85
THOMSON MULTIMED   TMM FP           -186963510.99   7800843297.85
TROUVAY CAUVIN     TVYCF US               -396978    133986439.74
TROUVAY CAUVIN     ETEC FP                -396978    133986439.74

ABBOTT MEAD VICK   648824Q LN          -1685852.9    168258996.33
ADVANCE DISPLAY    ADTP PZ         -3015578834.69   2590007903.69
AEA TECHNOLO-FPR   AATF PZ          -149279984.66    121254240.42
AEA TECHNOLO-FPR   AATF LN          -149279984.66    121254240.42
AEA TECHNOLO-NPR   AATN LN          -149279984.66    121254240.42
AEA TECHNOLO-NPR   AATN PZ          -149279984.66    121254240.42
AEA TECHNOLOGY     AATGBP EO        -149279984.66    121254240.42
AEA TECHNOLOGY     AAT EO           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT PO           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT VX           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT LN           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT PZ           -149279984.66    121254240.42
AEA TECHNOLOGY     EAETF US         -149279984.66    121254240.42
AEA TECHNOLOGY     AEY GR           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT EU           -149279984.66    121254240.42
AEA TECHNOLOGY     AAT IX           -149279984.66    121254240.42
AIRTOURS PLC       AIR LN           -379721841.57   1817512773.61
AIRTOURS PLC       ATORF US         -379721841.57   1817512773.61
AIRTOURS PLC       AIR VX           -379721841.57   1817512773.61
ALLDAYS PLC        317056Q LN       -120493900.04    252232072.87
ALLDAYS PLC        ALDYF US         -120493900.04    252232072.87
AMER BUS SYS       ARB LN              -497127008       121439000
AMEY PLC           AMY VX            -48862569.33    931527720.46
AMEY PLC           AMEYF US          -48862569.33    931527720.46
AMEY PLC           AMY LN            -48862569.33    931527720.46
AMEY PLC-ASSENT    AMYA LN           -48862569.33    931527720.46
AMEY PLC-NEW       AMYN LN           -48862569.33    931527720.46
ANKER PLC          ANK LN            -21861359.81       115463159
ANKER PLC          DW14 GR           -21861359.81       115463159
ANKER PLC          ANK PO            -21861359.81       115463159
ANKER PLC - ASSD   ANKB LN           -21861359.81       115463159
ANKER PLC - ASSD   ANKC LN           -21861359.81       115463159
ANKER PLC-ASSD     ANKA LN           -21861359.81       115463159
ATKINS (WS) PLC    ATK IX            -36314039.75   1257996718.47
ATKINS (WS) PLC    WATKF US          -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK PZ            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK BQ            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK NQ            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATKEUR EO         -36314039.75   1257996718.47
ATKINS (WS) PLC    ATKEUR EU         -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK NR            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK LN            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK PO            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK EO            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATKGBP EO         -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK EU            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK EB            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK VX            -36314039.75   1257996718.47
ATKINS (WS) PLC    ATK TQ            -36314039.75   1257996718.47
BCH GROUP PLC      BCH LN             -5728274.38    187993198.22
BLACK & EDGINGTO   BLE LN           -130883498.29    153620497.99
BNB RECRUITMENT    BNBRF US          -10242627.53    103637704.96
BNB RECRUITMENT    BNB LN            -10242627.53    103637704.96
BNB RECRUITMENT    BQX GR            -10242627.53    103637704.96
BNB RECRUITMENT    BNB IX            -10242627.53    103637704.96
BNB RECRUITMENT    BNB PO            -10242627.53    103637704.96
BOOKER PLC         BKERF US           -59832880.4   1298182548.71
BOOKER PLC         1330Q GR           -59832880.4   1298182548.71
BOOKER PLC         987188Q LN         -59832880.4   1298182548.71
BOOKER PLC-ADR     BKRUY US           -59832880.4   1298182548.71
BOOKER PLC-ADR     BOK$ LN            -59832880.4   1298182548.71
BRADSTOCK GROUP    BDK LN             -1855444.44    268563822.49
BRADSTOCK GROUP    BSKGF US           -1855444.44    268563822.49
BRIT ENERGY LTD    523362Q LN      -5822867500.78   4921095749.61
BRIT ENERGY PLC    BHEGF US        -5822867500.78   4921095749.61
BRIT ENERGY PLC    BGYEF US        -5822867500.78   4921095749.61
BRIT ENERGY PLC    555140Q VX      -5822867500.78   4921095749.61
BRIT ENERGY PLC    BEN1 GR         -5822867500.78   4921095749.61
BRIT ENERGY-A      BENA GR         -5822867500.78   4921095749.61
BRIT ENERGY-ADR    BHEFF US        -5822867500.78   4921095749.61
BRIT NUCLEAR       1046Z LN         -4247644149.6  40325778907.11
BRIT SKY BRO-ADR   BSY US             -30607499.6    8332527670.8
BRIT SKY BRO-ADR   BSY$ LN            -30607499.6    8332527670.8
BRIT SKY BROADCA   BSYB GR            -30607499.6    8332527670.8
BRITISH ENER-$US   BGYNYD AR       -5822867500.78   4921095749.61
BRITISH ENER-$US   BGYD AR         -5822867500.78   4921095749.61
BRITISH ENER-ADR   BGYNY US        -5822867500.78   4921095749.61
BRITISH ENER-BLK   BGYNYB AR       -5822867500.78   4921095749.61
BRITISH ENER-BLK   BGYB AR         -5822867500.78   4921095749.61
BRITISH ENER-C/E   BGYNYC AR       -5822867500.78   4921095749.61
BRITISH ENER-C/E   BGYC AR         -5822867500.78   4921095749.61
BRITISH ENER-CED   BGY AR          -5822867500.78   4921095749.61
BRITISH ENER-CED   BGYNY AR        -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYA PO         -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYA VX         -5822867500.78   4921095749.61
BRITISH ENERGY-A   BHEAF US        -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYGF US        -5822867500.78   4921095749.61
BRITISH ENERGY-A   3012442Q LN     -5822867500.78   4921095749.61
BRITISH SKY BROA   BSY NQ             -30607499.6    8332527670.8
BRITISH SKY BROA   BSYEUR EU          -30607499.6    8332527670.8
BRITISH SKY BROA   BSY EB             -30607499.6    8332527670.8
BRITISH SKY BROA   BSYUSD EO          -30607499.6    8332527670.8
BRITISH SKY BROA   BSY PZ             -30607499.6    8332527670.8
BRITISH SKY BROA   BSYEUR EO          -30607499.6    8332527670.8
BRITISH SKY BROA   BSYUSD EU          -30607499.6    8332527670.8
BRITISH SKY BROA   BSY VX             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY TQ             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY LN             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY IX             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY EU             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY EO             -30607499.6    8332527670.8
BRITISH SKY BROA   BSYGBP EO          -30607499.6    8332527670.8
BRITISH SKY BROA   BSY NR             -30607499.6    8332527670.8
BRITISH SKY BROA   BSYBF US           -30607499.6    8332527670.8
BRITISH SKY BROA   BSB GR             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY BQ             -30607499.6    8332527670.8
BRITISH SKY BROA   BSY PO             -30607499.6    8332527670.8
BRITVIC            B6S GR              -731325.03   1222775450.71
BRITVIC PLC        BVIC NQ             -731325.03   1222775450.71
BRITVIC PLC        BVIC TQ             -731325.03   1222775450.71
BRITVIC PLC        BVIC IX             -731325.03   1222775450.71
BRITVIC PLC        BVIC EU             -731325.03   1222775450.71
BRITVIC PLC        BTVCF US            -731325.03   1222775450.71
BRITVIC PLC        BVIC VX             -731325.03   1222775450.71
BRITVIC PLC        BVIC BQ             -731325.03   1222775450.71
BRITVIC PLC        BVICUSD EU          -731325.03   1222775450.71
BRITVIC PLC        BVIC EO             -731325.03   1222775450.71
BRITVIC PLC        BVIC EB             -731325.03   1222775450.71
BRITVIC PLC        BVICGBP EO          -731325.03   1222775450.71
BRITVIC PLC        BVIC PZ             -731325.03   1222775450.71
BRITVIC PLC        BVICEUR EU          -731325.03   1222775450.71
BRITVIC PLC        BVICEUR EO          -731325.03   1222775450.71
BRITVIC PLC        BVICUSD EO          -731325.03   1222775450.71
BRITVIC PLC        BVIC NR             -731325.03   1222775450.71
BRITVIC PLC        BVIC LN             -731325.03   1222775450.71
CARLISLE GROUP     506819Q LN        -11904426.45    203548565.03
CHRYSALIS GROUP    CHS IX             -5851089.05    101497520.61
CHRYSALIS GROUP    CHS PZ             -5851089.05    101497520.61
CHRYSALIS GROUP    CHSUSD EU          -5851089.05    101497520.61
CHRYSALIS GROUP    CHS EO             -5851089.05    101497520.61
CHRYSALIS GROUP    5CY GR             -5851089.05    101497520.61
CHRYSALIS GROUP    CHSEUR EO          -5851089.05    101497520.61
CHRYSALIS GROUP    CHSEUR EU          -5851089.05    101497520.61
CHRYSALIS GROUP    CLYSF US           -5851089.05    101497520.61
CHRYSALIS GROUP    CYGUF US           -5851089.05    101497520.61
CHRYSALIS GROUP    HR4 GR             -5851089.05    101497520.61
CHRYSALIS GROUP    CHS LN             -5851089.05    101497520.61
CHRYSALIS GROUP    CHS EU             -5851089.05    101497520.61
CHRYSALIS GROUP    CHSUSD EO          -5851089.05    101497520.61
CHRYSALIS GROUP    CHSGBP EO          -5851089.05    101497520.61
CHRYSALIS GROUP    CHS VX             -5851089.05    101497520.61
CHRYSALIS GROUP    CHS PO             -5851089.05    101497520.61
CLIPPER WINDPOWE   CWP PG               -99360000       989187968
CLIPPER WINDPOWE   CWP LN               -99360000       989187968
CLIPPER WINDPOWE   CRPWF US             -99360000       989187968
CLIPPER WINDPOWE   CWP EO               -99360000       989187968
CLIPPER WINDPOWE   CWP IX               -99360000       989187968
CLIPPER WINDPOWE   CWP EU               -99360000       989187968
CLIPPER WINDPOWE   CWPA LN              -99360000       989187968
CLIPPER WINDPOWE   C2W GR               -99360000       989187968
COMPASS GROU-OLD   1259Q LN         -668101173.88   2972459078.38
COMPASS GROUP      QOP GR           -668101173.88   2972459078.38
COMPASS GRP-ADR    CMSJY US         -668101173.88   2972459078.38
COMPASS GRP-ADR    CMSGY US         -668101173.88   2972459078.38
DANKA BUS SYSTEM   DANKF US            -497127008       121439000
DANKA BUS SYSTEM   DNK PZ              -497127008       121439000
DANKA BUS SYSTEM   3205291Q EO         -497127008       121439000
DANKA BUS SYSTEM   DNK IX              -497127008       121439000
DANKA BUS SYSTEM   DNK VX              -497127008       121439000
DANKA BUS SYSTEM   DNK LN              -497127008       121439000
DANKA BUS SYSTEM   3205287Q EU         -497127008       121439000
DANKA BUS SYSTEM   DNK PO              -497127008       121439000
DANKA BUS SYSTEM   3205283Q EO         -497127008       121439000
DANKA BUS-$US CE   DANKD AR            -497127008       121439000
DANKA BUS-ADR      AP39 LI             -497127008       121439000
DANKA BUS-ADR      DANKY US            -497127008       121439000
DANKA BUS-ADR      DB6 GR              -497127008       121439000
DANKA BUS-BLK CE   DANKB AR            -497127008       121439000
DANKA BUS-C/E CE   DANKC AR            -497127008       121439000
DANKA BUS-CEDEAR   DANK AR             -497127008       121439000
DAWSON HOLDINGS    DWN1 EU           -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1 EO           -54451186.72    128196101.01
DAWSON HOLDINGS    DWN IX            -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1EUR EU        -54451186.72    128196101.01
DAWSON HOLDINGS    DWN VX            -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1GBP EO        -54451186.72    128196101.01
DAWSON HOLDINGS    DWN PO            -54451186.72    128196101.01
DAWSON HOLDINGS    DWHGF US          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN LN            -54451186.72    128196101.01
DAWSON HOLDINGS    DWN PZ            -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1EUR EO        -54451186.72    128196101.01
EASYNET GROUP      ESY PO            -45232889.17    322770283.93
EASYNET GROUP      EZNGF US          -45232889.17    322770283.93
EASYNET GROUP      ESY VX            -45232889.17    322770283.93
EASYNET GROUP      ESY LN            -45232889.17    322770283.93
EASYNET GROUP      EAY GR            -45232889.17    322770283.93
EASYNET GROUP-CV   91009Z LN         -45232889.17    322770283.93
EMI GROUP -ASSD    EMIA LN         -2265916256.89   2950021937.14
EMI GROUP LTD      EMI LN          -2265916256.89   2950021937.14
EMI GROUP PLC      EMI PO          -2265916256.89   2950021937.14
EMI GROUP PLC      EMIPF US        -2265916256.89   2950021937.14
EMI GROUP PLC      EMI VX          -2265916256.89   2950021937.14
EMI GROUP PLC      EMI IX          -2265916256.89   2950021937.14
EMI GROUP PLC      3020138Q GR     -2265916256.89   2950021937.14
EMI GROUP PLC-B    1019425Q LN     -2265916256.89   2950021937.14
EMI GROUP-ADR      EMI$ LN         -2265916256.89   2950021937.14
EMI GROUP-ADR      38IS LN         -2265916256.89   2950021937.14
EMI GROUP-ADR      EMIPY US        -2265916256.89   2950021937.14
EUROPEAN HOME      EHR LN            -14328735.16    110864081.39
EUROPEAN HOME      EHREUR EU         -14328735.16    110864081.39
EUROPEAN HOME      EHRGBP EO         -14328735.16    110864081.39
EUROPEAN HOME      EHR PO            -14328735.16    110864081.39
EUROPEAN HOME      EHR EU            -14328735.16    110864081.39
EUROPEAN HOME      KLZ PO            -14328735.16    110864081.39
EUROPEAN HOME      FPAKF US          -14328735.16    110864081.39
EUROPEAN HOME      EHR EO            -14328735.16    110864081.39
EUROPEAN HOME      EHR VX            -14328735.16    110864081.39
EUROPEAN HOME      EHREUR EO         -14328735.16    110864081.39
EUROPEAN HOME      EHR PZ            -14328735.16    110864081.39
EUROPEAN HOME      KLZ VX            -14328735.16    110864081.39
FAREPAK PLC        FPK LN            -14328735.16    110864081.39
GALIFORM PLC       GFRM NR           -84844622.18    585251745.06
GALIFORM PLC       GFRMGBP EO        -84844622.18    585251745.06
GALIFORM PLC       GFRM VX           -84844622.18    585251745.06
GALIFORM PLC       GFRMEUR EU        -84844622.18    585251745.06
GALIFORM PLC       MFI VX            -84844622.18    585251745.06
GALIFORM PLC       GFRM TQ           -84844622.18    585251745.06
GALIFORM PLC       GFRM EB           -84844622.18    585251745.06
GALIFORM PLC       MFI PO            -84844622.18    585251745.06
GALIFORM PLC       MFI IX            -84844622.18    585251745.06
GALIFORM PLC       GFRMNOK EU        -84844622.18    585251745.06
GALIFORM PLC       GFRMEUR EO        -84844622.18    585251745.06
GALIFORM PLC       MFIFF US          -84844622.18    585251745.06
GALIFORM PLC       GFRM EO           -84844622.18    585251745.06
GALIFORM PLC       GFRM BQ           -84844622.18    585251745.06
GALIFORM PLC       GFRM PO           -84844622.18    585251745.06
GALIFORM PLC       GFRMNOK EO        -84844622.18    585251745.06
GALIFORM PLC       GFRM NQ           -84844622.18    585251745.06
GALIFORM PLC       GFRM LN           -84844622.18    585251745.06
GALIFORM PLC       GLFMF US          -84844622.18    585251745.06
GALIFORM PLC       GFRM PZ           -84844622.18    585251745.06
GALIFORM PLC       GFRM EU           -84844622.18    585251745.06
GALIFORM PLC       GFRM IX           -84844622.18    585251745.06
GARTLAND WHALLEY   GWB LN            -10986769.42    145352034.49
HILTON G-CRT OLD   HIGT BB          -478059993.74   1887316678.66
HILTON GROUP PLC   HG PO            -478059993.74   1887316678.66
HILTON GROUP PLC   HG/ LN           -478059993.74   1887316678.66
HILTON GROUP PLC   HLTGF US         -478059993.74   1887316678.66
HILTON GROUP-ADR   HLTGY US         -478059993.74   1887316678.66
HILTON GROUP-CER   HG BB            -478059993.74   1887316678.66
HILTON GROUP-CRT   HIG BB           -478059993.74   1887316678.66
JESSOPS PLC        JSP EO             -42702021.2    112964060.38
JESSOPS PLC        JSPEUR EO          -42702021.2    112964060.38
JESSOPS PLC        JSP PO             -42702021.2    112964060.38
JESSOPS PLC        JSPEUR EU          -42702021.2    112964060.38
JESSOPS PLC        JSP PZ             -42702021.2    112964060.38
JESSOPS PLC        JSP VX             -42702021.2    112964060.38
JESSOPS PLC        JSP IX             -42702021.2    112964060.38
JESSOPS PLC        JSPGBP EO          -42702021.2    112964060.38
JESSOPS PLC        JSP LN             -42702021.2    112964060.38
JESSOPS PLC        JS4 GR             -42702021.2    112964060.38
JESSOPS PLC        JSP EU             -42702021.2    112964060.38
KLEENEZE PLC       KLZ LN            -14328735.16    110864081.39
LADBROKE GROUP     LADB LN          -478059993.74   1887316678.66
LADBROKE GRP-IDR   695767Q BB       -478059993.74   1887316678.66
LADBROKE GRP-OLD   LADB BB          -478059993.74   1887316678.66
LADBROKES PLC      LAD VX           -478059993.74   1887316678.66
LADBROKES PLC      LAD BQ           -478059993.74   1887316678.66
LADBROKES PLC      LADNZD EU        -478059993.74   1887316678.66
LADBROKES PLC      LAD EU           -478059993.74   1887316678.66
LADBROKES PLC      LADGBP EO        -478059993.74   1887316678.66
LADBROKES PLC      LAD LN           -478059993.74   1887316678.66
LADBROKES PLC      LADNZD EO        -478059993.74   1887316678.66
LADBROKES PLC      LDBKF US         -478059993.74   1887316678.66
LADBROKES PLC      LADEUR EO        -478059993.74   1887316678.66
LADBROKES PLC      LAD PZ           -478059993.74   1887316678.66
LADBROKES PLC      LAD TQ           -478059993.74   1887316678.66
LADBROKES PLC      LAD NQ           -478059993.74   1887316678.66
LADBROKES PLC      LAD PO           -478059993.74   1887316678.66
LADBROKES PLC      HG/ VX           -478059993.74   1887316678.66
LADBROKES PLC      LAD IX           -478059993.74   1887316678.66
LADBROKES PLC      LAD EB           -478059993.74   1887316678.66
LADBROKES PLC      LADUSD EO        -478059993.74   1887316678.66
LADBROKES PLC      LAD EO           -478059993.74   1887316678.66
LADBROKES PLC      LAD GR           -478059993.74   1887316678.66
LADBROKES PLC      LADEUR EU        -478059993.74   1887316678.66
LADBROKES PLC      LAD NR           -478059993.74   1887316678.66
LADBROKES PLC-AD   LDBKY US         -478059993.74   1887316678.66
LADBROKES PLC-AD   LDBKY LN         -478059993.74   1887316678.66
LADBROKES PLC-CE   LAD BB           -478059993.74   1887316678.66
LAMBERT FENCHURC   LMF LN             -1453050.04   1826806853.46
LEEDS SPORTING     LES LN             -73166148.8    143762193.66
LEEDS SPORTING     LEDPF US           -73166148.8    143762193.66
LEEDS UNITED PLC   889687Q GR         -73166148.8    143762193.66
LEEDS UNITED PLC   LDSUF US           -73166148.8    143762193.66
LEEDS UNITED PLC   LUFC LN            -73166148.8    143762193.66
M 2003 PLC         203055Q LN      -2203513803.24   7204891601.83
M 2003 PLC         MTWOF US        -2203513803.24   7204891601.83
M 2003 PLC-ADR     MTWOY US        -2203513803.24   7204891601.83
M 2003 PLC-ADR     MTWOE US        -2203513803.24   7204891601.83
MARCONI PLC        MONIF US        -2203513803.24   7204891601.83
MARCONI PLC        203083Q VX      -2203513803.24   7204891601.83
MARCONI PLC        MONI BB         -2203513803.24   7204891601.83
MARCONI PLC        MNI BB          -2203513803.24   7204891601.83
MARCONI PLC        MRCQF US        -2203513803.24   7204891601.83
MARCONI PLC        MNI LN          -2203513803.24   7204891601.83
MARCONI PLC        MY2 GR          -2203513803.24   7204891601.83
MARCONI PLC-ADR    QUQMON AU       -2203513803.24   7204891601.83
MARCONI PLC-ADR    MCBA GR         -2203513803.24   7204891601.83
MARCONI PLC-ADR    MRCQY US        -2203513803.24   7204891601.83
MARCONI PLC-ADR    MCONY US        -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONIE US        -2203513803.24   7204891601.83
MARCONI PLC-ADR    MY2A GR         -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONIY US        -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONI US         -2203513803.24   7204891601.83
MFI FURNITURE GR   MFI LN            -84844622.18    585251745.06
MYTRAVEL GROUP     MT/S PO          -379721841.57   1817512773.61
MYTRAVEL GROUP     MT/S LN          -379721841.57   1817512773.61
MYTRAVEL GROUP     ARO2 GR          -379721841.57   1817512773.61
MYTRAVEL GROUP     MT IX            -379721841.57   1817512773.61
MYTRAVEL GROUP     MYTPF US         -379721841.57   1817512773.61
MYTRAVEL GROUP     MT/S VX          -379721841.57   1817512773.61
MYTRAVEL GROUP P   MYTGF US         -379721841.57   1817512773.61
MYTRAVEL GROUP P   1018144Q GR      -379721841.57   1817512773.61
MYTRAVEL GROUP P   MT/ VX           -379721841.57   1817512773.61
MYTRAVEL GROUP-A   2281919Q GR      -379721841.57   1817512773.61
MYTRAVEL GROUP-A   MYTVF US         -379721841.57   1817512773.61
NEW STAR ASSET     NSAM PZ          -397718038.04    292972732.12
NEW STAR ASSET     3226447Q EO      -397718038.04    292972732.12
NEW STAR ASSET     NSAM IX          -397718038.04    292972732.12
NEW STAR ASSET     3226443Q EO      -397718038.04    292972732.12
NEW STAR ASSET     NSAM TQ          -397718038.04    292972732.12
NEW STAR ASSET     N6S GR           -397718038.04    292972732.12
NEW STAR ASSET     3226435Q EO      -397718038.04    292972732.12
NEW STAR ASSET     NSAA LN          -397718038.04    292972732.12
NEW STAR ASSET     NSAM LN          -397718038.04    292972732.12
NEW STAR ASSET     3226439Q EU      -397718038.04    292972732.12
NEW STAR ASSET     NWSAF US         -397718038.04    292972732.12
NEW STAR ASSET     NSAM PO          -397718038.04    292972732.12
NEW STAR ASSET     3226431Q EU      -397718038.04    292972732.12
NORTHERN ROCK      NRK IX           -586206492.33 152084295061.92
NORTHERN ROCK      NRK PZ           -586206492.33 152084295061.92
NORTHERN ROCK      2733289Q EO      -586206492.33 152084295061.92
NORTHERN ROCK      2733281Q EO      -586206492.33 152084295061.92
NORTHERN ROCK      2733269Q EU      -586206492.33 152084295061.92
NORTHERN ROCK      2733273Q EO      -586206492.33 152084295061.92
NORTHERN ROCK      2733285Q EU      -586206492.33 152084295061.92
NORTHERN ROCK      NRK LN           -586206492.33 152084295061.92
NORTHERN ROCK      NRK PO           -586206492.33 152084295061.92
NORTHERN ROCK      2733265Q EO      -586206492.33 152084295061.92
NORTHERN ROCK      NRK VX           -586206492.33 152084295061.92
NORTHERN ROCK      NHRKF US         -586206492.33 152084295061.92
NORTHERN ROCK      NRKI IX          -586206492.33 152084295061.92
NORTHERN ROCK      2733277Q EU      -586206492.33 152084295061.92
NORTHERN ROCK      NR3 GR           -586206492.33 152084295061.92
ORANGE PLC         1460Q GR         -593935051.02    2902299501.9
ORANGE PLC         951641Q LN       -593935051.02    2902299501.9
ORANGE PLC         ORNGF US         -593935051.02    2902299501.9
ORANGE PLC-ADR     ONG GR           -593935051.02    2902299501.9
ORANGE PLC-ADR     ORNGY US         -593935051.02    2902299501.9
ORANGE PLC-ADR     ORA$ LN          -593935051.02    2902299501.9
ORBIS PLC          OBG PO             -4168498.48     127701679.5
ORBIS PLC          RLP GR             -4168498.48     127701679.5
ORBIS PLC          OBS PO             -4168498.48     127701679.5
ORBIS PLC          OBS IX             -4168498.48     127701679.5
ORBIS PLC          OBS PZ             -4168498.48     127701679.5
ORBIS PLC          ORBSF US           -4168498.48     127701679.5
ORBIS PLC          OBS LN             -4168498.48     127701679.5
PATIENTLINE PLC    2928907Q EO       -54677284.64     124948245.8
PATIENTLINE PLC    2928903Q EU       -54677284.64     124948245.8
PATIENTLINE PLC    PTL IX            -54677284.64     124948245.8
PATIENTLINE PLC    PTL PO            -54677284.64     124948245.8
PATIENTLINE PLC    PTL VX            -54677284.64     124948245.8
PATIENTLINE PLC    PTL PZ            -54677284.64     124948245.8
PATIENTLINE PLC    PTL LN            -54677284.64     124948245.8
PATIENTLINE PLC    2928899Q EO       -54677284.64     124948245.8
RANK GROUP PLC     RNKUSD EU          -6412999.92    835001785.71
RANK GROUP PLC     RNKEUR EO          -6412999.92    835001785.71
RANK GROUP PLC     RANKF US           -6412999.92    835001785.71
RANK GROUP PLC     RNK PO             -6412999.92    835001785.71
RANK GROUP PLC     RNK VX             -6412999.92    835001785.71
RANK GROUP PLC     RNK EU             -6412999.92    835001785.71
RANK GROUP PLC     RNKGBP EO          -6412999.92    835001785.71
RANK GROUP PLC     RNK NQ             -6412999.92    835001785.71
RANK GROUP PLC     RNK TQ             -6412999.92    835001785.71
RANK GROUP PLC     RNKDKK EO          -6412999.92    835001785.71
RANK GROUP PLC     RNKUSD EO          -6412999.92    835001785.71
RANK GROUP PLC     RNK LN             -6412999.92    835001785.71
RANK GROUP PLC     RNKDKK EU          -6412999.92    835001785.71
RANK GROUP PLC     RNK EO             -6412999.92    835001785.71
RANK GROUP PLC     RNK IX             -6412999.92    835001785.71
RANK GROUP PLC     RNK GR             -6412999.92    835001785.71
RANK GROUP PLC     RNKA GR            -6412999.92    835001785.71
RANK GROUP PLC     RNK BQ             -6412999.92    835001785.71
RANK GROUP PLC     RNK PZ             -6412999.92    835001785.71
RANK GROUP PLC     RNKEUR EU          -6412999.92    835001785.71
RANK GROUP PLC     RNK EB             -6412999.92    835001785.71
RANK GROUP PLC     RNK NR             -6412999.92    835001785.71
RANK GROUP-ADR     RANKY US           -6412999.92    835001785.71
RANK GROUP-ADR     935543Q GR         -6412999.92    835001785.71
RANK GROUP-ADR     RNK$ LN            -6412999.92    835001785.71
RANK ORG PLC       RANKY SP           -6412999.92    835001785.71
RANK ORG PLC-ADR   14873Z US          -6412999.92    835001785.71
REGUS LTD          273187Q LN        -46111835.37       367181111
REGUS PLC          273195Q VX        -46111835.37       367181111
REGUS PLC          REGSF US          -46111835.37       367181111
REGUS PLC          RGU GR            -46111835.37       367181111
REGUS PLC          2296Z LN          -46111835.37       367181111
REGUS PLC-ADS      REGS US           -46111835.37       367181111
REGUS PLC-ADS      REGSV US          -46111835.37       367181111
REGUS PLC-ADS      RGUA GR           -46111835.37       367181111
REGUS PLC-ADS      REGSY US          -46111835.37       367181111
RENTOKIL INITIAL   RTO TQ            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO VX            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOEUR EU         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOGBP EO         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO PO            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOUSD EO         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO EO            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO NQ            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO EU            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO1 GR           -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOKF US          -90219248.82   3493481471.08
RENTOKIL INITIAL   RKLIF US          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOG IX           -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO BQ            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO LN            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO PZ            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO IX            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO EB            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOEUR EO         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO NR            -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOUSD EU         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO GR            -90219248.82   3493481471.08
RENTOKIL-SP ADR    RTOKY US          -90219248.82   3493481471.08
RENTOKIL-SP ADR    AP76 LI           -90219248.82   3493481471.08
SAATCHI & SA-ADR   SSI$ LN          -119260804.15    705060824.55
SAATCHI & SA-ADR   SSA US           -119260804.15    705060824.55
SAATCHI & SAATCH   SSI LN           -119260804.15    705060824.55
SAATCHI & SAATCH   188190Q GR       -119260804.15    705060824.55
SAATCHI & SAATCH   SSATF US         -119260804.15    705060824.55
SCOTTISH MEDIA     1442Q GR          -24923249.67     194430485.8
SCOTTISH MEDIA     SSM LN            -24923249.67     194430485.8
SCOTTISH MEDIA     SSMR LN           -24923249.67     194430485.8
SCOTTISH TELEV     SCTVF US          -24923249.67     194430485.8
SETON HEALTHCARE   2290Z LN          -10585179.82    156822902.77
SFI GROUP PLC      SUF LN           -108067115.81    177647536.08
SFI GROUP PLC      SUYFF US         -108067115.81    177647536.08
SKYEPHAR-RTS F/P   SKPF LN          -130883498.29    153620497.99
SKYEPHAR-RTS F/P   SKPF VX          -130883498.29    153620497.99
SKYEPHAR-RTS N/P   SKPN VX          -130883498.29    153620497.99
SKYEPHAR-RTS N/P   SKPN LN          -130883498.29    153620497.99
SKYEPHARMA -SUB    2976665Z LN      -130883498.29    153620497.99
SKYEPHARMA PLC     SKP PZ           -130883498.29    153620497.99
SKYEPHARMA PLC     SKP LN           -130883498.29    153620497.99
SKYEPHARMA PLC     SK8C GR          -130883498.29    153620497.99
SKYEPHARMA PLC     SKP EO           -130883498.29    153620497.99
SKYEPHARMA PLC     SKPGBP EO        -130883498.29    153620497.99
SKYEPHARMA PLC     SKP VX           -130883498.29    153620497.99
SKYEPHARMA PLC     SKP TQ           -130883498.29    153620497.99
SKYEPHARMA PLC     SKP EU           -130883498.29    153620497.99
SKYEPHARMA PLC     SKYEF US         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP1 VX          -130883498.29    153620497.99
SKYEPHARMA PLC     SKP IX           -130883498.29    153620497.99
SKYEPHARMA PLC     SKPEUR EU        -130883498.29    153620497.99
SKYEPHARMA PLC     SK8A GR          -130883498.29    153620497.99
SKYEPHARMA PLC     SKPEUR EO        -130883498.29    153620497.99
SKYEPHARMA PLC     SKP PO           -130883498.29    153620497.99
SKYEPHARMA-ADR     SK8N GR          -130883498.29    153620497.99
SKYEPHARMA-ADR     AP80 LI          -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYE US          -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYEY US         -130883498.29    153620497.99
SKYEPHARMA-ADR     SK8 GR           -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYPY US         -130883498.29    153620497.99
SMG PLC            SMG PO            -24923249.67     194430485.8
SMG PLC            SMG LN            -24923249.67     194430485.8
SMG PLC-FUL PAID   SMGF LN           -24923249.67     194430485.8
SMG PLC-NIL PAID   SMGN LN           -24923249.67     194430485.8
SMITHS NEWS PLC    SMWPY US         -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2GBP EO       -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2 TQ          -124124656.94    201361815.36
SMITHS NEWS PLC    NWS LN           -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2EUR EO       -124124656.94    201361815.36
SMITHS NEWS PLC    NWS PO           -124124656.94    201361815.36
SMITHS NEWS PLC    SMWPF US         -124124656.94    201361815.36
SMITHS NEWS PLC    NWS1 EU          -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2 EU          -124124656.94    201361815.36
SMITHS NEWS PLC    NWS IX           -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2EUR EU       -124124656.94    201361815.36
SMITHS NEWS PLC    NWS VX           -124124656.94    201361815.36
SMITHS NEWS PLC    NWS1 EO          -124124656.94    201361815.36
SMITHS NEWS PLC    NWS PZ           -124124656.94    201361815.36
SMITHS NEWS PLC    NWS2 EO          -124124656.94    201361815.36
STV GROUP PLC      STVG VX           -24923249.67     194430485.8
STV GROUP PLC      STVG EO           -24923249.67     194430485.8
STV GROUP PLC      STVG EU           -24923249.67     194430485.8
STV GROUP PLC      STVGGBP EO        -24923249.67     194430485.8
STV GROUP PLC      SMG VX            -24923249.67     194430485.8
STV GROUP PLC      STVG LN           -24923249.67     194430485.8
STV GROUP PLC      SMG IX            -24923249.67     194430485.8
STV GROUP PLC      STVGEUR EO        -24923249.67     194430485.8
STV GROUP PLC      SMGPF US          -24923249.67     194430485.8
STV GROUP PLC      STVGEUR EU        -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   TWSTY US        -3702234580.99   7581020925.22
TELEWEST COM-ADR   940767Q GR      -3702234580.99   7581020925.22
TELEWEST COM-ADR   TWSTD US        -3702234580.99   7581020925.22
TELEWEST COMM      604296Q GR      -3702234580.99   7581020925.22
TELEWEST COMM      TWSTF US        -3702234580.99   7581020925.22
TELEWEST COMM      TWT VX          -3702234580.99   7581020925.22
TELEWEST COMM      715382Q LN      -3702234580.99   7581020925.22
THORN EMI PLC      THNE FP         -2265916256.89   2950021937.14
THORN EMI-ADR      TORNY US        -2265916256.89   2950021937.14
THORN EMI-ADR      THN$ LN         -2265916256.89   2950021937.14
THORN EMI-CDR      THN NA          -2265916256.89   2950021937.14
THORN EMI-REGD     1772Q GR        -2265916256.89   2950021937.14
TOPPS TILES PLC    TPT PO            -78172467.48     131014414.4
TOPPS TILES PLC    TPT EU            -78172467.48     131014414.4
TOPPS TILES PLC    TPT TQ            -78172467.48     131014414.4
TOPPS TILES PLC    TPTJF US          -78172467.48     131014414.4
TOPPS TILES PLC    TPTEUR EU         -78172467.48     131014414.4
TOPPS TILES PLC    TPTJY US          -78172467.48     131014414.4
TOPPS TILES PLC    TPT VX            -78172467.48     131014414.4
TOPPS TILES PLC    TPTEUR EO         -78172467.48     131014414.4
TOPPS TILES PLC    TPT PZ            -78172467.48     131014414.4
TOPPS TILES PLC    TPT IX            -78172467.48     131014414.4
TOPPS TILES PLC    TPT LN            -78172467.48     131014414.4
TOPPS TILES PLC    TPT EO            -78172467.48     131014414.4
TOPPS TILES PLC    TPTGBP EO         -78172467.48     131014414.4
TOPPS TILES-NEW    TPTN LN           -78172467.48     131014414.4
UTC GROUP          UGR LN            -11904426.45    203548565.03
VIRGIN MOB-ASSD    VMOC LN          -392165437.58    166070003.71
VIRGIN MOB-ASSD    VMOA LN          -392165437.58    166070003.71
VIRGIN MOBILE      VMOB PO          -392165437.58    166070003.71
VIRGIN MOBILE      VMOB VX          -392165437.58    166070003.71
VIRGIN MOBILE      VMOB LN          -392165437.58    166070003.71
VIRGIN MOBILE      VGMHF US         -392165437.58    166070003.71
VIRGIN MOBILE      UEM GR           -392165437.58    166070003.71
WATSON & PHILIP    WTSN LN          -120493900.04    252232072.87
WINCANTON PL-ADR   WNCNY US          -47615167.52   1316638025.67
WINCANTON PLC      WIN1 BQ           -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EB           -47615167.52   1316638025.67
WINCANTON PLC      WIN1USD EO        -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EU           -47615167.52   1316638025.67
WINCANTON PLC      WIN IX            -47615167.52   1316638025.67
WINCANTON PLC      WIN1USD EU        -47615167.52   1316638025.67
WINCANTON PLC      WNCNF US          -47615167.52   1316638025.67
WINCANTON PLC      WIN1EUR EU        -47615167.52   1316638025.67
WINCANTON PLC      WIN1EUR EO        -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EO           -47615167.52   1316638025.67
WINCANTON PLC      WIN1 NQ           -47615167.52   1316638025.67
WINCANTON PLC      WIN1 TQ           -47615167.52   1316638025.67
WINCANTON PLC      WIN LN            -47615167.52   1316638025.67
WINCANTON PLC      WIN PO            -47615167.52   1316638025.67
WINCANTON PLC      WIN PZ            -47615167.52   1316638025.67
WINCANTON PLC      WIN1GBP EO        -47615167.52   1316638025.67
WINCANTON PLC      WIN VX            -47615167.52   1316638025.67

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

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

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

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

BINDA SPA          BND IM            -11146475.29    128859802.94
BINDA SPA          BNDAF US          -11146475.29    128859802.94
CART SOTTRI-BIND   DEM IM            -11146475.29    128859802.94
CIRIO FINANZIARI   CRO IM            -422095869.5   1583083044.16
CIRIO FINANZIARI   FIY GR            -422095869.5   1583083044.16
COIN SPA           GC IX            -151690764.75    791310848.67
COIN SPA           GUCIF US         -151690764.75    791310848.67
COIN SPA           965089Q GR       -151690764.75    791310848.67
COIN SPA-RTS       GCAA IM          -151690764.75    791310848.67
COIN SPA/OLD       GC IM            -151690764.75    791310848.67
COMPAGNIA ITALIA   CGLUF US         -137726596.25    527372691.43
COMPAGNIA ITALIA   ICT IM           -137726596.25    527372691.43
COMPAGNIA ITALIA   CITU IX          -137726596.25    527372691.43
CREDITO FOND-RTS   CRFSA IM         -200209050.26   4213063202.32
CREDITO FONDIARI   CRF IM           -200209050.26   4213063202.32
FULLSIX            FUL IM            -11045098.78    109413985.34
FULLSIX            FUL1 IX           -11045098.78    109413985.34
FULLSIX            FUL EU            -11045098.78    109413985.34
FULLSIX            IA6 GR            -11045098.78    109413985.34
FULLSIX            IFASF US          -11045098.78    109413985.34
FULLSIX            INF IM            -11045098.78    109413985.34
FULLSIX            FULI PZ           -11045098.78    109413985.34
FULLSIX            INF NM            -11045098.78    109413985.34
FULLSIX            FUL EO            -11045098.78    109413985.34
FULLSIX -RIGHTS    INFAA IM          -11045098.78    109413985.34
FULLSIX-RNC        160135Z IM        -11045098.78    109413985.34
I VIAGGI DEL VEN   VVE IM            -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE EU            -73353723.87    448043832.77
I VIAGGI DEL VEN   IV7 GR            -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE PZ            -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE TQ            -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE IX            -73353723.87    448043832.77
I VIAGGI DEL VEN   IVGIF US          -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE EO            -73353723.87    448043832.77
I VIAGGI-RTS       VVEAA IM          -73353723.87    448043832.77
LAZIO SPA          SSL IM            -15482934.18    260633690.01
LAZIO SPA          LZO1 GR           -15482934.18    260633690.01
LAZIO SPA          SSLZF US          -15482934.18    260633690.01
LAZIO SPA          SSL1 EU           -15482934.18    260633690.01
LAZIO SPA          SSL1 EO           -15482934.18    260633690.01
LAZIO SPA          LZO GR            -15482934.18    260633690.01
LAZIO SPA          571260Q US        -15482934.18    260633690.01
LAZIO SPA          SSLI PZ           -15482934.18    260633690.01
LAZIO SPA          SSL1 IX           -15482934.18    260633690.01
LAZIO SPA-RTS      SSLAZ IM          -15482934.18    260633690.01
LAZIO SPA-RTS      SSLAA IM          -15482934.18    260633690.01
OLCESE SPA         O IM              -12846689.89    179691572.79
OLCESE SPA-RTS     OAA IM            -12846689.89    179691572.79
OLCESE VENEZIANO   OLVE IM           -12846689.89    179691572.79
PARMALAT FINA-RT   PRFR AV        -18419390028.95   4120687886.18
PARMALAT FINANZI   PRFI VX        -18419390028.95   4120687886.18
PARMALAT FINANZI   PAF GR         -18419390028.95   4120687886.18
PARMALAT FINANZI   PMLFF US       -18419390028.95   4120687886.18
PARMALAT FINANZI   PMT LI         -18419390028.95   4120687886.18
PARMALAT FINANZI   FICN AV        -18419390028.95   4120687886.18
PARMALAT FINANZI   PARAF US       -18419390028.95   4120687886.18
PARMALAT FINANZI   PRF IM         -18419390028.95   4120687886.18
SNIA BPD           SN GR             -25149276.06    487726334.06
SNIA BPD-ADR       SBPDY US          -25149276.06    487726334.06
SNIA SPA           SN EU             -25149276.06    487726334.06
SNIA SPA           SNIXF US          -25149276.06    487726334.06
SNIA SPA           SN EO             -25149276.06    487726334.06
SNIA SPA           SSMLF US          -25149276.06    487726334.06
SNIA SPA           SN TQ             -25149276.06    487726334.06
SNIA SPA           SN IM             -25149276.06    487726334.06
SNIA SPA           SIAI PZ           -25149276.06    487726334.06
SNIA SPA           SNIB GR           -25149276.06    487726334.06
SNIA SPA           SNIA GR           -25149276.06    487726334.06
SNIA SPA           SIAI IX           -25149276.06    487726334.06
SNIA SPA           SBPDF US          -25149276.06    487726334.06
SNIA SPA - RTS     SNAAW IM          -25149276.06    487726334.06
SNIA SPA- RTS      SNAXW IM          -25149276.06    487726334.06
SNIA SPA-2003 SH   SN03 IM           -25149276.06    487726334.06
SNIA SPA-CONV SA   SPBDF US          -25149276.06    487726334.06
SNIA SPA-DRC       SNR00 IM          -25149276.06    487726334.06
SNIA SPA-NEW       SN00 IM           -25149276.06    487726334.06
SNIA SPA-NON CON   SPBNF US          -25149276.06    487726334.06
SNIA SPA-RCV       SNIVF US          -25149276.06    487726334.06
SNIA SPA-RCV       SNR IM            -25149276.06    487726334.06
SNIA SPA-RIGHTS    SNAW IM           -25149276.06    487726334.06
SNIA SPA-RNC       SNIWF US          -25149276.06    487726334.06
SNIA SPA-RNC       SNRNC IM          -25149276.06    487726334.06
SNIA SPA-RTS       SNAA IM           -25149276.06    487726334.06
SNIA SPA-RTS       SNSO IM           -25149276.06    487726334.06
SOCOTHERM SPA      SCTI PZ           -29042130.46    580890069.97
SOCOTHERM SPA      SCT IM            -29042130.46    580890069.97
SOCOTHERM SPA      SCT EO            -29042130.46    580890069.97
SOCOTHERM SPA      SOCEF US          -29042130.46    580890069.97
SOCOTHERM SPA      SCTM IX           -29042130.46    580890069.97
SOCOTHERM SPA      SCT TQ            -29042130.46    580890069.97
SOCOTHERM SPA      SCT EU            -29042130.46    580890069.97
TECNODIFF ITALIA   TDIFF US          -89894162.82    152045757.48
TECNODIFF ITALIA   TEF GR            -89894162.82    152045757.48
TECNODIFF ITALIA   TDI IM            -89894162.82    152045757.48
TECNODIFF ITALIA   TDI NM            -89894162.82    152045757.48
TECNODIFF-RTS      TDIAOW NM         -89894162.82    152045757.48
TECNODIFFUSIONE    TDIAAW IM         -89894162.82    152045757.48
TISCALI SPA        TIQ GR            -24638454.05   1569205599.82
TISCALI SPA        TSCXF US          -24638454.05   1569205599.82
TISCALI SPA        TIS TQ            -24638454.05   1569205599.82
TISCALI SPA        TIS EU            -24638454.05   1569205599.82
TISCALI SPA        TISGBX EO         -24638454.05   1569205599.82
TISCALI SPA        TISGBP EO         -24638454.05   1569205599.82
TISCALI SPA        TIS EO            -24638454.05   1569205599.82
TISCALI SPA        TISN VX           -24638454.05   1569205599.82
TISCALI SPA        TIS NR            -24638454.05   1569205599.82
TISCALI SPA        TISN IX           -24638454.05   1569205599.82
TISCALI SPA        TISN FP           -24638454.05   1569205599.82
TISCALI SPA        TIS IM            -24638454.05   1569205599.82
TISCALI SPA        TIS IX            -24638454.05   1569205599.82
TISCALI SPA        TISN IM           -24638454.05   1569205599.82
TISCALI SPA        TIS NA            -24638454.05   1569205599.82
TISCALI SPA        TIS VX            -24638454.05   1569205599.82
TISCALI SPA        TIS PZ            -24638454.05   1569205599.82
TISCALI SPA        TISN NA           -24638454.05   1569205599.82
TISCALI SPA        TIS FP            -24638454.05   1569205599.82
TISCALI SPA        TISGBX EU         -24638454.05   1569205599.82
TISCALI SPA        TIQG IX           -24638454.05   1569205599.82
TISCALI SPA- RTS   TISAXA IM         -24638454.05   1569205599.82
TISCALI SPA- RTS   TIQ1 GR           -24638454.05   1569205599.82

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

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

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

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

COFINA             CFNX PX            -9882836.46    319233214.35
COFINA             COFSI IX           -9882836.46    319233214.35
COFINA             CFASF US           -9882836.46    319233214.35
COFINA             COFI EO            -9882836.46    319233214.35
COFINA             CFN PL             -9882836.46    319233214.35
COFINA             COFI PL            -9882836.46    319233214.35
COFINA             CFN1 PZ            -9882836.46    319233214.35
COFINA             COFI TQ            -9882836.46    319233214.35
COFINA             COFI EU            -9882836.46    319233214.35
PORCELANA VISTA    PVAL PL            -39167460.3    153384027.27
SPORTING-SOC DES   SCP1 PZ             -6889744.9    191103206.82
SPORTING-SOC DES   SCDF EO             -6889744.9    191103206.82
SPORTING-SOC DES   SCPX PX             -6889744.9    191103206.82
SPORTING-SOC DES   SCPL IX             -6889744.9    191103206.82
SPORTING-SOC DES   SCG GR              -6889744.9    191103206.82
SPORTING-SOC DES   SCDF PL             -6889744.9    191103206.82
SPORTING-SOC DES   SCP PL              -6889744.9    191103206.82
SPORTING-SOC DES   SCDF EU             -6889744.9    191103206.82
VAA VISTA ALEGRE   VAF PZ             -39167460.3    153384027.27
VAA VISTA ALEGRE   VAF EU             -39167460.3    153384027.27
VAA VISTA ALEGRE   VAFX PX            -39167460.3    153384027.27
VAA VISTA ALEGRE   VAF EO             -39167460.3    153384027.27
VAA VISTA ALEGRE   VAF PL             -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK EO            -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK PL            -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK EU            -39167460.3    153384027.27
VAA VISTA ALTAN    VAFKX PX           -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK PZ            -39167460.3    153384027.27

ARDAF              ARDF RO           -42156432.94    108310369.33
OLTCHIM RM VALCE   OLTCF US          -16862370.58    614340383.91
OLTCHIM RM VALCE   OLTEUR EO         -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT PZ            -16862370.58    614340383.91
OLTCHIM RM VALCE   OLTEUR EU         -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT RO            -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT EU            -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT EO            -16862370.58    614340383.91
RAFO SA            RAF RO           -457922636.25    356796459.26
UZINELE SODICE G   UZIM RO           -35878364.71    104942905.83
DUVANSKA           DIVR SG            -7729350.78    109207260.53
METANOLSKO SIRCE   MSKK SG          -152438442.69    135641001.94
ZASTAVA AUTOMOBI   ZAKG SG          -396504649.08    174692011.08

AKCIONERNOE-BRD    SOVP$ RU         -110204703.34    120620770.43
AMO ZIL            ZILL RM          -165713442.78    328106800.85
AMO ZIL-CLS        ZILL RU          -165713442.78    328106800.85
AMO ZIL-CLS        ZILL* RU         -165713442.78    328106800.85
DAGESTAN ENERGY    DASB RU            -42846850.4    123618648.06
DAGESTAN ENERGY    DASB* RU           -42846850.4    123618648.06
DAGESTAN ENERGY    DASB RM            -42846850.4    123618648.06
EAST-SIBERIA-BRD   VSNK* RU         -100985377.37    116491783.13
EAST-SIBERIA-BRD   VSNK RU          -100985377.37    116491783.13
EAST-SIBERIAN-BD   VSNK$ RU         -100985377.37    116491783.13
GUKOVUGOL          GUUG RU           -57835245.31    143665227.24
GUKOVUGOL          GUUG* RU          -57835245.31    143665227.24
GUKOVUGOL-PFD      GUUGP RU          -57835245.31    143665227.24
GUKOVUGOL-PFD      GUUGP* RU         -57835245.31    143665227.24
KOMPANIYA GL-BRD   GMST RU           -72805537.11    1148203682.9
KOMPANIYA GL-BRD   GMST* RU          -72805537.11    1148203682.9
SAMARANEFTEGA-P$   SMNGP RU         -331600428.45    891998590.74
SAMARANEFTEGAS     SMNG$ RU         -331600428.45    891998590.74
SAMARANEFTEGAS     SMNG RM          -331600428.45    891998590.74
SAMARANEFTEGAS     SMNG* RU         -331600428.45    891998590.74
SAMARANEFTEGAS     SVYOF US         -331600428.45    891998590.74
SAMARANEFTEGAS-$   SMNG RU          -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP$ RU        -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP RM         -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP* RU        -331600428.45    891998590.74
TERNEYLES-BRD      TERL* RU           -15178937.2    182115156.77
TERNEYLES-BRD      TERL RU            -15178937.2    182115156.77
URGALUGOL-BRD      YRGL RU           -14863411.56    135736934.02
URGALUGOL-BRD      YRGL* RU          -14863411.56    135736934.02
URGALUGOL-BRD-PF   YRGLP RU          -14863411.56    135736934.02
VIMPEL SHIP-BRD    SOVP RU          -110204703.34    120620770.43
VIMPEL SHIP-BRD    SOVP* RU         -110204703.34    120620770.43
ZIL AUTO PLANT     ZILL$ RU         -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP RM         -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP* RU        -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP RU         -165713442.78    328106800.85

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

DNEPROPETROVSK     DMZP UZ           -15926384.43    424303604.81
DNIPROOBLENERGO    DNON UZ           -20762857.28    271459240.45
DONETSKOBLENERGO   DOON UZ          -215120607.25    374165068.75
LUGANSKOBLENERGO   LOEN UZ           -25962109.73    198804344.57
ZAPORIZHOBLENERG   ZAON UZ            -9405838.12    126687446.19


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, 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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