TCREUR_Public/090707.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, July 7, 2009, Vol. 10, No. 132

                            Headlines

A U S T R I A

BERNARD MADOFF: Sonja Kohn Investigated Over Alleged Kickbacks
FORNAX GMBH: Creditors Must File Claims by July 29
HEFTBERGER FRIEDRICH: Creditors Must File Claims by July 20
KARTALOVIC HARUN: Claims Filing Deadline is July 27
VTB AUSTRIA: Moody's Cuts Bank Financial Strength Rating to 'D-'


F R A N C E

VTB FRANCE: Moody's Lowers Bank Financial Strength Rating to 'D-'


G E R M A N Y

GENERAL MOTORS: Beijing Auto Submits Non-Binding Offer for Opel
PORSCHE AUTOMOBIL: Attracts Three More Bidders

* GERMANY: Steinrueck's Bad-Bank Plan Gets Lower House Approval


I C E L A N D

TRYGGINGAMIDSTODIN HF: S&P Keeps 'BB' Insurer Strength Rating


I T A L Y

SAFILO SPA: S&P Lowers Long-Term Corporate Credit Rating to 'SD'


K A Z A K H S T A N

EXPERIMENTALNO-STROITELNAYA COMPANIYA: Claims Filing Ends July 10
PETROPAVLOVSKY INVENTARIZATSIONNY: Claims Filing Ends July 10
PV LLP: Creditors Must File Claims by July 10
TASU-PV LLP: Creditors Must File Claims by July 10
TEMIR JOL: Creditors Must File Claims by July 10


K Y R G Y Z S T A N

TSIO ZAO: Creditors Must File Claims by July 24


N E T H E R L A N D S

ASTIR BV: S&P Junks Rating on Tranche 2 of Series 23 Notes


N O R W A Y

CANARGO ENERGY: Breach of Trading Rules Cue Oslo Bors Delisting


R U S S I A

ABSOLUT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
KRASNODAR BRICK: Creditors Must File Claims by July 19
PERSPEKTIVA LLC: Creditors Must File Claims by July 19
VTB OAO: Posts RUR26.45 Billion Net Loss in First Half 2009
VOEN-STROY LLC: Creditors Must File Claims by July 19


S P A I N

IM GRUPO: Moody's Assigns 'Caa1' Rating on Series B Notes
OBRASCON HUARTE: Fitch Maintains 'BB+' LT Issuer Default Rating


S W I T Z E R L A N D

MEYER MALERGESCHAFT GMBH: Claims Filing Deadline is July 10
METALLUM AG: Creditors Must File Claims by July 10
MODEBOUTIQUE CLEMODA: Claims Filing Deadline is July 15
MUNDIMED AG: Creditors Must File Claims by July 16
RESTAURANT TOURING: Claims Filing Deadline is July 10


U K R A I N E

ALFA-BANK UKRAINE: S&P Cuts Long-Term Counterparty Rating to 'CC'
ALFA BANK: Exchange Offer Cues Moody's to Junk Debt Ratings
EASTERN FINANCIAL: Creditors Must File Claims by July 10
INDUSTRIAL CONTRACT: Creditors Must File Claims by July 10
INDUSTRIAL TRADE: Creditors Must File Claims by July 10

MILK PRODUCTS: Creditors Must File Claims by July 10
SPECIAL BUILDING: Creditors Must File Claims by July 10


U N I T E D   K I N G D O M

ADDINGTON PALACE: Put Into Receivership by Hanley
BRITISH AIRWAYS: To Cut Capacity; June 2009 Traffic Down 14.9%
CASTLEMORE SECURITIES: PwC Puts 'The British' Up for Sale
CHELSEA BUILDING: Moody's Cuts Subordinated Debt Ratings to 'Caa1'
COFFEE REPUBLIC: To Go Into Administration; Seeks Share Suspension

EPIC PLC: S&P Cuts Ratings on Four Classes of Notes to Low-B
EPL ACCESS: In Administration; KPMG Appointed
FONEHOUSE HOLDINGS: Put Into Administration by Bayley
HOUSE OF EUROPE: S&P Lowers Rating on Class C Notes to 'CC'
LEHMAN BROTHERS: Moody's Withdraws Ratings on Various Notes

LONDON TOWN: Avoids Shares Suspension; In Breach of Debt Covenants
LUPUS CAPITAL: Executive Chairman Greg Hutchings Steps Down
MODUS VENTURES: Two Units in Administration
MONIER GROUP: Lenders Approve Financial Restructuring Plan
NATIONAL EXPRESS: Holds On to East Coast Franchise

NEWCASTLE BUILDING: Moody's Cuts Subordinated Debt Ratings to 'B1'
PRINCIPALITY BUILDING: Moody's Lowers Sub. Debt Ratings to 'B1'
PETER DEILMANN: Put Into Administration Over Poor Bookings
REFLEX MOULDINGS: Goes Into Administration; 71 Jobs at Risk
VASANTA GROUP: On Brink of Administration; In Rescue Talks

YELL GROUP: Moody's Downgrades Corporate Family Rating to 'B2'

* UK: KPMG Says Number of Companies in Administration Drops

* Large Companies with Insolvent Balance Sheet


                         *********


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


BERNARD MADOFF: Sonja Kohn Investigated Over Alleged Kickbacks
--------------------------------------------------------------
David Crawford at the Wall Street Journal reports that U.S., U.K.
and Austrian prosecutors are investigating former Bank Medici AG
Chairman Sonja Kohn for allegedly receiving more than
US$40 million in kickbacks to funnel billions of dollars of
investments to Bernard Madoff.

Citing affidavits detailing the investigations and hundreds of
documents collected by Austrian prosecutors, the Journal disclosed
that prosecutors from all three investigations believe Bernard
Madoff paid kickbacks to Ms. Kohn while she was chairwoman of
Austria's Bank Medici via separate companies she controlled.
According to the WSJ, in exchange for the kickbacks, prosecutors
allege, Ms. Kohn turned three Bank Medici funds into "feeder
funds" that supplied Mr. Madoff with an estimated US$3.5 billion
from European investors.  The WSJ states U.S. prosecutors allege
that Ms. Kohn, which owns 75% of Bank Medici, acted on her own
behalf in receiving kickbacks.  U.S. prosecutors also allege that
Ms. Kohn and Bank Medici failed to disclose to investors that
their funds were being invested wholly with Mr. Madoff, the WSJ
notes.

Mr. Crawford relates a spokeswoman for Bank Medici, however, said
neither Ms. Kohn nor the bank had received kickbacks.

                     About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


FORNAX GMBH: Creditors Must File Claims by July 29
--------------------------------------------------
Creditors of Fornax GmbH have until July 29, 2009 to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Wien
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at


HEFTBERGER FRIEDRICH: Creditors Must File Claims by July 20
-----------------------------------------------------------
Creditors of Heftberger Friedrich have until July 20, 2009 to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 30, 2009 at 10:40 a.m. on at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Dr. Bernhard Birek
         Marktplatz 4
         4707 Schluesslberg
         Austria
         Tel: 07248/64720
         Fax: 07248/64720-20
         E-mail: ra-birek@aon.at


KARTALOVIC HARUN: Claims Filing Deadline is July 27
---------------------------------------------------
Creditors of Kartalovic Harun have until July 27, 2009 to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 10, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Wien
         Austria
         Tel: 513 99 39
         Fax: 513 99 39-30
         E-mail: deschka@lawcenter.at


VTB AUSTRIA: Moody's Cuts Bank Financial Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service downgraded its bank financial strength
rating of VTB Bank (Austria), VTB Capital plc and VTB Bank
(France) to D- from D.  The outlook on the BFSRs is negative.  All
three banks are owned by the Russian Bank VTB (rated
D-/Baa1/Prime-2).  At the same time, Moody's affirmed the banks'
Baa3 long-term global local currency deposit ratings, with a
stable outlook.  The rating actions conclude the review process
initiated in February 2009, when the BFSR and deposit ratings of
those banks were put on review for a possible downgrade.

The negative outlook on these banks' BFSRs reflects Moody's medium
term expectation that the operating environment in Russia and
globally would continue to negatively impact their financial
fundamentals, particularly capitalization, asset quality,
profitability and liquidity.  The outlook on the GLC deposit
ratings is stable, reflecting Moody's expectation that further
lowering of the banks' BFSRs by one notch, if it happens, is
unlikely to result in the downgrade of the banks' deposit ratings.

The downgrade of the BFSRs mainly reflects the negative pressure
on financial fundamentals of these banks, stemming from their
historically high credit and market risk exposures to Russian
counterparties.  The severe stress in the Russian economy is
leading to a rapid deterioration in borrowers' credit quality.  As
a result, Moody's see a rapid increase in problem loans and much
weaker profitability metrics at VTBA, VTBC and VTBF.  Higher
expected credit losses put additional stress on banks' capital
levels, due to the need to allocate new provisions.

These subsidiaries' D- BFSRs are now in line with the BFSR of VTB.
The BFSRs of all three banks are supported by their membership in
the large VTB group, which supports these banks through funding
and capital, and facilitates client and transaction origination.
Although the three banks accounted for a minor 10% of group
assets, they play an important role in servicing foreign
transactions of the group and its clients in areas like trade
finance (VTBA and VTBF) and investment banking (VTBC).  All three
are closely supervised by the parent bank.

More detailed considerations for the rating actions follow below.

VTBA's BFSR is pressured by a weaker Tier 1 capitalization
following the consolidation of VTBF and VTB Bank Deutschland --
Tier 1 ratio deteriorated to 8.3% at YE2008, from 10.5% at YE2007.
The loan portfolio is concentrated, with the 20 largest borrowers
accounting for 150% of Tier 1 capital and mostly composed of
Russian and CIS companies (on a consolidated basis).  Moody's
estimate the share of problem loans to account for 6.7% of gross
loans at YE2008 (this ratio already includes a high share of
legacy problem loans), with a negative trend in 2009.  Management
expects impaired and restructured loans to reach 15% at the
maximum in the medium term.  In addition, VTBA has a large
exposure to market and credit risks through CDS sold on Russian
and CIS counterparties, which accounted for ca. 100% of Tier 1
capital.

The BFSR on VTBC is negatively pressured by uncertainties over the
impact of the bank's new strategy -- focusing on investment
banking and away from wholesale banking, on its franchise value
and risk profile.  Although Moody's acknowledge that the bank is
making good progress in building the necessary managerial,
operational and risk infrastructure for an investment bank, as
well as inking high-profile deals, this strategic repositioning
leads to high execution risk.  VTBC's financial fundamentals are
under pressure: Tier 1 capitalization dropped to 10% at YE2008,
from 25% in 2007, following a rapid increase in risk assets and a
large net loss.  However in 2008 VTBC received US$250 million in
Tier 1 capital and US$600 million in upper Tier 2, which brought
its total CAR back to 20.1% at YE2008, the same level as in 2007.
Although the quality of VTBC's capital base has weakened because
of a larger Tier 2 component than previously, overall CAR remains
strong.  The share of impaired loans in the bank's portfolio
increased substantially in 2008, to 10% of gross loans at year-
end.  Moody's notes that credit risk concentration is very high
with the top 20 corporate loans exceeding 230% of Tier1 capital at
YE2008; those are legacy loans, however, with no new origination
in line with new strategy.

The BFSR on VTBF is impacted by asset quality deterioration.  At
YE2008, problem loans accounted for around 7% of total exposure to
banks and customers.  The bank also has large single party
concentrations, with the 20 largest borrowers exceeding 200% of
Tier 1 capital.  Although VTBF is a strongly capitalized bank
compared to VTBA and VTBF (with total capital funds covering 70%
of assets), Moody's still believe that higher loan loss provisions
would impact its capital base, however without materially
affecting Tier 1 capitalization -- which stood at 13.6% at YE2008.

The banks' long-term global local currency deposit ratings were
affirmed at Baa3, based on their baseline credit assessments of
Ba3 and VTB's supported rating (Baa1; this rating incorporates
Moody's view of the very high likelihood of support for VTB and
its subsidiaries from the Russian government).  According to
Moody's joint default analysis methodology, in most cases when
incorporating parental support into bank ratings of a foreign
subsidiary, Moody's uses the parent's stand-alone rating (Ba3 in
case of VTB) -- that is, the rating without benefit of any
systemic support -- to determine the parent's ability to support
its foreign bank subsidiaries.  However, in case of VTBA, VTBC and
VTBF, Moody's used the parent's supported rating (Baa1), to
reflect Moody's opinion that these foreign subsidiaries are very
likely to indirectly benefit from systemic support provided by the
Russian government to VTB.  Moody's base Moody's opinion on a
track record of support to these banks from the Russian government
and its bodies.

Moody's believes that these banks are unlikely to receive systemic
support from their domicile countries (UK, France and Austria);
therefore their deposit ratings only benefit from support from VTB
and the Russian government, resulting in three notches of uplift
above their stand-alone BCAs of Ba3.

Moody's previous rating action on VTBA, VTBC and VTBF was
implemented on February 24, 2009, when the BFSRs and deposit
ratings on all three banks were placed on review for possible
downgrade.

VTBA is headquartered in Vienna.  At YE2008, it reported
consolidated assets of EUR5.3 billion (year-end 2007:
EUR4.1 billion).  The bank posted a net loss of EUR5 million for
2008, versus net income of EUR25 million for 2007.

VTBC is headquartered in London.  As at YE2008, it reported total
assets of GBP5.2 billion under IFRS (x2.15 increase over 2007).
However, the majority of this increase relates to short-term
interbank assets with investment grade developed-market banks
which arose as the result of the implementation of a defensive
liquidity strategy by VTBC.  The bank posted a net loss of
GBP140 million under IFRS for 2008 (2007: net income of
GBP26 million).

VTBF is Paris-based.  At YE2008, it reported unconsolidated total
assets of EUR1.1 billion (2007: EUR1.1 billion).  As in previous
years, the net result of VTBF was nil in 2008, as all the after
tax result has been allocated to the replenishment of a
subordinated loan.  Before this allocation, VTBF generated
EUR30 million profit for 2008 (2007: EUR54 million).


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


VTB FRANCE: Moody's Lowers Bank Financial Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service downgraded its bank financial strength
rating of VTB Bank (Austria), VTB Capital plc and VTB Bank
(France) to D- from D.  The outlook on the BFSRs is negative.  All
three banks are owned by the Russian Bank VTB (rated
D-/Baa1/Prime-2).  At the same time, Moody's affirmed the banks'
Baa3 long-term global local currency deposit ratings, with a
stable outlook.  The rating actions conclude the review process
initiated in February 2009, when the BFSR and deposit ratings of
those banks were put on review for a possible downgrade.

The negative outlook on these banks' BFSRs reflects Moody's medium
term expectation that the operating environment in Russia and
globally would continue to negatively impact their financial
fundamentals, particularly capitalization, asset quality,
profitability and liquidity.  The outlook on the GLC deposit
ratings is stable, reflecting Moody's expectation that further
lowering of the banks' BFSRs by one notch, if it happens, is
unlikely to result in the downgrade of the banks' deposit ratings.

The downgrade of the BFSRs mainly reflects the negative pressure
on financial fundamentals of these banks, stemming from their
historically high credit and market risk exposures to Russian
counterparties.  The severe stress in the Russian economy is
leading to a rapid deterioration in borrowers' credit quality.  As
a result, Moody's see a rapid increase in problem loans and much
weaker profitability metrics at VTBA, VTBC and VTBF.  Higher
expected credit losses put additional stress on banks' capital
levels, due to the need to allocate new provisions.

These subsidiaries' D- BFSRs are now in line with the BFSR of VTB.
The BFSRs of all three banks are supported by their membership in
the large VTB group, which supports these banks through funding
and capital, and facilitates client and transaction origination.
Although the three banks accounted for a minor 10% of group
assets, they play an important role in servicing foreign
transactions of the group and its clients in areas like trade
finance (VTBA and VTBF) and investment banking (VTBC).  All three
are closely supervised by the parent bank.

More detailed considerations for the rating actions follow below.

VTBA's BFSR is pressured by a weaker Tier 1 capitalization
following the consolidation of VTBF and VTB Bank Deutschland --
Tier 1 ratio deteriorated to 8.3% at YE2008, from 10.5% at YE2007.
The loan portfolio is concentrated, with the 20 largest borrowers
accounting for 150% of Tier 1 capital and mostly composed of
Russian and CIS companies (on a consolidated basis).  Moody's
estimate the share of problem loans to account for 6.7% of gross
loans at YE2008 (this ratio already includes a high share of
legacy problem loans), with a negative trend in 2009.  Management
expects impaired and restructured loans to reach 15% at the
maximum in the medium term.  In addition, VTBA has a large
exposure to market and credit risks through CDS sold on Russian
and CIS counterparties, which accounted for ca. 100% of Tier 1
capital.

The BFSR on VTBC is negatively pressured by uncertainties over the
impact of the bank's new strategy -- focusing on investment
banking and away from wholesale banking, on its franchise value
and risk profile.  Although Moody's acknowledge that the bank is
making good progress in building the necessary managerial,
operational and risk infrastructure for an investment bank, as
well as inking high-profile deals, this strategic repositioning
leads to high execution risk.  VTBC's financial fundamentals are
under pressure: Tier 1 capitalization dropped to 10% at YE2008,
from 25% in 2007, following a rapid increase in risk assets and a
large net loss.  However in 2008 VTBC received US$250 million in
Tier 1 capital and US$600 million in upper Tier 2, which brought
its total CAR back to 20.1% at YE2008, the same level as in 2007.
Although the quality of VTBC's capital base has weakened because
of a larger Tier 2 component than previously, overall CAR remains
strong.  The share of impaired loans in the bank's portfolio
increased substantially in 2008, to 10% of gross loans at year-
end.  Moody's notes that credit risk concentration is very high
with the top 20 corporate loans exceeding 230% of Tier1 capital at
YE2008; those are legacy loans, however, with no new origination
in line with new strategy.

The BFSR on VTBF is impacted by asset quality deterioration.  At
YE2008, problem loans accounted for around 7% of total exposure to
banks and customers.  The bank also has large single party
concentrations, with the 20 largest borrowers exceeding 200% of
Tier 1 capital.  Although VTBF is a strongly capitalized bank
compared to VTBA and VTBF (with total capital funds covering 70%
of assets), Moody's still believe that higher loan loss provisions
would impact its capital base, however without materially
affecting Tier 1 capitalization -- which stood at 13.6% at YE2008.

The banks' long-term global local currency deposit ratings were
affirmed at Baa3, based on their baseline credit assessments of
Ba3 and VTB's supported rating (Baa1; this rating incorporates
Moody's view of the very high likelihood of support for VTB and
its subsidiaries from the Russian government).  According to
Moody's joint default analysis methodology, in most cases when
incorporating parental support into bank ratings of a foreign
subsidiary, Moody's uses the parent's stand-alone rating (Ba3 in
case of VTB) -- that is, the rating without benefit of any
systemic support -- to determine the parent's ability to support
its foreign bank subsidiaries.  However, in case of VTBA, VTBC and
VTBF, Moody's used the parent's supported rating (Baa1), to
reflect Moody's opinion that these foreign subsidiaries are very
likely to indirectly benefit from systemic support provided by the
Russian government to VTB.  Moody's base Moody's opinion on a
track record of support to these banks from the Russian government
and its bodies.

Moody's believes that these banks are unlikely to receive systemic
support from their domicile countries (UK, France and Austria);
therefore their deposit ratings only benefit from support from VTB
and the Russian government, resulting in three notches of uplift
above their stand-alone BCAs of Ba3.

Moody's previous rating action on VTBA, VTBC and VTBF was
implemented on February 24, 2009, when the BFSRs and deposit
ratings on all three banks were placed on review for possible
downgrade.

VTBA is headquartered in Vienna.  At YE2008, it reported
consolidated assets of EUR5.3 billion (year-end 2007:
EUR4.1 billion).  The bank posted a net loss of EUR5 million for
2008, versus net income of EUR25 million for 2007.

VTBC is headquartered in London.  As at YE2008, it reported total
assets of GBP5.2 billion under IFRS (x2.15 increase over 2007).
However, the majority of this increase relates to short-term
interbank assets with investment grade developed-market banks
which arose as the result of the implementation of a defensive
liquidity strategy by VTBC.  The bank posted a net loss of
GBP140 million under IFRS for 2008 (2007: net income of
GBP26 million).

VTBF is Paris-based.  At YE2008, it reported unconsolidated total
assets of EUR1.1 billion (2007: EUR1.1 billion).  As in previous
years, the net result of VTBF was nil in 2008, as all the after
tax result has been allocated to the replenishment of a
subordinated loan.  Before this allocation, VTBF generated
EUR30 million profit for 2008 (2007: EUR54 million).


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


GENERAL MOTORS: Beijing Auto Submits Non-Binding Offer for Opel
---------------------------------------------------------------
Chris Reiter and Steve Rothwell at Bloomberg News report that
General Motors Corp. said Beijing Automotive Industry Holding Co.
submitted an offer for its Opel unit.

Bloomberg News relates a GM spokesman in Zurich, said Friday
Beijing Automotive made the non-binding proposal after examining
Opel's books.

"The deal is unlikely to help Beijing Auto substantially unless
the company buys designs and brings them back to China," Bloomberg
quoted Zhang Xin, an automobile analyst at Guotai Junan Securities
Co. in Beijing, as saying.

Bloomberg discloses Stephen Pope, chief global market strategist
for Cantor Fitzgerald in London, said in a Bloomberg Television
interview that Beijing Automotive may have an advantage over Magna
International Inc. because it "can demand less capital input from
the German government."

According to Bloomberg, Germany Deputy Economy Minister Jochen
Homann said Friday in Munich that talks with Magna are more
advanced than those with other bidders.  Magna, Canada's biggest
auto-parts manufacturer, was chosen in May by the German
government as the preferred bidder for Opel.

Eva Kuehnen at Reuters reports that General Motors Europe
President Carl-Peter Forster told German newspaper Frankfurter
Allgemeine Sonntagszeitung expects to sell Opel to Magna soon.
Reuters notes Mr. Forster did not give any details on the date,
but said "it would be great if it worked out by mid July."
According to Ms. Kuehnen, sources had told Reuters in June that GM
and Magna had set a target of July 15 for agreeing on the sale of
a majority stake in Opel to the Canadian auto parts group and its
Russian partner Sberbank.  According to RIA Novosti, Sberbank CEO
German Gref said the deal the bank struck by with Magna has no
serious competition.

                      About General Motors

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PORSCHE AUTOMOBIL: Attracts Three More Bidders
----------------------------------------------
Reuters reports that according to German magazine Focus, three
more bidders are interested in taking a stake in Porsche
Automobil Holding AG.

Reuters relates that Focus, without citing sources, reported a
Chinese and a Russian sovereign wealth fund as well as a hedge
fund were interested.

                            Qatar Bid

As reported in the Troubled Company Reporter-Europe on July 1,
2009, Bloomberg News said Porsche got a bid from the Qatar
Investment Authority after it rejected an offer from Volkswagen
AG.  Qatar, Bloomberg News disclosed, made a bid for a stake in
the holding company and options that can be converted
into VW shares.  Frank Gaube, a Porsche spokesman, as cited by
Bloomberg News, said VW's offer for Porsche's operating unit
wasn't "feasible" because it would trigger the immediate repayment
of a EUR10.75 billion (US$15 billion) credit line.  Citing reports
in Focus and Der Spiegel magazines, Bloomberg News said Volkswagen
offered to buy about half of Porsche's car business for EUR3
billion to EUR4 billion.  Bloomberg News recalled net debt at
Porsche tripled to more than EUR9 billion after the company
increased its stake in Volkswagen to 50.8 percent at the beginning
of this year.

According to Reuters, sources said the Porsche's owners were set
to discuss an investment by Qatar in the next two weeks and a
decision may come even before Volkswagen's supervisory board
meeting on July 15.

                              KfW Loan

On July 3, 2009, the TCR-Europe, citing Reuters, reported that the
German state-controlled bank KFW officially rejected Porsche's
EUR1.75 billion (US$2.45 billion) loan application, prompting the
company to seek alternate ways of refinancing its debt.  As
reported in the TCR-Europe on June 24, 2009, Bloomberg News,
citing two people familiar with the negotiations, said KfW
initially rejected Porsche's attempt to secure a loan as the
company failed to show the economic crisis led to funding
constraints.  Bloomberg News disclosed a person said the company
offered EUR3 billion in Volkswagen shares as collateral and wanted
to pay EUR6 million interest per month.  According to Bloomberg
News, two people familiar with the negotiations said KfW wants
Porsche to be more specific about how the loan will be used and
how it plans to repay it.

Headquartered in Stuttgart, Germany Porsche Automobil Holding SE
-- http://www.porsche-se.com-- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.


* GERMANY: Steinrueck's Bad-Bank Plan Gets Lower House Approval
---------------------------------------------------------------
Brian Parkin at Bloomberg News reports that German lawmakers
backed Finance Minister Peer Steinbrueck's plan to purge state and
private banks of toxic assets.

Bloomberg News relates Chancellor Angela Merkel's coalition used
its majority to push the bill on so-called bad banks through the
lower house on the last session of parliament before Sept. 27
national elections.  The bill, Bloomberg says, will now go to the
upper house on July 10.

According to Bloomberg News, the bad-bank plan is aimed at
encouraging banks to lend by freeing them of their toxic assets,
Bloomberg News says under the bill before parliament, private
banks will be able to swap toxic assets for guaranteed bonds at 90
percent of their value.


=============
I C E L A N D
=============


TRYGGINGAMIDSTODIN HF: S&P Keeps 'BB' Insurer Strength Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it maintained its
CreditWatch placement on the 'BB' insurer financial strength and
long-term counterparty credit ratings on Iceland-based insurer
Tryggingamidstodin hf., but revised the implications to developing
from negative.  The ratings on TM were originally placed on
CreditWatch with negative implications on Oct. 7, 2008, following
increased systemic concerns surrounding the Icelandic economy and
uncertainty over TM's future ownership.  TM is owned by Iceland-
based holding company, Stodir hf. (not rated), which subsequently
applied for bankruptcy protection.

"The revised CreditWatch placement follows the announcement that
the Reykjavik courts have finally approved the agreement that
Stodir has reached with its creditors," said Standard & Poor's
credit analyst Peter McClean.  As a result, the largest
shareholders in Stodir are now the Icelandic banks Glitnir Bank,
Kaupthing Bank, and New Landsbanki (all not rated).  Together
these entities account for 66.1% of the shares in Stodir.

"The CreditWatch status with developing implications reflects
continuing uncertainties, particularly surrounding TM's future
strategy and operating performance, as well as the shareholders'
intentions and likely support for TM," added Mr. McClean.  There
exists potential upside to the ratings if forthcoming discussions
with TM's management and Stodir's representatives lead to suitable
clarification on these points.  On the other hand, if discussions
fail to demonstrate a clear strategy and commitment to improving
operating performance, this may prompt a negative rating action.
S&P expects to resolve the CreditWatch status within the next
three months following a review of the ratings and discussions
with management and TM's new ultimate owners.  S&P expects that
any change in rating will likely be limited to one notch either
upwards or downwards.


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


SAFILO SPA: S&P Lowers Long-Term Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'SD'
(Selective Default) from 'CC' its long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo SpA.  At the
same time, S&P affirmed s'C' issue rating on the EUR195 million
9.625% second-lien notes due 2013 issued by Safilo Capital
International S.A.  The recovery rating on the debt is unchanged
at '5', indicating S&P's expectation of modest (10%-30%) recovery
in the event of a payment default.

The downgrade follows Safilo's announcement on July 2, 2009, that
it has agreed with its senior lenders to defer the repayment of
about EUR19 million of the unrated EUR129 amortizing facility A of
its senior bank loan due December 2011.  The initial payment fell
due on June 30, 2009, and lenders have agreed to postpone the
payment to Dec. 31, 2009.  Lenders have also agreed a waiver on
the maintenance covenant set for the aforementioned loan at the
test date of June 30, 2009.

"Under Standard & Poor's methodology, S&P consider the extension
of a debt maturity as tantamount to a restructuring below par by a
distressed issuer, and therefore a default," said Standard &
Poor's credit analyst Diego Festa.

Safilo has verbally confirmed that it remained current on the
payment of all other financial obligations, therefore S&P view the
extension of the maturity of Safilo's amortizing facility A as a
selective default.  S&P's default definitions include payment
defaults on both rated and unrated financial obligations.

S&P will monitor Safilo's ongoing liquidity and service of its
debt until the end of the waiver period (Dec. 31, 2009), at which
date S&P will reassess Safilo's capital structure.  Meanwhile, S&P
could lower the rating on Safilo to 'D' (Default) if the group's
senior creditors accelerate the debt and the group is unable to
repay.  S&P could also lower the rating if Safilo renegotiates the
original terms under its senior bank loan; fails to pay interest
or principal on other financial obligations; undertakes a
distressed exchange offer for all or a substantial part of its
debt; or files for creditor protection.  If and when Safilo were
to then emerge from any form of reorganization, S&P would reassess
the ratings and the factors behind them, taking into account the
factors that precipitated the default and also any gains achieved
through the reorganization process.


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


EXPERIMENTALNO-STROITELNAYA COMPANIYA: Claims Filing Ends July 10
-----------------------------------------------------------------
Creditors of LLP Experimentalno-Stroitelnaya Companiya have until
July 10, 2009, to submit proofs of claim to:

         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
April 20, 2009.

The Court is located at:

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



PETROPAVLOVSKY INVENTARIZATSIONNY: Claims Filing Ends July 10
-------------------------------------------------------------
Creditors of LLP Petropavlovsky Inventarizatsionny Center have
until July 10, 2009, to submit proofs of claim to:

         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 18,
2009.

The Court is located at:

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


PV LLP: Creditors Must File Claims by July 10
---------------------------------------------
Creditors of LLP Industriya Service PV have until July 10, 2009,
to submit proofs of claim to:

         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
March 23, 2009 after finding it insolvent.

The Court is located at:

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


TASU-PV LLP: Creditors Must File Claims by July 10
--------------------------------------------------
Creditors of LLP Auto Transport Enterprise TASU-PV have until
July 10, 2009, to submit proofs of claim to:

         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
April 20, 2009.

The Court is located at:

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


TEMIR JOL: Creditors Must File Claims by July 10
------------------------------------------------
Creditors of LLP Temir Jol Jylu have until July 10, 2009, to
submit proofs of claim to:

         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on April 6,
2009.

The Court is located at:

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


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


TSIO ZAO: Creditors Must File Claims by July 24
-----------------------------------------------
LLP Metallurgical Company Tsio Zao Temir is currently undergoing
liquidation.  Creditors have until July 24, 2009 to submit proofs
of claim to:

         Toktogula Str. 77
         Bishkek
         Kyrgyzstan


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


ASTIR BV: S&P Junks Rating on Tranche 2 of Series 23 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Astir B.V.'s Pearl CDO 1 series 21 and 23 notes.

On July 9, 2007, Astir issued additional notes (tranche 2) under
Pearl CDO series 21 and 23.  On April 30, 2009, S&P took rating
action on the original notes (tranche 1) in each of these series.
However, due to an administrative error, S&P did not lower the
ratings on the additional tranche 2 notes at that time.  The
rating actions correct this error.

                           Ratings List


                            Astir B.V.
    EUR65 Million Limited-Recourse Secured Variable-Rate Notes
                             Series 21
                          (Pearl CDO 1)

                                     Rating
                                     ------
             Class            To                From
             -----            --                ----
             Tranche 2        B                 AAA

   EUR15 Million Limited-Recourse Secured Variable-Rate Notes
                            Series 23
                          (Pearl CDO 1)

                                     Rating
                                     ------
             Class            To                From
             -----            --                ----
             Tranche 2        CCC               A


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


CANARGO ENERGY: Breach of Trading Rules Cue Oslo Bors Delisting
---------------------------------------------------------------
CanArgo Energy Corporation reports that on July 3, 2009, it was
notified by the Legal Department of the Oslo Bors ASA that the
Company is in breach of the Continuing Obligations of the Oslo
Bors and is given a notice of delisting under section 16 of the
Public Administration Act.  The Company is in breach of the
Securities Trading Act section 5.5 in not having filed its annual
financial report within four months of the financial year end 2008
and is not in compliance with section 2.4 of the Continuing
Obligations in that its share price has traded below NOK1 for a
period in excess of six months.

The Company does not believe it has the financial means to comply
with the Continuing Obligations in the near term and expects the
Oslo Bors to commence delisting procedures immediately after
July 13, 2009.

Based in Guernsey, British Isles, CanArgo Energy Corporation
(OSLO: CNR) (PINK SHEETS: CANR) -- http://www.canargo.com/-- is
an independent oil and gas exploration and production company with
its oil and gas operations currently located in Georgia.


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


ABSOLUT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating of Absolut Bank (Russia) to negative
from stable.  The bank's global local and foreign currency deposit
ratings as well as global foreign currency debt rating of
Baa3/Prime-3 (Negative outlook) have been affirmed.  At the same
time, Moody's Interfax Rating Agency has affirmed the long-term
national scale credit ratings of Aaa.ru.

This rating action is driven by the rating agency's concerns about
the potential impact of the enduring economic downturn in Russia
on Absolut Bank's asset quality and financial performance which is
likely to exert further negative pressure on the bank's capital.
Absolut Bank is 95% owned subsidiary of KBC Bank N.V. (Aa3/Prime-
1/C+ (Negative outlook)).

Moody's notes that Absolut Bank's credit losses and loan loss
provision charges are likely to increase significantly going
forward.  This reflects the overall deterioration of the
operational and economic environment in Russia and the high levels
of concentration in the bank's loan book.  The bank's credit
exposure to the real estate and construction sector -- which has
been particularly affected by the crisis -- is significant and
exceeds 100% of its Tier 1 capital, whilst single-name
concentration in the bank's loan book (and hence Absolut Bank's
vulnerability to fortunes and financial standing of certain large
borrowers) has also been high.

"Absolut Bank's capitalisation has historically been kept at a
fairly low level compared to Russian peers -- Tier 1 capital
adequacy ratio stood at 11.2% in accordance with IFRS as at
December 31, 2008," said Elena Redko, a Moscow-based Moody's
Analyst and lead analyst for this issuer.  "However given the
increasingly tough operating conditions, a likely decline in
revenue generation capacity and rapidly weakening asset quality
evidently necessitate strengthened capital cushion to absorb
credit losses that Moody's expects to materialize in 2009."

Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and revealed that
Absolut Bank's capital adequacy may rapidly decline as soon as the
overall asset quality deteriorates.  Moody's also notes that
although the bank is likely to continue reporting a positive level
of pre-provision income this is unlikely to be sufficient to
absorb impairments in the bank's loan book in 2009 which will
negatively impact the bank's capital going forward.

More positively, Moody's said that Absolut Bank's liquidity
profile is currently sound, with the bank's funding sources being
59% supported by the parent and solid domestic retail-taking
franchise, while its assets and liabilities are well-matched in
terms of maturities, and the portion of liquid assets comprises
15% of the bank's total balance sheet.

Moody's previous rating action on Absolut Bank was on January 26,
2009, when the rating agency assigned negative outlook to the
bank's global local and foreign currency debt and deposit ratings
of Baa3/Not-Prime following downgrade of KBC Bank N.V. ratings to
Aa3/Prime-1/C+ (Negative outlook) from Aa2/Prime-1/B- (Negative
outlook).

Headquartered in Moscow, Russia, Absolut Bank reported total IFRS
assets of US$5.9 billion as at December 31, 2008 and net income of
US$14 million for 2008.


KRASNODAR BRICK: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of OJSC Krasnodar Brick Plant (TIN 2312046519, PSRN
1022301970184) have until July 19, 2009, to submit proofs of
claims to:

         V. Magdin
         Temporary Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         350042 Krasnodar
         Russia
         Tel: (861)275-89-30

The Arbitration Court of Krasnodar will convene on Dec.9, 2009, to
hear bankruptcy supervision procedure on the company.  The case is
docketed under Case No. ?32–8693/2009–14/237B.

The Debtor can be reached at:

         OJSC Krasnodar Brick Plant
         Zavodskaya Str. 5
         350080 Krasnodar
         Russia


PERSPEKTIVA LLC: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of LLC Perspektiva Construction Company have until
July 19, 2009, to submit proofs of claims to:

         A. Borunov
         Temporary Insolvency Manager
         Office 606
         Building 1
         Mira Prospect 68
         129110 Moscow
         Russia
         Tel: 495)680-11-93

The Arbitration Court of Saint-Petersburg will convene at
11:10 a.m. on July 8, 2009, to hear bankruptcy supervision
procedure on the company.  The case is docketed under
Case No. ?56–2701/2009.

The Debtor can be reached at:

         LLC Perspektiva
         Narodnogo Opolcheniya Prospect 137/1/7N
         198217 Saint-Petersburg
         Russia


VTB OAO: Posts RUR26.45 Billion Net Loss in First Half 2009
-----------------------------------------------------------
RIA Novosti reports that VTB posted a net loss of RUR26.45 billion
or US$846 million in the first six months of the year.

According to the report, the bank's assets as of July 1, 2009,
were RUR2.688 trillion or US$86 billion compared with RUR2.551
billion as of January 1, 2009.

Bank VTB OAO (MCX:VTBR) -- http://www.vtb.ru/-- (Bank VTB OJSC),
formerly Bank vneshney torgovli or Vneshtorgbank OAO, is a Russia-
based bank, which is involved in the provision of banking and
financial products and services.  It offers such services as the
opening and keeping bank accounts of physical and legal persons,
offering debit and credit cards and safety deposit boxes, cash and
non-cash money transfers, syndication arrangement for financial
institutions, derivative instruments, currency exchange,
securities and banknote trading, export and import payments,
lending services, international settlements, custody services,
card transactions, payroll and other services.  It is a member of
the Association of Russian Banks (ARB), International Capital
Market Association and others. It operates through numerous
representative offices and branches, subsidiaries and affiliated
companies located in Russia, Europe, Asia and Africa.  In December
2008, the company acquired a 51% stake in Azerbaijani AF-Bank.

                        *     *     *

VTB continues to carry a 'D-' bank financial strength rating from
Moody's Investors Service with stable outlook.


VOEN-STROY LLC: Creditors Must File Claims by July 19
-----------------------------------------------------
Creditors of LLC Voen-Stroy-Garant (TIN 370201001, PSRN
1033700051131) (Construction) have until July 19, 2009, to submit
proofs of claims to:

         R. Latypov
         Temporary Insolvency Manager
         Post User Box 073
         115114 Moscow
         Russia

The Arbitration Court of Ivanovskaya will convene on Sept. 28,
2009, to hear bankruptcy proceedings on the company.  The case is
docketed under Case No. ?17–1463/2009 10B.

The Debtor can be reached at:

         LLC Voen-Stroy-Garant
         Nekrasova Str. 63
         153015 Ivanovo
         Russia


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


IM GRUPO: Moody's Assigns 'Caa1' Rating on Series B Notes
---------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt to be issued by IM Grupo Banco Popular Empresas 3:

  -- Aaa to the EUR500,000,000 Series A1 notes
  -- Aaa to the EUR1,142,500,000 Series A2 notes
  -- Caa1 to the EUR607,500,000 Series B notes

IM Grupo Banco Popular Empresas 3 is a cash securitisation of
standard loan contracts granted by Banco Popular and Banco
Andalucia to Spanish SME's, corporations and self-employed
individuals out of any guarantee program.  The portfolio will be
serviced by Banco Popular.

According to Moody's, the transaction benefits from several credit
strengths including these: (1) Strong swap guaranteeing 30 bps of
Xs spread over a notional equal to the notes balance; and (2) no
loans in arrears will be included at closing.  However, Moody's
notes that the deal also features credit weaknesses, notably: (1)
Low pool granularity, with the most concentrated loan being 4.55%
of the issuance amount; (2) low relative % of mortgages guarantees
(38%); (3) a 5 year lock up period; (4) around 29% of the
borrowers are concentrated in the Real Estate sector (including a
12% Real Estate Developers over total pool); and (5) weak
historical performance of recent Grupo Banco Pupular's SME deals
and overall SME book (the PD assumption for this deal is 16.35%).
These increased risks were reflected in the credit enhancement
calculation.

The pool of underlying assets was, as of April 2009, composed of a
portfolio of 19,934 loans and 17,362 borrowers granted to Spanish
SME's, corporations and self-employed individuals.  The loans were
originated between 1995 and 2009 (>98% between 2005 and 2009),
with a weighted average seasoning of 1.24 years and a weighted
average remaining term of 8.1 years.  Around 38% of the
outstanding of the portfolio is secured by a mortgage guarantee
(100% of them being first-lien with a weighted average LTV of
82%).  Geographically, the pool is concentrated in Madrid (21%),
Andalusia (16%) and Catalonia (15%).  At closing, there will be no
loans in arrears.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analysed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described "Moody's Approach to Rating Granular SME Transactions in
Europe, Middle East and Africa," June 2007 and "Refining the ABS
SME Approach: Moody's Probability of Default assumptions in the
rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA", March 2009.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for payment of interest and ultimate payment of
principal at par on or before the rated final legal maturity date
on Series A1 and A2 and for ultimate payment of interest and
principal at par on or before the rated final legal maturity date
on Series B.  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.

Provisional ratings were assigned to the Class A notes on 1 July
2009.


OBRASCON HUARTE: Fitch Maintains 'BB+' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings is maintaining Spanish construction group Obrascon
Huarte Lain SA's Long-term Issuer Default Rating and senior
unsecured rating at 'BB+' on Rating Watch Negative.  The Short-
term IDR has been affirmed at 'B'.

Fitch downgraded OHL's ratings on March 16, 2009 and
simultaneously placed the ratings on RWN, pending a further review
of the company's concession portfolio, order book and liquidity
profile.  This review, initially scheduled to be completed within
three months, is ongoing, and for this reason Fitch has extended
its Rating Watch for a further six weeks.  Fitch will now seek to
resolve the RWN by mid-August.

The RWN continues to reflect concerns about a potential weakening
in cash flow generation in the company's concession and
construction businesses as a result of poor conditions in many of
its end markets (for example, Euroconstruct, a construction
forecast group, expects Spanish civil engineering to contract 3.2%
in 2009 and a further 2.3% in 2010).  This is against a backdrop
of a gradual increase in leverage (net debt/EBITDAR, adjusted for
seasonality, non-recourse debt and ring-fenced concession cash
flows), which stood at 3.0x at end-Q109 (versus 2.6x at end-Q108).
Concerns also persist regarding OHL's reliance on short-term bank
funding and the possibility of underperforming concessions
requiring financial support from the parent company.

OHL's credit profile has, however, exhibited a degree of stability
during the past three months; the company has continued to
successfully roll over its short-term credit lines, with available
lines increasing by approximately 6% quarter-on-quarter (at Q109).
The company's Q109 results were also broadly in line with Fitch's
expectations, with stable sales and margins and a modest growth in
the construction order book.  Its liquidity score (sources of
liquidity divided by uses of liquidity over the next 12 months)
has been steady at 1.1x.  The agency, however, continues to have
concerns that operational performance could worsen in H209 and
into 2010.

A downgrade of the ratings, possibly by more than one notch, could
occur if the review concludes that: (i) OHL's concessions exposure
is inherently more risky than currently assumed, and will remain a
significant cash drain on the parent company for an extended
period, (ii) OHL's order book is inherently weaker or riskier than
currently assumed, therefore indicating future cash flow
deterioration, and/or (iii) OHL's liquidity position materially
deteriorates (such as a failure to roll over short-term credit
lines).  The ratings will likely be affirmed at current levels if
none of these concerns materialise.


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


MEYER MALERGESCHAFT GMBH: Claims Filing Deadline is July 10
-----------------------------------------------------------
Creditors of Meyer Malergeschaft GmbH are requested to file their
proofs of claim by July 10, 2009, to:

         Fritz Meyer
         Mengestorfstrasse 48
         3144 Gasel
         Switzerland

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


METALLUM AG: Creditors Must File Claims by July 10
--------------------------------------------------
Creditors of Metallum AG are requested to file their proofs of
claim by July 10, 2009, to:

         Argos Treuhand & Consulting AG
         Zurlindenstrasse 21
         4133 Pratteln
         Switzerland

The company is currently undergoing liquidation in Pratteln.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 15, 2009.


MODEBOUTIQUE CLEMODA: Claims Filing Deadline is July 15
-------------------------------------------------------
Creditors of Modeboutique CLEModa GmbH are requested to file their
proofs of claim by July 15, 2009, to:

         ITVTreuhand AG
         Hallwilerweg 2
         6000 Luzern 7
         Switzerland

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


MUNDIMED AG: Creditors Must File Claims by July 16
--------------------------------------------------
Creditors of MundiMed AG are requested to file their proofs of
claim by July 16, 2009, to:

         FCCF Finance and Consulting AG
         Bahnhofstrasse 9
         Mail Box 155
         6341 Baar
         Switzerland

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


RESTAURANT TOURING: Claims Filing Deadline is July 10
-----------------------------------------------------
Creditors of Restaurant Touring Pizzeria Roma GmbH are requested
to file their proofs of claim by July 10, 2009, to:

         Richard Schwab
         Bernstrasse 30
         3250 Lyss
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 11, 2006.


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


ALFA-BANK UKRAINE: S&P Cuts Long-Term Counterparty Rating to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Alfa-Bank Ukraine to 'CC' from
'CCC+'.  S&P also lowered the Ukrainian national scale rating on
ABU to 'uaCC' from 'uaB'.  At the same time, S&P affirmed the 'C'
short-term counterparty credit rating on ABU and placed all
ratings on CreditWatch with negative implications.

The rating actions follow ABU's announcement on July 1, 2009, of
an exchange offer for three Loan Participation Notes that total
approximately US$1.0 billion and represent about one-third of
ABU's liabilities.  ABU is reportedly soliciting consent from the
noteholders to amend the terms and conditions of these LP Notes.
ABU reportedly proposes an exchange of cash and New Notes equal to
100% of the principal amount of the LP Notes.  The maturity of the
New Notes extends to 2012, beyond the maturity of the LP Notes,
one of which matures in December 2009.

"Under S&P's criteria, S&P consider this proposed debt
restructuring to be a distressed exchange and, as such, tantamount
to a default, as the new securities' maturities extend beyond
those of the original securities," said Standard & Poor's credit
analyst Ekaterina Trofimova.

At year-end 2008, ABU reported total assets of US$3.8 billion and
ranked among the top 10 banks in Ukraine with a market share of
about 3.5%.  ABU is almost 100%-owned by Alfa Group Consortium
(AGC; not rated), one of Russia's largest conglomerates.  ABU is a
sister bank of Russia-based OJSC Alfa-Bank (BB-/Watch Neg/B,
ruAA-/Watch Neg/--).

ABU reportedly intends to complete its exchange transaction in
July 2009 at which point S&P intends to resolve its CreditWatch.
If the exchange is successful, S&P will likely lower the ratings
on the LP Notes to 'D' and the counterparty credit and Ukrainian
national scale ratings to 'SD', should ABU continue to honor its
other debt obligations, or to 'D' if S&P concludes that ABU is in
default on a majority of its debt.

In S&P's view, ABU's liquidity remains extremely tight.  S&P
intends to review the funding of the upfront cash portion of the
exchange offer as a key area of analysis.

"Following the completion of the offer and a review of ABU's
liabilities, S&P intends to reassess ABU's liquidity profile and
credit standing, and revise S&P's ratings accordingly," said
Ms. Trofimova.  "The debt restructuring, including extension of
maturities, may reduce near-term pressure on liquidity and
refinancing."

Nonetheless, S&P expects the Ukrainian financial sector to remain
highly risky for the rest of 2009 and into 2010.


ALFA BANK: Exchange Offer Cues Moody's to Junk Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has downgraded Alfa Bank Ukraine's local
and foreign currency deposit and senior unsecured debt ratings to
Caa1 from B3, bank financial strength rating to E from E+ and
National Scale Rating to Ba3.ua from Baa3.ua.  All of the bank's
long-term ratings remain on review for possible further downgrade.

Moody's downgraded the ratings following Alfa Bank Ukraine's
recent offer to exchange its outstanding Eurobonds maturing and/or
puttable in 2009, 2010 and 2011 with new longer-dated bonds that
pay a higher coupon.  The amount of the existing bonds is
US$1.05 billion or about half of the bank's total market
borrowings.

According to the proposed terms of the debt exchange, Alfa Bank
Ukraine would make an upfront payment to the existing noteholders
totalling up to 27% of the face value of the existing bonds.  For
the remaining amount, Alfa Bank Ukraine will issue new bonds with
a 13% coupon rate and three-year tenor.

Although the proposed transaction presumes par-to-par debt
exchange, Moody's believes that this exchange offer highlights
Alfa Bank Ukraine's stretched liquidity position characterized by
high dependence on market funding and limited liquidity cushion.
Other than the Eurobonds the bank's wholesale debt consists of
local currency bonds and interbank loans, almost all of which are
due over the next one year.  These persistent liquidity issues
coupled with ongoing asset quality deterioration challenge the
bank's franchise development as well.

Moody's continued ratings review on Alfa Bank Ukraine's debt and
deposit ratings will be concluded based on the outcome of the
proposed debt exchange, including its impact on the bank's
liquidity position.

A successful completion of the debt exchange may benefit the
bank's liquidity position and its franchise perspectives and
result in affirming the bank's ratings.  Conversely, if the
exchange is rejected by the noteholders, this may increase the
likelihood of default on Alfa Bank Ukraine's upcoming debt
payments, and therefore lead to a further ratings downgrade.

The previous rating action on Alfa Bank Ukraine was implemented on
May 18, 2009 when the bank's B3/E+/Baa3.ua ratings were affirmed
and kept on review for possible downgrade.

Headquartered in Kiev, Alfa Bank Ukraine reported total assets of
US$3.8 billion and total equity of US$447 million, according to
IFRS financial statements at the end of 2008.


EASTERN FINANCIAL: Creditors Must File Claims by July 10
--------------------------------------------------------
Creditors of LLC Eastern Financial Resources (code EDRPOU
31952537) have until July 10, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 16, 2009.  The case is docketed under
Case No. B-50/19-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Eastern Financial Resources
         Gagarin Ave. 175
         61124 Kharkov
         Ukraine


INDUSTRIAL CONTRACT: Creditors Must File Claims by July 10
----------------------------------------------------------
Creditors of LLC Industrial Contract (code EDRPOU 32437421) have
until July 10, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 4, 2009.  The case is docketed under
Case No. B-24/17-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Industrial Contract
         Office 198
         Gagarin Ave. 49a
         61001 Kharkov
         Ukraine


INDUSTRIAL TRADE: Creditors Must File Claims by July 10
-------------------------------------------------------
Creditors of State Company Industrial Trade (code EDRPOU 32948888)
have until July 10, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 17, 2009.  The case is docketed under
Case No. B-19/20-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         State Company Industrial Trade
         Morozov Str. 11
         61036 Kharkov
         Ukraine


MILK PRODUCTS: Creditors Must File Claims by July 10
----------------------------------------------------
Creditors of LLC Firm Milk Products (code EDRPOU 30884409) have
until July 10, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Feb. 4, 2009.  The case is docketed under
Case No. B-50/03-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Firm Milk Products
         Office 1005
         Plekhanovskaya Str. 92-a, b. B
         61001 Kharkov
         Ukraine


SPECIAL BUILDING: Creditors Must File Claims by July 10
-------------------------------------------------------
Creditors of LLC Special Building Service (code EDRPOU 31152485)
have until July 10, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on 03/17/2009.  The case is
docketed under Case No B-19/19-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine


The Debtor can be reached at:

         LLC Special Building Service
         Office 9
         Heroes of Stalingrad Ave. 144a
         Kharkov
         Ukraine


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


ADDINGTON PALACE: Put Into Receivership by Hanley
-------------------------------------------------
Peter Truman at thisislocallondon.co.uk reports that the Addington
Palace Hotel, owned by Addington Palace Limited, has been placed
into fixed charged receivership after concerns it could not pay
its creditors.

The report relates its mortgagee, the Hanley Economic Building
Society, appointed Bob Young as a Fixed Charge receiver.
The report notes that on March 26, Hanley submitted a petition to
wind up Addington Palace Limited, part of the Westmead Group, as
it believed the company was unable to pay its debts.  Bob Young, a
partner in the firm Begbies Traynor which specializes in corporate
rescue, restructuring and recovery and personal insolvency, as
cited in the report, said his appointment was a "purely
protective" measure.

"The business has not changed.  We are continuing to operate after
some restructuring," the report quoted Craig Davis, manager at the
Addington Palace Hotel, as saying.  "We are still owned by the
Westmead Group and it is business as usual."


BRITISH AIRWAYS: To Cut Capacity; June 2009 Traffic Down 14.9%
--------------------------------------------------------------
British Airways plc reported traffic and capaciy statistics for
June 2009.

British Airways said in June 2009, passenger capacity, measured in
Available-Seat-Kilometers, was 1.7 per cent below June 2008.
Traffic, measured in Revenue-Passenger-Kilometers, fell by 3.8 per
cent.  This resulted in a passenger load factor decrease of 1.8
points versus last year, to 79.6 per cent.  Traffic comprised a
14.9 per cent decrease in premium traffic and a 1.3 per cent fall
in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, fell by 9.8 per cent.

                       Market Conditions

British Airways said market conditions continue to be very
challenging with trading at levels well below last year.  However
on an underlying basis both premium and non-premium volumes and
seat factors have now been stable for more than three months, the
airline said.

                       Business Update

In response to the challenging economic conditions British Airways
has reviewed its business plan.  The airline said capacity for the
current summer period (April to October) is now expected to be
down 3.5 per cent (previously 2.5 per cent), with capacity in the
winter down 5 per cent (previously 4 per cent).  The remaining
three mainline Boeing 757 aircraft will be grounded in summer 2010
and a further three Boeing 747-400s in winter 2010.  The delivery
schedule for the first six Airbus A380 aircraft has been extended
by an average of five months with the first delivery still due in
2012.  The schedule for the remaining six A380s has been extended
by an average of two years with the final aircraft arriving in
2016.  Forecast capital expenditure has been reduced from GBP725
million to GBP580 million for 2009/10 and is likely to remain at
that level in 2010/11.  As previously indicated Equivalents (MPE)
are targeted to be reduced by some 3,700 in 2009/10 -- this is in
addition to the reduction of around 2,500 achieved between June
2008 and March 2009.

                       Strategic Developments

Some 7,000 British Airways employees have volunteered for schemes
in support of the airline's cost reduction program.  Their actions
will save the company up to GBP10 million.

British Airways announced that its new business class service from
London City airport to New York will launch on September 29, 2009.
Tickets for the twice-daily flights on a specially configured 32-
seat Airbus A318 are now on sale.

This winter, British Airways will launch extra flights from
Gatwick to Bermuda, Barbados, St Lucia and Port of Spain.
Gibraltar, Malaga and Pisa flights will move from Gatwick to
Heathrow and flights from Gatwick to Alicante, Barcelona, Krakow,
Madrid, Malta and Palma will be suspended.

                      About British Airways

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

                     *     *     *

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

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


CASTLEMORE SECURITIES: PwC Puts 'The British' Up for Sale
---------------------------------------------------------
PricewaterhouseCoopers LLP, the joint administrators and fixed
charge receivers of Castlemore Securities Ltd and other
subsidiaries, said they are currently marketing 'The British' -- a
1,300 acre site near Talywain in South Wales.

The British is a brown-field site previously used as a colliery
and steelworks.  The site includes an estimated 360,000 tonnes of
coal for extraction by open-cast mining, and the subsequent
development of the site primarily for residential purposes.  An
area of the site, extending to approximately 150 acres, is
currently included in the Local Plan as a General Development Area
and it is estimated that the site could eventually accommodate in
the region of 800 dwellings (subject to a Development Framework)
and mixed use components as part of a community development.

PricewaterhouseCoopers LLP real estate partner, Barry Gilbertson
explained: "'The British' has great potential for profit over time
from a range of property development and mining activities, so it
seems to be just the right kind of property to be marketing at
this stage of the recessionary cycle.  Given the strong interest
already registered in The British, we expect there will be
significant competition from a range of well-funded and
experienced bidders".

Explaining how this sale fits in with the wider administration
strategy, Matthew Hammond, PwC partner and joint administrator of
Castlemore added: "Since our appointment, we have been greatly
encouraged by the extensive and persistent interest in the
better-known Castlemore properties, and in this site in
particular.

"We want to be very clear that this is a structured sale designed
to appeal to those developers who are excited by the opportunity
and who believe that they can add value to this site and formulate
considered proposals.  We are undertaking no other marketing of
sites from the Castlemore appointments at this time."

Interested parties should contact Mark Whitehouse or Matt Newbold
by email at: castlemore.realestate@uk.pwc.com.

'The British' is owned by Spring (Talywain) Ltd which is
controlled by the Director, JG Whateley.  In marketing the site,
Matthew Hammond is one of the Joint Administrators of Spring
Residential Limited which is the immediate holding company of
Spring (Talywain) Ltd.

Mark Batten and Matthew Hammond of PricewaterhouseCoopers LLP were
appointed joint administrators of Castlemore Securities Limited,
Castlemore (Temple Quay 4) Limited, Britten Investments Limited,
Spring Residential Limited, Spring (Sutton Coldfield) Limited on
February 27, 2009.  Mark Batten and Matthew Hammond were also
appointed joint administrators of Castlemore (West Bar) Limited,
Castlemore (Temple Quay 6) Limited, Castlemore (Temple Quay 2)
Limited, Castlemore (Temple Quay 9) Limited and Castlemore (Temple
Quay 8) Limited on March 2, 2009.


CHELSEA BUILDING: Moody's Cuts Subordinated Debt Ratings to 'Caa1'
------------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3.  All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.

The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society.  In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1).  These PPDS rank
pari passu with existing PIBS in a liquidation scenario.  In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS.  The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.

Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base.  Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.

Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".

Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.

        Previous Rating Action and Principal Methodologies

On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders.  The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to.  In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.

Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.

Building societies included in this action are headquartered in
the U.K.


COFFEE REPUBLIC: To Go Into Administration; Seeks Share Suspension
------------------------------------------------------------------
Reuters reports that Coffee Republic plc is expected to go into
administration after the company asked for its shares to be
suspended from trading Friday.

The company, as cited by Reuters, said "The board of Coffee
Republic has requested the suspension of the quotation of its
shares pending clarification of the financial position of certain
subsidiaries including Coffee Republic (UK) Limited, the principal
UK operating company."

According to Reuters, the company said documents had been lodged
with the court in anticipation of the appointment of
administrators to these subsidiaries.

Coffee Republic PLC -- http://www.coffeerepublic.co.uk-- is a
United Kingdom-based company.  The Company is engaged in the
operation, both directly and through franchising, of specialty
espresso and deli bars.  Its subsidiaries include Coffee Republic
(UK) Limited, Goodbean Limited, Republic Deli Limited and Coffee
Republic Franchising Limited.  As of August 28, 2008, it had 16
company operated bars and 53 franchise operated bars.


EPIC PLC: S&P Cuts Ratings on Four Classes of Notes to Low-B
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes issued by Epic (Industrious) PLC.

Epic (Industrious) is a synthetic commercial mortgage-backed
securities transaction that closed in October 2006.  The Royal
Bank of Scotland PLC arranged the deal, is the credit default swap
counterparty, and also acts as the servicer and special servicer.
The notes are backed by one loan (currently in special servicing)
secured by 120 secondary/average industrial properties in the U.K.
The assets are let to more than 1,000 tenants, with the largest
tenant accounting for 3% of the total rental income.  Of the
lettable area, 18% is currently vacant.  The latest external
valuation as of June 2008 was GBP521 million.

In 2008, S&P lowered its rating on the class F notes to 'BB' and
placed the ratings on the class E and F notes on CreditWatch
negative following the deterioration of the property value along
with a breach of the loan-to-value ratio covenant and the
occurrence of a credit event under the credit default swap.  On
June 2, S&P also placed the class A to D notes on CreditWatch
negative.

S&P understands that Ernst & Young, the receiver, will put up for
auction 31 properties backing the transaction on July 16.  In view
of market value declines experienced in the U.K. since the latest
valuation, there is a risk that the auction sale price achieved
will be less than the "allocated loan amount" (as that term is
defined in the documents).  If the properties are sold below the
allocated loan amount, this will further weaken the loan's
interest-coverage ratio.

Before the auction announcement, S&P understands that a disposal
of the entire portfolio was contemplated.  If, in addition to
these 31 properties, the transaction parties were to sell further
assets in the current market conditions, S&P considers there is a
risk that principal losses could occur of a magnitude that could
affect the senior classes of notes.

The rating actions are driven by these considerations.

The servicer has recently reported that the cash flow from the
properties is likely to reduce during 2009 because of falling
occupancy rates at the properties and increased void costs.  As
S&P noted when S&P placed the class F notes on CreditWatch
negative, the servicer has a range of options to consider.

If it is determined, as S&P believes is possible, that the reduced
cash flow may still be sufficient not only to pay interest on the
securitized portion of the loan (disregarding default interest)
but also to generate excess cash, a "hold strategy" might be
adopted.  Arguably, a hold strategy that would take advantage of
excess cash flow generated during an extended workout period
could see those funds being used to partially repay the loan,
thereby reducing the principal loss.  However, S&P notes that this
strategy also risks a further decline in property values, which
may offset the gain from the excess cash.

S&P has relied principally on publicly available data in forming
S&P's views.

                           Ratings List

                     Epic (Industrious) PLC
  GBP490 Million Commercial Mortgage-Backed Floating-Rate Notes


      Ratings Lowered and Removed From CreditWatch Negative

            Class      To               From
            -----      --               ----
            A          BBB-             AAA/Watch Neg
            B          BB               AAA/Watch Neg
            C          BB-              AAA/Watch Neg
            D          B+               AA/Watch Neg
            E          B                A/Watch Neg
            F          B-               BB/Watch Neg


EPL ACCESS: In Administration; KPMG Appointed
---------------------------------------------
Ian Corfield and Myles Halley of KPMG Restructuring were appointed
joint administrators of EPL Access Ltd, a hydraulic access
equipment hire business based in Sandy, Bedfordshire, on
July 2, 2009.

The company employs a total of 105 members of staff at its head
office and across a further seven depots in Bristol, Birmingham,
Carlisle, Enfield, Falkirk, Manchester and Winchester.

EPL Access Ltd hires hydraulic access equipment to customers
including local authorities, highway maintenance companies and
security firms.  The company has a turnover of GBP8.1 million and
a fleet of 454 assets.

Ian Corfield, joint administrator and KPMG director, said: "The
company has been suffering due to the current difficult trading
conditions which have resulted in problems with cash flow.
Despite the best efforts of its directors, they were unable to
secure additional funding and have had no option but to place the
company into administration.

"We will now be working to stabilize the business while we review
the options for the future of the company, which will include
restructuring its debt and/or trying to sell the business as a
going concern."

Any interested parties should contact ian.corfield@kpmg.co.uk.


FONEHOUSE HOLDINGS: Put Into Administration by Bayley
-----------------------------------------------------
Mobile News reports that retailer Bayley has placed Fonehouse
Holdings into administration.

The report relates Fonehouse managing director Clive Bayley has
appointed insolvency specialist Leonard Curtis as administrator to
Fonehouse Holdings, which has traditionally run the company's own
store portfolio.  According to the report, Bayley, which has a 98
percent share in Fonehouse Holdings, put the unit into
administration as it looks to free itself of four shop leases and
drive forward its franchise program under a new division.

"We want to escape from four leases fairly quickly where stores
aren't performing.  The only way to do that is to transfer our
remaining assets to one of our other companies and drop Fonehouse
Holdings.  We want to renegotiate terms on premises with landlords
and franchise out the stores at a sensible price," Mobile News
quoted Mr. Bayley as saying.

Fonehouse, the report says, currently has 24 franchise stores.
The report discloses Fonehouse Holdings generated turnover of
GBP12.7 million in the year to February 2008.


HOUSE OF EUROPE: S&P Lowers Rating on Class C Notes to 'CC'
-----------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on the class A3a, A3b, B,
and C notes issued by House of Europe Funding V PLC.  At the same
time, S&P lowered its rating on the class A2 notes and affirmed
S&P's ratings on classes A1 and A1 DDN.

The rating actions follow S&P's assessment of the deterioration in
the credit quality of the underlying portfolio.  While the
transaction has not been exposed to further asset defaults since
S&P placed some of the notes on CreditWatch negative on April 16,
2009, there has been an increase in the proportion of assets in
the pool rated 'CCC+' and lower.

The transaction is currently failing its overcollateralization
tests and has been paying down the senior notes in an attempt to
bring the tests back into compliance.  While both interest and
principal proceeds were applied to reducing the notional of the
senior notes on the May payment date, reported
overcollateralization ratios have nevertheless deteriorated,
mainly due to discounts applied to the principal balance of assets
rated 'BB+' and lower in the calculation of the ratio.

S&P's analysis indicates that the pool contains about 16% of
assets on CreditWatch negative -- a significant increase from the
7% figure S&P observed in April, when S&P placed some of the notes
on CreditWatch negative.  On April 6, S&P published revised
assumptions governing structured finance assets with ratings on
CreditWatch held within collateralized debt obligation
transactions.  Under these revised assumptions, ratings on
CreditWatch are adjusted downward by at least three notches.  The
deteriorating credit quality of the underlying portfolio and the
increased share of assets on CreditWatch negative have, according
to S&P's analysis, increased the scenario default rate to an
extent where, in S&P's view, the credit enhancement on classes A2,
A3a, A3b, B, and C is no longer sufficient to maintain their
previous ratings.

S&P has lowered the ratings assigned to classes A2, A3a, A3b, and
B to levels which, in S&P's view, reflect the current likelihood
of repayment to noteholders.

S&P has lowered its rating on the class C notes to 'CC', as S&P
believes that ultimate repayment of these notes is highly
unlikely. In accordance with the transaction documents, interest
payments are deferred on these notes until overcollateralization
ratios are brought into compliance with the trigger levels.  S&P's
analysis indicates that interest payments to the class C notes are
unlikely to resume in the short term.  Furthermore, in S&P's view,
the principal balance of the assets in the underlying portfolio is
insufficient to cover the principal of these notes.

                          Ratings List

                  House of Europe Funding V PLC
          EUR996 Million Fixed- And Floating-Rate Notes
                 and EUR4 Million Annuity Notes

                         Rating Lowered

                                      Rating
                                      ------
              Class              To            From
              -----              --            ----
              A2                 AA            AAA

      Ratings Lowered and Removed From CreditWatch Negative

                                 Rating
                                 ------
         Class              To            From
         -----              --            ----
         A3a                BBB           A+/Watch Neg
         A3b                BBB           A+/Watch Neg
         B                  BB-           A-/Watch Neg
         C                  CC            CCC+/Watch Neg

                        Ratings Affirmed

                    Class              Rating
                    -----              ------
                    A1 DDN             AAA
                    A1                 AAA


LEHMAN BROTHERS: Moody's Withdraws Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of notes
issued by certain synthetic credit derivative transactions listed
below that have exposure to Lehman Brothers Special Financing Inc.
Moody's explained that LBSFI acts as a credit default swap
counterparty in the Transactions and that its obligations as such
are guaranteed by Lehman Brothers Holdings inc.

The ratings are withdrawn due to inadequate information.

The rating actions are:

Onyx Funding Limited

  -- Series 2006-1 US$15,000,000 Synthetic Portfolio Notes due
     2014, Withdrawn; previously on 21 May 2009 Downgraded to Caa3

  -- Series 2008-1 US$20,000,000 Credit Linked Synthetic Portfolio
     Notes due 2017, Withdrawn; previously on 20 October 2008
     Downgraded to Caa2 and remains on Review for Direction
     Uncertain

Phoenix 2002-1 Limited

  -- Class A, Withdrawn; previously on 20 October 2008 Downgraded
     to Caa2 and Placed Under Review for Direction Uncertain

  -- Class B, Withdrawn; previously on 20 October 2008 Downgraded
     to Caa2 and Placed Under Review for Direction Uncertain

  -- Class C, Withdrawn; previously on 20 October 2008 Downgraded
     to Caa2 and Placed Under Review for Direction Uncertain

Quartz Finance Plc

  -- Series 2003-1 Eldon Street Class A Notes, Withdrawn;
     previously on 20 October 2008 Downgraded to B2 and Placed
     Under Review for Direction Uncertain

  -- Series 2003-1 Eldon Street Class B Notes, Withdrawn;
     previously on 20 October 2008 Downgraded to B2 and Placed
     Under Review for Direction Uncertain

  -- Series 2003-4 Kingsway Floating Rate Credit-Linked Notes,
     Withdrawn; previously on 20 October 2008 Downgraded to B3 and
     remains on Review for Direction Uncertain

  -- Series 2003-5 Kingsway II Credit-Linked Synthetic Portfolio
     Notes, Withdrawn; previously on 20 October 2008 Downgraded to
     B3 and remains on Review for Direction Uncertain

  -- Class A Kingsbury Credit-Linked Synthetic Portfolio CDO
     Notes-1, Withdrawn; previously on 20 October 2008 Downgraded
     to Caa3

  -- Class B Kingsbury Credit-Linked Synthetic Portfolio CDO
     Notes, Withdrawn; previously on 20 October 2008 Downgraded to
     Caa3

  -- Series 2005-2 Kingsway Credit-Linked Synthethic Portfolio
     Notes, Withdrawn; previously on 20 October 2008 Downgraded to
     B2 and remains on Review for Direction Uncertain

Ruby Finance Public Limited Company

  -- Series 2004-1 Class A1 US$70,000,000 Credit-Linked Synthetic
     Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously on
     20 October 2008 Downgraded to B3 and remains on Review for
     Direction Uncertain

  -- Series 2004-1 Class A2 US$70,000,000 Credit-Linked Synthetic
     Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously on
     20 October 2008 Downgraded to B3 and remains on Review for
     Direction Uncertain

  -- Series 2004-3, Credit-Linked Synthetic Portfolio Notes,
     Withdrawn; previously on 21 May 2009 Downgraded to Caa1

  -- Series 2005-1 Class A1 EUR1,000,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A10 EUR2,000,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A11 EUR500,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A12 EUR500,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A13 EUR500,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A14 EUR10,000,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A15 EUR3,000,000 Leveraged Super Senior
     Tranche Notes due 2010-1, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2005-1 Class A16 EUR3,000,000 Leveraged Super Senior
     Tranche Notes due 2010, Withdrawn; previously on 20 October
     2008 Downgraded to B2 and remains on Review for Direction
     Uncertain

  -- Series 2006-2 EUR10,000,000 Orion Enhanced Return Dynamic
     CDO Credit Linked Synthetic Portfolio Notes due 2013,
     Withdrawn; previously on 20 October 2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- Series 2006-3 EUR50,000,000 RIESLING Credit Linked Synthetic
     Portfolio Notes due 2016, Withdrawn; previously on 20 October
     2008 Downgraded to B1 and remains on Review for Possible
     Downgrade

  -- Series 2006-4 EUR50,000,000 Credit Linked Synthetic
     Portfolio Notes due 2016, Withdrawn; previously on 20 October
     2008 Downgraded to Caa3

  -- Series 2006-5 EUR150,000,000 Bison Notes due 2013,
     Withdrawn; previously on 29 October 2008 Downgraded to B3 and
     remains on Review for Direction Uncertain

  -- Series 2007-1 US$40,000,000 Credit Linked Synthetic Portfolio
     Notes due 2014, Withdrawn; previously on 20 October 2008
     Downgraded to B3 and remains on Review for Direction
     Uncertain

  -- Series 2007-3 Snowdon Portfolio Class A-1 Swap Agreement,
     Withdrawn; previously on 17 September 2008 Aaa Placed Under
     Review for Possible Downgrade

  -- Series 2007-3 Snowdon Portfolio Class A-2 Notes, Withdrawn;
     previously on 17 September 2008 Aaa Placed Under Review for
     Possible Downgrade

  -- Series 2007-3 Snowdon Portfolio Class B Notes, Withdrawn;
     previously on 17 September 2008 Aa2 Placed Under Review for
     Possible Downgrade

  -- Series 2007-3 Snowdon Portfolio Class C Notes, Withdrawn;
     previously on 17 September 2008 A2 Placed Under Review for
     Possible Downgrade

  -- Series 2007-3 Snowdon Portfolio Class D Notes, Withdrawn;
     previously on 17 September 2008 Baa2 Placed Under Review for
     Possible Downgrade

  -- Series 2007-3 Snowdon Portfolio Class E Notes, Withdrawn;
     previously on 17 September 2008 Ba2 Placed Under Review for
     Possible Downgrade


LONDON TOWN: Avoids Shares Suspension; In Breach of Debt Covenants
------------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that London Town
narrowly avoided having its shares suspended on the junior market
after filing its annual accounts at the eleventh hour.

The FT relates London Town, which has been hard hit by the general
decline in the pubs sector, revealed that it had breached
covenants on its GBP83.7 million (US$137.8 million) bank loans and
that it was in talks with its lenders over the terms of its
banking facilities.  The group's net debt at the year end stood at
GBP110.8 million, the report discloses.

According to the FT, for the year to December 28, the company's
pre-tax losses more than doubled from GBP11.6 million to GBP24.7
million, despite an increase in revenue, which rose from GBP11.4
million to GBP25.9 million.

London Town plc and its subsidiaries -- http://londontownplc.co.uk
-- comprise the operation of pubs either under lease and tenancy
agreements or through the direct management of pubs.  The
Company's agreements with tenants in the leased estate comprise
both tied and free of tie arrangements and generate income from
rents, sales of beer and other drinks, and through profit share
arrangements for income from leisure machines.  The direct
management of pubs generates income directly from pub customers
from beer and other drink sales, as well as food sales.  At
December 31, 2007, the Company operated 283 pubs, of which the
leased estate comprised 223 mostly freehold pubs and the managed
estate comprised 60 leased and tenanted pubs. On December 28,
2007, the Company acquired GRS Inns Limited, which operates
managed houses under leases and tenancy agreements with a number
of other pub companies.


LUPUS CAPITAL: Executive Chairman Greg Hutchings Steps Down
-----------------------------------------------------------
Tamsin Brown at Daily Mail reports that Greg Hutchings has quit
his post as executive chairman of Lupus Capital.

Daily Mail relates Lupus said Mr. Hutchings will be replaced by
former Party-Gaming and Sage chairman Michael Jackson.
The company, the report discloses, has appointed Keith Taylor as
chief executive.  Daily Mail notes Mr. Taylor will conduct a
review of the company's operations and will consider all options
including disposals.

Daily Mail recalls Lupus, which has been hit badly by the downturn
in the building market, ran into problems with its lenders earlier
this year after the strengthening of the dollar pushed up the size
of its debt pile.  In April the company breached a loan facility
and triggered a default on part of its GBP145 million debt
mountain, the Daily Mail recounts.  Daily Mail states Lupus said
on June 30 it had renegotiated its banking agreements but at the
cost of GBP7.5 million.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


MODUS VENTURES: Two Units in Administration
-------------------------------------------
Lizzie Murphy at Yorkshire Post reports that two of Modus Ventures
Ltd.'s subsidiaries, Modus Bradford Ltd. and Modus Paignton Ltd.,
have gone into administration, bringing the total of Modus
companies which have gone into administration to 19.

According to Yorkshire Post, Tom Jack and Simon Allport at the
Manchester office of Ernst & Young were appointed as joint
administrators of Modus Bradford, the report discloses.  Yorkshire
Post relates a spokeswoman for Ernst & Young said Modus Bradford
is a dormant company with no employees and the administration
would have no impact on Rawson Quarter.

As reported in the Troubled Company Reporter-Europe on June 2,
2009, the Financial Times reported that Modus Ventures was put
into administration by its lenders.  KPMG was appointed as
administrator to the group, whose property portfolio has an
estimated value of GBP4.3 billion, the FT said.

Modus Ventures Ltd. is a commercial property developer based in
Manchester.


MONIER GROUP: Lenders Approve Financial Restructuring Plan
----------------------------------------------------------
Monier Group has reached an agreement with key stakeholders to
effect a financial restructuring of the Group after successfully
concluding negotiations with the Steering Committee appointed by
senior lenders.  The Board of Directors of the holding company of
Monier Group has also unanimously approved the financial
restructuring plan.

Formal approval by the requisite majority of Monier's lender group
has been obtained (more than 2/3 of first and second lien lenders
and more than 75% of first lien lenders), and additional formal
approvals are expected to be received within the next few days.

The restructuring contains the following elements:

    * Lenders agree to a reduction in cash pay debt by more than
      half and reduced cash interest expense by approximately 80%

    * Senior lenders commit to jointly provide a EUR150 million
      new credit line

    * The senior lenders will become the new shareholders of
      Monier

    * Apollo Global Management, LLC, TowerBrook Capital Partners
      LLP and York Capital Management, three international
      investment firms will be the largest shareholders post
      restructuring

The Group Management Board of Monier, comprising three senior
executives, will remain unchanged and will continue to deploy its
strategy to maximize Monier's financial and operational
performance in order to enhance the Group's position as a global
leader in roofing materials.

Monier management, the Steering Committee and ATY are confident
that the restructuring agreement provides a stable, long-term
financial basis for Monier, which will underpin and strengthen
Monier’s relationships with customers and suppliers.

Pepyn Dinandt, CEO of Monier Group, commented: "The agreement
illustrates that lenders are prepared to invest in fundamentally
robust companies.  In recent months, we have taken successful and
significant operational measures and positioned Monier for the
future.  We can now look forward to further strengthening our
position as a market leader."

The lender led financial restructuring plan is based on a broad
consensus on the future strength and opportunities for Monier.
Despite the difficult market environment and the general economic
crisis, Monier has already been able to strengthen its market
leading position in several of its core markets.

Legal measures to implement the restructuring are expected to be
taken in the coming weeks.  The process is expected to be formally
completed by the end of the year.

                              About Monier

Monier Group -- http://www.monier.co.uk/-- supplies pitched-
roofing products, roofing components and chimney systems.  It has
more than 200 production sites and activities in 46 countries,
including the United Kingdom, Germany, Poland, among others.   In
2008, the Group generated revenues totalling EUR1.5 billion and
had 11,155 employees.


NATIONAL EXPRESS: Holds On to East Coast Franchise
--------------------------------------------------
Nathalie Thomas at The Scotsman reports that National Express plc
is holding on to its East Coast Main rail line, insisting that it
has not yet defaulted on the contract.

The Scotsman relates Ray O'Toole, who took over from departing
chief executive Richard Bowker, argued that the government is not
yet in a position to legally strip National Express of the
franchise despite an admission that it was not likely to meet its
latest payment on the GBP1.4 billion contract.  Mr. Toole, as
cited by The Scotsman, said the franchise would only be handed
over at Christmas if National Express fails to lure back
passengers.

On July 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that U.K. Transport Secretary Andrew
Adonis said that the company's contract to run the East Coast rail
service between London and Scotland will be taken into public
ownership and may be subject of re-bidding in a year to 18 months.
Bloomberg News disclosed the minister said Elaine Holt, formerly
managing direct of FirstGroup's First Capital Connect unit, which
operates commuter trains across central London, has been selected
to run the East Coast franchise, which the National Express won in
August 2007, once it's brought under state ownership.

In the same TCR-Europe report Bloomberg News said National Express
is also at risk of losing its East Anglia franchise, which
operates between London's Liverpool Street station and Norwich,
eastern England, and C2C, which runs commuter trains to London
Fenchurch Street from Essex.  "The government believes it may have
grounds to terminate those franchises," Bloomberg News quoted
Mr. Adonis as saying.

                         Legal Battle

National Express, The Scotsman says, is expected to argue that the
East Coast line is a separate entity from C2C and East Anglia and
cross default does not, therefore, apply.  "If anybody attempts to
come and take them off us, we have got a leading QC who tells us
that we have got a very, very strong case and we will fight it
rigorously," The Scotsman quoted Mr. O'Toole as saying.

                         Rights Issue

Dominic O'Connell at The Sunday Times reports that National
Express chairman John Devaney called in Greenhill, the boutique
investment bank, to advise on the company's future.  Devaney, The
Sunday Times discloses, is considering whether the heavily
indebted transport group can raise money through a rights issue -—
which analysts think will be difficult as long as uncertainty over
the company's rail operations remains.  According to The Sunday
Times, Mr. Devaney's other option is a deal with a rival.
FirstGroup, led by chief executive Sir Moir Lockhead, has already
made an informal bid approach, with some transport bankers saying
that Stagecoach, which is led by founder Brian Souter, could also
be interested, The Sunday Times notes.

                            Takeover

On June 30, 200, the TCR-Europe, citing The Financial Times,
reported National Express rejected an unsolicited takeover bid
from its larger rival FirstGroup.  The FT disclosed 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.

                      About National Express

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- 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 Railway.


NEWCASTLE BUILDING: Moody's Cuts Subordinated Debt Ratings to 'B1'
------------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3.  All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.

The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society.  In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1).  These PPDS rank
pari passu with existing PIBS in a liquidation scenario.  In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS.  The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.

Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base.  Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.

Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".

Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.

        Previous Rating Action and Principal Methodologies

On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders.  The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to.  In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.

Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.

Building societies included in this action are headquartered in
the U.K.


PRINCIPALITY BUILDING: Moody's Lowers Sub. Debt Ratings to 'B1'
---------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3.  All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.

The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society.  In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1).  These PPDS rank
pari passu with existing PIBS in a liquidation scenario.  In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS.  The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.

Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base.  Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.

Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".

Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.

        Previous Rating Action and Principal Methodologies

On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders.  The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to.  In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.

Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.

Building societies included in this action are headquartered in
the U.K.


PETER DEILMANN: Put Into Administration Over Poor Bookings
----------------------------------------------------------
Jane Archer at TravelWeekly reports that Peter Deilmann Cruises
has been put into administration.

The report relates UK Managing director Stuart Perl said poor
bookings from US and Germany had sealed the fate of the river
cruise operation.  According to the report, the company's UK
office will continue to operate as usual until the end of the
European river cruise season in October 2009.

Peter Deilmann Cruises -- http://www.deilmann-cruises.com/--
offers deluxe river cruise vacations for more than 25 years. It
owns and operates nine deluxe river vessels cruising the great
rivers of Europe.


REFLEX MOULDINGS: Goes Into Administration; 71 Jobs at Risk
-----------------------------------------------------------
The Irish Times reports that Reflex Mouldings has gone into
administration, putting 71 jobs at risk.  According to the report,
the company has been hit by the downturn in both construction and
car sales.

The report relates Paul Rooney and Garth Calow, partners in
PricewaterhouseCoopers, were appointed as joint administrators of
the company.

Based in Markethill, Co Armagh, in Northern Ireland, Reflex
manufactures floor tiles for industrial, commercial and domestic
use, and number plates and car mats for a variety of local and
international customers.


VASANTA GROUP: On Brink of Administration; In Rescue Talks
----------------------------------------------------------
Mark Kleinman and Rowena Mason at Telegraph.co.uk report that
Vasanta Group is at risk of going into administration after being
hit by the withdrawal of credit insurance to key suppliers.

PricewaterhouseCoopers, Telegraph.co.uk discloses, has been lined
up to act as administrator to Vasanta, which is owned by Electra
Partners.  Telegraph.co.uk says the company could collapse as soon
as this week unless it can secure new funding, putting 1,400 jobs
at risk.

According to the Telegraph.co.uk, Electra Partners, which wrote
off its GBP40 million investment in the company earlier this year,
is in talks with prospective investors including Alchemy Partners,
the private equity group, over a rescue deal.  Richard Blackden of
Telegraph.co.uk notes talks with potential new investors are
understood to have been going on for a number of weeks and are
expected to conclude shortly.

Telegraph.co.uk states it is likely that the management of the
Sheffield-based company, including its chief executive, Richard
Martin, will lose its entire GBP8 million investment in the event
of a collapse.

Vasanta Group is one of Britain's largest providers of office
supplies.


YELL GROUP: Moody's Downgrades Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Yell Group plc to B2 from B1 and its Probability of
Default Rating to B3 from B2.  At the same time, Moody's placed
the ratings on review for further possible downgrade.  The rating
action follows the company's recent announcement regarding i) the
commencement of capital restructuring negotiations to
comprehensively refinance the company's debt capital structure and
ii) the update on its current trading.

The downgrade and decision to initiate a review reflects Moody's
increasing concerns about the sharply deteriorating trend in the
group's operating environment amid weakening macroeconomic
conditions in its markets at a time when it is entering into a
comprehensive negotiation of the maturity and terms of its credit
facilities with its debt holders and principal shareholders.  The
rating action also reflects the increasing default risk amidst the
developing uncertainty over how the capital restructuring process
will impact Yell's financial risk profile, particularly in the
context of the need to finalize this process on a timely basis,
recognizing the very tight headroom that is developing under the
company's financial covenants.

Moody's aims to conclude the review as clarity develops over the
progress of Yell's negotiations with its various stakeholders.

The last rating action on Yell was implemented on April 21, 2009,
when Moody's downgraded the company's CFR to B1 and PDR to B2 with
a negative outlook.

Yell's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk profile of the company, (iii) the projected
performance of the company over the near to intermediate term, and
(iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Yell's core industry and Yell's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US.  Yell also owns 100%
of TPI (renamed "Yell Publicidad"), the largest publisher of
yellow and white pages in Spain with operations in certain
countries in Latin America.  Yell's revenue for the twelve months
ended  March 31, 2009 was GBP2.4 billion and its Adjusted EBITDA
(as defined by the group) was GBP816 million.


* UK: KPMG Says Number of Companies in Administration Drops
-----------------------------------------------------------
Monthly corporate insolvency figures from KPMG show a substantial
drop in the number of companies going into administration.

Richard Fleming, UK Head of Restructuring at KPMG, commented: "We
have seen average numbers of around 350 administrations a month
since the beginning of the year but the latest monthly figures are
much lower at 178.  While we are entering the quieter summer
months, such a dramatic drop of almost a half is very unusual
given the current economic climate.  We are not convinced,
however, that this indicates an upturn in sentiment; more a
temporary reprieve in advance of a second wave of insolvencies.
From the business perspective, HMRC's decision to allow companies
to delay payments on PAYE and VAT has bought them time by freeing
up working capital.  From the lenders' perspective, the recent
emphasis has been on debt for equity swaps but they are preparing
for a significant uptick in insolvencies towards the end of the
year.

"The total number of insolvencies so far this year is at 1571,
some way behind the 5,000 we predicted for 2009, but our
conversations with businesses and lenders suggest this number will
be reached quickly after the holiday season with a wave of
insolvencies in quarters three and four."

Mr. Fleming went on to predict which businesses are likely to
suffer most in the second wave:  "Time is running out for
businesses in a number of sectors where conditions have not
improved and are unlikely to for some time.  We expect to see
further fall out in the automotive sector, particularly the
supplier base, where many companies have ever decreasing options
in the absence of demand.  Commercial property is a sector whose
problems can’t be brushed under the carpet for much longer.  With
billions of refinancing needed by the end of the year, it looks
set to suffer in the latter half of the year.

"September is likely to be the crunch month for many businesses in
tourism and leisure with the busiest period of the year over.
With demand expected to be at new lows, even larger industry
players could be affected.

He concluded: "Outside retail, we have hardly seen any businesses
in the GBP50-250 million turnover bracket go into administration
in the last decade, but we expect a number to enter formal
insolvency in the last quarter of 2009 when management has
utilised all the tools at their disposal, such as cost reduction
plans, and finally run out of options."

                           About KPMG

KPMG is a global network of professional firms providing Audit,
Tax, and Advisory services.  It operates in 144 countries and has
more than 104,000 professionals working in member firms around the
world.  The independent member firms of the KPMG network are
affiliated with KPMG International, a Swiss cooperative.  KPMG
International provides no client services.


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

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

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


BELGIUM
-------
SABENA SA           SABA    BB      -85494497.66   2215341059.54


SWITZERLAND
-----------
FORTUNE MANAGEME    FMI1    PZ      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI1    DU      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI1    GR      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI1    EU      -57223391.61    186057993.69
FORTUNE MANAGEME    FMGT    US      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI     GR      -57223391.61    186057993.69
FORTUNE MGMT-REG    CTLI    US      -57223391.61    186057993.69
FORTUNE MANAG-NE    FMI7    GR      -57223391.61    186057993.69
FORTUNE MANA-NEW    FMI5    GR      -57223391.61    186057993.69
FORTUNE MANAGEME    FMIG    IX      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI1    EO      -57223391.61    186057993.69
FORTUNE MANAGEME    FMI3    GR      -57223391.61    186057993.69


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


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


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


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


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


FRANCE
------
PAGESJAUNES GRP     PAJGBX  EU    -3061283156.27    1202048352.1
PAGESJAUNES GRP     PAJP    IX    -3061283156.27    1202048352.1
THOMSON (EX-TMM)    TNM     GR     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TNMA    GR     -186963510.99   7800843297.85
RHODIA SA           RHD     GR     -670695098.16   5563991457.04
PAGESJAUNES GRP     PAJUSD  EU    -3061283156.27    1202048352.1
THOMSON (EX-TMM)    TMSGBX  EU     -186963510.99   7800843297.85
THOMSON - NEW       TMSNV   FP     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMSUSD  EO     -186963510.99   7800843297.85
THOMSON MULTI-NE    ZTM     FP     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMS     EU     -186963510.99   7800843297.85
GRANDE PAROISSE     GDPXF   US      -927267926.9       629287290
THOMSON (EX-TMM)    TMS     NQ     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMS     EB     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMS     EO     -186963510.99   7800843297.85
PAGESJAUNES GRP     PAJGBX  EO    -3061283156.27    1202048352.1
THOMSON (EX-TMM)    TMSUSD  EU     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMS     TQ     -186963510.99   7800843297.85
THOMSON MULT-ADR    TMS-P   US     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMSGBP  EO     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMS     PZ     -186963510.99   7800843297.85
PAGESJAUNES GRP     PAJUSD  EO    -3061283156.27    1202048352.1
LAB DOLISOS         LADL    FP      -27752176.19    110485462.44
THOMSON (EX-TMM)    TMS     VX     -186963510.99   7800843297.85
RHODIA SA           RHA     VX     -670695098.16   5563991457.04
RHODIA SA           RHA     PZ     -670695098.16   5563991457.04
THOMSON (EX-TMM)    TMM     IX     -186963510.99   7800843297.85
IMMOB HOTELIERE     IMHO    EU      -66874823.95    301323804.92
RHODIA SA-RIGHTS    RHADS   FP     -670695098.16   5563991457.04
MB RETAIL EUROPE    MBRE    EU       -46169771.5    134467847.56
RHODIA SA           RHAGBX  EO     -670695098.16   5563991457.04
RHODIA SA           RHA     EU     -670695098.16   5563991457.04
RHODIA SA           RHA     EO     -670695098.16   5563991457.04
CARRERE GROUP       CAR2    EO      -23319835.34    364475420.31
RHODIA SA           RHA     NQ     -670695098.16   5563991457.04
RHODIA SA           RHA     IX     -670695098.16   5563991457.04
LAB DOLISOS         DOLI    FP      -27752176.19    110485462.44
RHODIA SA           RHAUSD  EU     -670695098.16   5563991457.04
PAGESJAUNES         PGJUF   US    -3061283156.27    1202048352.1
RHODIA SA           RHAUSD  EO     -670695098.16   5563991457.04
OROSDI              OROS    FP          -7291.55    131233317.62
TROUVAY CAUVIN      TVYCF   US           -396978    133986439.74
PAGESJAUNES GRP     PAJ     NQ    -3061283156.27    1202048352.1
RHODIA SA - NEW     RHANV   FP     -670695098.16   5563991457.04
THOMSON (EX-TMM)    TMS     US     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMSGBX  EO     -186963510.99   7800843297.85
SELCODIS            SLCO    PZ      -21481214.33    175720770.81
RHODIA SA           RHANR   FP     -670695098.16   5563991457.04
TROUVAY CAUVIN      ETEC    FP           -396978    133986439.74
RHODIA SA           RHAGBX  EU     -670695098.16   5563991457.04
THOMSON (EX-TMM)    TMS     BQ     -186963510.99   7800843297.85
NORTENE             NRTP    IX      -35623999.56    117566786.87
RHODIA SA           RHA     FP     -670695098.16   5563991457.04
PAGESJAUNES GRP     PAJ     VX    -3061283156.27    1202048352.1
RHODIA SA-ADR       RHAYY   US     -670695098.16   5563991457.04
NORTENE             NRTN    FP      -35623999.56    117566786.87
THOMSON - NEW       2336061Q FP    -186963510.99   7800843297.85
PAGESJAUNES GRP     PAJGBP  EO    -3061283156.27    1202048352.1
CARRERE GROUP       CAR2    EU      -23319835.34    364475420.31
SELCODIS            SLCO    EU      -21481214.33    175720770.81
PAGESJAUNES GRP     PAJ     BQ    -3061283156.27    1202048352.1
Selcodis            SPVX    FP      -21481214.33    175720770.81
PAGESJAUNES GRP     PAJ     FP    -3061283156.27    1202048352.1
SELCODIS            SLCO    EO      -21481214.33    175720770.81
MATUSSIERE & FOR    MTUSF   US      -77896683.67    293868350.79
MB RETAIL EUROPE    MBRE    EO       -46169771.5    134467847.56
OROSDI-BACK         OROS    EU          -7291.55    131233317.62
OUTSIDE LIVING I    NORT    EO      -35623999.56    117566786.87
GRANDE PAROISSE     GAPA    FP      -927267926.9       629287290
OROSDI-BACK         OROS    PZ          -7291.55    131233317.62
MB RETAIL EUROPE    MBRE    FP       -46169771.5    134467847.56
GRANDE PAROISSE     GDPA    FP      -927267926.9       629287290
SELCODIS            SLCO    FP      -21481214.33    175720770.81
IMMOB HOTELIERE     SIH     FP      -66874823.95    301323804.92
OUTSIDE LIVING I    NORT    PZ      -35623999.56    117566786.87
RHODIA SA           RHA     TQ     -670695098.16   5563991457.04
OUTSIDE LIVING I    NORT    EU      -35623999.56    117566786.87
RHODIA SA           RHA     EB     -670695098.16   5563991457.04
PAGESJAUNES GRP     PAJ     EU    -3061283156.27    1202048352.1
RHODIA SA           RHAGBP  EO     -670695098.16   5563991457.04
THOMSON (EX-TMM)    TMM     ES     -186963510.99   7800843297.85
OROSDI-BACK         OROS    EO          -7291.55    131233317.62
PAGESJAUNES GRP     PAJ     EB    -3061283156.27    1202048352.1
RHODIA SA-RIGHTS    653447Q FP     -670695098.16   5563991457.04
THOMSON MULTIMED    TMM     FP     -186963510.99   7800843297.85
PAGESJAUNES GRP     PAJ     PZ    -3061283156.27    1202048352.1
THOMSON (EX-TMM)    TMMN    FP     -186963510.99   7800843297.85
PAGESJAUNES GRP     PAJ     TQ    -3061283156.27    1202048352.1
PAGESJAUNES GRP     PAJ     IX    -3061283156.27    1202048352.1
THOMSON (EX-TMM)    TMM     VX     -186963510.99   7800843297.85
THOMSON (EX-TMM)    TMMLF   US     -186963510.99   7800843297.85
RHODIA SA           RHA     BQ     -670695098.16   5563991457.04
CARRERE GROUP       XRR     GR      -23319835.34    364475420.31
IMMOB HOTELIERE     IMMH    IX      -66874823.95    301323804.92
IMMOB HOTELIERE     IMHO    PZ      -66874823.95    301323804.92
RHODIA SA           RHDAF   US     -670695098.16   5563991457.04
THOMSON (EX-TMM)    TMS     FP     -186963510.99   7800843297.85
OUTSIDE LIVING I    OLIN    FP      -35623999.56    117566786.87
IMMOB HOTELIERE     IMHO    FP      -66874823.95    301323804.92
PAGESJAUNES GRP     QS3     GR    -3061283156.27    1202048352.1
OROSDI-BACK         ORBA    FP          -7291.55    131233317.62
MB RETAIL EUROPE    MBRE    PZ       -46169771.5    134467847.56
THOMSON (EX-TMM)    TMM     LN     -186963510.99   7800843297.85
IMMOB HOTELIERE     IMHO    EO      -66874823.95    301323804.92
IMMOB HOTEL BALN    IMHB    FP      -66874823.95    301323804.92
PAGESJAUNES GRP     PAJ     EO    -3061283156.27    1202048352.1
OROSDI-BACK         BACK    IX          -7291.55    131233317.62
RHODIA SA           RHDI    GR     -670695098.16   5563991457.04
CARRERE GROUP       CARG    FP      -23319835.34    364475420.31
RHODIA SA           RHAY    IX     -670695098.16   5563991457.04
CARRERE GROUP       CRGP    IX      -23319835.34    364475420.31
RHODIA SA           2324015Q EO    -670695098.16   5563991457.04
RHODIA SA           2324011Q EU    -670695098.16   5563991457.04
CHAINE ET TRAME     CTRM    FP       -46169771.5    134467847.56
IMMOB HOTELIERE     IMBHF   US      -66874823.95    301323804.92
RHODIA SA - NEW     2335921Q FP    -670695098.16   5563991457.04
CARRERE GROUP       CRRHF   US      -23319835.34    364475420.31
SELCODIS            SPVX    IX      -21481214.33    175720770.81
IMMOB HOTELIERE     IMH     GR      -66874823.95    301323804.92
CARRERE GROUP       CAR     FP      -23319835.34    364475420.31
RHODIA SA           RHADF   US     -670695098.16   5563991457.04
CARRERE GROUP       CARF    PZ      -23319835.34    364475420.31
RHODIA SA           3218857Q IX    -670695098.16   5563991457.04
RHODIA SA - NEW     3156011Q FP    -670695098.16   5563991457.04
RHODIA SA           RHANR   PZ     -670695098.16   5563991457.04
NORTENE             NORT    FP      -35623999.56    117566786.87
CHAINE ET TRAME     CHTR    FP       -46169771.5    134467847.56
OUTSIDE LIVING I    OLIN    PZ      -35623999.56    117566786.87
MATUSSIERE & FOR    1007765Q FP     -77896683.67    293868350.79
SDR CENTREST        117241Q FP     -132420119.65    252176017.15
MB RETAIL EUROPE    CTRF    IX       -46169771.5    134467847.56


UNITED KINGDOM
--------------
VIRGIN MOBILE       VMOB    PO     -392165437.58    166070003.71
BRITVIC PLC         BVICUSD EO        -731325.03   1222775450.71
RANK GROUP PLC      RNK     EU       -6412999.92    835001785.71
BRITVIC PLC         BVIC    VX        -731325.03   1222775450.71
AMEY PLC            AMY     VX      -48862569.33    931527720.46
RANK GROUP PLC      RNK     EB       -6412999.92    835001785.71
RENTOKIL INITIAL    RKLIF   US      -90219248.82   3493481471.08
AMEY PLC-ASSENT     AMYA    LN      -48862569.33    931527720.46
RANK GROUP PLC      RNK     BQ       -6412999.92    835001785.71
SMITHS NEWS PLC     NWS     PZ     -124124656.94    201361815.36
RANK GROUP PLC      RNK     NR       -6412999.92    835001785.71
AMEY PLC            AMEYF   US      -48862569.33    931527720.46
RANK GROUP PLC      RNKUSD  EU       -6412999.92    835001785.71
RANK GROUP-ADR      RNK$    LN       -6412999.92    835001785.71
EUROPEAN HOME       EHR     PO      -14328735.16    110864081.39
MARCONI PLC         MNI     LN    -2203513803.24   7204891601.83
NEW STAR ASSET      3226439Q EU    -397718038.04    292972732.12
RANK GROUP PLC      RNK     VX       -6412999.92    835001785.71
RANK GROUP PLC      RNK     TQ       -6412999.92    835001785.71
RANK GROUP PLC      RNKGBP  EO       -6412999.92    835001785.71
RANK GROUP PLC      RNKEUR  EO       -6412999.92    835001785.71
RANK GROUP PLC      RNKDKK  EU       -6412999.92    835001785.71
AEA TECHNOLOGY      AAT     PZ     -149279984.66    121254240.42
ATKINS (WS) PLC     ATK     EB      -62199993.61   1184945671.16
GALIFORM PLC        GFRM    IX      -84844622.18    585251745.06
BRITISH SKY BROA    BSYEUR  EU       -30607499.6    8332527670.8
RANK GROUP PLC      RNK     NQ       -6412999.92    835001785.71
ATKINS (WS) PLC     ATK     EU      -62199993.61   1184945671.16
BRITVIC PLC         BVIC    IX        -731325.03   1222775450.71
RENTOKIL INITIAL    RTOGBP  EO      -90219248.82   3493481471.08
STAGECOACH-NEW      SGCN    LN      -14183327.87   2231066974.58
ATKINS (WS) PLC     ATK     BQ      -62199993.61   1184945671.16
RANK GROUP PLC      RNK     LN       -6412999.92    835001785.71
HILTON GROUP-CRT    HIG     BB     -478059993.74   1887316678.66
SKYEPHARMA PLC      SK8C    GR     -130883498.29    153620497.99
WINCANTON PLC       WNCNF   US      -47615167.52   1316638025.67
ANKER PLC           ANK     PO      -21861359.81       115463159
ANKER PLC - ASSD    ANKB    LN      -21861359.81       115463159
MYTRAVEL GROUP-A    2281919Q GR    -379721841.57   1817512773.61
MARCONI PLC-ADR     MRCQY   US    -2203513803.24   7204891601.83
DANKA BUS-ADR       DANKY   US        -497127008       121439000
LADBROKES PLC       LADUSD  EO     -478059993.74   1887316678.66
TOPPS TILES PLC     TPTEUR  EO      -78172467.48     131014414.4
WINCANTON PLC       WIN     VX      -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EU      -47615167.52   1316638025.67
MYTRAVEL GROUP      MT/S    PO     -379721841.57   1817512773.61
WINCANTON PLC       WIN1    EO      -47615167.52   1316638025.67
SCOTTISH TELEV      SCTVF   US      -24923249.67     194430485.8
AEA TECHNOLO-NPR    AATN    PZ     -149279984.66    121254240.42
ADVANCE DISPLAY     ADTP    PZ    -3015578834.69   2590007903.69
RENTOKIL INITIAL    RTO     EU      -90219248.82   3493481471.08
STAGECOACH GROUP    SAGKF   US      -14183327.87   2231066974.58
AEA TECHNOLO-FPR    AATF    PZ     -149279984.66    121254240.42
AEA TECHNOLO-NPR    AATN    LN     -149279984.66    121254240.42
MYTRAVEL GROUP P    MYTGF   US     -379721841.57   1817512773.61
MYTRAVEL GROUP      MYTPF   US     -379721841.57   1817512773.61
MARCONI PLC         MY2     GR    -2203513803.24   7204891601.83
SKYEPHARMA PLC      SKPEUR  EU     -130883498.29    153620497.99
STAGECOACH GROUP    SGC1    NR      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC     PO      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC     IX      -14183327.87   2231066974.58
AEA TECHNOLOGY      AAT     VX     -149279984.66    121254240.42
STAGECOACH GROUP    SGC1    EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1    EB      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1    BQ      -14183327.87   2231066974.58
M 2003 PLC          203055Q LN    -2203513803.24   7204891601.83
RENTOKIL INITIAL    RTO     BQ      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTOKF   US      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTO     NQ      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTO     LN      -90219248.82   3493481471.08
ALLDAYS PLC         ALDYF   US     -120493900.04    252232072.87
STAGECOACH GROUP    SGC1EUR EU      -14183327.87   2231066974.58
MARCONI PLC-ADR     MONI    US    -2203513803.24   7204891601.83
AIRTOURS PLC        AIR     LN     -379721841.57   1817512773.61
AIRTOURS PLC        AIR     VX     -379721841.57   1817512773.61
NORTHERN ROCK       NHRKF   US     -586206492.33 152084295061.92
RENTOKIL INITIAL    RTOG    IX      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTOEUR  EU      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTOUSD  EO      -90219248.82   3493481471.08
MYTRAVEL GROUP-A    MYTVF   US     -379721841.57   1817512773.61
RENTOKIL-SP ADR     RTOKY   US      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTO     PZ      -90219248.82   3493481471.08
AEA TECHNOLOGY      AAT     IX     -149279984.66    121254240.42
RENTOKIL INITIAL    RTO     NR      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTOEUR  EO      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTO     VX      -90219248.82   3493481471.08
RENTOKIL INITIAL    RTO     TQ      -90219248.82   3493481471.08
SKYEPHARMA PLC      SKP     PZ     -130883498.29    153620497.99
LONDON TOWN PLC     LTWR    LN       -15549465.1    160165508.92
PATIENTLINE PLC     2928907Q EO     -54677284.64     124948245.8
NORTHERN ROCK       NR3     GR     -586206492.33 152084295061.92
BRITISH SKY BROA    BSY     NQ       -30607499.6    8332527670.8
BRIT ENERGY PLC     BGYEF   US    -5822867500.78   4921095749.61
ORBIS PLC           OBG     PO       -4168498.48     127701679.5
NORTHERN ROCK       NRK     LN     -586206492.33 152084295061.92
EUROPEAN HOME       EHR     EO      -14328735.16    110864081.39
ATKINS (WS) PLC     ATK     EO      -62199993.61   1184945671.16
LONDON TOWN PLC     LTW     IX       -15549465.1    160165508.92
STV GROUP PLC       STVGEUR EO      -24923249.67     194430485.8
BRITISH ENER-BLK    BGYB    AR    -5822867500.78   4921095749.61
BRITISH ENER-BLK    BGYNYB  AR    -5822867500.78   4921095749.61
NORTHERN ROCK       NRK     PZ     -586206492.33 152084295061.92
BRITISH ENERGY-A    BGYA    VX    -5822867500.78   4921095749.61
LONDON TOWN PLC     LTW     PO       -15549465.1    160165508.92
BRITISH ENER-C/E    BGYNYC  AR    -5822867500.78   4921095749.61
LONDON TOWN PLC     LTW     EO       -15549465.1    160165508.92
ORANGE PLC          ORNGF   US     -593935051.02    2902299501.9
NORTHERN ROCK       NRK     VX     -586206492.33 152084295061.92
ORBIS PLC           ORBSF   US       -4168498.48     127701679.5
SMITHS NEWS PLC     NWS     PO     -124124656.94    201361815.36
SMITHS NEWS PLC     NWS     LN     -124124656.94    201361815.36
ORBIS PLC           OBS     PO       -4168498.48     127701679.5
SMITHS NEWS PLC     NWS1    EU     -124124656.94    201361815.36
SMITHS NEWS PLC     NWS1    EO     -124124656.94    201361815.36
BRITISH ENER-ADR    BGYNY   US    -5822867500.78   4921095749.61
NEW STAR ASSET      NSAM    PO     -397718038.04    292972732.12
NEW STAR ASSET      NSAM    LN     -397718038.04    292972732.12
SMITHS NEWS PLC     NWS     IX     -124124656.94    201361815.36
DAWSON HOLDINGS     DWN     PZ      -54451186.72    128196101.01
NEW STAR ASSET      NSAM    PZ     -397718038.04    292972732.12
EMI GROUP -ASSD     EMIA    LN    -2265916256.89   2950021937.14
NEW STAR ASSET      NWSAF   US     -397718038.04    292972732.12
NEW STAR ASSET      NSAA    LN     -397718038.04    292972732.12
ORBIS PLC           OBS     LN       -4168498.48     127701679.5
ORBIS PLC           OBS     IX       -4168498.48     127701679.5
SMITHS NEWS PLC     NWS2    TQ     -124124656.94    201361815.36
SMITHS NEWS PLC     NWS2    EU     -124124656.94    201361815.36
NORTHERN ROCK       2733265Q EO    -586206492.33 152084295061.92
SMITHS NEWS PLC     NWS2GBP EO     -124124656.94    201361815.36
REGUS PLC-ADS       REGS    US      -46111835.37       367181111
SMITHS NEWS PLC     NWS2EUR EO     -124124656.94    201361815.36
BRITISH ENERGY-A    3012442Q LN   -5822867500.78   4921095749.61
PATIENTLINE PLC     PTL     VX      -54677284.64     124948245.8
REGUS PLC           REGSF   US      -46111835.37       367181111
COMPASS GROUP       QOP     GR     -668101173.88   2972459078.38
BRITISH ENERGY-A    BHEAF   US    -5822867500.78   4921095749.61
PATIENTLINE PLC     PTL     IX      -54677284.64     124948245.8
RENTOKIL INITIAL    RTO1    GR      -90219248.82   3493481471.08
NEW STAR ASSET      3226435Q EO    -397718038.04    292972732.12
PATIENTLINE PLC     PTL     PZ      -54677284.64     124948245.8
PATIENTLINE PLC     PTL     PO      -54677284.64     124948245.8
RANK GROUP PLC      RNKDKK  EO       -6412999.92    835001785.71
BRITISH ENER-CED    BGYNY   AR    -5822867500.78   4921095749.61
RANK GROUP-ADR      RANKY   US       -6412999.92    835001785.71
REGUS PLC-ADS       RGUA    GR      -46111835.37       367181111
REGUS PLC           RGU     GR      -46111835.37       367181111
BRITISH ENER-CED    BGY     AR    -5822867500.78   4921095749.61
ATKINS (WS) PLC     ATK     IX      -62199993.61   1184945671.16
BRIT ENERGY-ADR     BHEFF   US    -5822867500.78   4921095749.61
WINCANTON PLC       WIN     IX      -47615167.52   1316638025.67
REGUS PLC           273195Q VX      -46111835.37       367181111
RANK GROUP PLC      RNKA    GR       -6412999.92    835001785.71
RANK GROUP PLC      RANKF   US       -6412999.92    835001785.71
NEW STAR ASSET      NSAM    IX     -397718038.04    292972732.12
CHRYSALIS GROUP     CHSUSD  EO       -5851089.05    101497520.61
ATKINS (WS) PLC     ATK     PZ      -62199993.61   1184945671.16
ORANGE PLC-ADR      ORA$    LN     -593935051.02    2902299501.9
NORTHERN ROCK       NRK     IX     -586206492.33 152084295061.92
BRIT ENERGY-A       BENA    GR    -5822867500.78   4921095749.61
AMER BUS SYS        ARB     LN        -497127008       121439000
EUROPEAN HOME       EHREUR  EO      -14328735.16    110864081.39
NORTHERN ROCK       NRK     PO     -586206492.33 152084295061.92
BRADSTOCK GROUP     BDK     LN       -1855444.44    268563822.49
BRIT ENERGY PLC     BEN1    GR    -5822867500.78   4921095749.61
ATKINS (WS) PLC     ATK     VX      -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKEUR  EO      -62199993.61   1184945671.16
RENTOKIL INITIAL    RTO     EB      -90219248.82   3493481471.08
ATKINS (WS) PLC     ATK     NR      -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK     PO      -62199993.61   1184945671.16
BRITVIC             B6S     GR        -731325.03   1222775450.71
BRIT ENERGY PLC     555140Q VX    -5822867500.78   4921095749.61
TELEWEST COMM       604296Q GR    -3702234580.99   7581020925.22
ATKINS (WS) PLC     ATKEUR  EU      -62199993.61   1184945671.16
AIRTOURS PLC        ATORF   US     -379721841.57   1817512773.61
DAWSON HOLDINGS     DWN     IX      -54451186.72    128196101.01
STAGECOACH GROUP    SGC1AUD EO      -14183327.87   2231066974.58
NORTHERN ROCK       2733269Q EU    -586206492.33 152084295061.92
NORTHERN ROCK       2733273Q EO    -586206492.33 152084295061.92
NORTHERN ROCK       2733281Q EO    -586206492.33 152084295061.92
DAWSON HOLDINGS     DWHGF   US      -54451186.72    128196101.01
STV GROUP PLC       STVG    EO      -24923249.67     194430485.8
SMITHS NEWS PLC     NWS2    EO     -124124656.94    201361815.36
TOPPS TILES PLC     TPTJF   US      -78172467.48     131014414.4
TOPPS TILES PLC     TPTGBP  EO      -78172467.48     131014414.4
TOPPS TILES PLC     TPTEUR  EU      -78172467.48     131014414.4
ANKER PLC - ASSD    ANKC    LN      -21861359.81       115463159
TOPPS TILES-NEW     TPTN    LN      -78172467.48     131014414.4
MYTRAVEL GROUP      ARO2    GR     -379721841.57   1817512773.61
TELEWEST COM-ADR    TWT$    LN    -3702234580.99   7581020925.22
TELEWEST COMM       TWT     VX    -3702234580.99   7581020925.22
LADBROKES PLC       HG/     VX     -478059993.74   1887316678.66
COMPASS GRP-ADR     CMSJY   US     -668101173.88   2972459078.38
UTC GROUP           UGR     LN      -11904426.45    203548565.03
COMPASS GRP-ADR     CMSGY   US     -668101173.88   2972459078.38
REGUS LTD           273187Q LN      -46111835.37       367181111
BRIT ENERGY PLC     BHEGF   US    -5822867500.78   4921095749.61
TELEWEST COM-ADR    TWSTY   US    -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWSTD   US    -3702234580.99   7581020925.22
WINCANTON PLC       WIN     PO      -47615167.52   1316638025.67
SAATCHI & SA-ADR    SSI$    LN     -119260804.15    705060824.55
LADBROKES PLC       LAD     EB     -478059993.74   1887316678.66
PATIENTLINE PLC     2928899Q EO     -54677284.64     124948245.8
TOPPS TILES PLC     TPT     PZ      -78172467.48     131014414.4
RANK GROUP-ADR      935543Q GR       -6412999.92    835001785.71
NORTHERN ROCK       2733289Q EO    -586206492.33 152084295061.92
EASYNET GROUP       ESY     LN      -45232889.17    322770283.93
GALIFORM PLC        GFRM    EO      -84844622.18    585251745.06
EMI GROUP PLC       3020138Q GR   -2265916256.89   2950021937.14
PATIENTLINE PLC     2928903Q EU     -54677284.64     124948245.8
EMI GROUP PLC       EMI     IX    -2265916256.89   2950021937.14
SKYEPHARMA -SUB     2976665Z LN    -130883498.29    153620497.99
EUROPEAN HOME       FPAKF   US      -14328735.16    110864081.39
TOPPS TILES PLC     TPT     LN      -78172467.48     131014414.4
DANKA BUS-ADR       AP39    LI        -497127008       121439000
TOPPS TILES PLC     TPT     VX      -78172467.48     131014414.4
TOPPS TILES PLC     TPT     TQ      -78172467.48     131014414.4
TOPPS TILES PLC     TPT     BQ      -78172467.48     131014414.4
THORN EMI-ADR       TORNY   US    -2265916256.89   2950021937.14
BRIT SKY BRO-ADR    BSY$    LN       -30607499.6    8332527670.8
TOPPS TILES PLC     TPT     IX      -78172467.48     131014414.4
TOPPS TILES PLC     TPT     EU      -78172467.48     131014414.4
GALIFORM PLC        MFI     VX      -84844622.18    585251745.06
WINCANTON PL-ADR    WNCNY   US      -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EU      -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EO      -47615167.52   1316638025.67
BLACK & EDGINGTO    BLE     LN     -130883498.29    153620497.99
MARCONI PLC         MNI     BB    -2203513803.24   7204891601.83
RANK GROUP PLC      RNK     PZ       -6412999.92    835001785.71
WINCANTON PLC       WIN1    NQ      -47615167.52   1316638025.67
BOOKER PLC          1330Q   GR       -59832880.4   1298182548.71
WINCANTON PLC       WIN1    EB      -47615167.52   1316638025.67
WINCANTON PLC       WIN1GBP EO      -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EO      -47615167.52   1316638025.67
WINCANTON PLC       WIN1    TQ      -47615167.52   1316638025.67
SMITHS NEWS PLC     NWS     VX     -124124656.94    201361815.36
ATKINS (WS) PLC     ATKGBP  EO      -62199993.61   1184945671.16
EASYNET GROUP       ESY     PO      -45232889.17    322770283.93
BRITISH SKY BROA    BSY     BQ       -30607499.6    8332527670.8
SFI GROUP PLC       SUF     LN     -108067115.81    177647536.08
DAWSON HOLDINGS     DWN1EUR EO      -54451186.72    128196101.01
BRIT NUCLEAR        1046Z   LN     -4247644149.6  40325778907.11
EMI GROUP-ADR       38IS    LN    -2265916256.89   2950021937.14
REGUS PLC-ADS       REGSY   US      -46111835.37       367181111
JESSOPS PLC         JSP     IX       -42702021.2    112964060.38
WATSON & PHILIP     WTSN    LN     -120493900.04    252232072.87
VIRGIN MOBILE       VMOB    VX     -392165437.58    166070003.71
DANKA BUS-ADR       DB6     GR        -497127008       121439000
VIRGIN MOBILE       VMOB    LN     -392165437.58    166070003.71
WINCANTON PLC       WIN     LN      -47615167.52   1316638025.67
REGUS PLC           2296Z   LN      -46111835.37       367181111
VIRGIN MOB-ASSD     VMOC    LN     -392165437.58    166070003.71
TELEWEST COMM       TWSTF   US    -3702234580.99   7581020925.22
REGUS PLC-ADS       REGSV   US      -46111835.37       367181111
BRITISH ENER-$US    BGYNYD  AR    -5822867500.78   4921095749.61
VIRGIN MOB-ASSD     VMOA    LN     -392165437.58    166070003.71
AEA TECHNOLOGY      AAT     EU     -149279984.66    121254240.42
BRITISH ENERGY-A    BGYA    PO    -5822867500.78   4921095749.61
SAATCHI & SAATCH    188190Q GR     -119260804.15    705060824.55
MARCONI PLC-ADR     MONIE   US    -2203513803.24   7204891601.83
SCOTTISH MEDIA      1442Q   GR      -24923249.67     194430485.8
WINCANTON PLC       WIN     PZ      -47615167.52   1316638025.67
BRITVIC PLC         BVIC    TQ        -731325.03   1222775450.71
MARCONI PLC         203083Q VX    -2203513803.24   7204891601.83
VIRGIN MOBILE       VGMHF   US     -392165437.58    166070003.71
ORANGE PLC          1460Q   GR     -593935051.02    2902299501.9
ATKINS (WS) PLC     WATKF   US      -62199993.61   1184945671.16
TOPPS TILES PLC     TPT     PO      -78172467.48     131014414.4
JESSOPS PLC         JSP     PZ       -42702021.2    112964060.38
EUROPEAN HOME       KLZ     VX      -14328735.16    110864081.39
SKYEPHARMA PLC      SKP     TQ     -130883498.29    153620497.99
SKYEPHAR-RTS F/P    SKPF    VX     -130883498.29    153620497.99
EUROPEAN HOME       EHR     LN      -14328735.16    110864081.39
ORANGE PLC          951641Q LN     -593935051.02    2902299501.9
SKYEPHAR-RTS N/P    SKPN    VX     -130883498.29    153620497.99
SKYEPHARMA PLC      SKP     VX     -130883498.29    153620497.99
SKYEPHARMA PLC      SKPGBP  EO     -130883498.29    153620497.99
SKYEPHARMA PLC      SKP     PO     -130883498.29    153620497.99
SKYEPHAR-RTS F/P    SKPF    LN     -130883498.29    153620497.99
STAGECOACH GROUP    SGC1    TQ      -14183327.87   2231066974.58
SKYEPHARMA PLC      SKP1    VX     -130883498.29    153620497.99
AMEY PLC            AMY     LN      -48862569.33    931527720.46
TOPPS TILES PLC     TPT     EO      -78172467.48     131014414.4
TELEWEST COMM       715382Q LN    -3702234580.99   7581020925.22
SKYEPHARMA PLC      SK8A    GR     -130883498.29    153620497.99
SKYEPHARMA-ADR      SKYPY   US     -130883498.29    153620497.99
EASYNET GROUP-CV    91009Z  LN      -45232889.17    322770283.93
JESSOPS PLC         JSPGBP  EO       -42702021.2    112964060.38
TELEWEST COM-ADR    940767Q GR    -3702234580.99   7581020925.22
SKYEPHARMA-ADR      SKYE    US     -130883498.29    153620497.99
ANKER PLC-ASSD      ANKA    LN      -21861359.81       115463159
LEEDS UNITED PLC    889687Q GR       -73166148.8    143762193.66
STAGECOACH GROUP    SGCG    PZ      -14183327.87   2231066974.58
STAGECOACH GRP-B    SGCB    LN      -14183327.87   2231066974.58
RENTOKIL INITIAL    RTOUSD  EU      -90219248.82   3493481471.08
SKYEPHARMA PLC      SKP     EO     -130883498.29    153620497.99
LAMBERT FENCHURC    LMF     LN       -1453050.04   1826806853.46
RENTOKIL INITIAL    RTO     PO      -90219248.82   3493481471.08
AEA TECHNOLOGY      AAT     PO     -149279984.66    121254240.42
STAGECOACH GROUP    SGC1EUR EO      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1AUD EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EO      -14183327.87   2231066974.58
SKYEPHARMA PLC      SKP     EU     -130883498.29    153620497.99
SKYEPHARMA-ADR      SK8N    GR     -130883498.29    153620497.99
GALIFORM PLC        MFI     IX      -84844622.18    585251745.06
SKYEPHARMA PLC      SKP     LN     -130883498.29    153620497.99
SKYEPHARMA PLC      SKP     IX     -130883498.29    153620497.99
STAGECOACH GROUP    SGC1GBP EO      -14183327.87   2231066974.58
AEA TECHNOLOGY      AAT     EO     -149279984.66    121254240.42
RANK GROUP PLC      RNKUSD  EO       -6412999.92    835001785.71
STAGECOACH GROUP    SHP4    GR      -14183327.87   2231066974.58
BRITISH SKY BROA    BSY     PO       -30607499.6    8332527670.8
SKYEPHARMA-ADR      SK8     GR     -130883498.29    153620497.99
BOOKER PLC          987188Q LN       -59832880.4   1298182548.71
BRITISH SKY BROA    BSY     VX       -30607499.6    8332527670.8
LEEDS SPORTING      LES     LN       -73166148.8    143762193.66
CARLISLE GROUP      506819Q LN      -11904426.45    203548565.03
DANKA BUS SYSTEM    3205283Q EO       -497127008       121439000
HILTON GROUP-CER    HG      BB     -478059993.74   1887316678.66
LADBROKES PLC       LAD     IX     -478059993.74   1887316678.66
STV GROUP PLC       STVG    LN      -24923249.67     194430485.8
STV GROUP PLC       STVG    EU      -24923249.67     194430485.8
SCOTTISH MEDIA      SSM     LN      -24923249.67     194430485.8
STV GROUP PLC       STVGGBP EO      -24923249.67     194430485.8
STV GROUP PLC       STVGEUR EU      -24923249.67     194430485.8
BRITVIC PLC         BVIC    NQ        -731325.03   1222775450.71
NEW STAR ASSET      3226431Q EU    -397718038.04    292972732.12
LADBROKES PLC-AD    LDBKY   LN     -478059993.74   1887316678.66
DANKA BUS SYSTEM    DNK     IX        -497127008       121439000
BNB RECRUITMENT     BNB     LN      -10242627.53    103637704.96
ALLDAYS PLC         317056Q LN     -120493900.04    252232072.87
WINCANTON PLC       WIN1    BQ      -47615167.52   1316638025.67
THORN EMI PLC       THNE    FP    -2265916256.89   2950021937.14
THORN EMI-ADR       THN$    LN    -2265916256.89   2950021937.14
BRITISH SKY BROA    BSYGBP  EO       -30607499.6    8332527670.8
NEW STAR ASSET      3226443Q EO    -397718038.04    292972732.12
EMI GROUP LTD       EMI     LN    -2265916256.89   2950021937.14
SMG PLC-NIL PAID    SMGN    LN      -24923249.67     194430485.8
SMG PLC-FUL PAID    SMGF    LN      -24923249.67     194430485.8
STV GROUP PLC       SMG     VX      -24923249.67     194430485.8
AEA TECHNOLO-FPR    AATF    LN     -149279984.66    121254240.42
SMITHS NEWS PLC     SMWPY   US     -124124656.94    201361815.36
SMITHS NEWS PLC     SMWPF   US     -124124656.94    201361815.36
STV GROUP PLC       SMG     IX      -24923249.67     194430485.8
ABBOTT MEAD VICK    648824Q LN        -1685852.9    168258996.33
LADBROKE GRP-IDR    695767Q BB     -478059993.74   1887316678.66
ORBIS PLC           RLP     GR       -4168498.48     127701679.5
SMG PLC             SMG     PO      -24923249.67     194430485.8
SMG PLC             SMG     LN      -24923249.67     194430485.8
DANKA BUS SYSTEM    DNK     VX        -497127008       121439000
BRIT ENERGY LTD     523362Q LN    -5822867500.78   4921095749.61
RENTOKIL INITIAL    RTO     GR      -90219248.82   3493481471.08
SAATCHI & SAATCH    SSATF   US     -119260804.15    705060824.55
SAATCHI & SA-ADR    SSA     US     -119260804.15    705060824.55
SCOTTISH MEDIA      SSMR    LN      -24923249.67     194430485.8
NORTHERN ROCK       2733277Q EU    -586206492.33 152084295061.92
NEW STAR ASSET      3226447Q EO    -397718038.04    292972732.12
AEA TECHNOLOGY      AAT     LN     -149279984.66    121254240.42
AEA TECHNOLOGY      AEY     GR     -149279984.66    121254240.42
BOOKER PLC-ADR      BKRUY   US       -59832880.4   1298182548.71
DAWSON HOLDINGS     DWN     LN      -54451186.72    128196101.01
BNB RECRUITMENT     BNB     PO      -10242627.53    103637704.96
ATKINS (WS) PLC     ATK     LN      -62199993.61   1184945671.16
SETON HEALTHCARE    2290Z   LN      -10585179.82    156822902.77
STAGECOACH GROUP    SGC     LN      -14183327.87   2231066974.58
PATIENTLINE PLC     PTL     LN      -54677284.64     124948245.8
HILTON GROUP-ADR    HLTGY   US     -478059993.74   1887316678.66
CHRYSALIS GROUP     CHS     VX       -5851089.05    101497520.61
CHRYSALIS GROUP     CHS     EO       -5851089.05    101497520.61
RANK GROUP PLC      RNK     EO       -6412999.92    835001785.71
BRITVIC PLC         BVICEUR EU        -731325.03   1222775450.71
BRITVIC PLC         BVICGBP EO        -731325.03   1222775450.71
RANK GROUP PLC      RNK     IX       -6412999.92    835001785.71
BRITVIC PLC         BVICEUR EO        -731325.03   1222775450.71
RANK GROUP PLC      RNKEUR  EU       -6412999.92    835001785.71
CHRYSALIS GROUP     CHS     IX       -5851089.05    101497520.61
STAGECOACH GROUP    SGC1    EO      -14183327.87   2231066974.58
BRITVIC PLC         BVICUSD EU        -731325.03   1222775450.71
CLIPPER WINDPOWE    C2W     GR         -99360000       989187968
RENTOKIL INITIAL    RTO     IX      -90219248.82   3493481471.08
HILTON GROUP PLC    HG/     LN     -478059993.74   1887316678.66
HILTON GROUP PLC    HLTGF   US     -478059993.74   1887316678.66
HILTON G-CRT OLD    HIGT    BB     -478059993.74   1887316678.66
HILTON GROUP PLC    HG      PO     -478059993.74   1887316678.66
DANKA BUS SYSTEM    3205291Q EO       -497127008       121439000
ORBIS PLC           OBS     PZ       -4168498.48     127701679.5
CHRYSALIS GROUP     CHSEUR  EU       -5851089.05    101497520.61
GARTLAND WHALLEY    GWB     LN      -10986769.42    145352034.49
ATKINS (WS) PLC     ATK     TQ      -62199993.61   1184945671.16
CHRYSALIS GROUP     CHS     LN       -5851089.05    101497520.61
CHRYSALIS GROUP     CHS     PO       -5851089.05    101497520.61
CHRYSALIS GROUP     CYGUF   US       -5851089.05    101497520.61
BCH GROUP PLC       BCH     LN       -5728274.38    187993198.22
CHRYSALIS GROUP     CHS     PZ       -5851089.05    101497520.61
CHRYSALIS GROUP     HR4     GR       -5851089.05    101497520.61
BNB RECRUITMENT     BNB     IX      -10242627.53    103637704.96
RANK GROUP PLC      RNK     GR       -6412999.92    835001785.71
CHRYSALIS GROUP     CHSEUR  EO       -5851089.05    101497520.61
LADBROKES PLC       LAD     NR     -478059993.74   1887316678.66
LADBROKES PLC       LAD     GR     -478059993.74   1887316678.66
LADBROKES PLC       LAD     EU     -478059993.74   1887316678.66
LADBROKES PLC       LAD     NQ     -478059993.74   1887316678.66
LADBROKES PLC       LAD     LN     -478059993.74   1887316678.66
BRITVIC PLC         BVIC    EB        -731325.03   1222775450.71
THORN EMI-REGD      1772Q   GR    -2265916256.89   2950021937.14
STV GROUP PLC       STVG    VX      -24923249.67     194430485.8
LADBROKES PLC       LAD     BQ     -478059993.74   1887316678.66
LADBROKES PLC-CE    LAD     BB     -478059993.74   1887316678.66
GALIFORM PLC        MFIFF   US      -84844622.18    585251745.06
LADBROKES PLC       LADEUR  EU     -478059993.74   1887316678.66
LADBROKES PLC       LADEUR  EO     -478059993.74   1887316678.66
BRITVIC PLC         BTVCF   US        -731325.03   1222775450.71
BRITVIC PLC         BVIC    BQ        -731325.03   1222775450.71
LADBROKE GROUP      LADB    LN     -478059993.74   1887316678.66
LADBROKES PLC       LAD     TQ     -478059993.74   1887316678.66
LADBROKES PLC       LAD     PZ     -478059993.74   1887316678.66
JESSOPS PLC         JSP     VX       -42702021.2    112964060.38
LADBROKES PLC       LAD     VX     -478059993.74   1887316678.66
LADBROKE GRP-OLD    LADB    BB     -478059993.74   1887316678.66
JESSOPS PLC         JSP     PO       -42702021.2    112964060.38
JESSOPS PLC         JSPEUR  EU       -42702021.2    112964060.38
JESSOPS PLC         JSPEUR  EO       -42702021.2    112964060.38
JESSOPS PLC         JSP     LN       -42702021.2    112964060.38
BRITVIC PLC         BVIC    PZ        -731325.03   1222775450.71
GALIFORM PLC        GFRMNOK EU      -84844622.18    585251745.06
BRITVIC PLC         BVIC    NR        -731325.03   1222775450.71
JESSOPS PLC         JS4     GR       -42702021.2    112964060.38
RANK GROUP PLC      RNK     PO       -6412999.92    835001785.71
CLIPPER WINDPOWE    CWPA    LN         -99360000       989187968
SKYEPHAR-RTS N/P    SKPN    LN     -130883498.29    153620497.99
GALIFORM PLC        GFRM    PZ      -84844622.18    585251745.06
MARCONI PLC-ADR     QUQMON  AU    -2203513803.24   7204891601.83
EUROPEAN HOME       KLZ     PO      -14328735.16    110864081.39
STV GROUP PLC       SMG     PZ      -24923249.67     194430485.8
BRITVIC PLC         BVIC    LN        -731325.03   1222775450.71
KLEENEZE PLC        KLZ     LN      -14328735.16    110864081.39
BRITVIC PLC         BVIC    EU        -731325.03   1222775450.71
DAWSON HOLDINGS     DWN1GBP EO      -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1EUR EU      -54451186.72    128196101.01
EASYNET GROUP       EAY     GR      -45232889.17    322770283.93
AEA TECHNOLOGY      EAETF   US     -149279984.66    121254240.42
DAWSON HOLDINGS     DWN1    EU      -54451186.72    128196101.01
SKYEPHARMA PLC      SKPEUR  EO     -130883498.29    153620497.99
DANKA BUS-CEDEAR    DANK    AR        -497127008       121439000
DAWSON HOLDINGS     DWN1    EO      -54451186.72    128196101.01
DAWSON HOLDINGS     DWN     VX      -54451186.72    128196101.01
CLIPPER WINDPOWE    CRPWF   US         -99360000       989187968
MYTRAVEL GROUP P    1018144Q GR    -379721841.57   1817512773.61
EUROPEAN HOME       EHRGBP  EO      -14328735.16    110864081.39
DANKA BUS SYSTEM    3205287Q EU       -497127008       121439000
ANKER PLC           ANK     LN      -21861359.81       115463159
EUROPEAN HOME       EHREUR  EU      -14328735.16    110864081.39
EUROPEAN HOME       EHR     PZ      -14328735.16    110864081.39
EUROPEAN HOME       EHR     EU      -14328735.16    110864081.39
EMI GROUP PLC-B     1019425Q LN   -2265916256.89   2950021937.14
EUROPEAN HOME       EHR     VX      -14328735.16    110864081.39
DANKA BUS SYSTEM    DNK     PZ        -497127008       121439000
DANKA BUS SYSTEM    DNK     PO        -497127008       121439000
THORN EMI-CDR       THN     NA    -2265916256.89   2950021937.14
DANKA BUS-C/E CE    DANKC   AR        -497127008       121439000
DANKA BUS SYSTEM    DNK     LN        -497127008       121439000
DANKA BUS SYSTEM    DANKF   US        -497127008       121439000
DANKA BUS-$US CE    DANKD   AR        -497127008       121439000
RENTOKIL INITIAL    RTO     EO      -90219248.82   3493481471.08
DANKA BUS-BLK CE    DANKB   AR        -497127008       121439000
DAWSON HOLDINGS     DWN     PO      -54451186.72    128196101.01
TOPPS TILES PLC     TPTJY   US      -78172467.48     131014414.4
CLIPPER WINDPOWE    CWP     EO         -99360000       989187968
LADBROKES PLC       LAD     PO     -478059993.74   1887316678.66
ANKER PLC           DW14    GR      -21861359.81       115463159
GALIFORM PLC        GFRMNOK EO      -84844622.18    585251745.06
MARCONI PLC-ADR     MCONY   US    -2203513803.24   7204891601.83
RANK ORG PLC        RANKY   SP       -6412999.92    835001785.71
CLIPPER WINDPOWE    CWP     IX         -99360000       989187968
CLIPPER WINDPOWE    CWP     LN         -99360000       989187968
GALIFORM PLC        GFRM    NR      -84844622.18    585251745.06
GALIFORM PLC        GFRM    EU      -84844622.18    585251745.06
GALIFORM PLC        GFRM    EB      -84844622.18    585251745.06
GALIFORM PLC        GFRM    LN      -84844622.18    585251745.06
SKYEPHARMA-ADR      AP80    LI     -130883498.29    153620497.99
GALIFORM PLC        GFRM    BQ      -84844622.18    585251745.06
NORTHERN ROCK       2733285Q EU    -586206492.33 152084295061.92
ATKINS (WS) PLC     ATK     NQ      -62199993.61   1184945671.16
GALIFORM PLC        GFRM    NQ      -84844622.18    585251745.06
FAREPAK PLC         FPK     LN      -14328735.16    110864081.39
CHRYSALIS GROUP     CHSGBP  EO       -5851089.05    101497520.61
GALIFORM PLC        GLFMF   US      -84844622.18    585251745.06
CLIPPER WINDPOWE    CWP     EU         -99360000       989187968
CHRYSALIS GROUP     CHSUSD  EU       -5851089.05    101497520.61
WINCANTON PLC       WIN1    EU      -47615167.52   1316638025.67
GALIFORM PLC        GFRMEUR EU      -84844622.18    585251745.06
M 2003 PLC-ADR      MTWOE   US    -2203513803.24   7204891601.83
GALIFORM PLC        GFRM    PO      -84844622.18    585251745.06
GALIFORM PLC        GFRMEUR EO      -84844622.18    585251745.06
GALIFORM PLC        GFRM    VX      -84844622.18    585251745.06
BRITISH ENERGY-A    BGYGF   US    -5822867500.78   4921095749.61
EMI GROUP-ADR       EMI$    LN    -2265916256.89   2950021937.14
EMI GROUP-ADR       EMIPY   US    -2265916256.89   2950021937.14
EMI GROUP PLC       EMIPF   US    -2265916256.89   2950021937.14
EMI GROUP PLC       EMI     VX    -2265916256.89   2950021937.14
JESSOPS PLC         JSP     EO       -42702021.2    112964060.38
MYTRAVEL GROUP      MT/S    LN     -379721841.57   1817512773.61
EMI GROUP PLC       EMI     PO    -2265916256.89   2950021937.14
AMEY PLC-NEW        AMYN    LN      -48862569.33    931527720.46
SMITHS NEWS PLC     NWS2EUR EU     -124124656.94    201361815.36
STV GROUP PLC       SMGPF   US      -24923249.67     194430485.8
SFI GROUP PLC       SUYFF   US     -108067115.81    177647536.08
BRITVIC PLC         BVIC    EO        -731325.03   1222775450.71
SKYEPHARMA-ADR      SKYEY   US     -130883498.29    153620497.99
GALIFORM PLC        GFRM    TQ      -84844622.18    585251745.06
NEW STAR ASSET      NSAM    TQ     -397718038.04    292972732.12
EASYNET GROUP       ESY     VX      -45232889.17    322770283.93
SKYEPHARMA PLC      SKYEF   US     -130883498.29    153620497.99
EASYNET GROUP       EZNGF   US      -45232889.17    322770283.93
BRITISH SKY BROA    BSY     NR       -30607499.6    8332527670.8
ORANGE PLC-ADR      ONG     GR     -593935051.02    2902299501.9
BRITISH SKY BROA    BSY     LN       -30607499.6    8332527670.8
ORANGE PLC-ADR      ORNGY   US     -593935051.02    2902299501.9
BRITISH SKY BROA    BSY     PZ       -30607499.6    8332527670.8
LONDON TOWN PLC     LTWX    LN       -15549465.1    160165508.92
LEEDS UNITED PLC    LUFC    LN       -73166148.8    143762193.66
SAATCHI & SAATCH    SSI     LN     -119260804.15    705060824.55
MARCONI PLC-ADR     MCBA    GR    -2203513803.24   7204891601.83
CLIPPER WINDPOWE    CWP     PG         -99360000       989187968
MYTRAVEL GROUP      MT/S    VX     -379721841.57   1817512773.61
AEA TECHNOLOGY      AATGBP  EO     -149279984.66    121254240.42
BRITISH SKY BROA    BSY     EU       -30607499.6    8332527670.8
BRITISH SKY BROA    BSY     EO       -30607499.6    8332527670.8
BRITISH SKY BROA    BSY     EB       -30607499.6    8332527670.8
VIRGIN MOBILE       UEM     GR     -392165437.58    166070003.71
STAGECOACH GROUP    SHP     GR      -14183327.87   2231066974.58
BRITISH ENER-$US    BGYD    AR    -5822867500.78   4921095749.61
BRIT SKY BROADCA    BSYB    GR       -30607499.6    8332527670.8
STAGECOACH GROUP    SGC1    NQ      -14183327.87   2231066974.58
BRIT SKY BRO-ADR    BSY     US       -30607499.6    8332527670.8
BRITISH SKY BROA    BSY     TQ       -30607499.6    8332527670.8
LONDON TOWN PLC     LTW     LN       -15549465.1    160165508.92
LONDON TOWN PLC     LTW     PG       -15549465.1    160165508.92
NORTHERN ROCK       NRKI    IX     -586206492.33 152084295061.92
RANK ORG PLC-ADR    14873Z  US       -6412999.92    835001785.71
LONDON TOWN PLC     LOU     GR       -15549465.1    160165508.92
BRITISH ENER-C/E    BGYC    AR    -5822867500.78   4921095749.61
LONDON TOWN PLC     LTW     EU       -15549465.1    160165508.92
BNB RECRUITMENT     BQX     GR      -10242627.53    103637704.96
CHRYSALIS GROUP     CLYSF   US       -5851089.05    101497520.61
M 2003 PLC-ADR      MTWOY   US    -2203513803.24   7204891601.83
LADBROKES PLC       LADGBP  EO     -478059993.74   1887316678.66
MYTRAVEL GROUP      MT      IX     -379721841.57   1817512773.61
MYTRAVEL GROUP P    MT/     VX     -379721841.57   1817512773.61
MARCONI PLC-ADR     MY2A    GR    -2203513803.24   7204891601.83
BNB RECRUITMENT     BNBRF   US      -10242627.53    103637704.96
BOOKER PLC          BKERF   US       -59832880.4   1298182548.71
GALIFORM PLC        GFRMGBP EO      -84844622.18    585251745.06
BOOKER PLC-ADR      BOK$    LN       -59832880.4   1298182548.71
BRITISH SKY BROA    BSYUSD  EU       -30607499.6    8332527670.8
BRITISH SKY BROA    BSYEUR  EO       -30607499.6    8332527670.8
M 2003 PLC          MTWOF   US    -2203513803.24   7204891601.83
LADBROKES PLC       LADNZD  EO     -478059993.74   1887316678.66
CHRYSALIS GROUP     CHS     EU       -5851089.05    101497520.61
MARCONI PLC-ADR     MONIY   US    -2203513803.24   7204891601.83
BRADSTOCK GROUP     BSKGF   US       -1855444.44    268563822.49
BRITISH SKY BROA    BSB     GR       -30607499.6    8332527670.8
MFI FURNITURE GR    MFI     LN      -84844622.18    585251745.06
GALIFORM PLC        MFI     PO      -84844622.18    585251745.06
MARCONI PLC         MRCQF   US    -2203513803.24   7204891601.83
RENTOKIL-SP ADR     AP76    LI      -90219248.82   3493481471.08
NEW STAR ASSET      N6S     GR     -397718038.04    292972732.12
COMPASS GROU-OLD    1259Q   LN     -668101173.88   2972459078.38
CHRYSALIS GROUP     5CY     GR       -5851089.05    101497520.61
MARCONI PLC         MONI    BB    -2203513803.24   7204891601.83
JESSOPS PLC         JSP     EU       -42702021.2    112964060.38
BRITISH SKY BROA    BSYBF   US       -30607499.6    8332527670.8
LADBROKES PLC-AD    LDBKY   US     -478059993.74   1887316678.66
STAGECOACH GROUP    SGC2    VX      -14183327.87   2231066974.58
LEEDS SPORTING      LEDPF   US       -73166148.8    143762193.66
LEEDS UNITED PLC    LDSUF   US       -73166148.8    143762193.66
LADBROKES PLC       LDBKF   US     -478059993.74   1887316678.66
BRITISH SKY BROA    BSYUSD  EO       -30607499.6    8332527670.8
LADBROKES PLC       LADNZD  EU     -478059993.74   1887316678.66
LADBROKES PLC       LAD     EO     -478059993.74   1887316678.66
BRITISH SKY BROA    BSY     IX       -30607499.6    8332527670.8


GREECE
------
HELLAS ONLINE SA    HOL     GA      -18667491.57    432785331.49
UNITED TEXTILES     UTEX    EU      -44175513.67    341686153.14
ALTEC SA -AUCT      ALTECE  GA     -110161512.58    260065350.83
NAOUSSA SPIN -RT    NAOYD   GA      -44175513.67    341686153.14
AG PETZETAKIS SA    PETZK   EU      -28368224.67    235628427.44
NAOUSSA SPINNING    NML1    GR      -44175513.67    341686153.14
UNITED TEXTILES     UTEX    GA      -44175513.67    341686153.14
KOUMBAS SYNERGY     KOUMF   US      -43411811.05    240860615.25
UNITED TEXTILES     NAOSF   US      -44175513.67    341686153.14
HELLAS ONLINE SA    UN5     GR      -18667491.57    432785331.49
KOUMBAS RTS         KOUMR   GA      -43411811.05    240860615.25
NAOUSSA SPIN-RTS    NAOYKR  GA      -44175513.67    341686153.14
THEMELIODOMI-RTS    THEMED  GA      -55751178.85    232036822.56
UNITED TEXTILES     NAOYK   GA      -44175513.67    341686153.14
ALTEC SA INFO       AXY     GR     -110161512.58    260065350.83
PETZETAKIS - RTS    PETZKD  GA      -28368224.67    235628427.44
AG PETZETAKIS SA    PETZK   PZ      -28368224.67    235628427.44
RADIO KORASS-RTS    KORAR   GA     -100972173.86    180679253.63
AG PETZETAKIS SA    PETZK   GA      -28368224.67    235628427.44
PETZETAKIS-PFD      PETZP   GA      -28368224.67    235628427.44
EMPEDOS SA-RTS      EMPEDR  GA      -33637669.62     174742646.9
THEMELIODOMI        THEME   GA      -55751178.85    232036822.56
UNITED TEXTILES     UTEX    EO      -44175513.67    341686153.14
KOUMBAS SYNERGY     KOUM    EO      -43411811.05    240860615.25
AG PETZETAKIS SA    PETZK   EO      -28368224.67    235628427.44
RADIO KORASSI-RT    KORAD   GA     -100972173.86    180679253.63
ALTEC SA INFO       ATCQF   US     -110161512.58    260065350.83
PETZET - PFD-RTS    PETZPD  GA      -28368224.67    235628427.44
AG PETZETAKIS SA    PZETF   US      -28368224.67    235628427.44
KOUMBAS SYNERGY     KOUM    PZ      -43411811.05    240860615.25
HELLAS ONLINE SA    BRAIN   EU      -18667491.57    432785331.49
AG PETZETAKIS SA    PTZ     GR      -28368224.67    235628427.44
HELLAS ONLINE SA    BRAIN   PZ      -18667491.57    432785331.49
EMPEDOS SA          EMPED   GA      -33637669.62     174742646.9
RADIO KORASSIDIS    RKC     GR     -100972173.86    180679253.63
THEMELIODOMI-RTS    THEMER  GA      -55751178.85    232036822.56
ALTEC SA INFO       ALTEC   EU     -110161512.58    260065350.83
ALTEC SA INFO       ALTEC   GA     -110161512.58    260065350.83
ALTEC SA INFO       ALTEC   EO     -110161512.58    260065350.83
UNITED TEXTILES     UTEX    PZ      -44175513.67    341686153.14
PETZETAKIS-AUC      PETZKE  GA      -28368224.67    235628427.44
KOUMBAS SYNERGY     KOUM    EU      -43411811.05    240860615.25
RADIO KORASSIDIS    KORA    GA     -100972173.86    180679253.63
ALTEC SA INFO-RT    ALTECR  GA     -110161512.58    260065350.83
THEMELIODOMI-AUC    THEMEE  GA      -55751178.85    232036822.56
HELLAS ONLINE SA    HOLR    GA      -18667491.57    432785331.49
KOUMBAS SYNERGY     KOUM    GA      -43411811.05    240860615.25
HELLAS ONLINE SA    BRAIN   GA      -18667491.57    432785331.49
PETZETAKIS-PFD      PTZ3    GR      -28368224.67    235628427.44
HELLAS ONLINE SA    BRAIN   EO      -18667491.57    432785331.49
NAOUSSA SPIN-AUC    NAOYKE  GA      -44175513.67    341686153.14
RADIO KORASSIDIS    RAKOF   US     -100972173.86    180679253.63
KOUMBAS INSUR-RT    KOUMD   GA      -43411811.05    240860615.25
AG PETZETAKIS SA    PTZ1    GR      -28368224.67    235628427.44
ALTEC SA INFO-RT    ALTED   GA     -110161512.58    260065350.83
NAOUSSA SPINNING    NML     GR      -44175513.67    341686153.14
ALTEC SA INFO       ALTEC   PZ     -110161512.58    260065350.83


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


HUNGARY
-------
HUNGARIAN TELEPH    HUC     EX         -41577000      1251297920
INVITEL HOLD-ADR    0IN     GR         -41577000      1251297920
HUNGARIAN TELEPH    HUGC    IX         -41577000      1251297920
INVITEL HOLD-ADR    IHO     US         -41577000      1251297920
INVITEL HOLDINGS    3212873Z HB        -41577000      1251297920
HUNGARIAN TELEPH    HUC     GR         -41577000      1251297920


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


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


ITALY
-----
LAZIO SPA           SSLI    PZ      -15482934.18    260633690.01
PARMALAT FINA-RT    PRFR    AV   -18419390028.95   4120687886.18
TISCALI SPA         TIS     TQ      -24638454.05   1569205599.82
TISCALI SPA         TIS     PZ      -24638454.05   1569205599.82
TISCALI SPA         TIS     NA      -24638454.05   1569205599.82
TISCALI SPA         TIS     VX      -24638454.05   1569205599.82
TECNODIFF ITALIA    TDI     NM      -89894162.82    152045757.48
I VIAGGI DEL VEN    VVE     EO      -73353723.87    448043832.77
TECNODIFFUSIONE     TDIAAW  IM      -89894162.82    152045757.48
TECNODIFF-RTS       TDIAOW  NM      -89894162.82    152045757.48
COIN SPA/OLD        GC      IM     -151690764.75    791310848.67
TECNODIFF ITALIA    TDI     IM      -89894162.82    152045757.48
COIN SPA            GC      IX     -151690764.75    791310848.67
COIN SPA-RTS        GCAA    IM     -151690764.75    791310848.67
TISCALI SPA         TIS     EO      -24638454.05   1569205599.82
TISCALI SPA         TIS     EU      -24638454.05   1569205599.82
SNIA SPA-NEW        SN00    IM      -97720525.24    339401569.86
TISCALI SPA         TIS     IX      -24638454.05   1569205599.82
SNIA SPA            SSMLF   US      -97720525.24    339401569.86
RONCADIN SPA-RT     RONAA   IM      -26843216.33    117951651.43
TISCALI SPA         TIQG    IX      -24638454.05   1569205599.82
OLCESE VENEZIANO    OLVE    IM      -12846689.89    179691572.79
TISCALI SPA         TISGBP  EO      -24638454.05   1569205599.82
SNIA SPA            SN      EU      -97720525.24    339401569.86
SNIA SPA-RCV        SNIVF   US      -97720525.24    339401569.86
ARENA SPA           ARE2    TQ      -26843216.33    117951651.43
I VIAGGI DEL VEN    VVE     EU      -73353723.87    448043832.77
BINDA SPA           BND     IM      -11146475.29    128859802.94
SNIA BPD-ADR        SBPDY   US      -97720525.24    339401569.86
ARENA SPA           AREI    PZ      -26843216.33    117951651.43
SNIA SPA            SN      TQ      -97720525.24    339401569.86
BINDA SPA           BNDAF   US      -11146475.29    128859802.94
TISCALI SPA- RTS    TIQ1    GR      -24638454.05   1569205599.82
TECNODIFF ITALIA    TEF     GR      -89894162.82    152045757.48
CART SOTTRI-BIND    DEM     IM      -11146475.29    128859802.94
PARMALAT FINANZI    PMLFF   US   -18419390028.95   4120687886.18
I VIAGGI DEL VEN    VVE     IX      -73353723.87    448043832.77
I VIAGGI DEL VEN    VVE     IM      -73353723.87    448043832.77
I VIAGGI-RTS        VVEAA   IM      -73353723.87    448043832.77
I VIAGGI DEL VEN    VVE     TQ      -73353723.87    448043832.77
OMNIA NETWORK SP    ONT     PZ      -14203645.83     330093845.4
TISCALI SPA         TISN    NA      -24638454.05   1569205599.82
TISCALI SPA         TIS     FP      -24638454.05   1569205599.82
TISCALI SPA- RTS    TISAXA  IM      -24638454.05   1569205599.82
TISCALI SPA         TISGBX  EU      -24638454.05   1569205599.82
TISCALI SPA         TISGBX  EO      -24638454.05   1569205599.82
TISCALI SPA         TISN    IX      -24638454.05   1569205599.82
TISCALI SPA         TISN    IM      -24638454.05   1569205599.82
TISCALI SPA         TIS     IM      -24638454.05   1569205599.82
OLCESE SPA          O       IM      -12846689.89    179691572.79
ARENA SPA           ARE2    EU      -26843216.33    117951651.43
COIN SPA            965089Q GR     -151690764.75    791310848.67
SOCOTHERM SPA       SCT     TQ      -28370270.37    537950362.36
PARMALAT FINANZI    FICN    AV   -18419390028.95   4120687886.18
CREDITO FOND-RTS    CRFSA   IM     -200209050.26   4213063202.32
SNIA SPA            SIAI    IX      -97720525.24    339401569.86
SNIA SPA-DRC        SNR00   IM      -97720525.24    339401569.86
COMPAGNIA ITALIA    CGLUF   US     -137726596.25    527372691.43
I VIAGGI DEL VEN    IVGIF   US      -73353723.87    448043832.77
SNIA SPA-2003 SH    SN03    IM      -97720525.24    339401569.86
PARMALAT FINANZI    PARAF   US   -18419390028.95   4120687886.18
SOCOTHERM SPA       SCTM    IX      -28370270.37    537950362.36
SOCOTHERM SPA       SCTI    PZ      -28370270.37    537950362.36
OMNIA NETWORK SP    ONT     EO      -14203645.83     330093845.4
LAZIO SPA           571260Q US      -15482934.18    260633690.01
TISCALI SPA         TISN    VX      -24638454.05   1569205599.82
SNIA SPA-RIGHTS     SNAW    IM      -97720525.24    339401569.86
SNIA SPA            SN      EO      -97720525.24    339401569.86
COIN SPA            GUCIF   US     -151690764.75    791310848.67
TISCALI SPA         TIQ     GR      -24638454.05   1569205599.82
SNIA SPA-RTS        SNAA    IM      -97720525.24    339401569.86
SNIA SPA            SN      IM      -97720525.24    339401569.86
SNIA BPD            SN      GR      -97720525.24    339401569.86
LAZIO SPA           LZO     GR      -15482934.18    260633690.01
ARENA SPA           ARE     IM      -26843216.33    117951651.43
ARENA SPA           RNCNF   US      -26843216.33    117951651.43
CIRIO FINANZIARI    FIY     GR      -422095869.5   1583083044.16
PARMALAT FINANZI    PAF     GR   -18419390028.95   4120687886.18
TISCALI SPA         TSCXF   US      -24638454.05   1569205599.82
SNIA SPA            SIAI    PZ      -97720525.24    339401569.86
PARMALAT FINANZI    PRF     IM   -18419390028.95   4120687886.18
LAZIO SPA           SSLZF   US      -15482934.18    260633690.01
SOCOTHERM SPA       SOCEF   US      -28370270.37    537950362.36
OLCESE SPA-RTS      OAA     IM      -12846689.89    179691572.79
ARENA SPA           RON     IX      -26843216.33    117951651.43
RONCADIN SPA        RON     IM      -26843216.33    117951651.43
ARENA SPA           RON     GR      -26843216.33    117951651.43
PARMALAT FINANZI    PRFI    VX   -18419390028.95   4120687886.18
I VIAGGI DEL VEN    VVE     PZ      -73353723.87    448043832.77
RONCADIN SPA-RTS    RONAAW  IM      -26843216.33    117951651.43
TECNODIFF ITALIA    TDIFF   US      -89894162.82    152045757.48
SNIA SPA            SBPDF   US      -97720525.24    339401569.86
TISCALI SPA         TISN    FP      -24638454.05   1569205599.82
SOCOTHERM SPA       SCT     IM      -28370270.37    537950362.36
SOCOTHERM SPA       SCT     EU      -28370270.37    537950362.36
SOCOTHERM SPA       SCT     EO      -28370270.37    537950362.36
ARENA SPA           ARE2    EO      -26843216.33    117951651.43
CIRIO FINANZIARI    CRO     IM      -422095869.5   1583083044.16
PARMALAT FINANZI    PMT     LI   -18419390028.95   4120687886.18
I VIAGGI DEL VEN    IV7     GR      -73353723.87    448043832.77
SNIA SPA-CONV SA    SPBDF   US      -97720525.24    339401569.86
SNIA SPA-RTS        SNSO    IM      -97720525.24    339401569.86
SNIA SPA-RNC        SNRNC   IM      -97720525.24    339401569.86
SNIA SPA-RNC        SNIWF   US      -97720525.24    339401569.86
LAZIO SPA           SSL1    EU      -15482934.18    260633690.01
SNIA SPA-NON CON    SPBNF   US      -97720525.24    339401569.86
COMPAGNIA ITALIA    ICT     IM     -137726596.25    527372691.43
OMNIA NETWORK SP    ONTI    IX      -14203645.83     330093845.4
SNIA SPA            SNIB    GR      -97720525.24    339401569.86
OMNIA NETWORK SP    ONT     TQ      -14203645.83     330093845.4
SNIA SPA-RCV        SNR     IM      -97720525.24    339401569.86
SNIA SPA            SNIXF   US      -97720525.24    339401569.86
LAZIO SPA           SSL1    EO      -15482934.18    260633690.01
COMPAGNIA ITALIA    CITU    IX     -137726596.25    527372691.43
CREDITO FONDIARI    CRF     IM     -200209050.26   4213063202.32
LAZIO SPA-RTS       SSLAZ   IM      -15482934.18    260633690.01
LAZIO SPA-RTS       SSLAA   IM      -15482934.18    260633690.01
OMNIA NETWORK SP    ONT     EU      -14203645.83     330093845.4
OMNIA NETWORK SP    ONT     IM      -14203645.83     330093845.4
LAZIO SPA           SSL     IM      -15482934.18    260633690.01
LAZIO SPA           LZO1    GR      -15482934.18    260633690.01
LAZIO SPA           SSL1    IX      -15482934.18    260633690.01
SNIA SPA - RTS      SNAAW   IM      -97720525.24    339401569.86
SNIA SPA- RTS       SNAXW   IM      -97720525.24    339401569.86
TISCALI SPA         TIS     NR      -24638454.05   1569205599.82
SNIA SPA            SNIA    GR      -97720525.24    339401569.86


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


NETHERLANDS
-----------
BAAN COMPANY NV     BAAN    EU       -7854741.41    609871188.88
UNITED PAN-EUROP    UPCOF   US    -5505478849.55   5112616630.06
JAMES HARDIE IND    726824Z NA         -37500000      1827000064
ICBS INTERNATION    ICBOE   US            -69320       127631096
BAAN COMPANY NV     BAAN    EO       -7854741.41    609871188.88
JAMES HARDIE NV     JHXCC   AU         -37500000      1827000064
UNITED PAN-EUR-A    UPC     NA    -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPC     VX    -5505478849.55   5112616630.06
BAAN COMPANY NV     BAAN    IX       -7854741.41    609871188.88
UNITED PAN-EUR-A    UPC     LI    -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPE     GR    -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPE1    GR    -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPCEF   US    -5505478849.55   5112616630.06
UNITED PAN-A ADR    UPCOY   US    -5505478849.55   5112616630.06
JAMES HARDIE IND    HAH     AU         -37500000      1827000064
UNITED PAN -ADR     UPEA    GR    -5505478849.55   5112616630.06
JAMES HARDIE-ADR    JHX     US         -37500000      1827000064
JAMES HARDIE IND    600241Q GR         -37500000      1827000064
GLOBALNETCARE       GBCRE   US            -69320       127631096
BUSINESSWAY INTL    BITLE   US            -69320       127631096
BAAN COMPANY-NY     BAANF   US       -7854741.41    609871188.88
ROYAL INVEST INT    RIIC    US            -69320       127631096
ICBS INTERNATION    ICBO    US            -69320       127631096
WAH KING INVEST     WAHK    US            -69320       127631096
GLOBALNETCARE       GBCR    US            -69320       127631096
BAAN COMPANY NV     BNCG    IX       -7854741.41    609871188.88
WAH KING INVEST     WAHKE   US            -69320       127631096
JAMES HARDIE-CDI    JHIUF   US         -37500000      1827000064
JAMES HARDIE-CDI    JHX     AU         -37500000      1827000064
JAMES HARDIE-ADR    JHINY   US         -37500000      1827000064
JAMES HARDIE-CDI    JHA     GR         -37500000      1827000064
BAAN COMPANY NV     BAAN    NA       -7854741.41    609871188.88
JAMES HARDIE IND    HAH     NZ         -37500000      1827000064
BUSINESSWAY INTL    BITL    US            -69320       127631096
BAAN COMPANY NV     BAAN    GR       -7854741.41    609871188.88
BAAN CO NV-ASSEN    BAANA   NA       -7854741.41    609871188.88
BAAN COMPANY NV     BAAVF   US       -7854741.41    609871188.88
UNITED PAN-EUR-A    UPC     LN    -5505478849.55   5112616630.06
CNW ORLANDO INC     CNWD    US            -69320       127631096
BAAN COMPANY NV     BAAN    PZ       -7854741.41    609871188.88


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


POLAND
------
KROSNO SA           KRNFF   US       -2241614.77    111838141.19
KROSNO SA           KRS     PZ       -2241614.77    111838141.19
TOORA               2916661Q EO       -288818.39    147004954.18
TOORA-ALLOT CERT    TORA    PW        -288818.39    147004954.18
KROSNO SA           KRS1    EO       -2241614.77    111838141.19
KROSNO SA-RTS       KRSP    PW       -2241614.77    111838141.19
KROSNO-PDA-ALLT     KRSA    PW       -2241614.77    111838141.19
TOORA               TOR     PW        -288818.39    147004954.18
KROSNO              KRS1EUR EO       -2241614.77    111838141.19
KROSNO              KRS1EUR EU       -2241614.77    111838141.19
KROSNO SA           KROSNO  PW       -2241614.77    111838141.19
TOORA               2916665Q EU       -288818.39    147004954.18
KROSNO              KRS     PW       -2241614.77    111838141.19
KROSNO SA           KRS1    EU       -2241614.77    111838141.19
TOORA               TOR     PZ        -288818.39    147004954.18
KROSNO              KROS    IX       -2241614.77    111838141.19


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


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


RUSSIA
------
SAMARANEFTEGAS-P    SMNGP   RM     -331600428.45    891998590.74
ALFA CEMENT-BRD     AFMTF   US        -672832.37    105454563.92
ALFA CEMENT-BRD     ALCE*   RU        -672832.37    105454563.92
SAMARANEFTEGA-P$    SMNGP   RU     -331600428.45    891998590.74
SAMARANEFTEGAS      SMNG*   RU     -331600428.45    891998590.74
ZIL AUTO PLANT      ZILL$   RU     -165713442.78    328106800.85
AMO ZIL-CLS         ZILL*   RU     -165713442.78    328106800.85
URGALUGOL-BRD-PF    YRGLP   RU      -14863411.56    135736934.02
AMO ZIL-CLS         ZILL    RU     -165713442.78    328106800.85
ZIL AUTO PLANT-P    ZILLP*  RU     -165713442.78    328106800.85
ALFA CEMENT-BRD     ALCE    RU        -672832.37    105454563.92
EAST-SIBERIAN-BD    VSNK$   RU     -100985377.37    116491783.13
AKCIONERNOE-BRD     SOVP$   RU     -110204703.34    120620770.43
KOMPANIYA GL-BRD    GMST    RU      -72805537.11    1148203682.9
KOMPANIYA GL-BRD    GMST*   RU      -72805537.11    1148203682.9
SAMARANEFTEGAS-P    SMNGP*  RU     -331600428.45    891998590.74
GUKOVUGOL           GUUG    RU      -57835245.31    143665227.24
DAGESTAN ENERGY     DASB    RU      -24834103.03    105689368.23
DAGESTAN ENERGY     DASB    RM      -24834103.03    105689368.23
DAGESTAN ENERGY     DASB*   RU      -24834103.03    105689368.23
GUKOVUGOL           GUUG*   RU      -57835245.31    143665227.24
ZIL AUTO PLANT-P    ZILLP   RU     -165713442.78    328106800.85
TERNEYLES-BRD       TERL    RU       -15178937.2    182115156.77
SAMARANEFTEGAS-$    SMNG    RU     -331600428.45    891998590.74
URGALUGOL-BRD       YRGL*   RU      -14863411.56    135736934.02
AMO ZIL             ZILL    RM     -165713442.78    328106800.85
EAST-SIBERIA-BRD    VSNK*   RU     -100985377.37    116491783.13
VIMPEL SHIP-BRD     SOVP*   RU     -110204703.34    120620770.43
SAMARANEFTEGAS      SMNG    RM     -331600428.45    891998590.74
EAST-SIBERIA-BRD    VSNK    RU     -100985377.37    116491783.13
SAMARANEFTEGAS      SMNG$   RU     -331600428.45    891998590.74
ZIL AUTO PLANT-P    ZILLP   RM     -165713442.78    328106800.85
TERNEYLES-BRD       TERL*   RU       -15178937.2    182115156.77
GUKOVUGOL-PFD       GUUGP   RU      -57835245.31    143665227.24
VIMPEL SHIP-BRD     SOVP    RU     -110204703.34    120620770.43
SAMARANEFTEGAS-P    SMNGP$  RU     -331600428.45    891998590.74
URGALUGOL-BRD       YRGL    RU      -14863411.56    135736934.02
GUKOVUGOL-PFD       GUUGP*  RU      -57835245.31    143665227.24
SAMARANEFTEGAS      SVYOF   US     -331600428.45    891998590.74


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


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

                            *********

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

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

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

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

                            *********


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

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


                 * * * End of Transmission * * *