TCREUR_Public/090714.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 14, 2009, Vol. 10, No. 137



AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior
BARTL JOHANN: Claims Filing Deadline is August 5
FRIEDRICH KARLON: Creditors Must File Claims by August 26
HUNDESALON WUFF: Claims Filing Deadline is August 11
LIEBETEGGER SVEN: Creditors Must File Claims by July 21

MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21


PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC'


PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks


ARCANDOR AG: Quelle to Resume Operations After Securing Loan
DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds
ESCADA AG: May Cease Trading; In Talks with Insolvency Experts
GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel
HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid

PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG


KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps
NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator
O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan


BIOS PHARM: Creditors Must File Claims by July 17
PROM TECH: Creditors Must File Claims by July 17
L TRADE: Creditors Must File Claims by July 17
SYMBAT STROY: Creditors Must File Claims by July 17
TEMIR STROY: Creditors Must File Claims by July 17

TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings


AGRO CONTACT: Creditors Must File Claims by August 7


E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes


B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating
GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca'
GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal
MECHEL OAO: Set to Sign Debt Restructuring Deal
PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch

RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating
SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10
TONOT LLC: Creditors Must File Claims by August 10
TVER-INVA-STROY LLC: Creditors Must File Claims by August 5
VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5


TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes


ARBIG IMMO GMBH: Claims Filing Deadline is July 20
BERNARDI EDV: Creditors Must File Claims by July 22
HRB PARKETT: Creditors Must File Claims by July 24
SWISSALP IMMO: Claims Filing Deadline is July 20


COMPLEX SMV: Creditors Must File Claims by August 1
OKSANA LLC: Creditors Must File Claims by August 1
SHARM CJSC: Creditors Must File Claims by August 1
UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes
UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3'

U N I T E D   K I N G D O M

ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant
BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue
BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal
EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring
FOCUS DIY: Ernst & Young to Submit Business Review on Friday

LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts
QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3
TATA MOTORS: JLR May Extend Closure of Three UK Plants
TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant
VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-'

* Large Companies with Insolvent Balance Sheet



AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior
Nikki Tait and Gerrit Wiesmann at The Financial Times report that
the European Commission accused Germany's Deutsche Lufthansa AG,
which is eyeing a takeover of Austrian Airlines AG, of submitting
new antitrust concessions that were inferior to its previous

According to the FT, competition officials at the Commision have
concerns about the takeover deal -- in particular, in respect of
routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne,
Zurich, Geneva and Brussels.  The FT relates the German carrier
acknowledged that it had presented the Commission with new
proposals that were "different" from the package of remedies first

The Commission, the FT says, now has until November to reach a
final decision.  The FT notes Commission officials however
indicated that they would try to work quickly -- and meet a July
deadline -- if Lufthansa came back with additional, satisfactory

"Unless there's a miracle, we will not be in a position to launch
a procedure for a decision later this month," the FT quoted a
spokesman for Neelie Kroes, EU competition commissioner, as
saying. "It is very difficult to understand why they [Lufthansa]
are adopting this approach if they want a rapid decision."

On July 9, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lufthansa said in February that it has
the right to withdraw if the EU doesn't approve the sale by the
end of July.

As reported in the Troubled Company Reporter-Europe on February 9,
2009, Reuters said Austrian state holding company and key
Austrian Airlines shareholder OeIAG warned the Austrian flag
carrier could go insolvent if a planned takeover by Germany's
Lufthansa falls through.

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

BARTL JOHANN: Claims Filing Deadline is August 5
Creditors of Bartl Johann have until August 5, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18
         1010 Wien
         Tel: 513 88 37
         Fax: 5138837-37

FRIEDRICH KARLON: Creditors Must File Claims by August 26
Creditors of Friedrich Karlon GmbH have until August 26, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 9, 2009 at noon at:

         Land Court of Leoben
         Hall 4
         First Floor

For further information, contact the company's administrator:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur
         Tel: 03862/51462
         Fax: 03862/51462-10

HUNDESALON WUFF: Claims Filing Deadline is August 11
Creditors of Hundesalon Wuff Reichert KG have until August 11,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 25, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Mag. Valentin Piskernik
         Hochstrasse 31
         2380 Perchtoldsdorf
         Tel.: 01/86 93 888
         Fax: 01/8691660-33

LIEBETEGGER SVEN: Creditors Must File Claims by July 21
Creditors of Liebetegger Sven have until July 21, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 11, 2009 at 12:10 p.m. at:

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

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Schiessstattring 35/13
         3100 St. Poelten
         Tel: 02742/74 731
         Fax: 02742/74 731-22

MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21
Creditors of Mustafa OEZDEMIR have until July 21, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 11, 2009 at 11:30 a.m. at:

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

For further information, contact the company's administrator:

         Mag. Alfred Schneider
         Klosterrotte 4
         3180 Lilienfeld
         Tel: 02762/55 280
         Fax: 02762/55 280-20


PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC'
Fitch Ratings has downgraded Bulgaria-based fuel distributor
Petrol AD's Long-term Issuer Default Rating to 'CC' from 'CCC' and
assigned a Negative Outlook.  Its EUR100 million notes due in 2011
have also been downgraded to senior unsecured 'CC' from 'CCC' and
the Recovery Rating on the notes is 'RR4.'

Fitch understands from its recent discussions with management that
Petrol AD assumes in its current financial plan that all the
BGN294 million cash spent on share-buybacks in 2008 will be re-
invested by Petrol Holding AD, the company's controlling
shareholder.  Petrol AD will then use the re-invested funds to
meet their strategic goals via acquisitions of petrol stations and
other capex by 2011.  The target is to replenish lost fuel volumes
and EBITDA caused by the disposal of an important part of Petrol
AD's petrol station network to Lukoil Bulgaria EOOD in H108.  This
network accounted for about 30% of previous retail fuel volumes,
and its disposal generated the proceeds used by the company for
the share buy-backs mainly acquired from Petrol Holding AD in

The downgrade reflects Fitch's view that Petrol Holding AD may be
unable or unwilling to return cash it received in 2008 from the
sale of Petrol AD shares to Naftex Petrol EOOD, a subsidiary of
Petrol AD.  Agency forecasts indicate that this cash will be
needed to redeem the company's notes maturing in October 2011.
The notes account for more than 90% of Petrol AD's debt.

The downgrade also incorporates the company's weaker-than-expected
funds from operations and credit metrics, in particular its tight
interest coverage ratio as calculated by the agency for 2009.  The
downgrade also reflects delays in the implementation of the
company's plan to acquire smaller petrol station networks in
Bulgaria using the proceeds from the disposal to Lukoil Bulgaria
(some BGN320 million in 2008), largely received in H108.  This
will impede the company's efforts to improve cash flow which is
needed for the bond redemption in October 2011.

Fitch is also concerned about Petrol AD's weak corporate
governance standards, which negatively affect the position of
bondholders versus shareholders, as the company is effectively
controlled through Petrol Holding AD by two Bulgarian individuals.
Fitch views the company's financial policy, which includes the use
of hedging and derivates, as risky and aggressive following
substantial losses on derivatives of BGN125 million in 2008, which
were three times higher than the company's pre-disposal EBITDA.

The Negative Outlook reflects the agency's expectations that the
rating may be downgraded again if Petrol AD further delays its
plans to improve its funds from operations and EBITDA to pre-
disposal levels on the back of acquisitions and capex.  In such a
scenario, the company would have less time to recover FFO and
EBITDA before the bond redemption date in October 2011.

Petrol AD's net debt/EBITDA is weak compared to other oil refining
and/or fuel marketing companies rated by Fitch.  The latest 12-
month (LTM) net debt/EBITDA worsened to 14.3x at end-March 2009,
from 9.8x at FYE08 and 5.6x at FYE07 (Fitch's EBITDA calculation
excludes gains on disposals).  While the company's short-term debt
is not substantial at BGN16m or 8% of total debt at end-March
2009, it was not fully covered by unrestricted cash of BGN10m at
that date.  As a result, the company's liquidity position is
partly dependent on the improvement of FFO and the renewal of its
working capital bank facility in H209.

Petrol AD is the leading fuel distributor in Bulgaria.  It
operates a retail and wholesale distribution business with
domestic market shares of 16% and 14% respectively.  Post the
Lukoil disposals, the retail network consisted of 445 petrol
stations at end-2008.


PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks
Patricia Kuo and Steve Rhinds at Bloomberg News report that PSA
Peugeot Citroen obtained EUR1.5 billion (US$2.1 billion) of
two-year loans from a group of 12 international banks.

Bloomberg relates the company, which got the funds in the form of
a revolving credit, said in a statement on Friday that it will
also receive a GBP420-million (US$680 million) three-year loan
from the French government's Societe de Financement de L'Economie
Francaise.  Bloomberg recalls the company got a EUR3-billion loan
from the French government in February.

"Peugeot has sufficient liquidity for 2009 but it has about 5
billion euros of refinancing needs next year," Bloomberg quoted
Frank Hussing, a Frankfurt-based credit analyst with Commerzbank
AG, as saying.  "It makes sense for them to raise as much cash as
possible from the capital markets for the possible rainy days in

As reported in the Troubled Company Reporter-Europe on July 9,
2009, Bloomberg News said Peugeot's sales of cars and light trucks
fell 14% in the first half of 2009 to 1.59 million, compared with
1.85 million a year earlier.

PSA Peugeot Citroen S.A. --
is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles.  In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries

                         *     *     *

As reported in the Troubled Company Reporter-Europe on June 25,
2009, Fitch Ratings said that Peugeot SA's launch of a minimum
EUR500 million convertible bond and the announcement that it will
post an operating loss of between EUR1 billion-EUR2 billion in
2009 will have no immediate impact on its 'BB+' Long-term Issuer
Default rating and 'B' Short-term IDR.  The Outlook on PSA's Long-
term IDR is Negative.


ARCANDOR AG: Quelle to Resume Operations After Securing Loan
Patrick Donahue at Bloomberg News reports that Arcandor AG's
Quelle mail-order unit secured a EUR50-million (US$70 million)
loan after it finalized an agreement with banks Friday.

Bloomberg relates Quelle said in an e-mailed statement all
contracts for the insolvency loan were signed on Friday.
According to Bloomberg, Quelle said the loan, which was backed by
Germany's federal government and the states of Saxony and Bavaria,
will enable the unit to deliver its main catalog, run its online
business and make deliveries.

Quelle, as cited by Bloomberg, said it will formulate a
reorganization program in the coming weeks.

On July 8, 2009, the Troubled Company Reporter-Europe, citing Dow
Jones Newswires, reported Quelle said Prinovis stopped printing
the mail-order unit's new catalog due to a lack of material from
suppliers Schlott and Print.Forum.

                         About Arcandor AG

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

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

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

DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds
Moody's has taken these rating actions on the Pfandbriefe issued
by Hypo Real Estate Bank AG and Depfa Deutsche Pfandbriefbank AG:

-- Public Sector Covered Bonds (Oeffentliche Pfandbriefe)
    originally issued by HRE; affirmed at Aaa; previously on 11
    February 2009 affirmed at Aaa;

-- Public Sector Covered Bonds (Oeffentliche Pfandbriefe)
    originally issued by Depfa affirmed at Aaa; previously on 11
    February 2009 affirmed at Aaa;

-- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally
    issued by HRE affirmed at Aa3; previously on 11 February 2009
    affirmed at Aa3; and

-- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally
    issued by Depfa assigned new definitive Aa3 long-term ratings.

The above affirmations follow the merger of Depfa into HRE on
June 29, 2009 which has resulted in the legal mergers of the
respective cover pools.

HRE has since been renamed Deutsche Pfandbriefbank AG (the
Issuer), and continues to be rated A3/Prime-1/E+, see separate
press release dated July 7, 2009.  All outstanding Pfandbriefe
originally issued by HRE and Depfa or their predecessors are now
full recourse to the Issuer.

Moody's notes that as a result of the merger, the assets included
in the cover pool backing both Depfa and HRE's Public Sector
Covered Bonds (rated Aaa) are now backing the public sector
Covered Bonds of the Issuer on a pari passu basis.  The same
applies to the assets in the mortgage cover pools and the Mortgage
Covered Bonds (rated Aa3).

Moody's has also assigned definitive ratings to these Mortgage
Covered Bonds, which were originally issued by Depfa and have been
assumed by the combined Mortgage Covered Bond programme as a
result of the merger:

-- DEM11.2 million 6.7% Mortgage Covered Bonds due 28 February
    2011 issued on 11 June 1996;

-- DEM5 million 6.7% Mortgage Covered Bonds due 28 February 2011
    issued on 11 June 1996;

-- DEM20 million 6.7% Mortgage Covered Bonds due 30 January 2012
    issued on 23 January 1997;

-- DEM50 million 6.7% Mortgage Covered Bonds due 30 January 2012
    issued on 24 January 1997;

-- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009
    issued on 19 July 1999; and

-- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009
    issued on 19 July 1999.

The TPI assigned to the Public Sector Covered Bonds is "High", and
"Probable-High" for the Mortgage Covered Bonds.  At the Issuer's
current rating level, the TPIs do not restrain the ratings of the
Covered Bonds.

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

Headquartered in Munich, HRE Group reported consolidated total
assets of EUR420 billion and a pre-tax loss of EUR5.375 billion as
of December 31, 2008.

ESCADA AG: May Cease Trading; In Talks with Insolvency Experts
AFP reports that Escada AG may cease trading if creditors reject
its debt restructuring plan.

AFP relates chairman of the board Bruno Saelzer said in an
interview in Welt am Sonntag "Talks have already taken place with
insolvency experts".  Mr. Saelzer, as cited by AFP, said the
company had enough liquidity to last until August but not beyond.

Escada, AFP says, has put a debt restructuring plan to its
creditors which must be approved by 80 percent of them by a
July 31 deadline.  According to Bloomberg News, the company wants
investors to exchange EUR200 million  (US$279 million) in seven-
year bonds due 2012 by the end of July to shore up finances and
win support from banks.  Bloomberg notes according to Welt am
Sonntag, Mr. Saelzer said he expects investors to decide first in
the last three days on the offer.

Bloomberg discloses Welt am Sonntag said if the refinancing plan
is implemented, Mr. Saelzer sees a good chance for a loan from the
German state-owned lender KfW-Group.

As reported in the Troubled Company Reporter-Europe on June 24,
2009, Reuters said at the end of April, Escada's net debt was at
EUR187.6 million (US$260.7 million), compared with EUR177.1
million at the end of October.  The company's cash and cash
equivalents had declined to EUR24.7 million after the first six
months of its fiscal year, compared with EUR26.6 million a year
earlier, Reuters disclosed.

ESCADA AG -- is a Germany-based fashion
group engaged in women's designer fashion.  The Company is
structured into two segments: ESCADA and PRIMERA.  Under its core
brand ESCADA, the Company sells women's designer fashions for
daytime, evening, business, leisure, wellness and special
occasions, as well as couture.  The fashion range is supplemented
with accessories like handbags, shoes and small leather goods.
Fragrances, eyewear, kids wear and jewelry from licensed partners
are also sold under the ESCADA brand.  The Company also offers the
ESCADA Sport product line with clothes and accesoires.  Through
its wholly owned subsidiary, PRIMERA AG, the Company additionally
sells the mid-priced brands apriori, BiBA, cavita and Laurel.  As
of October 31, 2008, ESCADA AG operated 182 own shops and 225
franchise shops in more than 60 countries.  Its manufacture
capacities are mainly outsourced to partner operations, located in
Germany, Italy, Eastern Europe and Asia.

GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel
John Reed and Martin Arnold at The Financial Times report that
Belgium's RHJ International confirmed on Monday that it was "at an
advanced stage" of talks about acquiring a 51% to 55% stake in
General Motors Corp.'s Opel unit.

The FT notes it was unclear on Monday how much RHJ would offer for
the stake.

Citing a person with direct knowledge of its plans, the FT
discloses RHJ is now preparing a final contract to buy Opel, which
it plans to present to GM this week.  According to the FT, as part
of its offer, RHJ is promising to repay all state-backed loans for
Opel by 2015 and make the unit profitable by 2011.  The FT says
RHJ, which has held talks with governments of most of the European
countries that have GM plants, has reduced an earlier projection
of job losses needed in an Opel/Vauxhall restructuring from 10,000
to 12,000 to fewer than 10,000 -– about the same as Canada's Magna
International Inc., which signed a memorandum of understanding in
May to buy 55 per cent of Opel with Russia’s Sberbank.

RHJ, the FT notes, also retreated from a plan to close Opel’s
plant in Bochum, Germany and two Vauxhall plants in the UK.  Rene
Wagner at Reuters reports the the state of Thuringia said on
Monday that four German states with Opel plants have reservations
about RHJ a stake in GM's European unit.  "Magna is still the best
solution, the second best would be Fiat," Reuters quotes
Thuringia's Economy Minister Juergen Reinholz, as saying.

The FT relates Magna, which had spoken of sealing the deal by
July 15, cancelled a board meeting scheduled today, July 14, that
had been due to rubber-stamp its offer.


In a July 10 report the FT said General Motors' chief executive
said on Friday that the carmaker was working "round the clock" to
agree the sale of a stake in its European Opel-Vauxhall arm by the
end of this month.

GM, as cited by the FT, said negotiations were continuing with
Magna, RHJ and China's Beijing Automotive Industry Holding
Company.  Ray Young, GM's chief financial officer, told the FT
that future arrangements on intellectual property rights remained
"major issues" in talks with Magna and the two other bidders for a
stake in Opel.

                       About General Motors

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

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

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

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 counsel.

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.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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.
( 215/945-7000)

HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid
Robert Wright at The Financial Times reports that Tui AG's
supervisory board has agreed in principle to meet at least some of
the demands for cash from Hapag-Lloyd AG.

According to the FT, it remains unclear what proportion of the
support for Hapag-Lloyd Tui will provide, and what proportion will
come from Albert Ballin consortium of Hamburg businesses that now
own 57 per cent of the company.  The board, the FT discloses,
authorized Tui's management to launch negotiations with the
consortium over the precise amount of aid it required and how the
contributions from the two shareholder groups would be structured.
Tui, as cited by the FT, said a final decision on precise amounts
to be paid would be made at the next supervisory board meeting at
the beginning of August.  The FT relates one person involved said
the two groups look unlikely to grant the entire demand for
EUR1.75 billion.

As reported in the Troubled Company Reporter-Europe on July 10,
2009, the FT said Hapag-Lloyd asked its shareholders for EUR1.75
billion (US$2.4 billion) in fresh capital in a bid to secure its
future.  The FT said an application for state aid remains a
possibility if the shareholders proved unable to find the money.

Tui, the travel and tourism group, holds a 43 percent stake in
Hapag-Lloyd, which lost EUR222 million in the first quarter of
this year.

Hapag-Lloyd AG -- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March

PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG
Citing Germany's Der Spiegel, Christiaan Hetzner at Reuters
reports that Volkwagen AG is prepared to offer considerably more
than EUR4 billion for a 49.9 percent stake in Porsche AG, Porsche
Automobil Holding SE's wholly-owned manufacturer of 911 Carrera

Reuters relates the weekly magazine wrote on Saturday that
Wendelin Wiedeking, the chief executive of parent Porsche
Automobil Holding, however, still considered the amount
insufficient.  According to Reuters, Mr. Wiedeking prefers a rival
concept to reduce debt that entails the aid of Sheikh Hamad bin
Khalifa al-Thani, ruler of the natural gas-rich Gulf state of
Qatar.  Reuters discloses Der Spiegel wrote the sheikh has stated
his willingness, via an investor agreement, to offer EUR7 billion
for both a stake of just over 25 percent in the listed holding and
Porsche Automobil Holding's cash-settled options in VW stock that
Mr. Wiedeking used to hedge the cost of his failed takeover of VW.

As reported in the Troubled Company Reporter-Europe on July 7,
2009, Bloomberg News said net debt at Porsche Automobil Holding
tripled to more than EUR9 billion after the company increased its
stake in Volkswagen to 50.8 percent at the beginning of this year.

                            KfW Loan

On July 3, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that the German state-controlled bank KFW
officially rejected Porsche Automobil Holding'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 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, 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
-- 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.


KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps
Moody's Investors Service has assigned these definitive ratings to
six unfunded credit default swaps entered into by Kirk SPV
Limited, a bankruptcy-remote vehicle incorporated in Ireland.

  -- Aaa to the EUR440 million Class B1 credit default swap,
  -- A1 to the EUR360 million Class B2 credit default swap,
  -- Ba1 to the EUR100 million Class B3 credit default swap,
  -- B1 to the EUR140 million Class B4 credit default swap,
  -- Caa1 to the EUR140 million Class B5 credit default swap, and
  -- Ca to the EUR400 million Class B6 credit default swap.

These credit default swaps reference a EUR3 billion managed
portfolio of corporate and structured finance reference
obligations.  Approximately 83% of the portfolio exposure is to
corporate reference entities, 53% representing direct exposure and
30% being exposure to ten mezzanine tranches of bespoke corporate
CDO's (inner CDO's).  The remaining 17% of the portfolio is
comprised of structured finance reference obligations.

The direct corporate exposures have these characteristics
(expressed as percentage of total direct corporate exposure): the
major sectors are Finance, Insurance and Real Estate (38%) and
Banking (8%); the underlying exposure is concentrated in North
America (55%), Europe (20%) and Asia (15%); the rating composition
is 2% Aa-rated, 11% A-rated, 39% Baa-rated, 27% Ba-rated, 14% B-
rated and 6.3% Caa-rated.

Each of the ten inner CDO's constitutes the 6.5% to 12.5% tranche
of exposure to a unique corporate portfolio, and represents 3% of
the total portfolio exposure.  The underlying corporate portfolios
are each well diversified -- both geographically and across
industries.  The weighted average rating factors of the inner CDO
portfolios range from 970 to 1335 (representing a Ba1 to Ba2
Moody's rating range).

The attachment and detachment points of the credit default swaps
are: Class B1 78-100%, Class B2 60-78%, Class B3 55-60%, Class B4
48-55%, Class B5 41-48%, and Class B6 21-41%.

The ratings measure the risk on an expected loss basis that the
credit protection provider will be required to make payments in
respect of credit events under the terms of the transaction.  The
ratings also address any premiums due but not paid by the
protection buyer, up until an early termination date, if any.  The
ratings do not address potential losses resulting from an early
termination of the transaction, nor any market risk associated
with the transaction.

The main drivers of Moody's analysis for this transaction are:

1. The credit quality of the assets in the portfolio.  The average
   modelled default probability of the direct corporate portfolio
   is 15.81%.  The average modelled default probability of the
   indirect portfolios is 12.16%.

2. The average assumed Moody's recovery rate for the direct
   portfolio of 29.3%.  The average assumed Moody's recovery rate
   for the indirect portfolios of 37.6%.

3. The asset correlation structure of the portfolio (weighted
   average asset correlation of 11% for the direct corporate

4. The initial subordination of each credit default swap.

5. The alignment of interests between the noteholders and the
   portfolio manager, and the management rules (including the
   Moody's Metrics constraint) to be followed by the portfolio

Moody's analyzed this transaction primarily using the CSO
methodology as described in Moody's Special Report below:

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

Moody's did not give any credit to the 17% structured finance
reference obligations and considered them 100% defaulted with 100%
severity for the purposes of analyzing the loss distribution of
the portfolio.

Additionally, Moody's looked at the impact of market implied
ratings on the rated tranche.   The analysis revealed that a
substantial portion of the names included in the corporate
portfolios had a negative gap (i.e. the Market Implied Rating was
lower than the Moody's rating).  In particular, thirty names in
the direct corporate portfolio had gaps ranging from -5 to -13
notches.  Moody's considered this to be reflective of a bias
towards reference entities that posed a higher credit risk
relative to their rating category, as a consequence, while the
Market Implied Ratings are not the primary drivers of the rating
methodology or model, the committee considered the potential
impact of this bias in assigning the final ratings on the B5; B4;
B3 & B2 credit default swaps at a level 2 notches below the model-
indicated rating.

Moodys has assessed a V Score of Medium-High assumption
uncertainty, in line with the Medium-High score for the Corporate
Synthetic CDO sector.  V Scores are a relative assessment of the
quality of available credit information and of the degree of
dependence on various assumptions used in determining the rating.
High variability in key assumptions could expose a rating to more
likelihood of rating changes.

Moody's tested the sensitivity of the model indicated ratings to
changes in the portfolio default probabilities and portfolio
recovery rates parameters.  For example increasing the default
probability of the portfolio by 70% generated these model
indicated ratings (change in the model-indicated rating from the
base case (# of notches) is noted in parentheses):

* The results were Class B6 - C(1); Class B5 - Ca(5); Class B4 --
  Caa3(7); Class B3 -- B2 (6); Class B2 -- A3(4); Class B1 -- Aaa

Likewise a 60% decrease of the recovery rates generated these
model indicated ratings:

* Class B6 - Ca(0); Class B5 -- Caa3(4); Class B4 --Caa1(5); Class
  B3 -- Ba3 (4); Class B2 -- A2(3); Class B1 -- Aaa (0).

Moody's will monitor this rating.  Any change in the rating will
be publicly disseminated by Moody's through normal print and
electronic media.

NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator
Ian Kehoe at The Sunday Business Post reports that toy chain
Toycity has gone into liquidation after being hit by the economic
slump and the fall-off in consumer spending.

The report relates Tom Murray, a partner with Friel Stafford
accountants in Dublin, was appointed liquidator to the holding
company behind the chain, Newsround Toycity, in recent days.
Mr. Murray, the report says, is now attempting to dispose of the
company's assets, which are valued at EUR617,000.

The company, the report notes, had been profitable in recent
years, but suffered from high rents and falling revenues over the
past six months.  According to the report, the company, which
operated five large outlets in Leinster and Connacht, has
liabilities of EUR4.5 million.  The report discloses Toycity's
statement of affairs shows the company owes some EUR1.2 million in
outstanding rents on its five locations.

O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan
Ian Kehoe at The Sunday Business Post reports that O'Brien's
Sandwich Bars plans to shut down nine loss making stores and
restructure its lease arrangements on another 10 vacant premises
under its rescue plan.

The report, citing High Court documents, discloses the company,
which seeks to avoid liquidation, plans to radically alter the
nature of its lease agreements with its franchisees to limit the
financial exposure of the master franchise.  The report says the
company's examiner, Grant Thornton partner Paul McCann, will now
attempt to restructure this arrangement and assign all the leases
to the franchisees directly.  Negotiations will begin this week in
relation to the leases, the report notes.

Mr. McCann, the report states, is also seeking to source fresh
investment, which would be used to offer a dividend to creditors,
who will be asked to partially write down their debts.

On July 13, 2009, the Troubled Company Reporter-Europe, citing The
Irish Times, reported that the High Court placed O'Brien's
Sandwich Bars in examinership.  According to the Irish Times,
O'Brien's, which employs 800 people at its 85 Irish stores, has
debts exceeding EUR4 million, including EUR3.4 million it owes
Bank of Ireland.  The Irish Times disclosed O'Brien's chairman
Brody Sweeney said in a statement that franchisees were not
subject to examinership.  Mr. Sweeney, the Irish Times said,
blamed the firm's troubles on the collapse of the property market.
Mr. Sweeney, as cited by the Irish Times, said "A number of our
franchisees are struggling to pay their rents, as footfalls in
shopping centers and high streets across the country fall and
consumers are spending less.  This in turn puts pressure on our
own company, as we hold the head leases for most of the outlets in
the chain."

Citing an independent accountant's report prepared by KPMG, The
Sunday Business Post notes in addition to the ten vacant and nine
loss-making stores, 33 of the remaining 54 O'Brien's outlets in
Ireland owe rents.

O'Brien's Sandwich Bars -- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa.  The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties.  The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the instore juice bar offerings.


BIOS PHARM: Creditors Must File Claims by July 17
Creditors of LLP Bios Pharm have until July 17, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9

The court commenced bankruptcy proceedings against the company on
April 6, 2009.

PROM TECH: Creditors Must File Claims by July 17
Creditors of LLP Prom Tech Montage Service have until July 17,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
April 7, 2009.

L TRADE: Creditors Must File Claims by July 17
Creditors of LLP L Trade Service have until July 17, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
April 17, 2009.

SYMBAT STROY: Creditors Must File Claims by July 17
Creditors of LLP Symbat Stroy have until July 17, 2009, to submit
proofs of claim to:

         Luxemburg Str. 1a
         Room 22

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36

TEMIR STROY: Creditors Must File Claims by July 17
Creditors of LLP Temir Stroy ProjecT have until July 17, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9

The court of Karaganda commenced bankruptcy proceedings against
the company on April 6, 2009.

TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings
Fitch Ratings has downgraded Tristan Oil Ltd.'s Long-term foreign
currency Issuer Default Rating to 'CC' from 'B+' and senior
unsecured rating to 'C' from 'B+' with a recovery rating of RR5.
The agency has simultaneously maintained the Rating Watch Negative
on the Long-term foreign currency IDR and placed the senior
unsecured debt class rating on Rating Watch Evolving.

The downgrade reflects Fitch's concern about lack of transparency
in the structure of the recent debt issuance transaction.  This
relates to the cash flows between the entities in the structure,
the beneficiaries involved in the transaction, creditor rankings
under default and sale scenarios, and the overall rationale for
the structure.  On the basis of information received to date Fitch
has concerns that under certain scenarios there is the possibility
that existing bond holders positions could be adversely affected.

On June 18, 2009 Tristan placed an additional US$111.11 million of
Eurobonds (on the same terms as existing bonds) with Laren
Holdings Ltd., a BVI special purpose entity that is owned by a
charitable trust, whose beneficiaries at present remain unclear.
The bonds were placed at a significant discount to face value --
US$30 million -- but represent a further senior unsecured
obligation for Tristan of the entire US$111.11 million.  The
stated purpose of the placing is for payment of the outstanding
balance of excess profit tax owed by the operating companies,
Kazpolmunai and Tolkynneftegas, and for other general corporate

Laren was able to make the purchase having received a US$60m
credit facility, at a very high rate of interest, from a group of
lenders, secured on, amongst other assets, the equity of the
holding companies which own KPM and TNG.  KPM and TNG guarantee
Tristan's existing Eurobonds, but according to Tristan are now
also guaranteeing Laren's obligations under this credit facility
on a subordinated basis.  As stated above half of the funds were
used to pay for the discounted bonds, but the other half of the
proceeds was lent to Montvale Invest Ltd., an oil trader and
affiliated company of Tristan.  According to Tristan, Montvale
used the proceeds to repay a portion of its accounts payable to
KPM and TNG, and the latter two entities applied the received
proceeds for payment of excess profit tax and other general
corporate purposes.

At present Fitch does not have access to the credit facility
documentation, or inter-creditor agreements relating to the new
guaranteed facility or the arrangements with the charitable trust.
The agency is concerned that the additional short-term maturity (6
months) of the US$60 million guaranteed Laren facility places
Tristan in a position whereby it may be unable to repay the amount
from internally generated funds (FYE08 cash position US$9.3
million), at maturity.  At this point in time the creditor
implications for such a default are not known, due to the lack of
information currently available to the agency, leading Fitch to
conclude that the funding arrangement is unsustainable under
current operating conditions.

A material increase in Tristan's leverage has occurred as a result
of this transaction with forecast gross leverage now of about 2.6x
at year end 2009, based on Fitch's oil price deck (base case) of
US$55/bbl, compared with gross leverage of 1.4x at year end 2008
(all based on the nominal value of the Eurobonds outstanding).
Overall, the opaque nature of this transaction has also further
exacerbated the agency's concerns regarding weak corporate
governance standards at Tristan.

The worsened recovery prospects have led to a notching down of the
senior unsecured debt class rating from the Long-term foreign
currency IDR.  In order to resolve the RWE placed on the senior
unsecured rating, Fitch anticipates receiving further information
in the near term from the company to clarify issues related to the
transaction (summarised above).  The receipt of adequate
information, to allow the RWE to be resolved in the near term,
should enable Fitch to maintain its rating and thereby not lead to
an event risk occurring under the existing bond documentation.

The RWN on the Long-term foreign currency IDR has been maintained
pending the resolution of the Kazakh authorities' actions related
to the potential license revocation at the TNG operating company,
and pending criminal charges against the KPM operating company.


AGRO CONTACT: Creditors Must File Claims by August 7
LLC Agro Contact is currently undergoing liquidation.  Creditors
have until August 7, 2009, to submit proofs of claim.

Inquiries can be addressed to (0-555) 51-79-79.


E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes
Moody's Investors Service said that following the execution of
transaction amendments that introduced a back-up cash manager in
all the Dutch E-MAC residential mortgage-backed securities
transactions, it has concluded its review and confirmed the
ratings of all the notes in the non-NHG transactions, except those
of the E-MAC NL 2002-I, E-MAC NL 2003-I, and E-MAC NL 2003-II

Moody's has downgraded its ratings on all the notes in the E-MAC
NL 2002-I transaction, following the July 7, 2009 announcement
that as a result of the failure to obtain rating confirmations,
the notes are due to be redeemed in full on July 27, 2009 and the
publication of the step-up margins payable on the notes as from
July 27, 2009, if they are not redeemed on that date.  Moody's
ratings do not address the likelihood of timely payments under
this mandatory redemption.  However, the rating agency believes
that given the uncertainty regarding the obligation and ability of
GMAC RFC Nederland B.V. (GMAC RFC NL) to provide funds for the
notes to be redeemed on July 27, 2009, the transaction is now much
likelier to move into enforcement, which will change the priority
of payments and subordinate payments on each class of notes to the
payments of the step up margins on higher ranking notes.  As the
ratings now incorporate the full probability of this scenario, as
well as the execution of the back up cash management agreement,
Moody's does not expect to further downgrade its ratings if the
notes failed to be redeemed on July 27, 2009 and has therefore
concluded its rating review.

Moody's has kept the ratings of the E-MAC 2003-I and E-MAC 2003-II
transactions on review for possible downgrade, reflecting their
exposure to a similar risk of a change in the priority of payments
upon enforcement if they became subject to a mandatory redemption,
as in the E-MAC NL 2002-I transaction.  As the two E-MAC NL 2003
transactions now benefit from a back-up cash manager, Moody's
rating review no longer reflects cash management related risks.
Moody's expects to conclude its review after revising its
assessment of the probability of a mandatory redemption of the
notes and a subsequent enforcement scenario.

Moody's has also maintained the ratings of the four E-MAC NL NHG
transactions on review for possible downgrade while it completes
its analysis of transaction-specific features unrelated to cash
management.  The conclusion of this review will reflect
methodology updates detailed in "Moody's Updated Approach to NHG
Mortgages in Rating Dutch RMBS" published on 17 March 2009.

Moody's placed the ratings of all the notes in the E-MAC NL non-
NHG transactions issued prior to April 2008 on review for possible
downgrade on December 3, 2008 and those of the four Dutch E-MAC
NHG transactions on July 10, 2008.  As detailed in press releases
issued then, Moody's rating review reflected the exposure of the
affected transactions to the ability of GMAC RFC NL to fulfil its
role as cash manager in these transactions, if it were to become
insolvent.  GMAC RFC NL is an indirect wholly-owned subsidiary of
Residential Capital, LLC, which was downgraded to Moody's lowest
rating of C, on November 20, 2008.  Moody's rating review of the 4
E-MAC NL NHG transactions was also prompted by NHG guarantee-
related concerns.

In addition, on June 16, 2009, Moody's downgraded the ratings of
all the notes in the E-MAC NL 2002-I and those of the non-senior
classes of notes in the E-MAC NL 2003-I and 2003-II transactions,
due to structural features that Moody's believed might affect the
likelihood of an event of default (E-MAC 2002-I) and the severity
of potential losses to noteholders after the notes are subject to
a step-up of interest.  A step-up of interest occurs if the notes
remain outstanding after the relevant put option date.  All the
Dutch E-MAC NL transactions are subject to a similar put option
process and interest step-up mechanism but Moody's believes that
not all of them are exposed to the same credit risks as the
affected transactions, due to different structural features.

On July 10 back-up agreements for the role of issuer administrator
(performing the tasks generally associated with a cash manager),
were entered into by the relevant parties in all the E-MAC NL
transactions that closed prior to April 2008.  Under these
agreements, ATC Financial Services B.V. must step in as third-
party cash manager, within a short time from the termination of
GMAC RFC NL's role as cash manager.  In particular, ATC has
committed that within two business days from termination of GMAC
RFC NL's role as cash manager, it would take over GMAC RFC NL's
obligations with respect to payments to be made under the swap and
interest payments under the notes.  As the E-MAC NL 2003-I and E-
MAC NL 2003-II and the four E-MAC NL NHG transactions are also
subject to the back-up agreements, Moody's continued review is no
longer driven by the risk of a cash management disruption.

Moody's notes that in the two most recent Dutch E-MAC transactions
issued in 2008 (E-MAC NL 2008-II and E-MAC NL 2008-IV), ATC is the
appointed third-party issuer administrator performing most of the
cash management functions, although GMAC RFC NL still performs
administrative activities at the programme level.  Despite their
residual exposure to GMAC RFC NL, the ratings of these
transactions have not been downgraded or placed on review due to
the limited scope of GMAC RFC NL's role.

In all of the E-MAC NL transactions, the interest rate on any
notes not redeemed at the put option date is subject to a step up.
Because this step-up interest (referred to as the "extension
margin") is calculated with reference to market prevailing rates,
it can be significantly higher than the current interest rate
level.  This was evidenced by the extension margins published on
July 7, 2009 for E-MAC NL 2002-I (for instance, for Class A, the
extension margin is 6.87% per annum).  The step-up component of
the interest on the notes, which is unrated by Moody's, is
generally deeply subordinated in the waterfall.  In E-MAC NL 2002-
I and the EMAC NL 2003-I and 2003-II transactions, in a post-
enforcement scenario, the step-up component of the interest on
each class of notes would rank higher in the priority of payments
than the interest and principal on more junior notes, which could
significantly affect the severity of losses on the less senior
notes in the transaction.  In addition, in that scenario, the
step-up component of the interest on each class of notes --
including the senior notes -- would also rank higher than
principal payments on the same class of notes, which would affect
the severity of principal losses for that class.

While Moody's rating downgrades for E-MAC NL 2002-I on June 16,
2009 incorporated the uncertainty as to the outcome of the credit
agency confirmation process and the potential consequences of a
mandatory redemption, the downgrades incorporate the much higher
likelihood of an enforcement process actually occurring after
June 27, 2009, given the uncertainty of whether GMAC RFC NL will
provide funds to redeem the notes on that date under the mandatory
redemption announced on June 7, 2009.  However, it should be noted
that with respect to principal payments, Moody's ratings address
the ultimate payment at par on or before the rated final legal
maturity date and not the likelihood of timely payments under a
mandatory redemption.

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

                  Detailed List of Rating Actions

E-MAC NL 2002-I B.V.

  -- Class A, downgraded to Baa1; previously on 18 June 2009 Aa3
     placed under review for possible downgrade

  -- Class B, downgraded to Ca; previously on 18 June 2009
     downgraded to Ba1 and maintained under review for possible

  -- Class C, downgraded to C; previously on 18 June 2009
     downgraded to Ba2 and maintained under review for possible

  -- Class D, downgraded to C; previously on 18 June 2009
     downgraded to B2 and maintained under review for possible

E-MAC NL 2004-I B.V.

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at A2; previously on 03 December 2008 A2
     placed under review for possible downgrade

  -- Class C, confirmed at Baa2; previously on 03 December 2008
     Baa2 placed under review for possible downgrade

E-MAC NL 2004-II B.V.

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

  -- Class C, confirmed at Baa1; previously on 03 December 2008
     Baa1 placed under review for possible downgrade

E-MAC NL 2005-I B.V.

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

  -- Class C, confirmed at Baa1; previously on 03 December 2008
     Baa1 placed under review for possible downgrade

E-MAC NL 2005-III B.V.

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

  -- Class C, confirmed at Baa1; previously on 03 December 2008
     Baa1 placed under review for possible downgrade

E-MAC NL 2006-II B.V.

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

  -- Class C, confirmed at Baa1; previously on 03 December 2008
     Baa1 placed under review for possible downgrade

E-MAC Program B.V./ Compartment NL 2006-III

  -- Class A1, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class A2, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

E-MAC Program B.V./ Compartment NL 2007-I

  -- Class A1, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class A2, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

E-MAC Program B.V. / Compartment NL 2007-III

  -- Class A1, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class A2, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2
     placed under review for possible downgrade

  -- Class C, confirmed at A2; previously on 03 December 2008 A2
     placed under review for possible downgrade

E-MAC Program II B.V. / Compartment NL 2007-IV

  -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
     placed under review for possible downgrade

  -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
     placed under review for possible downgrade

  -- Class C, confirmed at A2; previously on 03 December 2008 A2
     placed under review for possible downgrade

  -- Class D, confirmed at Baa3; previously on 03 December 2008
     Baa3 placed under review for possible downgrade

E-MAC Program III B.V. / Compartment NL 2008-I

  -- Class A1, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class A2, confirmed at Aaa; previously on 03 December 2008
     Aaa placed under review for possible downgrade

  -- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2
     placed under review for possible downgrade

  -- Class C, confirmed at A2; previously on 03 December 2008 A2
     placed under review for possible downgrade


B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating
Fitch Ratings has revised Russia-based B&N Bank's Outlook to
Negative from Stable, while affirming the Long-term Issuer Default
Rating at 'B-'.  Simultaneously, Fitch has downgraded the bank's
National Long-term rating to 'BB-(rus)' from BB(rus)' and changed
the Outlook to Negative from Stable.  A full list of rating
actions follows at the end of this release.

The rating actions reflect the sharp deterioration in the bank's
asset quality over the last few months and uncertainty surrounding
the extent of further losses which the bank will need to recognize
on its loan portfolio.  Non-performing loans have risen
considerably since the onset of the crisis in Russia, with 10.8%
of loans at least three months in arrears at end-May 2009, driven
primarily by increasing retail NPLs (23% at end-May 2009).
Corporate NPLs were at a more modest 5%, although corporate loan
restructuring increased sharply to about 27% of the corporate
portfolio, according to management data.  Loan impairment has been
greatest in retail and corporate portfolios most exposed to the
real estate downturn, and Fitch expects non-performing assets to
continue to climb through the rest of 2009 as the bank's retail
and corporate clients continue to face growing economic pressures.

Fitch expects elevated credit costs to significantly strain
earnings in 2009.  B&N recorded a sizeable net loss in January-May
under National GAAP (equal to 23% of end-2008 equity), as
management continued to provide to loan loss reserves in
recognition of increasing impairment.  If asset quality continues
to deteriorate rapidly and is accompanied by a significant
weakening in the bank's capital position, this could result in a
downgrade of the ratings.  At the same time, Fitch notes that the
bank's current capital position continues to offer material loss
absorption capacity; the agency estimates that the ratio of
impairment reserves to loans could have risen to 19.6% at end-May
2009 before the regulatory capital ratio (15.8% at end-May) would
have fallen to the minimum 10%.

B&N's ratings are also supported by the fact that the bank has
little wholesale debt outstanding following the maturity of the
bank's US$200 million eurobond in May 2009 (part of the issue had
earlier been bought back by the bank).  The recent relative
stability of the deposit base (which now accounts for 81% of
liabilities), combined with a currently solid liquidity buffer
about 13% of assets in cash and repoable securities, plus 20% in
short-term interbank placements), provides the bank with some
flexibility to navigate through the ongoing crisis.

B&N is a medium-sized Russian bank.  Its core focus is on lending
to medium-sized local corporates, although it has been expanding
its operations quite aggressively into the retail market and
undertaking regional expansion.  B&N is controlled by Russian
businessman, Mikhail Shishkhanov, who is, as the bank's CEO,
closely involved in operational management.

Rating actions:

  -- Long-term IDR: affirmed at 'B-'; Outlook changed to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- National Long-term Rating: downgraded to 'BB-(rus)'from
     'BB(rus)'; Outlook changed to Negative from Stable

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

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca'
Moody's Investors Service has downgraded the probability of
default rating of Gallery Media Group Ltd. to Ca from Caa3.  The
corporate family rating of Gallery and the existing bond rating of
Gallery Capital SA remain at Caa3, on review for downgrade.  The
action was prompted by the expiry of the grace period which
commenced on May 15, 2009, triggered by the company's failure to
pay interest on its US$175 million Senior Secured Notes issued by
Gallery Capital S.A.  Moody's understands that the company is in
negotiations with the creditors.  The CFR and the bond rating
remain on review for downgrade given limited visibility on the
probable outcome of the restructuring and the recoveries.

The last rating action on Gallery was on May 13, 2009 when Moody's
downgraded the corporate family rating of Gallery Media Group
Ltd., the existing bond rating of Gallery Capital SA, and
probability of default rating from Caa2 to Caa3, and placed all
ratings on review for downgrade.

Gallery'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 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 Gallery's core industry and Gallery's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in Moscow, Russia, Gallery currently operates the
second-largest outdoor advertising network after News Outdoor in
Russia and Ukraine (based on revenues and the number of
advertising faces owned).  During the year of 2008, Gallery
reported revenues of US$212 million and adjusted for imputed tax
EBITDA of US$59.6 million.  Net loss for the year 2008 amounted to
US$156.2 million, reflecting significant impairment losses on the
Russian and Ukrainian assets, and foreign exchange losses.

GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal
Toni Vorobyova at Reuters reports that GAZ OAO has agreed to the
restructuring of RUR40 billion (US$1.25 billion) of debt with most

Reuters relates Valeri Lukin, managing director of 60 percent
shareholder Russian Machines, told Vedomosti that GAZ hopes to
sign the agreements by August 1.

According to Reuters, Vedomosti said Alfa Bank is unhappy with the
terms and could jeopardize the deal.  Reuters says the agreement
with all 18 creditors is needed but the bank does not want to
sign.  Reuters discloses a bank representative told the business
daily that the business model presented by the management of GAZ
is ineffective.

GAZ, controlled by indebted Russian tycoon Oleg Deripaska through
Russian Machines, has secured state guarantees worth
EUR20 billion for its loan, Reuters notes.  The money, Reuters
states, will be used as collateral for half the planned debt

GAZ OAO (GAZ OJSC) -- is a Russia-based
automotive manufacturer.  The Company produces light commercial
vehicles, trucks, buses, diesel engines, cars, power-train
components, road construction equipment, as well as spare parts
for produced vehicles.  The Company's sales markets include
Eastern Europe, South-East Asia, South America, the Middle East,
Africa and the Commonw ealth of Independent States countries. GAZ
OAO has five manufacturing plants Commercial Vehicle Plant in
Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel
on Yaroslavl and Ural Truck Plant.  The Company operates through
one representative office located in Hungary and 49 subsidiaries
and two affiliated companies.  It is 61.34%-owned by Sberbank
Rossii OAO.

MECHEL OAO: Set to Sign Debt Restructuring Deal
Alexander Kolyandr at Dow Jones Newswires reports that OAO Mechel
said it plans to sign a deal in coming days to restructure
US$3.5 billion of its US$5.8 billion in debt.

Dow Jones relates Mechel in June said it wouldn't be able to
survive unless its creditors agreed to restructure its loans.

Mechel, Dow Jones discloses, posted a first-quarter net loss of
US$690.1 million, compared with a net profit of US$500 million a
year earlier.  The company attributed the loss to lower demand for
steel and coal and a loss of US$592 million caused by the ruble's
sharp drop against the dollar, Dow Jones notes.

Mechel OAO (Mechel Steel Group OAO) --
is a Russia-based vertically integrated mining and metals company.
The Company's business comprises two segments, mining and steel.
The mining segment includes the production and sale of coal, iron
ore and nickel, while the steel business covers the production and
sale of semi-finished steel products, carbon and stainless flat
products as well as value added downstream metal products, such as
hardware, stampings and forgings.  In addition, Mechel OAO owns
and operates two trade ports, a railway and an energy company.  It
has production facilities located in Russia, Romania and
Lithuania.  The Company has 22 subsidiaries, of which 12 are
wholly owned.  Numerous representative offices located worldwide,
allow the Company to offer its products on both domestic and
international markets.

PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch
Fitch Ratings has placed ratings of Russia-based Probusinessbank,
including its 'B-' Long-term Issuer Default Ratings, on Rating
Watch Negative, reflecting asset quality and capital concerns.
The RWN on the Long-term IDRs replaces the Negative Outlook
assigned earlier, and indicates the heightened probability of a
downgrade in the near-term following a full review of the bank.  A
list of rating actions is detailed at the end of this

The RWN reflects continued deterioration of asset quality at both
PBB and its subsidiary banks, combined with the limited ability
offered by the banks' capital to absorb any future losses.  Non-
performing loans (those 90 days or more overdue), as reported by
management, stood at 8.6% in PBB (unconsolidated) at end-May 2009,
and 11.9% on a consolidated basis.  PBB's regulatory capital
adequacy ratio was 11% at end-H109, with the regulatory minimum at
10%, and ratios at VUZ Bank and Express Volga, the two largest
subsidiaries, were in the 11%-12% range.  Impairment reserve
coverage of reported NPLs was 115% at PBB (stand-alone) at end-May
2009, but closer to 100% on a consolidated basis.  The capital
ratio of PBB's third-largest subsidiary, the recently acquired, was just 2% at end-May, reflecting a waiver received
from the Central Bank of Russia in respect to compliance with
minimum capital adequacy requirements.

Although PBB has applied for a RUB665 million subordinated loan
from Vnesheconombank (equal to 13% of end-H109 regulatory
capital), Fitch believes this will not by itself be sufficient to
strengthen the bank's capital position, given the already high
proportion of tier 2 in the bank's capital and the negative trend
in asset quality.  At the same time, Fitch notes PBB's solid
reported pre-impairment profit in 2009 to date (RUB1.4 billion in
H109, equal to 28% of end-H109 regulatory capital).  Given its
balance sheet size (just over RUB50 billion stand-alone at end-
H109), PBB could also be a potential beneficiary of any Russian
government bank recapitalization plan, while long-standing
relationships with international financial institutions may
feasibly offer another source of new capital.

The liquidity position is currently comfortable given the
stability of the deposit base, limited refinancing risk and
substantial long-term funding received from the Deposit Insurance
Agency to restructure and Gazenergobank, another
distressed bank acquired by PBB in Q408.  Potential big ticket
wholesale borrowing repayments in H209 are equal to only 4% of
total assets, represented by the still outstanding part of an
US$80 million Eurobond which has a put option in August.  Highly
liquid assets (cash and equivalents and unpledged securities
eligible for refinancing with the Central Bank of Russia (repo)
amounted to 14% of total assets at PBB (stand-alone) at end-H109,
albeit in part these represented balances held at subsidiary
banks, while an unsecured line from the CBR was unutilised at end-

Fitch's review of PBB, and its resolution of the RWN, will focus
primarily on asset quality trends in the bank and its subsidiaries
and group recapitalisation plans.  Given the complexity of the
group, the high level of integration between the group's banks and
the limitations of analysis of PBB on a standalone basis, Fitch
will seek to utilize consolidated data in its review.  The ratings
could be downgraded if PBB's capital position does not improve
and/or if a review of the bank's asset quality suggests that
further impairment will likely need to be recognized.

PBB is the parent of a banking group which at present includes
five other Russian banks.  PBB's stand-alone balance sheet of
RUB55 billion made it one of the largest 60 banks in Russia, Fitch
estimates, at end-H109.  The subsidiaries have combined balance
sheets of c.RUB36 billion, meaning that on a consolidated basis
the group would probably rank among the 40 largest banking groups
in the country.  Group banks provide services to corporate, retail
and SME clients under the common "Life" brand, but have retained
their original names.  Four individuals, who are also senior
managers of the bank, own 58.4% of PBB, while four private equity
funds hold the remaining 41.6%.

The rating actions are:

  -- Long-term foreign currency IDR: 'B-'; placed on RWN

  -- Senior unsecured debt; 'B-' placed on RWN; Recovery Rating at

  -- Long-term local currency IDR: 'B-' placed on RWN

  -- Short-term IDR: 'B'; placed on RWN

  -- National Long-term rating: 'BB-(rus)'; placed on RWN

  -- Individual rating: 'D/E', placed on RWN

  -- Support rating: affirmed at '5'

  -- Support rating floor: affirmed at 'No Floor'

RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating
Fitch Ratings has assigned ZAO Raiffeisenbank's upcoming issues of
fixed-rate RUB-denominated bonds (Series 7-9) expected National
Long-term ratings of 'AAA(rus)'.  The 5-year bonds are to be
issued in three series of RUB5 billion, RUB5 billion and RUB10
billion each.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

* ZAO Raiffeisenbank's ratings are: Long-term Issuer Default
  rating 'BBB+', Short-term IDR 'F2', Support Rating '2',
  Individual Rating 'D', National Long-term rating 'AAA(rus)'.
  The Outlook for the Long-term IDR is Negative, and the Outlook
  for the National Long-term rating is Stable.

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

Established in Moscow in 1996, ZAO Raiffeisenbank is 99.97%-owned
by Raiffeisen International Bank-Holding AG, which in turn is
68.5%-owned by Austria's Raiffeisen Zentralbank Osterreich AG
(RZB; Support Rating '1').  Raiffeisen International is a
management holding company for RZB's banking and leasing
subsidiaries operating in 17 central and eastern European
countries.  At end-2008, ZAO Raiffeisenbank was the ninth-largest
bank by asset size in Russia, with a broad corporate, investment
and retail banking franchise.  At end-May, 2009, the bank's
network included 222 branches and banking outlets and about 1,400
ATMs in 45 regions across Russia.

SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10
The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against OJSC Shiprepairing-Primorskiy Plant after
finding the company insolvent.  The case is docketed under
Case No. ?51–10942/2008 15–56B.

Creditors have until Aug. 10, 2009, to submit proofs of claims to:

         Insolvency Manager
         Sudoremontnaya Str. 32
         692911 Primorskiy

The Debtor can be reached at:

         OJSC Shiprepairing-Primorskiy Plant
         Sudoremontnaya Str. 32
         692911 Primorskiy

TONOT LLC: Creditors Must File Claims by August 10
The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against LLC Tonot (Construction) after finding the
company insolvent.  The case is docketed under Case No.

Creditors have until Aug. 10, 2009, to submit proofs of claims to:

         Insolvency Manager
         Office 13
         Sadovnicheskaya Str. 21
         115035 Moscow

The Debtor can be reached at:

         LLC Tonot
         Proezd Zavodskoy 16

TVER-INVA-STROY LLC: Creditors Must File Claims by August 5
The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against LLC Tver-Inva-Stroy (TIN 6905063417, PSRN
1026900571026) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?66–6703/2007.

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

         A. Gulyaev
         Insolvency Manager
         Post User Box 266
         Postal Office 100
         170100 Tver

The Debtor can be reached at:

         LLC Tver-Inva-Stroy
         Pushkinskaya Str. 9

VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5
Creditors of OJSC Vladikavkazskiy Instrument-Making Plant (TIN
1504001862, PSRN 1021500507214) have until Aug. 5, 2009, to submit
proofs of claims to:

         S. Shevchenko
         Insolvency Manager
         Office 4
         Lermontova Str. 343
         355029 Stavropol

The Arbitration Court of North Osetia will convene at 10:00 a.m.
on Oct. 26, 2009, to hear bankruptcy proceedings on the company.
The case is docketed under Case No. ?61–1157/08.

The Debtor can be reached at:

         OJSC Vladikavkazskiy Instrument-Making Plant
         Bratyev Gazdanovykh Str. 64


TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by TDA IBERCAJA ICO-FTVPO FTH:

  -- (P)Aaa to the EUR409.5 million Series A(G) notes
  -- (P)C to the EUR37.7 million Series B notes

The transaction represents the securitization of Spanish
residential mortgage loans originated by Caja de Ahorros y Monte
de Piedad de Zaragoza, Aragon Y Rioga.  The assets being
securitized are all backed by VPO properties.  VPO properties are
residential properties that are offered at a lower price than the
market value as a result of various forms of government aid.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) an analysis
of the collateral historical performance; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.

The key parameters used to calibrate the loss distribution curve
for this portfolio include a Milan Aaa CE of 7.7% and an expected
loss of 2.4%.  In the structure, penalty interest is not
transferred to the Fund, which drove to a Milan Aaa CE in excess
of the standard Milan model outcome.

The V Score for this transaction is Medium/High, which is higher
than the Medium V Score assigned for the Spanish RMBS sector.
This is due to the limited historical data for VPO, the limited
historical information provided by the originator which doesn't
cover a severe stress scenario, and the complexity of the analysis
resulting from the specific characteristics of this collateral as
well as this transaction's penalty interest mechanics.  V Scores
are a relative assessment of the quality of available credit
information and of the degree of dependence on various assumptions
used in determining the rating.  High variability in key
assumptions could expose a rating to more likelihood of rating
changes.  The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.

The Spanish Government announced on November 4, 2008 a package of
aid to assist unemployed, self employed and pensioner borrowers
through a form of mortgage subsidy aid.  It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date in May 2036 for the Series A(G) note, and ultimate
payment of principal at par on or before the rated final legal
maturity date for the Series B note.  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 the yield to investors.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


ARBIG IMMO GMBH: Claims Filing Deadline is July 20
Creditors of ARBIG Immo GmbH are requested to file their proofs of
claim by July 20, 2009, to:

         Christine Augsburger
         Im Feld 1
         4663 Aarburg

The company is currently undergoing liquidation in Aarburg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 23, 2009.

BERNARDI EDV: Creditors Must File Claims by July 22
Creditors of Bernardi EDV AG are requested to file their proofs of
claim by July 22, 2009, to:

         Heimo Treuhand AG
         Im Zentrum 1
         9300 Wittenbach

The company is currently undergoing liquidation in Wittenbach.
The decision about liquidation was accepted at a general meeting
held on May 12, 2009.

HRB PARKETT: Creditors Must File Claims by July 24
Creditors of HRB Parkett GmbH are requested to file their proofs
of claim by July 24, 2009, to:

         Raphael Buerki
         Rainstrasse 39
         8645 Jona SG

The Company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at a
shareholders' meeting held on September 11, 2008.

SWISSALP IMMO: Claims Filing Deadline is July 20
Creditors of Swissalp Immo Chur AG are requested to file their
proofs of claim by July 20, 2009, to:

         Dr.iur. Juerg Riedi
         Hartbertstrasse 11
         Mail Box 180
         7002 Chur

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 27, 2009.


COMPLEX SMV: Creditors Must File Claims by August 1
Creditors of LLC Complex SMV (code EDRPOU 31451356) have until
August 1, 2009, to submit proofs of claim to:

         V. Shelupets
         Insolvency Manager
         F. Kon Str. 5

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 25, 2009.  The case is docketed under
Case No. 43/223.

The Court is located at:

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

The Debtor can be reached at:

         LLC Complex SMV
         Kerchenskaya Str. 7/7
         03151 Kiev

OKSANA LLC: Creditors Must File Claims by August 1
Creditors of LLC Oksana (code EDRPOU 23978085) have until
August 1, 2009, to submit proofs of claim to:

         D. Goncharov
         Insolvency Manager
         Shevchenko Boulevard 31/307
         83017 Donetsk

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 4, 2004.  The case is docketed under
Case No. 5/167b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157

The Debtor can be reached at:

         LLC Oksana
         Cosmonauts Str. 56
         84200 Donetsk

SHARM CJSC: Creditors Must File Claims by August 1
Creditors of CJSC Sharm (code EDRPOU 19139350) have until
August 1, 2009, to submit proofs of claim to:

         S. Liaschenko
         Insolvency Manager
         Post Office Box 1784
         49027 Dnepropetrovsk

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 23, 2009.  The case is
docketed under Case No. B24/101-09.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sharm
         Novokrimskaya Str. 1
         49000 Dnepropetrovsk

UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes
Moody's Investors Service has downgraded and left on review for
further downgrade these classes of Notes of certain Ukrainian ABS
and RMBS Transactions backed by US$-denominated collateral
originated in Ukraine.

Issuer: Ukraine Mortgage Loan Finance No. 1 PLC

-- Class B US$36,900,000 Residential Mortgage Backed Floating
    Rate Notes due 2031, Downgraded to B3 from B1, on review for
    possible downgrade.  Previously on 22 May 2009 ratings were
    downgraded from Ba3 to B1 following the downgrade of the
    Foreign Currency Ceiling of Ukraine.

The Class A US$134,100,000 Residential Mortgage Backed Floating
Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1
Plc remains on review for possible downgrade.

Issuer: Ukraine Auto Loan Finance No.1 PLC

-- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded
    to B1 from Ba1, on review for possible downgrade.  Previously
    on 22 May 2009 ratings were downgraded from Baa3 to Ba1
    following the downgrade of the Local Currency Ceiling of

-- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded
    to Caa1 from B1, on review for possible downgrade.  Previously
    on 22 May 2009 ratings were downgraded from Ba3 to B1
    following the downgrade of the Foreign Currency Ceiling of

These actions result from the increased risk of redenomination in
Ukraine due to the general adverse economic conditions in Ukraine
combined with the potential risk of government intervention.  For
instance Moody's notes a recent proposal by the President of
Ukraine for a change to the Law on Banks and Banking, which would
allow borrowers to repay foreign currency loans using domestic
currency (the hryvnia) at the exchange rate set by the National
Bank of Ukraine on the date of repayment.  Although the law
remains to be voted in parliament, if adopted, it could provide
the tools to support borrowers at the expense of Noteholders if
the exchange rate set by the NBU was set at a rate different from
the market rate.

In addition, general adverse economic conditions that Ukraine is
currently experiencing combined with recent depreciation of
hryvnia lead to an increased pressure on the borrowers who may
suffer as a result of increased unemployment rate in the country
and have to repay their loans in US Dollars.  This, in turn, puts
an increased pressure on the government of Ukraine to redenominate
these loans into hryvnia at the exchange rate, which would be more
affordable for consumers.

These factors resulted in an increase in the probability of
redenomination assumed in the analysis, which led to the downgrade
of the above mentioned notes.  The Class A note of the Ukraine
Mortgage Loan Finance No. 1 PLC transaction was not downgraded
because the high degree of subordination available for this note
(over 60% including 9.5% reserve fund) limited the impact of the
revised redenomination probability assumption on this note.

In addition, these transactions are impacted by the downgrade of
PrivatBank's long-term global local currency deposit rating to Ba3
from Ba1.  PrivatBank is the originator and servicer for these
transactions, and, as a result, the ratings of the notes issued by
these transactions are linked to the ratings of PrivatBank due to
the true sale concerns resulting from the untested legal system in

Due to the remaining risk associated with redenomination, all
notes of these transactions will remain on review for possible

During the review process, Moody's will monitor any further
developments with regards to the law proposal described above,
and, if necessary, re-model the redenomination risk with updated

UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3'
Moody's Investors Service has downgraded and left on review for
further downgrade these classes of Notes of certain Ukrainian ABS
and RMBS Transactions backed by US$-denominated collateral
originated in Ukraine.

Issuer: Ukraine Mortgage Loan Finance No. 1 PLC

-- Class B US$36,900,000 Residential Mortgage Backed Floating
    Rate Notes due 2031, Downgraded to B3 from B1, on review for
    possible downgrade.  Previously on 22 May 2009 ratings were
    downgraded from Ba3 to B1 following the downgrade of the
    Foreign Currency Ceiling of Ukraine.

The Class A US$134,100,000 Residential Mortgage Backed Floating
Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1
Plc remains on review for possible downgrade.

Issuer: Ukraine Auto Loan Finance No.1 PLC

-- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded
    to B1 from Ba1, on review for possible downgrade.  Previously
    on 22 May 2009 ratings were downgraded from Baa3 to Ba1
    following the downgrade of the Local Currency Ceiling of

-- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded
    to Caa1 from B1, on review for possible downgrade.  Previously
    on 22 May 2009 ratings were downgraded from Ba3 to B1
    following the downgrade of the Foreign Currency Ceiling of

These actions result from the increased risk of redenomination in
Ukraine due to the general adverse economic conditions in Ukraine
combined with the potential risk of government intervention.  For
instance Moody's notes a recent proposal by the President of
Ukraine for a change to the Law on Banks and Banking, which would
allow borrowers to repay foreign currency loans using domestic
currency (the hryvnia) at the exchange rate set by the National
Bank of Ukraine on the date of repayment.  Although the law
remains to be voted in parliament, if adopted, it could provide
the tools to support borrowers at the expense of Noteholders if
the exchange rate set by the NBU was set at a rate different from
the market rate.

In addition, general adverse economic conditions that Ukraine is
currently experiencing combined with recent depreciation of
hryvnia lead to an increased pressure on the borrowers who may
suffer as a result of increased unemployment rate in the country
and have to repay their loans in US Dollars.  This, in turn, puts
an increased pressure on the government of Ukraine to redenominate
these loans into hryvnia at the exchange rate, which would be more
affordable for consumers.

These factors resulted in an increase in the probability of
redenomination assumed in the analysis, which led to the downgrade
of the above mentioned notes.  The Class A note of the Ukraine
Mortgage Loan Finance No. 1 PLC transaction was not downgraded
because the high degree of subordination available for this note
(over 60% including 9.5% reserve fund) limited the impact of the
revised redenomination probability assumption on this note.

In addition, these transactions are impacted by the downgrade of
PrivatBank's long-term global local currency deposit rating to Ba3
from Ba1.  PrivatBank is the originator and servicer for these
transactions, and, as a result, the ratings of the notes issued by
these transactions are linked to the ratings of PrivatBank due to
the true sale concerns resulting from the untested legal system in

Due to the remaining risk associated with redenomination, all
notes of these transactions will remain on review for possible

During the review process, Moody's will monitor any further
developments with regards to the law proposal described above,
and, if necessary, re-model the redenomination risk with updated

U N I T E D   K I N G D O M

ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant
BBC News reports that up to 95 of the 1,200 workers at Aston
Martin's plant in Gaydon in Warwickshire are to lose their jobs.

According to BBC, a company spokesman said the redundancies were
part of 600 jobs cuts -- a third of the workforce -- announced in
December.  Des Quinn, The Transport and General Workers' Union's
regional organizer, as cited by BBC, said he was concerned at the
number of cuts but discussions with management were on-going.

BBC recalls production line staff were put on a three-day week in

As reported in the Troubled Company Reporter-Europe on January 20,
2009, The Daily Telegraph said Aston warned it could breach its
banking covenants later this year amid the economic downturn.
The Daily Telegraph said David Richards, chairman of Aston,
admitted in an interview that the current turmoil could force the
company into a technical breach of its covenants.  The company,
the Daily Telegraph disclosed, had been forced to make a series of
cutbacks after it was left with a huge overhang of unsold stock as
buyers of its cars, which start at about GBP83,000, have proved to
be scarce.

Based in Gaydon, Warwickshire, Aston Martin Lagonda Limited -- manufactures luxury sports cars.

BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue
Tim Webb at The Observer reports that British Airways plc has
secured shareholder backing for an emergency rights issue to
secure the airline's survival.

According to the Observer, BA chief executive Willie Walsh sounded
out a dozen of BA's largest institutional investors about raising
capital at a meeting held at the offices of its broker, Merrill
Lynch, at the end of last month.  The Observer discloses analysts
said that BA could be forced to tap the market for GBP500 million
unless passenger numbers recover soon to shore up its creaking
balance sheet.  "If the economy limps on for another six months
and if oil prices stay high, BA might as well get on with it now,"
a fund manager present at the meeting told the Observer.  The
Observer relates one top 10 shareholder who was also present added
that there was "unanimous support" from institutions for a rights

BA declined to comment on reports of the rights issue.

                   About British Airways

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

                     *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  Moody's said the outlook is stable.

BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal
Graham Keeley at The Times reports that Spain's Iberia Lineas
Aereas de Espana SA is eyeing to seal a merger deal with British
Airways plc.

The report relates Antonio Vazquez Romero, the executive chairman,
told Cinco Dias, the Spanish newspaper, "I've come here with the
object of closing a deal with our British partners.  Negotiations
cannot drag on much longer, but this isn't to say that we are in a
rush to seal a deal at any price."

The report discloses Mr. Vazquez said that any fusion between BA
and Iberia had to bring positive results for the Spanish airline.
Mr. Vazquez, the report notes, was replacing Fernando Conte, 59,
who had run Iberia for seven years.

According to the report, analysts said that BA's deficit of more
than GBP1.7 billion was a major hurdle to the merger with Iberia,
which is without debt and holds about EUR2 billion (GBP1.7
billion) in cash.  The report states Iberia's market
capitalization is about EUR1.4 billion, while BA is worth about
GBP1.38 billion.

                    About British Airways

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

                     *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  Moody's said the outlook is stable.

EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring
Salamander Davoudi and Martin Arnold at The Financial Times report
that Terra Firma, the private equity firm, is in the early stages
of talks with Citigroup over a restructuring of EMI Group Ltd.


According to the FT, a formal proposal has yet to be submitted but
Guy Hands, head of Terra Firma, is offering to inject up to GBP300
million of fresh equity in EMI, while negotiating with Citigroup
to write down a large chunk of the music label's debt.  Mr. Hands,
the Sunday Times discloses, is attempting to negotiate a big
writedown of EMI's GBP2.5 billion debt pile as well as a new set
of financing arrangements.  The Sunday Times discloses the main
terms are that the debt must stay within a certain multiple of
earnings, which is tested every six months.  If it does not, Terra
Firma can inject new equity to "cure" the difference, the Sunday
Times states.  Mr. Hands' debt proposal, as well as requiring the
agreement of Citigroup, needs the approval of 75% of his
investors, the Sunday Times says.  The FT notes one person close
to the talks said Citigroup was not close to agreeing to write off
a large chunk of EMI's debt and that a deal remained highly


The FT recalls in March Terra Firma disclosed it had written off
half of GBP2.3 billion investment in EMI.  Citigroup has also
partly written down some debt, the FT states.

                        Equity Injections

Terra Firma, the FT says, has carried out a series of equity
injections into EMI, including GBP28 million in March.
Terra Firma was forced in May to inject more cash into EMI for the
second time in six months, after it missed targets imposed in
banking covenants, the FT recounts.

London-based EMI Group Limited --
houses recorded music segment EMI Music and EMI Music Publishing.
EMI Music distributes CDs, videos, and other formats primarily
through imprints Capitol Music Group, EMI Records, and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
Private equity firm Terra Firma bought EMI for US$4.9 billion in

FOCUS DIY: Ernst & Young to Submit Business Review on Friday
Helia Ebrahimi at reports that Ernst & Young is
expected to submit its review of Focus DIY Ltd.'s financial
position to group's lenders this Friday.

According to, the review will help the lenders
decide whether to continue backing Focus, which is considering
seeking a company voluntary arrangement. says the
use of a CVA would enable Focus, owned by US private equity firm
Cerberus, to shed a group of costly legacy property leases. relates Focus chief executive Bill Grimsey said
that this remained only one option among a range of strategies and
that the company was currently in talks with landlords regarding
those problem stores.

Telegraph discloses lenders, GMAC and HBOS, have agreed in
principle to renew a two-year credit facility which expires in
December. however notes even if Ernst & Young's
report is favorable and a new facility is granted it is likely to
be on much more onerous terms.

Headquartered in Crewe, Focus (DIY) Limited -- markets a range of products for do-
it-yourselfers engaged in light home improvement and gardening
projects, including power tools, hardware, appliances, decking and
flooring, contemporary home and patio furniture, garden buildings,
and plants and seeds.  Focus sells its merchandise through about
180 stores in the UK and Ireland, as well as through its Web site.
The site also offers guides, price lists, and calculators for DIY
projects.  The company is owned by US investment firm Cerberus
Capital Management.

LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts
Erikka Askeland at The Scotsman reports that Lloyds Banking Group
plc is set to reveal GBP13 billion worth of write-offs on bad
debts when it releases results for the first six months of 2009 in

According to the report, analysts at UBS calculated Lloyds -– 43
per cent owned by the taxpayer -– will see pre-tax losses of more
than GBP6 billion for the first half of the year alone, while
total write-offs at the bank could top GBP20 billion this year.

                           Insurance Scheme

Lloyds, the report notes, is still in talks with the government
about placing GBP260 billion in toxic debt -– mostly from HBOS -–
into a taxpayer-backed insurance scheme to strengthen its balance
                   About Lloyds Banking Group PLC

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

QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3
Moody's Investors Service has upgraded and kept on review for
possible upgrade these Bonds issued by Quadrant Housing Finance
Limited (amounts reflect initial outstandings):

-- GBP130,000,000 Guaranteed Secured Stepped Coupon Bonds due
    2033 to Aa2 on review for possible upgrade from Ba3,
    previously placed on review for possible upgrade on 17 June
    2009, and previously downgraded to Ba3 from Baa1 on 13 April

The ratings of the above referenced bonds have, up until the
rating action, matched the ratings assigned to AMBAC Insurance UK
Limited.  At the February 1998 closing date, Ambac entered into a
financial guarantee insurance policy with the Bond Trustee as main
beneficiary on behalf of the Bondholders.  Under that policy,
Ambac guarantees the obligations of the Issuer to the Bondholders
over the full legal term of the Bonds, which covers the Issuer's
promise to pay interest and principal on specific dates, as set
out in the terms and conditions of the Bonds.

Until very recently, the rating of the Bonds was following the
rating of Ambac's insurance financial strength since Moody's was
not able to assign or to monitor a stand-alone (in other words,
un-guaranteed) rating.  The Bonds, which were initially rated Aaa
were downgraded in June 2008 to Aa3 following Ambac's downgrade to
Aa3.  Since that date until April 13, 2009, Ambac's ratings were
further downgraded to Ba3 over several rating actions, and hence,
the Bond rating has been moving in line with Ambac's outstanding

The Bonds represent a securitization of a single loan, advanced by
the Issuer to London & Quadrant Housing Trust as the "Borrower".
Both the Issuer and the Borrower are subsidiaries of the L&Q
Group, rated Aa2 since July 12, 2009.  The Borrower is the main
operating entity and the principal provider of social housing
within the Group, and currently holds 98% of the Groups assets and
liabilities.  Given the Borrower's dominating position within the
Group, it's implied probability of default matches that of the
Group, in other words, commensurate with a Aa2 rating."

Moody's rating review concentrated on two key aspects: (i) a close
review of the degree of recourse which Bondholders have to the
Borrower, and (ii) a review of the quality of the portfolio which
is secured for the benefit of the Issuer as lender, by way of
first ranking mortgage.

The Bonds' source of income are payments under the Loan, as well
as a general covenant to pay which is given by the Borrower.  The
loan cash-flows are exactly sufficient to pay for the Bond debt
service, and all other costs and expenses are indemnified for by
the Borrower.  Therefore, the probability of default of the Loan
is highly correlated to the Borrower's overall credit-worthiness.
However, should the Group and the Borrower's structure and
strategy diverge over time, there is a possibility of future
rating sensitivity should Moody's assess that the credit-
worthiness of the Borrower and of the Group have become less
linked to each other.

Secondly, Moody's has assessed the information provided so far
regarding the properties backing the loan.  Moody's was provided
with the latest valuation report, dated April 2008.  The
portfolio, which is revalued every five years, consisted in April
2008 of 5684 residential housing units, mainly 2 and 3 bedroom
flats and houses, located in the south-east of England,: Kent
49.7%, Greater London 42.8% and Surrey 3.7% (percentages were
calculated over the market value).

As is usual in this sector, the Borrower has considerable
flexibility in deciding how the portfolio will be managed over
time.  In particular, the Borrower has the ability to remove
properties from the security as long as the minimum asset cover
test is met.  The asset cover test for the Loan is set such that
the ratio of the aggregate properties' MV-T value versus debt
outstanding must not drop below 115%, where the MV-T value is the
market value subject to existing tenancy agreements.  The
portfolio is also valued according to other methodologies,
including the EU-V value, which is the value of the portfolio
subject to its existing use.  The ratio between the MV-T value and
the EU-V value as of April 2008 was approximately 1:0.47.

As a result of the consideration of credit factors outlined above,
Moody's was able to upgrade the rating of the secured Bonds to the
rating level of the Group.  Moody's ongoing review for possible
upgrade will now concentrate on an analysis of additional
information to be provided by the Borrower, principally in
relation to the underlying portfolio quality and historic
performance.  It is currently Moody's expectation that, following
the rating review, there will remain a high degree of linkage
between the Bonds' ratings and the credit-worthiness of the
Borrower.  Once Moody's has concluded on its analysis, a further
press release will be disseminated containing the rating review

The last Performance Overview for this transaction was published
on March 17, 2009.

TATA MOTORS: JLR May Extend Closure of Three UK Plants
Dominic O'Connell at The Sunday Times reports that Tata Motors
Ltd.'s Jaguar Land Rover may extend the closure of its three UK
plants over the summer and implement another round of jobs cuts as
it struggles to cope with the slump in the world car market.

According to the report, the company, which employs roughly 15,000
people in the UK, however explained that there was no concrete
plan.  "We have always said there may be a need in the future to
take further action, but there are no plans at present," the
report quoted a spokesman as saying.

The report recalls the company extended its Christmas break to two
weeks, moving to a four-day week and laid off around 2,000
temporary staff.

                        Loan Guarantee

Jaguar Land Rover, the report discloses, is still trying to
convince the government to provide a loan guarantee that would
unlock a GBP340 million advance from the European Investment Bank.
The report notes the EIB gave the green light two months ago, but
cannot dispense the cash until Britain agrees to repay it if
Jaguar Land Rover goes under.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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

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

TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant
BBC News reports that Corus, a unit of India's Tata Steel Ltd.,
has confirmed plans to cut a further 366 jobs at its plant
in Scunthorpe, North Lincolnshire.

According to BBC, the proposed job cuts are expected to affect
staff in the company's manufacturing department.  BBC relates
Corus said consultations had begun with workers and it would seek
voluntary redundancies wherever possible.

"The business still needs to make significant savings to secure a
viable future for the site so we have had to take this urgent
action to align our employment costs to current and forecast
demand for our products," BBC quoted Corus site director Sean
Lyons as saying.

                   About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited -- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.

VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-'
Standard & Poor's Ratings Services said that it raised to 'BB-'
from 'B+' its issue rating on the junior-lien facility issued by
Virgin Media Investment Holdings Ltd., a subsidiary of U.K.-based
telecommunications provider Virgin Media Inc. (B+/Stable/--),
whose rating remains unchanged.  The recovery rating on this
debt was revised to '2' from '3', indicating S&P's expectation of
substantial (70%-90%) recovery in the event of a payment default.

At the same time, the issue ratings on the senior unsecured notes
maturing in 2014 and 2016, and new US$1 billion equivalent notes
maturing 2016, issued by Virgin Media Finance PLC (B+/Stable/--),
were raised to 'B' from 'B-'.  The recovery ratings on this debt
were revised to '5' from '6', indicating S&P's expectation of
modest (10%-30%) recovery in the event of a
payment default.

All the above-mentioned issue ratings were removed from
CreditWatch, where they were placed with positive implications on
May 28, 2009, following an announcement by the VMI group of its
intention to issue bonds to fund a partial prepayment of its
senior facilities.

In addition, the issue ratings on the senior secured facilities
issued by VMIH were affirmed at 'BB', two notches higher than the
corporate credit rating on VMI.  The recovery rating on these
facilities is unchanged at '1', indicating S&P's expectation of
very high recovery (90%-100%) for senior secured lenders in the
event of a payment default.  The 'B-' issue rating on VMI's
unsecured convertible bond was also affirmed.  The recovery rating
on this debt issue is unchanged at '6', indicating S&P's
expectation of negligible (0%-10%) recovery for creditors in the
event of a payment default.

The convertible bond issued at the parent company level does not
benefit from any operating companies' guarantees and is therefore
subordinated to the claims of the secured facilities and
speculative-grade notes.

The upgrade and resolution of the CreditWatch on the junior-lien
and unsecured debt instruments follows the partial repayment of
the senior secured bank loans.  This repayment forms part of the
amendment process agreed between VMI management and senior bank
lenders in November 2008, and reflects improved recovery prospects
for both unsecured noteholders at VMF and junior-lien
debtholders at VMIH as a result of lower projected senior secured
debt outstanding at the point of default.

In line with the amendment of the senior facility (following the
full 20% repayment of the outstanding A tranches), VMI has rolled
over about GBP1.2 billion of the 2010-2011 bank amortization
payments to June 2012.

                         Recovery Analysis

For recovery prospects, and hence issue ratings, the amendment and
bond issuance have offsetting effects.  The deferral of the
remaining amortization payments and the final maturity date of the
A tranches and revolving credit facility, combined with new debt
issuance, lead to a later default date in S&P's hypothetical
scenario.  This, along with less stringent covenants, means that
VMI's core business might need to deteriorate further before
reaching a payment default, leading to lower overall enterprise
value at default.  S&P's projected EBITDA at the point of default
is about GBP800 million (about 10% lower than in S&P's previous
analysis).  As a result, S&P has revised the stressed valuation of
the group at GBP4.42 billion (versus GBP5.05 billion in S&P's
previous analysis).

However, S&P believes that this negative effect is more than
offset by a slightly lower gross leverage and different mix of
outstanding liabilities at default.  This is because partial
repayment of the senior debt has been funded through the available
liquidity (an initial GBP300 million prepayment of Term loan A)
and proceeds from the unsecured debt issuance (about
GBP600 million).  S&P assumes a lower amount of priority debt at
the point of default (representing about 50% of the total
projected indebtedness, which compares with about 65% proportion
of senior debt over total debt in the preamendment structure).

The issue-level and recovery ratings on the secured debt take into
account the nature of VMI's assets, the probability of a
restructuring or going-concern sale, and the level of expected
prior-ranking liabilities.  The slightly improved recovery
prospects for the junior-lien facility reflect the partial
redemption of the structurally and contractually senior A and B
facilities as part of the amendment process.

The issue-level and recovery ratings on VMF's unsecured debt take
into consideration the same factors that affect the senior secured
debt.  They also reflect the structural and contractual
subordination of the notes.

                           Ratings List

           CreditWatch/Outlook Action; Ratings Affirmed

               Virgin Media Investment Holdings Ltd.

                                        To           From
                                        --           ----
GBP300 million junior-lien bank loan*  BB-          B+/Watch Pos
   Recovery rating                      2            3

                     Virgin Media Finance PLC
           GBP375 million 9.75% senior unsecured notes**
            $425 million 8.75% senior unsecured notes**
           EUR225 million 8.75% senior unsecured notes**
           $550 million 9.125% senior unsecured notes**
           $750 million 9.5% senior unsecured notes**
          EUR180 million 9.5% senior unsecured notes***

                                       To             From
                                       --             ----
Senior Unsecured                       B              B-/Watch Pos
  Recovery rating                      5              6

                         Ratings Affirmed

              Virgin Media Investment Holdings Ltd.

             Senior secured                        BB
              Recovery rating                      1

                        Virgin Media Inc.

             Snr unsecd convertible bond           B-
              Recovery rating                      6

     * Guaranteed by Virgin Media Finance PLC.

     ** Guaranteed by Virgin Media Holdings Inc. and Virgin Media
        Investment Holdings Ltd.

     *** Guaranteed by Virgin Media Investment Holdings Ltd. and
         Virgin Media Inc.

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA            SABA    BB     -85494497.66   2215341059.54

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AZOVZAGALMASH MA     AZGM    UZ     -16212049.02    277693905.54
DNEPROPETROVSK       DMZP    UZ     -15926384.43    424303604.81
DNIPROOBLENERGO      DNON    UZ     -20762857.28    271459240.45
DONETSKOBLENERGO     DOON    UZ    -215120607.25    374165068.75
LUGANSKOBLENERGO     LOEN    UZ     -25962109.73    198804344.57
ZAPORIZHOBLENERG     ZAON    UZ      -9405838.12    126687446.19


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

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

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

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


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

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