TCREUR_Public/090804.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, August 4, 2009, Vol. 10, No. 152

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: Lufthansa Has Material Agreement on Takeover
BARNA PERSONALBEREITSTELLUNG: Claims Filing Deadline is August 12
BHH GMBH: Claims Filing Deadline is August 12
D.M. BAU & ELEKTROTECHNIK: Claims Filing Deadline is August 13
MAGNA ENTERTAINMENT: Gets Court OK to Sell Austrian Racing Track

ROBERT URBAN: Creditors Must File Claims by August 13
WWOPEX – THEATER: Creditors Must File Claims by August 13
ZWICKL HERBERT: Claims Filing Period Ends August 13


C Y P R U S

RITZIO INTERNATIONAL: Moody's Withdraws 'Caa3' Corp. Family Rating


F R A N C E

ALCATEL-LUCENT: Posts EUR14 Million Net Income in Q2 2009
NEW FABRIS: Workers Accept Compensation Offer, Drop Bomb Threat


G E O R G I A

METROMEDIA INT'L: Wins Final Nod to Appeal US$188 Mil. Judgment


G E R M A N Y

COMMERZBANK AG: LGT Group Acquires Dresdner Unit
COMMERZBANK AG: Vontobel Acquires Swiss Unit
HYPO REAL: Bid to Seek Merkel Testimony on Near-Collapse Rejected
QIMONDA NA: Can Employ Hengeler Mueller as Special German Counsel
QIMONDA NA: Can Hire McGuireWoods LLP as Special Virginia Counsel

QIMONDA NA: U.S. Court OKs Standardized Bid Protection Procedures


I C E L A N D

KAUPTHING SINGER: Creditors Have 'til Aug 12 to File Proof of Debt


I R E L A N D

ATHENEE CDO: Moody's Cuts Rating on Series 2007-10 Notes to 'Ba2'
CHEYNE CLO: S&P Downgrades Rating on Class A Notes to 'D'
COCO FINANCE: Moody's Lowers Rating Class E Notes to 'B2'
COOLFADDA DEVELOPERS: Faces Liquidation After Losing Court Appeal
CORIOLANUS LTD: S&P Withdraws 'CCC' Ratings on Two Notes Series

DASHAVEN LTD: Owes EUR170 Mln to Irish Nationwide
ELVA FUNDING: S&P Withdraws Low-B Ratings on Eight CDO Tranches
FAXTOR HG: S&P Lowers Ratings on Six Classes of Notes to 'CC'
KINSALE HARBOUR: ACC Bank Seizes Assets to Recover Loans
MAGNOLIA FINANCE: S&P Lowers Ratings on Two Notes Series to 'D'

TITAN EUROPE: S&P Lowers Rating on Class H 2006-3 Notes to 'D'


I T A L Y

UNICREDIT SPA: Fitch Corrects Ratings; Keeps 'D' Individual Rating


K A Z A K H S T A N

ALPAMYS LLP: Creditors Must File Claims by August 7
EURO ASIAN: Creditors Must File Claims by August 7
GELIOS A: Creditors Must File Claims by August 7
GLOBAL SERVICE: Creditors Must File Claims by August 7
KOLOS PRO: Creditors Must File Claims by August 7

MERCURY REFINERY: Creditors Must File Claims by August 7
MKO FRMP: Creditors Must File Claims by August 7
MUNAI SYSTEM: Creditors Must File Claims by August 7
TANBA LLP: Creditors Must File Claims by August 7
TRUST OIL: Creditors Must File Claims by August 7


K Y R G Y Z S T A N

FCB LEASING: Creditors Must File Claims by August 15


L I T H U A N I A

BITE LIETUVA: Fitch Affirms 'CCC' Long-Term Issuer Default Rating
BITE LIETUVA: S&P Raises Long-Term Corp. Credit Rating to 'CCC-'


N E T H E R L A N D S

LYONDELL CHEMICAL: Creditors Sue Lenders on 2007 Merger
LYONDELL CHEMICAL: Equistar Reaches Deal With E.I. DU Pont
SUNDIAL 2004-1: Moody's Cuts Rating on Class E Notes to 'B2'


P O L A N D

BANK BPH: Moody's Keeps Review on 'D-' Financial Strength Rating
PKN ORLEN: Says Rising Crude Prices & Stronger Zloty Boost Profit


R U S S I A

ALROSA CO: Eyes US$2 Bln Diamond Sales in 2009
AMUR-METALL OJSC: Creditors Must File Claims by August 10
METALL-STROY LLC: Creditors Must File Claims by August 10
RAIL LEASING: S&P Withdraws 'SD' Corporate Credit Rating
SAKHA-NEFTE LLC: Creditors Must File Claims by August 10

STAR-STROY LLC: Creditors Must File Claims by August 10
VOLSK-MET-MASH CJSC: Creditors Must File Claims by August 10
VSB-STROY LLC: Creditors Must File Claims by August 10


S P A I N

BBVA 6: Moody's Junks Rating on Class C Notes
GAT FTGENCAT: Moody's Junks Rating on Class D Notes From 'Baa3'


S W I T Z E R L A N D

HORNECKER AG: Claims Filing Deadline is August 17
MIXCON AG: Claims Filing Period Ends August 31
MUNZUR SCHIERS: Creditors Must File Claims by August 17
RICONSULT AG: Claims Filing Deadline is August 25
UBS AG: Reaches Settlement Agreement With U.S. Gov't on Tax Probe


U K R A I N E

AKHTYRKA CHEESE: Creditors Must File Claims by August 7
ENERGY CHEMISTRY CJSC: Creditors Must File Claims by August 7
ENERGY SPECIAL Creditors Must File Claims by August 7
FLORA LLC: Creditors Must File Claims by August 7
SYNTHESE-CAPITAL-GROUP LLC: Creditors Must File Claims by August 7

TECHNOCOM-TRADE LLC: Creditors Must File Claims by August 7
TMT LLC: Creditors Must File Claims by August 7


U N I T E D   K I N G D O M

AMBAC ASSURANCE: Credit Derivatives Losses Hike by US$1.6BB in Q2
BRADFORD & BINGLEY: Traders Set Final Recovery Value of 5% for CDS
BRITISH AIRWAYS: Posts GBP148 Million Pre-Tax Loss at June 30 Qtr
CATTLES PLC: Investors Balk at Re-election of 2 Non-Execs to Board
CLARIS LIMITED: Moody's Junks Ratings on Three Classes of Notes

KEYDATA INVESTMENT: Founder's Attempt to Block FSA Probe Fails
MARBLE ARCH: S&P Affirms Rating on Class E1C Notes at 'B-'
NATIONAL EXPRESS: Rights Issue Likely; Posts GBP48.1MM 1H09 Loss
NORTHERN ROCK: Former Shareholders' Compensation Appeal Rejected
REXAM PLC: Moody's Changes Outlook on 'Ba2' Rating to Stable

* Large Companies with Insolvent Balance Sheet


                         *********



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


AUSTRIAN AIRLINES: Lufthansa Has Material Agreement on Takeover
---------------------------------------------------------------
Deutsche Lufthansa AG has reached a "material agreement" with the
European Union on its purchase of Austrian Airlines AG, Steve
Rothwell and Matthew Newman at Bloomberg News report, citing the
German carrier's chief financial officer, Stephan Gemkow.

Mr. Gemkow declined to give details on any agreement to surrender
takeoff and landing slots to allay competition concerns.

Bloomberg recalls Lufthansa said July 28 that it's seeking
permission from Austria's takeover-oversight agency to extend
until August 31 from July 31 a contractual deadline for winning EU
antitrust approval.

According to Bloomberg, Maria Assimakopoulou, a European
Commission spokeswoman, said the commission continues to conduct
the market test of Lufthansa's proposed concessions.

On July 30, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Lufthansa submitted new proposal to
the European Commission in an effort to resolve competition
concerns surrounding its planned takeover of Austrian Airlines.
The FT disclosed an EU official said that the market test would
aim to verify whether the new concessions would offset concerns
from Lufthansa's rivals about the possible anticompetitive effects
of the deal.

                         Capital Injection

As reported in the Troubled Company Reporter-Europe on July 16,
2009, the FT said Austrian Airlines warned it would need
EUR1 billion (US$1.4 billion) in new funds if a takeover proposed
by Lufthansa fails as the result of the row between the German
airline and the European Commission over the terms of the deal.
The FT disclosed Peter Malanik, Austrian Airline's co-chief
executive, warned that the failure of the deal would result in the
need for a huge capital injection and be followed by a radical
downsizing of the airline -- which would then still need a strong
partner.  According to the FT, Peter Michaelis, chairman of
Austrian Airline, told the carrier's shareholder meeting that if
the transaction failed the company would need "more than twice"
the EUR500 million pledged by the government in Vienna as part of
the purchase by Lufthansa.  Austrian Airlines, the FT said, lost
more than EUR400 million last year and increased its debt to
EUR1 billion, although half of this would in effect be absorbed by
Vienna.

                           Insolvency

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

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


BARNA PERSONALBEREITSTELLUNG: Claims Filing Deadline is August 12
-----------------------------------------------------------------
Creditors of Barna Personalbereitstellung GmbH have until
August 12, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 26, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Susanne Fruhstorfer
         Seilerstatte 17
         1010 Wien
         Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at


BHH GMBH: Claims Filing Deadline is August 12
---------------------------------------------
Creditors of BHH GmbH have until August 12, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 26, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: DW 28
         E-mail: office@anwaltwien.at


D.M. BAU & ELEKTROTECHNIK: Claims Filing Deadline is August 13
--------------------------------------------------------------
Creditors of D.M. Bau & Elektrotechnik GmbH have until August 13,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Wien
         Austria
         Tel: 01/713 80 57 Serie
         Fax: 01/713 80 57 66
         E-mail: vii@aon.at


MAGNA ENTERTAINMENT: Gets Court OK to Sell Austrian Racing Track
----------------------------------------------------------------
Steven Church at Bloomberg News reports that the Hon. Mary Walrath
of the U.S. Bankruptcy Court for the District of Delaware has
granted Magna Entertainment Corp. permission to sell MEC
Grundstucksentwicklungs GmbH, its horse-racing track in Austria,
to an entity affiliated with company founder and Chairman Frank
Stronach.

Bloomberg relates that the Committee of Unsecured Creditors
alleged that Magna Entertainment snubbed better offers for the
Austrian assets to ensure that Mr. Stronach could buy the track.
The Committee's lawyers said in court documents that Magna
Entertainment was "forced into this difficult position by Stronach
and currently has no viable alternatives other than a sale."
Bloomberg states that the panel didn't file an objection to the
sale, but it did reserve the right to sue Magna Entertainment over
the deal.  Bloomberg says that creditors filed on July 22 a
lawsuit claiming Magna Entertainment was wrongly forced into
bankruptcy to let Mr. Stronach keep its best assets, including
Pimlico Race Course in Maryland.

According to Bloomberg, Judge Walrath said that because the
Austrian track isn't in bankruptcy, she wouldn't approve a
bankruptcy auction, which would have helped protect the buyer and
seller from lawsuits, and instead agreed to sign an order giving
the board permission to sell the property on its own, outside of
the legal protections of Magna Entertainment's Chapter 11 case.

Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue.  The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities.  MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.

MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a fifty% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).

Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., are the Debtors' local counsel.  Miller
Buckfire & Co. LLC, has been tapped as financial advisor and
Kurtzman Carson Consultants LLC, as claims agent.

Magna Entertainment Corp. had total assets of US$1.054 billion and
total liabilities of US$947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.


ROBERT URBAN: Creditors Must File Claims by August 13
-----------------------------------------------------
Creditors of Robert Urban Rohbau KG have until August 13, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 88 37
         Fax: 513 88 37-37
         E-mail: office@stortecky.at


WWOPEX – THEATER: Creditors Must File Claims by August 13
---------------------------------------------------------
Creditors of WwOPEX - Theater- und Tourneeproduktion GmbH have
until August 13, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Wien
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at


ZWICKL HERBERT: Claims Filing Period Ends August 13
---------------------------------------------------
Creditors of Zwickl Herbert Josef have until August 13, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Wien
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at


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C Y P R U S
===========


RITZIO INTERNATIONAL: Moody's Withdraws 'Caa3' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa3 corporate family,
Caa3 senior unsecured and Ca probability of default ratings of
Ritzio International Limited.  Ritzio International has
US$280 million of outstanding Notes rated by Moody's.  The ratings
were withdrawn on request of the issuer for business reasons, and
following a formal default on the coupon payment on July 27, 2009,
as previously anticipated by Moody's downgrade of the PDR to Ca on
May 22, 2009.  Moody's understand that the company is in formal
debt restructuring negotiations with the creditors.

The previous action of the agency was on May 22, 2009, when
Moody's downgraded to Caa3 from Caa2 the corporate family and
senior unsecured ratings of the existing US$280 million Loan
Participation Notes due 2010, and to Ca from Caa2 the probability
of default rating of Ritzio International Limited, and left the
ratings on review for possible downgrade pending the outcome of
the imminent liquidity issues and ultimate refinancing risks.  The
rating action was triggered by the increased probability of
termination of the company's operations in Ukraine, contributing a
significant share of the company's revenue and the bulk of its
EBITDA.  Their discontinuation effective June 2009 had a major
negative effect on Ritzio International's credit profile and its
ability to support debt service.

Ritzio International Limited is a gaming operator in Europe, Latin
America, CIS and the Baltics, primarily operating slot machine
halls.  Ritzio International reported revenue of US$354.5 million
and Operating profit before depreciation, amortization and
financing costs of US$88 million for the first nine months of
2008.


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


ALCATEL-LUCENT: Posts EUR14 Million Net Income in Q2 2009
---------------------------------------------------------
Marcel van de Hoef at Bloomberg News reports that Alcatel-Lucent
SA posted a net income of EUR14 million (US$19.7 million) in the
second quarter of 2009, compared with a net loss of EUR1.10
billion a year earlier.

According to Bloomberg, sales fell 4.8% to EUR3.91 billion in the
second quarter, while operating expenses fell 2.3% from the first
quarter.

Alcatel-Lucent, as cited by Bloomberg, said it achieved about 35%
of its goal to reduce annual expenses by EUR750 million by the
fourth quarter.  Bloomberg recalls Ben Verwaayen, the chief
executive officer of the company, started a plan in December to
slash EUR2 billion of expenses over two years, bringing job cuts
to 17,500 since the merger with Lucent Technologies Inc.

                    About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Standard & Poor's Ratings Services lowered to 'B+' from
'BB-' its long-term corporate credit ratings and senior unsecured
ratings on France-based telecom equipment and services supplier
Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc.
(formerly Lucent Technologies Inc.).  The 'B' short-term rating on
Alcatel Lucent was affirmed.  S&P said the outlook is negative.


NEW FABRIS: Workers Accept Compensation Offer, Drop Bomb Threat
---------------------------------------------------------------
Jean-Yves Saint-Ceran at Reuters reports that fired workers at New
Fabris voted on Friday to accept a new compensation offer and drop
their threat to blow up their car parts plant.

On July 15, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Guy Eyermann, the plant's works-council
secretary and an official of the Confederation Generale du Travail
union, said the workers planned to ignite gas canisters at the
plant in Chatellerault, western France, if the company's two main
clients, Renault SA and PSA Peugeot Citroen, fail to pay EUR30,000
(US$42,000) by July 31 to each of the 366 workers.  Bloomberg
disclosed the CGT was pressing each carmaker to pay EUR5.5 million
to cover the severance demands.

In a July 30 report Bloomberg News disclosed French Industry
Minister Christian Estrosi said fired workers at the bankrupt
French auto-parts supplier must drop a threat to blow up their
factory or risk losing a severance package agreed with the
government.

Reuters relates after marathon talks with management, mediated by
the authorities, New Fabris staff held a vote on Friday on whether
to accept a final offer to raise their compensation to EUR12,000
net of tax from a previous offer of EUR11,000 pre-tax.

According to Reuters, in secret ballot, 204 workers voted to
accept the new deal while 24 voted against it.

Fabris supplies a wide range of parts to Peugeot and Citroen.  It
was declared bankrupt on June 16.  Fabris, founded in 1947 by
brothers Eugene and Quentin Fabris, used to make sewing machine
parts.  It branched out into the auto sector, employing up to 800
workers in the 1990s.


=============
G E O R G I A
=============


METROMEDIA INT'L: Wins Final Nod to Appeal US$188 Mil. Judgment
---------------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware granted final approval to MIG Inc.'s request for
permission to appeal a judgment that forced the Company into
bankruptcy.

On June 26, Judge Gross granted MIG interim approval to continue
an appeal of a decision in bankruptcy court that issued a US$188.4
million judgment against the Company.

MIG was bought in October 2007 by CaucusCom Ventures LP for
US$1.80 a share, or about US$170 million, according to data
compiled by Bloomberg.  A group of preferred shareholders asked
Judge William B. Chandler of the Delaware Chancery Court to
evaluate the value of their shares at the time of the merger.
Judge Chandler ruled that each share was worth US$47.47, or a
total of about US$188.4 million.  MIG appealed the ruling.  But
unable to post a bond enabling an appeal, MIG filed for Chapter
11.

MIG asked the Bankruptcy Court to permit the appeal and to allow
the plaintiff to take a cross appeal, while preventing the
plaintiff from collecting a judgment.  MIG believes the amount of
the judgment is "substantially overstated."  MIG also believes
that the assets will turn out to be worth much more than the
judgment, even though the assets currently are illiquid.

                          About MIG Inc.

Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia.  The company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.

MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118).  Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts.  Debevoise &
Plimpton LLP and Potter Anderson & Corroon LLP have been tapped as
counsel in connection with the appraisal action in the Court of
Chancery of the State of Delaware involving a suit between the
Company and a group of holders of preferred shares.  The official
committee of unsecured creditors of MIG, Inc., has retained Baker
& McKenzie LLP as its bankruptcy counsel, nunc pro tunc to
June 30, 2009.

In its petition, the Company said it had US$100 million to US$500
million in assets and US$100 million to US$500 million in debts.
In its formal schedules, the Company said it had assets of
US$54,820,681 against debts of US$210,183,657.


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


COMMERZBANK AG: LGT Group Acquires Dresdner Unit
------------------------------------------------
Jann Bettinga at Bloomberg News reports that LGT Group, the bank
owned by the family of Liechtenstein’s prince, agreed to buy
Dresdner Bank (Switzerland) Ltd. from Commerzbank AG for an
undisclosed sum.

LGT, as cited by Bloomberg, said the purchase will increase its
total assets under management to more than CHF87 billion and its
headcount to about 2,000.

Bloomberg recalls Commerzbank completed the purchase of Dresdner
Bank from insurer Allianz SE in January.  Chief Executive Officer
Martin Blessing was forced to tap the German government for
EUR18.2 billion (US$26 billion) in capital amid the worst
financial crisis since the Great Depression, Bloomberg recounts.

On June 22, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank management board member
Markus Beumer said the company plans to repay state aid of EUR16.4
billion or US$22.9 billion as early as 2011 if market conditions
are "favorable".  Bloomberg disclosed Mr. Beumer also said that
the company plans to return to profitability in 2011 "at the
latest."

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


COMMERZBANK AG: Vontobel Acquires Swiss Unit
--------------------------------------------
Randall Hackley at Bloomberg News reports that Vontobel Holding AG
said Thursday that it has agreed to acquire Commerzbank AG's Swiss
unit for an undisclosed sum.

According to Bloomberg, Vontobel in an e-mailed statement said
Commerzbank Schweiz AG unit's assets under management were about
CHF4.5 billion (US$4.1 billion).

                           Bail-out

Commerzbank AG Chief Executive Officer Martin Blessing was forced
to tap the German government for EUR18.2 billion (US$26 billion)
in capital amid the worst financial crisis since the Great
Depression.

On June 22, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank management board member
Markus Beumer said the company plans to repay state aid of
EUR16.4 billion or US$22.9 billion as early as 2011 if market
conditions are "favorable".  Bloomberg disclosed Mr. Beumer also
said that the company plans to return to profitability in 2011 "at
the latest."

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


HYPO REAL: Bid to Seek Merkel Testimony on Near-Collapse Rejected
-----------------------------------------------------------------
Tony Czuczka at Bloomberg News reports that the parliamentary
committee investigating Hypo Real Estate Holding AG's near-
collapse failed in its bid to seek testimony by Chancellor Angela
Merkel on her government’s role in the rescue of the lender.

Bloomberg relates Winfried Holz, the committee's chief of staff,
said in a phone interview in Berlin on Friday that the panel,
whose witnesses this week included Deutsche Bank AG Chief
Executive Officer Josef Ackermann, "failed to find the required
majority" to pass the motion.

Hypo almost collapsed in September when its Depfa unit failed to
get short-term funding amid the drying-up of inter-bank lending
after Lehman Brothers Holdings Inc.'s bankruptcy.  Hypo has since
received a total of EUR102 billion (US$144 billion) in debt
guarantees and credit lines.

On July 31, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Gerhard Schick, the opposition Green
Party's main representative, told fellow panel members Tuesday
last week that the investigative committee needs to call
Ms. Merkel to explain how she defended tax payers' interests in
talks with banks on a first rescue package for Hypo.  According to
Bloomberg, Josef Ackermann, Deutsche Bank AG's chief executive
officer, told lawmakers that Ms. Merkel stepped in at the last
minute to negotiate a rescue package for Hypo.

                     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'.


QIMONDA NA: Can Employ Hengeler Mueller as Special German Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Qimonda Richmond, LLC, et al., permission to employ Hengeler
Mueller, Partnerschft von Rechtsanwalten as special German
counsel, nunc pro tunc to June 12, 2009.

As special German counsel, Hengeler Mueller will assist the
Debtors and their U.S. counsel in prosecuting claims in excess
ofUS$1 billion against Qimonda AG and Qimonda Dresden Gmbh & Co.
OHG (the German Affiliates), both of which are engaged in
insolvency proceedings in Germany.

Hengeler Mueller's hourly rates are:

      Partners                        EUR525
      Associates                  EUR325-EUR400
      Paraprofessionals               EUR200

Hengeler Mueller's professionals who will have primary
responsibility under the engagement and their hourly rates are:

      Daniel Weiss, Esq.              EUR525
      Viola Sailer-Coceani, Esq.      EUR525
      Bjoern Waterkotte, Esq.         EUR325

Daniel M Weiss, Esq., a parter at Hengeler Mueller, assured the
Court that the firm does not currently advise any entity or person
who have asserted claims in the Debtors' chapter 11 cases.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


QIMONDA NA: Can Hire McGuireWoods LLP as Special Virginia Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Qimonda Richmond, LLC, et al., permission to employ McGuireWoods
LLP as special Virginia counsel, nunc pro tunc to June 15, 2009.

As reported previously in the TCR, on June 15, 2009, Qimonda AG
filed a petition under Chapter 15 of the Bankruptcy Code in the
U.S. Bankruptcy Court in the Eastern District of Virginia,
Alexandria Division, seeking recognition of its foreign insolvency
proceedings in Germany as the "foreign main proceeding."

As special Virginia counsel, McGuireWoods will:

  (a) advise the Debtors regarding proceedings pending in the
      Virginia courts, including, but not limited to the Chapter
      15 case, or matters arising under Virginia law;

  (b) act as Virginia counsel for the Debtors in any proceedings
      in the Virginia courts, including but not limited to the
      Chapter 15 case; and

  (c) perform all other necessary legal services in connection
      with these chapter 15 cases as requested by the Debtors or
      their bankruptcy counsel.

McGuireWoods' hourly rates effective January 1, 2009, are:

      Partners                   US$375-$805
      Associates                 US$245-$550
      Paraprofessionals          US$125-$310

McGuireWoods' professionals who will have primary responsibility
under the engagement and their hourly rates are:

      Patrick L. Hayden, Esq.      US$715
      Dion W. Hayes, Esq.          US$600
      Aaron G. McCollouh, Esq.     US$375
      Lori M. Scott, Esq.          US$295
      Karen B. Cain                US$195

Dion W. Hayes, Esq., a parter at McGuireWoods, assured the Court
that the firm neither holds nor represents any interest adverse to
the Debtors or their estates, and that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


QIMONDA NA: U.S. Court OKs Standardized Bid Protection Procedures
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved the motion of Qimonda Richmond, LLC, et al., for
stardardized bid protection procedures in connection with the
anticipated multiple offers for the purchase of their assets.

A copy of the approved bidding procedures is available for free
at http://bankrupt.com/misc/qimonda.biddingprocedures.pdf

A copy of the Court's order approving the bidding procedures is
available at:

   http://bankrupt.com/misc/qimonda.biddingproceduresorder.pdf

As reported in the TCR on July 21, 2009, Roberta A. DeAngelis,
acting United States Trustee for Region 3, objected to the
approval of the Debtors' motion on the ground that the allowance
or award of inchoate or potential "break-up" fees runs afoul of
the Third Circuit's ruling in Calpine Corp. v. O'Brien Envtl.
Energy, Inc. (In re O'Brien Envtl. Energy, Inc.), 181 F.3d 527,
535 (3d Cir. 1999).

According to the U.S. Trustee, in O'Brien, the Third Circuit held
that a break up fee is payable to a prospective only in the event
that a contemplated transaction is not consummated.  Thus, the
U.S. Trustee said, the pre-approval of break-up fees, whether they
be designated as bidding incentives or otherwise, may be allowed
as an administrative expense claim only after each sale is
properly noticed to parties-in-interest, there is an opportunity
for a hearing and the movant proves that, pursuant to Section
503(b)(1)(A), the administrative expense treatment for actual,
necessary costs and expenses of preserving the estate is
warranted.

In this case, the U.S. Trustee related, there are various asset
sales contemplated and little, if any, information as to what is
being sold or how the potential bid protections are to be
determined let alone actually benefit the estate.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


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


KAUPTHING SINGER: Creditors Have 'til Aug 12 to File Proof of Debt
------------------------------------------------------------------
In a legal notice dated July 23, 2009, Michael Simpson, joint
liquidator of Kaupthing Singer & Friedlander (Isle of Man)
Limited, says creditors of Kaupthing Singer & Friedlander (Isle of
Man) Limited who wish to submit a proof of debt in the
liquidation, are required on or before August 12, 2009, to provide
proof of debt to the joint liquidators of the Company, Michael
Simpson and Peter Spratt, Third Floor, Samuel Harris House, St.
George's Street, Douglas, Isle of Man, British Isles, IM99 15N,
and, if so requested, to provide such further details, or produce
such documentary or other evidence as may appear to the joint
liquidators as necessary.

A creditor who has not proved his debt by August 12 will be
excluded from the first dividend that Mr. Simpson, joint
liquidator of the Company, says he intends to declare to non-
preferential creditors of the Company.

On May 29, 2009, the Troubled Company Reporter-Europe, citing
iomtoday.co.im, reported that Kaupthing Singer & Friedlander (Isle
of Man) was put into liquidation after creditors rejected the
government's scheme of arrangement.  iomtoday.co.im said that in
the High Court, Deputy Deemster Andrew Corlett granted a winding
up order on the grounds that the bank is unable to pay its debts
as they fall due.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the Isle of Man
subsidiary of Iceland-based Kaupthing Bank hf.


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


ATHENEE CDO: Moody's Cuts Rating on Series 2007-10 Notes to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of the notes
issued by Athenee CDO PLC under Series 2007-10.

The transaction is a managed synthetic CDO referencing 100%
corporates, primarily in the US and Europe.

According to Moody's, the rating action is the result of a
deterioration in the credit quality of the transaction's reference
portfolio.  This includes but is not limited to the exposure to
Syncora Guarantee Inc.  The company defaulted on its obligations
in April 2009 when they were ordered to suspend all claims
payments on financial guaranty insurance policies by the New York
State Insurance Department.  The transaction also has a
significant exposure to other corporate names which continue to
deteriorate in the current economic environment.  As a consequence
of the credit event and the substitutions that were made, the
level of credit enhancement has been reduced.  This will weigh on
the ratings of the tranches in this transaction.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for corporate synthetic CDOs as
described in Moody's Special Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009).

The rating action is:

Athenee CDO PLC:

(1) Series 2007-10 EUR150,000,000 Tranche A Hunter Valley CDO II
Floating Rate Notes due 2017

  -- Current Rating: Ba2
  -- Prior Rating: Baa3
  -- Prior Rating Date: 10 March 2009, downgraded to Baa3 from Aaa


CHEYNE CLO: S&P Downgrades Rating on Class A Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and lowered to 'D' its rating on the class A notes issued
by Cheyne CLO Investments I Ltd.  At the same time, S&P lowered
and removed from CreditWatch negative S&P's ratings on the class
B, D, and E notes, and removed the class C notes from CreditWatch
negative.

The rating actions follow S&P's receipt of an event of default
notice from the issuer.  The notice stated that on July 6, a
default occurred in the payment of the class A interest payment
amount and that this default continued for five business days.  As
a result, in accordance with S&P's criteria, S&P has lowered its
rating on these notes to 'D'.

As set out in S&P's previous release on April 22 (See "Related
Research"), S&P continues to believe there remains a high
likelihood that Cheyne CLO Investments I would not be able to
repay the rated notes at par if enforcement proceedings were to
take place under current market conditions.  As a result, the
rated notes continue to face, in S&P's view, a high risk of
nonpayment that is linked to the outcome of the event of default.
S&P has lowered the ratings on the class D and E notes to 'CC'
because in S&P's opinion it is probable these noteholders will not
be paid in full.

S&P has removed the class B and C notes from CreditWatch negative,
but their ratings at 'CCC-' reflect S&P's opinion that these
noteholders may not be paid in full.

                           Ratings List

                   Cheyne CLO Investments I Ltd.
               US$140.5 Million Floating-Rate Notes

      Ratings Lowered and Removed From Creditwatch Negative

                              Rating
                              ------
         Class        To                   From
         -----        --                   ----
         A            D                    BB/Watch Neg
         B            CCC-                 BB-/Watch Neg
         D            CC                   CCC-/Watch Neg
         E            CC                   CCC-/Watch Neg

            Ratings Removed From Creditwatch Negative

                              Rating
                              ------
         Class        To                   From
         -----        --                   ----
         C            CCC-                 CCC-/Watch Neg


COCO FINANCE: Moody's Lowers Rating Class E Notes to 'B2'
---------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by CoCo Finance 2006-1 plc.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans aggregating
EUR4.5 billion as on June 30, 2009.

The rating actions mainly reflect the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs; there has been a modest deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the average rating factor from 366 at closing in June
2006 to 424 as at June 2009, and there have been no defaults in
the underlying pool since closing.  These revised assumptions
incorporate Moody's expectation that European and global corporate
default rates are likely to greatly exceed their historical long-
term averages and reflect the heightened interdependence of credit
markets in the current global economic contraction

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" initially published on 15 January 2009
and as updated from time to time.  Moody's notes that the global
corporate loan sector currently has a negative outlook and has
shown signs of increasing weakness in terms of credit performance.
The sector is further stressed by the anticipated limited
refinancing opportunities for EMEA corporate issuers over the next
six to twelve months.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in Moody's analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings reviews and outlooks
in mapped ratings, a half notch stress was applied to the mapping
scale.  An additional stress was applied to capture potential
deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

CoCo Finance 2006-1 plc.

  -- EUR58,500,000 Class A Secured Floating Rate Notes due October
     2016, downgraded to A1; previously on April 6, 2009 Aaa and
     Placed Under Review for Possible Downgrade

  -- EUR72,000,000 Class B Secured Floating Rate Notes due October
     2016, downgraded to A3; previously on April 6, 2009 Aa2 and
     Placed Under Review for Possible Downgrade

  -- EUR45,000,000 Class C Secured Floating Rate Notes due October
     2016, downgraded to Baa3; previously on April 6, 2009 A2 and
     Placed Under Review for Possible Downgrade

  -- EUR40,500,000 Class D Secured Floating Rate Notes due October
     2016, downgraded to Ba2; previously on April 6, 2009 Baa2 and
     Placed Under Review for Possible Downgrade

  -- EUR65,700,000 Class E Secured Floating Rate Notes due October
     2016, downgraded to B2; previously on April 6, 2009 Ba2 and
     Placed Under Review for Possible Downgrade


COOLFADDA DEVELOPERS: Faces Liquidation After Losing Court Appeal
-----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that the
Supreme Court has rejected an appeal by Coolfadda Developers Ltd.
to allow it to remain in provisional liquidation for an indefinite
period.

The report says by remaining in provisional liquidation, the
company had hoped to protect its existing work, pursue debtors and
"execute valuable contracts".  The report relates the Cork company
had argued that, in the event that it went into full liquidation,
these contracts would be void, which would result in a lesser
return for creditors.   However, the Supreme Court has upheld a
High Court decision, which had rejected an application by the firm
to remain in provisional liquidation indefinitely, the report
notes.

According to the report, following the Supreme Court ruling,
Coolfadda will now be placed into liquidation.   The company, the
report discloses, owes AIB EUR19.5 million, while Bank of Scotland
(Ireland) is owed EUR5.3 million.  ACC and Bank of Ireland are
owed EUR3.9 million and EUR2.2 million respectively, the report
states.

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Coolfada went into provisional liquidation after suffering
from the sharp decline in the construction sector and the
restriction of bank finance.

Headquartered in Bandon, Co. Cork, Coolfadda Developers Ltd. --
http://www.coolfadda.ie/-- develops property from green-field
sites, renovates existing properties and provides construction to
other developers.  The company has 60 direct employees both in the
office and on-site and 200 indirect employees with its sub-
contractor base.  It was founded in 2003 by Conor Slattery and
Paul Collins.


CORIOLANUS LTD: S&P Withdraws 'CCC' Ratings on Two Notes Series
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
two series of notes issued by Coriolanus Ltd.

The notes have been restructured, and the ratings withdrawn at the
issuer's request.

                           Ratings List

                        Ratings Withdrawn

                         Coriolanus Ltd.
EUR70 Million Class B Secured Credit-Linked Floating-Rate Notes
                             Series 72

                            Ratings
                            -------
                      To                From
                      --                ----
                      NR                CCC-

                          Coriolanus Ltd.
       EUR116 Million Credit-Linked Secured Notes Series 80

                            Ratings
                            -------
                      To                From
                      --                ----
                      NR                CCC-

                         NR -- Not rated.


DASHAVEN LTD: Owes EUR170 Mln to Irish Nationwide
-------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Irish
Nationwide Building Society is owed EUR170 million by Dashaven
Ltd., the company behind the redevelopment of the Kilternan Hotel
and Country Club in south Dublin.

The report relates the company, owned by publican and hotelier
Hugh O'Regan, is seeking bankruptcy protection from its creditors
after running out of cash.

According to the report, confidential High Court pleadings reveal
that the building society is owed EUR170 million in relation to
the Kilternan development.  The building society, the report
discloses, is the lead banker behind the ambitious property
project, which has stalled in recent months.

The report recalls Mr. O'Regan last week asked the High Court to
appoint an examiner to three of his companies, including Dashaven.
At a special sitting of the High Court last Sunday, KPMG partner
Kieran Wallace was installed as interim examiner to Dashaven and
two other O'Regan companies, Clubko and Thomas Read Holdings, the
report recounts.  A full hearing this week will determine if Mr.
Wallace will be appointed as official examiner.  If the
appointment is sanctioned, Wallace will have 100 days to prepare a
rescue package for the business, during which it will have
protection from creditors.

Dashaven Ltd. Is headquartered in Dublin, Ireland.


ELVA FUNDING: S&P Withdraws Low-B Ratings on Eight CDO Tranches
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
30 European synthetic collateralized debt obligation tranches
issued by Elva Funding PLC.

The withdrawals follow the early termination of the notes, which
took place in March 2009.  S&P was notified of the termination in
July 2009.

Since the early termination date, S&P has taken rating actions on
some of these notes.

                           Ratings List

                        Ratings Withdrawn

                         Elva Funding PLC
      EUR122 and US$177 Million Floating- and Fixed-Rate Notes
                          Series 2004-5

                                    Rating
                                    ------
             Class          To                   From
             -----          --                   ----
             A1             NR                   AAA
             A2             NR                   AAA
             A3             NR                   AAA
             B1             NR                   AAA
             B3             NR                   AAA

                         Elva Funding PLC
    EUR162.5 and US$68.5 Million Floating- and Fixed-Rate Notes
                          Series 2004-4

                                    Rating
                                    ------
             Class          To                   From
             -----          --                   ----
             A2             NR                   AAA
             A3             NR                   AAA
             A4             NR                   AAA
             C1             NR                   AAA
             C3             NR                   AAA
             D2             NR                   AAA

                         Elva Funding PLC
    EUR178 Million and US$10 Million Secured Floating-Rate Notes
                          Series 2004-6

                               Rating
                               ------
        Class          To                   From
        -----          --                   ----
        A1             NR                   AA+
        A2             NR                   AA+
        A3             NR                   AA+
        B2             NR                   A-
        B3             NR                   A-
        C1             NR                   BB+
        C2             NR                   BB+
        C3             NR                   BB+
        D2             NR                   BB/Watch Neg
        D3             NR                   BB-/Watch Neg

                         Elva Funding PLC
             EUR80 Million and US$36.3 Million Floating-
                    and Fixed-Rate Notes Arosa
            X-Subordination 7 Years Notes Series 2005-4

                               Rating
                               ------
        Class          To                   From
        -----          --                   ----
        A-1            NR                   A+/Watch Neg
        A-2            NR                   A+/Watch Neg
        A-3            NR                   A+/Watch Neg
        B-1            NR                   BBB-
        B-2            NR                   BBB-
        B-3            NR                   BBB-
        D-1            NR                   BB/Watch Neg
        D-2            NR                   BB/Watch Neg
        D-3            NR                   BB/Watch Neg

                         NR -- Not rated.


FAXTOR HG: S&P Lowers Ratings on Six Classes of Notes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative the credit ratings on the class A-1M notes
issued by Faxtor HG 2007-1.  S&P has also lowered all the other
classes of notes issued by Faxtor HG 2007-1.

These rating actions follow S&P's assessment of the impact on the
transaction of the ongoing credit deterioration of the assets in
the underlying portfolio that S&P has observed.  The negative
rating migration in the portfolio has caused an increase in S&P's
loss expectations on the notes issued by Faxtor HG 2007-1, at each
respective rating level.  At the same time, the increase in
defaulted assets in the portfolio has increased the level of
losses.  Both these factors have continued to depress the
overcollateralization tests, all of which are currently failing.

The lowering of ratings to 'CC' reflects S&P's view that the rated
notes are highly vulnerable to non-payment of principal and
interest.

                           Ratings List

                         Faxtor HG 2007-1
       US$1.25 Billion Senior- and Subordinated Deferrable
                       Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
        Class        To                    From
        -----        --                    ----
        A-1M         CC                    CCC+/Watch Neg

                         Ratings Lowered

                                   Rating
                                   ------
             Class        To                    From
             -----        --                    ----
             A-2          CC                    CCC-
             B1           CC                    CCC-
             B2           CC                    CCC-
             C            CC                    CCC-
             D            CC                    CCC-


KINSALE HARBOUR: ACC Bank Seizes Assets to Recover Loans
--------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that ACC Bank
has seized the assets of Kinsale Harbour Resort Development, the
company behind a planned 650-acre development in west Cork.

The bank, the report discloses, installed Barry Donohue, a partner
with KPMG in Cork, as receiver to the company in an effort to
recover loans it had advanced.  The report relates the move comes
just days before a creditors meeting was scheduled to take place
for the Kinsale company, during which it was expected to be placed
into liquidation.

According to the report, the latest accounts for Kinsale Harbour
Resort Development, which were filed in April, show that ACC holds
the first charge over all lands owned by the company at Kinsale.
In 2007, the company had bank loans for EUR3.21 million falling
due within a year, the report states.


MAGNOLIA FINANCE: S&P Lowers Ratings on Two Notes Series to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
withdrew its credit ratings on the series 2006-23 and 2006-24
notes issued by Magnolia Finance I PLC.

The downgrades follow the confirmation that losses from credit
events in the underlying portfolios have exceeded the available
credit enhancement for these two collateralized debt obligations.
This means that, on the termination date, noteholders suffered a
principal loss.

S&P subsequently withdrew the ratings assigned to these notes,
having recently received confirmation that they had terminated.

                           Ratings List

                  Ratings Lowered and Withdrawn

                     Magnolia Finance I PLC
JPY300 Million Floating-Rate Orion Global Synthetic CDO Portfolio
                Credit-Linked Notes Series 2006-23

                             Ratings
                             -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

                     Magnolia Finance I PLC
JPY700 Million Floating-Rate Orion Global Synthetic CDO Portfolio
                Credit-Linked Notes Series 2006-24

                             Ratings
                             -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D


TITAN EUROPE: S&P Lowers Rating on Class H 2006-3 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Rating Services lowered its credit rating to 'D'
from 'CCC-' on the class H notes issued by Titan Europe 2006-3
PLC.  S&P also removed the rating from CreditWatch negative.  The
ratings on the other classes in the transaction remain unaffected.

S&P's rating action on the class H notes follows a material
interest shortfall of EUR47,832.19 on the July note interest
payment date.  The issuer paid in full the amounts due on the
other classes.

On June 12, S&P downgraded the class H notes to 'CCC-' from 'B'
and placed them on CreditWatch negative to reflect, among other
things, S&P's increased concerns over the declining credit quality
of one of the 14 loans backing the transaction: the SQY Shopping
Centre loan.  S&P stated that, in S&P's opinion, there were
scenarios that could lead to principal losses and that a transfer
of the loan into special servicing would likely result in interest
shortfalls on the class H notes.

In May, the issuer transferred the SQY Shopping Centre loan into
special servicing, incurring additional costs, such as special
servicing fees.  Neither the liquidity facility nor the class X
notes covered these costs, which accordingly triggered the
interest shortfall in July.

S&P anticipates that the transaction will continue to incur
additional costs, which in turn will cause the interest shortfall
on the class H notes to increase on subsequent IPDs.

The collateral backing this transaction consists of 14 loans
secured against commercial real estate spread across continental
Europe.


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


UNICREDIT SPA: Fitch Corrects Ratings; Keeps 'D' Individual Rating
------------------------------------------------------------------
This announcement corrects the version published on July 24, 2009
to verify that Unicredit S.p.A's rating Outlook is Negative and
not Stable as previously stated.  A corrected version follows.

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 (rated
'A'/Negative 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


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


ALPAMYS LLP: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of LLP Trade Firm Alpamys have until August 7, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 29, 2009.


EURO ASIAN: Creditors Must File Claims by August 7
--------------------------------------------------
The Ekibastuz branch of JSC Euro Asian Foods is currently
undergoing liquidation.  Creditors have until August 7, 2009, to
submit proofs of claim to:

         Bytovaya Str. 20
         Karaganda
         Kazakhstan


GELIOS A: Creditors Must File Claims by August 7
------------------------------------------------
Creditors of LLP Gelios A have until August 7, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court ommenced bankruptcy proceedings against the company on
May 29, 2009.


GLOBAL SERVICE: Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLP Global Service have until August 7, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 29, 2009.


KOLOS PRO: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLP Kolos Pro have until August 7, 2009, to submit
proofs of claim to:

         Pushkin Str. 201-9
         Kostanai
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


MERCURY REFINERY: Creditors Must File Claims by August 7
--------------------------------------------------------
Creditors of LLP Mercury Refinery have until August 7, 2009, to
submit proofs of claim to:

         Chaikovsky Str. 95
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 19, 2009, after
finding it insolvent.

The Court is located at:

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


MKO FRMP: Creditors Must File Claims by August 7
------------------------------------------------
Creditors of LLP MKO FRMP Aktobe have until August 7, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

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

The Court is located at:

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


MUNAI SYSTEM: Creditors Must File Claims by August 7
----------------------------------------------------
LLP Munai System Holding is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:

         Zenkov Str. 33-19
         050010 Almaty
         Kazakhstan


TANBA LLP: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLP Firm Tanba have until August 7, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 29, 2009.


TRUST OIL: Creditors Must File Claims by August 7
-------------------------------------------------
LLP Trust Oil is currently undergoing liquidation.  Creditors have
until August 7, 2009, to submit proofs of claim to:

         Dvadtsat pyat let Tseliny Str. 73
         Smirnovo
         Akkayinsky
         North Kazakhstan
         Kazakhstan


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


FCB LEASING: Creditors Must File Claims by August 15
----------------------------------------------------
LLC FCB Leasing is currently undergoing liquidation.  Creditors
have until August 15, 2009, to submit proofs of claim to:

Inquiries can be addressed to (0-772) 50-57-28.


=================
L I T H U A N I A
=================


BITE LIETUVA: Fitch Affirms 'CCC' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings affirmed Lithuania-based mobile network operator UAB
Bite Lietuva's Long-term Issuer Default Rating at 'CCC' with
Negative Outlook.  SIA EECF Bella Finco's senior secured revolving
credit facility is affirmed at 'B-'. The Recovery Rating of the
facility is 'RR3'.  The senior secured notes due 2014 issued by
Bite Finance International BV are affirmed at 'CCC'.  The Recovery
Rating for the notes is 'RR4'.

"Although the latest results showed some evidence of a
deceleration in the EBITDA decline in Lithuania and EBITDA
improvement in Latvia, the company continues to face operational
challenges in both markets with limited financial flexibility,"
said Michelle De Angelis, Senior Director in Fitch's Leveraged
Finance team.

The company remains free cashflow negative and available cash
liquidity was only EUR6.9 million at end-Q209.  Although the
cancellation of a substantial part of the subordinated notes has
reduced interest costs, without further operating and investing
cashflow improvements the company may still face a liquidity
crunch.  The Negative Outlook reflects this immediate risk, and
could be revised to Stable only if the company exhibits several
quarters of sustainable positive free cashflow generation.  The
'CCC' IDR reflects the underlying risks of the challenging
operating environment.

Following the coercive debt exchange completed in March 2009 and
the resulting reduction in cash interest payable by EUR10.6
million p.a., Bite enjoys a greater degree of operating cashflow
headroom than before.  However, short-to-medium term liquidity
risk remains, as Fitch estimates the trailing 12 months FCF
(adjusted for the reduction in interest) at Q209 at negative EUR5
million.  This would imply a further three to four quarters of
liquidity, but a lack of progress in this regard by FYE09 could
result in further negative pressure on the ratings.

The operations in Lithuania continue to face the usual pressures
of a highly penetrated and competitive market, combined with the
effects of a deep recession.  Bite lost market and revenue shares
through 2008 and although EBITDA was broadly flat last year, it
decreased 13% y-o-y in Q109 as a 20% cut in mobile termination
rates reduced revenues by 17%, thus offsetting the more positive
developments in Latvia.  Although the EBITDA decline slowed in
Q209 (-4% y-o-y) this was only due to cost savings such as
marketing and employee costs, while revenues reduced 18% y-o-y.

In Latvia Bite remains the third-placed mobile network operator
with only approximately 6% market share.  Although revenues and
EBITDA have continued to improve y-o-y, the economy is facing even
sharper pressure than that of Lithuania.  These operations remain
EBITDA- and FCF-negative at present and aside from the more
immediate FCF and liquidity concerns, Bite would need to generate
positive results from this business to support its capital
structure in the medium term.  LTM EBITDA reached a negative
EUR12.8 million at end-Q209, compared to a negative EUR17.2
million at end-Q208.  At that rate it would still take another
three years for Latvia to turn EBITDA-positive.

The economic outlook for Lithuania and Latvia is challenging, and
the pegged currencies of both countries, but Latvia in particular,
have come under pressure.  A devaluation of the Latvian currency
in isolation might not necessarily have a negative impact on
Bite's rating in the short term, since the results in Latvia are
negative in both FCF and EBITDA terms, but a subsequent
devaluation in Lithuania would have more significant effects and
would likely place further pressure on the ratings.


BITE LIETUVA: S&P Raises Long-Term Corp. Credit Rating to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit ratings on Lithuania-headquartered mobile
telecommunications operator UAB Bite Lietuva and its 100% owner
Bite Finance International B.V. to 'CCC-' from 'CC'.  The outlook
is negative.

At the same time, S&P raised the rating on Bite Finance
International's outstanding subordinated notes to 'CC' from 'C'
and the rating on the EUR190 million senior secured notes to
'CCC-' from 'CC'.

S&P also removed all the ratings from CreditWatch with developing
implications, where they were placed on March 19, 2009.

"The rating action reflects S&P's view that following the
completion of the exchange offering and a 5.9% improvement in
EBITDA for the first half of 2009 compared with a year earlier,
Bite may be able to withstand a breach of the consolidated
leverage covenant on its revolving credit facility into 2010,"
said Standard & Poor's credit analyst Helen O'Toole.

"In Standard & Poor's opinion, the risk of default in the next 12
months is substantial owing to either a shortfall in liquidity
leading to a payment default, default following a breach of
covenants, or a selective default due to an exchange offering,"
said Ms. O'Toole.

Liquidity headroom has declined further as Bite has fully drawn
down its EUR30 million RCF and is relying on its cash balance of
EUR6.9 million at June 30, 2009, to support its business needs and
make interest payments.  Nevertheless, the cash balance at the end
of the second quarter was slightly higher than Standard & Poor's
expectation.

Following the completion of Bite's exchange offering in March
2009, the company extinguished EUR103.9 million of debt in total.
This has relieved some of Bite's immediate covenant compliance
pressures, but Standard & Poor's expects that headroom will likely
tighten over the coming quarters, and a breach within 12 months is
possible.  This leaves no margin for underperformance in Bite's
business plan and calls for very tight control over capital
expenditures.

Bite believes it retains some flexibility to preserve liquidity by
reducing capital expenditures in selected parts of its network.
S&P would consider such a move as temporary, however, given the
need to maintain adequate capacity to fuel data traffic growth and
maintain a technologically competitive offering with adequate
network capacity.  Capital expenditures in the first half of 2009
represented EUR7.7 million, which is significantly lower than the
EUR16.6 million in the first half of 2008.  The realization of
Bite's business plan will be critical for liquidity developments
and the ability to sustain a highly leveraged capital structure.
For the 12 months ended June 30, 2009, adjusted debt to EBITDA was
6.4x for the consolidated businesses of Bite Lithuania and Bite
Latvia.

In addition, Bite faces significant macroeconomic risks in its
service areas, in particular regarding a possible currency
devaluation, which would affect the company's ability to meet its
euro-denominated debt obligations.

The negative outlook reflects that the ratings could be further
lowered -– with a material risk of lowering to 'D' (default)
within the next 12 months.  Such a downgrade could arise if the
group's liquidity were to deteriorate further over the next 12
months, ultimately proving to be insufficient, or if the group
were to breach its financial maintenance covenant.  The ratings
could also be lowered if the group were to pursue and complete
another exchange offering on its outstanding bonds.

Alternatively, S&P could revise the outlook to stable or raise the
ratings if Bite shows an improving operating performance,
providing protection of its liquidity and better visibility on the
achievement of positive FOCF on a consolidated basis, and if the
group successfully renegotiates the financial maintenance covenant
on its RCF to avoid a potential breach.  This would provide some
additional financial flexibility to execute its business plan
without the risk of having to refinance in the event of a covenant
breach.  Additional funding would also support an outlook revision
to stable and could provide ratings upside.


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


LYONDELL CHEMICAL: Creditors Sue Lenders on 2007 Merger
--------------------------------------------------------
In accordance with the U.S. Bankruptcy Court fo the Southern
District of New York's ruling dated July 27, 2009, the Official
Committee of Unsecured Creditors, on behalf of Lyondell Chemical
Co. and its affiliates, brought to the Court its complaint
alleging fraudulent transfer, equitable subordination, breach of
fiduciary duty, mismanagement claim and tort claim under
Luxembourg law, aiding and abetting breach of fiduciary duty,
avoidable preference, breach of contract, and avoidance of
unperfected senior liens, against:

  Citibank, N.A., London Branch; Citibank International PlC;
  Citigroup Global Markets Inc.; Deutsche Bank Trust Company
  Americas,; Goldman Sachs International; Merrill, Lynch,
  Pierce, Fenner, & Smith Inc.; Merrill Lynch Capital
  Corporation; ABN AMRO Incorporated; ABN AMRO Bank N.V.; UBS
  Securities LLC; Leonard Blavatnik; AI Chemical Investments
  LLC; Nell Limited; Access Industries, Inc.; Access Industries
  Holdings LLC; AI International, S.A.R.L.; Deutsche Bank
  Securities, Inc.; Perella Weinberg Partners LP; Dan F. Smith;
  Carol A. Anderson; Susan K. Carter; Stephen I. Chazen; Travis
  Engen; Paul S. Halata; Danny W. Huff; David J. Lesar; David
  J.P. Meachin; Daniel J. Murphy; William R. Spivey; Morris
  Gelb; T. Kevin DeNicola; Edward J. Dineen; Kerry A. Galvin;
  John A. Hollinshead; James W. Bayer; W. Norman Phillips; C.
  Bart de Jong; Richard Floor; R. Kent Potter; Lincoln Benet;
  Lynn Coleman; Philip Kassin; Alan S. Bigman; Kevin R.
  Cadenhead; Charles L. Hall; Francis P. McGrail; Rick Fontenot;
  Michael P. Mulrooney; Kevin E. Walsh; John Fisher Gray; Gary
  L. Koehler; Simon Baker; Dawn Shand; Bertrand Duc;
  LeverageSource III S.A.R.L, individually as a holder through
  purchase of obligations under the Senior Credit Facility, and
  as class representative for all other holders through purchase
  of obligations under the Senior Credit Facility; and Barclays
  Global Investors, N.A., individually and as class
  representative for all of the holders of Lyondell Common Stock
  who received proceeds from the consideration in payment for
  the purchase of their shares in connection with the
  acquisition of Lyondell Chemical Company by Basell AF S.C.A.

The Committee alleges, among other things, that Mr. Blavatnik
used highly leveraged Basell as a platform to acquire Lyondell in
a cash out merger of Lyondell shareholders funded entirely with
debt.  Every dollar of the US$22 billion used to acquire Lyondell
and to fund US$1 billion in transaction fees was borrowed money;
and the US$48 per share price paid to Lyondell shareholders
pursuant to the Merger was an excessive price to foreclose the
possibility of a competitive bid.

The Committee further argues that Mr. Blavatnik was a major
beneficiary of this blowout price since, at the urging of Merrill
Lynch, he had acquired rights to nearly 10% of Lyondell's stock
shortly before Basell entered into an agreement to acquire
Lyondell.

            Chapter 11 Cases Caused by Merger

Edward S. Weisfelner, Esq., at Brown Rudnick LLP, in New York,
asserts that while the merger was being negotiated,
LyondellBasell Industries AF S.C.A. was insufficiently
capitalized to continue operations and had insufficient liquidity
to manage its volatile operating expenses.  Within three months
of the closing of the Merger, LBI was in a full-blown liquidity
crisis and was running out of money to fund its operations.  To
avoid a complete collapse, LBI put in place an emergency credit
facility from a Blavatnik-controlled affiliate to cover expenses
while it scrambled to upsize its third party credit facilities to
the maximum extent possible.  However, by November 2008, LBI
collapsed under the weight foisted upon it by the Merger.

Due to its overleveraged balance sheet and financial impairment,
LBI was unable to fund its operations, to pay its creditors when
due, and had no access to further borrowings, Mr. Weisfelner
says.  The financing package made by the investment banks that
committed to provide US$22 billion to fund the Merger was
drastically re-priced, restructured, and re-sized to spruce it up
for syndication market.  While the repricing and restructuring of
the financing package did not avail the arranging banks in their
efforts to syndicate, it substantially increased the leverage and
thus the risk associated with the transaction, he stresses.

Accordingly, LBI, LyondellBasell Finance Company, Lyondell, its
major operating subsidiaries, and other of its direct and
indirect subsidiaries and affiliates wound up in bankruptcy a
year after the Merger.  The Debtors' Chapter 11 filing was the
entirely foreseeable and direct consequence of the Merger having
left the Debtors with unreasonably small capital for the
continuation of their businesses, insolvent, and unable to pay
their debts as they become due, Mr. Weisfelner asserts.

Accordingly, the Committee alleges fraudulent transfer under
Sections 544, 548(a) and 550 of the Bankruptcy Code against: (i)
the Senior Credit Facility Lender Parties and LeverageSource,
individually and as class representative of the Senior Credit
Facility Class; (ii) Bridge Loan Agreement Lender Parties; (iii)
Nell Limited and AI Chemical Investments LLC; (iv) Barclays
Global Investors, N.A., individually and as a class
representative of the shareholder class; (v) Lyondell Officers
and Directors; and (vi) Nell Limited, Goldman Sachs, Merrill
Lynch, Deutsche Bank, Citibank M&A, Citibank and Perella
Weinberg.

Mr. Weisfelner notes that on December 20, 2007, the Senior Credit
Facility Obligors incurred obligations under Senior Credit
Facility for the repayment of US$9.55 billion and EUR1.3 billion
in principal amount of indebtedness and for interest, fees, and
penalties to accrue or to be incurred.  Similarly, the Bridge
Loan Obligors incurred obligations under the Bridge Loan
Agreement for the repayment of US$8 billion in principal
amount of indebtedness and for interest, fees, and penalties to
accrue or to be incurred.  With the closing of the Merger,
certain Debtors transferred US$523,803,305 of Merger Consideration
or "Toe Hold Payment I" to Basell Funding for ultimate receipt by
Nell Limited.  Moreover, to satisfy the obligation of a Blavatnik
affiliate, LyondellBasell Finance transferred US$674,328,055 of
Merger Consideration or "Toe Hold Payment II to Merrill Lynch
Equity Derivatives.  Certain Debtors funded payment of the
Transactional Fees for US$242,365,618.  Certain Debtors also
transferred to the Directors and Officers US$133 million of the
proceeds of the Facilities to fund the Change of Control
Payments.  The Change of Control Payments were made within two
years of the Petition Date.  In addition, the Debtors transferred
US$11.3 billion of the proceeds of the Facilities to fund the
payment of the Merger Consideration to shareholders of Lyondell.

Mr. Weisfelner argues that the Debtors did not receive reasonably
equivalent value or fair consideration in exchange of those
payments and for the incurrence of those obligations.  He
emphasizes that at the time of the Merger, each of the Debtors:
(i) was insolvent, or became insolvent as a result of those
transactions; (ii) was engaged or was about to engage in a
transaction for which the remaining assets were unreasonably
small in relation to the transactions; and (iii) intended,
believed, or reasonably should have believed that it would incur
debts beyond its ability to pay those debts as they become due.
The Committee believes that there were actual creditors of the
Debtors holding unsecured claims allowable under Sections 502 and
544(b).

Accordingly, the Committee asks the Court to enter a judgment:

(1) against (i) the Senior Credit Facility Lender Parties and
    LeverageSource, individually and as class representative of
    the Senior Credit Facility Class; (ii) Bridge Loan Agreement
    Lender Parties; (iii) Nell Limited and AI Chemical
    Investments LLC; (iv) Barclays Global Investors, N.A.,
    individually and as a class representative of the
    shareholder class; (v) Lyondell Officers and Directors; and
    (vi) Nell Limited, Goldman Sachs, Merrill Lynch, Deutsche
    Bank, Citibank M&A, Citibank and Perella Weinberg,

    -- finding that the Voidable Obligations, Payments,
       Transfers and Liens constitute fraudulent transfers
       pursuant to Section 544 and 548; and

    -- avoiding the Voidable Obligations, or, subordinating
       those Obligations to the claims of the Committee; and

(2) against the Senior Credit Facility Lender Parties, and
    LeverageSource; Bridge Loan Lender Parties; Lyondell
    Directors; and AI International S.a.r.l., as assignee under
    the Access Revolver,

    -- finding that that they engaged in inequitable conduct
       under Section 510 of the Bankruptcy Code;

    -- subordinating the claims of the Lender Parties; and

    -- allowing the recovery of any payments made under the
       Senior Credit Facility and Bridge Loan Agreement on
       account of the Voidable Obligations.

(3) against the Directors of Lyondell finding that they breached
    their fiduciary duties to Lyondell by approving the Merger,
    and awarding damages to the Debtors for the benefit of the
    Debtors' estates as a result of those breaches;

(4) against the Members of the Supervisory Board finding (i)
    that they mismanaged the business and affairs of LBI and
    awarding damages to the Debtors for the benefit of the
    Debtors' estates as a result of the mismanagement; and (ii)
    them liable in tort for breach of their duties to LBI and
    awarding damages to the Debtors for the benefit of the
    Debtors' estates as a result of tortious conduct;

(5) against the Lead Arrangers finding them liable in tort for
    breach of their duties under Luxembourg law to LBI
    and awarding damages to the Debtors for the benefit of the
    Debtors' estates as a result of tortious conduct;

(6) against Merrill Lynch finding it aided and abetted the
    breaches of fiduciary duty by the members of the Supervisory
    Board and Management Board, and awarding damages to the
    Debtors for the benefit of the Debtors' estates as a result
    of those breaches;

(7) against the Directors of the Subsidiary Guarantors finding
    that they breached their fiduciary duties to the Subsidiary
    Guarantors by approving of the Subsidiary Guarantees, and
    awarding damages to the Debtors for the benefit of the
    Debtors' estates as a result of those breaches;

(8) against Access Holdings (i) finding that the Access Revolver
    Transfers constitute preferential transfers pursuant to
    Section 547; (iii) avoiding the Access Revolver Transfers
    pursuant to Section 547; and (iii) allowing the recovery of
    the Access Revolver Transfers and antecedent debt transfers
    pursuant to Sections 547 and 550; and

(9) against Citibank, N.A., avoiding the Liens on the Avoidable
    Property granted to it for the benefit of the Lender Parties
    and the ARCO Secured Parties, and preserving the avoided
    Liens for the benefit of the Debtors' estates pursuant
    to Section 551 of the Bankruptcy Code;

The Committee further demands a jury trial on all triable issues.
A full-text copy of the Committee Complaint is available for free
at http://bankrupt.com/misc/Lyondell_CommitteeComplaint.pdf

                     Status Conference

Judge Gerber adjourns to August 4, 2009, a status conference on
the Committee Complaint at the request of the Committee, certain
defendants and the Debtors.  Moreover, Judge Gerber directs the
parties to engage in discussions on a consensual case management
order regarding the Committee Complaint in the period between
July 21, 2009, and August 4, 2009.  The parties will submit an
agreed scheduling order to the Court prior to August 4, 2009;
provided that if a scheduling order cannot be agreed upon, each
party is required to submit a statement of its position with
respect to the scheduling by August 3, 2009.

Judge Gerber previously scheduled a status conference on July 27,
2009.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D. N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities,  including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


LYONDELL CHEMICAL: Equistar Reaches Deal With E.I. DU Pont
----------------------------------------------------------
Lyondell Chemical Co. and its affiliates ask the Bankruptcy Court
to approve an agreement among Debtor Equistar Chemicals, LP, E.I.
Du Pont de Nemours and Company, DuPont Feedstocks Company and PD
Glycol LP, a non-debtor affiliate of the Debtors, authorizing
Equistar to:

  (i) consensually withdraw as a general partner of PD Glycol,
      effective as of July 14, 2009;

(ii) consensually reject, effective July 14, 2009, a PD Glycol
      Limited Partnership Agreement, as amended, and PD Glycol
      Operating Agreement, as amended;

(iii) take certain actions to transfer custody and control of PD
      Glycol and its assets to DuPont as sole remaining general
      partner; and

(iv) settle certain claims among Equistar, DuPont Partners and
      PD Glycol.

The PD Glycol Agreements relate to the management and operation
of PDG, a joint venture between Equistar and the DuPont Partners
that owns a glycol production facility in Beaumont, Texas.  Under
the limited partnership, Equistar and DuPont Feedstocks each own
a 49.5% interest as a limited partner, and Equistar and DuPont
each own a 0.5% interest as a general partner.  The Partnership
Agreement provides that Equistar and DuPont are each obligated to
pay 50% of the costs incurred in operating the Facility,
including labor costs.  Equistar manages the daily affairs of the
Facility pursuant to the Operating Agreement.  PD Glycol's primary
asset is the Facility.  The Facility is currently staffed by
eight Equistar employees.

In September 2008, Hurricane Ike struck the Gulf Coast region,
causing catastrophic damage to the Facility and rendering it
inoperable.  Subsequently, Equistar, as the Operator, has managed
cleanup and stabilization activities carried out by the Facility
workforce, and worked to determine the time and expense that
would be required to restore the Facility to its prior
functionality.  Equistar estimates that the monetary cost to
restore the Facility to its prior functionality could be as much
asUS$90 million, and that it would take at least several months to
return to full operations.

According under the Agreement, assets to be transferred to PD
Glycol under the Agreement are proceeds, which amount is yet to
be determined, of certain insurance policies of the Debtors that
the Debtors and DuPont have agreed are allocable and payable to
PD Glycol due to Hurricane Ike-related damage to PD Glycol's
assets.  The Agreement also provides for Equistar to retainUS$4.3
million of those insurance proceeds as part of the parties'
reconciliation of amounts owed for insurance premium payments.
The Agreement further provides that Equistar will negotiate a
separate transition services agreement with PD Glycol, whereby
Equistar will provide personnel to PD Glycol, for a certain fee,
to consult on or assist with various activities in support of
DuPont's wind down of PD Glycol, including completing the
cleanup, decontamination, and decommissioning of the Facility.

The Agreement further resolves certain claims among Equistar, the
DuPont Partners, and PD Glycol, including claims arising from
Equistar's withdrawal as a general partner of PD Glycol and
rejection of the PDG Agreements.  DuPont will be entitled to an
allowed general unsecured prepetition claim against Equistar in
an amount equal to 50% of certain amounts DuPont becomes
obligated to pay relating to PD Glycol.  In addition, the DuPont
Partners and PD Glycol will be entitled to a general unsecured
claim against Equistar for the amount of any direct economic
damages they incur arising from Equistar's rejection of the PDG
Agreement.

Christopher R. Mirick, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, points out that Equistar will benefit from
withdrawal by avoiding liability for partnership debt incurred
after Equistar ceases to be a general partner.  He also contends
that the PDG Agreements are not necessary to the Debtors' ongoing
business operations or restructuring efforts as the investment
required to resume operations at the Facility is not economically
justified.  The Debtors estimate that rejection of the PDG
Agreements at this time will save Equistar's estate over
US$300,000 per month in postpetition expenses.

Mr. Mirick further asserts that resolution of the claims spares
Equistar the cost and risk of litigation and limits Equistar's
overall liability stemming from its participation in PD Glycol.
By agreeing now that the Claims will be prepetition unsecured
claims, and establishing a claims resolution process, the
Agreement minimizes costs and delays and promotes the fair and
efficient administration of the Debtors' Chapter 11 cases, he
says.

However, out of abundance of caution, Equistar is seeking
authority pursuant to Section 363(b) of the Bankruptcy Code to
(i) transfer to PD Glycol those proceeds the Debtors believe are
allocable to PD Glycol on account of damage from Hurricane Ike to
PDG and its property, and (ii) negotiate and enter into a
transition services agreement with PDG.  Equistar also asks the
Court that the notice provided by the Debtors in connection with
their Request be deemed to satisfy the notice required under
Section 6.02(d)(1) of the Texas Revised Limited Partnership Act.
The Debtors ask the Court to not permit the DuPont Partners or PD
Glycol to effect an offset of any damages arising from the
rejection of the PD Glycol Agreements against any prepetition
obligations of the DuPont Partners or PD Glycol to the Debtors,
without first obtaining relief from the automatic stay.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D. N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities,  including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximatelyUS$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


SUNDIAL 2004-1: Moody's Cuts Rating on Class E Notes to 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Sundial 2004-1 B.V.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans aggregating
EUR2.5 billion as on May 31, 2009.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the average rating factor from 747 at closing in Dec
2004 to 908 as at May 2009 and the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that European and global corporate default rates are likely to
greatly exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the current global
economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" initially published on January 15, 2009
and as updated from time to time.  Moody's notes that the global
corporate loan sector currently has a negative outlook and has
shown signs of increasing weakness in terms of credit performance.
The sector is further stressed by the anticipated limited
refinancing opportunities for EMEA corporate issuers over the next
six to twelve months.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in Moody's analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings reviews and outlooks
in mapped ratings, a half notch stress was applied to the mapping
scale.  An additional stress was applied to capture potential
deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

Sundial 2004-1 B.V.

  -- EUR187,500,000 Class A Floating Rate Asset Backed Notes due
     2012, downgraded to Aa1; previously on December 22, 2004
     assigned Aaa

  -- EUR37,500,000 Class B Floating Rate Asset Backed Notes due
     2012, downgraded to A2; previously on December 22, 2004
     assigned Aa2

  -- EUR50,000,000 Class C Floating Rate Asset Backed Notes due
     2012, downgraded to Baa2; previously on December 22, 2004
     assigned A2

  -- EUR37,500,000 Class D Floating Rate Asset Backed Notes due
     2012, downgraded to Ba1; previously on April 07, 2009 Baa2
     and placed under review for possible downgrade

  -- EUR37,500,000 Class E Floating Rate Asset Backed Notes due
     2012, downgraded to B2; previously on April 07, 2009 Ba2 and
     placed under review for possible downgrade


===========
P O L A N D
===========


BANK BPH: Moody's Keeps Review on 'D-' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service said that it maintains on review for
possible upgrade the bank's D- financial strength rating and the
Baa2 long-term bank deposit ratings of Bank BPH.  This follows the
joint announcement on July 30, 2009, by Bank BPH and GE Money Bank
(unrated) in which they confirmed their merger plans along
previously announced lines.  The final approval for the
acquisition from the Polish authorities and the legal merger is
expected to take place in the last quarter of 2009.

Following this announcement Moody's considers that the original
assumptions of placing these ratings on review are still valid.
Moody's expects to conclude this review as soon as pro-forma
combined financials are available and the merger process
finalized, expected to be in the last quarter of 2009.

It was also announced at the same time that GE Company who
currently holds 65.9% (through GE Money Bank, its Polish
subsidiary) of Bank BPH shares was going to increase further its
shareholding as a result of public call.

As stated in the previous press release Moody's considers the
overall outcome of the merger to be positive for these reasons: a)
the combined entity is expected to have greater franchise value
which is an important competitive factor given current trends in
the Polish banking market; b) the corporate profile of Bank BPH
and consumer orientation of GE Money Bank will enable the merged
entity to position itself as universal bank; and c) there will be
a strong parental support from a highly rated parent.

On the other hand, this positive impact is likely to be partly
offset by the negative trends in the asset quality and risk
weighted profitability.  In the current economic climate Moody's
expect further pressure on the non-performing loans and post-
provision profitability.  Moody's also notes that Bank BPH's
performance already came under pressure in quarter 1, 2009 when
the bank announced net losses for the period.  The review of the
final rating will take into account these trends on the financial
fundamentals of the merged entity in the context of the current
operating environment.

Headquartered in Cracow, Poland, Bank BPH had total assets of
EUR3.8 billion as at end-December 2008.


PKN ORLEN: Says Rising Crude Prices & Stronger Zloty Boost Profit
----------------------------------------------------------------
Maciej Martewicz at Bloomberg News reports that PKN Orlen SA said
rising crude prices and a stronger zloty helped boost second-
quarter profit.

Bloomberg relates the company said in a July 28 statement that the
gain in oil contributed about PLN900 million (US$308 million) to
earnings before interest and tax by raising the value of crude
stored in Orlen's tanks, while the stronger currency added about
PLN600 million.

                              Breach

On March 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Orlen said it breached debt covenants on
PLN9.07 billion of loans, blaming a drop in the value of oil
inventories and increased foreign-currency debt.  According to
Bloomberg, the company has about PLN13 billion of debt and had a
ratio of net debt to earnings before interest, taxes, depreciation
and amortization of 3.66 at the end of 2008, higher than the 3.5
required by banks.

Bloomberg says the banks gave the company until the end of this
year to cut its ratio of debt to earnings.

Poland-based Polski Koncern Naftowy ORLEN SA (WAR:PKN) a.k.a PKN
Orlen SA -- http://www.orlen.pl/-- specializes in the
manufacture, distribution, wholesale and retail sale of refined
petrochemical products.  It is principally engaged in the
processing of crude oil.  The Company's product portfolio includes
a variety of fuel and petrochemical products, as well as oil
derivatives, such as petrol, diesel, heating oil, aviation fuel
and plastics.  ORLEN's retail network comprises approximately
2,700 outlets offering services in Poland, Germany, the Czech
Republic and Lithuania, operating under the ORLEN, Petrochemia
Plock, BLISKA and STAR brands.  PKN ORLEN operates seven
refineries, of which three are located in Poland, three in the
Czech Republic and one in Lithuania.  The total deep processing
capacity of the refineries reaches 31.7 million tons per annum.
As at the end of 2007, ORLEN held directly or indirectly shares in
105 subsidiaries, of which five jointly controlled entities and 17
associate companies.


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


ALROSA CO: Eyes US$2 Bln Diamond Sales in 2009
----------------------------------------------
Fyodor Andreyev, the new president of Alrosa Co. Ltd., confirmed
that the company plans to sell diamonds worth a total of US$2
billion in 2009, RIA Novosti reports.

"The company intends to fulfill its 2009 plan of diamond sales of
US$2 billion.  The first batch of US$50 million has already been
contracted," RIA Novosti quoted Mr. Andreyev as saying.

RIA Novosti relates Mr. Andreyev, who replaced Sergei Vybornov as
Alrosa CEO in early July, said that both Russian and foreign
companies would be among potential buyers of the company's
diamonds, and that a certain portion would be purchased by
Russia's State Depositary for Precious Metals.

                         About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                          *     *     *

ALROSA Co. Ltd. continues to carry a 'BB-' long-term corporate
credit rating from Standard & Poor's Ratings Services.  As
reported in the Troubled Company Reporter-Europe on Nov. 27, 2008,
S&P said it lowered its long-term corporate credit rating on
Russian diamond miner ALROSA to 'BB-' from 'BB' on increasing
leverage, weak liquidity, and deteriorating operations.


AMUR-METALL OJSC: Creditors Must File Claims by August 10
---------------------------------------------------------
Creditors of OJSC Amur-Metall (TIN 2703000858, PSRN 1022700517432)
(Metallurgy) have until August 10, 2009, to submit proofs of
claims to:

         V. Ignatov
         Temporary Insolvency Manager
         Post User Box 65/1
         680026 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy will convene on December 22,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?73–6835/2009

The Debtor can be reached at:

         OJSC Amur-Metall
         Vagonnaya Str. 30
         681000 Komsomolsk-on-Amur
         Russia


METALL-STROY LLC: Creditors Must File Claims by August 10
---------------------------------------------------------
Creditors of LLC Metall-Stroy (TIN 1435192412, PSRN 1071435013341)
(Construction) have until August 10, 2009, to submit proofs of
claims to:

         N. Mamrukov
         Temporary Insolvency Manager
         Office 109
         Kalandarishvili Str. 5
         677027 Yakutsk
         Russia

The Arbitration Court of Yakutia will convene on December 21,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?58–3272/09.

The Debtor can be reached at:

         LLC Metall-Stroy
         Bilibina Str. 2/1
         Yakutsk
         Russia


RAIL LEASING: S&P Withdraws 'SD' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'SD' long-term corporate credit and Russia national scale ratings
on Russia-based Rail Leasing.

"The withdrawal of the ratings reflects the termination of S&P's
rating relationship with Rail Leasing," said Standard & Poor's
credit analyst Sergey Voronenko.  "As a result of the withdrawal,
Rail Leasing will no longer be subject to Standard & Poor's
surveillance."

At the time of withdrawal, Rail Leasing had no rated senior
unsecured debt outstanding.


SAKHA-NEFTE LLC: Creditors Must File Claims by August 10
--------------------------------------------------------
Creditors of LLC Sakha-Nefte-Gaz-Stroy (TIN 1402047120, PSRN
1071402000372) (Construction) have until August 10, 2009, to
submit proofs of claims to:

         N. Khineltsev
         Temporary Insolvency Manager
         Komarova Str. 100
         678900 Aldan
         Yakutia
         Russia

The Arbitration Court of Yakutia will convene at 10:30 a.m. on
October 27, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?58-2673/09.

The Debtor can be reached at:

         LLC Sakha-Nefte-Gaz-Stroy
         10 let Yakutii Str. 50
         678900 Aldan
         Yakutia
         Russia


STAR-STROY LLC: Creditors Must File Claims by August 10
-------------------------------------------------------
Creditors of LLC Star-Stroy (TIN 7452051719, PSRN 1067452025959)
(Construction) have until August 10, 2009, to submit proofs of
claims to:

         O. Filonenko
         Insolvency Manager
         Rossiyskaya Str. 220-15
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya will convene at 2:30 p.m.
on December 8, 2009, to hear bankruptcy proceedings on the
company.  The case is docketed under Case No.A 76–6020/2009–34–
49/20–94.

The Debtor can be reached at:

         LLC Star-Stroy
         Samokhina Str. 190
         454079 Chelyabinsk
         Russia


VOLSK-MET-MASH CJSC: Creditors Must File Claims by August 10
------------------------------------------------------------
Creditors of CJSC Volsk-Met-Mash (TIN 441011695, PSRN
1036404100105) (Machine tools Details Manufacturing) have until
August 10, 2009, to submit proofs of claims to:

         A. Baskakov
         Temporary Insolvency Manager
         Post User Box 14
         410000 Saratov
         Russia

The Arbitration Court of Saratovskaya will convene at 10:00 a.m.
on December 24, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?-57–7910/09–32.

The Debtor can be reached at:

          CJSC Volsk-Met-Mash
          S. Razina Str. 34
          Volsk
          412680 Saratovskaya
          Russia


VSB-STROY LLC: Creditors Must File Claims by August 10
------------------------------------------------------
Creditors of LLC VSB-Stroy (TIN 3908024192, PSRN 1023901862181)
(Construction) have until August 10, 2009, to submit proofs of
claims to:

         V. Yershov
         Temporary Insolvency Manager
         Apt. 28
         Kalinina Str. 18
         Arzamas
         607220 Nizhegorodskaya
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
supervision procedure on the company.  The case is docketed under
Case No. ?21–4168/2009.

The Court is located at:

         The Arbitration Court of Kaliningradskaya
         Rokossovskogo Str. 2
         236040 Kaliningrad
         Russia

The Debtor can be reached at:

         LLC VSB-Story
         Apt.28
         Internatsionalnaya Str. 13
         236011 Kaliningrad
         Russia


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


BBVA 6: Moody's Junks Rating on Class C Notes
---------------------------------------------
Moody's Investors Service has confirmed and downgraded the long-
term credit ratings of these notes issued by BBVA 6 FTPYME, FTA:

  -- Class A1 notes, downgraded to Aa3; previously, on February 9,
     2009 Aaa and placed under review for possible downgrade.

  -- Class B notes, downgraded to B1; previously, on February 9,
     2009 A2 and placed under review for possible downgrade.

  -- Class C notes, downgraded to Ca; previously, on February 9,
     2009 Baa3 and placed under review for possible downgrade.

The rating of the class A2(G) notes, Aaa, was not on review for
possible downgrade as it benefits from the guarantee of the
Government of Spain (Aaa) for interest and principal payments.
However, Moody's has determined that the expected loss associated
with class A2(G) notes without the Spanish Government guarantee --
which was consistent with a Aaa rating at closing of the
transaction -- would be consistent with a Aa3 rating.

The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of June 2009, the cumulative 90+
delinquencies (i.e. delinquencies equal or greater than 90 days)
were equal to 4.23% of the original portfolio balance, compared to
2.54% as of the December 2009 reporting date.  In addition the
reserve fund was drawn in June 2009 reaching EUR11.49 million
whereas the target reserve fund equals EUR21.3 million.  As part
of the review, Moody's has considered the exposure of the
transaction to the real estate sector (either through security in
the form of a mortgage or debtors operating in the real estate
sector).  The deterioration of the Spanish economy has been
reflected in the negative sector outlook Moody's published on the
Spanish SMEs securitization transactions.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
Credit was given in the analysis for the perceived 'above average'
servicing quality of BBVA.  At the same time, Moody's estimated
the remaining weighted average life of the portfolio to equal 2.64
years.  As a consequence, the revised cumulative mean default
assumption for this transaction has increased to 11.59% as a
percentage of the current portfolio balance (corresponding to
8.41% of original portfolio balance).  Moody's original mean
default assumption was 2.50% (as a percentage of original
balance), with a coefficient of variation of 55%.  Because of the
pool granularity and hence relatively high effective number of
loans in the portfolio (853), Moody's applied an inverse normal
probability function to deriving the default distribution.  A
lower coefficient of variation of 45% was applied to reflect the
higher mean.  The recovery rate assumption is now 45% while values
in the 35% to 55% range were tested at closing.  The revised CPR
assumption is now 5%, comparable to the volatile levels observed
throughout the last reporting periods, while the original CPR
assumption was 13%.

The increased credit enhancement available in the structure due to
the amortization of the portfolio (as of May 2009, the pool factor
was equal to 54%) was not sufficient to offset the impact of worse
than expected performance and revised performance assumptions for
all the note ratings.  However, the rating of the class A1 it is
expected to benefit both from the increased credit enhancement and
the interest deferral triggers on classes B and C to the detriment
of their ratings.

BBVA 6 FTPYME, FTA is a securitization fund which purchased a pool
of loans granted by Banco Bilbao Vizcaya Argentaria (BBVA, Aa2/P-
1) to Spanish SMEs.  At closing, the portfolio consisted of 7,560
loans.  The loans were originated between 1999 and 2007, with a
weighted average seasoning of 1.30 years and a weighted average
remaining term of 7 years. Geographically the top three pool
exposures were Catalunia (20.68%), Valencia (15.16%) and Madrid
(14.87%).  At closing the pool exposure to real estate and related
sectors was around 38.5%.

As of May 2009, the number of loans in the portfolio was equal to
5,541 and the weighted average remaining term was equal to 6.41
years.  The concentration levels per industry and regions are
similar to their levels at closing with exposure to the building
and real estate sector around 36.5%.

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.


GAT FTGENCAT: Moody's Junks Rating on Class D Notes From 'Baa3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by GAT FTGENCAT 2007 FTA:

-- EUR280.8 million class A2(G) notes, downgraded to Aa1, under
    review for possible downgrade; previously, on January 29, 2009
    Aaa and placed under review for possible downgrade;

-- EUR11.6 million class B notes, downgraded to Baa3, under
    review for possible downgrade; previously, on January 29, 2009
    Aa3 and placed under review for possible downgrade; and

-- EUR33.8 million class C notes, downgraded to B3, under review
    for possible downgrade; previously, on January 29, 2009 A3 and
    placed under review for possible downgrade; and

-- EUR22.1 million class D notes, downgraded to Ca; previously,
    on January 29, 2009 Baa3 and placed under review for possible
    downgrade.

The rating of the EUR276.7 million class A1 notes, Aaa, remains
under review for possible downgrade (previously, on January 29,
2009 placed under review for possible downgrade).

The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of end of June 2009, the cumulative
90+ delinquencies (i.e. the cumulative amount of loans that became
90 days delinquent, counting each loan only once and for its value
the first time it became 90 days delinquent) were equal to 11% of
the original portfolio balance, compared to 8.8% as of the
previous quarterly reporting date.  High delinquencies have so far
resulted in reserve fund draws, and following the June payment
date, the reserve fund stands at 11.9 million, below its target
level of 18.8 million.

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

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 6 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 16.7%
as a percentage of the current portfolio balance (corresponding to
18% of original portfolio balance).  Moody's original mean default
assumption was 6.4% (as a percentage of original balance), with a
coefficient of variation of 55%.  Because of the relatively low
effective number of borrowers in the portfolio (560), Moody's used
a Monte-Carlo simulation to determine the probability function of
the defaults, with a resulting coefficient of variation of 45.7%.
The recovery rate assumption is now 55% while values in the 55% to
65% range were tested at closing.  The revised CPR assumption is
now 5%, comparable to values observed throughout the last
reporting periods, while CPRs assumptions in the 5 to 15% range
were tested at closing.

The increased credit enhancement available in the structure due to
the amortisation of the portfolio (as of May 2009, the pool factor
was equal to 71%) was not sufficient to offset the impact of worse
than expected performance and revised performance assumptions on
the class A2(G), B, C and D notes rating.

The class A2(G) notes benefit from the guarantee from the
Generalitat de Catalunya (Aa2) for interest and principal
payments.  Moody's has determined that the expected loss
associated with class A2(G) without the the Generalitat de
Catalunya guarantee, which was consistent with a Aaa rating at
closing, would be consistent with a Aa2 rating.  Moody's used a
joint default approach in order to derive the rating on the
guaranteed class A2(G) notes of Aa1.

The ratings of class A1, A2(G), B, and C notes remain under review
for possible downgrade as Moody's is still assessing the impact of
the downgrade of Caixa Catalunya and Caixa Terrassa, acting as
swap counterparties in the transaction.  Following the downgrades
of Caixa Catalunya and Caixa Terrassa (from A2/P1 to A3/P2 and
from A3/P-2 to Baa2/P-2 respectively) on 15 June 2009, it is
contemplated in the transaction documents that they will need to
either find a replacement or guarantor for the swap or to post
collateral.

GAT FTGENCAT 2007 is a securitisation fund which purchased a pool
of loans granted by Caixa Catalunya and Caixa Terrassa to Spanish
SMEs in the region of Catalonia.  At closing, the portfolio
consisted of 7,085 loans.  The loans were originated between 1989
and 2007, with a weighted average seasoning of 1.5 years and a
weighted average remaining term of 11.3 years.  Geographically the
pool was exposed to the region of Catalonia only.  At closing, the
concentration in the real estate sector reached 29% of the
original pool balance.

As of May 2009, the number of loans in the portfolio was equal to
5,943 and the weighted average remaining term was equal to 11
years.  The concentration levels per industry and regions are
similar to their levels at closing.

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.


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


HORNECKER AG: Claims Filing Deadline is August 17
--------------------------------------------------
Creditors of Hornecker AG are requested to file their proofs of
claim by August 17, 2009, to:

         Hornecker Doris
         Liquidator
         Schlipfstr. 8
         8636 Wald
         Switzerland

The company is currently undergoing liquidation in Wald ZH.  The
decision about liquidation was accepted at a general meeting held
on January 30, 2009.


MIXCON AG: Claims Filing Period Ends August 31
----------------------------------------------
Creditors of Mixcon AG are requested to file their proofs of claim
by August 31, 2009, to:

         Fritz Rudolf Liechti
         Liquidator
         Poststrasse 5
         8808 Pfaffikon SZ
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 16, 2009.


MUNZUR SCHIERS: Creditors Must File Claims by August 17
-------------------------------------------------------
Creditors of Munzur Schiers GmbH are requested to file their
proofs of claim by August 17, 2009, to:

         Topyuerek Dogan
         Liquidator
         Hinterdorfstrasse 93
         7220 Schiers
         Switzerland

The company is currently undergoing liquidation in Schiers GR.
The decision about liquidation was accepted at a shareholders'
meeting held on March 30, 2009.


RICONSULT AG: Claims Filing Deadline is August 25
-------------------------------------------------
Creditors of Riconsult AG are requested to file their proofs of
claim by August 25, 2009, to:

         Riconsult AG
         Tannweidstr. 13
         8133 Esslingen
         Switzerland

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


UBS AG: Reaches Settlement Agreement With U.S. Gov't on Tax Probe
-----------------------------------------------------------------
UBS AG, along with the Swiss government has reached a settlement
agreement with U.S. authorities regarding a tax-evasion probe,
Carrick Mollenkamp, Stephen Fidler, and Laura Saunders at The Wall
Street Journal report, citing the U.S. Justice Department.

The Journal says that the details of the settlement weren't
disclosed.  The Justice Department said that the parties had
reached an agreement in principle and would work to resolve
remaining issues in the coming week, according to the report.

The Journal notes that the agreement appears to signal that
thousands of UBS's U.S. client accounts will be turned over to
U.S. revenue agents.  A likely scenario is that UBS will turn over
the identities of some, but not all, of the 52,000 accounts, the
Journal relates, citing lawyers involved in the case.  "I think
it's possibly going to push north of 10,000," the report quoted
William M. Sharp Sr., who is representing UBS clients, as saying.

According to The Journal, the official transfer of account-holder
identities might not occur until September 23, the deadline for an
Internal Revenue Service process that lets Americans try to pay
taxes and reduced fines to avoid criminal prosecution and heavy
fines.  The IRS's criminal team would review the names that are
handed over and decide whether to prosecute those offenders or
pursue lesser civil punishment that is still costly for offenders.
The Journal quoted Charles Falk -- a Mendham, New-Jersey-based
criminal tax lawyer representing UBS clients -- as saying, "I
think that eventually the U.S. will get all the names it wants.
The U.S. and Swiss want to find a way to disengage, and giving
over the names is a way to do it.  They'll find a way that won't
technically compromise the law but at the same time release
names."

The Journal notes that the U.S. probe would expand to outside
consultants that may have helped steer business to UBS or other
Swiss banks.

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

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


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


AKHTYRKA CHEESE: Creditors Must File Claims by August 7
-------------------------------------------------------
Creditors of OJSC Akhtyrka Cheese Plant (code EDRPOU 04654394)
have until August 7, 2009, to submit proofs of claim to:

         T. Sidorchenko
         Insolvency Manager
         K. Marks Str. 28
         Khorol
         Poltava
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 29, 2008.  The case is docketed under
Case No. B3/139-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         OJSC Akhtyrka Cheese Plant
         Kiev Str. 38
         Skvira
         09000 Kiev
         Ukraine


ENERGY CHEMISTRY CJSC: Creditors Must File Claims by August 7
-------------------------------------------------------------
Creditors of CJSC Energy Chemistry have until August 7, 2009, to
submit proofs of claim to:

         State Enterprise Ukrtransgas
         Insolvency Manager
         Illich Ave. 100-A
         82052 Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 26, 2008.  The case is docketed under
Case No. 50/164.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Energy Chemistry
         Briulov Str. 7
         03049 Kiev
         Ukraine


ENERGY SPECIAL Creditors Must File Claims by August 7
-----------------------------------------------------
Creditors of LLC Energy Special Set (code EDRPOU 30661660) have
until August 7, 2009, to submit proofs of claim to:

         N. Kupriyenko
         Insolvency Manager
         Office 18
         Independency Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on November 18, 2008.  The case is docketed
under Case No. 7/118.

The Court is located at:

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

The Debtor can be reached at:

          LLC Energy Special Set
         Office 3
         1905 year Str. 7
         Kremenchuk
         Poltava
         Ukraine


FLORA LLC: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLC Flora (code EDRPOU 31432841) have until August 7,
2009, to submit proofs of claim to:

         A. Bilyk
         Insolvency Manager
         Office 87
         Konev Str. 13
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on January 17, 2008.  The case is docketed
under Case No. 14/59.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Flora
         Office 36
         Sverdlov Str. 97
         Smila
         20700 Cherkassy
         Ukraine


SYNTHESE-CAPITAL-GROUP LLC: Creditors Must File Claims by August 7
------------------------------------------------------------------
Creditors of LLC Synthese-Capital-Group (code EDRPOU 34616208)
have until August 7, 2009, to submit proofs of claim to:

         I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 9, 2009.  The case is docketed under
Case No. 44/301-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Synthese-Capital-Group
         Krasnoarmeyskaya Str. 51
         03150 Kiev
         Ukraine


TECHNOCOM-TRADE LLC: Creditors Must File Claims by August 7
-----------------------------------------------------------
Creditors of LLC Technocom-Trade (code EDRPOU 35828836) have until
August 7, 2009, to submit proofs of claim to G. Dingovsky, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on June 16, 2009.  The case is docketed under
Case No. 7/157-09-3123.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Technocom-Trade
         Katerininskaya Str. 27
         Odessa
         Ukraine


TMT LLC: Creditors Must File Claims by August 7
-----------------------------------------------
Creditors of LLC Firm TMT (code EDRPOU 14205852) have until
August 7, 2009, to submit proofs of claim to:

         A. Bilyk
         Insolvency Manager
         Office 87
         Konev Str. 13
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 18, 2008.  The case is docketed under
Case No. 14/943.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Firm TMT
         Sverdlov str. 72
         Smila
         20700 Cherkassy
         Ukraine


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


AMBAC ASSURANCE: Credit Derivatives Losses Hike by US$1.6BB in Q2
-----------------------------------------------------------------
Ambac Financial Group, Inc., on July 27, 2009, announced that
Ambac Assurance Corporation, its principal operating subsidiary,
expects to report that estimated statutory impairment losses on
credit derivatives increased by approximately US$1.6 billion in
the second quarter to approximately US$4.9 billion at June 30,
2009.

Ambac also announced that, to preserve cash at Ambac, it will
discontinue paying the semi-annual interest on its directly-issued
subordinated capital securities beginning August 1, 2009.
Additionally, to preserve cash and surplus at AAC, it will
discontinue paying the monthly dividend on AAC's outstanding
auction market preferred shares beginning August 1, 2009.

Additionally, AAC expects to report statutory loss and loss
expenses incurred amounting to approximately US$800 million for
the quarter ended June 30, 2009.  The increase in impairment
losses, which relate to AAC’s insured portfolio of collateralized
debt obligations of asset-backed securities transactions (CDOs of
ABS), was driven by rising forward LIBOR rates, which increase
estimated future cash outflows, and further deterioration of the
underlying collateral within the CDO of ABS transactions.

The increase in the estimated impairment losses in the second
quarter is net of the impact of a settlement that reduced a
significant portion of exposure under a CDO of ABS transaction
that closed in July and a commutation of all of the exposure under
a different CDO of ABS transaction that AAC expects will close by
the end of July.  The two transactions, with an aggregate of
approximately US$2.8 billion net notional outstanding at March 31,
2009, are expected to be settled with counterparties for a total
cash payment of approximately US$750 million.  The statutory loss
and loss expenses relate primarily to deterioration in AAC’s
second-lien and Alt-A mortgage-backed securities financial
guarantee portfolios.

Estimated impairment losses on credit derivatives is a statutory
accounting measurement reported in AAC’s statutory filings as
"Estimated impairment losses on subsidiary guarantees and
commitments."  An increase in estimated impairment losses is
recorded as a reduction to statutory income and therefore reduces
statutory surplus.  At March 31, 2009, AAC reported statutory
capital and surplus of US$372.8 million and contingency reserves
of US$1,946.6 million.  AAC has requested the approval of the
Office of the Commissioner of Insurance of the State of Wisconsin
to release a substantial portion of its contingency reserves;
however, there can be no assurance that the OCI will approve such
release.  The amount of contingency reserves released, if any,
will increase AAC’s statutory capital and surplus by such amount.

At March 31, 2009, AAC reported total claims-paying resources of
approximately US$11.9 billion.  Total claims-paying resources will
be reduced by commutation and settlement payments related to the
CDO of ABS portfolio, including the two transactions referred to
above, and claims paid related to the direct financial guarantee
portfolio since March 31, 2009.  Total claims-paying resources is
a term used by rating agencies and other analysts to quantify
total resources available to pay claims in stress case scenarios
and represents an aggregate of contingency reserves, capital and
surplus, unearned premiums, losses and loss adjustment expenses,
estimated impairment losses on credit derivatives and the present
value of future installment premiums.  Except for the present
value of future installment premiums, each item is a statutory
accounting measurement.

Under U.S. generally accepted accounting principles (GAAP), Ambac
reports unrealized gains (losses) on credit derivative contracts
which is impacted by market valuations of the CDO exposures and
includes the effect of AAC's own credit default swap spreads in
the measurement.  This mark-to-market valuation often differs
significantly from the statutory measure of impairment discussed
above.  For the second quarter of 2009, Ambac expects to report a
net unrealized gain of approximately US$34 million for GAAP
reporting purposes.  Ambac also expects to report total net loss
and loss expenses of approximately US$1.3 billion for the second
quarter of 2009 for GAAP reporting purposes.

                     About Ambac Assurance

Ambac Financial Group, Inc. is a primarily a holding company.  The
Company, through its subsidiaries, provides financial guarantees
and financial services to clients in both the public and private
sectors worldwide.  Ambac's activities are divided into two
business segments.  The Financial Guarantee segment provides
financial guarantees (including credit derivatives) for public
finance, structured finance and other obligations.  The Financial
Services segment provided investment agreements, funding conduits,
interest rate, total return and currency swaps, principally to
clients of the financial guarantee business.  During the year
ended December 31, 2008, the Company discontinued writing new
investment agreements and derivative products in its Financial
Services segment.  Its existing investment agreement and
derivative product portfolios are in active runoff, which may
include transaction terminations, settlements, restructuring,
transfers and natural attrition as contracts mature.

Moody's Investors Service at the end of July 2009 downgraded to
Caa2 from Ba3 the insurance financial strength ratings of Ambac
Assurance Corporation and Ambac Assurance UK Limited.  The rating
action was prompted by Ambac's announced large loss reserve
increase and credit impairment charge estimated for 2Q 2009.

Standard & Poor's Ratings Services said that it lowered its
counterparty credit, financial strength, and financial enhancement
ratings on Ambac Assurance Corp. to 'CC' from 'BBB' and removed
them from CreditWatch, where they were placed on June 24, 2009,
with negative implications.  "This rating action reflects S&P's
view of the significant deterioration in Ambac's insured portfolio
of nonprime residential mortgage-backed securities and related
CDOs," noted Standard & Poor's credit analyst David Veno.


BRADFORD & BINGLEY: Traders Set Final Recovery Value of 5% for CDS
------------------------------------------------------------------
Abigail Moses at Bloomberg News reports that Bradford & Bingley
Plc's failure to pay interest on some of its subordinated bonds
will trigger payouts of about 95 cents in the euro for sellers of
default swaps on the debt.

Citing administrators Markit Group Ltd. and Creditex Group Inc.,
Bloomberg discloses traders set a final recovery value of 5
percent for credit-default swaps linked to the lender's junior
bonds at an auction on Thursday, July 30.

Bloomberg recalls dealers and investors agreed July 9 that the
lender triggered a credit event on default swaps when it skipped
the interest payment.

                              Default

Bloomberg relates Bradford & Bingley missed a June 16 interest
payment on GBP125 million (US$205 million) of 6.625 percent
subordinated bonds maturing 2023 and the 14-day grace period
expired without the interest being paid.  Bradford & Bingley said
in May it didn't intend to pay interest on the notes, which form
part of the bank's so-called lower Tier 2 capital, Bloomberg
recounts.

According to Boomberg, the lender said in a statement July 28 it
won't make the next interest payment on its GBP150 million of
subordinated floating-rate notes due 2054 or pay October interest
on GBP55 million of 13 percent perpetual subordinated notes.

                     About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.  It
focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

B&B was nationalized in September after retail savers withdrew
tens of millions of pounds over growing uncertainty concerning its
financial stability.


BRITISH AIRWAYS: Posts GBP148 Million Pre-Tax Loss at June 30 Qtr
-----------------------------------------------------------------
Kaveri Niththyananthan at the Wall Street Journal reports that
British Airways plc posted a pretax loss of GBP148 million
(US$247.2 million) for the quarter ended June 30, compared with a
profit of GBP37 million a year earlier, citing declining passenger
numbers and cargo volumes.

According to the WSJ, the airline's revenue fell 12% to GBP1.98
billion.

British Airways, as cited by the WSJ, said it was hit mainly by
falling numbers of passengers flying business and first class
during the economic downturn, lower average revenue per passenger
and lower fuel surcharges.

                        About British Airways

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

                           *     *     *

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


CATTLES PLC: Investors Balk at Re-election of 2 Non-Execs to Board
------------------------------------------------------------------
Kate Burgess and Jane Croft at The Financial Times report that
investors in Cattles plc protested on Wednesday against the
re-election of two non-executive directors at the subprime
lender's annual meeting in Leeds.

According to the FT, about a 10th of the investors voted against
the re-election of David Haxby, senior independent director who
has been on the board since 1999, and Alan McWalter, a director
since 2005 and on Cattles' audit committee.

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'.


CLARIS LIMITED: Moody's Junks Ratings on Three Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Claris Limited and one Credit Default
Swap entered into by Societe Generale.

The transaction is a synthetic resecuritization of European CMBS
and RMBS.  The rating action is a response to the deterioration of
the reference portfolio including among the others entities The
Mall Funding PLC downgraded to Baa3 and Epic (Industrious) class A
notes downgraded to Ba3 under review for possible downgrade.  This
has a significant impact on the rating of the notes as the tranche
subordination is approximately 1% for series 110 and there is no
subordination for all the others tranches.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Reports below:

  -- Moody's Approach to Rating SF CDO (March 2009)

The rating action is:

Claris Limited:

(1) Series 109/2007 - JPY2,300,000,000 Millesime 2007-3 Synthetic
    CDO of ABS Floating Rate Notes due 2057;

  -- Current Rating: Caa3

  -- Prior Rating: Ba3

  -- Prior Rating Date: 17 June 2009, downgraded to Ba3 from Baa3
     under review for possible downgrade

(2) Series 110/2007 - EUR13,000,000 Millesime 2007-3 Synthetic
    CDO of ABS Floating Rate Notes due 2057

  -- Current Rating: Caa2

  -- Prior Rating: Baa2

  -- Prior Rating Date: 17 June 2009, downgraded to Baa2 from A2
     under review for possible downgrade

(3) EUR5,000,000 credit default swap entered into by Societe
    Generale

  -- Current Rating: Caa3

  -- Prior Rating: Ba3

  -- Prior Rating Date: 17 June 2009, downgraded to Ba3 from Baa3
     under review for possible downgrade


KEYDATA INVESTMENT: Founder's Attempt to Block FSA Probe Fails
--------------------------------------------------------------
Paul Farrow at Telegraph.co.uk reports that the High Court has
dismissed an injunction by Keydata Investment Services founder
Stewart Ford to block the Financial Services Authority from
accessing a computer server containing personal financial
information.

The report relates the server was seized by PwC from Keydata's
office after it had been tipped off by a Keydata whistle-blower.
PwC then handed it over to the FSA, the report recounts.

According to the report, Mr. Ford had argued that the server was
owned by a company called Fieldglen, a Glasgow-based company
promoting Scottish culture, not Keydata.  "I wish to point out
that I had either already provided or offered through my
solicitors to provide the FSA with copies of the information on
the server that appeared to have any relevance to their
investigation.  As a point of principle I did and do object to the
FSA having access to private and confidential information
belonging to me and others unconnected with Keydata which has no
relevance to the FSA investigation," the report quoted
Mr. Ford as saying in a statement.

                              Probe

The report discloses Dan Schwarzmann, the administrator at PwC,
said: "We have reported some irregularities to the FSA and we have
started our own investigations.  Mr. Schwarzmann added that the
administrators proposals had been posted and that a creditors'
meeting will take place on August 17, the report notes.

On July 2, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that the Serious Fraud had been called
in to examine a suspected GBP103 million fraud at Keydata.
According to the FT, PwC said that as a result of the
irregularities it had uncovered, a planned sale of the
firm, which had more than GBP3 billion in assets under management,
could not go ahead.  The FT disclosed PwC said it had found that
life insurance policies backing several Keydata bonds had been
sold and the proceeds "misappropriated", while payments to
investors had been made "in an irregular fashion" out of the
company's own funds.

Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers
LLP were appointed joint administrators of KIS on June 8, 2009.
The appointment was made based on an application to Court by the
Financial Services Authority (FSA) on insolvency grounds.

KIS designs, distributes and administers structured investment
products.  KIS operates from three locations, being London,
Glasgow and Reading and administers its own products as well as
portfolios for third parties.


MARBLE ARCH: S&P Affirms Rating on Class E1C Notes at 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class D1a and D1c
notes issued by Marble Arch Residential Securitisation No. 4 PLC.
At the same time, S&P affirmed the other notes in this U.K.
residential mortgage-backed securities transaction.

These actions follow pool performance deterioration and high loss
severities, resulting in reserve fund draws.  Due to this
deterioration and a decrease in credit enhancement available to
the class D notes, S&P believes there is an increased risk of
default for this class.  The class D notes were placed on
CreditWatch negative on April 7.

S&P notes that total arrears have decreased to 32.03% in June from
38.48% in March.  However, the losses in this transaction are
significantly higher than S&P's nonconforming index at a similar
seasoning.  Cumulative losses represent 2.42% of the original pool
balance.  According to the June investor report, the weighted-
average loss severity since inception, based on total balance at
sale, is 30.60%.  S&P expects U.K. house prices to decline a
further 5% from current levels.  In S&P's opinion, this will lead
to increasing losses across some U.K. nonconforming RMBS
transactions.

MARS 4 has drawn on its reserve fund each quarter since March
2008.  The reserve fund draw in June 2009 was GBP3.33 million.
The reserve fund is now GBP1.19 million, or 9.43% of its target
level.

                          Ratings List

         Marble Arch Residential Securitisation No. 4 PLC
               EUR100.55 Million, GBP518.2 Million,
     and US$479 Million Mortgage-Backed Floating-Rate Notes With
        An Overissuance Of GBP14.28 Million Mortgage-Backed
                       Floating-Rate Notes
   and GBP0.42 Million Mortgage-Backed Deferrable-Interest Notes

      Ratings Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
              Class       To            From
              -----       --            ----
              D1a         BB-           BB/Watch Neg
              D1c         BB-           BB/Watch Neg

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A3c         AAA
                        A3 DACS     AAA
                        B1a         AA
                        B1b         AA
                        B1c         AA
                        C1a         A
                        C1c         A
                        E1c         B-


NATIONAL EXPRESS: Rights Issue Likely; Posts GBP48.1MM 1H09 Loss
----------------------------------------------------------------
Ben Harrington at Telegraph.co.uk reports that National Express
Group plc is likely to press ahead with a cash call to raise up to
GBP350 million to maintain its independence after receiving
shareholder support.

Telegraph.co.uk discloses investment banks Merrill Lynch and
Morgan Stanley are advising National Express on the possible fund-
raising.

According to Telegraph.co.uk, many of the big investors in
National Express, including M&G which holds 12pc of the shares,
are said to favor the company shoring up its balance sheet via a
rights issue instead of sale to Spain's Cosmen family and CVC
Capital.   CVC and the Cosmens are said to be hoping to secure
agreement from the government to let them continue to operate two
of National Express's rail franchises, C2C and East Anglia,
Telegraph.co.uk relates.

Gill Plimmer and Jim Pickard at The Financial Times reports the
Spanish-led consortium has appealed directly to the transport
secretary to spare the rail company's two remaining train
franchises.  The FT says Lord Adonis has taken a tough line with
the struggling rail operator, threatening to revoke the East
Anglia and c2c rail franchises as a punishment for National
Express's surprising withdrawal from the lossmaking East Coast
rail line.

As reported in the Troubled Company Reporter-Europe on July 28,
2009, The FT said the consortium had been expected to bid GBP500
million, or about 325p per share.  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.

In a July 27 report, Bloomberg News disclosed a panel of lawmakers
urged the U.K. government not to give in to pressure from rail
companies to renegotiate their franchises after National Express
walked away from one of its operations.  On July 1, the government
was forced to nationalize the company's East Coast Main Line,
pending the choice of a new operator.

                            Loss

Louise Armitstead at Telegraph.co.uk reports National Express made
a pre-tax loss of GBP48.1 million in the first six months of 2009,
down from a profit of GBP52.4 million last year, after taking a
GBP54.7 million hit from its forced exit from the East Coast
mainline franchise, which is being taken back into government
hands.

Telegraph.co.uk relates National Express, which said it had lost
GBP20 million on the London to Edinburgh rail route this year,
said it will axe its interim dividend to save cash and reduce
debt.  The company's debt is GBP977.5 million, having been reduced
by GBP200 million in the past six months,Telegraph.co.uk
discloses.

                        Going Concern

Telegraph.co.uk notes the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered".  In light of this the accounts warn that
"underlying implementation risks represent a material uncertainty
that may cast significant doubt upon the group's ability to
continue as a going concern", Telegraph.co.uk states.

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.


NORTHERN ROCK: Former Shareholders' Compensation Appeal Rejected
----------------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that the Court of Appeal
in London dismissed an appeal by 200,000 former shareholders in
Northern Rock plc and two hedge funds, SRM Global and RAB Capital,
for a judicial review of the government's compensation scheme.

According to Telegraph.co.uk, the former shareholders, who include
staff at the Newcastle-based mortgage lender, say the compensation
scheme is based on false criteria and would deliver the state a
profit when the bank is eventually sold off.  Telegraph.co.uk
discloses SRM, the hedge fund that was Northern Rock's largest
shareholder, has argued that shareholders should receive 400p a
share.  Under the current scheme, they are expected to get little
more than 5p, Telegraph.co.uk notes.

Telegraph.co.uk says SRM "will be seeking permission to appeal to
the House of Lords".

In a separate report Telegraph.co.uk relates Lord Justice Laws,
sitting with Master of the Rolls Lord Clarke and Lord Justice
Waller, rejected any suggestion that the scheme was "in truth only
a charade, the product of a settled intention by government to set
a formula which would yield a zero figure for compensation".  The
judge, as cited by Telegraph.co.uk, said, the scheme was
reasonably designed to put shareholders of the ailing bank in the
position they would have occupied, vis-a-vis the value of their
shares, had no financial support been provided by the Bank of
England and the Treasury.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                          *     *     *

The Troubled Company Reporter-Europe reported on June 15, 2009,
that Fitch Ratings revised the Rating Watch on Northern Rock's
Long-term Issuer Default Rating of 'A-' to Evolving from Positive.
The agency simultaneously affirmed NR's Short-term IDR at
'F1+' and the Individual Rating at 'F'.  Fitch placed the
Support Rating of '1' on Rating Watch Negative.

As reported in the Troubled Company Reporter on April 2, 2009,
Moody's Investors Service downgraded to E from E+ Northern Rock's
Bank Financial Strength Rating.  The E BFSR maps into a Baseline
Credit Assessment of Caa1.  The bank's dated and undated hybrid
subordinated debts were also downgraded to Ca from B1 and B3,
respectively.  The outlook on the subordinated instruments is
negative.  The senior long term and short term ratings of A2/P-1
were affirmed with a developing outlook.


REXAM PLC: Moody's Changes Outlook on 'Ba2' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook on Rexam's Baa3
senior unsecured and Ba2 subordinated debt ratings to stable from
negative.

Rainer Neidnig, lead analyst at Moody's for Rexam, said: "Rexam is
affected by the recession which caused a volume decline in most
segments in the first half of 2009 and is likely to keep unit
demand under pressure.  At the same time the company's operating
performance proves to be fairly resilient in light of an overall
only limited organic decline in revenues and decisive management
actions to reduce cost so that Rexam is on track to deliver
positive Fee Cash Flow generation in the current year.  Moreover,
management underpinned its commitment to a conservative capital
structure and leverage ratios in line with its Baa3 rating with
the announcement of a fully underwritten GBP351 million rights
issue and the decision not to declare a 2009 interim dividend.
Against this backdrop Moody's believe Rexam's rating is adequately
positioned at Baa3 reflected in the now stable outlook."

On July 29, Rexam announced results for the first half of 2009.
Despite volume declines in the still single digit range overall,
reported Operating Profit before exceptional items stayed
relatively flat at GBP 218 million versus GBP217 million supported
by a positive foreign exchange impact of GBP50 million. Excluding
currency translation effects, however, reported underlying
Operating Profit decreased by GBP52 million.  In addition, Rexam
incurred a GBP35 million restructuring charge and a GBP116 million
goodwill impairment primarily related to the OI acquisition in
2007 (nil in H1 2008).  More positively, cash flow before
dividends as reported by Rexam improved to GBP171 million in H1
2009 versus GBP -127 million in H1 2008 on a positive
GBP218 million swing in working capital requirements, halving of
capital expenditures and fairly flat FFO.  Even considering that
cash flow was helped by receivable discounting activities this
shows a notable improvement in cash flow generation and supports
management's commitment to deliver a positive Free Cash Flow after
dividends in 2009.  Major factors driving the improvement have
been a tight working capital management and reduced capital
expenditures.

Together with its results release Rexam announced an underwritten
GBP 351 million rights issue and the decision not to declare a
2009 interim dividend in order to protect its investment grade
rating.

Despite softening operating results Moody's expects Rexam to
achieve leverage ratios in 2009 at levels of 3x Debt/EBITDA or
lower which positions Rexam adequately in the Baa3 rating
category.  Moody's positively notes that Rexam seems to be on
track to deliver positive Free Cash Flow in 2009 and net debt will
benefit from the announced rights issue.  Although uncertainty
around volume development will remain given the recessionary
environment, Moody's expects earnings to stabilize, supported by
material cost reduction initiatives which management believes to
yield annual cost savings of GBP75 million in 2010.  Still,
Moody's cautions that rating pressure could arise again should the
trading environment or Rexam's performance weaken below Moody's
current expectations.

Moody's further notes positively that Rexam has continued its
track record of proactively approaching upcoming debt maturities
as evidenced most recently by the early refinancing of its
GBP775 million core credit facility (which would have matured in
November 2010) announced in June.

Outlook Actions:

Issuer: REXAM PLC

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on Rexam was to change the outlook on
the Baa3 senior unsecured debt ratings to negative from stable on
March 9, 2009.

Rexam is the world's leading beverage can producer.  It holds the
top market position in Europe and South America and is the number
three producer in North America.  Rexam is also active in rigid
plastic packaging, which generated approximately 30% of group
revenues.  Its customer base is from the pharmaceutical, home and
personal care, cosmetics and food industries. Rexam's rigid
packaging solutions -- a still highly fragmented market -- include
products such as spray samplers, lipstick and mascara cases, and
high barrier plastic food containers.  In 2008, Rexam generated
revenues of GBP4.6 billion.


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

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

AUSTRIA
-------
LIBRO AG            LB6 GR        -110486313.84      174004185.02
LIBRO AG            LIB AV        -110486313.84      174004185.02
LIBRO AG            LBROF US      -110486313.84      174004185.02
LIBRO AG            LIBR AV       -110486313.84      174004185.02
SKYEUROPE           SKY PW          -3897543.17      213166287.14
SKYEUROPE           SKYP PW         -3897543.17      213166287.14
SKYEUROPE HLDG      SKYPLN EO       -3897543.17      213166287.14
SKYEUROPE HLDG      SKURF US        -3897543.17      213166287.14
SKYEUROPE HLDG      S8E GR          -3897543.17      213166287.14
SKYEUROPE HLDG      SKY EO          -3897543.17      213166287.14
SKYEUROPE HLDG      SKYPLN EU       -3897543.17      213166287.14
SKYEUROPE HLDG      SKY AV          -3897543.17      213166287.14
SKYEUROPE HLDG      SKY EU          -3897543.17      213166287.14
SKYEUROPE HLDG      SKYV IX         -3897543.17      213166287.14
SKYEUROPE HLDG      SKYA PZ         -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 EO        -57223391.61      186057993.69
FORTUNE MANAGEME    FMI3 GR        -57223391.61      186057993.69
FORTUNE MANAGEME    FMI1 EU        -57223391.61      186057993.69
FORTUNE MANAGEME    FMI1 PZ        -57223391.61      186057993.69
FORTUNE MANAGEME    FMI GR         -57223391.61      186057993.69
FORTUNE MANAGEME    FMI1 DU        -57223391.61      186057993.69
FORTUNE MANAGEME    FMI1 GR        -57223391.61      186057993.69
FORTUNE MANAGEME    FMIG IX        -57223391.61      186057993.69
FORTUNE MANAGEME    FMGT US        -57223391.61      186057993.69
FORTUNE MGMT-REG    CTLI US        -57223391.61      186057993.69


CYPRUS
------
LIBRA HOLIDA-RTS    LGWR CY          -5044973.6      274730005.26
LIBRA HOLIDA-RTS    LBR CY           -5044973.6      274730005.26
LIBRA HOLIDAY-RT    3167808Z CY      -5044973.6      274730005.26
LIBRA HOLIDAYS      LHGCYP EU        -5044973.6      274730005.26
LIBRA HOLIDAYS      LHGR CY          -5044973.6      274730005.26
LIBRA HOLIDAYS      LHGCYP EO        -5044973.6      274730005.26
LIBRA HOLIDAYS G    LHG CY           -5044973.6      274730005.26
LIBRA HOLIDAYS G    LHG PZ           -5044973.6      274730005.26
LIBRA HOLIDAYS G    LHG EU           -5044973.6      274730005.26
LIBRA HOLIDAYS G    LHG EO           -5044973.6      274730005.26
LIBRA HOLIDAYS-P    LBHG CY          -5044973.6      274730005.26
LIBRA HOLIDAYS-P    LBHG PZ          -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      CKDH US        -89435858.16      192305153.03
CKD PRAHA HLDG      CKDPF US       -89435858.16      192305153.03
SETUZA AS           SETU IX        -61453764.17      138582273.56
SETUZA AS           SETUZA PZ      -61453764.17      138582273.56
SETUZA AS           2994755Q EU    -61453764.17      138582273.56
SETUZA AS           2994763Q EU    -61453764.17      138582273.56
SETUZA AS           2994767Q EO    -61453764.17      138582273.56
SETUZA AS           SETUZA CP      -61453764.17      138582273.56
SETUZA AS           SZA GR         -61453764.17      138582273.56
SETUZA AS           2994759Q EO    -61453764.17      138582273.56
SETUZA AS           SZA EX         -61453764.17      138582273.56


GERMANY
-------
AGOR AG             DOOD PZ          -482446.63      144432986.17
AGOR AG             DOO EO           -482446.63      144432986.17
AGOR AG             DOOG IX          -482446.63      144432986.17
AGOR AG             DOO GR           -482446.63      144432986.17
AGOR AG             NDAGF US         -482446.63      144432986.17
AGOR AG             DOO EU           -482446.63      144432986.17
AGOR AG-RTS         2301918Z GR      -482446.63      144432986.17
ALNO AG             ANO PZ         -28265004.17      366872263.74
ALNO AG             ANO EU         -28265004.17      366872263.74
ALNO AG             ANO GR         -28265004.17      366872263.74
ALNO AG             ALNO IX        -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           BROFQ US       -27139391.98      143536859.72
BROKAT AG           BROAF US       -27139391.98      143536859.72
BROKAT AG           BKISF US       -27139391.98      143536859.72
BROKAT AG           BRKAF US       -27139391.98      143536859.72
BROKAT AG -NEW      BRJ1 NM        -27139391.98      143536859.72
BROKAT AG -NEW      BRJ1 GR        -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      BSA LN         -27139391.98      143536859.72
BROKAT TECH AG      BRJ GR         -27139391.98      143536859.72
BROKAT TECH AG      BRJ NM         -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      COB2 EO        -42994732.85      904723627.84
CBB HOLDING AG      COB GR         -42994732.85      904723627.84
CBB HOLDING AG      CUBDF US       -42994732.85      904723627.84
CBB HOLDING AG      COBG IX        -42994732.85      904723627.84
CBB HOLDING AG      COBG PZ        -42994732.85      904723627.84
CBB HOLDING-NEW     COB1 GR        -42994732.85      904723627.84
CBB HOLDING-NEW     COB3 GR        -42994732.85      904723627.84
CINEMAXX AG         MXC EO         -42015165.72      146572416.37
CINEMAXX AG         CNEMF US       -42015165.72      146572416.37
CINEMAXX AG         MXC EU         -42015165.72      146572416.37
CINEMAXX AG         MXC GR         -42015165.72      146572416.37
CINEMAXX AG         MXC PZ         -42015165.72      146572416.37
CINEMAXX AG         MXCUSD EO      -42015165.72      146572416.37
CINEMAXX AG         MXCG IX        -42015165.72      146572416.37
CINEMAXX AG         MXCUSD EU      -42015165.72      146572416.37
CINEMAXX AG-RTS     MXC8 GR        -42015165.72      146572416.37
DEVELICA DEUTSCH    DDE LN         -41866600.36     1178479579.31
DEVELICA DEUTSCH    DDE IX         -41866600.36     1178479579.31
DEVELICA DEUTSCH    DDE PG         -41866600.36     1178479579.31
DEVELICA DEUTSCH    D4B GR         -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    ETVMF US       -22067409.41      849175624.65
EM.TV & MERCHAND    ETV NM         -22067409.41      849175624.65
EM.TV & MERCHAND    EMTVF US       -22067409.41      849175624.65
EM.TV & MERCHAND    ETV LN         -22067409.41      849175624.65
EM.TV & MERCHAND    ETV VX         -22067409.41      849175624.65
HYPO REAL ES-ADR    HREHY US       -813565059.9   543794828675.92
HYPO REAL ES-NEW    HRXA GR        -813565059.9   543794828675.92
HYPO REAL ES-NEW    HRXA EO        -813565059.9   543794828675.92
HYPO REAL ES-NEW    HRXA EU        -813565059.9   543794828675.92
HYPO REAL ES-NEW    2916645Q EO    -813565059.9   543794828675.92
HYPO REAL ES-NEW    2916649Q EU    -813565059.9   543794828675.92
HYPO REAL ES-NEW    HRXA PZ        -813565059.9   543794828675.92
HYPO REAL ES-NEW    HRX1 GR        -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXCHF EO      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXGBX EO      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX BQ         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX EU         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXAUD EO      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX GR         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXGBX EU      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXUSD EO      -813565059.9   543794828675.92
HYPO REAL ESTATE    HREHF US       -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXGBP EO      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXG IX        -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX AV         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX NQ         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX EB         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX TQ         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXCHF EU      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXAUD EU      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX NR         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRXUSD EU      -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX PZ         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX VX         -813565059.9   543794828675.92
HYPO REAL ESTATE    HRX EO         -813565059.9   543794828675.92
HYPO REAL-ACQ       HRXV GR        -813565059.9   543794828675.92
HYPO REAL-ACQ       HRXV EU        -813565059.9   543794828675.92
HYPO REAL-ACQ       HRXV PZ        -813565059.9   543794828675.92
HYPO REAL-ACQ       HRXV EO        -813565059.9   543794828675.92
KAUFRING AG         KFR GR         -19296489.56      150995473.81
KAUFRING AG         KFR PZ         -19296489.56      150995473.81
KAUFRING AG         KAUG IX        -19296489.56      150995473.81
KAUFRING AG         KFR EU         -19296489.56      150995473.81
KAUFRING AG         KFR EO         -19296489.56      150995473.81
MANIA TECHNOLOGI    2260970Z GR     -35060806.5      107465713.61
MANIA TECHNOLOGI    MNI GR          -35060806.5      107465713.61
MANIA TECHNOLOGI    MNI1 EU         -35060806.5      107465713.61
MANIA TECHNOLOGI    MNIG IX         -35060806.5      107465713.61
MANIA TECHNOLOGI    MIAVF US        -35060806.5      107465713.61
MANIA TECHNOLOGI    MNI NM          -35060806.5      107465713.61
MANIA TECHNOLOGI    MNI PZ          -35060806.5      107465713.61
MANIA TECHNOLOGI    MNI1 EO         -35060806.5      107465713.61
MATERNUS KLINI-N    MAK1 GR        -17014754.15      172786677.74
MATERNUS-KLINIKE    MAKG IX        -17014754.15      172786677.74
MATERNUS-KLINIKE    MAK PZ         -17014754.15      172786677.74
MATERNUS-KLINIKE    MAK EO         -17014754.15      172786677.74
MATERNUS-KLINIKE    MAK EU         -17014754.15      172786677.74
MATERNUS-KLINIKE    MNUKF US       -17014754.15      172786677.74
MATERNUS-KLINIKE    MAK GR         -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         PRCG IX        -14233212.49      729563484.73
PRIMACOM AG         PRCG PZ        -14233212.49      729563484.73
PRIMACOM AG         PRC2 GR        -14233212.49      729563484.73
PRIMACOM AG         PRC EU         -14233212.49      729563484.73
PRIMACOM AG         PCAGF US       -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-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            RIL GR                -2.71      168095049.11
RINOL AG            RNLAF US              -2.71      168095049.11
RINOL AG            RILB EU               -2.71      168095049.11
RINOL AG            RILB IX               -2.71      168095049.11
RINOL AG            RILB GR               -2.71      168095049.11
RINOL AG            RILB PZ               -2.71      168095049.11
RINOL AG            RILB EO               -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    RSTHF US        -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    ROSG PZ         -1744121.91      217776125.75
ROSENTHAL AG-REG    ROS GR          -1744121.91      217776125.75
ROSENTHAL AG-REG    ROS1 EU         -1744121.91      217776125.75
SANDER (JIL) AG     SAD GR          -6153256.92      127548039.68
SANDER (JIL) AG     JLSDF US        -6153256.92      127548039.68
SANDER (JIL)-PRF    SAD3 GR         -6153256.92      127548039.68
SANDER (JIL)-PRF    2916161Q EO     -6153256.92      127548039.68
SANDER (JIL)-PRF    2916157Q EU     -6153256.92      127548039.68
SANDER (JIL)-PRF    SAD3 PZ         -6153256.92      127548039.68
SINNLEFFERS AG      WHG GR          -4491629.96      453887060.07
SPAR HAND-PFD NV    SPA3 GR       -442426199.47     1433020960.55
SPAR HANDELS-AG     773844Q GR    -442426199.47     1433020960.55
SPAR HANDELS-AG     SPHFF US      -442426199.47     1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR   -106778475.76      427535397.03
TA TRIUMPH-ACQ      TWNA GR       -106778475.76      427535397.03
TA TRIUMPH-ACQ      TWNA EU       -106778475.76      427535397.03
TA TRIUMPH-ADLER    TWNG IX       -106778475.76      427535397.03
TA TRIUMPH-ADLER    TWN GR        -106778475.76      427535397.03
TA TRIUMPH-ADLER    TTZAF US      -106778475.76      427535397.03
TA TRIUMPH-ADLER    TWN EO        -106778475.76      427535397.03
TA TRIUMPH-ADLER    TWN EU        -106778475.76      427535397.03
TA TRIUMPH-ADLER    TWN PZ        -106778475.76      427535397.03
TA TRIUMPH-NEW      TWN1 GR       -106778475.76      427535397.03
TA TRIUMPH-RT       TWN8 GR       -106778475.76      427535397.03
TA TRIUMPH-RTS      3158577Q GR   -106778475.76      427535397.03
VIVANCO GRUPPE      VVAG IX        -16648688.57      131276010.89
VIVANCO GRUPPE      VVA1 GR        -16648688.57      131276010.89
VIVANCO GRUPPE      VVA1 EU        -16648688.57      131276010.89
VIVANCO GRUPPE      VIVGF US       -16648688.57      131276010.89
VIVANCO GRUPPE      VVA1 PZ        -16648688.57      131276010.89
VIVANCO GRUPPE      VVA1 EO        -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       ROSK EO        -532868894.9     7876687324.02
ROSKILDE BANK       ROSK EU        -532868894.9     7876687324.02
ROSKILDE BANK       ROSK DC        -532868894.9     7876687324.02
ROSKILDE BANK       ROSBF US       -532868894.9     7876687324.02
ROSKILDE BANK       ROSKF US       -532868894.9     7876687324.02
ROSKILDE BANK       RSKC IX        -532868894.9     7876687324.02
ROSKILDE BANK       ROSK PZ        -532868894.9     7876687324.02
ROSKILDE BANK       RKI GR         -532868894.9     7876687324.02
ROSKILDE BANK-RT    916603Q DC     -532868894.9     7876687324.02


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


FRANCE
------
CARRERE GROUP       XRR GR         -23319835.34      364475420.31
CARRERE GROUP       CARG FP        -23319835.34      364475420.31
CARRERE GROUP       CAR2 EU        -23319835.34      364475420.31
CARRERE GROUP       CRRHF US       -23319835.34      364475420.31
CARRERE GROUP       CAR FP         -23319835.34      364475420.31
CARRERE GROUP       CAR2 EO        -23319835.34      364475420.31
CARRERE GROUP       CRGP IX        -23319835.34      364475420.31
CARRERE GROUP       CARF PZ        -23319835.34      364475420.31
CHAINE ET TRAME     CTRM FP         -46169771.5      134467847.56
CHAINE ET TRAME     CHTR FP         -46169771.5      134467847.56
GRANDE PAROISSE     GDPA FP        -927267926.9         629287290
GRANDE PAROISSE     GDPXF US       -927267926.9         629287290
GRANDE PAROISSE     GAPA FP        -927267926.9         629287290
IMMOB HOTEL BALN    IMHB FP        -66874823.95      301323804.92
IMMOB HOTELIERE     SIH FP         -66874823.95      301323804.92
IMMOB HOTELIERE     IMHO FP        -66874823.95      301323804.92
IMMOB HOTELIERE     IMBHF US       -66874823.95      301323804.92
IMMOB HOTELIERE     IMMH IX        -66874823.95      301323804.92
IMMOB HOTELIERE     IMHO EO        -66874823.95      301323804.92
IMMOB HOTELIERE     IMH GR         -66874823.95      301323804.92
IMMOB HOTELIERE     IMHO EU        -66874823.95      301323804.92
IMMOB HOTELIERE     IMHO PZ        -66874823.95      301323804.92
LAB DOLISOS         LADL FP        -27752176.19      110485462.44
LAB DOLISOS         DOLI FP        -27752176.19      110485462.44
MATUSSIERE & FOR    MTUSF US       -77896683.67      293868350.79
MATUSSIERE & FOR    1007765Q FP    -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 EU         -46169771.5      134467847.56
MB RETAIL EUROPE    CTRF IX         -46169771.5      134467847.56
MB RETAIL EUROPE    MBRE PZ         -46169771.5      134467847.56
NORTENE             NRTN FP        -35623999.56      117566786.87
NORTENE             NORT FP        -35623999.56      117566786.87
NORTENE             NRTP IX        -35623999.56      117566786.87
OROSDI              OROS FP            -7291.55      131233317.62
OROSDI-BACK         OROS EU            -7291.55      131233317.62
OROSDI-BACK         BACK IX            -7291.55      131233317.62
OROSDI-BACK         ORBA FP            -7291.55      131233317.62
OROSDI-BACK         OROS PZ            -7291.55      131233317.62
OROSDI-BACK         OROS EO            -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     -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ VX       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ EO       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ BQ       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ PZ       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJUSD EU    -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ TQ       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJGBP EO    -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJP IX      -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJUSD EO    -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ EU       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ FP       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJGBX EO    -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ NQ       -3303869370.49      970555919.29
PAGESJAUNES GRP     QS3 GR       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ IX       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJ EB       -3303869370.49      970555919.29
PAGESJAUNES GRP     PAJGBX EU    -3303869370.49      970555919.29
RHODIA SA           RHA VX        -859847725.87     5799757209.78
RHODIA SA           RHAUSD EO     -859847725.87     5799757209.78
RHODIA SA           3218857Q IX   -859847725.87     5799757209.78
RHODIA SA           RHA EU        -859847725.87     5799757209.78
RHODIA SA           RHDAF US      -859847725.87     5799757209.78
RHODIA SA           RHANR PZ      -859847725.87     5799757209.78
RHODIA SA           RHAGBP EO     -859847725.87     5799757209.78
RHODIA SA           RHAY IX       -859847725.87     5799757209.78
RHODIA SA           RHA PZ        -859847725.87     5799757209.78
RHODIA SA           RHA BQ        -859847725.87     5799757209.78
RHODIA SA           RHAGBX EU     -859847725.87     5799757209.78
RHODIA SA           RHA NQ        -859847725.87     5799757209.78
RHODIA SA           2324011Q EU   -859847725.87     5799757209.78
RHODIA SA           2324015Q EO   -859847725.87     5799757209.78
RHODIA SA           RHA TQ        -859847725.87     5799757209.78
RHODIA SA           RHAGBX EO     -859847725.87     5799757209.78
RHODIA SA           RHA EB        -859847725.87     5799757209.78
RHODIA SA           RHA EO        -859847725.87     5799757209.78
RHODIA SA           RHA IX        -859847725.87     5799757209.78
RHODIA SA           RHDI GR       -859847725.87     5799757209.78
RHODIA SA           RHD GR        -859847725.87     5799757209.78
RHODIA SA           RHAUSD EU     -859847725.87     5799757209.78
RHODIA SA           RHA FP        -859847725.87     5799757209.78
RHODIA SA           RHADF US      -859847725.87     5799757209.78
RHODIA SA           RHANR FP      -859847725.87     5799757209.78
RHODIA SA - NEW     2335921Q FP   -859847725.87     5799757209.78
RHODIA SA - NEW     3156011Q FP   -859847725.87     5799757209.78
RHODIA SA - NEW     RHANV FP      -859847725.87     5799757209.78
RHODIA SA-ADR       RHAYY US      -859847725.87     5799757209.78
RHODIA SA-RIGHTS    RHADS FP      -859847725.87     5799757209.78
RHODIA SA-RIGHTS    653447Q FP    -859847725.87     5799757209.78
SDR CENTREST        117241Q FP    -132420119.65      252176017.15
SELCODIS            SLCO FP        -21481214.33      175720770.81
SELCODIS            SLCO EU        -21481214.33      175720770.81
Selcodis            SPVX FP        -21481214.33      175720770.81
SELCODIS            SLCO PZ        -21481214.33      175720770.81
SELCODIS            SLCO EO        -21481214.33      175720770.81
SELCODIS            SPVX IX        -21481214.33      175720770.81
THOMSON - NEW       2336061Q FP   -186963510.99     7800843297.85
THOMSON - NEW       TMSNV FP      -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMM IX        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMSGBX EO     -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS EO        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TNM GR        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS TQ        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMM ES        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMSGBP EO     -186963510.99     7800843297.85
THOMSON (EX-TMM)    TNMA GR       -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS US        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS EU        -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)    TMSUSD 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 VX        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS FP        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMMN FP       -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMMLF US      -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMM VX        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMSUSD EO     -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS NQ        -186963510.99     7800843297.85
THOMSON (EX-TMM)    TMS BQ        -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      ETEC FP             -396978      133986439.74
TROUVAY CAUVIN      TVYCF US            -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 LN       -149279984.66      121254240.42
AEA TECHNOLO-FPR    AATF PZ       -149279984.66      121254240.42
AEA TECHNOLO-NPR    AATN LN       -149279984.66      121254240.42
AEA TECHNOLO-NPR    AATN PZ       -149279984.66      121254240.42
AEA TECHNOLOGY      AAT VX        -149279984.66      121254240.42
AEA TECHNOLOGY      AAT PZ        -149279984.66      121254240.42
AEA TECHNOLOGY      AAT EU        -149279984.66      121254240.42
AEA TECHNOLOGY      AAT LN        -149279984.66      121254240.42
AEA TECHNOLOGY      AAT IX        -149279984.66      121254240.42
AEA TECHNOLOGY      EAETF US      -149279984.66      121254240.42
AEA TECHNOLOGY      AATGBP EO     -149279984.66      121254240.42
AEA TECHNOLOGY      AAT PO        -149279984.66      121254240.42
AEA TECHNOLOGY      AAT EO        -149279984.66      121254240.42
AEA TECHNOLOGY      AEY GR        -149279984.66      121254240.42
AIRTOURS PLC        AIR LN        -379721841.57     1817512773.61
AIRTOURS PLC        ATORF US      -379721841.57     1817512773.61
AIRTOURS PLC        AIR VX        -379721841.57     1817512773.61
ALLDAYS PLC         ALDYF US      -120493900.04      252232072.87
ALLDAYS PLC         317056Q LN    -120493900.04      252232072.87
AMER BUS SYS        ARB LN           -497127008         121439000
AMEY PLC            AMY LN         -48862569.33      931527720.46
AMEY PLC            AMEYF US       -48862569.33      931527720.46
AMEY PLC            AMY VX         -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 PO         -21861359.81         115463159
ANKER PLC           ANK LN         -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     ATKGBP EO      -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK NR         -62199993.61     1184945671.16
ATKINS (WS) PLC     WATKF US       -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK BQ         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK PZ         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK EB         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK IX         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK VX         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK LN         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK EO         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATKEUR EO      -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK NQ         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK TQ         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK PO         -62199993.61     1184945671.16
ATKINS (WS) PLC     ATKEUR EU      -62199993.61     1184945671.16
ATKINS (WS) PLC     ATK EU         -62199993.61     1184945671.16
BCH GROUP PLC       BCH LN          -5728274.38      187993198.22
BLACK & EDGINGTO    BLE LN        -130883498.29      153620497.99
BNB RECRUITMENT     BNB LN         -10242627.53      103637704.96
BNB RECRUITMENT     BNB IX         -10242627.53      103637704.96
BNB RECRUITMENT     BQX GR         -10242627.53      103637704.96
BNB RECRUITMENT     BNBRF US       -10242627.53      103637704.96
BNB RECRUITMENT     BNB PO         -10242627.53      103637704.96
BOOKER PLC          987188Q LN      -59832880.4     1298182548.71
BOOKER PLC          1330Q GR        -59832880.4     1298182548.71
BOOKER PLC          BKERF US        -59832880.4     1298182548.71
BOOKER PLC-ADR      BKRUY US        -59832880.4     1298182548.71
BOOKER PLC-ADR      BOK$ LN         -59832880.4     1298182548.71
BRADSTOCK GROUP     BDK LN          -1855444.44      268563822.49
BRADSTOCK GROUP     BSKGF US        -1855444.44      268563822.49
BRIT ENERGY LTD     523362Q LN   -5822867500.78     4921095749.61
BRIT ENERGY PLC     555140Q VX   -5822867500.78     4921095749.61
BRIT ENERGY PLC     BEN1 GR      -5822867500.78     4921095749.61
BRIT ENERGY PLC     BHEGF US     -5822867500.78     4921095749.61
BRIT ENERGY PLC     BGYEF 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$ LN       -105366394.04     7522172619.36
BRIT SKY BRO-ADR    BSY US        -105366394.04     7522172619.36
BRIT SKY BROADCA    BSYB GR       -105366394.04     7522172619.36
BRIT TELECOM        9484 JP       -5223868149.3    46894630327.28
BRIT TELECOM        BTE GR        -5223868149.3    46894630327.28
BRIT TELECOM PLC    BT/A VX       -5223868149.3    46894630327.28
BRIT TELECOM PLC    BTPWF US      -5223868149.3    46894630327.28
BRIT TELECOM PLC    BTPLF US      -5223868149.3    46894630327.28
BRIT TELECOM-ADR    BTEA GR       -5223868149.3    46894630327.28
BRIT TELECOM-ADR    1481Q CN      -5223868149.3    46894630327.28
BRIT TELECOM-RTS    BTY-R US      -5223868149.3    46894630327.28
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    BGYB AR      -5822867500.78     4921095749.61
BRITISH ENER-BLK    BGYNYB AR    -5822867500.78     4921095749.61
BRITISH ENER-C/E    BGYNYC AR    -5822867500.78     4921095749.61
BRITISH ENER-C/E    BGYC AR      -5822867500.78     4921095749.61
BRITISH ENER-CED    BGY AR       -5822867500.78     4921095749.61
BRITISH ENER-CED    BGYNY AR     -5822867500.78     4921095749.61
BRITISH ENERGY-A    BGYGF US     -5822867500.78     4921095749.61
BRITISH ENERGY-A    BGYA VX      -5822867500.78     4921095749.61
BRITISH ENERGY-A    BHEAF US     -5822867500.78     4921095749.61
BRITISH ENERGY-A    BGYA PO      -5822867500.78     4921095749.61
BRITISH ENERGY-A    3012442Q LN  -5822867500.78     4921095749.61
BRITISH SKY BROA    BSY PO        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY EO        -105366394.04     7522172619.36
BRITISH SKY BROA    BSYBF US      -105366394.04     7522172619.36
BRITISH SKY BROA    BSY VX        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY NR        -105366394.04     7522172619.36
BRITISH SKY BROA    BSYEUR EU     -105366394.04     7522172619.36
BRITISH SKY BROA    BSYEUR EO     -105366394.04     7522172619.36
BRITISH SKY BROA    BSB GR        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY LN        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY PZ        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY IX        -105366394.04     7522172619.36
BRITISH SKY BROA    BSYGBP EO     -105366394.04     7522172619.36
BRITISH SKY BROA    BSY NQ        -105366394.04     7522172619.36
BRITISH SKY BROA    BSYUSD EU     -105366394.04     7522172619.36
BRITISH SKY BROA    BSY BQ        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY TQ        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY EB        -105366394.04     7522172619.36
BRITISH SKY BROA    BSY EU        -105366394.04     7522172619.36
BRITISH SKY BROA    BSYUSD EO     -105366394.04     7522172619.36
BRITISH TELE-FP     BT/F LN       -5223868149.3    46894630327.28
BRITISH TELE-NP     BT/N LN       -5223868149.3    46894630327.28
BRITISH TELE-NP     BTPXF US      -5223868149.3    46894630327.28
BRITVIC             B6S GR           -731325.03     1222775450.71
BRITVIC PLC         BVIC PZ          -731325.03     1222775450.71
BRITVIC PLC         BTVCF US         -731325.03     1222775450.71
BRITVIC PLC         BVICUSD EO       -731325.03     1222775450.71
BRITVIC PLC         BVIC IX          -731325.03     1222775450.71
BRITVIC PLC         BVIC LN          -731325.03     1222775450.71
BRITVIC PLC         BVIC BQ          -731325.03     1222775450.71
BRITVIC PLC         BVIC EB          -731325.03     1222775450.71
BRITVIC PLC         BVICEUR EU       -731325.03     1222775450.71
BRITVIC PLC         BVIC EU          -731325.03     1222775450.71
BRITVIC PLC         BVIC TQ          -731325.03     1222775450.71
BRITVIC PLC         BVIC NR          -731325.03     1222775450.71
BRITVIC PLC         BVIC VX          -731325.03     1222775450.71
BRITVIC PLC         BVICGBP EO       -731325.03     1222775450.71
BRITVIC PLC         BVICEUR EO       -731325.03     1222775450.71
BRITVIC PLC         BVIC NQ          -731325.03     1222775450.71
BRITVIC PLC         BVIC EO          -731325.03     1222775450.71
BRITVIC PLC         BVICUSD EU       -731325.03     1222775450.71
BT GROUP PLC        BT/A LN       -5223868149.3    46894630327.28
BT GROUP PLC        BT/APEN EU    -5223868149.3    46894630327.28
BT GROUP PLC        BT/A NQ       -5223868149.3    46894630327.28
BT GROUP PLC        BT/AEUR EO    -5223868149.3    46894630327.28
BT GROUP PLC        BT/AUSD EO    -5223868149.3    46894630327.28
BT GROUP PLC        BT/A TQ       -5223868149.3    46894630327.28
BT GROUP PLC        BTGOF US      -5223868149.3    46894630327.28
BT GROUP PLC        BT/A EO       -5223868149.3    46894630327.28
BT GROUP PLC        BTQ GR        -5223868149.3    46894630327.28
BT GROUP PLC        BT/A EB       -5223868149.3    46894630327.28
BT GROUP PLC        BT/A NR       -5223868149.3    46894630327.28
BT GROUP PLC        BT/A EU       -5223868149.3    46894630327.28
BT GROUP PLC        BT/AEUR EU    -5223868149.3    46894630327.28
BT GROUP PLC        BT/APEN EO    -5223868149.3    46894630327.28
BT GROUP PLC        BT/ VX        -5223868149.3    46894630327.28
BT GROUP PLC        BT/A PO       -5223868149.3    46894630327.28
BT GROUP PLC        BT/AGBP EO    -5223868149.3    46894630327.28
BT GROUP PLC        BT PZ         -5223868149.3    46894630327.28
BT GROUP PLC        BTEG IX       -5223868149.3    46894630327.28
BT GROUP PLC        BT/AUSD EU    -5223868149.3    46894630327.28
BT GROUP PLC        BT IX         -5223868149.3    46894630327.28
BT GROUP PLC        BT/A BQ       -5223868149.3    46894630327.28
BT GROUP PLC-ADR    BT/$ LN       -5223868149.3    46894630327.28
BT GROUP PLC-W/I    BTWI LN       -5223868149.3    46894630327.28
BT GROUP-ADR        BTQA GR       -5223868149.3    46894630327.28
BT GROUP-ADR WI     BTY-W US      -5223868149.3    46894630327.28
BT GROUP-CED $US    BTYD AR       -5223868149.3    46894630327.28
BT GROUP-CED $US    BTD AR        -5223868149.3    46894630327.28
BT GROUP-CED BLK    BTB AR        -5223868149.3    46894630327.28
BT GROUP-CED BLK    BTYB AR       -5223868149.3    46894630327.28
BT GROUP-CED C/E    BTC AR        -5223868149.3    46894630327.28
BT GROUP-CED C/E    BTYC AR       -5223868149.3    46894630327.28
BT GROUP-CEDEAR     BT AR         -5223868149.3    46894630327.28
BT GROUP-CEDEAR     BTY AR        -5223868149.3    46894630327.28
BT GROUP-SPON AD    BTY US        -5223868149.3    46894630327.28
BT GROUP-SPON AD    BT MM         -5223868149.3    46894630327.28
BT GROUP-SPON AD    BT US         -5223868149.3    46894630327.28
BT GROUP-SPON AD    BTYN MM       -5223868149.3    46894630327.28
CARLISLE GROUP      506819Q LN     -11904426.45      203548565.03
CHRYSALIS GROUP     CHS PZ          -5851089.05      101497520.61
CHRYSALIS GROUP     CHSUSD EU       -5851089.05      101497520.61
CHRYSALIS GROUP     HR4 GR          -5851089.05      101497520.61
CHRYSALIS GROUP     CLYSF US        -5851089.05      101497520.61
CHRYSALIS GROUP     5CY GR          -5851089.05      101497520.61
CHRYSALIS GROUP     CHS LN          -5851089.05      101497520.61
CHRYSALIS GROUP     CHS EO          -5851089.05      101497520.61
CHRYSALIS GROUP     CHSEUR EO       -5851089.05      101497520.61
CHRYSALIS GROUP     CHS IX          -5851089.05      101497520.61
CHRYSALIS GROUP     CHS EU          -5851089.05      101497520.61
CHRYSALIS GROUP     CHS VX          -5851089.05      101497520.61
CHRYSALIS GROUP     CYGUF US        -5851089.05      101497520.61
CHRYSALIS GROUP     CHSGBP EO       -5851089.05      101497520.61
CHRYSALIS GROUP     CHSEUR EU       -5851089.05      101497520.61
CHRYSALIS GROUP     CHS PO          -5851089.05      101497520.61
CHRYSALIS GROUP     CHSUSD EO       -5851089.05      101497520.61
CLIPPER WINDPOWE    C2W GR            -99360000         989187968
CLIPPER WINDPOWE    CWP IX            -99360000         989187968
CLIPPER WINDPOWE    CWP EO            -99360000         989187968
CLIPPER WINDPOWE    CWP LN            -99360000         989187968
CLIPPER WINDPOWE    CWPA LN           -99360000         989187968
CLIPPER WINDPOWE    CWP EU            -99360000         989187968
CLIPPER WINDPOWE    CRPWF US          -99360000         989187968
CLIPPER WINDPOWE    CWP PG            -99360000         989187968
COMPASS GROU-OLD    1259Q LN      -668101173.88     2972459078.38
COMPASS GROUP       QOP GR        -668101173.88     2972459078.38
COMPASS GRP-ADR     CMSGY US      -668101173.88     2972459078.38
COMPASS GRP-ADR     CMSJY US      -668101173.88     2972459078.38
DANKA BUS SYSTEM    DANKF US         -497127008         121439000
DANKA BUS SYSTEM    DNK LN           -497127008         121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008         121439000
DANKA BUS SYSTEM    DNK VX           -497127008         121439000
DANKA BUS SYSTEM    DNK IX           -497127008         121439000
DANKA BUS SYSTEM    DNK PZ           -497127008         121439000
DANKA BUS SYSTEM    DNK PO           -497127008         121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008         121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008         121439000
DANKA BUS-$US CE    DANKD AR         -497127008         121439000
DANKA BUS-ADR       DB6 GR           -497127008         121439000
DANKA BUS-ADR       DANKY US         -497127008         121439000
DANKA BUS-ADR       AP39 LI          -497127008         121439000
DANKA BUS-ADR       DANKE US         -497127008         121439000
DANKA BUS-BLK CE    DANKB AR         -497127008         121439000
DANKA BUS-C/E CE    DANKC AR         -497127008         121439000
DANKA BUS-CEDEAR    DANK AR          -497127008         121439000
DAWSON HOLDINGS     DWN PO         -54451186.72      128196101.01
DAWSON HOLDINGS     DWN LN         -54451186.72      128196101.01
DAWSON HOLDINGS     DWHGF US       -54451186.72      128196101.01
DAWSON HOLDINGS     DWN1EUR EU     -54451186.72      128196101.01
DAWSON HOLDINGS     DWN PZ         -54451186.72      128196101.01
DAWSON HOLDINGS     DWN1EUR EO     -54451186.72      128196101.01
DAWSON HOLDINGS     DWN1 EO        -54451186.72      128196101.01
DAWSON HOLDINGS     DWN IX         -54451186.72      128196101.01
DAWSON HOLDINGS     DWN1GBP EO     -54451186.72      128196101.01
DAWSON HOLDINGS     DWN1 EU        -54451186.72      128196101.01
DAWSON HOLDINGS     DWN VX         -54451186.72      128196101.01
EASYNET GROUP       ESY PO         -45232889.17      322770283.93
EASYNET GROUP       EAY GR         -45232889.17      322770283.93
EASYNET GROUP       ESY LN         -45232889.17      322770283.93
EASYNET GROUP       ESY VX         -45232889.17      322770283.93
EASYNET GROUP       EZNGF US       -45232889.17      322770283.93
EASYNET GROUP-CV    91009Z LN      -45232889.17      322770283.93
EMI GROUP -ASSD     EMIA LN      -2265916256.89     2950021937.14
EMI GROUP LTD       EMI LN       -2265916256.89     2950021937.14
EMI GROUP PLC       3020138Q GR  -2265916256.89     2950021937.14
EMI GROUP PLC       EMI IX       -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       EMI VX       -2265916256.89     2950021937.14
EMI GROUP PLC-B     1019425Q LN  -2265916256.89     2950021937.14
EMI GROUP-ADR       38IS LN      -2265916256.89     2950021937.14
EMI GROUP-ADR       EMI$ LN      -2265916256.89     2950021937.14
EMI GROUP-ADR       EMIPY US     -2265916256.89     2950021937.14
EUROPEAN HOME       EHR VX         -14328735.16      110864081.39
EUROPEAN HOME       EHR PO         -14328735.16      110864081.39
EUROPEAN HOME       KLZ PO         -14328735.16      110864081.39
EUROPEAN HOME       EHR EU         -14328735.16      110864081.39
EUROPEAN HOME       EHREUR EO      -14328735.16      110864081.39
EUROPEAN HOME       KLZ VX         -14328735.16      110864081.39
EUROPEAN HOME       FPAKF US       -14328735.16      110864081.39
EUROPEAN HOME       EHRGBP EO      -14328735.16      110864081.39
EUROPEAN HOME       EHR EO         -14328735.16      110864081.39
EUROPEAN HOME       EHREUR EU      -14328735.16      110864081.39
EUROPEAN HOME       EHR PZ         -14328735.16      110864081.39
EUROPEAN HOME       EHR LN         -14328735.16      110864081.39
FAREPAK PLC         FPK LN         -14328735.16      110864081.39
GALIFORM PLC        GFRM EU       -116415877.06      612420067.12
GALIFORM PLC        GFRMEUR EU    -116415877.06      612420067.12
GALIFORM PLC        GFRM NQ       -116415877.06      612420067.12
GALIFORM PLC        GFRM IX       -116415877.06      612420067.12
GALIFORM PLC        GFRM EO       -116415877.06      612420067.12
GALIFORM PLC        GFRMNOK EU    -116415877.06      612420067.12
GALIFORM PLC        GFRM NR       -116415877.06      612420067.12
GALIFORM PLC        GLFMF US      -116415877.06      612420067.12
GALIFORM PLC        GFRMNOK EO    -116415877.06      612420067.12
GALIFORM PLC        MFI VX        -116415877.06      612420067.12
GALIFORM PLC        GFRM BQ       -116415877.06      612420067.12
GALIFORM PLC        GFRMGBP EO    -116415877.06      612420067.12
GALIFORM PLC        MFI PO        -116415877.06      612420067.12
GALIFORM PLC        GFRM LN       -116415877.06      612420067.12
GALIFORM PLC        GFRM VX       -116415877.06      612420067.12
GALIFORM PLC        MFIFF US      -116415877.06      612420067.12
GALIFORM PLC        GFRMEUR EO    -116415877.06      612420067.12
GALIFORM PLC        GFRM PZ       -116415877.06      612420067.12
GALIFORM PLC        GFRM EB       -116415877.06      612420067.12
GALIFORM PLC        GFRM PO       -116415877.06      612420067.12
GALIFORM PLC        MFI IX        -116415877.06      612420067.12
GALIFORM PLC        GFRM TQ       -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    HLTGF US      -478059993.74     1887316678.66
HILTON GROUP PLC    HG PO         -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          JRVSEUR EU     -48330109.98      155571478.27
JARVIS PLC          JRVSGBP EO     -48330109.98      155571478.27
JARVIS PLC          JRVS LN        -48330109.98      155571478.27
JARVIS PLC          JVSPF US       -48330109.98      155571478.27
JARVIS PLC          JRVS IX        -48330109.98      155571478.27
JARVIS PLC          JRVS EO        -48330109.98      155571478.27
JARVIS PLC          JRVSEUR EO     -48330109.98      155571478.27
JARVIS PLC          JRVS VX        -48330109.98      155571478.27
JARVIS PLC          JVR GR         -48330109.98      155571478.27
JARVIS PLC          JRVS EU        -48330109.98      155571478.27
JARVIS PLC          JRVS PZ        -48330109.98      155571478.27
JARVIS PLC          JRVS PO        -48330109.98      155571478.27
JESSOPS PLC         JSPGBP EO       -42702021.2      112964060.38
JESSOPS PLC         JSP PZ          -42702021.2      112964060.38
JESSOPS PLC         JS4 GR          -42702021.2      112964060.38
JESSOPS PLC         JSP IX          -42702021.2      112964060.38
JESSOPS PLC         JSPEUR EU       -42702021.2      112964060.38
JESSOPS PLC         JSPEUR EO       -42702021.2      112964060.38
JESSOPS PLC         JSP LN          -42702021.2      112964060.38
JESSOPS PLC         JSP EO          -42702021.2      112964060.38
JESSOPS PLC         JSP PO          -42702021.2      112964060.38
JESSOPS PLC         JSP VX          -42702021.2      112964060.38
JESSOPS PLC         JSP EU          -42702021.2      112964060.38
KLEENEZE PLC        KLZ LN         -14328735.16      110864081.39
LADBROKE GROUP      LADB LN       -478059993.74     1887316678.66
LADBROKE GRP-IDR    695767Q BB    -478059993.74     1887316678.66
LADBROKE GRP-OLD    LADB BB       -478059993.74     1887316678.66
LADBROKES PLC       LAD PZ        -478059993.74     1887316678.66
LADBROKES PLC       LAD PO        -478059993.74     1887316678.66
LADBROKES PLC       LAD VX        -478059993.74     1887316678.66
LADBROKES PLC       LAD TQ        -478059993.74     1887316678.66
LADBROKES PLC       HG/ VX        -478059993.74     1887316678.66
LADBROKES PLC       LAD EO        -478059993.74     1887316678.66
LADBROKES PLC       LAD GR        -478059993.74     1887316678.66
LADBROKES PLC       LADGBP EO     -478059993.74     1887316678.66
LADBROKES PLC       LADEUR EU     -478059993.74     1887316678.66
LADBROKES PLC       LADUSD EO     -478059993.74     1887316678.66
LADBROKES PLC       LADNZD EO     -478059993.74     1887316678.66
LADBROKES PLC       LAD IX        -478059993.74     1887316678.66
LADBROKES PLC       LAD EB        -478059993.74     1887316678.66
LADBROKES PLC       LAD NQ        -478059993.74     1887316678.66
LADBROKES PLC       LAD LN        -478059993.74     1887316678.66
LADBROKES PLC       LAD NR        -478059993.74     1887316678.66
LADBROKES PLC       LADNZD EU     -478059993.74     1887316678.66
LADBROKES PLC       LADEUR EO     -478059993.74     1887316678.66
LADBROKES PLC       LAD BQ        -478059993.74     1887316678.66
LADBROKES PLC       LAD EU        -478059993.74     1887316678.66
LADBROKES PLC       LDBKF US      -478059993.74     1887316678.66
LADBROKES PLC-AD    LDBKY LN      -478059993.74     1887316678.66
LADBROKES PLC-AD    LDBKY US      -478059993.74     1887316678.66
LADBROKES PLC-CE    LAD BB        -478059993.74     1887316678.66
LAMBERT FENCHURC    LMF LN          -1453050.04     1826806853.46
LEEDS SPORTING      LES LN          -73166148.8      143762193.66
LEEDS SPORTING      LEDPF US        -73166148.8      143762193.66
LEEDS UNITED PLC    LUFC LN         -73166148.8      143762193.66
LEEDS UNITED PLC    889687Q GR      -73166148.8      143762193.66
LEEDS UNITED PLC    LDSUF US        -73166148.8      143762193.66
LONDON TOWN PLC     LTW IX          -15549465.1      160165508.92
LONDON TOWN PLC     LTW EO          -15549465.1      160165508.92
LONDON TOWN PLC     LOU GR          -15549465.1      160165508.92
LONDON TOWN PLC     LTW LN          -15549465.1      160165508.92
LONDON TOWN PLC     LTWR LN         -15549465.1      160165508.92
LONDON TOWN PLC     LTWX LN         -15549465.1      160165508.92
LONDON TOWN PLC     LTW PO          -15549465.1      160165508.92
LONDON TOWN PLC     LTW PG          -15549465.1      160165508.92
LONDON TOWN PLC     LTW EU          -15549465.1      160165508.92
M 2003 PLC          203055Q LN   -2203513803.24     7204891601.83
M 2003 PLC          MTWOF US     -2203513803.24     7204891601.83
M 2003 PLC-ADR      MTWOE US     -2203513803.24     7204891601.83
M 2003 PLC-ADR      MTWOY US     -2203513803.24     7204891601.83
MARCONI PLC         MY2 GR       -2203513803.24     7204891601.83
MARCONI PLC         MONI BB      -2203513803.24     7204891601.83
MARCONI PLC         MNI LN       -2203513803.24     7204891601.83
MARCONI PLC         MRCQF US     -2203513803.24     7204891601.83
MARCONI PLC         203083Q VX   -2203513803.24     7204891601.83
MARCONI PLC         MNI BB       -2203513803.24     7204891601.83
MARCONI PLC-ADR     QUQMON AU    -2203513803.24     7204891601.83
MARCONI PLC-ADR     MCBA GR      -2203513803.24     7204891601.83
MARCONI PLC-ADR     MY2A GR      -2203513803.24     7204891601.83
MARCONI PLC-ADR     MONI US      -2203513803.24     7204891601.83
MARCONI PLC-ADR     MRCQY US     -2203513803.24     7204891601.83
MARCONI PLC-ADR     MCONY US     -2203513803.24     7204891601.83
MARCONI PLC-ADR     MONIE US     -2203513803.24     7204891601.83
MARCONI PLC-ADR     MONIY US     -2203513803.24     7204891601.83
MFI FURNITURE GR    MFI LN        -116415877.06      612420067.12
MYTRAVEL GROUP      MT IX         -379721841.57     1817512773.61
MYTRAVEL GROUP      ARO2 GR       -379721841.57     1817512773.61
MYTRAVEL GROUP      MT/S PO       -379721841.57     1817512773.61
MYTRAVEL GROUP      MT/S LN       -379721841.57     1817512773.61
MYTRAVEL GROUP      MT/S VX       -379721841.57     1817512773.61
MYTRAVEL GROUP      MYTPF US      -379721841.57     1817512773.61
MYTRAVEL GROUP P    1018144Q GR   -379721841.57     1817512773.61
MYTRAVEL GROUP P    MT/ VX        -379721841.57     1817512773.61
MYTRAVEL GROUP P    MYTGF US      -379721841.57     1817512773.61
MYTRAVEL GROUP-A    MYTVF US      -379721841.57     1817512773.61
MYTRAVEL GROUP-A    2281919Q GR   -379721841.57     1817512773.61
NEW STAR ASSET      N6S GR        -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      3226435Q EO   -397718038.04      292972732.12
NEW STAR ASSET      NSAM LN       -397718038.04      292972732.12
NEW STAR ASSET      NSAM IX       -397718038.04      292972732.12
NEW STAR ASSET      3226439Q EU   -397718038.04      292972732.12
NEW STAR ASSET      3226431Q EU   -397718038.04      292972732.12
NEW STAR ASSET      3226447Q EO   -397718038.04      292972732.12
NEW STAR ASSET      NSAM PZ       -397718038.04      292972732.12
NEW STAR ASSET      NSAM TQ       -397718038.04      292972732.12
NEW STAR ASSET      NSAA LN       -397718038.04      292972732.12
NEW STAR ASSET      3226443Q EO   -397718038.04      292972732.12
NORTHERN ROCK       NRK LN        -586206492.33   152084295061.92
NORTHERN ROCK       2733277Q EU   -586206492.33   152084295061.92
NORTHERN ROCK       NHRKF US      -586206492.33   152084295061.92
NORTHERN ROCK       NRK VX        -586206492.33   152084295061.92
NORTHERN ROCK       NRK PZ        -586206492.33   152084295061.92
NORTHERN ROCK       2733285Q EU   -586206492.33   152084295061.92
NORTHERN ROCK       2733289Q EO   -586206492.33   152084295061.92
NORTHERN ROCK       NRKI IX       -586206492.33   152084295061.92
NORTHERN ROCK       2733265Q EO   -586206492.33   152084295061.92
NORTHERN ROCK       2733273Q EO   -586206492.33   152084295061.92
NORTHERN ROCK       2733269Q EU   -586206492.33   152084295061.92
NORTHERN ROCK       2733281Q EO   -586206492.33   152084295061.92
NORTHERN ROCK       NRK IX        -586206492.33   152084295061.92
NORTHERN ROCK       NRK PO        -586206492.33   152084295061.92
NORTHERN ROCK       NR3 GR        -586206492.33   152084295061.92
O TWELVE ESTATES    OTE EU         -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 PG         -10555410.41      267391338.05
O TWELVE ESTATES    OTE IX         -10555410.41      267391338.05
O TWELVE ESTATES    OTE LN         -10555410.41      267391338.05
O TWELVE ESTATES    OTE EO         -10555410.41      267391338.05
ORANGE PLC          ORNGF US      -593935051.02      2902299501.9
ORANGE PLC          1460Q GR      -593935051.02      2902299501.9
ORANGE PLC          951641Q LN    -593935051.02      2902299501.9
ORANGE PLC-ADR      ORA$ LN       -593935051.02      2902299501.9
ORANGE PLC-ADR      ORNGY US      -593935051.02      2902299501.9
ORANGE PLC-ADR      ONG GR        -593935051.02      2902299501.9
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           RLP GR          -4168498.48       127701679.5
ORBIS PLC           OBS IX          -4168498.48       127701679.5
ORBIS PLC           OBS PZ          -4168498.48       127701679.5
ORBIS PLC           OBG PO          -4168498.48       127701679.5
PATIENTLINE PLC     2928903Q EU    -54677284.64       124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64       124948245.8
PATIENTLINE PLC     2928899Q EO    -54677284.64       124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64       124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64       124948245.8
PATIENTLINE PLC     PTL PO         -54677284.64       124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64       124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64       124948245.8
RANK GROUP PLC      RNKDKK EO       -6412999.92      835001785.71
RANK GROUP PLC      RNK TQ          -6412999.92      835001785.71
RANK GROUP PLC      RNK PZ          -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      RNK NR          -6412999.92      835001785.71
RANK GROUP PLC      RNKDKK EU       -6412999.92      835001785.71
RANK GROUP PLC      RNKEUR EO       -6412999.92      835001785.71
RANK GROUP PLC      RNK PO          -6412999.92      835001785.71
RANK GROUP PLC      RNK BQ          -6412999.92      835001785.71
RANK GROUP PLC      RNK GR          -6412999.92      835001785.71
RANK GROUP PLC      RNK LN          -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      RNKA GR         -6412999.92      835001785.71
RANK GROUP PLC      RNK IX          -6412999.92      835001785.71
RANK GROUP PLC      RNK EO          -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      RANKF US        -6412999.92      835001785.71
RANK GROUP PLC      RNKUSD EU       -6412999.92      835001785.71
RANK GROUP PLC      RNK NQ          -6412999.92      835001785.71
RANK GROUP-ADR      935543Q GR      -6412999.92      835001785.71
RANK GROUP-ADR      RNK$ LN         -6412999.92      835001785.71
RANK GROUP-ADR      RANKY US        -6412999.92      835001785.71
RANK ORG PLC        RANKY SP        -6412999.92      835001785.71
RANK ORG PLC-ADR    14873Z US       -6412999.92      835001785.71
REGUS LTD           273187Q LN     -46111835.37         367181111
REGUS PLC           2296Z LN       -46111835.37         367181111
REGUS PLC           RGU GR         -46111835.37         367181111
REGUS PLC           273195Q VX     -46111835.37         367181111
REGUS PLC           REGSF US       -46111835.37         367181111
REGUS PLC-ADS       RGUA GR        -46111835.37         367181111
REGUS PLC-ADS       REGS US        -46111835.37         367181111
REGUS PLC-ADS       REGSV US       -46111835.37         367181111
REGUS PLC-ADS       REGSY US       -46111835.37         367181111
RENTOKIL INITIAL    RTOKF US       -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOUSD EO      -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO1 GR        -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO LN         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOUSD EU      -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO TQ         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOGBP EO      -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO BQ         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO EB         -90219248.82     3493481471.08
RENTOKIL INITIAL    RKLIF US       -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO EU         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO PO         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOEUR EU      -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO GR         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO VX         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOG IX        -90219248.82     3493481471.08
RENTOKIL INITIAL    RTOEUR EO      -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO EO         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO NQ         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO IX         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO NR         -90219248.82     3493481471.08
RENTOKIL INITIAL    RTO PZ         -90219248.82     3493481471.08
RENTOKIL-SP ADR     AP76 LI        -90219248.82     3493481471.08
RENTOKIL-SP ADR     RTOKY US       -90219248.82     3493481471.08
SAATCHI & SA-ADR    SSI$ LN       -119260804.15      705060824.55
SAATCHI & SA-ADR    SSA US        -119260804.15      705060824.55
SAATCHI & SAATCH    188190Q GR    -119260804.15      705060824.55
SAATCHI & SAATCH    SSATF US      -119260804.15      705060824.55
SAATCHI & SAATCH    SSI LN        -119260804.15      705060824.55
SCOTTISH MEDIA      1442Q GR       -24923249.67       194430485.8
SCOTTISH MEDIA      SSM LN         -24923249.67       194430485.8
SCOTTISH MEDIA      SSMR LN        -24923249.67       194430485.8
SCOTTISH TELEV      SCTVF US       -24923249.67       194430485.8
SETON HEALTHCARE    2290Z LN       -10585179.82      156822902.77
SFI GROUP PLC       SUF LN        -108067115.81      177647536.08
SFI GROUP PLC       SUYFF US      -108067115.81      177647536.08
SKYEPHAR-RTS F/P    SKPF VX       -130883498.29      153620497.99
SKYEPHAR-RTS F/P    SKPF LN       -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      SKP EO        -130883498.29      153620497.99
SKYEPHARMA PLC      SKP1 VX       -130883498.29      153620497.99
SKYEPHARMA PLC      SKP PZ        -130883498.29      153620497.99
SKYEPHARMA PLC      SKP EU        -130883498.29      153620497.99
SKYEPHARMA PLC      SKP TQ        -130883498.29      153620497.99
SKYEPHARMA PLC      SK8C GR       -130883498.29      153620497.99
SKYEPHARMA PLC      SKPEUR EU     -130883498.29      153620497.99
SKYEPHARMA PLC      SKPGBP EO     -130883498.29      153620497.99
SKYEPHARMA PLC      SKYEF US      -130883498.29      153620497.99
SKYEPHARMA PLC      SKP LN        -130883498.29      153620497.99
SKYEPHARMA PLC      SKPEUR EO     -130883498.29      153620497.99
SKYEPHARMA PLC      SKP IX        -130883498.29      153620497.99
SKYEPHARMA PLC      SK8A GR       -130883498.29      153620497.99
SKYEPHARMA PLC      SKP VX        -130883498.29      153620497.99
SKYEPHARMA PLC      SKP PO        -130883498.29      153620497.99
SKYEPHARMA-ADR      SKYEY US      -130883498.29      153620497.99
SKYEPHARMA-ADR      AP80 LI       -130883498.29      153620497.99
SKYEPHARMA-ADR      SKYPY US      -130883498.29      153620497.99
SKYEPHARMA-ADR      SK8 GR        -130883498.29      153620497.99
SKYEPHARMA-ADR      SKYE US       -130883498.29      153620497.99
SKYEPHARMA-ADR      SK8N GR       -130883498.29      153620497.99
SMG PLC             SMG LN         -24923249.67       194430485.8
SMG PLC             SMG PO         -24923249.67       194430485.8
SMG PLC-FUL PAID    SMGF LN        -24923249.67       194430485.8
SMG PLC-NIL PAID    SMGN LN        -24923249.67       194430485.8
SMITHS NEWS PLC     NWS1 EU        -97992746.54      146917382.81
SMITHS NEWS PLC     NWS2GBP EO     -97992746.54      146917382.81
SMITHS NEWS PLC     NWS IX         -97992746.54      146917382.81
SMITHS NEWS PLC     NWS VX         -97992746.54      146917382.81
SMITHS NEWS PLC     NWS PZ         -97992746.54      146917382.81
SMITHS NEWS PLC     NWS2EUR EU     -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     SMWPY US       -97992746.54      146917382.81
SMITHS NEWS PLC     SMWPF US       -97992746.54      146917382.81
SMITHS NEWS PLC     NWS2 EO        -97992746.54      146917382.81
SMITHS NEWS PLC     NWS2 TQ        -97992746.54      146917382.81
SMITHS NEWS PLC     NWS LN         -97992746.54      146917382.81
SMITHS NEWS PLC     NWS PO         -97992746.54      146917382.81
SMITHS NEWS PLC     NWS2EUR EO     -97992746.54      146917382.81
STAGECOACH GROUP    SGC1 BQ        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1EUR EU     -14183327.87     2231066974.58
STAGECOACH GROUP    SGC PO         -14183327.87     2231066974.58
STAGECOACH GROUP    SGC LN         -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1USD EU     -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1AUD EU     -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 EU        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC IX         -14183327.87     2231066974.58
STAGECOACH GROUP    SHP GR         -14183327.87     2231066974.58
STAGECOACH GROUP    SAGKF US       -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1USD EO     -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 EB        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 NR        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC2 VX        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1EUR EO     -14183327.87     2231066974.58
STAGECOACH GROUP    SHP4 GR        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1AUD EO     -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 TQ        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 NQ        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1 EO        -14183327.87     2231066974.58
STAGECOACH GROUP    SGCG PZ        -14183327.87     2231066974.58
STAGECOACH GROUP    SGC1GBP 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       SMGPF US       -24923249.67       194430485.8
STV GROUP PLC       SMG VX         -24923249.67       194430485.8
STV GROUP PLC       SMG IX         -24923249.67       194430485.8
STV GROUP PLC       STVG EU        -24923249.67       194430485.8
STV GROUP PLC       STVG LN        -24923249.67       194430485.8
STV GROUP PLC       STVG VX        -24923249.67       194430485.8
STV GROUP PLC       STVGEUR EU     -24923249.67       194430485.8
STV GROUP PLC       STVGEUR EO     -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       SMG PZ         -24923249.67       194430485.8
TELASI JSC          AEST GG         -38496626.3      121421179.22
TELEWEST COM-ADR    TWSTY US     -3702234580.99     7581020925.22
TELEWEST COM-ADR    TWT$ LN      -3702234580.99     7581020925.22
TELEWEST COM-ADR    940767Q GR   -3702234580.99     7581020925.22
TELEWEST COM-ADR    TWSTD US     -3702234580.99     7581020925.22
TELEWEST COMM       604296Q GR   -3702234580.99     7581020925.22
TELEWEST COMM       TWSTF US     -3702234580.99     7581020925.22
TELEWEST COMM       715382Q LN   -3702234580.99     7581020925.22
TELEWEST COMM       TWT VX       -3702234580.99     7581020925.22
THORN EMI PLC       THNE FP      -2265916256.89     2950021937.14
THORN EMI-ADR       THN$ LN      -2265916256.89     2950021937.14
THORN EMI-ADR       TORNY US     -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     TPTJF US       -78172467.48       131014414.4
TOPPS TILES PLC     TPT EO         -78172467.48       131014414.4
TOPPS TILES PLC     TPT EU         -78172467.48       131014414.4
TOPPS TILES PLC     TPT VX         -78172467.48       131014414.4
TOPPS TILES PLC     TPT BQ         -78172467.48       131014414.4
TOPPS TILES PLC     TPT PZ         -78172467.48       131014414.4
TOPPS TILES PLC     TPT TQ         -78172467.48       131014414.4
TOPPS TILES PLC     TPTEUR EU      -78172467.48       131014414.4
TOPPS TILES PLC     TPT LN         -78172467.48       131014414.4
TOPPS TILES PLC     TPTEUR EO      -78172467.48       131014414.4
TOPPS TILES PLC     TPTJY US       -78172467.48       131014414.4
TOPPS TILES PLC     TPT PO         -78172467.48       131014414.4
TOPPS TILES PLC     TPT IX         -78172467.48       131014414.4
TOPPS TILES PLC     TPTGBP EO      -78172467.48       131014414.4
TOPPS TILES-NEW     TPTN LN        -78172467.48       131014414.4
UTC GROUP           UGR LN         -11904426.45      203548565.03
VIRGIN MOB-ASSD     VMOC LN       -392165437.58      166070003.71
VIRGIN MOB-ASSD     VMOA LN       -392165437.58      166070003.71
VIRGIN MOBILE       VMOB VX       -392165437.58      166070003.71
VIRGIN MOBILE       VMOB LN       -392165437.58      166070003.71
VIRGIN MOBILE       UEM GR        -392165437.58      166070003.71
VIRGIN MOBILE       VGMHF US      -392165437.58      166070003.71
VIRGIN MOBILE       VMOB PO       -392165437.58      166070003.71
WATSON & PHILIP     WTSN LN       -120493900.04      252232072.87
WINCANTON PL-ADR    WNCNY US       -47615167.52     1316638025.67
WINCANTON PLC       WIN1 NQ        -47615167.52     1316638025.67
WINCANTON PLC       WIN1GBP EO     -47615167.52     1316638025.67
WINCANTON PLC       WNCNF US       -47615167.52     1316638025.67
WINCANTON PLC       WIN1EUR EO     -47615167.52     1316638025.67
WINCANTON PLC       WIN1 EO        -47615167.52     1316638025.67
WINCANTON PLC       WIN IX         -47615167.52     1316638025.67
WINCANTON PLC       WIN1 TQ        -47615167.52     1316638025.67
WINCANTON PLC       WIN PO         -47615167.52     1316638025.67
WINCANTON PLC       WIN LN         -47615167.52     1316638025.67
WINCANTON PLC       WIN1EUR EU     -47615167.52     1316638025.67
WINCANTON PLC       WIN1USD EO     -47615167.52     1316638025.67
WINCANTON PLC       WIN PZ         -47615167.52     1316638025.67
WINCANTON PLC       WIN VX         -47615167.52     1316638025.67
WINCANTON PLC       WIN1 BQ        -47615167.52     1316638025.67
WINCANTON PLC       WIN1 EU        -47615167.52     1316638025.67
WINCANTON PLC       WIN1USD EU     -47615167.52     1316638025.67
WINCANTON PLC       WIN1 EB        -47615167.52     1316638025.67


GREECE
------
AG PETZETAKIS SA    PZETF US       -29943162.81      218449483.79
AG PETZETAKIS SA    PETZK PZ       -29943162.81      218449483.79
AG PETZETAKIS SA    PTZ1 GR        -29943162.81      218449483.79
AG PETZETAKIS SA    PETZK EU       -29943162.81      218449483.79
AG PETZETAKIS SA    PETZK GA       -29943162.81      218449483.79
AG PETZETAKIS SA    PTZ GR         -29943162.81      218449483.79
AG PETZETAKIS SA    PETZK EO       -29943162.81      218449483.79
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 EO      -113800496.36      212288486.55
ALTEC SA INFO       ATCQF US      -113800496.36      212288486.55
ALTEC SA INFO       ALTEC PZ      -113800496.36      212288486.55
ALTEC SA INFO-RT    ALTED GA      -113800496.36      212288486.55
ALTEC SA INFO-RT    ALTECR 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    BRAIN PZ       -34283568.77      458056717.55
HELLAS ONLINE SA    BRAIN GA       -34283568.77      458056717.55
HELLAS ONLINE SA    UN5 GR         -34283568.77      458056717.55
HELLAS ONLINE SA    BRAIN EO       -34283568.77      458056717.55
HELLAS ONLINE SA    BRAIN EU       -34283568.77      458056717.55
HELLAS ONLINE SA    HOLR GA        -34283568.77      458056717.55
HELLAS ONLINE SA    HOL GA         -34283568.77      458056717.55
KOUMBAS INSUR-RT    KOUMD GA       -47073006.65      212483361.18
KOUMBAS RTS         KOUMR GA       -47073006.65      212483361.18
KOUMBAS SYNERGY     KOUM GA        -47073006.65      212483361.18
KOUMBAS SYNERGY     KOUM EO        -47073006.65      212483361.18
KOUMBAS SYNERGY     KOUM PZ        -47073006.65      212483361.18
KOUMBAS SYNERGY     KOUM EU        -47073006.65      212483361.18
KOUMBAS SYNERGY     KOUMF US       -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      -29943162.81      218449483.79
PETZETAKIS - RTS    PETZKD GA      -29943162.81      218449483.79
PETZETAKIS-AUC      PETZKE GA      -29943162.81      218449483.79
PETZETAKIS-PFD      PETZP GA       -29943162.81      218449483.79
PETZETAKIS-PFD      PTZ3 GR        -29943162.81      218449483.79
RADIO KORASS-RTS    KORAR GA      -100972173.86      180679253.63
RADIO KORASSI-RT    KORAD GA      -100972173.86      180679253.63
RADIO KORASSIDIS    KORA GA       -100972173.86      180679253.63
RADIO KORASSIDIS    RAKOF US      -100972173.86      180679253.63
RADIO KORASSIDIS    RKC GR        -100972173.86      180679253.63
THEMELIODOMI        THEME GA       -55751178.85      232036822.56
THEMELIODOMI-AUC    THEMEE GA      -55751178.85      232036822.56
THEMELIODOMI-RTS    THEMER GA      -55751178.85      232036822.56
THEMELIODOMI-RTS    THEMED GA      -55751178.85      232036822.56
UNITED TEXTILES     UTEX GA        -44175513.67      341686153.14
UNITED TEXTILES     NAOSF US       -44175513.67      341686153.14
UNITED TEXTILES     UTEX EU        -44175513.67      341686153.14
UNITED TEXTILES     NAOYK GA       -44175513.67      341686153.14
UNITED TEXTILES     UTEX EO        -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    HUGC IX           -41577000        1251297920
HUNGARIAN TELEPH    HUC GR            -41577000        1251297920
HUNGARIAN TELEPH    HUC EX            -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    BCP IX         -10192301.85      119787800.54
BOUNDARY CAPITAL    BCP1 EU        -10192301.85      119787800.54
BOUNDARY CAPITAL    BCP ID         -10192301.85      119787800.54
BOUNDARY CAPITAL    BCM GR         -10192301.85      119787800.54
BOUNDARY CAPITAL    BCPI IX        -10192301.85      119787800.54
BOUNDARY CAPITAL    BCP1 PG        -10192301.85      119787800.54
BOUNDARY CAPITAL    BCP1 EO        -10192301.85      119787800.54
ELAN CORP PLC       ELNGBX EO        -223400000        1844599936
ELAN CORP PLC       ELN IX           -223400000        1844599936
ELAN CORP PLC       ELNUSD EO        -223400000        1844599936
ELAN CORP PLC       ELNGBP EO        -223400000        1844599936
ELAN CORP PLC       ELN TQ           -223400000        1844599936
ELAN CORP PLC       ELN LN           -223400000        1844599936
ELAN CORP PLC       DRXG IX          -223400000        1844599936
ELAN CORP PLC       ELN NR           -223400000        1844599936
ELAN CORP PLC       ELN EU           -223400000        1844599936
ELAN CORP PLC       ECN VX           -223400000        1844599936
ELAN CORP PLC       ELNUSD EU        -223400000        1844599936
ELAN CORP PLC       ELA LN           -223400000        1844599936
ELAN CORP PLC       ELA IX           -223400000        1844599936
ELAN CORP PLC       ELA PO           -223400000        1844599936
ELAN CORP PLC       DRX GR           -223400000        1844599936
ELAN CORP PLC       ELN EO           -223400000        1844599936
ELAN CORP PLC       ELN ID           -223400000        1844599936
ELAN CORP PLC       ELNCF US         -223400000        1844599936
ELAN CORP PLC       DRX1 PZ          -223400000        1844599936
ELAN CORP-ADR       ELN US           -223400000        1844599936
ELAN CORP-ADR       QUNELN AU        -223400000        1844599936
ELAN CORP-ADR       EANG IX          -223400000        1844599936
ELAN CORP-ADR       EAN GR           -223400000        1844599936
ELAN CORP-ADR       ELAD LN          -223400000        1844599936
ELAN CORP-ADR UT    ELN/E US         -223400000        1844599936
ELAN CORP-CVR       LCVRZ US         -223400000        1844599936
ELAN CORP-CVR       ELNZV US         -223400000        1844599936
ELAN CORP/OLD       1295Z ID         -375500000        1693300096
PAYZONE PLC         PAYZ PG       -138030903.22      510010035.33
PAYZONE PLC         PAYZ EU       -138030903.22      510010035.33
PAYZONE PLC         PAYZ EO       -138030903.22      510010035.33
PAYZONE PLC         PAYZ IX       -138030903.22      510010035.33
PAYZONE PLC         4P6 GR        -138030903.22      510010035.33
PAYZONE PLC         PAYZ LN       -138030903.22      510010035.33
WATERFORD - RTS     WWWA ID       -505729895.23      820803256.03
WATERFORD - RTS     WWWA GR       -505729895.23      820803256.03
WATERFORD - RTS     WWWB ID       -505729895.23      820803256.03
WATERFORD - RTS     508523Q LN    -505729895.23      820803256.03
WATERFORD - RTS     508519Q LN    -505729895.23      820803256.03
WATERFORD - RTS     WWWB GR       -505729895.23      820803256.03
WATERFORD W-ADR     WATWY US      -505729895.23      820803256.03
WATERFORD WDGEWD    WATFF US      -505729895.23      820803256.03
WATERFORD WDGEWD    WATWF US      -505729895.23      820803256.03
WATERFORD WE-RTS    WTFF ID       -505729895.23      820803256.03
WATERFORD WE-RTS    WTFF LN       -505729895.23      820803256.03
WATERFORD WE-RTS    WTFN VX       -505729895.23      820803256.03
WATERFORD WE-RTS    WTFN LN       -505729895.23      820803256.03
WATERFORD WE-RTS    WTFN ID       -505729895.23      820803256.03
WATERFORD WED-RT    586556Q LN    -505729895.23      820803256.03
WATERFORD WED-RT    WWWC ID       -505729895.23      820803256.03
WATERFORD WED-RT    WWWD 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    WWWC GR       -505729895.23      820803256.03
WATERFORD WED-RT    WWWD GR       -505729895.23      820803256.03
WATERFORD WED-UT    WTFUGBX EO    -505729895.23      820803256.03
WATERFORD WED-UT    WTFUGBX EU    -505729895.23      820803256.03
WATERFORD WED-UT    WTFU EU       -505729895.23      820803256.03
WATERFORD WED-UT    WTFU PO       -505729895.23      820803256.03
WATERFORD WED-UT    WTFU IX       -505729895.23      820803256.03
WATERFORD WED-UT    WTFU VX       -505729895.23      820803256.03
WATERFORD WED-UT    WTFU LN       -505729895.23      820803256.03
WATERFORD WED-UT    WWW PO        -505729895.23      820803256.03
WATERFORD WED-UT    WTFU ID       -505729895.23      820803256.03
WATERFORD WED-UT    WWW GR        -505729895.23      820803256.03
WATERFORD WED-UT    WTFU EO       -505729895.23      820803256.03
WATERFORD WED-UT    WWWD PZ       -505729895.23      820803256.03
WATERFORD-ADR UT    WFWA GR       -505729895.23      820803256.03
WATERFORD-ADR UT    WATFZ US      -505729895.23      820803256.03
WATERFORD-SUB       3001875Z ID   -505729895.23      820803256.03


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


ITALY
-----
ARENA SPA           ARE2 EO        -26843216.33      117951651.43
ARENA SPA           RON IX         -26843216.33      117951651.43
ARENA SPA           RON GR         -26843216.33      117951651.43
ARENA SPA           AREI PZ        -26843216.33      117951651.43
ARENA SPA           ARE IM         -26843216.33      117951651.43
ARENA SPA           ARE2 EU        -26843216.33      117951651.43
ARENA SPA           RNCNF US       -26843216.33      117951651.43
ARENA SPA           ARE2 TQ        -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            GC IX         -151690764.75      791310848.67
COIN SPA            965089Q GR    -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    CITU IX       -137726596.25      527372691.43
COMPAGNIA ITALIA    CGLUF US      -137726596.25      527372691.43
CREDITO FOND-RTS    CRFSA IM      -200209050.26     4213063202.32
CREDITO FONDIARI    CRF IM        -200209050.26     4213063202.32
LAZIO SPA           SSLZF US       -15482934.18      260633690.01
LAZIO SPA           SSL1 EO        -15482934.18      260633690.01
LAZIO SPA           SSL1 EU        -15482934.18      260633690.01
LAZIO SPA           571260Q US     -15482934.18      260633690.01
LAZIO SPA           LZO1 GR        -15482934.18      260633690.01
LAZIO SPA           SSL IM         -15482934.18      260633690.01
LAZIO SPA           SSLI PZ        -15482934.18      260633690.01
LAZIO SPA           SSL1 IX        -15482934.18      260633690.01
LAZIO SPA           LZO GR         -15482934.18      260633690.01
LAZIO SPA-RTS       SSLAA IM       -15482934.18      260633690.01
LAZIO SPA-RTS       SSLAZ IM       -15482934.18      260633690.01
OLCESE SPA          O IM           -12846689.89      179691572.79
OLCESE SPA-RTS      OAA IM         -12846689.89      179691572.79
OLCESE VENEZIANO    OLVE IM        -12846689.89      179691572.79
OMNIA NETWORK SP    ONTI IX        -14203645.83       330093845.4
OMNIA NETWORK SP    ONT EO         -14203645.83       330093845.4
OMNIA NETWORK SP    ONT PZ         -14203645.83       330093845.4
OMNIA NETWORK SP    ONT IM         -14203645.83       330093845.4
OMNIA NETWORK SP    ONT TQ         -14203645.83       330093845.4
OMNIA NETWORK SP    ONT EU         -14203645.83       330093845.4
RONCADIN SPA        RON IM         -26843216.33      117951651.43
RONCADIN SPA-RT     RONAA IM       -26843216.33      117951651.43
RONCADIN SPA-RTS    RONAAW IM      -26843216.33      117951651.43
SNIA BPD            SN GR          -97720525.24      339401569.86
SNIA BPD-ADR        SBPDY US       -97720525.24      339401569.86
SNIA SPA            SN EU          -97720525.24      339401569.86
SNIA SPA            SN TQ          -97720525.24      339401569.86
SNIA SPA            SN EO          -97720525.24      339401569.86
SNIA SPA            SBPDF US       -97720525.24      339401569.86
SNIA SPA            SIAI PZ        -97720525.24      339401569.86
SNIA SPA            SNIA GR        -97720525.24      339401569.86
SNIA SPA            SIAI IX        -97720525.24      339401569.86
SNIA SPA            SNIB GR        -97720525.24      339401569.86
SNIA SPA            SNIXF US       -97720525.24      339401569.86
SNIA SPA            SSMLF 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        SNAA IM        -97720525.24      339401569.86
SNIA SPA-RTS        SNSO IM        -97720525.24      339401569.86
SOCOTHERM SPA       SCT EO         -28370270.37      537950362.36
SOCOTHERM SPA       SCT TQ         -28370270.37      537950362.36
SOCOTHERM SPA       SOCEF US       -28370270.37      537950362.36
SOCOTHERM SPA       SCTI PZ        -28370270.37      537950362.36
SOCOTHERM SPA       SCT EU         -28370270.37      537950362.36
SOCOTHERM SPA       SCTM IX        -28370270.37      537950362.36
SOCOTHERM SPA       SCT IM         -28370270.37      537950362.36
TECNODIFF ITALIA    TDI IM         -89894162.82      152045757.48
TECNODIFF ITALIA    TDIFF US       -89894162.82      152045757.48
TECNODIFF ITALIA    TDI NM         -89894162.82      152045757.48
TECNODIFF ITALIA    TEF GR         -89894162.82      152045757.48
TECNODIFF-RTS       TDIAOW NM      -89894162.82      152045757.48
TECNODIFFUSIONE     TDIAAW IM      -89894162.82      152045757.48
TISCALI SPA         TISN IX        -24638454.05     1569205599.82
TISCALI SPA         TISN IM        -24638454.05     1569205599.82
TISCALI SPA         TIQ GR         -24638454.05     1569205599.82
TISCALI SPA         TISGBP EO      -24638454.05     1569205599.82
TISCALI SPA         TIS PZ         -24638454.05     1569205599.82
TISCALI SPA         TISN VX        -24638454.05     1569205599.82
TISCALI SPA         TIQG IX        -24638454.05     1569205599.82
TISCALI SPA         TISN FP        -24638454.05     1569205599.82
TISCALI SPA         TSCXF US       -24638454.05     1569205599.82
TISCALI SPA         TISGBX EU      -24638454.05     1569205599.82
TISCALI SPA         TIS EU         -24638454.05     1569205599.82
TISCALI SPA         TISN NA        -24638454.05     1569205599.82
TISCALI SPA         TIS FP         -24638454.05     1569205599.82
TISCALI SPA         TIS NA         -24638454.05     1569205599.82
TISCALI SPA         TIS EO         -24638454.05     1569205599.82
TISCALI SPA         TIS TQ         -24638454.05     1569205599.82
TISCALI SPA         TIS IM         -24638454.05     1569205599.82
TISCALI SPA         TIS IX         -24638454.05     1569205599.82
TISCALI SPA         TIS NR         -24638454.05     1569205599.82
TISCALI SPA         TIS VX         -24638454.05     1569205599.82
TISCALI SPA         TISGBX EO      -24638454.05     1569205599.82
TISCALI SPA- RTS    TISAXA IM      -24638454.05     1569205599.82
TISCALI SPA- RTS    TIQ1 GR        -24638454.05     1569205599.82


LUXEMBOURG
----------
CARRIER1 INT-AD+    CONE ES           -94729000         472360992
CARRIER1 INT-ADR    CONE US           -94729000         472360992
CARRIER1 INT-ADR    CONEQ US          -94729000         472360992
CARRIER1 INT-ADR    CONEE US          -94729000         472360992
CARRIER1 INTL       CJN NM            -94729000         472360992
CARRIER1 INTL       CJNA GR           -94729000         472360992
CARRIER1 INTL       CJN GR            -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     BAAVF US        -7854741.41      609871188.88
BAAN COMPANY NV     BAAN GR         -7854741.41      609871188.88
BAAN COMPANY NV     BAAN EO         -7854741.41      609871188.88
BAAN COMPANY NV     BAAN IX         -7854741.41      609871188.88
BAAN COMPANY NV     BAAN PZ         -7854741.41      609871188.88
BAAN COMPANY NV     BAAN EU         -7854741.41      609871188.88
BAAN COMPANY NV     BAAN NA         -7854741.41      609871188.88
BAAN COMPANY NV     BNCG IX         -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    726824Z NA       -108700000        1898699904
JAMES HARDIE IND    600241Q GR       -108700000        1898699904
JAMES HARDIE IND    HAH AU           -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    JHX AU           -108700000        1898699904
JAMES HARDIE-CDI    JHIUF US         -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 LN       -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-EUROP    UPC VX       -5505478849.55     5112616630.06
UNITED PAN-EUROP    UPE1 GR      -5505478849.55     5112616630.06
UNITED PAN-EUROP    UPCOF US     -5505478849.55     5112616630.06
UNITED PAN-EUROP    UPE GR       -5505478849.55     5112616630.06
UNITED PAN-EUROP    UPCEF US     -5505478849.55     5112616630.06
WAH KING INVEST     WAHK US              -69320         127631096
WAH KING INVEST     WAHKE US             -69320         127631096


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


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


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


ROMANIA
-------
OLTCHIM RM VALCE    OLT EO         -16862370.58      614340383.91
OLTCHIM RM VALCE    OLT EU         -16862370.58      614340383.91
OLTCHIM RM VALCE    OLT PZ         -16862370.58      614340383.91
OLTCHIM RM VALCE    OLTEUR EU      -16862370.58      614340383.91
OLTCHIM RM VALCE    OLTEUR EO      -16862370.58      614340383.91
OLTCHIM RM VALCE    OLT RO         -16862370.58      614340383.91
OLTCHIM RM VALCE    OLTCF US       -16862370.58      614340383.91
RAFO SA             RAF RO        -457922636.25      356796459.26
UZINELE SODICE G    UZIM RO        -35878364.71      104942905.83
DUVANSKA            DIVR SG         -7729350.78      109207260.53
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     ALCE* RU         -672832.37      105454563.92
ALFA CEMENT-BRD     AFMTF US         -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      SMNG$ 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-P    SMNGP$ RU     -331600428.45      891998590.74
SAMARANEFTEGAS-P    SMNGP RM      -331600428.45      891998590.74
SAMARANEFTEGAS-P    SMNGP* RU     -331600428.45      891998590.74
TERNEYLES-BRD       TERL* RU        -15178937.2      182115156.77
TERNEYLES-BRD       TERL RU         -15178937.2      182115156.77
URGALUGOL-BRD       YRGL RU        -14863411.56      135736934.02
URGALUGOL-BRD       YRGL* RU       -14863411.56      135736934.02
URGALUGOL-BRD-PF    YRGLP RU       -14863411.56      135736934.02
VIMPEL SHIP-BRD     SOVP* RU      -110204703.34      120620770.43
VIMPEL SHIP-BRD     SOVP RU       -110204703.34      120620770.43
ZIL AUTO PLANT      ZILL$ RU      -165713442.78      328106800.85
ZIL AUTO PLANT-P    ZILLP RM      -165713442.78      328106800.85
ZIL AUTO PLANT-P    ZILLP* RU     -165713442.78      328106800.85
ZIL AUTO PLANT-P    ZILLP RU      -165713442.78      328106800.85


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    ZRLUF US       -91603977.68      1725908124.2
ZORLU ENERJI ELE    ZORENM TI      -91603977.68      1725908124.2
ZORLU ENERJI ELE    ZOREN 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         -8466062.15      297261661.11
DONETSKOBLENERGO    DOON UZ       -222373172.26      391097664.92
LUGANSKOBLENERGO    LOEN UZ        -27999610.26      206103874.91
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.


                 * * * End of Transmission * * *