TCREUR_Public/090728.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 28, 2009, Vol. 10, No. 147

                            Headlines

A U S T R I A

OESTERREICHISCHE VOLKSBANKEN: Moody's Downgrades BFSR to 'E+'


F I N L A N D

STORA ENSO: Fitch Cuts Long-Term Issuer Default Rating to 'BB'


F R A N C E

THOMSON SA: Creditors Agree to Plan that Repays 45% of Debt


G E R M A N Y

GENERAL MOTORS: No Decision Yet on Two Opel Bids
HYPO REAL: Has Paid German Gov't EUR308 Mln in June, Focus Says


G R E E C E

ARIES MARITIME: Amends Letter of Intent with Grandunion


H U N G A R Y

BORSODCHEM NYRT: Hungarian Gov't Offers EUR100 Million Loan


I R E L A N D

ANGLO IRISH: S&P Downgrades Ratings on Five Securities to 'C'
INDEPENDENT NEWS: Gets Debt Reprieve; May Enter Into Examinership


I T A L Y

FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Bond
SESTANTE FINANCE: Moody's Puts Ba1-Rated Class C2 Notes on Review


K A Z A K H S T A N

BTA BANK: Says May Take Years to Recover Assets
EURO ASIA: Creditors Must File Claims by July 31
OIL GAS: Creditors Must File Claims by July 31


K Y R G Y Z S T A N

AERODROM STROY: Creditors Must File Claims by July 31


N E T H E R L A N D S

NXP BV: Exchange Offer Cues S&P's Issue Rating Cut to 'D'


R O M A N I A

BANCA TRANSILVANIA: Fitch Affirms Individual Rating at 'D'
UNICREDIT TIRIAC: Fitch Affirms Individual Rating at 'D'


S P A I N

AIFOS PROMOCIONES: Seeks Creditor Protection
PYME BANCAJA: Moody's Assigns (P)Caa1 Rating on Series C Notes


S W E D E N

CONCORDIA BUS: S&P Assigns 'B-' Rating on EUR130 Mil. Senior Notes


S W I T Z E R L A N D

ALII BETEILIGUNG: Creditors Must File Claims by July 30
ART AGENTUR: Claims Filing Deadline is July 31
ARTIWAHL AG: Creditors Must File Claims by July 30
BACHMANN IMMO: Claims Filing Deadline is July 30
CARE GERATE: Claims Filing Deadline is July 30

CARONAL AG: Claims Filing Deadline is July 30
EUKOTRA AG: Creditors Must File Claims by July 31
MTA MASCHINEN: Claims Filing Period Ends July 30
NORENT AG: Creditors Must File Claims by July 30
SERVO DIENSTLEISTUNG: Claims Filing Deadline is July 30

SPEISER LANDMASCHINEN: Creditors Must File Claims by July 30
SPORZ-IMMOBILIEN AG: Claims Filing Deadline is July 30


U K R A I N E

NADRA BANK: To be Bailed Out by Ukraine After Debt Restructuring
UKRPROMBANK TOV: Faces Liquidation; Deposits to Be Transferred


U N I T E D   K I N G D O M

CATTLES PLC: AADB to Investigate PricewaterhouseCoopers
GALA CORAL: RBS Mulls Break-Up Amid Restructuring Talks
INVENSYS PLC: S&P Raises Corporate Credit Rating From 'BB+'
JOHNSTON PRESS: Lenders May Own 5% Stake Under Debt Restructuring
LLOYDS BANKING: Submits Restructuring Plan; Mulls Sale of Branches

NATIONAL EXPRESS: Stagecoach Eyes All-Share Takeover Offer
PARK RESORTS: Nears Debt Restructuring Deal with Lenders
REXAM PLC: Mulls GBP350 Mln Rights Issue to Protect Credit Rating
ROYAL BANK: Submits Restructuring Plan; APS Not Yet Finalized
TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss

YELL GROUP: Says Refinancing Talks on Track

* Bailed-Out Banks May Be Forced to Sell Units Under EU Guidelines
* S&P Takes Rating Actions on 244 European Synthetic CDO Tranches

* Large Companies with Insolvent Balance Sheet


                         *********



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A U S T R I A
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OESTERREICHISCHE VOLKSBANKEN: Moody's Downgrades BFSR to 'E+'
-------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Oesterreichische Volksbanken AG to E+ from C-.   The
long-term senior debt and deposit ratings were downgraded to Baa1
from Aa3 and the subordinated liabilities to Baa2 from A1.  All
these ratings carry a negative outlook.  VBAG's short-term rating
was downgraded to Prime-2 from Prime-1.  At the same time, Moody's
also downgraded VBAG's subsidiary, Investkredit Bank AG, and
various hybrid instruments of VBAG and Investkredit, as detailed
below.

Moody's affirmed, with a stable outlook, VBAG's Aaa ratings for
debt guaranteed by the Republic of Austria.  The rating actions
conclude the review of VBAG and Investkredit initiated on 17
November 2008.

         Downgrade of BFSR Due to Asset Quality Pressure
             and Lack of Capital Generation Capacity

VBAG's downgraded E+ BFSR translates to a Baseline Credit
Assessment (BCA) of B1 and reflects Moody's assessment of the
bank's overall very strained financial profile.  Reported losses
for the financial year 2008 of a moderate EUR152 million obscure
the much larger losses attributable to VBAG's former public
finance subsidiary, Kommunalkredit AG (D/Aa3, on review for
downgrade), which was taken over by the Austrian government late
last year in a rescue effort.  (These losses were, however, partly
offset by positive valuation effects on other participations.)
VBAG reported further losses of EUR86 million in Q1 2009: although
its operations in Central and Eastern Europe were still moderately
profitable, the Austrian operations incurred losses.

Moody's remains concerned that the economic environment in VBAG's
major markets will pose considerable challenges for the bank given
its persistently weak performance in its core corporate and real
estate operations, which are chiefly carried out in its home
Austrian market, while the macroeconomic outlook for CEE has
strongly deteriorated.  Although, the rating agency recognizes the
strong retail franchise that the bank has established in its CEE
markets, it believes that the anticipated rise in credit charges
across all segments cannot be buffered through operating earnings
and therefore expects the bank to be loss-making over the next two
years at least.

As positive factors, Moody's recognizes the bank's strengthened
capital base as a result of an injection of EUR1 billion of
participation capital from the Republic of Austria and the
liquidity support received from the Republic of Austria's
guarantee of a EUR3 billion debt issuance program.  VBAG reports a
moderate Tier 1 capital ratio of 7.4%.  However, the coupon on the
fresh capital, which amounts to 9.3% or EUR93 million per year,
places a further burden on the bank's profitability.  Given VBAG's
lack of internal capital generation capacity for the foreseeable
future, the possible substantial rise in risk charges and some
potential for further impairments emanating from its structured
credit portfolio, Moody's remains concerned about the increased
probability of additional capital support in the medium term.

Moreover, Moody's observes shortcomings in the effective oversight
of group risk and liquidity management as shown by the near
collapse of Kommunalkredit in late 2008.  However, the rating
agency notes that the entity was managed at arms' length, although
it understands that other major subsidiaries are more closely
integrated into the group-wide risk and liquidity management
system.  Moody's will continue to closely assess and monitor
VBAG's risk management practices going forward.

Overall, Moody's believes that the E+ BFSR better reflects VBAG's
profile given its low recurring earnings power and rising
provisioning needs related to the challenges posed by the weak
economic environment.  As a consequence, there is increased
pressure on VBAG's capital and a greater likelihood that it will
require further outside support in the future.

         Senior Debt Ratings Receive a Large Uplift From
                  Probability of Systemic Support

VBAG's Baa1 long-term debt and deposit ratings continue to benefit
from Moody's assessment of a very high probability of systemic
support.  The rating agency notes that the dependence of VBAG's
investment-grade ratings on systemic support has increased, while
at the same time the probability of co-operative support has
decreased.

While Moody's recognises the co-operative sector's strong
willingness to support VBAG in the event of need, it views the
sector's ability to support VBAG in a severe downturn as rather
limited, given the sector's overall size in the Austrian banking
system and its limited financial power in relation to the size of
VBAG group.  The negative outlook on all the ratings reflects the
potential downside risk of a more severe than anticipated adverse
change in the overall economic environment, which could exert
further pressure on VBAG's BFSR and, in turn, on the long-term
unsecured debt ratings.

             Downgrade of Hybrid Instruments Reflects
                 Increased Risk of Coupon Losses

1) Moody's downgraded VBAG's participation capital certificates to
   Caa2 from A3 and the non-cumulative preferred securities issued
   by OeVAG Finance (Jersey) Ltd to Caa2 from A2.  The downgrade
   reflects the rating agency's expectation of a high likelihood
   that coupons will not be paid for 2009 and 2010 and a moderate
   likelihood of a non-payment for 2011 due to a breach of the
   distributable profit trigger.  Moody's believes that VBAG's
   reserves are not sufficient to compensate for losses in coming
   years.  Coupon payments on the instruments are non-cumulative.
   With regard to the participation capital certificates, the
   Unpaid Remuneration Settlement Mechanism would allow the bank
   to pay deferred coupons through the issuance of common shares
   or other equity-like securities for up to five years.  However,
   since they are subject to the availability of sufficient
   distributable profits, Moody's does not expect such payments.

2) The rated Upper Tier 2 securities
   ("Ergaenzungskapitalanleihen") were downgraded to Caa2 from A1
   as a result of the high likelihood of two coupon losses for
   2009 and 2010 and a moderate likelihood of one coupon loss for
   2011.  The instruments have a net profit trigger and are non-
   cumulative.

The outlook on all the hybrid instruments is stable.

  Downgrade of Investkredit's BFSR, Long-Term and Hybrid Ratings

Investkredit's BFSR was downgraded to E+ (BCA of B1) from C-,
reflecting Moody's concerns about the bank's profitability and
increased risks inherent in its exposure to corporate and real
estate markets in Austria and CEE.  VBAG's corporate and real
estate business is concentrated in Investkredit.

Investkredit's debt and deposit ratings were downgraded to Baa2
from A1.  The rating for the subordinated liabilities was
downgraded to Baa3 from A2.  Both sets of ratings reflect a very
high probability of parental support, reflecting Moody's views of
the co-operative sector and systemic support.  The ratings carry a
negative outlook, reflecting the same concerns that lead to the
negative outlook on VBAG's ratings.  The short-term rating was
downgraded to Prime-2 from Prime-1.

Moody's downgraded the ratings of the non-cumulative hybrid
securities (Tier 1 instruments) issued by Investkredit's
subsidiaries, Investkredit Funding Ltd and Investkredit Funding II
Ltd, to Caa1 from A3 as a result of its assessment of a high
likelihood of a coupon loss for 2010 and a moderate likelihood of
a coupon loss for 2011.  With regard to 2009, Moody's believes
that Investkredit's reserves might still be sufficient to buffer a
loss and pay the coupons; hence, it assumes a moderate likelihood
of a deferral.

The rated Upper Tier 2 securities ("Ergaenzungskapitalanleihen")
were downgraded to Caa2 from A2, reflecting Moody's view of a high
likelihood of coupon deferrals for 2009 and 2010 and a moderate
likelihood of a coupon deferral for 2011.  The instruments have a
net loss trigger and are non-cumulative. The outlook on all the
hybrid instruments is stable.

             Rating History and Moody's Methodologies

Moody's previous rating action on VBAG was on November 17, 2008,
when the bank's BFSR was downgraded to C- from C and placed on
review for possible downgrade.

With respect to hybrid instruments and subordinated debt, Moody's
adds that it has released a Request for Comment entitled, "Moody's
Proposed Changes to Bank Subordinated Capital Ratings", dated June
2009.  In this comment, the rating agency requested market
feedback on potential changes to its bank hybrid rating
methodology.  Should Moody's implement this revised methodology as
proposed, the ratings of VBAG's and Investkredit's instruments
will most likely not be affected.

Based in Vienna, Austria, VBAG reported 2008 net losses of
EUR152 million and total assets of EUR52.9 billion at the end of
the year.


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F I N L A N D
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STORA ENSO: Fitch Cuts Long-Term Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Finland-based Stora Enso Oyj's Long-
term Issuer Default Rating and senior unsecured rating to 'BB'
from 'BB+', respectively.  The agency has affirmed the Short-term
IDR of 'B'.  The Outlook on the Long-term IDR is Negative.

The downgrade reflects Fitch's view that the current cyclical
erosion in demand is intensifying the challenges faced by Stora
and durably impacting its already weak credit profile.  The
pricing momentum from industry-wide capacity shutdowns in 2008
threatens to be short lived, and the global economic downturn is
impacting performance in divisions that have historically provided
some earnings stability.

Stora's sales dropped 24.3% to EUR4.3bn y-o-y in the six months to
June 30, 2009 (YTD 6/09) as volumes declined across all divisions.
Price trends were mixed, but increases in some grades did not
offset the volume contraction.  Stora's EBITDA was down 42% y-o-y
in YTD 6/09 at EUR325 million, and the EBITDA margin contracted to
7.5% in the period, from 9.8% a year earlier.  Fitch notes,
however, that sales increased 2.5% q-o-q in Q209 on the back of
seasonal factors and higher wood product prices from record low
levels.

Stora's management has reiterated its commitment to balance sheet
strength and deleveraging, and is intensifying cost cutting and
cash preservation measures.  The group led the capacity closures
of 2008 with 675,000T of paper and board, 550,000T of pulp and
170,000 cubic meters of sawmilling products permanently removed
from the market.  Stora also curtailed paper and board, pulp and
sawmilling production capacity by 20%, 28% and 31% respectively in
Q209.  In combination with lower fibre costs, the market-related
downtime lifted profitability across most divisions q-o-q in Q209,
and the EBITDA margin increased to 8.7% from the record low 6.3%
of Q109.  The group is on track to deliver announced cost savings
of EUR250 million by FY10, the bulk of which are expected in FY09.
Fixed costs were reduced by EUR109 million y-o-y in Q209.  Stora
is working on further permanent closures in Finland, with specific
plans to be announced in Q309.

Fitch takes comfort in management's proactive stance to tackle the
cost base, but believes that the new initiatives, while limiting
the downside risk on margins in FY09, are unlikely to sufficiently
offset the impact of potential volume declines in the region of
20% y-o-y and renewed pricing pressure.  The agency expects
operating earnings and funds from operations to decline
significantly from levels already deemed weak in FY08, with a
resulting deterioration in Stora's debt protection metrics.  Net
debt/LTM EBITDA increased to 4.2x at the end of Q209 from 3.6x at
FYE08.  The Negative Outlook reflects Fitch's opinion that Stora's
metrics offer limited headroom for worsening market trends and for
a further contraction in earnings or cash flow erosion in the near
term.  In the absence of recovery, the group will continue to rely
heavily on curbing discretionary expenditures (capex, dividends,
acquisitions) to preserve its financial profile in the near to
medium-term.

On a more positive note, Fitch expects working capital relief and
cash preservation measures to support positive free cash flow
generation in FY09, after two consecutive years of negative
numbers.  The ratings also factor in Stora's adequate liquidity,
with cash reserves of EUR648 million at June 30, 2009, positive
CFO, full availability under its EUR1.4 billion revolver (2012
maturity), and its proven ability to access the debt capital
markets.  The group successfully tapped its EUR517.5 million
5.125% June 2014 notes by EUR232.5 million in May 2009.

The ratings continue to be supported by Stora's strong
diversification, its integration into fibre and partial energy
self-sufficiency and progress on its strategic goal to increase
the supply of cost-competitive pulp in Latin America through the
announced joint venture with Chile's Celulosa Arauco y
Constitucion S.A. ('BBB+'/Stable).


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F R A N C E
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THOMSON SA: Creditors Agree to Plan that Repays 45% of Debt
-----------------------------------------------------------
Vidya Root at Bloomberg News reports that Thomson SA reached an
agreement with its senior creditors on a restructuring that would
reduce its EUR2.84 billion (US$4.04 billion) of debt.

According to Bloomberg, Thomson said its senior creditors agreed
to a plan under which the company will repay 45% of its debt,
raising EUR989 million in share and bond sales and about EUR300
million through asset disposals.  According to Bloomberg, under
the deal, Thomson will raise EUR350 million through a rights offer
and EUR639 million in notes redeemable into shares.

Anousha Sakoui and Esther Bintliff at The Financial Times report
the deal still requires approval from some creditors, including
Deutsche Bank, along with two thirds of shareholders.  Frederic
Rose, the chief executive of the French media services group, as
cited by the FT, said Deutsche Bank's approval would speed up the
process but was "confident that we'll go to implementation even
without them, it will just take longer".  The FT notes a meeting
will be held at the end of the fourth quarter of 2009 at which
shareholders would be required to vote on the proposal.

The FT says the restructuring would reduce the company's debt to
EUR1.55 billion.

                               Loss

Bloomberg discloses Thomson said its first-half net loss widened
to EUR325 million from EUR182 million a year earlier.  Bloomberg
states the adjusted loss, excluding impairment and restructuring
charges, narrowed to EUR20 million from EUR89 million, while
revenue slipped 5.5% to EUR1.8 billion.

                          About Thomson SA

France-based Thomson SA -- http://www.thomson.net/-- provides
technology, services, and systems to Media & Entertainment (M&E)
clients, including content creators, content distributors and
broadcasters.  It has three principal operating divisions:
Services, Systems (previously Systems & Equipment) and Technology.
The remaining activities are regrouped in two additional segments:
Other and Corporate.  The Services Division offers end-to-end
management of video-related services for its customers in the M&E
industries.  Systems division plays a role in supplying hardware
and software technology for the M&E industries in the areas of
production, delivery, management, transmission, and access.
Technology division includes activities, such as corporate
research; Silicon Solutions: Integrated Circuit design and tuners,
and Software & Technology Solutions: video and audio security
solutions, and other technologies.  In December 2008, the Company
sold its digital film equipment product line.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 21,
2009, Moody's Investors Service changed to Ca/LD from Ca the
Probability of Default Rating for Thomson S.A.  Moody's said the
outlook on the ratings remains negative.


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G E R M A N Y
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GENERAL MOTORS: No Decision Yet on Two Opel Bids
------------------------------------------------
Frances Robinson at Bloomberg News reports that the trust that
controls General Motors Co.'s Opel unit said it hasn't yet made a
preliminary decision on the two bids for the carmaker.

"We will take our decision only when the necessary pre- conditions
have been met and we have received a firm proposal to base our
decision on," Bloomberg quoted Fred Irwin, the trust's chairman,
as saying.

The trust, as cited by Bloomberg, said it will vote "in favor of
the proposal that offers the best commercial concept for the
future of Opel" and that deciding in advance of this would
contradict the purpose of the trust.

Katie Merx and Jeff Green at Bloomberg News reports that
GM's 13-member board, which include TPG Capital LP founder David
Bonderman and Carlyle Group's Daniel Akerson, will review bids for
the Opel brand as part of its first meeting starting Aug. 3.
Citing people familiar with the planning, Bloomberg discloses the
discussion topics will include asset sales, committee assignments
and a product overview.

On July 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Beijing Automotive Industry Holding
Co. has been excluded from bidding for GM's Opel unit in Europe,
leaving Canadian car-parts maker Magna International Inc. and
Belgian investment company RHJ International SA in the race.
Bloomberg disclosed that following talks in Berlin on Wednesday,
GM negotiators and aides from Chancellor Angela Merkel's
government agreed to drop BAIC from the Opel race.  "We have
agreed to continue detailed talks with both Magna and RHJI to
secure Opel's future," Bloomberg quoted John Smith, GM's
chief negotiator for the sale of Opel, as saying in a July 23
statement.

As reported in the Troubled Company Reporter-Europe on July 22,
2009, The Financial Times said Magna and Sberbank revised their
final bid to give each a 27.5% for a combined 55% stake.
According to the FT, their earlier offer would have seen the
Russian bank taking a larger, 35% stake and Magna 20 per cent.

                      About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as 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.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYPO REAL: Has Paid German Gov't EUR308 Mln in June, Focus Says
---------------------------------------------------------------
Frances Robinson at Bloomberg News reports that Focus, citing the
finance ministry, said Hypo Real Estate Holding AG has paid the
German government EUR308 million (US$437 million) in interest and
fees on state guarantees at the end of June.

As reported in the Troubled Company Reporter-Europe on July 21,
2009, Telegraph.co.uk said the bank may need at least EUR10
billion (GBP8.6 billion) in fresh capital from the German state to
stay afloat.  According to Telegraph.co.uk, a leaked memo by the
German regulator BaFin said Hypo Real, which was saved last
October in a EUR50 billion joint rescue by the Bundesbank and
private lenders, had "problematic assets" of EUR268 billion.  The
German Financial Markets Stabilisation Fund (SoFFin) has since
taken over 90pc of the Munich bank, though fresh capital has so
far been limited to EUR3 billion, Telegraph.co.uk said.  As
previously reported in the Troubled Company Reporter-Europe, Hypo
Real was forced to seek a bailout after Depfa Bank Plc, its
Dublin-based unit, failed to get short-term funding in September
when credit markets seized up.

                       About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.


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G R E E C E
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ARIES MARITIME: Amends Letter of Intent with Grandunion
-------------------------------------------------------
Aries Maritime Transport Limited has entered into an amendment to
its letter of intent with Grandunion, Inc., a company controlled
by Michael Zolotas and Nicholas Fistes.

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

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

The letter of intent provides for a binding 60-day exclusivity
period, presently expiring on August 23, 2009.  The letter of
intent also included a 30-day period for Grandunion to procure an
agreement with the Company's syndicate of lenders to make certain
amendments to the Company's existing credit facility, which ended
on July 24, 2009.  The Company has waived this provision to permit
negotiations with the syndicate of lenders to continue through the
remainder of the 60-day exclusivity period.

Aries Maritime also said the annual general meeting of
shareholders is scheduled for August 26, 2009 at the Company's
offices located at 18 Zerva Nap. Street, Glyfada 16675 Athens,
Greece at 11:00 a.m. local time.

The Company filed its 2008 Annual Report on Form 20-F with the
United States Securities and Exchange Commission on June 26, 2009.
As reported by the Troubled Company Repoter, Aries Maritime
incurred a net loss, has a net working capital deficit and has not
met certain of its financial covenants of debt agreements with
lenders.  "These conditions raise substantial doubt about its
ability to continue as a going concern," PricewaterhouseCoopers
S.A. in Athens, Greece, said in its June 26, 2009 audit report.

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

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

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

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

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

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

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

                           Going Concern

As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.

Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants.  The Company has
plans in place to improve the performance and financial strength
of the Company.  These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

At March 31, 2009, the Company had US$309,426,000 in total assets
and US$248,010,000 in total liabilities.

                       About Aries Maritime

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


=============
H U N G A R Y
=============


BORSODCHEM NYRT: Hungarian Gov't Offers EUR100 Million Loan
-----------------------------------------------------------
Martin Arnold and Anousha Sakoui at The Financial Times report
that the Hungarian government has offered a EUR100 million
(US$142 million) loan to Borsodchem Nyrt.

According to the FT, the loan from the state-owned Hungarian
Development Bank is conditional on Permira reaching an agreement
with Borsodchem's lenders to restructure its excessive debt in a
way that is acceptable to Budapest.  The FT discloses the
Hungarian Development Bank has agreed a EUR100 million loan to
finance completion of a new chemicals plant.

The FT recalls Permira acquired the chemicals group for EUR1.6
billion in 2006.  The FT relates at the time of Permira’s buy-out,
banks provided the company with a EUR300 million capital
expenditure facility -- partly to finance the new plant, but they
are reluctant to allow this to be drawn down now that its earnings
have fallen sharply.  Permira, the FT says, is expected to inject
about EUR80 million-EUR90 million more cash into the company,
which has about EUR1.1 billion of debt, to keep control.
According to the FT, mezzanine lenders are being asked to swap
their EUR200 million loans for equity, while senior lenders are
being asked to roll-up interest payments, delaying their cash
payment until the maturity of the loans.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka
BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


=============
I R E L A N D
=============


ANGLO IRISH: S&P Downgrades Ratings on Five Securities to 'C'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on five hybrid capital securities issued or guaranteed by
Anglo Irish Bank Corp. Ltd. to 'C' from 'CC'.  At the same time,
the ratings on the securities were removed from CreditWatch, where
they had been placed with negative implications on July 14, 2009,
after Anglo's announcement that following the tender offer it
intends to defer payment of coupons.  All other ratings are
unchanged.

The rating action follows Anglo's launch of its tender offer on
July 22, 2009.  S&P considers that the offer for the five Tier 1
hybrid capital securities constitutes a "distressed exchange"
under S&P's criteria.

Upon completion of the offer, expected on Aug. 4, 2009, S&P does
not expect to raise the ratings on Anglo's hybrid Tier 1
securities to the pre-tender level, given the proximity to the
announced first coupon deferral in September 2009.

In addition to the Tier 1 securities, the tender offer includes
two series of Tier 2 securities, which are not rated by Standard &
Poor's.  S&P considers the tender offer for the lower Tier 2
securities to be "opportunistic" under S&P's criteria, as the
securities fall outside the scope of the EC prohibition of
interest payments and the instrument is not deferrable according
to the terms.  Therefore, S&P considers that Anglo is likely to
continue servicing the coupons on these securities.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

                  Anglo Irish Asset Finance PLC*
          GBP200 mil. var rate callable perp jr sub nts
   GBP250 mil. var rate fxd/fltg rate callable perp jr sub nts

                         To         From
                         --         ----
                         C         CC/Watch Neg

                 Anglo Irish Capital U.K. (2) LP*
      EUR600 mil. var rate fxd/fltg rate callable perp jr sub
                 dtd 03/04/2008 due 02/15/2037 nts

                         To         From
                         --         ----
                         C         CC/Watch Neg

                 Anglo Irish Capital U.K. (3) LP*
       GBP350 mil. var rate fxd/fltg-rate non-cum callable
                           perp pfd stk

                         To         From
                         --         ----
                         C         CC/Watch Neg

                   Anglo Irish Capital U.K. LP*
         EUR600 mil. var rate callable perp fxd/fltg rate
                         non-cum pfd stk

                         To         From
                         --         ----
                         C         CC/Watch Neg

            * Guaranteed by Anglo Irish Bank Corp. Ltd.


INDEPENDENT NEWS: Gets Debt Reprieve; May Enter Into Examinership
-----------------------------------------------------------------
Carmel Crimmins at Reuters reports that Independent News and Media
plc said on Friday it reached a standstill deal with bondholders
on a EUR200 million senior bond until Aug. 27, the third extension
in as many months.

                          Examinership

Reuters relates in an interview with The Sunday Times newspaper
that Irish telecoms tycoon Denis O'Brien, who holds a 26% stake in
Independent, said examinership, in which a company gets court
protection from creditors for a specified period while it tries to
negotiate a settlement, was an option for the media conglomerate.
Reuters notes Mr. O'Brien, however, said the costs of examinership
would be prohibitive for the company, which has a debt pile of
around EUR1.4 billion.

                        Non-Core Asset Sale

Reuters recalls Independent has said it hoped to raise up to
EUR150 million from disposals of non-core assets, including its
outdoor advertising firm in South Africa, INM Outdoor, to help pay
some of its debts.  According to Reuters, Mr. O'Brien said he
would block any sale of that business.  "I'm against it," Reuters
quoted Mr. O'Brien as saying.  "The earnings in the outdoor
business are growing at 20 percent a year.  It's a great business.
It doubles in four years."

                  About Independent News & Media

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


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


FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Bond
--------------------------------------------------------------
Fitch Ratings has assigned Fiat Finance & Trade Ltd's
EUR1,250 million bond a senior unsecured rating of 'BB+'.  The
notes have a three-year maturity and a coupon of 9%.

Bonds issued by FFT will be unconditionally and irrevocably
guaranteed by its parent, Fiat Spa, under its EUR15 billion GMTN
program.  The 'BB+' rating on the bond reflects Fiat's Long-term
Issuer Default rating and senior unsecured rating of 'BB+',
respectively.  The Outlook for Fiat's Long-term IDR is Negative.
FFT is a wholly-owned subsidiary of Fiat.

The net proceeds from the issue of the notes will be used to
finance the activities of Fiat.  The guarantee from Fiat is a
direct, general and unconditional obligation of the company and
will at all times rank at least equally with all its other present
and future unsecured and unsubordinated obligations.  Terms and
conditions also include standard events of default, but there are
no financial covenants.


SESTANTE FINANCE: Moody's Puts Ba1-Rated Class C2 Notes on Review
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade all the rated notes issued by Sestante Finance S.r.l.:
Sestante Finance S.r.l.  Series 2004, Sestante Finance S.r.l.
Series 2005, and Sestante Finance S.r.l. Series 2006.

Sestante 2004:

  -- Class A Asset-Backed Floating-Rate Notes due 2042, current
     rating Aaa placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class B Asset-Backed Floating-Rate Notes due 2042, current
     rating Aa3 placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class C1 Asset-Backed Floating-Rate Notes due 2042, current
     rating A3 placed on review for possible downgrade, previously
     on 26 January 2009 confirmed; and

  -- Class C2 Asset-Backed Floating-Rate Notes due 2042, current
     rating Baa3 placed on review for possible downgrade,
     previously on 26 January 2009 confirmed.

Sestante 2005:

  -- Class A Asset-Backed Floating-Rate Notes due 2045, current
     rating Aaa placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class B Asset-Backed Floating-Rate Notes due 2045, current
     rating Aa3 placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class C1 Asset-Backed Floating-Rate Notes due 2045, current
     rating A3 placed on review for possible downgrade, previously
     on 26 January 2009 confirmed; and

  -- Class C2 Asset-Backed Floating-Rate Notes due 2045, current
     rating Baa3 placed on review for possible downgrade,
     previously on 26 January 2009 confirmed.

Sestante 2006:

  -- Class A1 Asset-Backed Floating-Rate Notes due 2046, current
     rating Aaa placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class A2 Asset-Backed Floating-Rate Notes due 2046, current
     rating Aaa placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class B Asset-Backed Floating-Rate Notes due 2046, current
     rating Aa3 placed on review for possible downgrade,
     previously on 26 January 2009 confirmed;

  -- Class C1 Asset-Backed Floating-Rate Notes due 2046, current
     rating A3 placed on review for possible downgrade, previously
     on 26 January 2009 confirmed; and

  -- Class C2 Asset-Backed Floating-Rate Notes due 2046, current
     rating Ba1 placed on review for possible downgrade,
     previously on 26 January 2009 downgraded from Baa3.

Moody's rating actions were prompted by a worse-than-expected
collateral performance of the underlying portfolios.  This may
lead to an increase in portfolio loss expectation resulting from
higher-than-expected delinquency and default levels in all three
transactions.

Moody's concluded the review of these transactions on the 26
January 2009, downgrading the class C2 notes of Sestante 2006 to
Ba1 from Baa3.  At the same time, all other ratings were confirmed
as Moody's concluded also the review linked to Lehman swap
exposure.  At that time, Moody's took comfort from the size of the
credit enhancement available in these transactions.  However,
since the last review delinquencies and defaults increased steeply
in all three Sestante transactions. In Sestante 2006,
delinquencies 90+ days jumped to 7.71% of current balance by July
2009 from 4.26% at the time of review in January.  Cumulative
defaults increased from 2.50% of original balance to 3.96% during
the same time frame.  In Sestante 2005, delinquencies 90+ days
increased to 4.95% by July from 3.50% in January while defaults
increased to 2.95% from 1.82% during this time.  In Sestante 2004,
delinquencies 90+ days more than trippled to 5.83% in July from
1.84% in January 2009 while defaults went up to 3.19% from 2.52%
during this time.

Moody's notes that all three transactions have been drawing on
their reserve funds.  In Sestante 2004, the reserve fund stands at
EUR 2.38 million (38% of target) as of July 2009 as opposed to the
required target of EUR6.25 million.  Both Sestante 2005 and
Sestante 2006 have fully used their reserve funds and were unable
to pay the whole amount of the scheduled amortization of the class
C2 notes in July 2009.  Sestante 2006 recorded an unpaid principal
deficiency ledger in April 2009 with EUR 240,874.38 remaining
unpaid.  This unpaid PDL increased to EUR 2,682,733.35 in July.
Moody's notes that if delinquencies and defaults increase further,
a portion of the pro-rata class C1 and C2 interest may remain
unpaid on the next payment dates.

As part of Moody's detailed transaction review, Moody's will
reassess for each portfolio its lifetime loss expectation
reflecting the collateral performance to date as well as the
future macro-economic environment.  Moody's will also request,
whenever not already available, updated loan-by-loan information
to revise its MILAN Aaa credit enhancement.  Loan-by-loan
information will also permit us to validate Moody's assumptions
with regards to which loans have a higher default propensity.  The
lifetime loss and the MILAN Aaa credit enhancement are the key
parameters used by Moody's to calibrate its loss distribution
curve, which is one of the core inputs in the cash-flow model.

During the review, Moody's will also assess the ability of
servicer Meliorbanca S.p.A. (Baa3/P-3/D) to reduce delinquencies
and new defaults and to increase the net present value of
recoveries on defaulted assets.  Under the Sestante RMBS
transaction series, Meliorbanca securitized first-lien mortgage
loans granted to individuals, all of whom used these loans to
acquire, construct or refurbish residential properties in Italy.
The issued class A, B, and C1 notes were backed by a portfolio of
mortgage loans.  The class C2 notes in all transactions are repaid
by excess spread, in terms of both interest and principal.

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


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


BTA BANK: Says May Take Years to Recover Assets
-----------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said it
may take years to recover some of its assets.

Bloomberg relates Anvar Saidenov, the chief executive officer of
BTA, told reporters in Almaty on Saturday the work to recover the
bank's assets "isn't easy, as we need to dispute some deals and
work with borrowers to recover loan documentation".

Mr. Saidenov, as cited by Bloomberg, said the former management of
the bank moved between November and February collateral and
transferred debt to offshore companies which can't be reached.

According to Bloomberg, Ernst and Young said in an audit on the
Kazakhstan Stock Exchange Web site that some loan documentation,
including agreements on collateral isn't available any more.

As reported in the Troubled Company Reporter-Europe on
July 16, 2009, Bloomberg News said Kazakh prosecutors charged 12
executives at BTA, its Temirbank unit and some of their corporate
clients with embezzling more than KZT83 billion (US$550 million)
from the lender.  Bloomberg disclosed the Prosecutor General's
Office said that BTA Chairman Mukhtar Ablyazov and Deputy Chief
Executive Officer Zhaksylyk Zharimbetov are still being
investigated, along with another 12 suspects.  According to
Bloomberg, the prosecutors said the 14 executives remain in
hiding.  Bloomberg disclosed on March 6, prosecutors issued
international arrest warrants for Mr. Ablyazov and some of his
associates for allegedly stealing from BTA and laundering the
money via loans to fictitious companies.  Mr. Ablyazov was removed
as chairman on Feb. 2, the same day the state agreed to take over
the bank.

                        Debt Restructuring

On July 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported BTA said in April it stopped making
principal payments on its debt after creditors demanded
accelerated payment, triggering a default.  According to
Bloomberg, Kairat Kelimbetov, the head of Samruk-Kazyna, said
June 5 the bank was in talks with creditors and would probably
reach a debt restructuring agreement by August.  Samruk-Kazyna
manages the state's 75.1% stake in the bank.  Bloomberg said the
resignation of the bank's New-York based adviser, Goldman Sachs
International Inc. may hamper debt restructuring efforts.   BTA
hired Goldman Sachs and UBS AG as restructuring consultants after
the government took control of the bank in February.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO, --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


EURO ASIA: Creditors Must File Claims by July 31
------------------------------------------------
Creditors of LLP Euro Asia Ltd. have until July 31, 2009, to
submit proofs of claim to:

         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on May 18, 2009.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


OIL GAS: Creditors Must File Claims by July 31
----------------------------------------------
Creditors of LLP Oil Gas Montage Aktobe Nefte Gas Montage Aktobe
have until July 31, 2009, to submit proofs of claim to:

         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on May 22, 2009.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


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


AERODROM STROY: Creditors Must File Claims by July 31
-----------------------------------------------------
CJSC Aerodrom Stroy #6 is currently undergoing liquidation.
Creditors have until July 31, 2009, to submit proofs of claim to:

         Isanov Str. 18
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 31-48-56


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


NXP BV: Exchange Offer Cues S&P's Issue Rating Cut to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'D'
from 'CC' its issue ratings on the senior unsecured and senior
secured notes issued by Dutch semiconductor manufacturer NXP B.V.
and subsidiary NXP Funding LLC.  The issue ratings were removed
from CreditWatch with negative implications, where they were
placed on July 23, 2009.  The 'CCC' long-term corporate credit
rating on NXP is unchanged and the outlook remains negative.

The issue ratings on NXP's other debt instruments, including the
'B-' ratings on NXP's super priority revolver due 2012 and super
priority notes due 2013, are unchanged.  The recovery ratings on
NXP's debt instruments are also unchanged.

The downgrade of the senior unsecured and senior secured notes
reflects NXP's announcement that it has completed an exchange
offer for these notes, which S&P view as distressed and,
therefore, tantamount to default under S&P's criteria.  In the
coming days, S&P expects to raise the ratings on these debt issues
back to 'CC', reflecting the risk S&P see that there may be
further exchange offers.


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


BANCA TRANSILVANIA: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------------
Fitch Ratings has affirmed Romania-based Banca Transilvania S.A.'s
ratings at Long-term foreign currency Issuer Default 'BB-', Short-
term foreign currency IDR 'B' and Individual 'D', Support '3' and
Support Rating Floor 'BB-'.  The Outlook for the Long-term foreign
currency IDR is Stable.

BT's Long-term IDR is driven by its intrinsic financial strength.
The Individual Rating reflects increasing asset quality problems
and weak efficiency, which negatively affect profitability.  This
is balanced by the bank's significantly improved nationwide
franchise, its well-diversified loan book and funding sources, and
comfortable liquidity.

Profitability is negatively impacted by higher funding costs and
rising credit impairment charges and under pressure due to the
rising cost of risk in a worsening operating environment, while
cost control and strong fee and commission income partly
compensate for declining operating profit.  Asset quality
deteriorates as a result of the worsening operating environment
and is also affected by seasoning of the loan book.  A low share
of foreign currency loans to unhedged borrowers and a well-
diversified loan book by borrower and industrial sector mitigate
potential asset quality problems to some degree.  On the other
hand, BT's increasing focus on SMEs, which are more vulnerable to
the worsening operating environment poses potential asset quality
problems.

BT is mainly funded by well-diversified customer deposits and not
reliant on wholesale funding as reflected in a relatively low
loans/deposit (84%) ratio compared with the average Romanian
banking system (150%) at end-Q109.  As with other Romanian banks,
liquidity is comfortable owing to stringent regulatory measures.
BT has been able to raise equity consistently to support growth
since 2002, despite the absence of a major foreign shareholder.
At end-2008, BT's capital ratio improved to 15.05% as a result of
retained earnings and capital increase from 12.18% at end-2007 and
equalled 14.04% at end-Q109 (including net income for the period
and adjusted for the planned payment of dividend).  Fitch
considers BT's capitalization to be just adequate, given
increasing risks in the operating environment.

Since 2002, after EBRD's acquisition of a 15% stake in the bank,
BT has transformed itself from a regional bank into a bank with a
nationwide presence.  It remains the largest domestically owned
bank in Romania and was the seventh-largest in total banking
assets with a 5.4% market share at end-2008.  BT is listed on the
Bucharest stock exchange and ownership is widespread with the EBRD
being the largest shareholder.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual Ratings and the prospect of external support
is reflected in Fitch's Support Ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


UNICREDIT TIRIAC: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has affirmed Romania-based UniCredit Tiriac Bank
S.A.'s ratings at Long-term foreign currency Issuer Default 'BBB'
with Negative Outlook, Short-term foreign currency IDR 'F3' and
Support '2'.  It has also affirmed its Individual Rating at 'D'.

The IDRs and Support rating reflect the support UCTB can expect to
receive from its ultimate parent, Unicredit S.p.A ('A'/Stable
Outlook), through its fully owned subsidiary, UniCredit Bank
Austria AG ('A'/Stable Outlook).  A change in UC's ability and/or
willingness to support UCTB could affect the latter's IDRs and
Support rating.  The Long-term foreign currency IDR is constrained
by Romania's Country Ceiling 'BBB' and the Outlook on UCTB
reflects that of the sovereign.

The Individual Rating reflects worsening asset quality due to
deterioration in the economic environment and risks associated
with recent rapid loan growth, a high share of foreign currency
lending and a concentrated loan book.  It also takes into account
the bank's sound profitability and internal capital generation and
comfortable liquidity.

Following a sequence of complex mergers and restructuring, UCTB
started to fully focus on growth in 2008.  Despite a significant
increase in the cost of funding and credit impairment charges,
profitability is sound, mainly due to strong contribution of non-
interest income including foreign currency gains and good
efficiency.  Advanced risk measurement systems adapted from UC's
systems and close monitoring of risks provide some comfort.
Nevertheless, increasing loan impairment charges are putting
pressure on profitability.

Although there have been improvements in the customer deposit
franchise, reliance on related-party funding continues.  As with
other Romanian banks, liquidity is comfortable owing to stringent
regulatory measures.  Despite strong internal capital generation,
the total capital ratio declined to 11.42% at end-2008 from 15.12%
at end-2007 as a result of increasing risk weighted assets, and
estimated to improve to 11.90% at end-H109 including net income of
the period.  Higher levels of capital would provide a larger
buffer against growing risks in the operating environment.  The
UC's commitment to funding UCTB in the context of Romania's IMF
Stand-by Agreement provide some comfort as long as it has the
financial resources to do so.

UCTB is the sixth-largest bank in Romania by total assets with a
market share of 5.5% at end-2008 and provides a wide range of
banking services with a focus on corporate lending.  It is 50.61%-
owned by UCBA, which is 99.99%-owned by UC, and serves as UC's
management holding company in central and eastern Europe.  Another
45.06% is held by Redrum International Investments B.V. and
Vesanio Trading Ltd., both of which are controlled by Ion Tiriac,
and a further 4.33% is held by Romanian individuals and legal
entities.  UC is one of the Europe's largest banks and active in
22 countries.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual Ratings and the prospect of external support
is reflected in Fitch's Support Ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs


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


AIFOS PROMOCIONES: Seeks Creditor Protection
--------------------------------------------
Sharon Smyth at Bloomberg News reports that Aifos Promociones
Inmobiliarias said it is seeking protection from creditors.

"Insolvency proceedings will guarantee the survival of the company
amid the current crisis in the nation's real estate industry and
ensure that its employees and contracts with third parties are
protected," Bloomberg quoted the company as saying in a statement.

Citing newswire Efe, Bloomberg discloses the company has EUR1
billion (US$1.4 billion) of debt.

Based in Malaga, Aifos Promociones Inmobiliarias is a privately
held Spanish developer that owns hotels, apartments and holiday
homes in the south of Spain.


PYME BANCAJA: Moody's Assigns (P)Caa1 Rating on Series C Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to these classes of notes issued by PYME Bancaja 8:

  - (P)Aaa to the EUR 383.7 million Series A notes
  - (P)B3 to the EUR 70.2 million Series B notes
  - (P)Caa1 to the EUR 56.1 million Series C notes

PYME Bancaja 8, Fondo de Titulizacion de Activos is a cash
securitization of loans granted to small and medium sized
enterprises by Bancaja (A3/P-2).  The portfolio will be also
serviced by Bancaja.

The portfolio consists of commercial loans extended to Spanish
SMEs, some secured by real estate mortgage and some unsecured, to
fund general working capital and long term business expansion.
The loans were originated between 2000 and 2009, with a weighted-
average seasoning of 1.55 years and a weighted-average remaining
term of 11.1 years.  The longest loan matures in August 2048.  All
the loans are secured by a first-lien mortgage guarantee on
properties with a current LTV lower than 100%.  The current
weighted-average LTV is 57.8%.  Geographically, the pool is
concentrated in the Region of Valencia (53.43%), a natural
consequence of the location of the originator.

The V-Score for this transaction is Medium/High.  Although the
overall V-Score is in line with the Medium/High V-Score assigned
for the Spanish SME sector, some sub-components are weaker than
that of the Spanish SME sector.  In particular Moody's noted the
deterioration of Bancaja's default rates, and the exposure to
basis risk as the transaction is not protected by a basis swap.  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 was assigned according to the report "V-
Scores and Parameter Sensitivities in the EMEA Small to Medium
Enterprises ABS Sectors" published in June 2009.

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

The 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 on notes.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed but may have a significant effect on 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 endeavour
to assign definitive rating to the Notes.  A definitive rating may
differ from a provisional rating.

No previous ratings have been assigned to this transaction.


===========
S W E D E N
===========


CONCORDIA BUS: S&P Assigns 'B-' Rating on EUR130 Mil. Senior Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' issue rating to the proposed EUR130 million senior secured
exchange notes maturing on Aug. 1, 2012, to be issued by Sweden-
based Concordia Bus Nordic AB.  The issue rating is the same as
S&P's corporate credit rating on ultimate parent Concordia Bus AB
(B-/Watch Pos/--), the leading bus services provider in the Nordic
region, and is therefore also on CreditWatch with positive
implications.

At the same time, S&P has assigned a '4' recovery rating to this
debt, indicating Standard & Poor's expectation of average (30%-
50%) recovery in the event of a payment default.  Recovery
prospects are at the low end of the range, in S&P's view, and
subject to some risk related to adverse currency movements and the
potential for the raising of additional secured debt.

The issuance proceeds will be used to repay Concordia Bus Nordic's
existing EUR130 million senior secured notes maturing on Aug. 1,
2009 (rated B-/Watch Pos, with a '4' recovery rating).  S&P
expects to withdraw the 'B-' issue rating and '4' recovery rating
on the existing notes upon successful completion of the
refinancing.

                        Recovery Analysis

Recovery prospects for the new notes are, in S&P's view, at the
low end of the 30%-50% range, given their risk exposure.  They are
exposed to a degree of exchange-rate risk considering that the
debt is denominated in euros, but is secured over assets
denominated in Swedish kronor (and, to a lesser extent, in
Norwegian kroner).  They are also exposed to the risk of potential
additional debt being raised and/or pledged over the receivables
by the time of S&P's hypothetical default, as permitted by the
documentation of the proposed notes issue.

S&P has simulated a default in August 2012, assuming that the
group would face some operational difficulties that would make it
unable to refinance or repay the notes at maturity.  S&P has
valued the group at this hypothetical point of default using a
discrete asset valuation, and have calculated a stressed asset
value of about Swedish krona (SEK) 440 million (about
EUR40 million at current exchange rates).  Under S&P's scenario,
S&P assumes that the group's main asset at the time of default
would be its trade receivables, since S&P believes that the value
of the bus fleet owned by the group would have depreciated to a
relatively modest level by this time.  Typically, the group
acquires new buses under finance leases, and, therefore, the value
of the pledged fleet depreciates.  S&P gives no value to the
goodwill or cash on balance sheet, and only limited value to the
other assets.

According to S&P's calculations, after deducting priority
liabilities (enforcement costs) of about SEK30 million, the
coverage for the notes would be at the low end of the 30%-50%
range, leaving very little flexibility for additional debt to be
raised.  Since the notes amortize at an annual rate of 10%
starting August 1, 2010, S&P assumes that EUR104 million of
principal will be outstanding at default.


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


ALII BETEILIGUNG: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of Alii Beteiligung AG are requested to file their
proofs of claim by July 30, 2009, to:

         Martin Schwarz
         Neuengasse 25
         3011 Bern
         Switzerland

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


ART AGENTUR: Claims Filing Deadline is July 31
----------------------------------------------
Creditors of Art Agentur AG Basel are requested to file their
proofs of claim by July 31, 2009, to:

         Ursula Piatti
         St. Johanns-Vorstadt 42
         4056 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 29, 2009.


ARTIWAHL AG: Creditors Must File Claims by July 30
--------------------------------------------------
Creditors of Artiwahl AG are requested to file their proofs of
claim by July 30, 2009, to:

         Marianne Luethi
         Liquidator
         Untermueli 7
         Mail Box 4440
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 15, 2008.


BACHMANN IMMO: Claims Filing Deadline is July 30
------------------------------------------------
Creditors of Bachmann Immo AG are requested to file their proofs
of claim by July 30, 2009, to:

         Willi Meier
         Emmaweg 6
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Igis.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 8, 2009.


CARE GERATE: Claims Filing Deadline is July 30
----------------------------------------------
Creditors of Care Gerate AG are requested to file their proofs of
claim by July 30, 2009, to:

         Siemens Healthcare Diagnostics AG
         Rautistrasse 33
         8047 Zurich

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on June 10, 2009.


CARONAL AG: Claims Filing Deadline is July 30
----------------------------------------------
Creditors of CARONAL AG are requested to file their proofs of
claim by July 30, 2009, to:

         Maria Zemp
         Liquidator
         Brambergstrasse 22
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Rothenburg.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 20, 2009.


EUKOTRA AG: Creditors Must File Claims by July 31
-------------------------------------------------
Creditors of Eukotra AG are requested to file their proofs of
claim by July 31, 2009, to:

         Eli-Treuhand Verwaltungen Inkasso
         Breitestrasse 121
         8400 Winterthur
         Switzerland

The company is currently undergoing liquidation in Zurich.


MTA MASCHINEN: Claims Filing Period Ends July 30
------------------------------------------------
Creditors of MTA Maschinen Technik AG are requested to file their
proofs of claim by July 30, 2009, to:

         Olivier-J. Moulin
         Liquidator
         Tellenmattstrasse 23
         6317 Oberwil b. Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 3, 2009.


NORENT AG: Creditors Must File Claims by July 30
------------------------------------------------
Creditors of Norent AG are requested to file their proofs of claim
by July 30, 2009, to:

         Novisa Treuhand AG
         Rigistrasse 10
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a general meeting held
on June 2, 2009.


SERVO DIENSTLEISTUNG: Claims Filing Deadline is July 30
-------------------------------------------------------
Creditors of SERVO Dienstleistung are requested to file their
proofs of claim by July 30, 2009, to:

         SERVO Dienstleistungs AG
         Siewerdtstrasse 25
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on December 4, 2008.


SPEISER LANDMASCHINEN: Creditors Must File Claims by July 30
------------------------------------------------------------
Creditors of Speiser Landmaschinen AG are requested to file their
proofs of claim by July 30, 2009, to:

         Katja Speiser
         Liquidator
         Ottigenbuehlstrasse 72
         6030 Ebikon
         Switzerland

The company is currently undergoing liquidation in Ebikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 8, 2009.


SPORZ-IMMOBILIEN AG: Claims Filing Deadline is July 30
------------------------------------------------------
Creditors of Sporz-Immobilien AG are requested to file their
proofs of claim by July 30, 2009, to:

         Erich Schmid
         Promenade 63
         7270 Davos Platz
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 11, 2009.


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


NADRA BANK: To be Bailed Out by Ukraine After Debt Restructuring
----------------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Delo, reports the
Ukrainian government reconfirmed its plan to bail out VAT Nadra
Bank after the lender's debt is restructured.

On Feb. 4, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Dmitry Firtash, the Ukrainian
billionaire who has agreed to buy Nadra, called on the central
bank to put it under the temporary control of an appointed head to
prevent deposit withdrawals and calls on outstanding loans.
Bloomberg disclosed Ekonomicheskie Izvestia, citing an
unidentified person in the banking industry, said Nov. 6 that
Mr. Firtash planned to buy 86.7% of Nadra for about US$600
million.

Bloomberg said the bank had been hurt a lack of credit amid the
fallout from the global credit crisis.

                        About Nadra Bank

VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC
(KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based
nation-wide universal commercial bank.  It provides financial
services to three client segments: individuals, small and
medium-sized enterprises and corporate clients.  Its customer
services platform comprises a network of branches located in all
Ukrainian major cities, numerous Automated Teller Machines (ATM)
and Point of Sale terminals (POS), as well as an electronic
contact center.  Nadra KB VAT has in its offer micro-loans, credit
lines, overdrafts, personal and corporate credit and debit cards,
current accounts, time deposits, cash management services, deposit
taking, cash management and account services, corporate cards and
securities transactions.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Standard & Poor's Ratings Services said that it had affirmed
its 'SD' (selective default) long-term counterparty credit ratings
on Ukraine-based Nadra Bank.  The ratings were lowered to 'SD'
from 'CC' on March 2, 2009, after Nadra failed to make interest
payments on certain deposits and failed to honor drawings made on
certain of its letters of credit.


UKRPROMBANK TOV: Faces Liquidation; Deposits to Be Transferred
--------------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Delo, reports that
TOV Ukrprombank will be liquidated.

Bloomberg relates Delo, citing an unidentified Finance Ministry
official, reported that deposits with the Ukrainian lender will
transferred to state-run VAT Oshchadbank.  According to Bloomberg,
the newspaper said Ukrprombank held UAH6.93 billion  (US$880
million) in individual deposits at the beginning of June.

On Jan. 23, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Ukraine's central bank placed Ukrprombank,
the country's 15th largest bank by assets, in receivership on
Jan. 21.

Ukrprombank is headquartered in Kiev, Ukraine.


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


CATTLES PLC: AADB to Investigate PricewaterhouseCoopers
-------------------------------------------------------
Alex Spence at Times Online reports that PricewaterhouseCoopers is
being investigated by the Accountancy and Actuarial Discipline
Board, part of the Financial Reporting Council, into its oversight
of Cattles plc.

Times Online relates the AADB on Thursday said that it would
investigate the preparation, approval and audit by PwC of the
financial statements of Cattles and its Welcome Finance business
for the year ended December 31, 2007, and interim financial
statements for the first half of 2008.  According to Times Online,
the watchdog will also review the accountancy firm's conduct in
relation to public statements on Cattles' financial position from
February 28, 2008, until February 20 this year.

Times Online says if PWC or one of its staff is found to have
acted improperly, it could face a range of sanctions including an
unlimited fine or withdrawal of an individual auditor's practicing
license.

As reported in the Troubled Company Reporter-Europe on Mar. 5,
2009, BBC News said Cattles suspended managing director John
Blake, finance director Peter Miller and operations director Mick
Belcher after it found out that there has been a failure of
internal controls at the company.  Cattles delayed the
announcement of its 2008 earnings on Feb. 20, saying it was
reviewing its provisions for loan losses.  The company said it had
uncovered problems in the ways it accounts for bad loans.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business. Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on July 10,
2009, Fitch Ratings downgraded Cattles plc's Long-term Issuer
Default Rating to 'RD' from 'CC'. Fitch simultaneously
downgraded Cattles' Short-term IDR to 'RD' from 'C'.  The
company's senior unsecured bonds' Long-term rating was
affirmed at 'C' with a Recovery Rating of 'RR5'.


GALA CORAL: RBS Mulls Break-Up Amid Restructuring Talks
-------------------------------------------------------
Simon Bowers at The Observer reports that Gala Coral Group Ltd.
may be broken up and parts sold off to secure cash under plans
being drawn up by its leading lender, the Royal Bank of Scotland.

The Observer relates the RBS proposal comes in the midst of
restructuring talks and ahead of a major debt deadline for the
gambling group, which is jointly owned by Candover, Cinven and
Permira.  Gala Coral, which has hired investment bank Lazard to
look at restructuring options, including a partial debt-for-equity
swap, must repay GBP80 million to its lending banks by September
and GBP150 million in 2010, the Observer discloses.

Gala Coral, however, told the Observer: "We are not looking to
sell off assets or break up the group.  We have GBP200 million on
the balance sheet and we are not seeking an equity injection."

According to the Observer, while RBS's loan exposure to Gala
Coral's GBP2.7 billion of debt is thought to be relatively small,
the bank plays an influential role as the agent for all the
group's senior debt holders.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the UK, with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.


INVENSYS PLC: S&P Raises Corporate Credit Rating From 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on U.K.-based engineering company
Invensys PLC to 'BBB-' from 'BB+'.  The outlook is stable.

At the same time, the senior unsecured debt rating on the
company's GBP400 million credit facility was raised to 'BBB-' from
'BB+'; the recovery rating of '3' on this debt was withdrawn.

"The upgrade reflects S&P's view of reduced financial risk at
Invensys and assumes that the company will be able to maintain
credit metrics at levels that S&P views as commensurate with the
'BBB-' rating," said Standard & Poor's credit analyst Andres
Albricci.  "It also reflects S&P's assumption that Invensys will
be able to continue to generate positive free operating cash flow.
S&P anticipates that Invensys will be able to achieve relatively
stable performance in spite of the economic downturn, mainly
supported by the increasing weight of its Rail operations."

The upgrade also assumes that Invensys will maintain a
conservative financial policy, including only limited debt-funded
acquisitions and modest dividends.

Invensys' financial risk profile has improved considerably in
recent years.  It is underpinned by adequate liquidity, a lack of
significant debt, a moderate financial policy, and S&P's
anticipation of adequate cash flow generation.

Total revenues in financial 2009 increased by 8.3% to
GBP2.284 million thanks to favorable exchange rates.  However,
profitability deteriorated despite the positive currency effect,
mainly because of declining margins in the company's Process
Systems, Eurotherm, and Controls divisions.

In S&P's view, Invensys will be able to maintain credit metrics
commensurate with the 'BBB-' rating.  In particular, S&P
anticipates that the company will be able to maintain an FFO-to-
debt ratio of more than 35%.  S&P also anticipates that the
company will continue to generate positive FOCF and maintain a
conservative financial policy, including only limited debt-funded
acquisitions and modest dividends.

S&P could revise the outlook to negative if S&P believes that the
company will not be able to achieve credit metrics in line with
S&P's forecasts or that FOCF generation will turn negative.  The
combination of major shareholder distributions, large debt-funded
acquisitions, and weak operating performance could also trigger a
negative rating action.


JOHNSTON PRESS: Lenders May Own 5% Stake Under Debt Restructuring
-----------------------------------------------------------------
Anousha Sakoui and Salamander Davoudi at The Financial Times
report that lenders to Johnston Press plc are set to own 5% of the
company as part of the terms of a debt restructuring.

The FT relates the company, which has GBP450 million debt, is in
talks with lenders to reset covenants, as well as an extension of
the repayment deadlines on its debt.  Citing people familiar with
the situation, the FT discloses lenders are also likely to be
given warrants to subscribe to a 5% stake in the company in
exchange for their support.

The company said discussions with lenders were continuing, the FT
notes.

Johnston Press plc, along with its subsidiaries, --
http://www.johnstonpress.co.uk-- is engaged in publishing of
local and regional weekly, evening and morning newspapers, both
paid-for and free, together with associated Websites, as well as
specialist publications in paper, online or via mobile
technologies.  The Company operates in two business segments:
newspaper publishing (in print and online) and contract printing.
It has operations in the United Kingdom and the Republic of
Ireland.  The Company's subsidiaries include Johnston Publishing
Ltd, Johnston Press (Ireland) Ltd, Johnston (Falkirk) Ltd,
Strachan & Livingston Ltd, Wilfred Edmunds Ltd, North Notts
Newspapers Ltd, Yorkshire Weekly Newspaper Group Ltd, Sussex
Newspapers Ltd, T R Beckett Ltd, Halifax Courier Ltd and Isle of
Man Newspapers Ltd, among others.  On March 7, 2008, the Company
acquired Clonnad Ltd, which publishes one title, South Tipp Today.


LLOYDS BANKING: Submits Restructuring Plan; Mulls Sale of Branches
------------------------------------------------------------------
Katherine Griffiths at The Times reports that Lloyds Banking Group
plc and Royal Bank of Scotland Group plc have submitted
restructuring proposals to the European Commission.

According to the Times, the two banks, which have received GBP35
billion in aid from the British government between them, have
promised to reduce their share of certain markets and sell
businesses.

The Times relates RBS, which is 70 per cent state-owned, said it
was committed to "the most radical restructuring ever undertaken
in the banking sector, including major asset and business
disposals", while Lloyds, which is 43 per cent owned by the
government, said it had a "strong plan to exit state aid” but that
it was "too early to tell" exactly what form its restructuring
would take.

RBS, the Times notes, has already signed up to selling or winding
down GBP240 billion of "non-core" assets.   The Times says Lloyds
is likely to have to sign up for substantial reductions in its
share of the current account, mortgage and small business markets.
Lloyds, the Times discloses, is thought to have said it could sell
some of its 3,000 branches in the UK.

The Times discloses the Commission on Thursday said banks must
shape their business so they have a long-term future without aid.
It warned that they, and their investors, would have to show they
were bearing a "fair burden" of restructuring costs.

                     Asset Protection Scheme

Jill Treanor and Nick Mathiason at The Observer reports that the
government's insurance for the most troublesome loans at Lloyds
and RBS will not be finalized until September at the earliest.
The Observer says both banks need to hold shareholder meetings to
endorse the scheme, which will increase the taxpayer's stakes in
the banks through the issue of special "B" shares, which do not
have voting rights.  According to the Observer, in the case of
RBS, the taxpayer stake could be pushed to 95%, and 70% at Lloyds.
The Observer discloses under the APS, taxpayers shoulder 90% of
the losses after the banks have exceeded a "first loss" buffer.

Matthew Newman at Bloomberg News reports a spokesman for the U.K.
Treasury on Thursday said the details of the asset protection
portions of the banks' restructuring plans will be finished in
"the coming months".

"Under the asset protection schemes agreed by the U.K. government,
the plans have to be approved by the EU, so Kroes has an element
of leverage," Bloomberg quoted Simon Willis at NCB Stockbrokers
Ltd. in London, as saying.  "There has to be a chance for a quid
pro quo for asset sales."

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- 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.


NATIONAL EXPRESS: Stagecoach Eyes All-Share Takeover Offer
----------------------------------------------------------
Ben Marlow and Dominic O'Connell at The Sunday Times report that
Stagecoach Group Plc appointed Deutsche Bank to draw up plans for
an all-share takeover offer for National Express Group plc.

The Sunday Times says Brian Souter, Stagecoach's chief executive
and founder, is considering whether to trump an imminent bid from
Spain's Cosmen family -– National Express's biggest shareholder -–
and CVC Capital, the private-equity group.  Philip Stafford at The
Financial Times reports Stagecoach hinted that it might be keen to
make a bid of its own for the whole of National Express,
disclosing that it would "continue to consider all other options"
in addition to its talks with the Cosmens and CVC.  Stagecoach,
the FT says, is likely to be interested in National Express’s bus
division although the combination could face regulatory
examination.

According to the Sunday Times, if Stagecoach does not make an
offer for the entire company, then it may try to participate in a
break-up bid with the Cosmens and CVC.  The FT discloses
Stagecoach was in exclusive talks with the consortium led by the
Cosmen family and CVC over a possible break-up.

                           Cosmen Bid

The FT notes the board of National Express, however, is expected
to reject the takeover approach from the Cosmen and CVC
consortium.  The consortium, the FT says, had been expected to bid
GBP500 million, or about 325p per share, but the board has
signalled it is unwilling to consider bids lower than about 400p,
which values the group's equity at more than GBP600 million.  The
Cosmen family is National Express's largest single shareholder,
with an 18.5 per cent holding, and Jorge Cosmen is deputy chairman
of the transport group and president of Spain's Alsa, a Spanish
coach operator previously owned by the Cosmens.

National Express, the FT states, will argue at its interim results
on Thursday that its plans for an independent future by cutting
costs and paying down debt.

Gill Plimmer at The Financial Times reports National Express,
however, demanded on Monday details of the plans from the Spanish-
led consortium and potential bidder Stagecoach.  The FT relates in
a statement on Monday the group said it was still evaluating the
consortium's cash proposal.

                               Debt

According to the FT, National Express needs to refinance hundreds
of millions of pounds of the GBP1.2 billion debt it acquired in
part through acquisitions including the Alsa bus business
previously owned by the Cosmens and Continental Auto, a Spanish
coach operator.  The FT recalls bid interest in the company has
grown this month since it had to announce it would offer no
further support to its loss-making East Coast rail franchise.  The
government is to take over the franchise when funds run out, the
FT notes.

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


PARK RESORTS: Nears Debt Restructuring Deal with Lenders
--------------------------------------------------------
Anousha Sakoui and Pan Kwan Yuk at The Financial Times report that
Park Resorts Ltd. is close to agreeing terms with its lenders on
restructuring the terms of its GBP330 million (US$542 million)
debt.

The company, the FT discloses, has been hit by plummeting caravan
sales and cuts in discretionary spending last year, making it
harder to meet its debt obligations.

According to the FT, the deal being finalized with banks,
including Bank of Scotland, also includes a resetting of the
covenants on the caravan park operator's debt.  Citing people
familiar with the terms, the FT says that while no debt is being
written off in exchange for equity, lenders will get a portion of
the proceeds of any sale of the business in exchange for their
support of the restructuring.

Park Resorts Ltd. -- http://www.park-resorts.com-- is a
campground operator in the UK with more than 35 vacation spots
throughout the country.  The parks offer accommodations for
recreational vehicles (caravans), as well as caravan rentals and
some vacation homes.  Park Resorts' properties also provide such
amenities as beaches, indoor pools, and other recreational or
entertainment facilities.  Private equity firm GI Partners owns
the company.


REXAM PLC: Mulls GBP350 Mln Rights Issue to Protect Credit Rating
-----------------------------------------------------------------
Sabine Pirone and Kari Lundgren at Bloomberg News report that
Rexam Plc said it is considering a sale of shares to protect its
credit rating from being downgraded to junk status.

Citing the Sunday Telegraph, Bloomberg discloses a GBP350-million
(US$575 million) rights offer will start this week.

Bloomberg relates Rexam, rated BBB- at Standard & Poor's, obtained
GBP860 million of loans to extend debt maturity until 2012.  The
company, as cited by Bloomberg, said "The board concludes that the
risk of a downgrade to sub- investment grade has significantly
increased and has now become unacceptably high".

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

                         *     *     *

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


ROYAL BANK: Submits Restructuring Plan; APS Not Yet Finalized
-------------------------------------------------------------
Katherine Griffiths at The Times reports that Lloyds Banking Group
plc and Royal Bank of Scotland Group plc have submitted
restructuring proposals to the European Commission.

According to the Times, the two banks, which have received GBP35
billion in aid from the British government between them, have
promised to reduce their share of certain markets and sell
businesses.

The Times relates RBS, which is 70 per cent state-owned, said it
was committed to "the most radical restructuring ever undertaken
in the banking sector, including major asset and business
disposals", while Lloyds, which is 43 per cent owned by the
government, said it had a "strong plan to exit state aid” but that
it was "too early to tell" exactly what form its restructuring
would take.

RBS, the Times notes, has already signed up to selling or winding
down GBP240 billion of "non-core" assets.   The Times says Lloyds
is likely to have to sign up for substantial reductions in its
share of the current account, mortgage and small business markets.
Lloyds, the Times discloses, is thought to have said it could sell
some of its 3,000 branches in the UK.

The Times discloses the Commission on Thursday said banks must
shape their business so they have a long-term future without aid.
It warned that they, and their investors, would have to show they
were bearing a "fair burden" of restructuring costs.

                     Asset Protection Scheme

Jill Treanor and Nick Mathiason at The Observer reports that the
government's insurance for the most troublesome loans at Lloyds
and RBS will not be finalized until September at the earliest.
The Observer says both banks need to hold shareholder meetings to
endorse the scheme, which will increase the taxpayer's stakes in
the banks through the issue of special "B" shares, which do not
have voting rights.  According to the Observer, in the case of
RBS, the taxpayer stake could be pushed to 95%, and 70% at Lloyds.
The Observer discloses under the APS, taxpayers shoulder 90% of
the losses after the banks have exceeded a "first loss" buffer.

Matthew Newman at Bloomberg News reports a spokesman for the U.K.
Treasury on Thursday said the details of the asset protection
portions of the banks' restructuring plans will be finished in
"the coming months".

"Under the asset protection schemes agreed by the U.K. government,
the plans have to be approved by the EU, so Kroes has an element
of leverage," Bloomberg quoted Simon Willis at NCB Stockbrokers
Ltd. in London, as saying.  "There has to be a chance for a quid
pro quo for asset sales."

                         About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

As previously reported in the Troubled Company Reporter-Europe,
risky investing and lending by the previous management brought RBS
close to collapse and required a public bail-out.  RBS is now 70%
owned by the government.


TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss
-----------------------------------------------------------------
John Reed at The Financial Times reports that Jaguar and Land
Rover's core UK operations posted a combined net loss of GBP673.4
million (US$1.1 billion) last year, compared with a combined net
profit of GBP641.5 million in 2007.

Citing  accounts filed with Companies House last week, the FT
discloses that "total recognized losses" at the two carmakers --
including actuarial and other losses related to their pension
schemes -- reached nearly GBP1.2 billion last year.

According to the FT, JLR, owned by India's Tata Motors,
acknowledged that the figures "demonstrate the significant impact
of the global recession and credit crunch on the automotive
[industry] and the premium segment in particular".

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- 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
category.

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.


YELL GROUP: Says Refinancing Talks on Track
-------------------------------------------
Salamander Davoudi at The Financial Times said Yell Group plc said
refinancing negotiations with lenders were on track.

The FT relates John Davis, chief financial officer, said talks to
refinance the group's GBP4.26 billion debt were expected to
complete in the autumn.  "It is us driving these discussions," the
FT quoted Mr. Davis as saying.

The FT says the company has considered a rights issue but not a
debt-for-equity swap.

                            Results

Yell, the company discloses, reported revenue in the three months
to June 30 of GBP475.3 million (GBP468.4 million), up 1.5 per
cent.  The company's first-quarter earnings before interest, tax,
depreciation and amortization fell 4.4% to GBP148 million
(GBP154.8 million), while pre-tax profit fell to GBP18.5 million
(GBP46.5 million).  The FT states free cash flow rose to GBP129.6
million and Yell's covenant headroom stood at 16% but is expected
to narrow to 7% at the end of September.

According to the FT, the results were slightly ahead of Yell's
previous guidance.

                               Talks

On July 22, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Yell is drawing up proposals to
extend its debt maturities and amend covenant terms.  The FT said
the company has started talks with its leading lenders to extend
its debt maturities and amend covenant terms.  The FT disclosed
the company, which recently hired Houlihan Lokey to advise it in
negotiations over a restructuring of its EUR1.2 billion (GBP1
billion) net debt, must repay GBP328 million by March 2010 with
the remainder in effect falling due in April 2011.  The FT said
the company may try to extend its debt maturities -- currently
2011 and 2012 -- to about five years.

                         About Yell Group

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating of Yell Group plc to B2 from B1 and its Probability of
Default Rating to B3 from B2.  At the same time, Moody's placed
the ratings on review for further possible downgrade.

On July 3, 2009, the Troubled Company Reporter-Europe reported
that, Standard & Poor's Rating Services said that it lowered to
'B' from 'B+' its long-term corporate credit ratings on U.K.-based
classified directories publisher Yell Group PLC.  S&P said the
outlook is negative.


* Bailed-Out Banks May Be Forced to Sell Units Under EU Guidelines
------------------------------------------------------------------
Matthew Newman at Bloomberg News reports that banks bailed out by
governments may be forced to sell affiliates or branches to win
European Union approval for restructuring plans under guidelines
issued Thursday.

Bloomberg relates the EU said the proposals call for stress tests,
the disclosure of impaired assets and the possible closure of
unprofitable operations.

"We would impose a winding down if the viability of the bank isn't
assured," Bloomberg quoted Philip Lowe, director general of the
European Commission's competition department, as saying at a press
conference in Brussels.

The guidelines, Bloomberg discloses, will be used to scrutinize
lenders that received aid after the credit crisis prompted EU
governments to approve more than EUR3.77 trillion (US$5.37
trillion) to support banks.


* S&P Takes Rating Actions on 244 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
244 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

* 131 tranches were lowered and removed from CreditWatch negative;
* 108 tranches were lowered and remain on CreditWatch negative;
* One tranche was lowered and placed on CreditWatch negative; and
* Four tranches were removed from CreditWatch negative.

Of the 240 tranches lowered and/or placed on CreditWatch negative:

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

* 210 have experienced corporate downgrades in their portfolio.

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

This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since February 2009.

         Downgrades  Upgrades
         (no. of     (no. of    Key corporate
         tranches)   tranches)  downgrades*
         ----------  ---------  -------------
Feb-9   344         1          MBIA Inc.
                                (A-/Negative to BB+/Negative)
                                Feb. 18, 2009
                                MBIA Insurance Corp.

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

Mar-9   208         4          MGIC Investment Corp.
                                (BB+/Watch Neg to CCC/Negative)
                                March 13, 2009

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

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

Apr-9   352         0          PMI Group Inc.
                                (BBB-/Watch Neg to CCC/Watch Dev)
                                April 8, 2009

May-9   283        17          Donnelley (R.H.) Corp.
                                (CCC+/Negative to D)
                                April 16, 2009

Jun-9   170         3          CIT Group Inc.
                                (BBB- to BB-/Watch Neg)
                                June 12, 2009

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

Jul-9   240         0          CIT Group Inc.
                                (BB-/Watch Neg to CCC+/Watch Neg)
                                June 13, 2009
                                (CCC+/Watch Neg to CC/Watch Neg)
                                June 16, 2009

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

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on July 13, 2009.

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

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

                          What Is SROC?

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

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

When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.  If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P usually maintain the rating at its current level and it
remains on CreditWatch negative.  However, where there
is a difference of several notches in the rating level at which
the SROC is passing and the level at which SROC passes in 90 days,
rather than maintaining its current rating and keeping the
CreditWatch negative placement, S&P may decide to lower the rating
and keep it on CreditWatch negative.  If, on the other hand, the
projection indicates that the SROC would remain below 100%, S&P
may lower the rating subject to its criteria.

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


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

                                      Total
                                      Shareholders    Total
  Company           Ticker            Equity (US$)    Assets (US$)
  -------           ------            ------          ------

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


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


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


CYPRUS
------
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 EO            -5044973.6   274730005.26
LIBRA HOLIDAYS G   LHG EU            -5044973.6   274730005.26
LIBRA HOLIDAYS G   LHG CY            -5044973.6   274730005.26
LIBRA HOLIDAYS G   LHG PZ            -5044973.6   274730005.26
LIBRA HOLIDAYS-P   LBHG PZ           -5044973.6   274730005.26
LIBRA HOLIDAYS-P   LBHG CY           -5044973.6   274730005.26


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


GERMANY
-------
AGOR AG            NDAGF US          -482446.63   144432986.17
AGOR AG            DOO EU            -482446.63   144432986.17
AGOR AG            DOOD PZ           -482446.63   144432986.17
AGOR AG            DOO EO            -482446.63   144432986.17
AGOR AG            DOO GR            -482446.63   144432986.17
AGOR AG            DOOG IX           -482446.63   144432986.17
AGOR AG-RTS        2301918Z GR       -482446.63   144432986.17
ALNO AG            ANO EU          -28265004.17   366872263.74
ALNO AG            ANO GR          -28265004.17   366872263.74
ALNO AG            ALNO IX         -28265004.17   366872263.74
ALNO AG            ANO PZ          -28265004.17   366872263.74
ALNO AG            ANO EO          -28265004.17   366872263.74
ALNO AG-NEW        ANO1 GR         -28265004.17   366872263.74
ALNO AG-RTS        2259765Z GR     -28265004.17   366872263.74
BROKAT AG          BRKAF US        -27139391.98   143536859.72
BROKAT AG          BROFQ US        -27139391.98   143536859.72
BROKAT AG          BROAF 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     BRJ GR          -27139391.98   143536859.72
BROKAT TECH AG     BSA LN          -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     COBG PZ         -42994732.85   904723627.84
CBB HOLDING AG     CUBDF US        -42994732.85   904723627.84
CBB HOLDING AG     COB2 EO         -42994732.85   904723627.84
CBB HOLDING AG     COB GR          -42994732.85   904723627.84
CBB HOLDING AG     COBG IX         -42994732.85   904723627.84
CBB HOLDING-NEW    COB1 GR         -42994732.85   904723627.84
CBB HOLDING-NEW    COB3 GR         -42994732.85   904723627.84
CINEMAXX AG        MXCUSD EO       -42015165.72   146572416.37
CINEMAXX AG        MXCG IX         -42015165.72   146572416.37
CINEMAXX AG        MXC EU          -42015165.72   146572416.37
CINEMAXX AG        MXC PZ          -42015165.72   146572416.37
CINEMAXX AG        MXCUSD EU       -42015165.72   146572416.37
CINEMAXX AG        MXC GR          -42015165.72   146572416.37
CINEMAXX AG        MXC EO          -42015165.72   146572416.37
CINEMAXX AG        CNEMF US        -42015165.72   146572416.37
CINEMAXX AG-RTS    MXC8 GR         -42015165.72   146572416.37
DEVELICA DEUTSCH   DDE PG          -41866600.36  1178479579.31
DEVELICA DEUTSCH   DDE IX          -41866600.36  1178479579.31
DEVELICA DEUTSCH   D4B GR          -41866600.36  1178479579.31
DEVELICA DEUTSCH   DDE LN          -41866600.36  1178479579.31
DORT ACTIEN-BRAU   944167Q GR      -12689156.29   117537053.71
DORT ACTIEN-RTS    DAB8 GR         -12689156.29   117537053.71
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 NM         -22067409.41   849175624.65
EM.TV & MERC-RTS   ETV8 GR         -22067409.41   849175624.65
EM.TV & MERCHAND   985403Q GR      -22067409.41   849175624.65
EM.TV & MERCHAND   ETV NM          -22067409.41   849175624.65
EM.TV & MERCHAND   ETV VX          -22067409.41   849175624.65
EM.TV & MERCHAND   ETV LN          -22067409.41   849175624.65
EM.TV & MERCHAND   ETVMF US        -22067409.41   849175624.65
EM.TV & MERCHAND   EMTVF US        -22067409.41   849175624.65
HYPO REAL ES-ADR   HREHY US        -813565059.9543794828675.92
HYPO REAL ES-NEW   2916645Q EO     -813565059.9543794828675.92
HYPO REAL ES-NEW   HRXA GR         -813565059.9543794828675.92
HYPO REAL ES-NEW   2916649Q EU     -813565059.9543794828675.92
HYPO REAL ES-NEW   HRXA EU         -813565059.9543794828675.92
HYPO REAL ES-NEW   HRXA PZ         -813565059.9543794828675.92
HYPO REAL ES-NEW   HRXA EO         -813565059.9543794828675.92
HYPO REAL ES-NEW   HRX1 GR         -813565059.9543794828675.92
HYPO REAL ESTATE   HRX TQ          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXCHF EO       -813565059.9543794828675.92
HYPO REAL ESTATE   HRXGBP EO       -813565059.9543794828675.92
HYPO REAL ESTATE   HRX PZ          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXGBX EO       -813565059.9543794828675.92
HYPO REAL ESTATE   HREHF US        -813565059.9543794828675.92
HYPO REAL ESTATE   HRX EU          -813565059.9543794828675.92
HYPO REAL ESTATE   HRX EO          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXUSD EU       -813565059.9543794828675.92
HYPO REAL ESTATE   HRXAUD EU       -813565059.9543794828675.92
HYPO REAL ESTATE   HRX AV          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXG IX         -813565059.9543794828675.92
HYPO REAL ESTATE   HRX GR          -813565059.9543794828675.92
HYPO REAL ESTATE   HRX NQ          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXCHF EU       -813565059.9543794828675.92
HYPO REAL ESTATE   HRX VX          -813565059.9543794828675.92
HYPO REAL ESTATE   HRX EB          -813565059.9543794828675.92
HYPO REAL ESTATE   HRXGBX EU       -813565059.9543794828675.92
HYPO REAL ESTATE   HRXUSD EO       -813565059.9543794828675.92
HYPO REAL ESTATE   HRXAUD EO       -813565059.9543794828675.92
HYPO REAL ESTATE   HRX NR          -813565059.9543794828675.92
HYPO REAL ESTATE   HRX BQ          -813565059.9543794828675.92
HYPO REAL-ACQ      HRXV PZ         -813565059.9543794828675.92
HYPO REAL-ACQ      HRXV EO         -813565059.9543794828675.92
HYPO REAL-ACQ      HRXV GR         -813565059.9543794828675.92
HYPO REAL-ACQ      HRXV EU         -813565059.9543794828675.92
KAUFRING AG        KAUG IX         -19296489.56   150995473.81
KAUFRING AG        KFR PZ          -19296489.56   150995473.81
KAUFRING AG        KFR GR          -19296489.56   150995473.81
KAUFRING AG        KFR EO          -19296489.56   150995473.81
KAUFRING AG        KFR EU          -19296489.56   150995473.81
MANIA TECHNOLOGI   2260970Z GR      -35060806.5   107465713.61
MANIA TECHNOLOGI   MNI1 EU          -35060806.5   107465713.61
MANIA TECHNOLOGI   MNI NM           -35060806.5   107465713.61
MANIA TECHNOLOGI   MNI PZ           -35060806.5   107465713.61
MANIA TECHNOLOGI   MIAVF US         -35060806.5   107465713.61
MANIA TECHNOLOGI   MNI1 EO          -35060806.5   107465713.61
MANIA TECHNOLOGI   MNI GR           -35060806.5   107465713.61
MANIA TECHNOLOGI   MNIG IX          -35060806.5   107465713.61
MATERNUS KLINI-N   MAK1 GR         -17014754.15   172786677.74
MATERNUS-KLINIKE   MAK EO          -17014754.15   172786677.74
MATERNUS-KLINIKE   MAK GR          -17014754.15   172786677.74
MATERNUS-KLINIKE   MNUKF US        -17014754.15   172786677.74
MATERNUS-KLINIKE   MAK EU          -17014754.15   172786677.74
MATERNUS-KLINIKE   MAKG IX         -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
PRIMACOM AG        PCAGF US        -14233212.49   729563484.73
PRIMACOM AG        PRC EU          -14233212.49   729563484.73
PRIMACOM AG        PRC EO          -14233212.49   729563484.73
PRIMACOM AG        PRC NM          -14233212.49   729563484.73
PRIMACOM AG        PRC GR          -14233212.49   729563484.73
PRIMACOM AG        PRCG IX         -14233212.49   729563484.73
PRIMACOM AG        PRC2 GR         -14233212.49   729563484.73
PRIMACOM AG        PRCG PZ         -14233212.49   729563484.73
PRIMACOM AG-ADR    PCAGY US        -14233212.49   729563484.73
PRIMACOM AG-ADR    PCAG US         -14233212.49   729563484.73
PRIMACOM AG-ADR+   PCAG ES         -14233212.49   729563484.73
RINOL AG           RILB IX                -2.71   168095049.11
RINOL AG           RIL GR                 -2.71   168095049.11
RINOL AG           RILB PZ                -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
RINOL AG           RNLAF US               -2.71   168095049.11
ROSENTHAL AG       2644179Q GR      -1744121.91   217776125.75
ROSENTHAL AG-ACC   ROS4 GR          -1744121.91   217776125.75
ROSENTHAL AG-ADR   RSTHY US         -1744121.91   217776125.75
ROSENTHAL AG-REG   ROS GR           -1744121.91   217776125.75
ROSENTHAL AG-REG   ROS1 EU          -1744121.91   217776125.75
ROSENTHAL AG-REG   ROSG IX          -1744121.91   217776125.75
ROSENTHAL AG-REG   ROS1 EO          -1744121.91   217776125.75
ROSENTHAL AG-REG   RSTHF US         -1744121.91   217776125.75
ROSENTHAL AG-REG   ROSG PZ          -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   2916157Q EU      -6153256.92   127548039.68
SANDER (JIL)-PRF   2916161Q EO      -6153256.92   127548039.68
SANDER (JIL)-PRF   SAD3 PZ          -6153256.92   127548039.68
SANDER (JIL)-PRF   SAD3 GR          -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    SPHFF US       -442426199.47  1433020960.55
SPAR HANDELS-AG    773844Q GR     -442426199.47  1433020960.55
TA TRIUMPH-A-RTS   1018916Z GR     -96966372.18   401755623.89
TA TRIUMPH-ACQ     TWNA GR         -96966372.18   401755623.89
TA TRIUMPH-ACQ     TWNA EU         -96966372.18   401755623.89
TA TRIUMPH-ADLER   TWN EU          -96966372.18   401755623.89
TA TRIUMPH-ADLER   TWNG IX         -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   TTZAF US        -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 PZ         -16648688.57   131276010.89
VIVANCO GRUPPE     VVA1 EU         -16648688.57   131276010.89
VIVANCO GRUPPE     VVA1 EO         -16648688.57   131276010.89
VIVANCO GRUPPE     VVA1 GR         -16648688.57   131276010.89
VIVANCO GRUPPE     VVAG IX         -16648688.57   131276010.89
VIVANCO GRUPPE     VVA GR          -16648688.57   131276010.89


DENMARK
-------
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      RKI GR          -532868894.9  7876687324.02
ROSKILDE BANK      RSKC IX         -532868894.9  7876687324.02
ROSKILDE BANK      ROSBF US        -532868894.9  7876687324.02
ROSKILDE BANK      ROSK PZ         -532868894.9  7876687324.02
ROSKILDE BANK      ROSK EU         -532868894.9  7876687324.02
ROSKILDE BANK      ROSKF US        -532868894.9  7876687324.02
ROSKILDE BANK      ROSK DC         -532868894.9  7876687324.02
ROSKILDE BANK      ROSK EO         -532868894.9  7876687324.02
ROSKILDE BANK-RT   916603Q DC      -532868894.9  7876687324.02


SPAIN
-----
ACTUACIONES ACTI   AGR SM          -90795223.79   864395242.67
ACTUACIONES ACTI   AISA SM         -90795223.79   864395242.67
ACTUACIONES ACTI   AISA EO         -90795223.79   864395242.67
ACTUACIONES ACTI   AISA EU         -90795223.79   864395242.67
ACTUACIONES ACTI   AISA PZ         -90795223.79   864395242.67
AGRUPACIO - RT     AGR/D SM        -90795223.79   864395242.67
MARTINSA FADESA    MTF SM         -968340851.78   8951861483.6
MARTINSA FADESA    MFAD PZ        -968340851.78   8951861483.6
MARTINSA FADESA    MTF EO         -968340851.78   8951861483.6
MARTINSA FADESA    MTF EU         -968340851.78   8951861483.6
MARTINSA FADESA    4PU GR         -968340851.78   8951861483.6
MARTINSA-FADESA    MTF NR         -968340851.78   8951861483.6


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


UNITED KINGDOM
--------------
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     AEY GR         -149279984.66   121254240.42
AEA TECHNOLOGY     AAT VX         -149279984.66   121254240.42
AEA TECHNOLOGY     AAT PO         -149279984.66   121254240.42
AEA TECHNOLOGY     AAT EO         -149279984.66   121254240.42
AEA TECHNOLOGY     EAETF US       -149279984.66   121254240.42
AEA TECHNOLOGY     AAT EU         -149279984.66   121254240.42
AEA TECHNOLOGY     AAT PZ         -149279984.66   121254240.42
AEA TECHNOLOGY     AAT IX         -149279984.66   121254240.42
AEA TECHNOLOGY     AATGBP EO      -149279984.66   121254240.42
AEA TECHNOLOGY     AAT LN         -149279984.66   121254240.42
AIRTOURS PLC       ATORF US       -379721841.57  1817512773.61
AIRTOURS PLC       AIR LN         -379721841.57  1817512773.61
AIRTOURS PLC       AIR VX         -379721841.57  1817512773.61
ALLDAYS PLC        317056Q LN     -120493900.04   252232072.87
ALLDAYS PLC        ALDYF US       -120493900.04   252232072.87
AMER BUS SYS       ARB LN            -497127008      121439000
AMEY PLC           AMEYF US        -48862569.33   931527720.46
AMEY PLC           AMY VX          -48862569.33   931527720.46
AMEY PLC           AMY LN          -48862569.33   931527720.46
AMEY PLC-ASSENT    AMYA LN         -48862569.33   931527720.46
AMEY PLC-NEW       AMYN LN         -48862569.33   931527720.46
ANKER PLC          ANK LN          -21861359.81      115463159
ANKER PLC          ANK PO          -21861359.81      115463159
ANKER PLC          DW14 GR         -21861359.81      115463159
ANKER PLC - ASSD   ANKB LN         -21861359.81      115463159
ANKER PLC - ASSD   ANKC LN         -21861359.81      115463159
ANKER PLC-ASSD     ANKA LN         -21861359.81      115463159
ATKINS (WS) PLC    ATK EO          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATKEUR EU       -62199993.61  1184945671.16
ATKINS (WS) PLC    ATKEUR EO       -62199993.61  1184945671.16
ATKINS (WS) PLC    ATKGBP EO       -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK IX          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK LN          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK PZ          -62199993.61  1184945671.16
ATKINS (WS) PLC    WATKF US        -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK PO          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK NQ          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK BQ          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK VX          -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 EB          -62199993.61  1184945671.16
ATKINS (WS) PLC    ATK TQ          -62199993.61  1184945671.16
BCH GROUP PLC      BCH LN           -5728274.38   187993198.22
BLACK & EDGINGTO   BLE LN         -130883498.29   153620497.99
BNB RECRUITMENT    BQX GR          -10242627.53   103637704.96
BNB RECRUITMENT    BNB LN          -10242627.53   103637704.96
BNB RECRUITMENT    BNB PO          -10242627.53   103637704.96
BNB RECRUITMENT    BNB IX          -10242627.53   103637704.96
BNB RECRUITMENT    BNBRF US        -10242627.53   103637704.96
BOOKER PLC         BKERF US         -59832880.4  1298182548.71
BOOKER PLC         1330Q GR         -59832880.4  1298182548.71
BOOKER PLC         987188Q LN       -59832880.4  1298182548.71
BOOKER PLC-ADR     BOK$ LN          -59832880.4  1298182548.71
BOOKER PLC-ADR     BKRUY US         -59832880.4  1298182548.71
BRADSTOCK GROUP    BSKGF US         -1855444.44   268563822.49
BRADSTOCK GROUP    BDK LN           -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    BGYEF US      -5822867500.78  4921095749.61
BRIT ENERGY PLC    BEN1 GR       -5822867500.78  4921095749.61
BRIT ENERGY PLC    BHEGF US      -5822867500.78  4921095749.61
BRIT ENERGY-A      BENA GR       -5822867500.78  4921095749.61
BRIT ENERGY-ADR    BHEFF US      -5822867500.78  4921095749.61
BRIT NUCLEAR       1046Z LN       -4247644149.6 40325778907.11
BRIT SKY BRO-ADR   BSY US           -30607499.6   8332527670.8
BRIT SKY BRO-ADR   BSY$ LN          -30607499.6   8332527670.8
BRIT SKY BROADCA   BSYB GR          -30607499.6   8332527670.8
BRITISH ENER-$US   BGYD AR       -5822867500.78  4921095749.61
BRITISH ENER-$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   BGYNY AR      -5822867500.78  4921095749.61
BRITISH ENER-CED   BGY AR        -5822867500.78  4921095749.61
BRITISH ENERGY-A   BGYGF US      -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   3012442Q LN   -5822867500.78  4921095749.61
BRITISH ENERGY-A   BGYA VX       -5822867500.78  4921095749.61
BRITISH SKY BROA   BSY IX           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY NR           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY EU           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY NQ           -30607499.6   8332527670.8
BRITISH SKY BROA   BSYEUR EO        -30607499.6   8332527670.8
BRITISH SKY BROA   BSY TQ           -30607499.6   8332527670.8
BRITISH SKY BROA   BSYUSD EO        -30607499.6   8332527670.8
BRITISH SKY BROA   BSYEUR EU        -30607499.6   8332527670.8
BRITISH SKY BROA   BSYUSD EU        -30607499.6   8332527670.8
BRITISH SKY BROA   BSYBF US         -30607499.6   8332527670.8
BRITISH SKY BROA   BSYGBP EO        -30607499.6   8332527670.8
BRITISH SKY BROA   BSY EB           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY PO           -30607499.6   8332527670.8
BRITISH SKY BROA   BSB GR           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY BQ           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY PZ           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY EO           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY LN           -30607499.6   8332527670.8
BRITISH SKY BROA   BSY VX           -30607499.6   8332527670.8
BRITVIC            B6S GR            -731325.03  1222775450.71
BRITVIC PLC        BVIC VX           -731325.03  1222775450.71
BRITVIC PLC        BVIC EO           -731325.03  1222775450.71
BRITVIC PLC        BVICGBP EO        -731325.03  1222775450.71
BRITVIC PLC        BVICUSD EU        -731325.03  1222775450.71
BRITVIC PLC        BVIC NR           -731325.03  1222775450.71
BRITVIC PLC        BVIC LN           -731325.03  1222775450.71
BRITVIC PLC        BVIC EB           -731325.03  1222775450.71
BRITVIC PLC        BVIC EU           -731325.03  1222775450.71
BRITVIC PLC        BTVCF US          -731325.03  1222775450.71
BRITVIC PLC        BVIC IX           -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 TQ           -731325.03  1222775450.71
BRITVIC PLC        BVIC NQ           -731325.03  1222775450.71
BRITVIC PLC        BVIC BQ           -731325.03  1222775450.71
BRITVIC PLC        BVICUSD EO        -731325.03  1222775450.71
CARLISLE GROUP     506819Q LN      -11904426.45   203548565.03
CHRYSALIS GROUP    CHS EU           -5851089.05   101497520.61
CHRYSALIS GROUP    CHSUSD EU        -5851089.05   101497520.61
CHRYSALIS GROUP    CHS VX           -5851089.05   101497520.61
CHRYSALIS GROUP    CHSUSD EO        -5851089.05   101497520.61
CHRYSALIS GROUP    CHS PZ           -5851089.05   101497520.61
CHRYSALIS GROUP    CHSEUR EO        -5851089.05   101497520.61
CHRYSALIS GROUP    CHS LN           -5851089.05   101497520.61
CHRYSALIS GROUP    5CY GR           -5851089.05   101497520.61
CHRYSALIS GROUP    CHSEUR EU        -5851089.05   101497520.61
CHRYSALIS GROUP    CHSGBP EO        -5851089.05   101497520.61
CHRYSALIS GROUP    CLYSF US         -5851089.05   101497520.61
CHRYSALIS GROUP    CHS EO           -5851089.05   101497520.61
CHRYSALIS GROUP    CHS IX           -5851089.05   101497520.61
CHRYSALIS GROUP    CYGUF US         -5851089.05   101497520.61
CHRYSALIS GROUP    CHS PO           -5851089.05   101497520.61
CHRYSALIS GROUP    HR4 GR           -5851089.05   101497520.61
CLIPPER WINDPOWE   CWP LN             -99360000      989187968
CLIPPER WINDPOWE   CWP EO             -99360000      989187968
CLIPPER WINDPOWE   CRPWF US           -99360000      989187968
CLIPPER WINDPOWE   C2W GR             -99360000      989187968
CLIPPER WINDPOWE   CWP IX             -99360000      989187968
CLIPPER WINDPOWE   CWP EU             -99360000      989187968
CLIPPER WINDPOWE   CWPA LN            -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    CMSJY US       -668101173.88  2972459078.38
COMPASS GRP-ADR    CMSGY US       -668101173.88  2972459078.38
DANKA BUS SYSTEM   DNK PO            -497127008      121439000
DANKA BUS SYSTEM   DANKF US          -497127008      121439000
DANKA BUS SYSTEM   3205283Q EO       -497127008      121439000
DANKA BUS SYSTEM   DNK IX            -497127008      121439000
DANKA BUS SYSTEM   3205287Q EU       -497127008      121439000
DANKA BUS SYSTEM   DNK VX            -497127008      121439000
DANKA BUS SYSTEM   DNK PZ            -497127008      121439000
DANKA BUS SYSTEM   3205291Q EO       -497127008      121439000
DANKA BUS SYSTEM   DNK LN            -497127008      121439000
DANKA BUS-$US CE   DANKD AR          -497127008      121439000
DANKA BUS-ADR      DANKE US          -497127008      121439000
DANKA BUS-ADR      AP39 LI           -497127008      121439000
DANKA BUS-ADR      DANKY US          -497127008      121439000
DANKA BUS-ADR      DB6 GR            -497127008      121439000
DANKA BUS-BLK CE   DANKB AR          -497127008      121439000
DANKA BUS-C/E CE   DANKC AR          -497127008      121439000
DANKA BUS-CEDEAR   DANK AR           -497127008      121439000
DAWSON HOLDINGS    DWN LN          -54451186.72   128196101.01
DAWSON HOLDINGS    DWN1 EO         -54451186.72   128196101.01
DAWSON HOLDINGS    DWN1GBP EO      -54451186.72   128196101.01
DAWSON HOLDINGS    DWHGF US        -54451186.72   128196101.01
DAWSON HOLDINGS    DWN PO          -54451186.72   128196101.01
DAWSON HOLDINGS    DWN PZ          -54451186.72   128196101.01
DAWSON HOLDINGS    DWN IX          -54451186.72   128196101.01
DAWSON HOLDINGS    DWN1EUR EU      -54451186.72   128196101.01
DAWSON HOLDINGS    DWN1EUR EO      -54451186.72   128196101.01
DAWSON HOLDINGS    DWN VX          -54451186.72   128196101.01
DAWSON HOLDINGS    DWN1 EU         -54451186.72   128196101.01
EASYNET GROUP      EAY GR          -45232889.17   322770283.93
EASYNET GROUP      ESY VX          -45232889.17   322770283.93
EASYNET GROUP      ESY LN          -45232889.17   322770283.93
EASYNET GROUP      EZNGF US        -45232889.17   322770283.93
EASYNET GROUP      ESY PO          -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 IX        -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 PO        -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      EMIPY US      -2265916256.89  2950021937.14
EMI GROUP-ADR      EMI$ LN       -2265916256.89  2950021937.14
EMI GROUP-ADR      38IS LN       -2265916256.89  2950021937.14
EUROPEAN HOME      EHREUR EU       -14328735.16   110864081.39
EUROPEAN HOME      EHR PZ          -14328735.16   110864081.39
EUROPEAN HOME      EHR EU          -14328735.16   110864081.39
EUROPEAN HOME      EHR LN          -14328735.16   110864081.39
EUROPEAN HOME      EHR VX          -14328735.16   110864081.39
EUROPEAN HOME      EHREUR EO       -14328735.16   110864081.39
EUROPEAN HOME      EHR PO          -14328735.16   110864081.39
EUROPEAN HOME      KLZ PO          -14328735.16   110864081.39
EUROPEAN HOME      EHRGBP EO       -14328735.16   110864081.39
EUROPEAN HOME      KLZ VX          -14328735.16   110864081.39
EUROPEAN HOME      FPAKF US        -14328735.16   110864081.39
EUROPEAN HOME      EHR EO          -14328735.16   110864081.39
FAREPAK PLC        FPK LN          -14328735.16   110864081.39
GALIFORM PLC       GFRM VX        -116415877.06   612420067.12
GALIFORM PLC       GFRM EO        -116415877.06   612420067.12
GALIFORM PLC       GFRM TQ        -116415877.06   612420067.12
GALIFORM PLC       GFRM IX        -116415877.06   612420067.12
GALIFORM PLC       GFRMEUR EO     -116415877.06   612420067.12
GALIFORM PLC       MFIFF US       -116415877.06   612420067.12
GALIFORM PLC       MFI PO         -116415877.06   612420067.12
GALIFORM PLC       GFRM NQ        -116415877.06   612420067.12
GALIFORM PLC       GFRM EU        -116415877.06   612420067.12
GALIFORM PLC       GFRM EB        -116415877.06   612420067.12
GALIFORM PLC       GFRMNOK EO     -116415877.06   612420067.12
GALIFORM PLC       GLFMF US       -116415877.06   612420067.12
GALIFORM PLC       GFRMEUR EU     -116415877.06   612420067.12
GALIFORM PLC       MFI VX         -116415877.06   612420067.12
GALIFORM PLC       GFRM LN        -116415877.06   612420067.12
GALIFORM PLC       GFRM PZ        -116415877.06   612420067.12
GALIFORM PLC       GFRM BQ        -116415877.06   612420067.12
GALIFORM PLC       GFRMNOK EU     -116415877.06   612420067.12
GALIFORM PLC       MFI IX         -116415877.06   612420067.12
GALIFORM PLC       GFRM PO        -116415877.06   612420067.12
GALIFORM PLC       GFRM NR        -116415877.06   612420067.12
GALIFORM PLC       GFRMGBP EO     -116415877.06   612420067.12
GARTLAND WHALLEY   GWB LN          -10986769.42   145352034.49
HILTON G-CRT OLD   HIGT BB        -478059993.74  1887316678.66
HILTON GROUP PLC   HG/ LN         -478059993.74  1887316678.66
HILTON GROUP PLC   HG PO          -478059993.74  1887316678.66
HILTON GROUP PLC   HLTGF US       -478059993.74  1887316678.66
HILTON GROUP-ADR   HLTGY US       -478059993.74  1887316678.66
HILTON GROUP-CER   HG BB          -478059993.74  1887316678.66
HILTON GROUP-CRT   HIG BB         -478059993.74  1887316678.66
JARVIS PLC         JVSPF US        -48330109.98   155571478.27
JARVIS PLC         JRVS VX         -48330109.98   155571478.27
JARVIS PLC         JRVSEUR EO      -48330109.98   155571478.27
JARVIS PLC         JRVSEUR EU      -48330109.98   155571478.27
JARVIS PLC         JRVS PO         -48330109.98   155571478.27
JARVIS PLC         JVR GR          -48330109.98   155571478.27
JARVIS PLC         JRVS LN         -48330109.98   155571478.27
JARVIS PLC         JRVS EU         -48330109.98   155571478.27
JARVIS PLC         JRVS IX         -48330109.98   155571478.27
JARVIS PLC         JRVS PZ         -48330109.98   155571478.27
JARVIS PLC         JRVS EO         -48330109.98   155571478.27
JARVIS PLC         JRVSGBP EO      -48330109.98   155571478.27
JESSOPS PLC        JSP IX           -42702021.2   112964060.38
JESSOPS PLC        JSP EU           -42702021.2   112964060.38
JESSOPS PLC        JSP PZ           -42702021.2   112964060.38
JESSOPS PLC        JS4 GR           -42702021.2   112964060.38
JESSOPS PLC        JSPGBP EO        -42702021.2   112964060.38
JESSOPS PLC        JSP EO           -42702021.2   112964060.38
JESSOPS PLC        JSP VX           -42702021.2   112964060.38
JESSOPS PLC        JSP PO           -42702021.2   112964060.38
JESSOPS PLC        JSPEUR EO        -42702021.2   112964060.38
JESSOPS PLC        JSP LN           -42702021.2   112964060.38
JESSOPS PLC        JSPEUR EU        -42702021.2   112964060.38
KLEENEZE PLC       KLZ LN          -14328735.16   110864081.39
LADBROKE GROUP     LADB LN        -478059993.74  1887316678.66
LADBROKE GRP-IDR   695767Q BB     -478059993.74  1887316678.66
LADBROKE GRP-OLD   LADB BB        -478059993.74  1887316678.66
LADBROKES PLC      LAD PO         -478059993.74  1887316678.66
LADBROKES PLC      LAD GR         -478059993.74  1887316678.66
LADBROKES PLC      LDBKF US       -478059993.74  1887316678.66
LADBROKES PLC      LAD VX         -478059993.74  1887316678.66
LADBROKES PLC      LADEUR EU      -478059993.74  1887316678.66
LADBROKES PLC      LAD LN         -478059993.74  1887316678.66
LADBROKES PLC      LADNZD EU      -478059993.74  1887316678.66
LADBROKES PLC      LAD NR         -478059993.74  1887316678.66
LADBROKES PLC      LAD PZ         -478059993.74  1887316678.66
LADBROKES PLC      LADGBP EO      -478059993.74  1887316678.66
LADBROKES PLC      LADEUR EO      -478059993.74  1887316678.66
LADBROKES PLC      LAD IX         -478059993.74  1887316678.66
LADBROKES PLC      LAD BQ         -478059993.74  1887316678.66
LADBROKES PLC      LAD TQ         -478059993.74  1887316678.66
LADBROKES PLC      LAD EB         -478059993.74  1887316678.66
LADBROKES PLC      LADUSD EO      -478059993.74  1887316678.66
LADBROKES PLC      LAD EU         -478059993.74  1887316678.66
LADBROKES PLC      LADNZD EO      -478059993.74  1887316678.66
LADBROKES PLC      LAD NQ         -478059993.74  1887316678.66
LADBROKES PLC      LAD EO         -478059993.74  1887316678.66
LADBROKES PLC      HG/ VX         -478059993.74  1887316678.66
LADBROKES PLC-AD   LDBKY US       -478059993.74  1887316678.66
LADBROKES PLC-AD   LDBKY LN       -478059993.74  1887316678.66
LADBROKES PLC-CE   LAD BB         -478059993.74  1887316678.66
LAMBERT FENCHURC   LMF LN           -1453050.04  1826806853.46
LEEDS SPORTING     LES LN           -73166148.8   143762193.66
LEEDS SPORTING     LEDPF US         -73166148.8   143762193.66
LEEDS UNITED PLC   889687Q GR       -73166148.8   143762193.66
LEEDS UNITED PLC   LDSUF US         -73166148.8   143762193.66
LEEDS UNITED PLC   LUFC LN          -73166148.8   143762193.66
LONDON TOWN PLC    LOU GR           -15549465.1   160165508.92
LONDON TOWN PLC    LTWR LN          -15549465.1   160165508.92
LONDON TOWN PLC    LTW PG           -15549465.1   160165508.92
LONDON TOWN PLC    LTWX LN          -15549465.1   160165508.92
LONDON TOWN PLC    LTW IX           -15549465.1   160165508.92
LONDON TOWN PLC    LTW PO           -15549465.1   160165508.92
LONDON TOWN PLC    LTW LN           -15549465.1   160165508.92
LONDON TOWN PLC    LTW EO           -15549465.1   160165508.92
LONDON TOWN PLC    LTW EU           -15549465.1   160165508.92
M 2003 PLC         MTWOF US      -2203513803.24  7204891601.83
M 2003 PLC         203055Q LN    -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        MY2 GR        -2203513803.24  7204891601.83
MARCONI PLC        203083Q VX    -2203513803.24  7204891601.83
MARCONI PLC        MNI LN        -2203513803.24  7204891601.83
MARCONI PLC        MNI BB        -2203513803.24  7204891601.83
MARCONI PLC        MONI BB       -2203513803.24  7204891601.83
MARCONI PLC        MRCQF US      -2203513803.24  7204891601.83
MARCONI PLC-ADR    MONI US       -2203513803.24  7204891601.83
MARCONI PLC-ADR    MONIE US      -2203513803.24  7204891601.83
MARCONI PLC-ADR    QUQMON AU     -2203513803.24  7204891601.83
MARCONI PLC-ADR    MY2A GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR    MCONY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR    MONIY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR    MCBA GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR    MRCQY US      -2203513803.24  7204891601.83
MFI FURNITURE GR   MFI LN         -116415877.06   612420067.12
MYTRAVEL GROUP     MT IX          -379721841.57  1817512773.61
MYTRAVEL GROUP     MT/S VX        -379721841.57  1817512773.61
MYTRAVEL GROUP     ARO2 GR        -379721841.57  1817512773.61
MYTRAVEL GROUP     MT/S LN        -379721841.57  1817512773.61
MYTRAVEL GROUP     MYTPF US       -379721841.57  1817512773.61
MYTRAVEL GROUP     MT/S PO        -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   2281919Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP-A   MYTVF US       -379721841.57  1817512773.61
NEW STAR ASSET     3226447Q EO    -397718038.04   292972732.12
NEW STAR ASSET     NSAA LN        -397718038.04   292972732.12
NEW STAR ASSET     NSAM PZ        -397718038.04   292972732.12
NEW STAR ASSET     3226443Q EO    -397718038.04   292972732.12
NEW STAR ASSET     3226431Q EU    -397718038.04   292972732.12
NEW STAR ASSET     NSAM LN        -397718038.04   292972732.12
NEW STAR ASSET     3226439Q EU    -397718038.04   292972732.12
NEW STAR ASSET     NSAM PO        -397718038.04   292972732.12
NEW STAR ASSET     NWSAF US       -397718038.04   292972732.12
NEW STAR ASSET     NSAM TQ        -397718038.04   292972732.12
NEW STAR ASSET     N6S GR         -397718038.04   292972732.12
NEW STAR ASSET     3226435Q EO    -397718038.04   292972732.12
NEW STAR ASSET     NSAM IX        -397718038.04   292972732.12
NORTHERN ROCK      NRKI IX        -586206492.33152084295061.92
NORTHERN ROCK      2733273Q EO    -586206492.33152084295061.92
NORTHERN ROCK      2733269Q EU    -586206492.33152084295061.92
NORTHERN ROCK      2733289Q EO    -586206492.33152084295061.92
NORTHERN ROCK      2733285Q EU    -586206492.33152084295061.92
NORTHERN ROCK      NRK PO         -586206492.33152084295061.92
NORTHERN ROCK      2733265Q EO    -586206492.33152084295061.92
NORTHERN ROCK      NRK IX         -586206492.33152084295061.92
NORTHERN ROCK      NR3 GR         -586206492.33152084295061.92
NORTHERN ROCK      2733281Q EO    -586206492.33152084295061.92
NORTHERN ROCK      NRK LN         -586206492.33152084295061.92
NORTHERN ROCK      NHRKF US       -586206492.33152084295061.92
NORTHERN ROCK      2733277Q EU    -586206492.33152084295061.92
NORTHERN ROCK      NRK PZ         -586206492.33152084295061.92
NORTHERN ROCK      NRK VX         -586206492.33152084295061.92
O TWELVE ESTATES   OTE IX          -10555410.41   267391338.05
O TWELVE ESTATES   OTEEUR EO       -10555410.41   267391338.05
O TWELVE ESTATES   O2T GR          -10555410.41   267391338.05
O TWELVE ESTATES   OTE EO          -10555410.41   267391338.05
O TWELVE ESTATES   OTE PG          -10555410.41   267391338.05
O TWELVE ESTATES   OTE LN          -10555410.41   267391338.05
O TWELVE ESTATES   OTE EU          -10555410.41   267391338.05
ORANGE PLC         1460Q GR       -593935051.02   2902299501.9
ORANGE PLC         951641Q LN     -593935051.02   2902299501.9
ORANGE PLC         ORNGF US       -593935051.02   2902299501.9
ORANGE PLC-ADR     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          OBG PO           -4168498.48    127701679.5
ORBIS PLC          ORBSF US         -4168498.48    127701679.5
ORBIS PLC          OBS LN           -4168498.48    127701679.5
ORBIS PLC          OBS PO           -4168498.48    127701679.5
ORBIS PLC          OBS IX           -4168498.48    127701679.5
ORBIS PLC          OBS PZ           -4168498.48    127701679.5
ORBIS PLC          RLP GR           -4168498.48    127701679.5
PATIENTLINE PLC    PTL LN          -54677284.64    124948245.8
PATIENTLINE PLC    PTL IX          -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
PATIENTLINE PLC    2928899Q EO     -54677284.64    124948245.8
PATIENTLINE PLC    2928907Q EO     -54677284.64    124948245.8
PATIENTLINE PLC    PTL PO          -54677284.64    124948245.8
RANK GROUP PLC     RNK PZ           -6412999.92   835001785.71
RANK GROUP PLC     RNKDKK 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 PLC     RNK NR           -6412999.92   835001785.71
RANK GROUP PLC     RNKA GR          -6412999.92   835001785.71
RANK GROUP PLC     RNK LN           -6412999.92   835001785.71
RANK GROUP PLC     RNK EU           -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 NQ           -6412999.92   835001785.71
RANK GROUP PLC     RNK IX           -6412999.92   835001785.71
RANK GROUP PLC     RNKGBP EO        -6412999.92   835001785.71
RANK GROUP PLC     RNK EB           -6412999.92   835001785.71
RANK GROUP PLC     RNKUSD EU        -6412999.92   835001785.71
RANK GROUP PLC     RNK PO           -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 TQ           -6412999.92   835001785.71
RANK GROUP PLC     RNK EO           -6412999.92   835001785.71
RANK GROUP PLC     RNK BQ           -6412999.92   835001785.71
RANK GROUP PLC     RANKF US         -6412999.92   835001785.71
RANK GROUP-ADR     RNK$ LN          -6412999.92   835001785.71
RANK GROUP-ADR     RANKY US         -6412999.92   835001785.71
RANK GROUP-ADR     935543Q GR       -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          2296Z LN        -46111835.37      367181111
REGUS PLC          RGU GR          -46111835.37      367181111
REGUS PLC          273195Q VX      -46111835.37      367181111
REGUS PLC-ADS      RGUA GR         -46111835.37      367181111
REGUS PLC-ADS      REGSY US        -46111835.37      367181111
REGUS PLC-ADS      REGSV US        -46111835.37      367181111
REGUS PLC-ADS      REGS US         -46111835.37      367181111
RENTOKIL INITIAL   RTO BQ          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO LN          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO PO          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOKF US        -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOUSD EO       -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOGBP EO       -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO PZ          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOEUR EO       -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO VX          -90219248.82  3493481471.08
RENTOKIL INITIAL   RKLIF US        -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO TQ          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOUSD EU       -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO NR          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO GR          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOG IX         -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO NQ          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO IX          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO EO          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTOEUR EU       -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO1 GR         -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO EU          -90219248.82  3493481471.08
RENTOKIL INITIAL   RTO EB          -90219248.82  3493481471.08
RENTOKIL-SP ADR    RTOKY US        -90219248.82  3493481471.08
RENTOKIL-SP ADR    AP76 LI         -90219248.82  3493481471.08
SAATCHI & SA-ADR   SSI$ LN        -119260804.15   705060824.55
SAATCHI & SA-ADR   SSA US         -119260804.15   705060824.55
SAATCHI & SAATCH   SSI LN         -119260804.15   705060824.55
SAATCHI & SAATCH   SSATF US       -119260804.15   705060824.55
SAATCHI & SAATCH   188190Q GR     -119260804.15   705060824.55
SCOTTISH MEDIA     1442Q GR        -24923249.67    194430485.8
SCOTTISH MEDIA     SSM LN          -24923249.67    194430485.8
SCOTTISH MEDIA     SSMR LN         -24923249.67    194430485.8
SCOTTISH TELEV     SCTVF US        -24923249.67    194430485.8
SETON HEALTHCARE   2290Z LN        -10585179.82   156822902.77
SFI GROUP PLC      SUYFF US       -108067115.81   177647536.08
SFI GROUP PLC      SUF LN         -108067115.81   177647536.08
SKYEPHAR-RTS F/P   SKPF LN        -130883498.29   153620497.99
SKYEPHAR-RTS F/P   SKPF VX        -130883498.29   153620497.99
SKYEPHAR-RTS N/P   SKPN LN        -130883498.29   153620497.99
SKYEPHAR-RTS N/P   SKPN VX        -130883498.29   153620497.99
SKYEPHARMA -SUB    2976665Z LN    -130883498.29   153620497.99
SKYEPHARMA PLC     SKP1 VX        -130883498.29   153620497.99
SKYEPHARMA PLC     SKPGBP EO      -130883498.29   153620497.99
SKYEPHARMA PLC     SKPEUR EU      -130883498.29   153620497.99
SKYEPHARMA PLC     SKP IX         -130883498.29   153620497.99
SKYEPHARMA PLC     SKPEUR EO      -130883498.29   153620497.99
SKYEPHARMA PLC     SKP VX         -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     SK8A GR        -130883498.29   153620497.99
SKYEPHARMA PLC     SKP PZ         -130883498.29   153620497.99
SKYEPHARMA PLC     SKP PO         -130883498.29   153620497.99
SKYEPHARMA PLC     SKP EU         -130883498.29   153620497.99
SKYEPHARMA PLC     SK8C GR        -130883498.29   153620497.99
SKYEPHARMA PLC     SKP LN         -130883498.29   153620497.99
SKYEPHARMA-ADR     SKYE US        -130883498.29   153620497.99
SKYEPHARMA-ADR     SK8N GR        -130883498.29   153620497.99
SKYEPHARMA-ADR     SKYEY US       -130883498.29   153620497.99
SKYEPHARMA-ADR     SK8 GR         -130883498.29   153620497.99
SKYEPHARMA-ADR     SKYPY US       -130883498.29   153620497.99
SKYEPHARMA-ADR     AP80 LI        -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    NWS VX          -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2EUR EU      -97992746.54   146917382.81
SMITHS NEWS PLC    NWS PO          -97992746.54   146917382.81
SMITHS NEWS PLC    NWS1 EU         -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2GBP EO      -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2EUR EO      -97992746.54   146917382.81
SMITHS NEWS PLC    SMWPY US        -97992746.54   146917382.81
SMITHS NEWS PLC    NWS PZ          -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2 EU         -97992746.54   146917382.81
SMITHS NEWS PLC    NWS1 EO         -97992746.54   146917382.81
SMITHS NEWS PLC    NWS IX          -97992746.54   146917382.81
SMITHS NEWS PLC    SMWPF US        -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2 TQ         -97992746.54   146917382.81
SMITHS NEWS PLC    NWS2 EO         -97992746.54   146917382.81
SMITHS NEWS PLC    NWS LN          -97992746.54   146917382.81
STAGECOACH GROUP   SGC2 VX         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 TQ         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 BQ         -14183327.87  2231066974.58
STAGECOACH GROUP   SHP GR          -14183327.87  2231066974.58
STAGECOACH GROUP   SGC LN          -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1EUR EU      -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 EU         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1USD EU      -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 NR         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1AUD EU      -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 EB         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1AUD EO      -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1GBP EO      -14183327.87  2231066974.58
STAGECOACH GROUP   SGCG PZ         -14183327.87  2231066974.58
STAGECOACH GROUP   SAGKF US        -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 NQ         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1USD EO      -14183327.87  2231066974.58
STAGECOACH GROUP   SHP4 GR         -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1EUR EO      -14183327.87  2231066974.58
STAGECOACH GROUP   SGC PO          -14183327.87  2231066974.58
STAGECOACH GROUP   SGC IX          -14183327.87  2231066974.58
STAGECOACH GROUP   SGC1 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      STVGEUR EO      -24923249.67    194430485.8
STV GROUP PLC      SMG IX          -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      SMGPF US        -24923249.67    194430485.8
STV GROUP PLC      STVGGBP EO      -24923249.67    194430485.8
STV GROUP PLC      STVG EO         -24923249.67    194430485.8
STV GROUP PLC      STVG EU         -24923249.67    194430485.8
STV GROUP PLC      STVGEUR EU      -24923249.67    194430485.8
STV GROUP PLC      SMG VX          -24923249.67    194430485.8
STV GROUP PLC      STVG VX         -24923249.67    194430485.8
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 COM-ADR   TWSTD US      -3702234580.99  7581020925.22
TELEWEST COMM      TWSTF US      -3702234580.99  7581020925.22
TELEWEST COMM      715382Q LN    -3702234580.99  7581020925.22
TELEWEST COMM      TWT VX        -3702234580.99  7581020925.22
TELEWEST COMM      604296Q GR    -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 TQ          -78172467.48    131014414.4
TOPPS TILES PLC    TPTJY US        -78172467.48    131014414.4
TOPPS TILES PLC    TPTEUR EU       -78172467.48    131014414.4
TOPPS TILES PLC    TPT EU          -78172467.48    131014414.4
TOPPS TILES PLC    TPTEUR EO       -78172467.48    131014414.4
TOPPS TILES PLC    TPT EO          -78172467.48    131014414.4
TOPPS TILES PLC    TPT PZ          -78172467.48    131014414.4
TOPPS TILES PLC    TPTGBP EO       -78172467.48    131014414.4
TOPPS TILES PLC    TPT IX          -78172467.48    131014414.4
TOPPS TILES PLC    TPT LN          -78172467.48    131014414.4
TOPPS TILES PLC    TPT PO          -78172467.48    131014414.4
TOPPS TILES PLC    TPTJF US        -78172467.48    131014414.4
TOPPS TILES PLC    TPT VX          -78172467.48    131014414.4
TOPPS TILES PLC    TPT BQ          -78172467.48    131014414.4
TOPPS TILES-NEW    TPTN LN         -78172467.48    131014414.4
UTC GROUP          UGR LN          -11904426.45   203548565.03
VIRGIN MOB-ASSD    VMOC LN        -392165437.58   166070003.71
VIRGIN MOB-ASSD    VMOA LN        -392165437.58   166070003.71
VIRGIN MOBILE      UEM GR         -392165437.58   166070003.71
VIRGIN MOBILE      VMOB LN        -392165437.58   166070003.71
VIRGIN MOBILE      VMOB PO        -392165437.58   166070003.71
VIRGIN MOBILE      VMOB VX        -392165437.58   166070003.71
VIRGIN MOBILE      VGMHF US       -392165437.58   166070003.71
WATSON & PHILIP    WTSN LN        -120493900.04   252232072.87
WINCANTON PL-ADR   WNCNY US        -47615167.52  1316638025.67
WINCANTON PLC      WIN1EUR 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      WIN IX          -47615167.52  1316638025.67
WINCANTON PLC      WIN LN          -47615167.52  1316638025.67
WINCANTON PLC      WIN1 NQ         -47615167.52  1316638025.67
WINCANTON PLC      WIN1 EU         -47615167.52  1316638025.67
WINCANTON PLC      WIN1 EO         -47615167.52  1316638025.67
WINCANTON PLC      WIN VX          -47615167.52  1316638025.67
WINCANTON PLC      WIN1 BQ         -47615167.52  1316638025.67
WINCANTON PLC      WIN1 TQ         -47615167.52  1316638025.67
WINCANTON PLC      WNCNF US        -47615167.52  1316638025.67
WINCANTON PLC      WIN1GBP EO      -47615167.52  1316638025.67
WINCANTON PLC      WIN1EUR EO      -47615167.52  1316638025.67
WINCANTON PLC      WIN1USD EO      -47615167.52  1316638025.67
WINCANTON PLC      WIN PO          -47615167.52  1316638025.67


GREECE
------
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 EO        -28368224.67   235628427.44
AG PETZETAKIS SA   PZETF US        -28368224.67   235628427.44
AG PETZETAKIS SA   PETZK GA        -28368224.67   235628427.44
AG PETZETAKIS SA   PETZK PZ        -28368224.67   235628427.44
ALTEC SA -AUCT     ALTECE GA      -113800496.36   212288486.55
ALTEC SA INFO      ALTEC EU       -113800496.36   212288486.55
ALTEC SA INFO      ALTEC GA       -113800496.36   212288486.55
ALTEC SA INFO      AXY GR         -113800496.36   212288486.55
ALTEC SA INFO      ALTEC PZ       -113800496.36   212288486.55
ALTEC SA INFO      ALTEC EO       -113800496.36   212288486.55
ALTEC SA INFO      ATCQF US       -113800496.36   212288486.55
ALTEC SA INFO-RT   ALTECR GA      -113800496.36   212288486.55
ALTEC SA INFO-RT   ALTED GA       -113800496.36   212288486.55
EMPEDOS SA         EMPED GA        -33637669.62    174742646.9
EMPEDOS SA-RTS     EMPEDR GA       -33637669.62    174742646.9
HELLAS ONLINE SA   HOL GA          -18667491.57   432785331.49
HELLAS ONLINE SA   BRAIN PZ        -18667491.57   432785331.49
HELLAS ONLINE SA   BRAIN EU        -18667491.57   432785331.49
HELLAS ONLINE SA   BRAIN EO        -18667491.57   432785331.49
HELLAS ONLINE SA   HOLR GA         -18667491.57   432785331.49
HELLAS ONLINE SA   UN5 GR          -18667491.57   432785331.49
HELLAS ONLINE SA   BRAIN GA        -18667491.57   432785331.49
KOUMBAS INSUR-RT   KOUMD GA        -47073006.65   212483361.18
KOUMBAS RTS        KOUMR GA        -47073006.65   212483361.18
KOUMBAS SYNERGY    KOUMF US        -47073006.65   212483361.18
KOUMBAS SYNERGY    KOUM GA         -47073006.65   212483361.18
KOUMBAS SYNERGY    KOUM EU         -47073006.65   212483361.18
KOUMBAS SYNERGY    KOUM EO         -47073006.65   212483361.18
KOUMBAS SYNERGY    KOUM PZ         -47073006.65   212483361.18
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   RKC GR         -100972173.86   180679253.63
RADIO KORASSIDIS   RAKOF US       -100972173.86   180679253.63
RADIO KORASSIDIS   KORA GA        -100972173.86   180679253.63
THEMELIODOMI       THEME GA        -55751178.85   232036822.56
THEMELIODOMI-AUC   THEMEE GA       -55751178.85   232036822.56
THEMELIODOMI-RTS   THEMER GA       -55751178.85   232036822.56
THEMELIODOMI-RTS   THEMED GA       -55751178.85   232036822.56
UNITED TEXTILES    UTEX EO         -44175513.67   341686153.14
UNITED TEXTILES    UTEX GA         -44175513.67   341686153.14
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 PZ         -44175513.67   341686153.14


CROATIA
-------
BRODOGRADE INDUS   3MAJRA CZ      -351617348.75   237471555.63
IPK OSIJEK DD OS   IPKORA CZ       -20548292.01   131206123.83
OT OPTIMA TELEKO   2299892Z CZ        -48565065   119632635.47
OT-OPTIMA TELEKO   OPTERA CZ          -48565065   119632635.47


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


IRELAND
-------
BOUNDARY CAPITAL   BCP LN          -10192301.85   119787800.54
BOUNDARY CAPITAL   BCP1 EU         -10192301.85   119787800.54
BOUNDARY CAPITAL   BCP ID          -10192301.85   119787800.54
BOUNDARY CAPITAL   BCP IX          -10192301.85   119787800.54
BOUNDARY CAPITAL   BCPI IX         -10192301.85   119787800.54
BOUNDARY CAPITAL   BCP1 PG         -10192301.85   119787800.54
BOUNDARY CAPITAL   BCM GR          -10192301.85   119787800.54
BOUNDARY CAPITAL   BCP1 EO         -10192301.85   119787800.54
ELAN CORP PLC      ELN IX            -223400000     1844599936
ELAN CORP PLC      ELN EO            -223400000     1844599936
ELAN CORP PLC      ELNGBP EO         -223400000     1844599936
ELAN CORP PLC      ELA LN            -223400000     1844599936
ELAN CORP PLC      ELA PO            -223400000     1844599936
ELAN CORP PLC      ELN ID            -223400000     1844599936
ELAN CORP PLC      ECN VX            -223400000     1844599936
ELAN CORP PLC      ELN NR            -223400000     1844599936
ELAN CORP PLC      ELN EU            -223400000     1844599936
ELAN CORP PLC      ELNUSD EO         -223400000     1844599936
ELAN CORP PLC      ELN TQ            -223400000     1844599936
ELAN CORP PLC      ELNGBX EO         -223400000     1844599936
ELAN CORP PLC      ELA IX            -223400000     1844599936
ELAN CORP PLC      DRX GR            -223400000     1844599936
ELAN CORP PLC      DRX1 PZ           -223400000     1844599936
ELAN CORP PLC      ELNUSD EU         -223400000     1844599936
ELAN CORP PLC      ELNCF US          -223400000     1844599936
ELAN CORP PLC      DRXG IX           -223400000     1844599936
ELAN CORP PLC      ELN LN            -223400000     1844599936
ELAN CORP-ADR      ELN US            -223400000     1844599936
ELAN CORP-ADR      EAN GR            -223400000     1844599936
ELAN CORP-ADR      QUNELN AU         -223400000     1844599936
ELAN CORP-ADR      ELAD LN           -223400000     1844599936
ELAN CORP-ADR      EANG IX           -223400000     1844599936
ELAN CORP-ADR UT   ELN/E US          -223400000     1844599936
ELAN CORP-CVR      ELNZV US          -223400000     1844599936
ELAN CORP-CVR      LCVRZ US          -223400000     1844599936
ELAN CORP/OLD      1295Z ID          -375500000     1693300096
PAYZONE PLC        PAYZ EU        -138030903.22   510010035.33
PAYZONE PLC        PAYZ IX        -138030903.22   510010035.33
PAYZONE PLC        PAYZ EO        -138030903.22   510010035.33
PAYZONE PLC        4P6 GR         -138030903.22   510010035.33
PAYZONE PLC        PAYZ LN        -138030903.22   510010035.33
PAYZONE PLC        PAYZ PG        -138030903.22   510010035.33
WATERFORD - RTS    WWWA ID        -505729895.23   820803256.03
WATERFORD - RTS    508523Q LN     -505729895.23   820803256.03
WATERFORD - RTS    WWWA GR        -505729895.23   820803256.03
WATERFORD - RTS    WWWB GR        -505729895.23   820803256.03
WATERFORD - RTS    508519Q LN     -505729895.23   820803256.03
WATERFORD - RTS    WWWB ID        -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 VX        -505729895.23   820803256.03
WATERFORD WE-RTS   WTFN LN        -505729895.23   820803256.03
WATERFORD WE-RTS   WTFF ID        -505729895.23   820803256.03
WATERFORD WE-RTS   WTFF LN        -505729895.23   820803256.03
WATERFORD WE-RTS   WTFN ID        -505729895.23   820803256.03
WATERFORD WED-RT   586552Q LN     -505729895.23   820803256.03
WATERFORD WED-RT   WTFR LN        -505729895.23   820803256.03
WATERFORD WED-RT   586556Q LN     -505729895.23   820803256.03
WATERFORD WED-RT   WWWD ID        -505729895.23   820803256.03
WATERFORD WED-RT   WWWC GR        -505729895.23   820803256.03
WATERFORD WED-RT   WWWD GR        -505729895.23   820803256.03
WATERFORD WED-RT   WWWC ID        -505729895.23   820803256.03
WATERFORD WED-UT   WTFU IX        -505729895.23   820803256.03
WATERFORD WED-UT   WWWD PZ        -505729895.23   820803256.03
WATERFORD WED-UT   WTFU EU        -505729895.23   820803256.03
WATERFORD WED-UT   WTFU ID        -505729895.23   820803256.03
WATERFORD WED-UT   WTFU VX        -505729895.23   820803256.03
WATERFORD WED-UT   WWW PO         -505729895.23   820803256.03
WATERFORD WED-UT   WTFUGBX EU     -505729895.23   820803256.03
WATERFORD WED-UT   WTFU EO        -505729895.23   820803256.03
WATERFORD WED-UT   WTFU PO        -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   WWW GR         -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


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


ITALY
-----
ARENA SPA          RON GR          -26843216.33   117951651.43
ARENA SPA          RON IX          -26843216.33   117951651.43
ARENA SPA          RNCNF US        -26843216.33   117951651.43
ARENA SPA          ARE2 TQ         -26843216.33   117951651.43
ARENA SPA          ARE IM          -26843216.33   117951651.43
ARENA SPA          ARE2 EU         -26843216.33   117951651.43
ARENA SPA          AREI PZ         -26843216.33   117951651.43
ARENA SPA          ARE2 EO         -26843216.33   117951651.43
BINDA SPA          BNDAF US        -11146475.29   128859802.94
BINDA SPA          BND IM          -11146475.29   128859802.94
CART SOTTRI-BIND   DEM IM          -11146475.29   128859802.94
CIRIO FINANZIARI   CRO IM          -422095869.5  1583083044.16
CIRIO FINANZIARI   FIY GR          -422095869.5  1583083044.16
COIN SPA           965089Q GR     -151690764.75   791310848.67
COIN SPA           GC IX          -151690764.75   791310848.67
COIN SPA           GUCIF US       -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   CGLUF US       -137726596.25   527372691.43
COMPAGNIA ITALIA   CITU IX        -137726596.25   527372691.43
CREDITO FOND-RTS   CRFSA IM       -200209050.26  4213063202.32
CREDITO FONDIARI   CRF IM         -200209050.26  4213063202.32
LAZIO SPA          SSLZF US        -15482934.18   260633690.01
LAZIO SPA          SSL1 IX         -15482934.18   260633690.01
LAZIO SPA          LZO1 GR         -15482934.18   260633690.01
LAZIO SPA          SSL IM          -15482934.18   260633690.01
LAZIO SPA          SSL1 EU         -15482934.18   260633690.01
LAZIO SPA          SSLI PZ         -15482934.18   260633690.01
LAZIO SPA          571260Q US      -15482934.18   260633690.01
LAZIO SPA          SSL1 EO         -15482934.18   260633690.01
LAZIO SPA          LZO GR          -15482934.18   260633690.01
LAZIO SPA-RTS      SSLAZ IM        -15482934.18   260633690.01
LAZIO SPA-RTS      SSLAA IM        -15482934.18   260633690.01
OLCESE SPA         O IM            -12846689.89   179691572.79
OLCESE SPA-RTS     OAA IM          -12846689.89   179691572.79
OLCESE VENEZIANO   OLVE IM         -12846689.89   179691572.79
OMNIA NETWORK SP   ONT IM          -14203645.83    330093845.4
OMNIA NETWORK SP   ONT EO          -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   ONTI IX         -14203645.83    330093845.4
OMNIA NETWORK SP   ONT EU          -14203645.83    330093845.4
PARMALAT FINA-RT   PRFR AV      -18419390028.95  4120687886.18
PARMALAT FINANZI   PRF IM       -18419390028.95  4120687886.18
PARMALAT FINANZI   PMLFF US     -18419390028.95  4120687886.18
PARMALAT FINANZI   FICN AV      -18419390028.95  4120687886.18
PARMALAT FINANZI   PRFI VX      -18419390028.95  4120687886.18
PARMALAT FINANZI   PARAF US     -18419390028.95  4120687886.18
PARMALAT FINANZI   PAF GR       -18419390028.95  4120687886.18
PARMALAT FINANZI   PMT LI       -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           SIAI IX         -97720525.24   339401569.86
SNIA SPA           SN EO           -97720525.24   339401569.86
SNIA SPA           SNIB GR         -97720525.24   339401569.86
SNIA SPA           SNIA GR         -97720525.24   339401569.86
SNIA SPA           SN TQ           -97720525.24   339401569.86
SNIA SPA           SSMLF US        -97720525.24   339401569.86
SNIA SPA           SN EU           -97720525.24   339401569.86
SNIA SPA           SIAI PZ         -97720525.24   339401569.86
SNIA SPA           SNIXF US        -97720525.24   339401569.86
SNIA SPA           SBPDF US        -97720525.24   339401569.86
SNIA SPA           SN IM           -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       SNRNC IM        -97720525.24   339401569.86
SNIA SPA-RNC       SNIWF US        -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      SCTI PZ         -28370270.37   537950362.36
SOCOTHERM SPA      SCT TQ          -28370270.37   537950362.36
SOCOTHERM SPA      SCTM IX         -28370270.37   537950362.36
SOCOTHERM SPA      SCT IM          -28370270.37   537950362.36
TECNODIFF ITALIA   TDIFF US        -89894162.82   152045757.48
TECNODIFF ITALIA   TDI NM          -89894162.82   152045757.48
TECNODIFF ITALIA   TDI IM          -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        TSCXF US        -24638454.05  1569205599.82
TISCALI SPA        TIS FP          -24638454.05  1569205599.82
TISCALI SPA        TISN VX         -24638454.05  1569205599.82
TISCALI SPA        TIQG IX         -24638454.05  1569205599.82
TISCALI SPA        TISN IM         -24638454.05  1569205599.82
TISCALI SPA        TIQ GR          -24638454.05  1569205599.82
TISCALI SPA        TISN NA         -24638454.05  1569205599.82
TISCALI SPA        TIS NA          -24638454.05  1569205599.82
TISCALI SPA        TIS PZ          -24638454.05  1569205599.82
TISCALI SPA        TISGBX EO       -24638454.05  1569205599.82
TISCALI SPA        TIS EO          -24638454.05  1569205599.82
TISCALI SPA        TIS TQ          -24638454.05  1569205599.82
TISCALI SPA        TISGBP EO       -24638454.05  1569205599.82
TISCALI SPA        TIS IM          -24638454.05  1569205599.82
TISCALI SPA        TIS EU          -24638454.05  1569205599.82
TISCALI SPA        TIS NR          -24638454.05  1569205599.82
TISCALI SPA        TIS VX          -24638454.05  1569205599.82
TISCALI SPA        TISGBX EU       -24638454.05  1569205599.82
TISCALI SPA        TIS IX          -24638454.05  1569205599.82
TISCALI SPA        TISN IX         -24638454.05  1569205599.82
TISCALI SPA        TISN FP         -24638454.05  1569205599.82
TISCALI SPA- RTS   TIQ1 GR         -24638454.05  1569205599.82
TISCALI SPA- RTS   TISAXA IM       -24638454.05  1569205599.82


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


NETHERLANDS
-----------
BAAN CO NV-ASSEN   BAANA NA         -7854741.41   609871188.88
BAAN COMPANY NV    BAAN NA          -7854741.41   609871188.88
BAAN COMPANY NV    BAAN PZ          -7854741.41   609871188.88
BAAN COMPANY NV    BNCG IX          -7854741.41   609871188.88
BAAN COMPANY NV    BAAVF US         -7854741.41   609871188.88
BAAN COMPANY NV    BAAN EU          -7854741.41   609871188.88
BAAN COMPANY NV    BAAN IX          -7854741.41   609871188.88
BAAN COMPANY NV    BAAN GR          -7854741.41   609871188.88
BAAN COMPANY NV    BAAN EO          -7854741.41   609871188.88
BAAN COMPANY-NY    BAANF US         -7854741.41   609871188.88
BUSINESSWAY INTL   BITLE US              -69320      127631096
BUSINESSWAY INTL   BITL 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   600241Q GR        -108700000     1898699904
JAMES HARDIE IND   HAH AU            -108700000     1898699904
JAMES HARDIE IND   726824Z NA        -108700000     1898699904
JAMES HARDIE IND   HAH NZ            -108700000     1898699904
JAMES HARDIE NV    JHXCC AU          -108700000     1898699904
JAMES HARDIE-ADR   JHX US            -108700000     1898699904
JAMES HARDIE-ADR   JHINY US          -108700000     1898699904
JAMES HARDIE-CDI   JHIUF US          -108700000     1898699904
JAMES HARDIE-CDI   JHX AU            -108700000     1898699904
JAMES HARDIE-CDI   JHA GR            -108700000     1898699904
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   UPE1 GR       -5505478849.55  5112616630.06
UNITED PAN-EUROP   UPE GR        -5505478849.55  5112616630.06
UNITED PAN-EUROP   UPCOF US      -5505478849.55  5112616630.06
UNITED PAN-EUROP   UPCEF US      -5505478849.55  5112616630.06
WAH KING INVEST    WAHKE US              -69320      127631096
WAH KING INVEST    WAHK US               -69320      127631096


NORWAY
------
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   PGSA GR         -18066142.21   399710323.59
PETRO GEO-SV-ADR   PGOGY US        -18066142.21   399710323.59


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


PORTUGAL
--------
COFINA             CFN PL           -9882836.46   319233214.35
COFINA             COFI TQ          -9882836.46   319233214.35
COFINA             CFNX PX          -9882836.46   319233214.35
COFINA             COFSI IX         -9882836.46   319233214.35
COFINA             CFN1 PZ          -9882836.46   319233214.35
COFINA             CFASF US         -9882836.46   319233214.35
COFINA             COFI EU          -9882836.46   319233214.35
COFINA             COFI EO          -9882836.46   319233214.35
COFINA             COFI PL          -9882836.46   319233214.35
PORCELANA VISTA    PVAL PL         -44208990.42   143765544.74
SPORTING-SOC DES   SCDF EU          -4083492.14    225687305.9
SPORTING-SOC DES   SCDF EO          -4083492.14    225687305.9
SPORTING-SOC DES   SCPX PX          -4083492.14    225687305.9
SPORTING-SOC DES   SCPL IX          -4083492.14    225687305.9
SPORTING-SOC DES   SCP PL           -4083492.14    225687305.9
SPORTING-SOC DES   SCP1 PZ          -4083492.14    225687305.9
SPORTING-SOC DES   SCDF PL          -4083492.14    225687305.9
SPORTING-SOC DES   SCG GR           -4083492.14    225687305.9
VAA VISTA ALEGRE   VAFX PX         -44208990.42   143765544.74
VAA VISTA ALEGRE   VAF EO          -44208990.42   143765544.74
VAA VISTA ALEGRE   VAF PL          -44208990.42   143765544.74
VAA VISTA ALEGRE   VAF EU          -44208990.42   143765544.74
VAA VISTA ALEGRE   VAF PZ          -44208990.42   143765544.74
VAA VISTA ALTAN    VAFK EU         -44208990.42   143765544.74
VAA VISTA ALTAN    VAFK EO         -44208990.42   143765544.74
VAA VISTA ALTAN    VAFK PL         -44208990.42   143765544.74
VAA VISTA ALTAN    VAFKX PX        -44208990.42   143765544.74
VAA VISTA ALTAN    VAFK PZ         -44208990.42   143765544.74


ROMANIA
-------
DUVANSKA           DIVR SG          -7729350.78   109207260.53
OLTCHIM RM VALCE   OLT PZ          -16862370.58   614340383.91
OLTCHIM RM VALCE   OLT EO          -16862370.58   614340383.91
OLTCHIM RM VALCE   OLTCF US        -16862370.58   614340383.91
OLTCHIM RM VALCE   OLTEUR EO       -16862370.58   614340383.91
OLTCHIM RM VALCE   OLT EU          -16862370.58   614340383.91
OLTCHIM RM VALCE   OLT RO          -16862370.58   614340383.91
OLTCHIM RM VALCE   OLTEUR EU       -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


RUSSIA
------
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 RM         -24834103.03   105689368.23
DAGESTAN ENERGY    DASB RU         -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     SVYOF US       -331600428.45   891998590.74
SAMARANEFTEGAS     SMNG* RU       -331600428.45   891998590.74
SAMARANEFTEGAS     SMNG RM        -331600428.45   891998590.74
SAMARANEFTEGAS     SMNG$ RU       -331600428.45   891998590.74
SAMARANEFTEGAS-$   SMNG RU        -331600428.45   891998590.74
SAMARANEFTEGAS-P   SMNGP$ RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P   SMNGP* RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P   SMNGP RM       -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 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


TURKEY
------
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   ZOREN TI        -91603977.68   1725908124.2
ZORLU ENERJI ELE   ZRLUF US        -91603977.68   1725908124.2
ZORLU ENERJI ELE   ZORENM TI       -91603977.68   1725908124.2
ZORLU ENERJI-ADR   ZRLUY US        -91603977.68   1725908124.2


UKRAINE
-------
AZOVZAGALMASH MA   AZGM UZ         -16212049.02   277693905.54
DNEPROPETROVSK     DMZP UZ         -15926384.43   424303604.81
DNIPROOBLENERGO    DNON UZ         -13825589.49   286919127.51
DONETSKOBLENERGO   DOON UZ        -215120607.25   374165068.75
LUGANSKOBLENERGO   LOEN UZ         -26729316.66   197897643.49
NAFTOKHIMIK PRIC   NAFP UZ          -29072670.6   174909305.56
NAFTOKHIMIK-GDR    N3ZA GR          -29072670.6   174909305.56
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
conferences@bankrupt.com

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

                            *********


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

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

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

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

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

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


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