TCREUR_Public/090811.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 11, 2009, Vol. 10, No. 157

                            Headlines

A U S T R I A

IVAN-BAU GMBH: Claims Filing Deadline is August 19
MAGNA ENTERTAINMENT: To Sell Shares in Austria-Based Fex Oko
MLG TRADING: Creditors Must File Claims by August 14
NONSTOP TRANSPORT: Creditors Must File Claims by August 14
SYSCOM GMBH: Claims Filing Deadline is August 18


B E L A R U S

BELARUSIAN BELVNESHECONOMBANK: Fitch Assigns 'B' Issuer Rating
VTB BANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'


B E L G I U M

KBC BANK: Nonpayment of Coupons Cues Fitch's Rating Cuts on Notes
KBC GROEP: Sets Aside EUR300 Mln for CDO Compensation Claims


F R A N C E

FCC GIAC: Moody's Cuts Rating on Class MA Units to 'B3'
MIDWAY GAMES: To Sell Interests in Foreign Units for US$1.7MM
NORTEL NETWORKS: Wins Approval of Avaya-Led Auction of Unit
PEUGEOT CITROEN: Credit Default Swaps Rise After S&P Cut Rating


G E R M A N Y

ACUMENT GMBH: Files for Pre-Packaged Restructuring Plan
BKN INTERNATIONAL: Cologne Tax Office Files Insolvency Petition
FRESENIUS MEDICAL: 2Q09 Net Income Rises to US$221 Million
GENERAL MOTORS: RHJ to Sweeten Bid for Opel/Vauxhall Operations
HYPO REAL: Munich Court Hears Shareholder Compensation Case

MIDWAY GAMES: To Sell Interests in Foreign Units for US$1.7MM
VISTEON CORP: Records US$112 Mil. Net Loss for Second Quarter
VIVACON AG: Sale of 2,400 Properties to Cut Debt by US$119 Mln


H U N G A R Y

* HUNGARY: Corporate Liquidations Increase to 1,292 in July 2009


I R E L A N D

EUROHOME MORTGAGES: Fitch Says Deferral of Interest Was Expected
OCELOT CDO: S&P Cuts Rating on Class B Series 2005-4 Notes to 'B+'


I T A L Y

CAFFARO CHIMICA: Commissioner Selling Brescia/Torviscosa Complexes
RISANAMENTO SPA: To Give Real Estate to Banco Popolare, Sole Says
TREVISAN COMETAL: Seeks Bankruptcy After Debt Restructuring Fail
WIND TELECOMUNICAZIONI: Bonds Gain as First Half Profit Increases


K A Z A K H S T A N

AGROHOLDING COMPANY: Creditors Must File Claims by August 14
AIS ASTANA: Creditors Must File Claims by August 14
AKMOLDA ALATAU: Creditors Must File Claims by August 14
ASTANA KOTLO: Creditors Must File Claims by August 14
ECO KOSTANAISKY: Creditors Must File Claims by August 14

INVEST PROJECT: Creditors Must File Claims by August 14
MANGISTAU ZAP: Creditors Must File Claims by August 14
NIKA SERVICE: Creditors Must File Claims by August 14
ROS KAZ: Creditors Must File Claims by August 14
TULPAR OJSC: Creditors Must File Claims by August 14


K Y R G Y Z S T A N

AK-TUZ: Public Auction Scheduled for August 18


N E T H E R L A N D S

ARRAN CORPORATE: Fitch Junks Ratings on Two Classes of Notes
CNH GLOBAL: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
DALRADIAN EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Ca'
ELM B.V.: S&P Lowers Rating on Class B Notes to 'D'
NIELSEN COMPANY: Bank Debt Trades at 5% Off in Secondary Market

PDM CLO: Moody's Confirms 'Caa3' Rating on EUR13.5MM Class E Notes


R U S S I A

BALAKHINSKIY METAL: Creditors Must File Claims by August 19
BIZNES-STROY LLC: Creditors Must File Claims by August 19
COMSTAR UNITED: S&P Retains CreditWatch Negative on 'BB' Rating
EL-P-MASH LLC: Creditors Must File Claims by August 19
KUB-STROY LLC: Creditors Must File Claims by August 17

LIPETSK MACHINE: Creditors Must File Claims by August 19
LOCKO-BANK ZAO: Fitch Affirms Issuer Default Rating at 'B'
MASTER BANK: Fitch Maintains 'B-' Long-Term Foreign Currency IDR
MOBILE TELESYSTEMS: S&P Retains Negative Watch on 'BB' Rating
NIZHNEKAMSKNEFTEKHIM OAO: Fitch Corrects August 6 Press Release

PRIKASPIY-BUR: A. Kamenskiy Named Temporary Insolvency Manager
RYAZANSKAY MOTION: Creditors Must File Claims by August 19
STROY-TRANS LLC: Creditors Must File Claims by August 19
UNITY RE: Moody's Affirms 'B1' Insurance Financial Strength Rating

* NOGINSK: Fitch Assigns 'CCC' Long-Term Currency Ratings


S L O V E N I A

INFOND HOLDING: Declares Insolvency After Creditors Sold Shares


S P A I N

SANTANDER HIPOTECARIO: S&P Affirms 'D' Rating on Class F Notes


S W I T Z E R L A N D

21I.NET SERVICESG: Claims Filing Deadline is August 13
BGM HOLDING: Claims Filing Deadline is August 13
BUCHER AUTOSOUND: Creditors Must File Claims by August 13
C.P.R. PARTNER: Claims Filing Deadline is August 13
H. VETSCH: Creditors Must File Claims by August 13

INSL GMBH: Claims Filing Deadline is August 14
KARL MUELLER: Claims Filing Deadline is August 13
MUSIK RUTSCHMANN: Creditors Must File Claims by August 13
TRANSADVICE GMBH: Claims Filing Deadline is August 14


U K R A I N E

ALFA-BANK UKRAINE: S&P Raises Counterparty Ratings to 'CCC+/C'
ALPHA-BUILDING: Creditors Must File Claims by August 13
ASV-PARKET: Creditors Must File Claims by August 13
BANK KIEV: Gets Six-Month Debt Payment Moratorium
CONVINS LLC: Creditors Must File Claims by August 13

ELDORADO-SERVICE LLC: Creditors Must File Claims by August 14
FIRST UKRAINIAN: Moody's Downgrades Global Deposit Rating to 'B2'
GARANT-COMMONWEALTH: Creditors Must File Claims by August 13
KRONOS-2004 LLC: Creditors Must File Claims by August 13
NAFTA-POLTAVA LLC: Creditors Must File Claims by August 13

NAFTOGAZ NJSC: Moody's Cuts Corporate Family Rating to 'Caa2'
NAFTOGAZ OJSC: Fitch Comments on Forced Debt Restructuring
NATSIONALNYI KREDIT: Gets Debt Payment Moratorium
PROTIKRADIY LLC: Creditors Must File Claims by August 13
SLAM-TRADE LLC: Creditors Must File Claims by August 13

STARPOM-K LLC: Creditors Must File Claims by August 13
STATE EXPORT: Fitch Affirms Long-Term Issuer Default Rating at 'B'
STATE SAVINGS: Fitch Affirms Individual Rating at 'E'
SWEDBANK PJSC: Fitch Affirms Individual Rating at 'E'
UKRGASBANK: Moody's Keeps 'E+' Bank Financial Strength Rating

UKRPROMBANK TOV: Central Bank Extends Debt Payment Moratorium
YEVROPEISKYI BANK: May Face Liquidation, NBU Says
ZAKHIDINCOMBANK TOV: Secures Debt Payment Moratorium From NBU


U N I T E D   K I N G D O M

ALBA 2007-1: Fitch Junks Rating on Class E Notes From 'B'
BARNARD HAMILTON: Section 98 Meeting Set for August 12
ITV PLC: Sells Friends Reunited; Mulls Legal Action Against STV
ITV PLC: Moody's Downgrades Corporate Family Rating to 'B1'
ITV PLC: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'

SOMF LIMITED: Moody's Cuts Rating on Class A2 Notes to 'Ba1'
SOUTH WEST RADIO: Put Into Administration; To Sell Stations
STABLE HOLDINGS: Administrators Put Assets Up for Sale
VIRGIN MEDIA: Eyes London Listing by Christmas

VISTEON CORP: U.K. Pensioners Object to Employee Incentive Plan

* UK: Corporate Insolvencies Up 22.7% in Second Quarter 2009
* Bingham Expands Fin'l Institutions Litigation Practice in London
* Fitch Puts Ratings on 262 Tranches on Rating Watch Negative

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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IVAN-BAU GMBH: Claims Filing Deadline is August 19
--------------------------------------------------
Creditors of IVAN-Bau GmbH have until August 19, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com


MAGNA ENTERTAINMENT: To Sell Shares in Austria-Based Fex Oko
------------------------------------------------------------
Carla Main at Bloomberg News reports that Magna Entertainment
Corp. is asking the U.S. Bankruptcy Court for the District of
Delaware for permission to sell the stock in Fex Oko-
Faservarbeitungs-GmbH.  The shares of Fex Oko are owned by a non-
bankrupt unit of Magna Entertainment.  According to Court filings,
Neusied-Zeya, Austria-based Fex Oko manufactures Strufex, "an
environmentally friendly horse bedding."

Bloomberg recounts that after acquiring Fex Oko in 2004, a Magna
unit bought land for manufacturing and entered into a licensing
agreement for the product, Fex Straw, which had sales of
US$1.2 million in 2008.  Fex Oko stock isn't the property of the
bankruptcy estate because all of the stock is owned by a non-
debtor subsidiary, Magna argues in court papers.

The motion is set for a hearing on Aug. 26.  Objections are to be
filed by Aug. 19.

                     About Magna Entertainment

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.


MLG TRADING: Creditors Must File Claims by August 14
----------------------------------------------------
Creditors of MLG Trading GmbH have until August 14, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 28, 2009, at 9:00 a.m. at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria

For further information, contact the company's administrator:

         MMag. Dr. Reinhold Zeinhofer
         Hofgasse 9
         4020 Linz
         Austria
         Tel: 0732/77 88 98
         Fax: 0732/77 88 98 99
         E-mail: zs@anwaltskanzlei.co.at


NONSTOP TRANSPORT: Creditors Must File Claims by August 14
----------------------------------------------------------
Nonstop Transport Handel Gastronomie GmbH will convene a meeting
of its creditors at 09.50 a.m. on August 28, 2009, at Land Court
of Innsbruck, meeting room 214/2nd floor.

Creditors of Nonstop Transport Handel Gastronomie GmbH have until
August 14, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 28, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Christian Winder
         Anichstrasse 1/II
         6020 Innsbruck
         Austria
         Tel: 0512/56 63 69
         Fax: 0512/56 60 82
         E-mail: cjwinder@tirol.com


SYSCOM GMBH: Claims Filing Deadline is August 18
------------------------------------------------
Creditors of Syscom GmbH have until August 18, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 1, 2009 at 1:30 p.m.

For further information, contact the company's administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Wien
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at


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B E L A R U S
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BELARUSIAN BELVNESHECONOMBANK: Fitch Assigns 'B' Issuer Rating
--------------------------------------------------------------
Fitch Ratings has assigned Belarusian Belvnesheconombank a Long-
term Issuer Default Rating of 'B', Short-term IDR 'B', an
Individual rating of 'D/E', a Support rating of '4', and Support
Rating Floor of 'No Floor'.  The Outlook for the Long-term IDR is
Negative

BVEB's IDRs and Support Rating are underpinned by potential
support, in case of need, from its majority shareholder, Russia's
Vnesheconombank ('BBB'/Negative Outlook).  Fitch believes that
should BVEB require support, VEB would be likely to have both the
propensity and ability to provide it.  However, Belarusian
transfer and convertibility risks may constrain the extent to
which BVEB would be able to utilize this support.

The Individual rating reflects BVEB's relatively small size,
significant borrower and depositor concentrations, a high share of
foreign currency loans, its deteriorating asset quality and the
risks associated with aggressive growth plans in a challenging
operating environment.  The Individual rating also takes into
account the bank's special role in financing Belarus's
international trade, comfortable liquidity profile and reasonable
capital ratios.  Its capitalization is supported by improving
profitability and should benefit from further recapitalization
plans that are likely to significantly strengthen the bank's loss
absorption capacity.

The Negative Outlook reflects the growing risk that Belarus's
deteriorating economic environment and external finances could
weaken the sovereign's credit profile and lead to an increase in
transfer and convertibility risks.  The Individual rating could
come under downward pressure should asset quality deteriorate
faster than expected, particularly if recapitalization plans are
not implemented.  Any significant threat to Belarus's economic
stability could also put pressure on BVEB's Individual rating by
impacting its asset quality, the stability of its funding base and
its liquidity profile.

The loan portfolio grew 43% in 2008 and 17% in H109, although H109
growth was almost fully attributable to the depreciation of the
Belarusian rouble (BYR).  Despite the deteriorating environment,
the bank budgets a 53% loan growth for 2009 (even though it missed
the 31% growth target for H109).  Reported asset quality is good
but is rapidly deteriorating -- loans overdue for over 90 days
amounted to 1.1% of gross loans at end-H109 (end-2008: 0.6%) and a
further 2.1% of the loan book was rolled over on the same date
(end-2008: 0.3%).  The aggressive growth targets, high share of
foreign currency lending (65% of the loan book at end-H109) and
significant borrower concentration (the 20 largest borrowers
accounted for 49% of corporate loans at end-H109) expose the bank
to additional credit risks.

The 20 largest depositors accounted for a significant 33% of total
deposits at end-H109 although concentration risk is somewhat
mitigated by BVEB's comfortable liquidity position with liquid
assets (defined as cash and equivalents, interbank placements and
securities) amounting to 51% of customer funding at end-H109.

BVEB's regulatory tier 1 and total capital ratios stood at a
reasonable 19.3% and 30.1%, respectively at end-H109 while
significant improvement in profitability (H109 statutory net
profit was 155% of 2008 profit) supports internal capital
generation.  Fitch estimates that at end-H109 BVEB could have
raised its loan impairment reserves to approximately 26% of its
gross loans from the current level of 2% before its capital
adequacy would have fallen to the regulatory minimum level.  A
further increase of share capital by up to an equivalent of
US$150 million (about 92% of end-H109 equity) is planned for H209.
VEB will also provide BVEB with long-term RUB-denominated
subordinated debt equivalent to US$50 million.  After factoring in
the budgeted loan portfolio growth of 53% for 2009 and these
recapitalization plans, BVEB's maximum loss absorption capacity
could increase up to about 46% of gross loans at end-2009, absent
any significant BYR depreciation.

BVEB is 97.24%-owned by VEB and is a universal bank with a strong
regional presence in Belarus and 2.5% share of the system's assets
at end-H109.  BVEB plays a special policy role in financing
Russian imports and acts as an agent of the Belarusian government
in attracting foreign investment into strategic infrastructure
projects.


VTB BANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed Belarus-based VTB Bank's (Belarus) CJSC
Long-term Issuer Default Rating at 'B' with a Negative Outlook.

VTBB's IDRs and Support Rating are underpinned by the support the
bank could receive, if needed, from its majority shareholder,
Russia's second largest state-owned bank VTB Bank (VTB, rated
'BBB'/Outlook Negative).  However, the extent to which such
support could be utilized by VTBB may be limited by Belarusian
transfer and convertibility risks.

The Negative Outlook reflects the growing risk that Belarus's
deteriorating macroeconomic environment and external finances
could weaken the sovereign's credit profile and lead to an
increase in transfer and convertibility risks.

VTBB's Individual Rating of 'E' reflects the risks stemming from
rapid loan book growth before crisis (112% in 2008; 156% in 2007),
which may give rise to significant loan impairment growth as the
loan book seasons.  However, the current level of reported NPLs,
defined as loans overdue by 90 days, remains at a low 0.5% of the
loan book at end-H109 and fully covered by reserves (equal to 2.4%
of gross loans under Belarusian accounting standards at end-H109
and 3.5% of loans under IFRS at end-Q109).  Fitch notes that the
loan book is largely FX-denominated.  This is somewhat less of a
concern for corporate exposures, which are dominated by the
oil/petrochemical and related industries, have easier access to FX
revenues and mainly use short-term loans for working capital
purposes.  However, it is more of a concern in the retail loan
book in the current environment.  The retail portfolio has grown
quickly and increased to 23% of the gross loan book at end-Q109
under IFRS from 10% at end-2006, mainly consisting of long-term
mortgages and auto loans.  Any significant further Belarusian
Ruble (BYR) devaluation could lead to a substantial growth of NPLs
and require additional capital to absorb them.

VTBB's tier 1 and total capital ratios were 11.8% and 21.2%,
respectively, at end-H109.  Fitch estimates that the bank could
have increased the reserves/loans ratio up to 14% at end-H109,
before capital ratios would have reached minimum regulatory
levels.  However, loss absorption capacity may be notably reduced
in the event of a marked BYR devaluation, which would inflate
risk-weighted assets due to the high share of FX loans.

VTBB is a universal bank, predominantly focused on servicing
corporate clients.  At end-H109, VTBB had 2.2% of system assets,
2.1% of corporate loans and 1.3% of retail deposits.  VTBB's
largest shareholder is VTB with a 69.7% stake.

The rating actions are:

  -- Long-term IDR: affirmed at 'B'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Individual Rating: affirmed at 'E'


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B E L G I U M
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KBC BANK: Nonpayment of Coupons Cues Fitch's Rating Cuts on Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded KBC Bank's hybrid securities
following the announcement that the bank will defer discretionary
coupon payments on certain hybrids securities while it is
discussing the potential deferral of other hybrids securities with
the European Commission.  The announcement has to be put in the
context of the European Commission reviewing KBC Group's
restructuring plan after the capital transaction with the Flemish
region and the guarantee deal with the Belgian State.

BE0119284710 issued by KBC Bank has been downgraded to 'CCC' from
'BB+' and placed on Rating Watch Negative.  The downgrade follows
KBC Bank's announcement that it will defer the next coupon payment
due in December 2009.  The RWN reflects Fitch's concern over the
potential deferral of future coupon payments.

XS0099124793 issued by KBC Funding Trust II downgraded to 'B-'
from 'BB+' and placed on RWN, following KBC Bank's announcement
that potential deferral of coupon payment on these notes is being
discussed with the European Commission.

US48239AAA79 issued by KBC Funding Trust III downgraded to 'B'
from 'BB+' and placed on RWN.

USU2445TAA08 issued by KBC Funding Trust IV downgraded to 'B' from
'BB+' and placed on RWN.

BE0934378747 issued by KBC Bank downgraded to 'B' from 'BB+' and
placed on RWN.

XS0368735154 issued by KBC Bank downgraded to 'B' from 'BB+' and
placed on RWN.  Despite KBC Bank's announcement that coupons for
the four above mentioned notes will be paid on the forthcoming
payment dates (September and December 2009) or that no payment
dates become due until end-2009, the rating action on these notes
reflects Fitch's concern over the potential deferral of future
coupon payments beyond these time periods.


KBC GROEP: Sets Aside EUR300 Mln for CDO Compensation Claims
------------------------------------------------------------
Stanley Pignal at The Financial Times reports that KBC Groep NV
has set aside EUR300 million (US$430 million) to compensate
private banking clients who lost out after the value of the
instruments they were sold collapsed as credit markets seized in
2008.

According to the FT, claims for compensation from private
investors, who had bought a total of EUR600 million of
collateralized debt obligations from KBC's private banking arm,
will be considered "on a case-by-case basis".

The FT relates KBC, which has received three state bail-outs, said
the compensation is not an admission that the bank mis-sold
complex financial products, but was being undertaken after a
number of clients complained.  The bank, as cited by the FT, said
there were no plans to extend the scheme to the institutional
investors that had purchased a further EUR1.3 billion of CDOs from
KBC.

                        About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


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F R A N C E
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FCC GIAC: Moody's Cuts Rating on Class MA Units to 'B3'
-------------------------------------------------------
Moody's Investors Service has downgraded and left under review,
direction uncertain, its rating of one class of mezzanine notes
issued by the FCC GIAC 3.

This transaction is a cash CLO of SME loans that closed in 1999.

According to Moody's, the rating actions taken on the Parts
Mezzanines A (the Class MA Units) are a result of the defaults
suffered in the portfolio, which amount to over EUR5 million as
per the report (arrete trimestriel) dated June 2009.  This led to
an undercollateralization of the Class MA Units where the amount
of the performing assets (EUR4.3 million) is less than the
principal amount outstanding on the Class MA Units
(EUR5.2 million).

The action also reflects the revised and updated key modelling
parameter assumptions that Moody's uses to rate and monitor
ratings of collateralized loan obligations and which are also
being applied in its analysis of SME CDOs.  Moody's announced the
changes to these assumptions in a press release titled "Moody's
updates key assumptions for rating CLOs", published on 4 February
2009.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, and the potential for selection bias in
the portfolio.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.

The Class MA Units benefit from a guarantee provided by Rabobank
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. which was
initially capped at a certain percentage of the outstanding
portfolio.  However, the actual amount available under the
guarantee may be subject to different interpretation.  The outcome
of the resolution of this uncertainty can vary significantly.  As
a result, Moody's leaves the rating of the Class MA Units under
review with direction uncertain.

Moody's has also withdrawn the Aaa rating assigned to the Parts
Prioritaires (the Class A Units) as a result of the redemption in
full of such units.

Moody's monitors this transaction using primarily the methodology
and its supplements for cash flow CLOs as described in Moody's
Special Reports and press releases below:

  -- Moody's Approach to Rating CDOs of SMEs in Europe (February
     2007)

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

Rating actions:

FCC GIAC 3

  -- Class A Units, withdrawn; previously on December 1999, Aaa.

  -- Class MA Units, Downgraded to B3, Under Review Direction
     Uncertain; previously on December 1999, A3.


MIDWAY GAMES: To Sell Interests in Foreign Units for US$1.7MM
-------------------------------------------------------------
Midway Games Inc. and its affiliates ask for permission from the
Bankruptcy Court to sell their equity interests of its Midway Home
Entertainment Inc. unit in:

     (A) Midway Games sAS, a French societe par actions
         simplifiee, and Midway Games Limited, and English limited
         liability private company, to Spiess Media Holding UG,
         pursuant to a stock purchase agreement; and

     (B) Midway Games GmbH, a limited liability company regustered
         under the commercial registry of the Local Court
         Amtsgericht) of Munich, to F+F Publishing GmbH pursuant
         to another stock purchase agreement.

Following the recent sale of key assets to Warner Brothers
Entertainment Inc., the Debtors have been in the process of
marshaling and managing remaining assets.  Other than the proposed
purchasers, there were no other parties interested in the Foreign
Subsidiaries.

Aside from the three units to be sold in the private sales, other
foreign subsidiaries of Midway include Midway Studios-NewCastle
Ltd. in the U.K.; Midway Australia Holdings Pty Ltd. in Victoria,
Australia; Ratbag Pty Ltd. in South Australia; Midway Games Canada
Corp. in Nova Scotia; and K.K. Midway Games in Japan.  Newcastle
is subject to insolvency proceedings and previously operated as a
studio and a developer of video games.  The other foreign
subsidiaries are not currently subject to insolvency proceedings
in any location, and primarily distribute the Debtors' products
overseas.

                           Terms of Sale

Spiess Media is a German enterprise company with limited liability
formed by Martin Spiess for the purchase of the shares of Midway
SAS and Midway Limited.  Mr. Spiess has served as the Executive
Vice President - International for Midway Limited since April
2008.

F+F Publishing GmbH is a German limited liability company
primarily in the business of distributing video games and other
products to retailers.  F+F Publishing has been operated for
several years by Uwe Furstenberg and Hans Meyer, the sole
shareholders of F+F.

Messrs. Furstenberg and Meyer are current members of management of
Midway GmbH.

The two private sales will yield a total consideration of
US$1.7 million to Midway Home Entertainment.

Spiess Media will pay EUR1 for all of MHE's shares in Midway SAS
and Midway Limited.  F+F Publishing will pay EUR1 for all of MHE's
shares in Midway GmbH.

As a condition to closing, MHE and Midway Games on the one hand
and Midway SAS, Midway Limited and Midway GmBH on the other will
enter into an intercompany claims agreement to resolve certain of
their intercompany obligations.  Pursuant to the agreement, Midway
Limited will pay to MHE US$1,700,000.

The Bankruptcy Court will convene a hearing to consider approval
of the sale of the Shares on Aug. 18.  Objections must be filed by
Aug. 14.

                        About Midway Games

Midway Games Inc. (OTC Pink Sheets: MWYGQ), headquartered in
Chicago, Illinois, with offices throughout the world, is a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.  More information
about Midway and its products can be found at
http://www.midway.com/

The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No. 09-
10465).  David W. Carickhoff, Jr., Esq., Michael David Debaecke,
Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome LLP,
represent the Debtors in their restructuring efforts.  The Debtors
proposed Lazard as their investment banker, Dewey & LeBoeuf LLP as
special counsel, and Epiq Bankruptcy Solutions LLC as claims
agent.

On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed their sale of substantially all of their assets to
Warner Bros. Entertainment Inc. in a sale approved by the Court.
The aggregate gross purchase price is approximately US$49 million,
including the assumption of certain liabilities.


NORTEL NETWORKS: Wins Approval of Avaya-Led Auction of Unit
-----------------------------------------------------------
Nortel Networks Inc. and its debtor affiliates obtained approval
from the U.S. Bankruptcy Court for the District of Delaware to
conduct an auction for their enterprise solutions business where
Avaya Inc.'s US$475 million would be the stalking horse bid, Carla
Main at Bloomberg News reports.

The assets to be sold comprise Nortel's Enterprise Solutions
business in North American, Caribbean and Latin American and
Asian region as well as a portion of their business in Europe,
Middle East and Africa.

The Court approved an auction process, which the Debtors say, are
aimed to flush out better offers for the assets.  The deadline for
submitting bids for the assets is September 4, 2009, at 12:00 p.m.
Eastern Time.  If a bid from another company is submitted, an
auction will be conducted on September 11, 2009, at 9:30 a.m.
Eastern Time, at the offices of Cleary Gottlieb Steen & Hamilton
LLP, at One Liberty Plaza, in New York.  The Debtors will seek
approval of the results of the auction at a sale hearing on
September 15.

The Debtors have proposed to pay Avaya a US$14.25 million break-up
fee in the event Nortel elects to consummate a sale with another
party.

Consummation of the sale is subject to the satisfaction of
regulatory and other conditions and the receipt of various
approvals, including governmental approvals in Canada and the
United States and the approval of the courts in France and
Israel.  The sale is also subject to purchase price adjustments
under certain circumstances.

A full-text copy of the Nortel-Avaya Sale Agreement can be
accessed at http://bankrupt.com/misc/NortelSaleAgreementAvaya.pdf

A full-text copy of the document detailing the bidding procedures
for the proposed sale of Nortel's Enterprise Solutions Business
is available for free at:

         http://bankrupt.com/misc/NortelBiddingAvaya.pdf

Bloomberg, citing a Gartner Inc. analyst, said Nortel's sale to
Avaya would double Avaya's share of the corporate phone-gear
market, pushing it past Cisco Systems Inc.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


PEUGEOT CITROEN: Credit Default Swaps Rise After S&P Cut Rating
---------------------------------------------------------------
Abigail Moses at Bloomberg News reports that the cost of
protecting debt sold by PSA Peugeot Citroen from default rose
after the carmaker was downgraded to junk by Standard & Poor’s.

According to Bloomberg, CMA DataVision prices show credit-default
swaps linked to the company's debt climbed 25 basis points to 328,
while UniCredit SpA data show Peugeot’s EUR600 million of 6% bonds
due 2033 dropped 3 percentage points to 73.5% of face value.

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services lowered its long- and
short-term corporate credit ratings on Peugeot to 'BB+/B' from
'BBB-/A-3'.  S&P said the outlook is negative.  The ratings were
removed from CreditWatch, where they had been placed with negative
implications on June 25, 2009.  "The downgrade reflects S&P's
expectations that Peugeot's profitability and financial profile
will deteriorate significantly owing to the prolonged weakness in
European auto demand, which S&P now anticipate will persist in
2010 in contrast to S&P's previous assumption of a market recovery
that was a factor in S&P's previous ratings," said Standard &
Poor's credit analyst Barbara Castellano.

In light of these expectations and of Peugeot's historical low
industrial profitability, S&P lowered its assessment of its
business risk profile to "fair" from "satisfactory," and of its
financial risk profile to "significant" from "intermediate".

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


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


ACUMENT GMBH: Files for Pre-Packaged Restructuring Plan
-------------------------------------------------------
Acument Global Technologies, Inc. said it advised management to
initiate insolvency plan proceedings according to the German
Insolvency Code for its business in Germany, Acument GmbH & Co.
OHG, headquartered in Neuss.

Acument Germany has filed for a self-administered, pre-packaged
restructuring plan (similar to a U.S. chapter 11 filing) under the
supervision of the Insolvency Court in Duesseldorf, Germany, and a
Preliminary Insolvency Administrator.

The Insolvency Court has appointed Dr. Wolf von der Fecht to serve
as Preliminary Insolvency Administrator.  Acument Germany has
retained insolvency expert Carsten Koch of Leonhardt Westhelle &
Partner as its Chief Restructuring Officer.

"We are confident that these proceedings and the subsequent rapid
restructuring will enable Acument Germany to reemerge as a strong,
revitalized business partner to our customers in Germany," said
Robin Kendrick, Vice President and General Manager, of Acument's
Europe business unit, which includes Acument Germany.

"The self-administered insolvency process will enable us to
achieve a more competitive cost structure, while maintaining
company facilities in Germany and as many jobs for our employees
as possible," Mr. Kendrick said.  "Throughout, we will
manage the process in close coordination with our customers and
supplier partners, creditors, works councils, governments and
other key stakeholders to ensure uninterrupted supply of our
products to customers."

Acument Germany's insolvency is the result of a substantial and
steep decline in automotive production in Germany over
the past year.  The company is a leading supplier of fastening
technology to the German automotive industry.

Included in Acument Germany's insolvency proceeding are its
production sites in Beckingen, Duerbheim, Neuss, Neuwied,
and Schrozberg, Germany, as well as a distribution center in
Cologne, which combined employ more than 1,700 people.
Acument's other global operations --  including the Avdel®
facility in Langenhagen, Germany --  are not affected by the
insolvency proceeding.

Acument Germany's insolvency filing followed comprehensive
discussions between the company, its principal German
customers and its joint works councils regarding potential
strategic alternatives, including restructuring options outside
the court system.

"This self-administered insolvency will help ensure the ongoing
viability of Acument's operations in Germany, while
providing the greatest degree of assurance possible for our
customers, suppliers, employees, creditors, and other key
stakeholders," said Acument President and Chief Executive Officer
Rick Dauch.

"Acument's other global operations are on strong financial ground
thanks to a series of tough, necessary actions we have already
taken and will continue to execute across our businesses to
respond to the global recession and position Acument for success.
We have aggressively realigned costs with declines in revenue, and
we recently finalized a credit facility amendment that secures our
liquidity and provides covenant relief during the economic
downturn.  We are confident that we have strong operational and
financial plans in place at Acument to successfully navigate
continued economic pressures and ensure the overall global
competitiveness of our company," Mr. Dauch said.

               About Acument Global Technologies, Inc.

Headquartered in Neuss, Germany,  Acument GmbH & Co. OHG is a unit
of Acument Global Technologies, Inc., -- http://www.acument.com/
-- a supplier of mechanical fastening technology based in Troy,
Michigan, USA.


BKN INTERNATIONAL: Cologne Tax Office Files Insolvency Petition
---------------------------------------------------------------
The Cologne Tax Office on August 7 filed an insolvency petition
against BKN International AG due to lack of complete or full
payment related to 2007 income tax.

The company disputes the merits of this claim and intends to
vigorously defend its rights.

No other BKN company is involved in this matter.

Headquartered in Cologne, Germany, BKN International AG --
http://www.bknkids.com/-- is a global animation company engaged
in the distribution and marketing of animated children's
television programs and the marketing of related consumer products
in all forms.  BKN own the Intellectual Property Rights to many
successful global brands including Legend of the Dragon, Kong King
of Atlantis, Dork Hunters from Outer Space and the Zorro-
Generation Z series and  Zorro-Return to the Future  film and has
a catalogue containing more than 1,000 hours of programming.  The
Company is currently listed on the Deutsche Börse and London Stock
Exchange and it operates all over the world with offices in
London, Cologne, Barcelona and New York.


FRESENIUS MEDICAL: 2Q09 Net Income Rises to US$221 Million
----------------------------------------------------------
Eva von Schaper at Bloomberg News reports that Fresenius Medical
Care AG said its net income rose to US$221 million in the second
quarter of 2009 from US$211 million in the year-earlier period on
reduced tax expenses.

Bloomberg relates Fresenius Medical said higher personnel and drug
costs pushed its operating margin down to 15.1% in the second
quarter from 16.1% in the year-earlier period.

According to Bloomberg, Fresenius Medical's sales in North
America, its largest market, increased by 9%, and the average
revenue per treatment rose by US$17 to US$344 as a result of
higher reimbursement rates and use of the blood cell boosting drug
erythropoietin.  The company's international sales fell 7% to
US$888 million on unfavorable exchange rates, Bloomberg
notes.

Headquartered in Bad Hamburg, Germany, Fresenius Medical Care AG &
Co. KGaA -- http://www.fmc-ag.com/-- is a kidney dialysis
company, operating in both the field of dialysis products and the
field of dialysis services.  The Company's dialysis business is
vertically integrated, providing dialysis treatment at its own
dialysis clinics and supplying these clinics with a range of
products.  In addition, the Company sells dialysis products to
other dialysis service providers.  At December 31, 2008, it
provided dialysis treatment to 184,086 patients in 2,388 clinics
worldwide located in more than 30 countries.  In the United
States, it also performs clinical laboratory testing and provides
inpatient dialysis services and other services under contract to
hospitals.  During the year ended December 31, 2008, it provided
27.9 million dialysis treatments.  It also develops and
manufactures a range of equipments, systems and disposable
products, which it sells to customers in over 115 countries.

                      *     *     *

Fresenius Medical Care AG & Co. KGaA continues to carry a 'Ba1'
long-term corporate family rating from Moody's Investors Service
with a stable outlook.


GENERAL MOTORS: RHJ to Sweeten Bid for Opel/Vauxhall Operations
---------------------------------------------------------------
Dana Cimilluca at The Wall Street Journal reports that RHJ
International plans to sweeten its bid for General Motors Co.'s
Opel/Vauxhall operations.

Citing people familiar with the matter, the WSJ discloses RHJ is
developing a revised bid for GM's European unit that would lower
the amount of German taxpayer-funded loan guarantees required from
EUR3.8 billion (US$5.38 billion) to as little as EUR3.6 billion.
According to the WSJ, that would be EUR900 million below the
amount of state aid envisioned in a rival offer from car-parts
maker Magna International Inc.

The WSJ said one of the people said as part of any sweetened
offer, RHJ could boost its EUR275 million equity component.  The
proposal, the WSJ states, also envisions the elimination of 10,000
jobs.

Coventry Telegraph reports RHJ said it has no plans to close
Vauxhall's two UK plants or drop the brand.  Coventry Telegraph
relates Leonhard Fischer, the chief executive of RHJ, told the
Sunday Times, "We are very strong supporters of both these plants
and of the Vauxhall brand.  We want to keep a strong industrial
and brand footprint in the UK".

On July 31, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that while the Merkel government's
preferred buyer is Magna, John F. Smith, GM's chief negotiator for
the sale of Opel, has said a rival bid by RHJ is the simpler
solution.  Bloomberg disclosed in an online blog July 27, Mr.
Smith said the U.S. automaker hasn't specified a preference,
although he wrote RHJ's bid "would represent a much simpler
structure and would be easier to implement".

                       About General Motors

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

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

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

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

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

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

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


HYPO REAL: Munich Court Hears Shareholder Compensation Case
-----------------------------------------------------------
Nancy Isenson at Deutsche Welle reports that a court in Munich has
begun hearing the case brought against Hypo Real Estate Holding AG
by shareholders who accuse the bank of withholding information
about investment risks in the run-up to its near collapse.

According to Deutsche Welle, the disgruntled shareholders claim
that HRE withheld information on investment risks.  They are
seeking more than EUR320 million (US$461 million) in compensation,
Deutsche Welle discloses.

Deutsche Welle says since HRE was put under state control in a
EUR100-billion bail-out last year, the federal government would be
liable to pay any compensation.  The German government announced a
bailout of HRE on Sept. 29, 2008, two weeks after Lehman Brothers
of New York filed for bankruptcy.

On July 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Judge Matthias Ruderisch said at a Munich
court hearing that HRE may be liable for compensating shareholders
for its failure to inform the markets earlier about the risks its
subprime holdings presented.  Bloomberg related Judge Ruderisch
said Hypo, which disclosed EUR390 million (US$554.5 million) in
writedowns on the group's collateralized-debt obligations on Jan.
15, 2008, needs to explain why it didn't inform the markets
earlier.  According to Bloomberg, the judge asked Hypo's lawyers
to provide written documentation on how and when the lenders
calculated the impairments and how the company leadership was
informed.

The judge, as cited by Bloomberg, said only shareholders who
bought the stock from November 26, 2007 through Jan. 15, 2008,
could claim damages.  Bloomberg disclosed an Oct. 29 ruling is
scheduled.

                       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'.


MIDWAY GAMES: To Sell Interests in Foreign Units for US$1.7MM
-------------------------------------------------------------
Midway Games Inc. and its affiliates ask for permission from the
Bankruptcy Court to sell their equity interests of its Midway Home
Entertainment Inc. unit in:

     (A) Midway Games sAS, a French societe par actions
         simplifiee, and Midway Games Limited, and English limited
         liability private company, to Spiess Media Holding UG,
         pursuant to a stock purchase agreement; and

     (B) Midway Games GmbH, a limited liability company regustered
         under the commercial registry of the Local Court
         Amtsgericht) of Munich, to F+F Publishing GmbH pursuant
         to another stock purchase agreement.

Following the recent sale of key assets to Warner Brothers
Entertainment Inc., the Debtors have been in the process of
marshaling and managing remaining assets.  Other than the proposed
purchasers, there were no other parties interested in the Foreign
Subsidiaries.

Aside from the three units to be sold in the private sales, other
foreign subsidiaries of Midway include Midway Studios-NewCastle
Ltd. in the U.K.; Midway Australia Holdings Pty Ltd. in Victoria,
Australia; Ratbag Pty Ltd. in South Australia; Midway Games Canada
Corp. in Nova Scotia; and K.K. Midway Games in Japan.  Newcastle
is subject to insolvency proceedings and previously operated as a
studio and a developer of video games.  The other foreign
subsidiaries are not currently subject to insolvency proceedings
in any location, and primarily distribute the Debtors' products
overseas.

                           Terms of Sale

Spiess Media is a German enterprise company with limited liability
formed by Martin Spiess for the purchase of the shares of Midway
SAS and Midway Limited.  Mr. Spiess has served as the Executive
Vice President - International for Midway Limited since April
2008.

F+F Publishing GmbH is a German limited liability company
primarily in the business of distributing video games and other
products to retailers.  F+F Publishing has been operated for
several years by Uwe Furstenberg and Hans Meyer, the sole
shareholders of F+F.

Messrs. Furstenberg and Meyer are current members of management of
Midway GmbH.

The two private sales will yield a total consideration of
US$1.7 million to Midway Home Entertainment.

Spiess Media will pay EUR1 for all of MHE's shares in Midway SAS
and Midway Limited.  F+F Publishing will pay EUR1 for all of MHE's
shares in Midway GmbH.

As a condition to closing, MHE and Midway Games on the one hand
and Midway SAS, Midway Limited and Midway GmBH on the other will
enter into an intercompany claims agreement to resolve certain of
their intercompany obligations.  Pursuant to the agreement, Midway
Limited will pay to MHE US$1,700,000.

The Bankruptcy Court will convene a hearing to consider approval
of the sale of the Shares on Aug. 18.  Objections must be filed by
Aug. 14.

                        About Midway Games

Midway Games Inc. (OTC Pink Sheets: MWYGQ), headquartered in
Chicago, Illinois, with offices throughout the world, is a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.  More information
about Midway and its products can be found at
http://www.midway.com/

The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No. 09-
10465).  David W. Carickhoff, Jr., Esq., Michael David Debaecke,
Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome LLP,
represent the Debtors in their restructuring efforts.  The Debtors
proposed Lazard as their investment banker, Dewey & LeBoeuf LLP as
special counsel, and Epiq Bankruptcy Solutions LLC as claims
agent.

On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed their sale of substantially all of their assets to
Warner Bros. Entertainment Inc. in a sale approved by the Court.
The aggregate gross purchase price is approximately US$49 million,
including the assumption of certain liabilities.


VISTEON CORP: Records US$112 Mil. Net Loss for Second Quarter
-------------------------------------------------------------
Visteon Corporation (OTC: VSTN) announced its second-quarter 2009
results, reporting a net loss of US$112 million, or 87 cents per
share, on sales of US$1.57 billion.  For the second quarter of
2008, Visteon reported a net loss of US$42 million, or 32 cents
per share, on sales ofUS$2.91 billion.  Adjusted EBITDA, as
defined below, for second quarter 2009 was US$73 million, compared
with US$188 million in second quarter 2008.

Compared with first quarter 2009, Visteon's second quarter
2009 sales, gross margin and adjusted EBITDA improved, reflecting
continued benefits from restructuring and cost-saving efforts
along with modest increases in vehicle production.

"While we have seen signs of sequential improvement in vehicle
production, the industry remains extremely challenged in the near-
term," said Donald J. Stebbins, chairman and chief executive
officer.  "Despite the difficult operating environment, our
second-quarter results demonstrate that we have been able to
take the necessary actions to serve our customers, preserve
capital and position our global business for future success."

Approximately 29 percent of second quarter product sales were to
Ford Motor Co., while Hyundai-Kia accounted for 28 percent.
Renault-Nissan and PSA/Peugeot-Citroen accounted for about 9
percent and 7 percent of sales, respectively.  On a regional
basis, Europe accounted for about 39 percent of total product
sales, with Asia representing 35 percent, North America
representing 20 percent and the balance in South America.

                  Second Quarter 2009 Results

For second quarter 2009, total sales were US$1.57 billion,
including product sales of US$1.48 billion and services revenue of
US$87 million.  Product sales decreased by about US$1.30 billion,
or 47 percent, year-over-year as lower production, net of new
business, reduced sales by about US$840 million.  Divestitures and
facility closures, as well as foreign currency, further reduced
sales by about US$240 million an dUS$180 million, respectively.
The company experienced lower sales in each of the major regions
in which it operates, reflecting decreased customer production
volumes as vehicle sales declined in response to weak global
economic conditions.

Gross margin for second quarter 2009 was US$80 million, compared
with US$231 million for the same period a year ago.  The impact of
lower production levels, along with divestitures and facility
closures, more than offset savings from favorable net cost
performance and restructuring activities.

Selling, general and administrative expense for second quarter
2009 totaled US$97 million, a decrease of US$59 million, or
38 percent, compared with the same period a year ago, reflecting
significant ongoing cost-reduction actions.

For second quarter 2009, the company reported a net loss of
US$112 million, or 87 cents per share.  This compares with a net
loss of US$42 million, or 32 cents per share, in the same quarter
a year ago.  Restructuring and reorganization costs ofUS$18
million and US$7 million, respectively, were incurred during the
quarter.  Additionally, there were no reimbursable costs from the
escrow account during the quarter as all available funds in this
account had been allocated as of March 31, 2009.  Second-quarter
2008 results included US$11 million of asset impairments and loss
on divestiture, along with US$36 million of restructuring and
other reimbursable expenses, of which US$18 million qualified for
reimbursement from the escrow account.  Income tax expense for
second quarter 2009 was US$31 million, compared with US$49 million
in the same period a year earlier.  Adjusted EBITDA for second
quarter 2009 was US$73 million, compared with US$188 million for
second quarter 2008.

                        First Half 2009

For the first half of 2009, total sales of US$2.92 billion were
lower by US$2.85 billion, or 49 percent, compared with the same
period a year earlier.  For the first half of 2009, Visteon
reported a net loss of US$110 million, or 85 cents per share,
compared with a net loss of US$147 million, or US$1.14 per share
during the first half of 2008.  Adjusted EBITDA for the first half
of 2009 was US$95 million, compared with US$354 million reported
in the first half of 2008.

First-half 2009 results include the UK deconsolidation gain of
$95 million recorded in the first quarter in connection with the
placement of Visteon UK Ltd. into administration on March 31,
2009.

                    Cash Flow and Liquidity

As of June 30, 2009, Visteon had cash balances totaling
US$742 million, down US$25 million from the level reported as of
March 31, 2009.

Cash generated by operating activities totaledUS$40 million for
second quarter 2009, compared withUS$133 million during the same
period a year earlier.  The decrease was attributable to higher
net losses, as adjusted for non-cash items, and lower trade
working capital inflows.  Trade working capital inflows in second
quarter 2009 reflect, among other items, the impact of pre-
petition payables that have not been settled.  Capital
expenditures were US$33 million for second quarter 2009, compared
with US$80 million in second quarter 2008, reflecting aggressive
actions to preserve capital.  Free cash flow was US$7 million for
second quarter 2009, compared with US$53 million for the same
period in 2008.

                       New Business Wins

Visteon continues to win new business despite the difficult
economic environment.  During the first half of 2009, Visteon won
more than US$300 million in new business.  On a regional basis,
Asia accounted for 44 percent of the total while North America
and Europe accounted for 38 percent and 18 percent, respectively.

A full-text copy of Visteon's 2nd Quarter 2009 Results is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?40fb

              Visteon Corporation and Subsidiaries
              Consolidated Condensed Balance Sheets
                      As of June 30, 2009

ASSETS
Cash and cash equivalents                         US$647,000,000
Restricted cash                                      95,000,000
Accounts receivable, net                            998,000,000
Inventories, net                                    329,000,000
Other current assets                                208,000,000
                                                  -------------
  Total current assets                            2,277,000,000

Property and equipment, net                       2,053,000,000
Equity in assets of non-consolidated affiliates     237,000,000
Other non-current assets                             80,000,000
                                                  -------------
  Total Assets                                  US$4,647,000,000
                                                  =============

LIABILITIES & STOCKHOLDERS' EQUITY
Short-term debt                                   US$136,000,000
Accounts payable                                    780,000,000
Accrued employee liabilities                        161,000,000
Other current liabilities                           200,000,000
                                                  -------------
  Total current liabilities                       1,277,000,000

Long-term debt                                       62,000,000
Employee Benefits                                   409,000,000
Deferred income taxes                               136,000,000
Other non-current liabilities                       343,000,000
Liabilities subject to compromise                 3,142,000,000

Stockholders' deficit:
  Common stock                                      131,000,000
  Stock warrants                                    127,000,000
  Additional paid-in capital                      3,407,000,000
  Accumulated deficit                            (4,814,000,000)
  Accumulated other comprehensive income            165,000,000
  Other                                              (5,000,000)
                                                  -------------
Total Visteon shareholders' deficit                (989,000,000)

Noncontrolling interests                            267,000,000
                                                  -------------
  Total shareholders' deficit                      (722,000,000)
                                                  -------------
  Total liabilities & stockholders' equity      US$4,647,000,000
                                                  =============

              Visteon Corporation and Subsidiaries
             Consolidated Statements of Operations
               Three Months Ended June 30, 2009

Net sales
  Products                                      US$1,482,000,000
  Services                                           87,000,000
                                                  -------------
                                                  1,569,000,000
Cost of sales
  Products                                        1,403,000,000
  Services                                           86,000,000
                                                  -------------
                                                  1,489,000,000
                                                  -------------
  Gross margin                                       80,000,000

Selling, general and administrative expenses         97,000,000
Restructuring expenses                               18,000,000
Reimbursement from escrow account                             0
Reorganization items                                  7,000,000
                                                  -------------
  Operating (loss) income                           (42,000,000)

Interest expense                                     47,000,000
Interest income                                       2,000,000
Equity in net income of non-consolidated             19,000,000
                                                  -------------
  (Loss) income before income taxes                 (68,000,000)

Provision for income taxes                           31,000,000
                                                  -------------
  Net loss                                         ($99,000,000)

  Net income attributable
  to non-controlling interests                       13,000,000
                                                  -------------
  Net loss attributable to Visteon Corporation  (US$112,000,000)
                                                  =============

              Visteon Corporation and Subsidiaries
              Consolidated Statements of Cash Flows
                 Six Months Ended June 30, 2009

Operating activities:
Net loss                                         (US$90,000,000)
Adjustments to reconcile net loss to net
cash (used by) provided from operating activities:
Depreciation and amortization                      162,000,000
Deconsolidation gain                               (95,000,000)
Gains on asset sales                                (2,000,000)
Equity in net income of non-consolidated
  net of dividends remitted                         (20,000,000)
Other non-cash items                                (6,000,000)
Changes in assets and liabilities:
Accounts receivable                                (39,000,000)
Inventories                                         24,000,000
Accounts payable                                   (64,000,000)
Other assets and liabilities                      (105,000,000)
                                                  -------------
Net cash (used by) provided from
operating activities                               (235,000,000)

Investing activities:
Capital expenditures                                (58,000,000)
Cash associated with deconsolidation                (11,000,000)
Proceeds from divestitures and asset sales            4,000,000
Other                                                         0
                                                  -------------
Net cash used by investing activities               (65,000,000)

Financing activities:
Short-term debt, net                                (19,000,000)
Cash restriction                                    (95,000,000)
Proceeds from issuance of debt                       56,000,000
Principal payments on debt                         (119,000,000)
Repurchase of unsecured debt securities                       0
Other, including book overdrafts                    (58,000,000)
                                                  -------------
Net cash used by financing activities              (235,000,000)

Effect of exchange rate changes on cash               2,000,000
                                                  -------------
Net decrease in cash equivalents                   (533,000,000)
                                                  -------------
Cash and equivalents at beginning of year         1,180,000,000
                                                  -------------
Cash and equivalents at end of period             US$647,000,000
                                                  =============

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


VIVACON AG: Sale of 2,400 Properties to Cut Debt by US$119 Mln
--------------------------------------------------------------
Andrew Blackman at Bloomberg News reports that Vivacon AG sold
more than 2,400 properties with a combined space of more than
146,000 square meters (1.6 million square feet).

Vivacon didn't name the buyer or give the price of the properties,
most of which are in western Germany.

According to Bloomberg, the transaction will reduce the company's
debt by about EUR83 million (US$119 million.)

The company, as cited by Bloomberg, said it also sold an
unspecified number of leaseholds in a separate deal.

As reported in the Troubled Company Reporter-Europe on June 22,
2009, Vivacon Immobilienportfolio XVI./2006 GmbH & Co. KG, Vivacon
Immobilienportfolio III./2007 GmbH & Co. KG, Vivacon
Immobilienportfolio V./2007 GmbH & Co. KG and Vivacon
Immobilienportfolio VII./2007 GmbH & Co. KG. filed for insolvency
at the local court in Cologne, citing illiquidity.   There was
liquidity gap, which could not be bridged in the short time
according to current forecast of the management.   The liquidity
gap resulted from high vacancy rates of the real estate assets due
to the location.  The four subsidiaries were only focused on
residential properties in Salzgitter and Kassel.  Affected were
almost 4,000 residential units of approximately 10,000 residential
units of the Vivacon group.  The insolvency was filed in the
context of the current restructuring efforts and serve to
safeguard liquidity of the Vivacon group.

Vivacon AG -- http://www.vivacon.de/-- is a Germany-based holding
company of the Vivacon Group, engaged in the real estate sector.
The Vivacon Group focuses on the acquisition and management of
rentable properties, dealing in housing portfolios, asset
management and other real estate-related services, leasing
properties held in the proprietary real estate portfolio, property
development for restored listed housing and designer properties.
The Company's activities are divided into three business sectors:
Investment Management, Asset Management, and Development.  The
Company has representative offices in Hamburg, Berlin, Hannover,
Frankfurt and Munich, Germany.  The Vivacon Group operates through
a number of subsidiaries in Germany and Luxembourg, as well as
through Vivacon CEE in the Czech Republic.  As of July 1, 2008,
the Company sold a residential real estate portfolio with a total
area of more than 130,000 square meters in Western Germany in the
form of a sale of shares in special purpose vehicles.


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


* HUNGARY: Corporate Liquidations Increase to 1,292 in July 2009
----------------------------------------------------------------
Caroline Binham at Bloomberg News, citing Opten Informatikai Kft.,
reports that Hungarian corporate liquidations rose to 1,292 in
July from 1,205 in June as companies struggle to cope with the
country's worst recession in 18 years.

Bloomberg relates Opten said in an e-mail liquidations totaled
9,000 in the first seven months of the year, a 35% increase from
the January-July period last year, with a peak of 1,330 cases in
May.

"We still don't see how wide the liquidation wave will swell,"
Bloomberg quoted the Budapest-based corporate data researcher as
saying.  "In July, several big companies went under, leaving
behind a pile of unpaid bills and contractors in trouble."


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


EUROHOME MORTGAGES: Fitch Says Deferral of Interest Was Expected
----------------------------------------------------------------
Fitch Ratings said the deferral of interest on the Class E note of
the pan-European RMBS transaction, Eurohome Mortgages 2007-1, was
expected and was factored into the rating actions taken on 12
February 2009.  Fitch had commented then that the Class E
principal deficiency ledger was expected to be fully utilized, and
that the noteholders would fail to receive the interest due on the
notes in the course of 2009.  The agency also expected to see
outstanding balances on the class D PDL.

The most recent investor report for August 2009 shows that,
following the recognition of EUR2.6 million of defaulted loans
from the Italian pool, the class E and D notes have seen
outstanding PDL balances of 100%, and 26.89% respectively of their
initial note balance.  Consequently, as prescribed by the
transaction documentation, the interest due on the class E notes
has been deferred, until a future interest payment date (if any),
when the transaction generates sufficient revenue to cover the
interest in arrears.

In February 2009, Fitch downgraded class E and excess spread notes
(class X) to 'C' and assigned Recovery Ratings of 'DR6',
indicating that it expects little to no recoveries on these notes.
Similarly, the class D notes were assigned a rating of 'CC', with
a 'DR6' Recovery Rating.

The current ratings are:

  -- Class A (ISIN XS0309227279) rated 'A'; Outlook Negative

  -- Class B (ISIN XS0309230497) rated 'BBB'; Outlook Negative

  -- Class C (ISIN XS0309232196) rated 'B'; Outlook Negative

  -- Class D (ISIN XS0309232600) rated 'CC'; Recovery Rating 'DR6'

  -- Class E (ISIN XS0309233244) rated 'C'; Recovery Rating 'DR6'

  -- Class X (ISIN XS0309234309) rated 'C'; Recovery Rating 'DR6'

  -- German mortgage early repayment certificates (GMERCs) (ISIN
     XS0309236007) 'AAA'; Outlook Stable

  -- Italian mortgage early repayment certificates (IMERCs) (ISIN
     XS0309788031) 'AAA'; Outlook Stable

Fitch will continue to closely monitor the performance of this
deal and may take rating actions as deemed necessary.


OCELOT CDO: S&P Cuts Rating on Class B Series 2005-4 Notes to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
six synthetic collateralized debt obligation tranches issued by
Ocelot CDO I PLC under the Ocelot CDO II program, and placed two
of these on CreditWatch negative.  At the same time, S&P placed
its credit ratings on another three tranches on CreditWatch
negative.

Since S&P affirmed the ratings on these nine tranches backed by
the Ocelot II portfolio on June 4 (see "Related Research" below),
the credit quality of the underlying reference portfolio has
deteriorated, in S&P's opinion, with the rating on obligors being
lowered and/or placed on CreditWatch negative.  In S&P's view,
this change in portfolio quality means that noteholders are more
likely to suffer losses.  Accordingly, S&P has lowered its ratings
on the notes to a level S&P considers consistent with the
transaction's probability of default.

                           Ratings List

                         Ratings Lowered

                        Ocelot CDO I PLC
EUR20 Million Class A Floating-Rate Mezzanine Notes Series 2005-01

                             Rating
                             ------
                    To                    From
                    --                    ----
                    A                     AA

                         Ocelot CDO I PLC
EUR50 Million Class A Floating-Rate Mezzanine Notes Series 2006-02

                             Rating
                             ------
                    To                    From
                    --                    ----
                    A                     AA

                         Ocelot CDO I PLC
EUR2 Million Class A Floating-Rate Mezzanine Notes Series 2006-03

                             Rating
                             ------
                    To                    From
                    --                    ----
                    A                     AA

                         Ocelot CDO I PLC
US$10 Million Class A Floating-Rate Mezzanine Notes Series 2006-06

                             Rating
                             ------
                    To                    From
                    --                    ----
                    A                     AA

        Ratings Lowered and Placed on Creditwatch Negative

                         Ocelot CDO I PLC
EUR3 Million Class D Floating-Rate Mezzanine Notes Series 2005-04

                             Rating
                             ------
                    To                    From
                    --                    ----
                    B+/Watch Neg          BB-

                         Ocelot CDO I PLC
      EUR0.61 Million Class D Floating-Rate Mezzanine Notes
                          Series 2005-08

                             Rating
                             ------
                    To                    From
                    --                    ----
                    B+p/Watch Neg         BB-p

              Ratings Placed on Creditwatch Negative

                         Ocelot CDO I PLC
EUR50 Million Class B Floating-Rate Mezzanine Notes Series 2005-02

                             Rating
                             ------
                    To                    From
                    --                    ----
                    BBB+/Watch Neg        BBB+

                         Ocelot CDO I PLC
      EUR1.225 Million Class B Floating-Rate Mezzanine Notes
                           Series 2005-06

                             Rating
                             ------
                    To                    From
                    --                    ----
                    BBB+p/Watch Neg       BBB+p

                         Ocelot CDO I PLC
EUR1 Million Class C Floating-Rate Mezzanine Notes Series 2006-04

                             Rating
                             ------
                    To                    From
                    --                    ----
                    BBB+/Watch Neg        BBB+


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


CAFFARO CHIMICA: Commissioner Selling Brescia/Torviscosa Complexes
------------------------------------------------------------------
Marco Cappelletto, attorney-at-law, Extraordinary Commissioner of
the company Caffaro Chimica srl in liquidation, with registered
office in Piazzale Marinotti 1,33050 Torviscosa, Udine, Italy,
discloses that the preparation of a program pursuant to article 54
and seqq. of Italian legislative decree 8.7.1999 n. 270 is taking
place and will, inter alia, contain the conditions and terms for
the assignment of the corporate complexes owned by the Company.

The term corporate complexes refers to facilities on the
production premises of Brescia and/or Torviscosa (UD) in Italy.

In order to submit the Programme to the Ministry of Economic
Development, at this stage and in an expeditious and conclusive
manner, the Procedure intends to solicit expressions of interest
for the acquisition of the Corporate Complex in order to be
accredited in the successive phase of assignment, without
prejudice to the fact that every definitive decision regarding
future assignments will, in all cases, remain subject to the
approval of the Programme and successive and special ministerial
authorizations, after consultation with the Committee of
Supervision.

With these premises, for the foregoing objectives, and without
entailing any impediment to or constraint upon the Procedure, the
Extraordinary Commissioner invites expressions of interest for the
acquisition of the industrial complexes and for their
accreditation at the successive assignment phase, invites whoever
may be interested in the acquisition of the Corporate Complexes of
Brescia and/or Torviscosa (UD) in Italy whose property is held by
the Procedure, to submit an Expression to the Procedure by Monday,
August 24, 2009.


RISANAMENTO SPA: To Give Real Estate to Banco Popolare, Sole Says
-----------------------------------------------------------------
Elisa Martinuzzi at Bloomberg News, citing Il Sole 24 Ore, reports
that Banco Popolare SC will receive property from Risanamento SpA
in exchange for EUR100 million (US$144 million) that the bank had
paid the real-estate developer in 2005.

Bloomberg relates Il Sole reported Banco Popolare was due to pay
another EUR100 million to purchase assets within Risanamento's
Santa Giulia development.  According to Bloomberg, the newspaper
said the company will instead give the bank buildings in other
areas to compensate for part of the payment.

                          Restructuring Plan

As reported in the Troubled Company Reporter-Europe on Aug. 6,
2009, Bloomberg News, citing Messaggero, said that Risanamento
asked banks for as much as EUR73 million (US$104 million) in new
credit lines to support a restructuring plan requested by a Milan
bankruptcy court.  Bloomberg disclosed the newspaper said the
banks, which include Intesa Sanpaolo SpA and UniCredit SpA, are in
favor of the plan, which could be presented as soon as this week.

                       About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


TREVISAN COMETAL: Seeks Bankruptcy After Debt Restructuring Fail
----------------------------------------------------------------
Marco Bertacche at Bloomberg News reports that Trevisan Cometal
SpA said it will seek bankruptcy protection after failing to agree
on a debt restructuring plan with creditors.

Bloomberg relates that in a statement to the Italian exchange the
company said it will hold a board meeting in early September to
approve bankruptcy procedures.

Trevisan Cometal SpA is an Italian aluminum coatings and
engineering company.


WIND TELECOMUNICAZIONI: Bonds Gain as First Half Profit Increases
-----------------------------------------------------------------
John Glover at Bloomberg News reports that Wind Telecomunicazioni
SpA’s bonds gained after the company reported an increase in
first-half profit and said debt ratios are improving.

According to UniCredit SpA prices on Bloomberg, the yield on the
mobile-phone operator’s EUR1.25 billion (US$1.8 billion) of 11.75%
bonds declined to 10.98% from 11.03%.

Bloomberg relates Wind said on its Web site earnings before
interest, tax, depreciation and amortization, a key measure for
bondholders, rose 5.7% to EUR997 million.

Wind, as cited by Bloomberg, said its net income in the first half
of 2009 increased to EUR170 million from EUR147 million a year
earlier, while net debt fell to EUR5.99 billion at the end of
June.

Headquartered in Rome, Italy, Wind Telecomunicazioni SpA --
http://www.wind.it/-- provides telecom services throughout the
country.  The company is also a top ISP, serving nearly 2 million
dial-up and broadband subscribers.  Wind sells consumer mobile
services, as well as phones and accessories, under the WIND brand
from more than 4,000 third-party retail locations, and about 270
Wind franchises.  Fixed-line voice and Internet services are sold
under the Infostrada banner.  Chairman Naguib Onsi Naguib Sawiris
controls the company through his 88% stake in Weather Investments
which owns Wind.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 22,
2009, Fitch Ratings placed Wind Acquisition Finance SA's senior
notes, rated 'BB', on Rating Watch Negative.  Fitch simultaneously
affirmed Wind's Long-term Issuer Default Rating at 'BB-' and
revised the Outlook to Stable from Positive.  The agency has
affirmed Wind's Short-term IDR at 'B'.  Fitch also affirmed the
instrument ratings of Wind's senior bank facility and the second
lien notes issued by Wind Finance SL S.A. at 'BB+' respectively.

On June 22, 2009, The Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it has affirmed
its 'BB-' long-term corporate credit rating on Italy's second-
largest integrated alternative telecoms operator, Wind
Telecomunicazioni SpA.  S&P said the outlook is stable.  At the
same time, Standard & Poor's affirmed its 'BB' ratings on Wind's
senior secured and second-lien bonds, and its 'BB-' ratings on the
third-lien notes issued by Wind Acquisition Finance S.A.  The
recovery ratings were unchanged at '2' on the secured debt and '4'
on the existing subordinated debt.


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


AGROHOLDING COMPANY: Creditors Must File Claims by August 14
------------------------------------------------------------
LLP Agroholding Company Dimar is currently undergoing liquidation.
Creditors have until August 14, 2009, to submit proofs of claim
to:

         Ulyanov Str. 22-3
         Bishkul
         Kyzyljarsky
         North Kazakhstan
         Kazakhstan


AIS ASTANA: Creditors Must File Claims by August 14
---------------------------------------------------
Creditors of LLP Ais Astana Build have until August 14, 2009, to
submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 18, 2009, after
finding it insolvent.

The Court is located at:

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


AKMOLDA ALATAU: Creditors Must File Claims by August 14
-------------------------------------------------------
Creditors of CJSC Akmolda Alatau Prom Energo Stroy have until
June 26, 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
June 4, 2009, after finding it insolvent.


ASTANA KOTLO: Creditors Must File Claims by August 14
-----------------------------------------------------
Creditors of LLP Astana Kotlo Service have until August 14, 2009,
to submit proofs of claim to:

          Kravtsov Str. 18
          Astana
          Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 18, 2009, after
finding it insolvent.

The Court is located at:

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


ECO KOSTANAISKY: Creditors Must File Claims by August 14
--------------------------------------------------------
LLP Eco Kostanaisky Energo Center is currently undergoing
liquidation.  Creditors have until August 14, 2009, to submit
proofs of claim to:

         Krasnoarmeyskaya Str. 5
         Kostanai
         Kazakhstan


INVEST PROJECT: Creditors Must File Claims by August 14
-------------------------------------------------------
LLP Invest Project Plus is currently undergoing liquidation.
Creditors have until August 14, 2009, to submit proofs of claim
to:

          Dostyk Ave. 87v
          Almaty
          Kazakhstan


MANGISTAU ZAP: Creditors Must File Claims by August 14
------------------------------------------------------
Creditors of LLP Mangistau Zap Kaz Bap have until August 14, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of former kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 28, 2009.


NIKA SERVICE: Creditors Must File Claims by August 14
-----------------------------------------------------
Creditors of LLP Nika Service Trade have until August 14, 2009, to
submit proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on
May 14, 2009, after finding it insolvent.

The Court is located at:

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


ROS KAZ: Creditors Must File Claims by August 14
------------------------------------------------
LLP Ros Kaz Energo Project is currently undergoing liquidation.
Creditors have until August 14, 2009 to submit proofs of claim to:

         Transportnaya Str. 17
         140000 Pavlodar
         Pavlodar
         Kazakhstan


TULPAR OJSC: Creditors Must File Claims by August 14
----------------------------------------------------
Creditors of OJSC Tulpar have until August 14, 2009, to submit
proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
region commenced bankruptcy proceedings against the company on
May 14, 2009, after finding it insolvent.

The Court is located at:

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


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


AK-TUZ: Public Auction Scheduled for August 18
----------------------------------------------
The temporary insolvency manager of OJSC Ak-Tuz will auction
the company property at 2:00 p.m. on August 18, 2009, at:

         Tynystanov Str. 249
         Bishkek
         Kyrgyzstan

The starting price of the property is set at KZT5 236 616.

Interested bidders must deposit guarantee payment equivalent to
10% of the starting price of the property to:

         Settlement Account 1230370009941412
         OJSC Ak-Tuz
         BIK 123037
         OJSC Asia Universal Bank-Bishkek

            -- or --

to the cashier of the enterprise.

Participants have until 5:00 p.m. on August 14, 2009, to submit
their bids to:

         OJSC Ak-Tuz
         Pochtovaya Str. 1
         Ak-Tuz
         Keminsky
         Chui
         Kyrgyzstan
         Tel: (+996 312) 66-65-20
              (+996 312) 53-08-83
              (0-772) 73-29-43


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


ARRAN CORPORATE: Fitch Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed 13 tranches and downgraded three
tranches of Arran Corporate Loans No. 1 B.V.'s GBP1,389 million
notes, due 2025.

The transaction benefits from high deleveraging which has offset
the concentration risk tied to the reduced number of 44 obligors.
The deleveraging is illustrated by a reduction of the 'AAA'
tranche size to 28% of its original value.  However, the credit
quality of the portfolio has deteriorated with a weighted average
rating factor declining to 'BB-' from 'BB+'/'BB' since closing.

The largest obligor represents 6.7% of the portfolio and the top
ten obligors represent 49%.  If the two largest obligors were to
default representing 11% of the pool, the class F1, F2 and F3
notes would suffer a loss.

The transaction is a securitization of GBP-denominated bank loans
and undrawn facilities to large UK corporate entities originated
by The Royal Bank of Scotland Group plc (RBS, rated 'AA-'/'F1+')
in the UK.

Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle
incorporated in the Netherlands with limited liability.  All the
classes of credit-linked notes are backed by a credit default swap
between the issuer and RBS, as the CDS counterparty.  Under the
CDS, the issuer receives a premium from the swap counterparty in
exchange for loss protection on the reference portfolio.

The ratings for class A and B notes address timely payment of
interest and ultimate payment of principal in accordance to the
terms and conditions of the notes.  The ratings for class C, D, E
and F notes address the ultimate payment of interest and ultimate
payment of principal in accordance to the terms and conditions of
the notes.

The rating actions affecting Arran Corporate Loans No.  1 B.V.
are:

  -- GBP167.9m class A1 ISIN XS0257999507: affirmed at 'AAA';
     Outlook Stable; assigned a Loss Severity Rating of LS-2

  -- GBP90.5m class B1 ISIN XS0257999846: affirmed at 'AA+';
     Outlook Stable; assigned LS-3

  -- GBP26.25m class C1 ISIN XS0258000107: affirmed at 'A+';
     Outlook Stable; assigned LS-4

  -- GBP42.5m class D1 ISIN XS0258000446: affirmed at 'BBB+';
     Outlook Stable; assigned LS-4

  -- GBP39.25m class E1 ISIN XS0258000875: affirmed at 'BB+';
     Outlook Stable; assigned LS-4

  -- GBP70.5m class F1 ISIN XS0258001170: downgraded to 'CCC' from
     'B+'; assigned a Recovery Rating of 'RR5'

  -- EUR284,26m class A2 ISIN XS0257999689: affirmed at 'AAA';
     Outlook Stable; assigned LS-2

  -- EUR110m class B2 ISIN XS0257999929: affirmed at 'AA+';
     Outlook Stable; assigned LS-3

  -- EUR38m class C2 ISIN XS0258000289: affirmed at 'A+'; Outlook
     Stable; assigned LS-4

  -- EUR50m class D2 ISIN XS0258000529: affirmed at 'BBB+';
     Outlook Stable; assigned LS-4

  -- EUR38m class E2 ISIN XS0258000958: affirmed at 'BB+'; Outlook
     Stable; assigned LS-4

  -- EUR10m class F2 ISIN XS0258001253: downgraded to 'CCC' from
     'B+'; assigned a Recovery Rating of 'RR5'

  -- US$792,99m class A3 ISIN USN06375AA26: affirmed at 'AAA';
     Outlook Stable; assigned LS-2

  -- US$73m class B3 ISIN USN06375AB09: affirmed at 'AA+'; Outlook
     Stable; assigned LS-3

  -- US$28m class E3 ISIN XS0258001097: affirmed at 'BB+'; Outlook
     Stable; assigned LS-4

  -- US$5m class F3 ISIN XS0258001337: downgraded to 'CCC' from
     'B+'; assigned a Recovery Rating of 'RR5'


CNH GLOBAL: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed the
ratings, including the 'BB+' long-term corporate credit rating, on
CNH Global NV and removed them from CreditWatch, where S&P had
placed them with negative implications on January 22, 2009.  The
outlook is negative.

S&P affirmed its ratings on Netherlands-based agricultural and
construction equipment manufacturer CNH after taking the same
action on CNH's parent, Italy-based auto and truck manufacturer
Fiat SpA (BB+/Negative/B).

The corporate credit rating and outlook on publicly traded CNH are
the same as those on majority owner Fiat, because of the close
ties between the two companies.  Fiat has a roughly 90% equity
ownership stake in CNH.  Fiat views CNH as a core business and
provides liquidity support to CNH by way of intercompany loans and
bank loan guarantees.  As of June 30, 2009, CNH had about
$900 million of cash deposited with Fiat affiliates' cash
management pools (repayable to CNH on one-day's notice).

"Because Standard & Poor's views CNH as core to the Fiat Group, a
positive or negative rating action on Fiat would result in the
same action on CNH," said Standard & Poor's credit analyst Dan
Picciotto.  "If S&P cease to view CNH as core to the Fiat Group,
and if CNH's financial profile, without Fiat support, is
insufficient to maintain the ratings, S&P could take a negative
rating action," he continued.


DALRADIAN EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by Dalradian European CLO IV B.V.

This transaction is a managed high yield collateralized loan
obligation comprised primarily of senior secured loan obligations,
senior unsecured loan obligations and mezzanine loans primarily
issued by companies located in Western Europe.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per Trustee Report dated
June 30, 2009, a decline in the average credit rating as measured
through the weighted average rating factor (currently 2760), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 9.10% of the portfolio), and a failure of all
Par Value tests (including a deterioration of the Class A/B Par
Value Test from 123.13% in February 2009 to 115.14% in June 2009).
Moody's also performed a sensitivity analysis, including amongst
others, a further decline in portfolio WARF quality combined with
a decrease in the expected recovery rates.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score as described in the press release dated February
4, 2009, titled "Moody's updates key assumptions for rating CLOs."
These revised assumptions have been applied to all corporate
credits in the underlying portfolio, the revised assumptions for
the treatment of ratings on "Review for Possible Downgrade",
"Review for Possible Upgrade", or with a "Negative Outlook" being
applied to those corporate credits that are publicly rated.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

Dalradian European CLO IV B.V.:

  -- EUR164,000,000 Class A Senior Secured Floating Rate Notes due
     2023, Downgraded to Aa3; previously on 8/13/2007 Definitive
     Rating Assigned Aaa;

  -- EUR100,000,000 Senior Secured Floating Rate Variable Funding
     Notes due 2023, Downgraded to Aa3; previously on 8/13/2007
     Definitive Rating Assigned Aaa;

  -- EUR32,000,000 Class B Senior Secured Floating Rate Notes due
     2023, Downgraded to Baa3; previously on 3/4/2009 Placed Under
     Review for Possible Downgrade;

  -- EUR24,000,000 Class C Deferrable Secured Floating Rate Notes
     due 2023, Downgraded to B2; previously on 3/18/2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR25,000,000 Class D Deferrable Secured Floating Rate Notes
     due 2023, Downgraded to Caa3; previously on 3/4/2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- EUR15,000,000 Class E Deferrable Secured Floating Rate Notes
     due 2023, Downgraded to Ca; previously on 3/4/2009 Downgraded
     to Caa1 and Placed Under Review for Possible Downgrade.


ELM B.V.: S&P Lowers Rating on Class B Notes to 'D'
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
class A7E-1 and B7E-1 notes series 12 issued by Omega Capital
Investments PLC, and the class B notes series 39 issued by ELM
B.V.  S&P lowered and removed from CreditWatch negative the rating
on class B series 39 before withdrawing it.

S&P withdrew the ratings on class A7E-1 and B7E-1 notes series 12
following the issuer's repurchase of those notes and the
subsequent note termination in October 2008.

S&P lowered the ratings on the class B notes series 39 after the
notes redeemed for less than the outstanding principal balance in
November 2008.  S&P then withdrew the ratings because the notes
redeemed.  The class B7E-1 notes were on CreditWatch negative when
S&P withdrew the rating on that class.

                           Ratings List

        Rating Lowered, Removed From Creditwatch Negative
                        and then Withdrawn

                             ELM B.V.
    EUR70 Million Class B Leveraged Super Senior Secured Notes
                   (Cairn IG CDO II) Series 39

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             B           D             CCC/Watch Neg
                         NR            D
                        Ratings Withdrawn

                   Omega Capital Investments PLC
  EUR100 Million Secured Floating-Rate Notes (Highway Series 1)
                            Series 12

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             A7E-1       NR            AAA
             B7E-1       NR            BBB/Watch Neg

                         NR — Not rated.


NIELSEN COMPANY: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which The Nielsen
Company B.V. is a borrower traded in the secondary market at 94.60
cents-on-the-dollar during the week ended Friday, Aug. 7, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.00
percentage points from the previous week, The Journal relates.
The loan matures on May 1, 2016.  The Company pays 375 basis
points above LIBOR to borrow under the facility.  The bank debt is
not rated by Moody's, while it carries Standard & Poor's B+
rating.  The debt is one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Aug. 7, among the 137 loans with five or more bids.

Active in approximately 100 countries, with headquarters in
Haarlem, The Netherlands and New York, USA, The Nielsen Company
B.V. is a global information and media company.

Nielsen Company carries a 'B2' long term corporate family rating
from Moody's, 'B' issuer credit rating from standard & Poor's, and
'B' issuer default rating from Fitch.


PDM CLO: Moody's Confirms 'Caa3' Rating on EUR13.5MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes and confirmed its rating on one class of notes
issued by PDM CLO I B.V.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, senior unsecured loans, mezzanine loans and high
yield debt securities.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per the most recent
Trustee Report, a significant decline in the average credit rating
as measured through the weighted average rating factor, an
increase in and relatively high proportion of securities from
issuers rated Caa1 and below, the failure of the interest
reinvestment test and the failure of Class A, C, D, and E Par
Value Tests.  Moody's also performed a sensitivity analysis,
including amongst others, a further decline in portfolio WARF
quality combined with a decrease in the expected recovery rates.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

PDM CLO I B.V.:

EUR208,500,000 Class A Deferrable Secured Floating Rate Notes due
2023

  -- Current Rating: A1
  -- Prior Rating: Assigned Aaa
  -- Prior Rating Date: 21 December 2007, assigned Aaa

EUR11,250,000 Class B Deferrable Secured Floating Rate Notes due
2023

  -- Current Rating: Baa3

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Date: 4 March 2009, Aa2, placed on review for
     possible downgrade

EUR17,250,000 Class C Deferrable Secured Floating Rate Notes due
2023

  -- Current Rating: Ba3

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Date: 18 Mar 2009, Ba1, downgraded to Ba1 from
     A2, and remains on review for possible downgrade

EUR16,500,000 Class D Deferrable Secured Floating Rate Notes due
2023

  -- Current Rating: B3

  -- Prior Rating: B2 placed on review for possible downgrade

  -- Prior Rating Date: 18 Mar 2009, downgraded to B2 from Baa3,
     and remains on review for possible downgrade

EUR13,500,000 Class E Deferrable Secured Floating Rate Notes due
2023

  -- Current Rating: Confirm Caa3

  -- Prior Rating: Caa3 placed on review for possible downgrade

  -- Prior Rating Date: 18 Mar 2009, downgraded to Caa3 from Ba3,
     and remains on review for possible downgrade


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


BALAKHINSKIY METAL: Creditors Must File Claims by August 19
-----------------------------------------------------------
Creditors of LLC Balakhinskiy Metal Structures Plant (TIN
5244014991) have until August 19, 2009, to submit proofs of claims
to:

         Ye.Filipyev
         Insolvency Manager
         Post User Box 51
         603005 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?43–33019/2008,33–235.

The Debtor can be reached at:

         LLC Balakhinskiy Metal Structures Plant
         Administrativnaya Str. 16
         Gidrotorf
         Balakhinskiy
         Nizhegorodskaya
         Russia


BIZNES-STROY LLC: Creditors Must File Claims by August 19
---------------------------------------------------------
Creditors of LLC Biznes-Stroy-Industriya (TIN 7447013838, PSRN
1027402546049) (Construction) have until August 19, 2009, to
submit proofs of claims to:

         F. Gulyumov
         Insolvency Manager
         Post User Box 167
         Ufa-105
         450105 Bashkortostan
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?76–23217/2008–60–190.


COMSTAR UNITED: S&P Retains CreditWatch Negative on 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings said that its 'BB' corporate credit
ratings on Russian telecoms operator Comstar United TeleSystems
and its majority-owned subsidiary, Moscow City Telephone Network
(JSC) remained on CreditWatch with negative implications, where
they had been placed on April 1, 2009.

The ratings remain on CreditWatch with negative implications
pending the resolution of CreditWatch on Comstar's parent company,
Sistema (JSFC) (BB-/Watch Neg/--).

"Should the transfer of 51% of Comstar from Sistema to Mobile
TeleSystems (OJSC) (MTS; BB/Watch Neg/--) be completed, S&P would
likely equalize the rating on Comstar with that on MTS," said
Standard & Poor's credit analyst Alexander GriazNov. "At the same
time, S&P would likely not rate Comstar higher than Sistema by
more than one notch."

Comstar's stand-alone credit profile is constrained by its
ambitious growth strategy, strong competition in the residential
broadband market, and a weakening liquidity position.

Supporting the rating are the company's strong position in the
lucrative Moscow market; a resilient cash flow base, stemming from
its ownership of existing infrastructure; favorable operating
performance, and synergetic integration of its operating
subsidiaries with Sistema's various telecom assets.

"We expect to resolve the CreditWatch placement following the
resolution of the CreditWatch on Sistema and MTS when and if the
transaction to purchase the 51% stake in Comstar takes place,
including approval of the transaction by Sistema's shareholders,"
said Mr.  Griaznov.


EL-P-MASH LLC: Creditors Must File Claims by August 19
------------------------------------------------------
Creditors of LLC El-P-Mash (TIN 6445009560) (Boilers, Heating
Equipment Manufacturing) have until August 19, 2009, to submit
proofs of claims to:

         R. Perepletov
         Insolvency Manager
         Post User Box 1531
         410000 Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?-57–24545/08–40.

The Debtor can be reached at:

         LLC El-P-Mash
         Toporkovskaya Str. 95
         Pugachev
         Russia


KUB-STROY LLC: Creditors Must File Claims by August 17
------------------------------------------------------
Creditors of LLC Kub-Stroy-Kompleks (TIN 5406389838, PSRN
1075406010657) (Construction) have until August 17, 2009, to
submit proofs of claims to:

         N. Nikitina
         Insolvency Manager
         Rudnichnaya Str. 5-5
         650992 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya will convene on October 12,
2009, to hear bankruptcy proceedings on the company.  The case is
docketed under Case No. ?27–8158/2009.

The Debtor can be reached at:

         LLC Kub-Stroy-Kompleks
         Chernyakhovskogo Str. 19
         650025 Kemerovo
         Russia


LIPETSK MACHINE: Creditors Must File Claims by August 19
--------------------------------------------------------
Creditors of CJSC Lipetsk Machine-Building Enterprise (TIN
4826039898, PSRN 1034800557087, RVC 482401001) have until
August 19, 2009, to submit proofs of claims to:

         A. Toropchin
         Insolvency Manager
         Apt. 150
         Lipovskaya Str. 8
         398002 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?36–4044/2008.

The Debtor can be reached at:

         CJSC Lipetsk Machine-Building Enterprise
         Udarnikov Str. 95
         398902 Lipetsk
         Russia


LOCKO-BANK ZAO: Fitch Affirms Issuer Default Rating at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed Locko-bank's Long-term Issuer Default
Rating at 'B' with a Negative Outlook.

Locko's ratings reflect certain weaknesses and negative trends in
the bank's credit profile.  In particular, the bank's tight
wholesale debt repayment schedule has reduced financial
flexibility, causing significant loan portfolio reduction between
end-Q308 and end-July 2009 and giving rise to greater pressure on
liquidity.  Fitch is also concerned about some aspects of Locko's
loan portfolio, notably the bank's fast growth prior to the global
financial crisis, its significant exposure to riskier sectors of
the economy (especially SMEs and the real estate/construction
sector), and the high share of foreign currency lending
(approximately 45%).

However, Fitch believes that Locko has, to date, been able to
maintain liquidity, asset quality and capital metrics which are
still consistent with the 'B' rating level.  Following the
repayment of wholesale borrowings in June-July 2009 (equal to
about 15% of end-May assets), the bank's liquidity position has
remained acceptable, thanks to relative deposit stability, the
ongoing reduction in the loan portfolio as well as new
fundraisings from local banks and international development
institutions.  At end-July, highly liquid assets (defined as cash
and equivalents and unpledged securities eligible for refinancing
with the Central Bank of Russia) still accounted for a reasonable
25% of total assets, while an unsecured credit line from the CBR
was unutilised.  Locko's remaining wholesale funding repayment
schedule looks manageable.

Locko's reported level of non-performing loans (NPLs) remains
moderate, with the share of exposures more than three months in
arrears standing at 3.9% at end-H109.  NPLs continue to stem
mostly from the SME and retail portfolios which account for a
combined 65% of gross loans.  Reported arrears are presently
negligible in commercial corporate loans, although Fitch
understands that a significant portion of these have been
undergoing restructuring, which has involved the lengthening of
maturities.

Since the onset of the credit crunch, Locko has successfully
generated significant profits from its non-core businesses.  Locko
made considerable gains in 2008 on early eurobond redemptions and
FX trading, and the H109 rally in the local bond market earned the
bank about RUB0.7 billion on its securities portfolio (equal to
80% of 2008 pre-impairment profit), according to preliminary
results for H109 under IFRS.  The gains enabled Locko to
significantly reinforce its loss absorption capacity.  Fitch
estimates that the bank would have been able to raise the
impairment reserves/gross loans ratio to 19%, from an actual level
of 9.6%, at end-H109 before its regulatory capital ratio would
have fallen to the minimum level of 10%.  At end-H109, the
regulatory capital ratio stood at 16.2%.

The Negative Outlook continues to reflect the still significant
potential for further asset quality deterioration in the currently
difficult operating environment, in particular due to the higher-
risk profile of some of the bank's exposures.  Fitch also notes
that exposure to market risk increased sharply in H109 as the bank
grew its securities portfolio (to almost 150% of equity at end-
H109, according to statutory accounts) following the beginning of
the rally in the local bond market.  Although these investments
have to date proved profitable for the bank, Fitch views
negatively the increased appetite for market risk given current
capital levels.

Locko is a Moscow-based bank which is owned by several
individuals, none of whom has a stake of more than 20%.  The
International Finance Corporation holds 15% and East Capital Group
holds 11% of the bank.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating 'RR4'

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

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB-(rus)'; Outlook
     Negative


MASTER BANK: Fitch Maintains 'B-' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has maintained Russia-based Master Bank on Rating
Watch Negative, including its Long-term Issuer Default Rating of
'B-', and simultaneously withdrawn the issuer's ratings.

The ratings and Negative Watch reflect, in particular, concerns
about asset quality and the quality of disclosure related to the
bank's loan book.

The agency will no longer provide ratings or analytical coverage
on this issuer.

The rating actions are:

  -- Long-term foreign currency IDR of 'B-' maintained on RWN and
     withdrawn

  -- Short-term IDR of 'B' maintained on RWN and withdrawn

  -- Individual Rating of 'D/E' maintained on RWN and withdrawn

  -- Support Rating affirmed at '5' and withdrawn

  -- Support Rating Floor affirmed at 'No Floor' and withdrawn


MOBILE TELESYSTEMS: S&P Retains Negative Watch on 'BB' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating and related subsidiary and debt issue ratings on
Russia's largest mobile operator Mobile TeleSystems (OJSC)
remained on CreditWatch with negative implications, where it had
been placed on April 1, 2009.

"The continuing CreditWatch placement with negative implications
reflects MTS' intention to acquire fixed-line telecommunications
provider Comstar United TeleSystems (JSC) (BB/Watch Neg/--), which
is also owned by MTS' parent company, Sistema (JSFC) (BB/Watch
Neg/--)," said Standard & Poor's credit analyst Alexander
Griaznov.

Under the proposed terms, MTS will purchase 50.91% in Comstar for
US$1.27 billion.  The transaction, already approved by MTS' and
Sistema's boards, will also require the approval of Sistema's
shareholders and will be financed with debt.

If the transaction takes place, S&P would analyze its impact on
MTS' financial and business risk profiles.  S&P is primarily
concerned about an increase in MTS' debt leverage, the funding
structure for the deal, plans to buy out minority stakes, and the
impact of the transaction on MTS' liquidity profile.  S&P would
also analyze the impact of the transaction on the '3' recovery
ratings assigned to the debt issued by Mobile Telesystems Finance
S.A. and guaranteed by MTS, as MTS would need additional debt
financing.

"Resolution of the CreditWatch on MTS is also subject to
resolution of the CreditWatch on Sistema, because S&P see the
credit quality of the two companies as being closely linked," said
Mr. GriazNov.

While S&P takes the view that MTS' business risk profile points to
a stronger stand-alone credit quality, the ratings remain
constrained by Sistema's credit profile and its majority
ownership.  Currently, S&P does not see the ratings on MTS being
more than one notch higher than that on Sistema.

From a stand-alone business perspective, MTS' main credit risks
are associated with the company's own organic and external growth
plans, intensifying competition, the weakening macroeconomic
environment in the countries where MTS operates, and the risks
associated with operating in Russia.

These risks are mitigated by the company's strong business
characteristics, based on solid positions in the Russian and
Ukrainian mobile markets.  These characteristics include robust
growth with steadily improving economies of scale, sound operating
profitability, strong cash flows, and declining financial risk.

S&P expects to resolve the CreditWatch placement when and if the
transaction to purchase a majority stake in Comstar takes place,
including approval of the transaction by Sistema's shareholders.


NIZHNEKAMSKNEFTEKHIM OAO: Fitch Corrects August 6 Press Release
---------------------------------------------------------------
This announcement corrects the version issued on August 6, 2009.
The forecast free cash flow generation figure cited at the end of
the third paragraph should be RUB3.5 billion.

Fitch Ratings is maintaining Tatarstan-based chemical producer OAO
Nizhnekamskneftekhim's Long-term Issuer Default Rating 'B', the
senior unsecured 'B' rating on its US$200 million loan
participation notes and the National Long-term 'BBB-' (BBB minus)
(rus) rating on Rating Watch Negative.  The Short-term IDR is
affirmed at 'B'.  The Recovery Rating on the notes is 'RR4'.

The RWN reflects Fitch's concerns regarding NKNK's potential need
to secure financing ahead of the December 2010 put option on its
US$200 million loan participation notes.  While the event itself
is beyond the scope of the Rating Watch period, the bond will be
factored in Fitch's assessment of NKNK's liquidity position in
January 2010.  Therefore, the agency will need to gain assurance
that repayment or refinancing options are in place in Q110 to meet
this potential obligation.  Fitch also notes that covenants under
various facilities, which are to be tested in Q210 upon the
release of group's 2009 IFRS results, could come under pressure as
leverage and coverage metrics deteriorate in 2009 on the back of a
weaker performance.  It expects to resolve the RWN in Q110 once it
has assessed the company's funding plans and status of covenants.

Fitch stresses that it considers NKNK's short-term liquidity as
adequate.  Debt maturing in Q309-Q210 amounts to RUB6.1 billion
against forecast free cash flow generation of approximately RUB3.5
billion over the same period and cash and unused committed
facilities of RUB5.3 billion at end-Q209.

Although, like its peers, NKNK is confronting a severe downturn in
the chemical sector, it managed to maintain high capacity
utilization rates so far in 2009 for most of its products, thanks
to a weak rouble and increasing sales of high-margin products.
However, materially lower selling prices y-o-y are expected to
impact the company's operating performance and credit profile in
2009 and there is still uncertainty over whether the volumes
rebound represents a sustainable recovery or a temporary factor
driven by re-stocking and a cheaper rouble.  Fitch expects revenue
to fall 15%-20% in 2009 (FY08: RUB77.9 billion), before improving
slightly in 2010.  These forecasts are predicated on sales volumes
being flat in 2009-2010, and product prices falling up to 40% in
2009 but rising 10%-15% in 2010.  EBITDAR margin is expected to be
in the 10%-12% range in 2009-2010 (FY08: 11.7%), driven by a
combination of much lower raw material prices, lower products
prices and an increasing share of high-margin products.

The agency considers the company's decision to postpone further
expansion capex as a positive step to maintain liquidity given
weaker operating cash flow generation.  On the other hand, Fitch
takes a negative view of the company's intention to continue
paying dividends averaging 15%-30% of net income.


PRIKASPIY-BUR: A. Kamenskiy Named Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Volgogradskaya appointed A. Kamenskiy as
temporary insolvency manager for OJSC Prikaspiy-Bur-Neft (TIN
3443028498, PSRN 1023402970832, RVC 344301001) (Construction and
Repair works).  The case is docketed under Case No. ?12–9387/2009.
He can be reached at:

         Proezd Neftyanikov 14
         Volgograd
         Russia


RYAZANSKAY MOTION: Creditors Must File Claims by August 19
----------------------------------------------------------
Creditors of OJSC Ryazanskaya Motion-Picture Printing Factory (TIN
6229032412, PSRN 11036206000380) have until August 19, 2009, to
submit proofs of claims to:

         Ye.Porkhunov
         Insolvency Manager
         Mayakovskogo Str. 1a/O
         390046 Ryazan
         Russia

The Arbitration Court of Ryazanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?54–4538/2007-S1.

The Debtor can be reached at:

         OJSC Ryazanskaya Motion-Picture Printing Factory
         Moskovskoe shosse 33
         390044 Ryazan'
         Russia


STROY-TRANS LLC: Creditors Must File Claims by August 19
--------------------------------------------------------
Creditors of LLC Stroy-Trans (TIN 0268039393) (Construction) have
until August 19, 2009, to submit proofs of claims to:

         A. Ptashnikov
        Insolvency Manager
         Entuziastov Str. 4-33
         450096 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07–17695/08-G-MOG.

The Debtor can be reached at:

         LLC Stroy-Trans
         Zapadnaya Str. 18
         453103 Sterlitamak
         Russia


UNITY RE: Moody's Affirms 'B1' Insurance Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed and has withdrawn its
insurance financial strength rating at B1 on Russian reinsurer
Unity Re and the A2.ru National Scale Rating.  Unity Re is part of
the RESO group which consists of more than 20 subsidiaries
including primary insurance (OSAO RESO Garantia, a top-tier retail
insurer), construction and real estate development, leasing, and
medical services business in Russia and other CIS countries.  The
rating is withdrawn for business reasons.

These ratings were affirmed and will be withdrawn:

Unity Re

  -- B1 insurance financial strength rating.
  -- A2.ru National Scale Rating

The last rating action was on 10th April 2008 when the rating was
assigned at B1 with a stable outlook.

Based in Moscow, Russia, Unity Re is a reinsurance company
focusing on non-life business.  In 2008, Unity Re reported gross
premiums written of RUR842.5 million and net income of
RUR56.5 million, compared to RUR316.3 million and RUR121.6 million
in 2007.  Shareholders' equity including minority interests was
RUR532.7 million as at December 31, 2008.


* NOGINSK: Fitch Assigns 'CCC' Long-Term Currency Ratings
---------------------------------------------------------
Fitch Ratings has assigned the Noginsk Municipal Area of Moscow
region (Russia) Long-term foreign and local currency ratings of
'CCC', a Short-term foreign currency rating of 'C' and a National
Long-term rating of 'B+(rus)'.  The Outlooks for the Long-term
ratings are Positive.  The rating action affects some RUB500
million outstanding domestic bonds issued by the municipal area.

The ratings on Noginsk municipal area reflect its high dependence
on the fiscal decisions of the Moscow region, the short-term
profile of its outstanding debt and expected deterioration in the
operating performance in 2009.  However, the ratings also factor
in its proximity to the City of Moscow, satisfactory budgetary
performance in 2005-2008 and low debt burden.  The Positive
Outlook reflects Fitch's expectation that the municipal area will
improve its debt maturity profile and address the refinancing peak
in 2010.

Although a formally independent municipal area, Noginsk depends on
the Moscow region for financial aid in the form of transfers and a
share of the region's personal income tax (PIT).  However, the
Moscow region's deteriorating budgetary performance implies that
its ability to provide additional financial assistance to the
municipality may be hampered.

Having averaged 9.6% over 2005-2007, the operating margin started
to deteriorate in Q408.  As a result, 2008 operating margin was
7.3%, down from 10.7% a year earlier.  Fitch expects that the
prevailing economic downturn will result in a shrinking tax base
and further deterioration in the budgetary performance in 2009.

The total risk (including guarantees) of the municipal area was
moderate at 15% of current revenue at end-2008, down from 32% a
year earlier.  This was due to the cancellation of the bulk of
guarantees issued and the repayment of RUB391 million bank loans
by the Moscow region.  Direct debt consists of two domestic bonds
accounting for RUB500 million and RUB1,000, of which RUB500
million matures on August 21, 2009.  The municipality plans to
refinance the maturing bond with new short-term bank loans and
cash reserves.  Although this postpones the refinancing risk to
2010, the debt profile remains short.  Nevertheless, Fitch notes
positively the municipal area's plan to issue RUB500 million
domestic bonds in Q409 to redeem short-term bank loans, which
should help improve its debt maturity profile.

The local economy is well-diversified and industry-oriented.
Processing industry contributed 94% of total industrial output in
2008 and is dominated by the food and chemical sectors.  The
proximity of the municipality to the City of Moscow underpins its
economic development and provides demand for its agriculture and
other products.

Noginsk is located east of the Moscow region in the European part
of Russia.  The population of the municipal area totalled 209,000
inhabitants in 2008.  The administrative centre of the municipal
area is the City of Noginsk, which is 50 km away from the City of
Moscow.


===============
S L O V E N I A
===============


INFOND HOLDING: Declares Insolvency After Creditors Sold Shares
---------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Infond Holding d.d. has
declared insolvency after creditors cashed-in shares that were
pledged as collateral for loans.

"The loss in the current year is exceeding half of the base
capital and these losses cannot be covered by reserves,"
Bloomberg quoted Infond as saying in a statement to the Ljubljana
stock exchange.

Bloomberg relates in an e-mailed statement on Thursday Nova
Ljubljanska Banka d.d. said it sold shares in Pivovarna Lasko d.d.
and Mercator Poslovni Sistem d.d. after seizing them from Infond.

Bloomberg recalls Nova Ljubljanska in June refused to extend a
loan to Infond after the government passed legislation prohibiting
banks that have received state guarantees from financing corporate
management buyouts.

Headquartered in Maribor, Slovenia, Infond Holding d.d. is an
investment company.


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


SANTANDER HIPOTECARIO: S&P Affirms 'D' Rating on Class F Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered several of its credit
ratings across four Spanish residential mortgage-backed securities
transactions originated by Banco Santander S.A.

Specifically, S&P:

* Lowered and removed from CreditWatch negative its rating on the
  class A notes and lowered S&P's ratings on the class B, C, D,
  and E notes issued by Fondo de Titulizacion de Activos Santander
  Hipotecario 2;

* Lowered and removed from CreditWatch negative its ratings on the
  class A1, A2, and A3 notes and lowered S&P's rating on the class
  B notes issued by Fondo de Titulizacion de Activos Santander
  Hipotecario 3;

* Lowered and removed from CreditWatch negative its ratings on the
  class A1, A2, and A3 notes and lowered S&P's rating on the class
  B notes issued by Fondo de Titulizacion de Activos Santander
  Hipotecario 4; and

* Lowered its ratings on the class A, B, and C notes and lowered
  and removed from CreditWatch negative its ratings on the class D
  and E notes issued by Fondo de Titulizacion de Activos Santander
  Hipotecario 5.

S&P affirmed all other ratings in these transactions.

These rating actions follow a credit and cash flow analysis of the
most recent transaction information that S&P has received.  The
results of S&P's analysis showed that, due to continued
deterioration of the underlying mortgage pools, credit enhancement
available to the downgraded notes was no longer commensurate with
the prior ratings.

The mortgage portfolios underlying these transactions continue to
generate high delinquency levels.  In S&P's view, recent
performance data, combined with the portfolio characteristics,
suggests that delinquencies will continue to rapidly increase over
the next few quarters, increasing the risk of future borrower
default.  Given the high average loan-to-value ratios in these
transactions -- which S&P estimates to be above 90% in both
Santander Hipotecario 4 and 5 -- S&P therefore believes losses in
these portfolios may be higher than in other originations from
these vintages.  Given this deterioration, S&P has lowered the
ratings on some classes in these transactions to reflect S&P's
assessment of the increased default risk.

Due to a significant portion of loans defaulting and being
provisioned for with available resources in the transactions, all
the transactions have drawn on their cash reserves.  At present,
only Santander Hipotecario 5 has a cash reserve balance; the other
transactions have already used their entire reserves.

In S&P's opinion, the effect of the reserve drawings is twofold.
First, it prevents excess spread from flowing from the deals until
the reserve fund is replenished.  Secondly, it impairs the
internal liquidity of the transactions for so long as recoveries
on defaulted assets are not received.

Santander Hipotecario 2, Santander Hipotecario 3, Santander
Hipotecario 4, and Santander Hipotecario 5 closed in July 2006,
April 2007, October 2007, and November 2008, respectively, and are
each backed by a portfolio of residential mortgage loans secured
over properties in Spain, originated and serviced by Banco
Santander S.A.

                           Ratings List

       Ratings Lowered And Removed From Creditwatch Negative

     Fondo de Titulizacion de Activos Santander Hipotecario 2
       EUR1.955 Billion Mortgage-Backed Floating-Rate Notes
    and An Overissuance of EUR17.6 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             A          AA                      AAA/Watch Neg

     Fondo de Titulizacion de Activos Santander Hipotecario 3
        EUR2.8 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR22.4 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             A1         AA-                     AAA/Watch Neg
             A2         AA-                     AAA/Watch Neg
             A3         AA-                     AAA/Watch Neg

      Fondo de Titulizacion de Activos Santander Hipotecario 4
        EUR1.23 Billion Mortgage-Backed Floating-Rate Notes
     and an Overissuance of EUR14.8 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             A1         AA-                     AAA/Watch Neg
             A2         AA-                     AAA/Watch Neg
             A3         AA-                     AAA/Watch Neg

     Fondo de Titulizacion de Activos Santander Hipotecario 5
       EUR1.375 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR24.7 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             D          BB                      BBB/Watch Neg
             E          B                       BB/Watch Neg

                          Ratings Lowered

     Fondo de Titulizacion de Activos Santander Hipotecario 2
       EUR1.955 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR17.6 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             B          BBB                     A
             C          BB                      BBB
             D          B                       BB
             E          B-                      B

     Fondo de Titulizacion de Activos Santander Hipotecario 3
        EUR2.8 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR22.4 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             B          BB+                     BBB

     Fondo de Titulizacion de Activos Santander Hipotecario 4
       EUR1.23 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR14.8 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             B          BB+                     BBB

     Fondo de Titulizacion de Activos Santander Hipotecario 5
       EUR1.375 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR24.7 Million Floating-Rate Notes

                                Rating
                                ------
             Class      To                      From
             -----      --                      ----
             A          AA                      AAA
             B          A                       AA
             C          BBB-                    A

                         Ratings Affirmed

     Fondo de Titulizacion de Activos Santander Hipotecario 2
       EUR1.955 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR17.6 Million Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        F          D

     Fondo de Titulizacion de Activos Santander Hipotecario 3
        EUR2.8 Billion Mortgage-Backed Floating-Rate Notes
    and an Overissuance of EUR22.4 Million Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        C          BB
                        D          B
                        E          B-
                        F          D

     Fondo de Titulizacion de Activos Santander Hipotecario 4
       EUR1.23 Billion Mortgage-Backed Floating-Rate Notes
    and An Overissuance of EUR14.8 Million Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        C          BB
                        D          B
                        E          B-
                        F          D

     Fondo de Titulizacion de Activos Santander Hipotecario 5
       EUR1.375 Billion Mortgage-Backed Floating-Rate Notes
    and An Overissuance of EUR24.7 Million Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        F          D


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


21I.NET SERVICESG: Claims Filing Deadline is August 13
------------------------------------------------------
Creditors of 21i.net Services AG are requested to file their
proofs of claim by August 13, 2009, to:

         Felix Meier-Dieterle
         Schuetzengasse 1
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at a general meeting held
on June 18, 2009.


BGM HOLDING: Claims Filing Deadline is August 13
------------------------------------------------
Creditors of BGM Holding AG are requested to file their proofs of
claim by August 13, 2009, to:

         BGM Holding AG
         Rietwisstrasse 9
         9100 Herisau
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 26, 2009.


BUCHER AUTOSOUND: Creditors Must File Claims by August 13
---------------------------------------------------------
Creditors of Bucher Autosound AG are requested to file their
proofs of claim by August 13, 2009, to:

         Bucher Autosound AG
         Muehlehof 2
         6052 Hergiswil NW
         Switzerland

The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at a general meeting
held on February 5, 2009.


C.P.R. PARTNER: Claims Filing Deadline is August 13
---------------------------------------------------
Creditors of C.P.R. Partner GmbH are requested to file their
proofs of claim by August 13, 2009, to:

         C.P.R. Partner GmbH
         Engelstr. 11
         8400 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at a shareholders'
meeting held on June 22, 2009.


H. VETSCH: Creditors Must File Claims by August 13
--------------------------------------------------
Creditors of H. Vetsch AG are requested to file their proofs of
claim by August 13, 2009, to:

          Alois Lorenz
         Abendfriedenstrasse 7
         8280 Kreuzlingen
         Switzerland

The company is currently undergoing liquidation in Wäldi.  The
decision about liquidation was accepted at a general meeting held
on June 15, 2009.


INSL GMBH: Claims Filing Deadline is August 14
----------------------------------------------
Creditors of InSL GmbH are requested to file their proofs of claim
by August 14, 2009, to:

         TWS Confides AG
         Hauptstrasse 67
         8274 Tagerwilen
         Switzerland

The company is currently undergoing liquidation in Walchwil.  The
decision about liquidation was accepted according to paragraph 153
HregV on May 1, 2009.


KARL MUELLER: Claims Filing Deadline is August 13
-------------------------------------------------
Creditors of Karl Mueller AG are requested to file their proofs of
claim by August 13, 2009, to:

         Rosmarie Mueller-Tschumi
         Liquidator
         Hoehenstrasse 42
         4533 Riedholz
         Switzerland

The company is currently undergoing liquidation in Riedholz.  The
decision about liquidation was accepted at a general meeting held
on June 26, 2009.


MUSIK RUTSCHMANN: Creditors Must File Claims by August 13
---------------------------------------------------------
Creditors of Musik Rutschmann AG are requested to file their
proofs of claim by August 13, 2009, to:

         Unternehmensberatung Gradmann
         Badenerstrasse 313
         8040 Zurich
         Switzerland

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


TRANSADVICE GMBH: Claims Filing Deadline is August 14
-----------------------------------------------------
Creditors of Transadvice GmbH are requested to file their proofs
of claim by August 14, 2009, to:

         Dr. Egbert Wilms
         Liquidator
         Holbeinstrasse 31
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 26, 2009.


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


ALFA-BANK UKRAINE: S&P Raises Counterparty Ratings to 'CCC+/C'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long- and short-term counterparty credit ratings on Alfa-Bank
Ukraine to 'CCC+/C' from 'SD/SD' (selective default).  The outlook
is negative.  At the same time, the Ukraine national scale rating
was revised to 'uaB' from 'SD'.

The upgrade reflects the bank's completion of what S&P consider a
"distressed" debt exchange on its three loan participation note
issues on August 5, 2009.

The three loan participation note issues totaled approximately
US$1.0 billion and represented about one-third of ABU's
liabilities.  ABU continues to honor its debt obligations,
including the restructured loan participation notes.

"The exchange reduced the bank's near-term foreign debt repayment
needs, extending the maturities on the notes," said Standard &
Poor's credit analyst Ekaterina Trofimova.

As a result, the bank's foreign debt repayments due before the end
of 2009 have declined by about US$400 million.  The bank now has
to repay less than US$90 million before the end of this year and
less than US$120 million in 2010, representing less than 10% of
the bank's assets.  However, the bank had to make cash upfront
payments of almost US$225 million under the terms of the
restructuring transaction, which have weakened the bank's cash
position.

The ratings on ABU reflect its deteriorating asset quality and
still vulnerable liquidity position amid tough market conditions
in Ukraine (foreign currency CCC+/Positive/C, local currency
B-/Positive/C, Ukraine national scale uaBBB/--/--), and the bank's
substantial lending and deposit concentrations.  Positively, the
bank benefits from its good domestic market position, moderate
industry lending concentration, and some shareholder support.

"The negative outlook reflects S&P's growing concerns about the
country's deteriorating economic situation, associated exchange-
rate depreciation, and the high vulnerability of the bank's asset
quality, funding, and liquidity," said Ms.  Trofimova.

S&P would lower the ratings following a lowering of the sovereign
foreign currency ratings or deterioration in the bank's stand-
alone credit profile.  If S&P upgrade the sovereign rating, this
will not automatically trigger a similar rating action on the
bank, unless the banking sector turbulence eases considerably and
ABU demonstrates resilient stand-alone credit profile
characteristics.


ALPHA-BUILDING: Creditors Must File Claims by August 13
-------------------------------------------------------
Creditors of LLC Alpha-Building Groupp (code EDRPOU 35127929) have
until August 13, 2009, to submit proofs of claim to:

         O. Borisenko
         Insolvency Manager
         Office 165
         Kuybishev Str. 15
         Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on June 22, 2009.  The case is docketed under
Case No. 2-17/2917-2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Alpha-Building Groupp
         Mramornaya str. 4
         Simferopol
         AR Krym
         Ukraine


ASV-PARKET: Creditors Must File Claims by August 13
---------------------------------------------------
Creditors of LLC ASV-Parket Ukraine (code EDRPOU 31305858) have
until August 13, 2009, to submit proofs of claim to:

         V. Letskan
         Office 42
         Dovzhenko Str. 16v
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 49/176-
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 ASV-Parket Ukraine
         Office 22
         Mechnikov Str. 8
         01023 Kiev
         Ukraine


BANK KIEV: Gets Six-Month Debt Payment Moratorium
-------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Izvestia, reports
that Natsionalnyi Bank Ukrainy has suspended payments for six
months by AK Bank Kiev, TOV Zakhidincombank and AKB Natsionalnyi
Kredit.

The four banks are under temporary state administration.

On Feb. 12, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Ukraine's central bank placed Bank Kiev in
receivership, protecting it from creditors.  Reuters disclosed
according to central bank data, Bank Kiev's assets stood at UAH4.9
billion (US$633 million) as of Jan. 1, while its capital totaled
UAH590 million.  The bank's individual deposits stood at UAH2.2
billion and corporate deposits at UAH650 million.

Bank Kiev is Ukraine's 39th bank in terms of assets.


CONVINS LLC: Creditors Must File Claims by August 13
----------------------------------------------------
Creditors of LLC Convins (code EDRPOU 35224170) have until
August 13, 2009, to submit proofs of claim to:

         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 7, 2009.

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 Convins
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


ELDORADO-SERVICE LLC: Creditors Must File Claims by August 14
-------------------------------------------------------------
Creditors of LLC Eldorado-Service (code EDRPOU 30675453) have
until August 14, 2009, to submit proofs of claim to:

         TPK Alpha-Dnipro
         Office 17
         Chekistov Lane 4
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. 15/327-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 Eldorado-Service
         Office 74
         Tsitadelnaya Str. 4/7
         01015 Kiev
         Ukraine


FIRST UKRAINIAN: Moody's Downgrades Global Deposit Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the global local currency
deposit rating of First Ukrainian International Bank to B2 from
B1, its foreign currency senior unsecured debt ratings to B2 from
B1 and its National Scale Rating to A3.ua from Aa3.ua.  FUIB's
bank financial strength rating remains unchanged at E+, but it now
maps to a Baseline Credit Assessment of B2, down from B1.  FUIB's
global foreign currency deposit rating of B3 (negative outlook)
remains unchanged being constrained by the respective country
ceiling.  The bank's long-term local currency deposit and foreign
currency debt ratings have been placed on review for possible
further downgrade.

The rating actions have been driven by FUIB's tightening liquidity
profile, which has required the bank to initiate a restructuring
of its various types of debt to wholesale creditors in June 2009.
They also reflect the bank's weakening financial fundamentals,
especially in the area of asset quality, as a result of the
deteriorating operating environment in Ukraine as well as expected
shrinkage of the bank's franchise due to deleveraging of its
balance sheet apart from international funding.

Moody's notes that the bank's growth over recent years was
financed by funding from international creditors, including the
issuance of public debt.  Such funding comprised over 40% of
FUIB's total non-equity funding as at December 31, 2008 and
matures over the next 18 months.  The bank has currently put
forward a proposal to creditors to restructure these payments
given the expected decline in the cash flows generated by its
assets amid the current economic downturn in Ukraine.  Moody's
will await the finalization of the terms and conditions of the
restructuring in order to assess impact from these proposals to
creditors' cash flows.

The rating agency also observes that the bank's loan book has
demonstrated a degree of deterioration, with the non-performing
loan ratio reaching low double digits as at July 1, 2009 -- which
is also the case at most other Ukrainian banks.  Moody's believes
this deterioration will continue in 2009 and thus expects the
bank's profitability and capital adequacy to come under further
pressure.  Furthermore, FUIB's ability to generate recurring
earnings has been diminishing as the loan book is contracting and
its quality worsens.

Moody's will monitor the progress of the debt restructuring and is
expecting to conclude the rating review shortly after the
restructuring terms have been finalized.  Provided the
restructuring terms do not result in economic losses for FUIB's
creditors and have the effect of easing its currently tight
liquidity profile, its debt and deposit ratings are likely to be
confirmed.  Conversely, a failure to restructure the bank's debt
or a restructuring on terms that are unfavorable to creditors and
imply economic loss to them could prompt Moody's to downgrade the
bank's ratings to a level commensurate with the losses to
creditors resulting from the restructuring.

Moody's previous rating action on FUIB was on May 12, 2009, when
the rating agency downgraded long-term foreign currency deposit
rating to B3 and placed it on negative outlook.

Headquartered in Kyiv, Ukraine, FUIB reported total IFRS assets of
US$2.3 billion and net income of US$15.3 million as at
December 31, 2008.


GARANT-COMMONWEALTH: Creditors Must File Claims by August 13
------------------------------------------------------------
Creditors of Double Liability Company Insurance Company Garant-
Commonwealth (code EDRPOU 35331111) have until August 13, 2009, to
submit proofs of claim to:

         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 7, 2009.

The Court is located at:

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

The Debtor can be reached at:

         Double Liability Company Insurance Company
         Garant-Commonwealth
         Tchapayev Str. 10
         01030 Kiev
         Ukraine


KRONOS-2004 LLC: Creditors Must File Claims by August 13
--------------------------------------------------------
Creditors of LLC Kronos-2004 (code EDRPOU 32981930) have until
August 13, 2009, to submit proofs of claim to:

         M. Titarenko
         Office 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 50/6.

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 Kronos-2004
         Zheleznodorozhnoye shosse Str. 57
         01103 Kiev
         Ukraine


NAFTA-POLTAVA LLC: Creditors Must File Claims by August 13
----------------------------------------------------------
Creditors of LLC Nafta-Poltava (code EDRPOU 34001269) have until
August 13, 2009, to submit proofs of claim to:

         A. Snezhko
         Office 18
         40 years of October Ave. 126, b. 3
         03127 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 11, 2009.  The case is docketed under
Case No. 28/75-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 Nafta-Poltava
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


NAFTOGAZ NJSC: Moody's Cuts Corporate Family Rating to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine while also
placing the ratings on review for possible downgrade.

The rating action reflects Moody's concerns that recent statements
by government representatives that Naftogaz has been directed to
enter into debt renegotiations with foreign creditors shortly
before the scheduled maturity of the company's US$500 million
notes on September 30 suggests that the probability of
extraordinary government support to prevent a default should now
be classified in the low rather than medium category.  The impact
of reducing Moody's government support assumption to low is to
reduce the final ratings to the level of Moody's previous stand-
alone credit assessment which was already at the Caa2 level.  The
decision furthermore to place the ratings on review for possible
downgrade reflects the uncertainty over (i) the steps that are now
being taken by the company to respond to this directive in the
face of (ii) the limited visibility over the company's current
available liquidity for meeting maturing debt obligations, in
particular, the upcoming US$500 million notes maturing on
September 30.

Previous rating action on Naftogaz took place on May 29, 2009,
when Moody's downgraded to Caa1 from B2 the foreign currency
corporate family rating, probability of default and debt ratings
of NJSC Naftogaz of Ukraine.  The outlook on the ratings was
changed to negative.

As a result of this action, among other factors, the stand-alone
credit assessment as expressed by the baseline credit assessment
was reduced to the equivalent of Caa2 reflecting the weakening
credit and liquidity profile of the company in view of its mandate
to secure the purchase of over 19 billion cubic metres of gas
during 2009 for gas storage, as well as the increasing uncertainty
with regard to Naftogaz's ability to honor its debt obligations
recognizing that Naftogaz was highly reliant over the short-term
on direct state support and/or third-party financing to meet its
operational and financing commitments

Headquartered in Kiev, Ukraine, Naftogaz is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2007 the company generated revenue of UAH30.4 billion
(US$6.0 billion) and operating profit of UAH4.5 billion, while
arriving at a break-even profitability at the net profit level.


NAFTOGAZ OJSC: Fitch Comments on Forced Debt Restructuring
----------------------------------------------------------
Fitch Ratings said it would not view a forced debt restructuring
of Ukraine's state energy firm, OJSC Naftogaz ('CC'/Rating Watch
Negative), as a sovereign default event, although the agency
acknowledges there could be negative implications for investor
sentiment towards the country.

Ukraine's Long-term foreign and local currency Issuer Default
Ratings are 'B' with Negative Outlooks.

"The Ukrainian government's repayment of its US$0.5bn sovereign
Eurobond on 5 August indicates that its capacity and willingness
to service sovereign debt remains in place for now, buttressed by
IMF financial assistance," said Andrew Colquhoun, Director in
Fitch's Sovereigns Group.

"However, Ukraine's sovereign credit-worthiness remains under
pressure from the ongoing impact of a severe economic and
financial crisis, and by uncertainty over the ability of the
authorities to adhere to their IMF-backed programme ahead of
presidential elections scheduled for January 2010," Colquhoun
added.

On July 30, Fitch's corporate finance group downgraded Naftogaz's
Long-term foreign currency IDR to 'CC'/Rating Watch Negative,
citing a rising probability of a coercive debt exchange (CDE) by
the company, following a government resolution of July 22
authorizing the company to restructure its debts.

The sovereign ratings remain under downwards pressure from the
impact of a severe recession (GDP fell 20% in Q109) and from the
risk of a deepening in the country's currency and financial
crisis.  The IMF disbursed a further US$3.3 billion to Ukraine on
July 31, all of which was made available for fiscal financing, and
substantially increased the program ceiling for Ukraine's fiscal
deficit to 6% of GDP, or 8.6% including the deficit of Naftogaz
(reflecting the economic reality of the company's quasi-fiscal
role in Ukraine's economy).

However, Fitch remains concerned that pressure related to the
upcoming presidential elections could drive a further lurch
towards populist fiscal spending which could increase risks to
economic and financial stability and possibly derail the IMF
programme by delaying further assistance tranches (Ukraine has
roughly US$5.5 billion more to receive under the program).  The
sovereign has a further Eurobond maturity of CHF768 million
(roughly US$0.7 billion) to meet this September, but then a space
until a US$0.6 billion Eurobond matures in March 2011.

Ukraine's official international reserves rose to US$29.6 billion
in July 2009, from US$27.3 billion at end-June, reflecting the IMF
disbursement.  The central bank spent US$1.1 billion in propping
up the UAH in July, up from US$0.7 billion in June.  The UAH has
weakened 3.4% against the US$ since end-June, to 7.98 UAH/US$.
With US$10.9 billion in IMF assistance already disbursed by end-
July, reserves net of IMF funds may have been around US$18.7
billion for end-July.  Ukraine's IMF-agreed net reserves floor for
end-September is US$16.6 billion, indicating that the authorities'
FX headroom is relatively modest, although the IMF retains
discretion to revise the reserves floor downwards.  Ukraine is due
to receive US$1.7 billion in EU and IFI assistance to fund
investment in its gas sector, with roughly US$0.8 billion coming
in 2009, which should further boost net reserves.


NATSIONALNYI KREDIT: Gets Debt Payment Moratorium
--------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Izvestia, reports
that Natsionalnyi Bank Ukrainy has suspended payments for six
months by AK Bank Kiev, TOV Zakhidincombank and AKB Natsionalnyi
Kredit.

The four banks are under temporary state administration.


PROTIKRADIY LLC: Creditors Must File Claims by August 13
--------------------------------------------------------
Creditors of LLC Protikradiy (code EDRPOU 33934567) have until
August 13, 2009, to submit proofs of claim to:

         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 7, 2009.

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 Protikradiy
         Budindustrii Str. 5
         01013 Kiev
         Ukraine


SLAM-TRADE LLC: Creditors Must File Claims by August 13
-------------------------------------------------------
Creditors of LLC Slam-Trade (code EDRPOU 32109797) have until
August 13, 2009, to submit proofs of claim to:

         V. Letskan
         Office 42
         Dovzhenko Str. 16v
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 28/244-
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 Slam-Trade
          Kropivnitsky Str. 6
          01004 Kiev
          Ukraine


STARPOM-K LLC: Creditors Must File Claims by August 13
-----------------------------------------------------
Creditors of LLC Starpom-k (code EDRPOU 34607319) have until
August 13, 2009, to submit proofs of claim to:

         S. Kostin
         Insolvency Manager
         Office 32
         Buzhsky Boulevard 1
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 24, 2009.  The case is docketed under
Case No. 18/51/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Starpom-k
         Frunze Str. 50
         Nikolayev
         Ukraine


STATE EXPORT: Fitch Affirms Long-Term Issuer Default Rating at 'B'
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based JSC The
State Export-Import Bank of Ukraine (Ukreximbank) and JSC State
Savings Bank of Ukraine (Oschadbank), including their Long-term
Issuer Default Ratings at 'B' with a Negative Outlook.

Ukreximbank's and Oschadbank's IDRs are underpinned by potential
support from the Ukrainian authorities, in case of need, based on
the banks' state ownership and their policy roles.  The ratings
also take into consideration the ability of the Ukrainian
authorities to provide support, as indicated by the sovereign's
'B' Long-term IDRs.  The Negative Outlook on the banks' Long-term
IDRs reflects the Outlook on the sovereign's Long-term IDR.  A
downgrade of Ukraine's sovereign ratings would likely result in a
downgrade of Ukreximbank's and Oschadbank's ratings.

The affirmation of Ukreximbank's 'D' Individual rating reflects
the bank's significant loan loss absorption capacity, still
manageable levels of loan impairment, satisfactory liquidity
position, relatively stable customer funding and the bank's solid
corporate franchise, which is focused on companies engaged in
foreign trade and often with access to foreign currency revenues.

Ukreximbank's asset quality has weakened during H109, but to a
lesser extent than at most banks in Ukraine, with NPLs (loans
overdue for more than 90 days) reaching only 1.5% at end-H109.
Restructured and extended loans were a more sizeable 20% of the
portfolio, but Fitch understands that a minority of these
represent problem exposures.  Particular sources of credit risk
include: high borrower concentration (the top 20 borrowers
accounted for 39% of loans and 222% of equity at end-Q109; lending
to a large state-owned company from the energy sector is now about
9% of end-H109 equity), sizeable exposure to the troubled real
estate/construction sector (90% of end-Q109 capital, although down
from 174% at end-2008, following equity injections in H109) and
the high proportion of foreign currency lending (58% of loans at
end-H109, albeit reduced from 78% at end-2008; Fitch notes that
these include loans made to exporters with foreign currency
revenues).

Ukreximbank's regulatory capital adequacy ratio improved to 22.9%
at end-H109 from 10.6% (regulatory minimum: 10%) at end-2008
following two large equity injections (both in the form of state
securities, most of which were sold to the National Bank of
Ukraine (NBU) at their nominal value by end-H109, thus,
alleviating concerns about the quality of the bank's capital) and
a US$250 million subordinated loan received from EBRD.  Loss
absorption capacity is now significant, and Fitch estimates that
Ukrexim could have increased its loan impairment reserve/gross
loans ratio to 20.3% from the actual level of 6.4% at end-H109
before the regulatory capital ratio would have fallen to the
minimum level of 10%.  An additional equity injection could be
considered for H209, although no plans have been confirmed yet.

Liquidity is comfortable, managed with the minor maturity gaps and
supported by borrowings from the NBU, which comprised 17% of the
bank's liabilities at end-H109.  Highly liquid assets (defined as
cash, balances with the NBU net of obligatory reserves, net short-
term interbank assets and unpledged securities eligible for NBU
refinancing) covered 45% of client funds.  The latter grew 19%
during H109, and the bank was less affected by the market
turbulence in Q408.  Foreign funding maturing before end-June 2010
is moderate at 7% of end-H109 liabilities.

Downward pressure on Ukreximbank's Individual rating could result
from a substantial weakening of asset quality, a marked increase
in government-directed lending or a sharp tightening of the
liquidity position.

The affirmation of Oschadbank's 'E' Individual rating reflects
continuing uncertainty in relation to its large exposure to state-
owned Naftogaz ('CC'/ RWN) and dependence on government financial
support associated with this exposure.  The Individual rating also
factors in negative asset quality trends, high borrower
concentrations in the rest of the loan portfolio and weak
corporate governance as reflected in government-directed lending
to Naftogaz.

The loan portfolio grew 20% in H109, faster than the rest of the
sector, while exposure to Naftogaz increased in line with total
loans and accounted for a high 54% of the loan portfolio at end-
H109.  Fitch understands that exposure to Naftogaz could be
reduced ahead of schedule from the proceeds of Naftogaz's
recapitalization.  Borrower concentrations excluding the Naftogaz
exposure were also high with the 20 largest borrowers accounting
for 50% of the remaining loan book at end-H109.  Asset quality
benefits from a low (by Ukrainian standards) share of foreign
currency loans (end-H109: 5%) but has deteriorated together with
the rest of the sector.  Excluding the exposure to Naftogaz,
overdue loans accounted for at least 10% of gross loans, while
NPLs (defined as loans overdue for over 90 days) accounted for at
least 6% of gross loans at end-May 2009.

Deposits increased 14% in H109 as the bank benefitted from the
transfer of accounts of state-owned companies from private to
state-owned banks and also attracted retail depositors from
privately-owned institutions.  However, funding from the NBU
remained a high 41% of non-equity funding at end-H109, the
majority of which was provided to support the Naftogaz lending.
The liquidity position is solid with highly liquid assets covering
41% of customer funding at end-H109, and little wholesale funding
on the balance sheet.  The regulatory capital ratio improved to
37.8% at end-H109 from 35.7% at end-2008 and could improve further
if the Naftogaz exposure is reduced.  However, capitalisation and
liquidity are highly dependent on the performance of loans to
Naftogaz and the willingness of the NBU to roll over its funding
in case of any potential restructuring to the Naftogaz exposure.
If the Naftogaz loans are restructured in a way that would require
further recapitalisation of the bank, the Individual rating could
be downgraded to 'F'.  If, however, these loans are repaid, no
further directed lending is made and asset quality remains
reasonable, the Individual rating could be upgraded.

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.

Rating actions:

Ukreximbank

  -- Long-term IDR: affirmed at 'B'; Outlook Negative

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at
     'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

Oschadbank

  -- Long-term foreign and local currency IDRs: affirmed at 'B';
     Outlook Negative

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

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable


STATE SAVINGS: Fitch Affirms Individual Rating at 'E'
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based JSC The
State Export-Import Bank of Ukraine (Ukreximbank) and JSC State
Savings Bank of Ukraine (Oschadbank), including their Long-term
Issuer Default Ratings at 'B' with a Negative Outlook.

Ukreximbank's and Oschadbank's IDRs are underpinned by potential
support from the Ukrainian authorities, in case of need, based on
the banks' state ownership and their policy roles.  The ratings
also take into consideration the ability of the Ukrainian
authorities to provide support, as indicated by the sovereign's
'B' Long-term IDRs.  The Negative Outlook on the banks' Long-term
IDRs reflects the Outlook on the sovereign's Long-term IDR.  A
downgrade of Ukraine's sovereign ratings would likely result in a
downgrade of Ukreximbank's and Oschadbank's ratings.

The affirmation of Ukreximbank's 'D' Individual rating reflects
the bank's significant loan loss absorption capacity, still
manageable levels of loan impairment, satisfactory liquidity
position, relatively stable customer funding and the bank's solid
corporate franchise, which is focused on companies engaged in
foreign trade and often with access to foreign currency revenues.

Ukreximbank's asset quality has weakened during H109, but to a
lesser extent than at most banks in Ukraine, with NPLs (loans
overdue for more than 90 days) reaching only 1.5% at end-H109.
Restructured and extended loans were a more sizeable 20% of the
portfolio, but Fitch understands that a minority of these
represent problem exposures.  Particular sources of credit risk
include: high borrower concentration (the top 20 borrowers
accounted for 39% of loans and 222% of equity at end-Q109; lending
to a large state-owned company from the energy sector is now about
9% of end-H109 equity), sizeable exposure to the troubled real
estate/construction sector (90% of end-Q109 capital, although down
from 174% at end-2008, following equity injections in H109) and
the high proportion of foreign currency lending (58% of loans at
end-H109, albeit reduced from 78% at end-2008; Fitch notes that
these include loans made to exporters with foreign currency
revenues).

Ukreximbank's regulatory capital adequacy ratio improved to 22.9%
at end-H109 from 10.6% (regulatory minimum: 10%) at end-2008
following two large equity injections (both in the form of state
securities, most of which were sold to the National Bank of
Ukraine (NBU) at their nominal value by end-H109, thus,
alleviating concerns about the quality of the bank's capital) and
a US$250 million subordinated loan received from EBRD.  Loss
absorption capacity is now significant, and Fitch estimates that
Ukrexim could have increased its loan impairment reserve/gross
loans ratio to 20.3% from the actual level of 6.4% at end-H109
before the regulatory capital ratio would have fallen to the
minimum level of 10%.  An additional equity injection could be
considered for H209, although no plans have been confirmed yet.

Liquidity is comfortable, managed with the minor maturity gaps and
supported by borrowings from the NBU, which comprised 17% of the
bank's liabilities at end-H109.  Highly liquid assets (defined as
cash, balances with the NBU net of obligatory reserves, net short-
term interbank assets and unpledged securities eligible for NBU
refinancing) covered 45% of client funds.  The latter grew 19%
during H109, and the bank was less affected by the market
turbulence in Q408.  Foreign funding maturing before end-June 2010
is moderate at 7% of end-H109 liabilities.

Downward pressure on Ukreximbank's Individual rating could result
from a substantial weakening of asset quality, a marked increase
in government-directed lending or a sharp tightening of the
liquidity position.

The affirmation of Oschadbank's 'E' Individual rating reflects
continuing uncertainty in relation to its large exposure to state-
owned Naftogaz ('CC'/ RWN) and dependence on government financial
support associated with this exposure.  The Individual rating also
factors in negative asset quality trends, high borrower
concentrations in the rest of the loan portfolio and weak
corporate governance as reflected in government-directed lending
to Naftogaz.

The loan portfolio grew 20% in H109, faster than the rest of the
sector, while exposure to Naftogaz increased in line with total
loans and accounted for a high 54% of the loan portfolio at end-
H109.  Fitch understands that exposure to Naftogaz could be
reduced ahead of schedule from the proceeds of Naftogaz's
recapitalization.  Borrower concentrations excluding the Naftogaz
exposure were also high with the 20 largest borrowers accounting
for 50% of the remaining loan book at end-H109.  Asset quality
benefits from a low (by Ukrainian standards) share of foreign
currency loans (end-H109: 5%) but has deteriorated together with
the rest of the sector.  Excluding the exposure to Naftogaz,
overdue loans accounted for at least 10% of gross loans, while
NPLs (defined as loans overdue for over 90 days) accounted for at
least 6% of gross loans at end-May 2009.

Deposits increased 14% in H109 as the bank benefitted from the
transfer of accounts of state-owned companies from private to
state-owned banks and also attracted retail depositors from
privately-owned institutions.  However, funding from the NBU
remained a high 41% of non-equity funding at end-H109, the
majority of which was provided to support the Naftogaz lending.
The liquidity position is solid with highly liquid assets covering
41% of customer funding at end-H109, and little wholesale funding
on the balance sheet.  The regulatory capital ratio improved to
37.8% at end-H109 from 35.7% at end-2008 and could improve further
if the Naftogaz exposure is reduced.  However, capitalisation and
liquidity are highly dependent on the performance of loans to
Naftogaz and the willingness of the NBU to roll over its funding
in case of any potential restructuring to the Naftogaz exposure.
If the Naftogaz loans are restructured in a way that would require
further recapitalisation of the bank, the Individual rating could
be downgraded to 'F'.  If, however, these loans are repaid, no
further directed lending is made and asset quality remains
reasonable, the Individual rating could be upgraded.

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.

Rating actions:

Ukreximbank

  -- Long-term IDR: affirmed at 'B'; Outlook Negative

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at
     'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

Oschadbank

  -- Long-term foreign and local currency IDRs: affirmed at 'B';
     Outlook Negative

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

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable


SWEDBANK PJSC: Fitch Affirms Individual Rating at 'E'
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based PJSC
Swedbank, including its Long-term foreign currency Issuer Default
rating of 'B' with a Negative Outlook.  At the same time, the
agency has withdrawn all the bank's ratings and Fitch will no
longer provide rating or analytical coverage of PJSC Swedbank.

Rating actions:

  -- Long-term foreign currency IDR: affirmed at 'B', Outlook
     Negative; withdrawn

  -- Long-term local currency IDR: affirmed at 'B+, Outlook
     Negative; withdrawn

  -- Short-term IDR: affirmed at 'B'; withdrawn

  -- Support rating: affirmed at '4'; withdrawn

  -- Individual rating: affirmed at 'E'; withdrawn

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable; withdrawn


UKRGASBANK: Moody's Keeps 'E+' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has confirmed these ratings of
Ukrgasbank: E+ bank financial strength rating, B3 long-term global
scale local and foreign currency deposit ratings, Not Prime short-
term global scale local and foreign currency deposit ratings and
Baa3.ua National Scale Rating.  All of the bank's ratings now
carry a stable outlook.

This rating action concludes the review for possible downgrade
that Moody's initiated on February 18, 2009.  The review was
originally prompted by concerns over the bank's weakening
liquidity position due to deposit outflows, resulting in an
increased reliance on funding from the National Bank of Ukraine
(NBU), as well as pressure on its capitalization and profitability
due to an expected weakening in its asset quality given the rapid
deterioration in the operating environment in Ukraine.

Moody's confirmation of Ukrgasbank's ratings follows the Ukrainian
government's acquisition of an 81.2% stake in the bank in July
2009.  This acquisition was accompanied by a capital injection of
UAH3.1 billion (US$403 million) from the Ministry of Finance.

"In Moody's view, the recent capital injection substantially
improves the bank's liquidity profile and capital position and
enables it to withstand the deteriorating operating environment in
Ukraine," said Elena Redko, a Moody's Analyst and the lead analyst
for Ukrgasbank.  "On the one hand, Ukrgasbank's loan portfolio has
demonstrated a material deterioration and the level of non-
performing loans (defined as overdue loans for over 90 days) has
grown to low double-digit percentage of the total book as at 1
July 2009 -- in common with other Ukrainian banks -- and is
expected to rise further in 2009 given continuous economic
slowdown in Ukraine.  However, the new capital injection should
enable the bank to absorb these anticipated credit losses and
continue to maintain adequate capitalisation in the medium term."

At the same time, the rating agency notes that the government has
not yet announced its strategy with regard to the bank.  Moody's
views the change of control as a temporary measure to support this
important market player and believes the bank is unlikely to
present a strategic fit to any government programme.  A further
change of ownership, including a sale of the bank to strategic
investors, is therefore possible in the medium term.

Taking these considerations into account, Moody's does not
incorporate any probability of systemic support into Ukrgasbank's
deposit ratings, which are therefore based on its stand-alone
creditworthiness, measured by its BFSR of E+ and Baseline Credit
Assessment of B3.

Moody's previous rating action on Ukrgasbank was February 18,
2009, when the rating agency downgraded the long-term local
currency and foreign currency bank deposit ratings to B3 from B2
and its National Scale Rating (NSR) to Baa3.ua from A3.ua and
placed all ratings on review for possible downgrade.

Headquartered in Kyiv, Ukraine, Ukrgasbank reported total IFRS
assets of UAH11.7 billion (US$1.5 billion) and a net loss of
UAH572 million (US$74.3 million) as at December 31, 2008.


UKRPROMBANK TOV: Central Bank Extends Debt Payment Moratorium
-------------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Kommersant-
Ukraine, citing Vasyl Pasichnyk, head of the bank’s supervision
department, said Ukraine's central bank extended by six months a
moratorium on payments by TOV Ukrprombank and VAT Nadra to
creditors.

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

Ukrprombank is headquartered in Kiev, Ukraine.


YEVROPEISKYI BANK: May Face Liquidation, NBU Says
-------------------------------------------------
The FINANCIAL reports that the National Bank of Ukraine (NBU) has
said Kyiv-based Yevropeiskyi Bank may face liquidation.

The report relates a representative of the NBU told the Ukrainian
News Yevropeiskyi Bank has been under the provisional
administration of the central bank since May 15, 2009.  NBU, the
report discloses, appointed Roman Kudrytskyi appointed as
provisional administrator of the bank.

The NBU representative refused to comment on a possible date of a
decision on liquidation of the bank.  According to the report, the
central bank's representative, however, said there is hope that
the financial institution will be saved.  "Hope still exists that
a potential investor will do something," the report quoted the
central bank representative as saying.


ZAKHIDINCOMBANK TOV: Secures Debt Payment Moratorium From NBU
-------------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Izvestia, reports
that Natsionalnyi Bank Ukrainy has suspended payments for six
months by AK Bank Kiev, TOV Zakhidincombank and AKB Natsionalnyi
Kredit.

The four banks are under temporary state administration.


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


ALBA 2007-1: Fitch Junks Rating on Class E Notes From 'B'
---------------------------------------------------------
Fitch Ratings has downgraded four tranches of ALBA 2007-1 PLC, a
UK non-conforming RMBS transaction.

The ratings are:

  -- Class A2 (ISIN XS0301704747): affirmed at 'AA+'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN XS0301721832): affirmed at 'AA+'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0301706288): downgraded to 'AA-' from 'AA+';
     Outlook Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0301707096): downgraded to 'BBB' from 'A+';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0301708060): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class E (ISIN XS0301708573): downgraded to 'CCC' from 'B';
     Outlook Negative; assigned a Recovery Rating of 'RR3'

  -- Class F (ISIN XS0301708813): affirmed at 'CC'; assigned a
     Recovery Rating of 'RR6'

  -- MERC (ISIN XS0301962444): affirmed at 'AAA' Outlook Stable

The downgrades reflect the overall performance deterioration and
Fitch's expectation that performance would not improve in the near
term.  Loans in arrears by three months or more comprise 14.55% of
the current collateral balance and loans currently in possession
comprise a further 1.53%.  An increase in sold repossessions
within the current challenging market environment has resulted in
high loss severities being realized.  Fitch-calculated weighted
average period loss severity has increased to 38.47% in June 2009
interest payment date from 34.03% in March 2009 IPD.  However,
Fitch views the sale of properties as a positive at it ensures
that the repossession portfolio is not increasing, limiting the
cost of carry and losses from any further falls in market prices.

Further losses from the sale of properties, which are written to
the principal deficiency ledger, have resulted in the reserve fund
being drawn to 23.93% of its target amount.  This is because the
available excess spread has not been sufficient to clear the
balance on the PDL without utilizing the reserve fund.  Fitch
expects that further losses will continue to be realized from the
sale of properties and this will prevent the reserve fund from
replenishing in the coming quarters, resulting in further stress
to the transaction.


BARNARD HAMILTON: Section 98 Meeting Set for August 12
------------------------------------------------------
Pursuant to Section 98 of the Insolvency Act 1986, a meeting of
creditors of Barnard Hamilton Yachts Limited will be held at
Fisher Partners, Acre House, 11-15 William Road, London NWI 3ER,
on August 12, 2009, at 10:30 a.m. for the purposes provided for in
Sections 99 and 101 of the Act.

A list of the names and addresses of the Company's creditors will
be available for inspection free of charge at the above mentioned
offices of Fisher Partners on August 10, 2009, and August 11,
2009, between the hours of 10:00 a.m. and 4:00 p.m.


ITV PLC: Sells Friends Reunited; Mulls Legal Action Against STV
---------------------------------------------------------------
Rowena Mason at Telegraph.co.uk that ITV plc has sold its Friends
Reunited Web site to DC Thomson's Brightsolid unit for GBP25
million.

According to Telegraph.co.uk, Wednesday's sale represents a GBP150
million loss for ITV on the Web site's original price four years
ago.

                               Loss

ITV posted a GBP105 million loss in the first half of 2009 after
suffering from the advertising slump.  ITV's results showed
advertising revenue, down by 15% to GBP909 million, while online
revenues were up 6% to GBP18 million, Telegraph.co.uk relates

                          Pension Deficit

Telegraph.co.uk discloses ITV's pension deficit has trebled since
last year from GBP178 million to GBP538 million as a result of
declining asset values and a change in its inflation assumptions.
The company, Telegraph.co.uk says, is now paying an extra GBP30
million a year into the fund and offering to increase annual
pension pots of scheme members in exchange for giving up future
inflationary increases.

                           Legal Action

Erikka Askeland at The Scotsman reports that ITV said it was
considering taking legal action against STV, its Scottish
franchise, claiming it is owed an estimated GBP15 million for its
share of costs in creating TV shows such as The Bill.

ITV, as cited by the Scotsman, said it would "pursue amounts due
vigorously".

                           About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 10,
2009, Standard & Poor's Ratings Services said that it assigned its
'BB-' debt rating to the EUR187.9 million senior unsecured notes
issued by U.K. broadcaster ITV PLC and guaranteed by Carlton
Communications Limited.

On March 9, 2009, the Troubled Company Reporter-Europe reported
that Moody's Investors Service downgraded ITV plc's senior
unsecured ratings, Corporate Family Rating and Probability of
Default rating, to Ba2 (from Ba1).  Moody's said the rating
outlook for ITV is negative.


ITV PLC: Moody's Downgrades Corporate Family Rating to 'B1'
-----------------------------------------------------------
Moody's Investors Service said that it has downgraded ITV plc's
senior unsecured ratings and its Corporate Family Rating to B1
(from Ba3).  The rating outlook for ITV is stable.  The downgrade
reflects the weight of ITV's adjusted debt, aggravated by the
significant widening of the company's IAS 19 pension deficit at a
time when profitability is under severe pressure due to the
magnitude of the downturn in the UK's TV advertising market (-17%,
ITV family -15%) while (i) the timing and the extent of a recovery
in UK TV advertising is uncertain (ii) execution risks on the
company's envisaged asset sales remain and (iii) a degree of
management uncertainty persists as the company conducts the search
for a new chief executive.

A stable outlook recognizes the progress ITV has made in managing
its cost base and the expectation that increasing cost savings
over the next couple of years can be achieved broadly as
envisaged.  Moody's further recognizes that due to successful
working capital management and lower capex, ITV held net financial
debt steady at GBP728 million despite significant restructuring-
related outflows.  The B1 rating remains supported by the still
considerable strength of ITV's broadcasting franchise, its well
established programming operations and the positive impact of the
company's efforts to compensate for the decline in ITV1's NAR, by
developing the share of audience and therefore NAR of a broader
family of digital channels.  Moody's also notes recent positive
regulatory developments for ITV with an easing of the CRR burden
likely in time for the 2010 selling season.

Moody's regards ITV's liquidity profile as sufficient for its
current needs.  As of June 30, 2009 the company had cash and cash
equivalents of GBP306 million (excluding certain restricted and
unavailable cash amounts totalling GBP 170 million).  During the
first quarter of 2009, ITV drew down GBP 50 million under a new
ten-year loan and GBP125 million under a new five-year facility,
which together with cash on hand allowed the company to repay a
GBP250 million bond that matured in March 2009 and to make a
GBP50 million final payment in respect of the earn-out relating to
the Friends Reunited acquisition in 2005.  In the second quarter
of 2009 ITV raised a further GBP58.5 million pounds from a tap
issue to its existing bonds due 2015 and also reduced the amount
outstanding under its Eurobond due 2011 to EUR232 million (hedged
to a value of GBP140 million) by making a EUR80 million cash
payment and issuing a new EUR188 million bond due 2014 (hedged to
a value of EUR126 million).

Cash on hand together with a committed GBP75 million facility,
which ITV could utilize during the second half of 2009 should
allow the company to satisfy its near-term operational liquidity
needs.  However, Moody's will carefully monitor developments
during the remainder of 2009 and into 2010 and would expect ITV to
underpin its liquidity position further when possible, e.g.  from
asset sales such as the proposed disposal of SDN.  Moody's note
that ITV has now no material scheduled debt maturity before
October 2011 when the reduced Eurobond falls due.

Ratings downgraded are: ITV's EMTN program to B1 (from Ba3), long-
term debt issues under the program falling due 2011, 2015 and 2017
to B1 (from Ba3), the notes due 2014 to B1 (from Ba3) as well as
ITV's CFR and PDR to B1 (from Ba3).

The last rating action for ITV was on April 27, 2009, when Moody's
downgraded the company's senior unsecured ratings to Ba3 (from
Ba2).  The rating outlook was maintained as negative.

Headquartered in London, England, ITV plc is the leading owner of
channel 3 franchises in the UK free-to-air TV market, and
generated turnover of just over GBP 2 billion in the year to
December 2008.


ITV PLC: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed ITV plc's Long-term Issuer Default
Rating at 'BB-', and maintained the rating Outlook at Negative.
The agency has also affirmed ITV's senior unsecured rating at
'BB-'.

The rating affirmation follows the August 6 release of the UK
broadcaster's interim results which showed a fall in net
advertising revenue of 15% in the half year to June 30, 2009, and
a fall in EBITA of GBP75 million to GBP46 million.

"The big question for ITV's performance is whether the advertising
market is bottoming or not," said Alex Griffiths, Senior Director,
Fitch's TMT team in London.  "Results for H109 were expected to be
weak, reflecting the effects of deep ad market falls in the first
half with only part of the benefit of cost cuts."

Fitch had previously signaled that a 15% fall in advertising
revenues for the full year 2009 was likely to be consistent with
financial leverage of over 5.0x which, if sustained, would be more
consistent with a 'B+' rating profile than 'BB-'.  A 15% revenue
fall in the first half of 2009 does not necessarily suggest
revenues will decline 15% for the full year, as the comparatives
against which the last four months of 2009 will be measured are
much easier -- with advertising down 16% y-o-y in September 2008
and 9% in Q408.  ITV stated in its results announcement that while
September year-on-year performance, based on forward bookings,
sees a fall mitigating to only high single digits, the group
currently has no meaningful insight into October onwards.  The
mildly positive development in September mirrors reports from
other UK ad-funded media, which in their recent results have
typically pointed to a moderation of advertising declines.

Fitch believes, on balance, that the current risks remain
reflected in ITV's present ratings and outlook.  The agency will
continue to review evidence of whether the market has or has not
stabilized.  ITV's high operational gearing means its results
remain volatile to changes in UK TV advertising spending.

The decision to maintain ITV's rating at its current level also
reflects a number of positive operational and financial factors.
ITV has continued, on a family of channels basis, to largely hold
its share of viewing, and increased its share of the UK ad market
by approximately 2% in H109.  Its cost saving program, due to
yield savings of GBP155 million in 2009, mostly second-half
weighted, and ultimately GBP285 million by 2011, is on track.  In
addition, the regulatory environment appears to be improving with
an expected relaxation of Contract Rights Renewal likely to be
announced later this year and potential positive messages for ITV
from Ofcom's Public Sector Broadcasting review.  ITV's cash flow
generation has also improved from 2008 with a greater focus on the
management of programming inventory and other working capital.
The group's exchange offer for its EUR500 million (GBP345 million)
2011 bond has also pushed back GBP200 million of this maturity
until 2013.  Fitch had previously signaled 2011, under certain
stress scenarios, as a potential liquidity pinch point.

Fitch notes the increase in ITV's accounting pension deficit to
GBP538 million from GBP178 million.  The agency will continue to
focus more on the immediate cash impact of pension financing,
which is based on actuarial, rather than accounting valuations.
ITV's current agreement with its trustees sees top-up payments of
GBP30 million per annum.  Of more concern to the agency is the
buyout valuation on which, in a liquidation, any claim by the
pension scheme would be based.  The agency estimates that this has
fallen to GBP1.4 billion at 30 June 2009 from GBP1.8 billion at
December 31, 2008 based on the movement in UK gilt yields between
the two dates.  Despite the decline, this level still represents a
large, and potentially structurally senior creditor which could
negatively impact the recoveries of bondholders in a recovery
scenario.  As noted in a March 26, 2009 comment, Fitch continues
to see ITV as sufficiently far from default with a 'BB-' rating to
give it time to address these issues, possibly amend its capital
structure, and for the pension deficit to shrink as market
conditions normalize.  The agency notes that if ITV's IDR was
downgraded to 'B+', indicating it was closer to potential default,
its senior unsecured ratings could be downgraded by more than one
notch.


SOMF LIMITED: Moody's Cuts Rating on Class A2 Notes to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by SOMF Limited.

The transaction is a repackaging of GBP200,000,000 of Secured
Floating Rate Notes due 2014 issued by Mall Funding PLC (the
Collateral).  The rating actions are a response to the downgrade
of the Collateral to Baa3 from Aaa, under review for possible
downgrade.

The Mall Funding transaction represents the securitization of a
GBP1,435 million commercial loan secured by first ranking legal
mortgages over 23 retail properties located throughout the UK.
Given the high refinancing exposure, the value decline of the
properties in the portfolio and the high leverage of the loan the
rating of the collateral has been downgraded multiple notches.
The downgrade of the two classes of SOMF Limited reflects the
credit deterioration of the underlying collateral.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for repackaged securities as
described in Moody's Special Reports below:

  -- Moody's Updates on its Surveillance Approach for EMEA CMBS"
     (March 2009)

  -- Repackaged Securities (October 2001)

The rating actions are:

SOMF Limited:

(1) GBP80,000,000 Class A2 Secured Floating Rate Bonds due 2014

  -- Current Rating: Ba1

  -- Prior Rating: Aaa, on review for possible downgrade

  -- Prior Rating Date: 8 May 2009, Aaa placed under review for
     possible downgrade

(2) GBP20,000,000 Class B Secured Floating Rate Bonds due 2014

  -- Current Rating: Ba3

  -- Prior Rating: Aa1, on review for possible downgrade

  -- Prior Rating Date: 8 May 2009, Aa1 placed under review for
     possible downgrade


SOUTH WEST RADIO: Put Into Administration; To Sell Stations
-----------------------------------------------------------
South West Radio Ltd., the company that owns Bath FM, and its five
community radio stations were formally put into administration on
Aug. 3, thisisbath.co.uk reports.

According to the report, insolvency practitioners Kirk Hills say
they are looking for a buyer who will safeguard the stations'
futures.

The report relates David Kirk, from Exeter and Barnstaple-based
Kirk Hills, said his priority was to keep the stations trading and
safeguard the jobs of the current employees, which include 27
staff and a number of freelancers across the five stations.

South West Radio Ltd. was founded by businessman John Roberts last
year.


STABLE HOLDINGS: Administrators Put Assets Up for Sale
------------------------------------------------------
Bruce Cartwright and Laurie Manson, joint administrators of Stable
Hodings Ltd., Stable Services Ltd., Stable Leasing Ltd., and
Holsco Ltd. (all in administration), offer for sale the business
and assets of the Aberdeen-based group that sells, manufactures
and rents down hole products to the oil and gas market.

For further information, please contact:

     Adele Enright of PricewaterhouseCoopers LLP
     E-mai: adele.enright@uk.pwc.com
     32 Albyn Place, Aberdeen, AB10 1YL
     Tel: 01224 253302
     Fax: 01224 253329

As reported in the Troubled Company Reporter Europe on August 5,
2009, Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers
LLP were appointed as joint administrators of the three Companies
on August 3, 2009.

Bruce Cartwright, joint administrator, said: "Following a buy-out
in December 2006, the Group has grown from an annual turnover of 7
million to 22 million.  Despite a good underlying business, due to
rapid expansion in a challenging economic climate, pressure has
been put on working capital.  It is with regret that we have had
to make 36 redundancies upon appointment.

"We intend to pursue a sale of the business and assets of the
Group as a going concern.  While a buyer for the business is
sought, we will work with the Company's existing management team.
There are no further redundancies at this time."

Rod Coffey, Group CEO said: "We are all hoping that a buyer or an
investor can be found quickly to save the undoubted potential of
this company."


VIRGIN MEDIA: Eyes London Listing by Christmas
----------------------------------------------
Maija Palmer at The Financial Times reports that Neil Berkett,
chief executive of Virgin Media plc, said the company could be
listed on the London Stock Exchange by Christmas.

According to the FT, no new equity would be issued as part of the
new listing.

Mr. Berkett, as cited by the FT, said "I would like to see a
listing in London.  The company would become more accessible to UK
and European funds."

"As a UK company, it is important to be seen as listed in London,"
the FT quoted Mr. Berkett as saying.  "A decision will be taken by
the board in the next few months."

                               Loss

Virgin Media, the FT discloses, lost an unexpectedly large number
of subscribers in the three months to the end of June.
The FT says some 26,200 customers left the company in the second
quarter -- almost twice as many as expected.

The FT relates Virgin Media's pre-tax losses in the first half of
the year narrowed from GBP554 million to GBP168 million.
The FT notes in spite of the drop in customer numbers, half-year
revenue fell slightly from GBP1.89 billion to GBP1.87 billionas
the remaining customers at Virgin Media increased their average
monthly spending to a record GBP43.27, up from GBP41.68 in the
same period last year.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

On July 20, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed UK cable operator Virgin Media Inc.'s
Long-term Issuer Default Rating at 'BB-' with a Stable Outlook,
and its Short-term IDR at 'B'.  The agency also affirmed Virgin
Media Finance's and Virgin Media Investment Holdings Limited's
existing instrument ratings.

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Moody's Investors Service affirmed the Ba3 corporate family
rating of Virgin Media Inc.  Moody's said the outlook is stable.


VISTEON CORP: U.K. Pensioners Object to Employee Incentive Plan
---------------------------------------------------------------
Crawford McKee, on behalf of the Visteon UK Pensioners Action
Group, lodged objection to the Debtors' motion to implement
Visteon incentive program.

According to Mr. McKee, following Visteon UK's decision to
close three plants in the United Kingdom on April 1, 2009, the
underfunded UK Pension fund has been placed into administration.
Mr. McKee adds that the fund passes into the UK government
sponsored Pension Protection Fund where the Group stands to lose
significant life-changing pension payments -- some 40% to 60% in
reductions.

The Group represents 3,000 U.K. Visteon current and deferred
pensioners.

The Debtors are seeking the Court's permission to honor a
postpetition Visteon Incentive Program, which consists of a key
employee incentive plan, the Debtors' 2009 annual incentive plan
and the Debtors' current long-term incentive plan.  The AIP and
LTIP are continuations of the Debtors' prepetition incentive
programs, while the KEIP is a newly proposed plan.

The Debtors are also seeking authority to pay their employees
amounts earned under the Visteon Incentive Program without regard
to whether those obligations accrued or arose before or after the
Petition Date.  Specifically, the Debtors seek authority to pay
up to US$6,200,000 on account of targets already reached but not
yet earned under the LTIP, and up to US$6,000,000 that still may
be earned on account of certain 2009 and 2010 benchmarks, if
achieved based on the Debtors' business goals, as set forth under
the metrics of the LTIP established in 2007 and 2008.

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets ofUS$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


* UK: Corporate Insolvencies Up 22.7% in Second Quarter 2009
------------------------------------------------------------
Statistics showing insolvencies in the second quarter of 2009 were
published on August 7 by the Insolvency Service.

                   Company Insolvencies

There were 5,055 compulsory liquidations and creditors voluntary
liquidations in total in England and Wales in the second quarter
of 2009 (on a seasonally adjusted basis).  This was an increase of
2.9% on the previous quarter and an increase of 39.1% on the same
period a year ago.

This was made up of 1,457 compulsory liquidations (which are down
6.8% on the previous quarter but up 8.7% on the corresponding
quarter of the previous year), and 3,598 creditors voluntary
liquidations (which are up 7.4% on the previous quarter and 56.8%
on the corresponding quarter of the previous year).

In the twelve months ending Q2 2009, approximately 1 in 120 active
companies (or 0.8%) went into liquidation, which is up slightly on
the previous quarter when the figure was approximately 1 in 130.

Additionally, there were 1,529 other corporate insolvencies in the
second quarter of 2009 (not seasonally adjusted) comprising 345
receiverships, 1,027 administrations and 157 company voluntary
arrangements.  In total these represented an increase of 22.7% on
the same period a year ago.

                   Individual Insolvencies

There were 33,073 individual insolvencies in England and Wales in
the second quarter of 2009.  This was an increase of 27.4% on the
same period a year ago.

This was made up of 18,870 bankruptcies (which were up 15.3% on
the corresponding quarter of the previous year), 12,225 Individual
Voluntary Arrangements (IVAs), (which were up 27.4% on the
corresponding quarter of the previous year) and 1,978 Debt Relief
Orders (DROs)

The Debt Relief Order is a new individual insolvency procedure
which came into force on April 6, 2009 and which provides an
alternative route into personal insolvency for certain categories
of over-indebted individuals, subject to some restrictions.  Some
of those who had a DRO approved in Q2 2009 would have been
declared bankrupt had the DRO route not been an option, but it is
not possible to quantify this proportion.

In the second quarter of 2009, 86% of bankruptcies were made on
the petition of the debtor, similar to the previous quarter and
slightly higher than throughout 2007 and 2008 as a whole.

The percentage of bankruptcy orders involving trading debts (self-
employed bankruptcies) was 13.7% in the first quarter of 2009
(second quarter 2009 figures for trading-related bankruptcies are
not yet available), which is an increase from 12.9% in the
previous quarter.


* Bingham Expands Fin'l Institutions Litigation Practice in London
------------------------------------------------------------------
Bingham McCutchen has bolstered its financial institutions
litigation practice with the addition of Richard Hornshaw and
Chris Webber to the London office.

Mr. Hornshaw, who joins Bingham as counsel from Slaughter and May
in London, has extensive experience of resolving high-value and
complex disputes for global financial institutions and blue-chip
companies through both litigation and arbitration.  He focuses in
particular on banking, insolvency and pension issues, and recently
completed a secondment with Goldman Sachs' litigation team in
London.  He was named as an associate to watch in Chambers 2009,
and as a leader in his field in Chambers 2010 (to be published
later this year).

Mr. Webber joins as an associate from Denton Wilde Sapt's
Financial Markets Disputes Group, where he advised financial
institutions and lenders in a variety of complex financial
disputes.  He was recently on secondment with the Royal Bank of
Scotland's Group Litigation Unit, where he had responsibility for
a portfolio of litigation matters, including high-value, complex
corporate banking and structured finance matters.

"The experience that Richard and Chris have in representing global
financial institutions in complex disputes will greatly benefit
our global clients, especially in the current marketplace," said
Natasha Harrison, who heads the London financial institutions
litigation practice.  "They add further depth and talent to our
market-leading financial institutions litigation practice and are
a welcome addition to Bingham, and to the team."

Bingham's financial institutions litigation practice is frequently
called upon by funds, banks, insurance companies and other
financial services providers who face complex litigation matters.
The firm's lawyers combine an in-depth experience in the financial
institutions sector with the strength of its litigation practice
to offer clients a comprehensive approach to dispute resolution.

"The reach and depth of Bingham's finance and litigation practices
were very attractive to me," Mr. Hornshaw said.  "The experience
offered both by Bingham's litigators, and its finance and
securities lawyers, is particularly valuable for financial
institutions as they navigate this difficult economy."
The caliber of Bingham's work also was a draw, the lawyers said.
Bingham's financial institutions litigation team in London
recently secured a victory for bondholders of Elektrim S.A. in a
long-running litigation.  The High Court on July 20 awarded the
bondholders of Elektrim S.A. damages and interest in the sum of
EUR185 million in relation to Elektrim's obligation to pay a
contingent payment.  Bingham's London office, led by Ms. Harrison,
represented the ad hoc committee of bondholders of Elektrim S.A.
and appeared for the representative bondholder in the litigation.

Mr. Hornshaw and Mr. Webber are the latest additions for Bingham
in London in the past few months.  In June, Stuart Sinclair joined
as a tax partner from McDermott Will & Emery.  Mr. Sinclair
advises clients on all aspects of direct and indirect U.K. tax,
focusing on domestic and cross-border corporate tax matters.  He
has particular experience in the financial services industry.

Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies.  The
firm has more than 1,100 lawyers in 12 locations in the United
States, United Kingdom and Asia.


* Fitch Puts Ratings on 262 Tranches on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed 262 tranches on Rating Watch Negative and
affirmed 102 tranches.  All tranches affirmed at 'B' and above
have Stable Outlooks.

The rating actions cover all 86 publicly rated European SME CLOs
and follows the release of Fitch's revised criteria for rating
CLOs of granular pools of small corporate loans on July 23, 2009.
The rating actions are based on Fitch's initial analysis which
considered the level of delinquencies and defaults, obligor and
industry concentrations, and the level of credit protection
currently offered by each rated note.  Fitch plans to start
resolving the RWNs immediately.

Ratings that have been placed on RWN can be classified into these
general categories: (a) transactions with low credit enhancement
levels and which have suffered performance deterioration; (b)
transactions that have performed well but do not have sufficient
credit enhancement under the revised criteria; and (c) junior
notes from older vintage transactions that have benefited from
deleveraging but are exposed to obligor concentration risk.

In contrast, the ratings that have been affirmed fall into two
general categories.  The first category includes transactions that
are recently rated and have thus incorporated much of the revised
criteria assumptions.  10 out of 11 transactions rated in 2008 and
so far in 2009 are affirmed.  The second category includes the
more senior notes within a transaction that has been de-leveraged.
These notes tend to have increased credit enhancement levels that
are sufficient to cover increased obligor concentration and low or
moderate levels of delinquencies.

Tranches that have not been affirmed or placed on RWN remain under
analysis.

Fitch has contacted each originating bank and requested updated
performance and portfolio information.  Where such information is
not provided or is considered insufficient, Fitch will make worst-
case assumptions -- based on the transaction's reports -- in its
analysis.


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

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

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


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


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


GERMANY
-------
AGOR AG             DOOD PZ           -482446.63     144432986.17
AGOR AG             DOOG IX           -482446.63     144432986.17
AGOR AG             NDAGF US          -482446.63     144432986.17
AGOR AG             DOO EU            -482446.63     144432986.17
AGOR AG             DOO EO            -482446.63     144432986.17
AGOR AG             DOO GR            -482446.63     144432986.17
AGOR AG-RTS         2301918Z GR       -482446.63     144432986.17
ALNO AG             ANO GR          -28265004.17     366872263.74
ALNO AG             ANO EO          -28265004.17     366872263.74
ALNO AG             ANO PZ          -28265004.17     366872263.74
ALNO AG             ANO EU          -28265004.17     366872263.74
ALNO AG             ALNO IX         -28265004.17     366872263.74
ALNO AG-NEW         ANO1 GR         -28265004.17     366872263.74
ALNO AG-RTS         2259765Z GR     -28265004.17     366872263.74
BROKAT AG           BROAF US        -27139391.98     143536859.72
BROKAT AG           BKISF US        -27139391.98     143536859.72
BROKAT AG           BRKAF US        -27139391.98     143536859.72
BROKAT AG           BROFQ US        -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1 GR         -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1 NM         -27139391.98     143536859.72
BROKAT AG-ADR       BROA US         -27139391.98     143536859.72
BROKAT TECH -ADR    BROAQ US        -27139391.98     143536859.72
BROKAT TECH AG      BRJ GR          -27139391.98     143536859.72
BROKAT TECH AG      BRJ NM          -27139391.98     143536859.72
BROKAT TECH AG      BSA LN          -27139391.98     143536859.72
BROKAT TECH-ADR     BRJA GR         -27139391.98     143536859.72
CBB HOLD-NEW 97     COB2 GR         -42994732.85     904723627.84
CBB HOLDING AG      COBG PZ         -42994732.85     904723627.84
CBB HOLDING AG      COBG IX         -42994732.85     904723627.84
CBB HOLDING AG      CUBDF US        -42994732.85     904723627.84
CBB HOLDING AG      COB2 EU         -42994732.85     904723627.84
CBB HOLDING AG      COB GR          -42994732.85     904723627.84
CBB HOLDING AG      COB2 EO         -42994732.85     904723627.84
CBB HOLDING-NEW     COB1 GR         -42994732.85     904723627.84
CBB HOLDING-NEW     COB3 GR         -42994732.85     904723627.84
CINEMAXX AG         MXC EU          -42015165.72     146572416.37
CINEMAXX AG         MXC GR          -42015165.72     146572416.37
CINEMAXX AG         MXCUSD EO       -42015165.72     146572416.37
CINEMAXX AG         CNEMF US        -42015165.72     146572416.37
CINEMAXX AG         MXCG IX         -42015165.72     146572416.37
CINEMAXX AG         MXC EO          -42015165.72     146572416.37
CINEMAXX AG         MXC PZ          -42015165.72     146572416.37
CINEMAXX AG         MXCUSD EU       -42015165.72     146572416.37
CINEMAXX AG-RTS     MXC8 GR         -42015165.72     146572416.37
DEVELICA DEUTSCH    DDE PG          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE IX          -41866600.36    1178479579.31
DEVELICA DEUTSCH    D4B GR          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE PZ          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE LN          -41866600.36    1178479579.31
DORT ACTIEN-BRAU    944167Q GR      -12689156.29     117537053.71
DORT ACTIEN-RTS     DAB8 GR         -12689156.29     117537053.71
EM.TV & MERC-NEW    ETV1 GR         -22067409.41     849175624.65
EM.TV & MERC-NEW    ETV1 NM         -22067409.41     849175624.65
EM.TV & MERC-RTS    ETV8 GR         -22067409.41     849175624.65
EM.TV & MERC-RTS    ETV8 NM         -22067409.41     849175624.65
EM.TV & MERCHAND    EMTVF US        -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    ETV VX          -22067409.41     849175624.65
EM.TV & MERCHAND    985403Q GR      -22067409.41     849175624.65
EM.TV & MERCHAND    ETV LN          -22067409.41     849175624.65
HYPO REAL ES-ADR    HREHY US        -813565059.9  543794828675.92
HYPO REAL ES-NEW    2916649Q EU     -813565059.9  543794828675.92
HYPO REAL ES-NEW    HRXA EU         -813565059.9  543794828675.92
HYPO REAL ES-NEW    HRXA EO         -813565059.9  543794828675.92
HYPO REAL ES-NEW    HRXA GR         -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 ES-NEW    2916645Q EO     -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX TQ          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXGBP EO       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXCHF EU       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX VX          -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    HRXGBX EO       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX EU          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXUSD EU       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXCHF EO       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX PZ          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX NQ          -813565059.9  543794828675.92
HYPO REAL ESTATE    HREHF US        -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    HRX BQ          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX GR          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXUSD EO       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRX EB          -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXAUD EO       -813565059.9  543794828675.92
HYPO REAL ESTATE    HRXGBX EU       -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 PZ          -19296489.56     150995473.81
KAUFRING AG         KAUG IX         -19296489.56     150995473.81
KAUFRING AG         KFR GR          -19296489.56     150995473.81
KAUFRING AG         KFR EO          -19296489.56     150995473.81
KAUFRING AG         KFR EU          -19296489.56     150995473.81
MANIA TECHNOLOGI    MNI1 EO          -35060806.5     107465713.61
MANIA TECHNOLOGI    MIAVF US         -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI NM           -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI GR           -35060806.5     107465713.61
MANIA TECHNOLOGI    MNIG IX          -35060806.5     107465713.61
MANIA TECHNOLOGI    2260970Z GR      -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI PZ           -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI1 EU          -35060806.5     107465713.61
MATERNUS KLINI-N    MAK1 GR         -17014754.15     172786677.74
MATERNUS-KLINIKE    MNUKF US        -17014754.15     172786677.74
MATERNUS-KLINIKE    MAK PZ          -17014754.15     172786677.74
MATERNUS-KLINIKE    MAK EO          -17014754.15     172786677.74
MATERNUS-KLINIKE    MAKG IX         -17014754.15     172786677.74
MATERNUS-KLINIKE    MAK EU          -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
O TWELVE ESTATES    OTE PG          -10555410.41     267391338.05
O TWELVE ESTATES    O2T GR          -10555410.41     267391338.05
O TWELVE ESTATES    OTE PZ          -10555410.41     267391338.05
O TWELVE ESTATES    OTE EU          -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    OTEEUR EO       -10555410.41     267391338.05
O TWELVE ESTATES    OTE EO          -10555410.41     267391338.05
PRIMACOM AG         PRC2 GR         -14233212.49     729563484.73
PRIMACOM AG         PRC GR          -14233212.49     729563484.73
PRIMACOM AG         PRCG IX         -14233212.49     729563484.73
PRIMACOM AG         PRC EO          -14233212.49     729563484.73
PRIMACOM AG         PCAGF US        -14233212.49     729563484.73
PRIMACOM AG         PRCG PZ         -14233212.49     729563484.73
PRIMACOM AG         PRC NM          -14233212.49     729563484.73
PRIMACOM AG         PRC EU          -14233212.49     729563484.73
PRIMACOM AG-ADR     PCAGY US        -14233212.49     729563484.73
PRIMACOM AG-ADR     PCAG US         -14233212.49     729563484.73
PRIMACOM AG-ADR+    PCAG ES         -14233212.49     729563484.73
RINOL AG            RILB IX                -2.71     168095049.11
RINOL AG            RILB EU                -2.71     168095049.11
RINOL AG            RIL GR                 -2.71     168095049.11
RINOL AG            RILB EO                -2.71     168095049.11
RINOL AG            RNLAF US               -2.71     168095049.11
RINOL AG            RILB GR                -2.71     168095049.11
RINOL AG            RILB PZ                -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    ROS1 EO          -1744121.91     217776125.75
ROSENTHAL AG-REG    ROS1 EU          -1744121.91     217776125.75
ROSENTHAL AG-REG    ROSG PZ          -1744121.91     217776125.75
ROSENTHAL AG-REG    ROSG IX          -1744121.91     217776125.75
ROSENTHAL AG-REG    RSTHF US         -1744121.91     217776125.75
ROSENTHAL AG-REG    ROS GR           -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    2916157Q EU      -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    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     SPHFF US       -442426199.47    1433020960.55
SPAR HANDELS-AG     773844Q GR     -442426199.47    1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR    -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA EU        -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA GR        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN GR         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN EU         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN EO         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWNG IX        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN PZ         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TTZAF US       -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      VVA GR          -16648688.57     131276010.89
VIVANCO GRUPPE      VVA1 EO         -16648688.57     131276010.89
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


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


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


FRANCE
------
CARRERE GROUP       CAR2 EO         -23319835.34     364475420.31
CARRERE GROUP       CRGP IX         -23319835.34     364475420.31
CARRERE GROUP       CARF PZ         -23319835.34     364475420.31
CARRERE GROUP       CARG FP         -23319835.34     364475420.31
CARRERE GROUP       CAR FP          -23319835.34     364475420.31
CARRERE GROUP       CRRHF US        -23319835.34     364475420.31
CARRERE GROUP       CAR2 EU         -23319835.34     364475420.31
CARRERE GROUP       XRR GR          -23319835.34     364475420.31
CHAINE ET TRAME     CHTR FP          -46169771.5     134467847.56
CHAINE ET TRAME     CTRM FP          -46169771.5     134467847.56
GRANDE PAROISSE     GAPA FP         -927267926.9        629287290
GRANDE PAROISSE     GDPXF US        -927267926.9        629287290
GRANDE PAROISSE     GDPA FP         -927267926.9        629287290
IMMOB HOTEL BALN    IMHB FP         -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO EO         -66874823.95     301323804.92
IMMOB HOTELIERE     SIH FP          -66874823.95     301323804.92
IMMOB HOTELIERE     IMBHF US        -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO EU         -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO FP         -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO PZ         -66874823.95     301323804.92
IMMOB HOTELIERE     IMMH IX         -66874823.95     301323804.92
IMMOB HOTELIERE     IMH GR          -66874823.95     301323804.92
LAB DOLISOS         DOLI FP         -27752176.19     110485462.44
LAB DOLISOS         LADL FP         -27752176.19     110485462.44
MATUSSIERE & FOR    1007765Q FP     -77896683.67     293868350.79
MATUSSIERE & FOR    MTUSF US        -77896683.67     293868350.79
MB RETAIL EUROPE    MBRE FP          -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE EU          -46169771.5     134467847.56
MB RETAIL EUROPE    CTRF IX          -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE PZ          -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE EO          -46169771.5     134467847.56
NORTENE             NORT FP         -35623999.56     117566786.87
NORTENE             NRTP IX         -35623999.56     117566786.87
NORTENE             NRTN FP         -35623999.56     117566786.87
OROSDI              OROS FP             -7291.55     131233317.62
OROSDI-BACK         ORBA FP             -7291.55     131233317.62
OROSDI-BACK         OROS PZ             -7291.55     131233317.62
OROSDI-BACK         OROS EU             -7291.55     131233317.62
OROSDI-BACK         OROS EO             -7291.55     131233317.62
OROSDI-BACK         BACK IX             -7291.55     131233317.62
OUTSIDE LIVING I    NORT PZ         -35623999.56     117566786.87
OUTSIDE LIVING I    OLIN PZ         -35623999.56     117566786.87
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
PAGESJAUNES         PGJUF US      -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ FP        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ VX        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EU        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ BQ        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EO        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJUSD EU     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EB        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ NQ        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBX EO     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ TQ        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJUSD EO     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ IX        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBX EU     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBP EO     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ PZ        -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJP IX       -3303869370.49     970555919.29
PAGESJAUNES GRP     QS3 GR        -3303869370.49     970555919.29
RHODIA SA           RHA PZ         -859847725.87    5799757209.78
RHODIA SA           RHA BQ         -859847725.87    5799757209.78
RHODIA SA           RHAUSD EO      -859847725.87    5799757209.78
RHODIA SA           RHA EO         -859847725.87    5799757209.78
RHODIA SA           RHDAF US       -859847725.87    5799757209.78
RHODIA SA           2324015Q EO    -859847725.87    5799757209.78
RHODIA SA           RHA FP         -859847725.87    5799757209.78
RHODIA SA           RHA NQ         -859847725.87    5799757209.78
RHODIA SA           RHANR FP       -859847725.87    5799757209.78
RHODIA SA           RHA EB         -859847725.87    5799757209.78
RHODIA SA           RHAGBX EO      -859847725.87    5799757209.78
RHODIA SA           RHADF US       -859847725.87    5799757209.78
RHODIA SA           2324011Q EU    -859847725.87    5799757209.78
RHODIA SA           RHA EU         -859847725.87    5799757209.78
RHODIA SA           RHA VX         -859847725.87    5799757209.78
RHODIA SA           RHANR PZ       -859847725.87    5799757209.78
RHODIA SA           RHAY IX        -859847725.87    5799757209.78
RHODIA SA           RHDI GR        -859847725.87    5799757209.78
RHODIA SA           RHAGBX EU      -859847725.87    5799757209.78
RHODIA SA           RHAGBP EO      -859847725.87    5799757209.78
RHODIA SA           3218857Q IX    -859847725.87    5799757209.78
RHODIA SA           RHA IX         -859847725.87    5799757209.78
RHODIA SA           RHA TQ         -859847725.87    5799757209.78
RHODIA SA           RHD GR         -859847725.87    5799757209.78
RHODIA SA           RHAUSD EU      -859847725.87    5799757209.78
RHODIA SA - NEW     2335921Q FP    -859847725.87    5799757209.78
RHODIA SA - NEW     RHANV FP       -859847725.87    5799757209.78
RHODIA SA - NEW     3156011Q FP    -859847725.87    5799757209.78
RHODIA SA-ADR       RHAYY US       -859847725.87    5799757209.78
RHODIA SA-RIGHTS    653447Q FP     -859847725.87    5799757209.78
RHODIA SA-RIGHTS    RHADS FP       -859847725.87    5799757209.78
SDR CENTREST        117241Q FP     -132420119.65     252176017.15
SELCODIS            SLCO PZ         -21481214.33     175720770.81
SELCODIS            SLCO EO         -21481214.33     175720770.81
Selcodis            SPVX FP         -21481214.33     175720770.81
SELCODIS            SLCO FP         -21481214.33     175720770.81
SELCODIS            SPVX IX         -21481214.33     175720770.81
SELCODIS            SLCO EU         -21481214.33     175720770.81
THOMSON - NEW       2336061Q FP    -186963510.99    7800843297.85
THOMSON - NEW       TMSNV FP       -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMSUSD EU      -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMSGBX EU      -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS BQ         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMSGBX EO      -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS NQ         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMM LN         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS EU         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMM ES         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMMLF US       -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMSUSD EO      -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMM VX         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMMN FP        -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMSGBP EO      -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS US         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TNM GR         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS EO         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS TQ         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS FP         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS VX         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS EB         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TNMA GR        -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMS PZ         -186963510.99    7800843297.85
THOMSON (EX-TMM)    TMM IX         -186963510.99    7800843297.85
THOMSON MULT-ADR    TMS-P US       -186963510.99    7800843297.85
THOMSON MULTI-NE    ZTM FP         -186963510.99    7800843297.85
THOMSON MULTIMED    TMM FP         -186963510.99    7800843297.85
TROUVAY CAUVIN      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 PZ        -149279984.66     121254240.42
AEA TECHNOLO-FPR    AATF LN        -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN PZ        -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN LN        -149279984.66     121254240.42
AEA TECHNOLOGY      EAETF US       -149279984.66     121254240.42
AEA TECHNOLOGY      AAT EU         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT PO         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT VX         -149279984.66     121254240.42
AEA TECHNOLOGY      AEY GR         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT PZ         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT IX         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT EO         -149279984.66     121254240.42
AEA TECHNOLOGY      AATGBP EO      -149279984.66     121254240.42
AEA TECHNOLOGY      AAT LN         -149279984.66     121254240.42
AIRTOURS PLC        ATORF US       -379721841.57    1817512773.61
AIRTOURS PLC        AIR VX         -379721841.57    1817512773.61
AIRTOURS PLC        AIR LN         -379721841.57    1817512773.61
ALLDAYS PLC         ALDYF US       -120493900.04     252232072.87
ALLDAYS PLC         317056Q LN     -120493900.04     252232072.87
AMER BUS SYS        ARB LN            -497127008        121439000
AMEY PLC            AMY 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    ANKC LN         -21861359.81        115463159
ANKER PLC - ASSD    ANKB LN         -21861359.81        115463159
ANKER PLC-ASSD      ANKA LN         -21861359.81        115463159
ATKINS (WS) PLC     ATK VX          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATKEUR EU       -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EB          -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     ATKGBP EO       -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EU          -62199993.61    1184945671.16
ATKINS (WS) PLC     WATKF US        -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK IX          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK TQ          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK PO          -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 NR          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK LN          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EO          -62199993.61    1184945671.16
BCH GROUP PLC       BCH LN           -5728274.38     187993198.22
BLACK & EDGINGTO    BLE LN         -130883498.29     153620497.99
BNB RECRUITMENT     BNB PO          -10242627.53     103637704.96
BNB RECRUITMENT     BQX GR          -10242627.53     103637704.96
BNB RECRUITMENT     BNB LN          -10242627.53     103637704.96
BNB RECRUITMENT     BNB IX          -10242627.53     103637704.96
BNB RECRUITMENT     BNBRF US        -10242627.53     103637704.96
BOOKER PLC          BKERF US         -59832880.4    1298182548.71
BOOKER PLC          987188Q LN       -59832880.4    1298182548.71
BOOKER PLC          1330Q GR         -59832880.4    1298182548.71
BOOKER PLC-ADR      BOK$ LN          -59832880.4    1298182548.71
BOOKER PLC-ADR      BKRUY US         -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     BGYEF US      -5822867500.78    4921095749.61
BRIT ENERGY PLC     BHEGF US      -5822867500.78    4921095749.61
BRIT ENERGY PLC     555140Q VX    -5822867500.78    4921095749.61
BRIT ENERGY PLC     BEN1 GR       -5822867500.78    4921095749.61
BRIT ENERGY-A       BENA GR       -5822867500.78    4921095749.61
BRIT ENERGY-ADR     BHEFF US      -5822867500.78    4921095749.61
BRIT NUCLEAR        1046Z LN       -4247644149.6   40325778907.11
BRIT SKY BRO-ADR    BSY$ 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    BTPWF US       -5223868149.3   46894630327.28
BRIT TELECOM PLC    BT/A VX        -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-$US    BGYNYD AR     -5822867500.78    4921095749.61
BRITISH ENER-$US    BGYD AR       -5822867500.78    4921095749.61
BRITISH ENER-ADR    BGYNY US      -5822867500.78    4921095749.61
BRITISH ENER-BLK    BGYNYB AR     -5822867500.78    4921095749.61
BRITISH ENER-BLK    BGYB AR       -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYNYC AR     -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYC AR       -5822867500.78    4921095749.61
BRITISH ENER-CED    BGYNY AR      -5822867500.78    4921095749.61
BRITISH ENER-CED    BGY AR        -5822867500.78    4921095749.61
BRITISH ENERGY-A    BHEAF US      -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYA VX       -5822867500.78    4921095749.61
BRITISH ENERGY-A    3012442Q LN   -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYGF US      -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYA PO       -5822867500.78    4921095749.61
BRITISH SKY BROA    BSY EB         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY LN         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY BQ         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY EU         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY NQ         -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    BSY IX         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY VX         -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD EU      -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD EO      -105366394.04    7522172619.36
BRITISH SKY BROA    BSYBF US       -105366394.04    7522172619.36
BRITISH SKY BROA    BSYGBP EO      -105366394.04    7522172619.36
BRITISH SKY BROA    BSY EO         -105366394.04    7522172619.36
BRITISH SKY BROA    BSB GR         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY NR         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY PZ         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY TQ         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY PO         -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         BVICEUR EO        -731325.03    1222775450.71
BRITVIC PLC         BVICUSD EO        -731325.03    1222775450.71
BRITVIC PLC         BVIC IX           -731325.03    1222775450.71
BRITVIC PLC         BVIC TQ           -731325.03    1222775450.71
BRITVIC PLC         BVIC BQ           -731325.03    1222775450.71
BRITVIC PLC         BVIC EB           -731325.03    1222775450.71
BRITVIC PLC         BVIC NQ           -731325.03    1222775450.71
BRITVIC PLC         BVIC EO           -731325.03    1222775450.71
BRITVIC PLC         BVIC EU           -731325.03    1222775450.71
BRITVIC PLC         BVIC PZ           -731325.03    1222775450.71
BRITVIC PLC         BTVCF US          -731325.03    1222775450.71
BRITVIC PLC         BVICEUR EU        -731325.03    1222775450.71
BRITVIC PLC         BVIC NR           -731325.03    1222775450.71
BRITVIC PLC         BVICGBP EO        -731325.03    1222775450.71
BRITVIC PLC         BVIC LN           -731325.03    1222775450.71
BRITVIC PLC         BVIC VX           -731325.03    1222775450.71
BRITVIC PLC         BVICUSD EU        -731325.03    1222775450.71
BT GROUP PLC        BT/A BQ        -5223868149.3   46894630327.28
BT GROUP PLC        BTGOF US       -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN EU     -5223868149.3   46894630327.28
BT GROUP PLC        BT/AUSD EO     -5223868149.3   46894630327.28
BT GROUP PLC        BT IX          -5223868149.3   46894630327.28
BT GROUP PLC        BT/ VX         -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR EO     -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN EO     -5223868149.3   46894630327.28
BT GROUP PLC        BT/A LN        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EO        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EU        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EB        -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR EU     -5223868149.3   46894630327.28
BT GROUP PLC        BT/A PO        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A TQ        -5223868149.3   46894630327.28
BT GROUP PLC        BTQ GR         -5223868149.3   46894630327.28
BT GROUP PLC        BT/AUSD EU     -5223868149.3   46894630327.28
BT GROUP PLC        BT/A NQ        -5223868149.3   46894630327.28
BT GROUP PLC        BT PZ          -5223868149.3   46894630327.28
BT GROUP PLC        BT/A NR        -5223868149.3   46894630327.28
BT GROUP PLC        BT/AGBP EO     -5223868149.3   46894630327.28
BT GROUP PLC        BTEG IX        -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    BTYB AR        -5223868149.3   46894630327.28
BT GROUP-CED BLK    BTB AR         -5223868149.3   46894630327.28
BT GROUP-CED C/E    BTYC AR        -5223868149.3   46894630327.28
BT GROUP-CED C/E    BTC 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    BTYN MM        -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT US          -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT MM          -5223868149.3   46894630327.28
BT GROUP-SPON AD    BTY US         -5223868149.3   46894630327.28
CARLISLE GROUP      506819Q LN      -11904426.45     203548565.03
CHRYSALIS GROUP     CHS LN           -5851089.05     101497520.61
CHRYSALIS GROUP     CHSUSD EO        -5851089.05     101497520.61
CHRYSALIS GROUP     CHS PZ           -5851089.05     101497520.61
CHRYSALIS GROUP     CLYSF US         -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR EU        -5851089.05     101497520.61
CHRYSALIS GROUP     5CY GR           -5851089.05     101497520.61
CHRYSALIS GROUP     CYGUF US         -5851089.05     101497520.61
CHRYSALIS GROUP     CHS VX           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS EO           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS PO           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS EU           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS IX           -5851089.05     101497520.61
CHRYSALIS GROUP     CHSGBP EO        -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR EO        -5851089.05     101497520.61
CHRYSALIS GROUP     CHSUSD EU        -5851089.05     101497520.61
CHRYSALIS GROUP     HR4 GR           -5851089.05     101497520.61
CLIPPER WINDPOWE    CWP PZ             -99360000        989187968
CLIPPER WINDPOWE    CWP EO             -99360000        989187968
CLIPPER WINDPOWE    C2W GR             -99360000        989187968
CLIPPER WINDPOWE    CWP PG             -99360000        989187968
CLIPPER WINDPOWE    CRPWF US           -99360000        989187968
CLIPPER WINDPOWE    CWP EU             -99360000        989187968
CLIPPER WINDPOWE    CWP IX             -99360000        989187968
CLIPPER WINDPOWE    CWPA LN            -99360000        989187968
CLIPPER WINDPOWE    CWP LN             -99360000        989187968
COMPASS GROU-OLD    1259Q LN       -668101173.88    2972459078.38
COMPASS GROUP       QOP GR         -668101173.88    2972459078.38
COMPASS GRP-ADR     CMSJY US       -668101173.88    2972459078.38
COMPASS GRP-ADR     CMSGY US       -668101173.88    2972459078.38
DANKA BUS SYSTEM    3205283Q EO       -497127008        121439000
DANKA BUS SYSTEM    DNK VX            -497127008        121439000
DANKA BUS SYSTEM    DNK PZ            -497127008        121439000
DANKA BUS SYSTEM    3205287Q EU       -497127008        121439000
DANKA BUS SYSTEM    DNK LN            -497127008        121439000
DANKA BUS SYSTEM    DNK PO            -497127008        121439000
DANKA BUS SYSTEM    DANKF US          -497127008        121439000
DANKA BUS SYSTEM    DNK IX            -497127008        121439000
DANKA BUS SYSTEM    3205291Q EO       -497127008        121439000
DANKA BUS-$US CE    DANKD AR          -497127008        121439000
DANKA BUS-ADR       DANKY US          -497127008        121439000
DANKA BUS-ADR       AP39 LI           -497127008        121439000
DANKA BUS-ADR       DB6 GR            -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 PZ          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1 EU         -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1GBP EO      -54451186.72     128196101.01
DAWSON HOLDINGS     DWN LN          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN VX          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR EO      -54451186.72     128196101.01
DAWSON HOLDINGS     DWN PO          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN IX          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR EU      -54451186.72     128196101.01
DAWSON HOLDINGS     DWHGF US        -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1 EO         -54451186.72     128196101.01
EASYNET GROUP       ESY LN          -45232889.17     322770283.93
EASYNET GROUP       EZNGF US        -45232889.17     322770283.93
EASYNET GROUP       ESY VX          -45232889.17     322770283.93
EASYNET GROUP       EAY GR          -45232889.17     322770283.93
EASYNET GROUP       ESY PO          -45232889.17     322770283.93
EASYNET GROUP-CV    91009Z LN       -45232889.17     322770283.93
EMI GROUP -ASSD     EMIA LN       -2265916256.89    2950021937.14
EMI GROUP LTD       EMI LN        -2265916256.89    2950021937.14
EMI GROUP PLC       EMI IX        -2265916256.89    2950021937.14
EMI GROUP PLC       EMI PO        -2265916256.89    2950021937.14
EMI GROUP PLC       EMI VX        -2265916256.89    2950021937.14
EMI GROUP PLC       3020138Q GR   -2265916256.89    2950021937.14
EMI GROUP PLC       EMIPF US      -2265916256.89    2950021937.14
EMI GROUP PLC-B     1019425Q LN   -2265916256.89    2950021937.14
EMI GROUP-ADR       EMI$ LN       -2265916256.89    2950021937.14
EMI GROUP-ADR       EMIPY US      -2265916256.89    2950021937.14
EMI GROUP-ADR       38IS LN       -2265916256.89    2950021937.14
EUROPEAN HOME       EHREUR EO       -14328735.16     110864081.39
EUROPEAN HOME       EHR PO          -14328735.16     110864081.39
EUROPEAN HOME       EHRGBP EO       -14328735.16     110864081.39
EUROPEAN HOME       FPAKF US        -14328735.16     110864081.39
EUROPEAN HOME       KLZ VX          -14328735.16     110864081.39
EUROPEAN HOME       EHR PZ          -14328735.16     110864081.39
EUROPEAN HOME       EHR VX          -14328735.16     110864081.39
EUROPEAN HOME       EHREUR EU       -14328735.16     110864081.39
EUROPEAN HOME       EHR EU          -14328735.16     110864081.39
EUROPEAN HOME       KLZ PO          -14328735.16     110864081.39
EUROPEAN HOME       EHR EO          -14328735.16     110864081.39
EUROPEAN HOME       EHR LN          -14328735.16     110864081.39
FAREPAK PLC         FPK LN          -14328735.16     110864081.39
GALIFORM PLC        GFRMGBP EO     -116415877.06     612420067.12
GALIFORM PLC        MFI VX         -116415877.06     612420067.12
GALIFORM PLC        GFRM PZ        -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK EO     -116415877.06     612420067.12
GALIFORM PLC        GFRM NR        -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK EU     -116415877.06     612420067.12
GALIFORM PLC        GFRM LN        -116415877.06     612420067.12
GALIFORM PLC        GLFMF US       -116415877.06     612420067.12
GALIFORM PLC        MFIFF US       -116415877.06     612420067.12
GALIFORM PLC        GFRM EU        -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR EO     -116415877.06     612420067.12
GALIFORM PLC        GFRM EO        -116415877.06     612420067.12
GALIFORM PLC        MFI IX         -116415877.06     612420067.12
GALIFORM PLC        GFRM PO        -116415877.06     612420067.12
GALIFORM PLC        GFRM NQ        -116415877.06     612420067.12
GALIFORM PLC        GFRM VX        -116415877.06     612420067.12
GALIFORM PLC        GFRM BQ        -116415877.06     612420067.12
GALIFORM PLC        GFRM TQ        -116415877.06     612420067.12
GALIFORM PLC        GFRM EB        -116415877.06     612420067.12
GALIFORM PLC        MFI PO         -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR EU     -116415877.06     612420067.12
GALIFORM PLC        GFRM IX        -116415877.06     612420067.12
GARTLAND WHALLEY    GWB LN          -10986769.42     145352034.49
HILTON G-CRT OLD    HIGT BB        -547740614.03    1922113569.01
HILTON GROUP PLC    HLTGF US       -547740614.03    1922113569.01
HILTON GROUP PLC    HG/ LN         -547740614.03    1922113569.01
HILTON GROUP PLC    HG PO          -547740614.03    1922113569.01
HILTON GROUP-ADR    HLTGY US       -547740614.03    1922113569.01
HILTON GROUP-CER    HG BB          -547740614.03    1922113569.01
HILTON GROUP-CRT    HIG BB         -547740614.03    1922113569.01
JARVIS PLC          JRVS PO         -48330109.98     155571478.27
JARVIS PLC          JRVS EO         -48330109.98     155571478.27
JARVIS PLC          JRVS PZ         -48330109.98     155571478.27
JARVIS PLC          JVR GR          -48330109.98     155571478.27
JARVIS PLC          JRVS LN         -48330109.98     155571478.27
JARVIS PLC          JRVSEUR EO      -48330109.98     155571478.27
JARVIS PLC          JRVS EU         -48330109.98     155571478.27
JARVIS PLC          JVSPF US        -48330109.98     155571478.27
JARVIS PLC          JRVSEUR EU      -48330109.98     155571478.27
JARVIS PLC          JRVS VX         -48330109.98     155571478.27
JARVIS PLC          JRVSGBP EO      -48330109.98     155571478.27
JARVIS PLC          JRVS IX         -48330109.98     155571478.27
JESSOPS PLC         JSPEUR EU        -42702021.2     112964060.38
JESSOPS PLC         JSP IX           -42702021.2     112964060.38
JESSOPS PLC         JSP PZ           -42702021.2     112964060.38
JESSOPS PLC         JS4 GR           -42702021.2     112964060.38
JESSOPS PLC         JSP PO           -42702021.2     112964060.38
JESSOPS PLC         JSPEUR EO        -42702021.2     112964060.38
JESSOPS PLC         JSP EU           -42702021.2     112964060.38
JESSOPS PLC         JSP VX           -42702021.2     112964060.38
JESSOPS PLC         JSP LN           -42702021.2     112964060.38
JESSOPS PLC         JSPGBP EO        -42702021.2     112964060.38
JESSOPS PLC         JSP EO           -42702021.2     112964060.38
KLEENEZE PLC        KLZ LN          -14328735.16     110864081.39
LADBROKE GROUP      LADB LN        -547740614.03    1922113569.01
LADBROKE GRP-IDR    695767Q BB     -547740614.03    1922113569.01
LADBROKE GRP-OLD    LADB BB        -547740614.03    1922113569.01
LADBROKES PLC       LADNZD EO      -547740614.03    1922113569.01
LADBROKES PLC       HG/ VX         -547740614.03    1922113569.01
LADBROKES PLC       LAD LN         -547740614.03    1922113569.01
LADBROKES PLC       LAD NQ         -547740614.03    1922113569.01
LADBROKES PLC       LAD BQ         -547740614.03    1922113569.01
LADBROKES PLC       LAD NR         -547740614.03    1922113569.01
LADBROKES PLC       LAD PO         -547740614.03    1922113569.01
LADBROKES PLC       LADUSD EO      -547740614.03    1922113569.01
LADBROKES PLC       LAD EB         -547740614.03    1922113569.01
LADBROKES PLC       LAD EU         -547740614.03    1922113569.01
LADBROKES PLC       LADNZD EU      -547740614.03    1922113569.01
LADBROKES PLC       LAD IX         -547740614.03    1922113569.01
LADBROKES PLC       LAD PZ         -547740614.03    1922113569.01
LADBROKES PLC       LADEUR EO      -547740614.03    1922113569.01
LADBROKES PLC       LAD TQ         -547740614.03    1922113569.01
LADBROKES PLC       LAD VX         -547740614.03    1922113569.01
LADBROKES PLC       LADGBP EO      -547740614.03    1922113569.01
LADBROKES PLC       LAD EO         -547740614.03    1922113569.01
LADBROKES PLC       LAD GR         -547740614.03    1922113569.01
LADBROKES PLC       LDBKF US       -547740614.03    1922113569.01
LADBROKES PLC       LADEUR EU      -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY LN       -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY US       -547740614.03    1922113569.01
LADBROKES PLC-CE    LAD BB         -547740614.03    1922113569.01
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    LDSUF US         -73166148.8     143762193.66
LEEDS UNITED PLC    LUFC LN          -73166148.8     143762193.66
LEEDS UNITED PLC    889687Q GR       -73166148.8     143762193.66
LONDON TOWN PLC     LTWR LN          -15549465.1     160165508.92
LONDON TOWN PLC     LTW LN           -15549465.1     160165508.92
LONDON TOWN PLC     LTW PG           -15549465.1     160165508.92
LONDON TOWN PLC     LTW PO           -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 PZ           -15549465.1     160165508.92
LONDON TOWN PLC     LTW IX           -15549465.1     160165508.92
LONDON TOWN PLC     LTWX LN          -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         MNI LN        -2203513803.24    7204891601.83
MARCONI PLC         203083Q VX    -2203513803.24    7204891601.83
MARCONI PLC         MNI BB        -2203513803.24    7204891601.83
MARCONI PLC         MONI BB       -2203513803.24    7204891601.83
MARCONI PLC         MY2 GR        -2203513803.24    7204891601.83
MARCONI PLC         MRCQF US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MRCQY US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MY2A GR       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIE US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIY US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONI US       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCBA GR       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCONY US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     QUQMON AU     -2203513803.24    7204891601.83
MFI FURNITURE GR    MFI LN         -116415877.06     612420067.12
MYTRAVEL GROUP      MT IX          -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S PO        -379721841.57    1817512773.61
MYTRAVEL GROUP      ARO2 GR        -379721841.57    1817512773.61
MYTRAVEL GROUP      MYTPF US       -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S LN        -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S VX        -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    2281919Q GR    -379721841.57    1817512773.61
MYTRAVEL GROUP-A    MYTVF US       -379721841.57    1817512773.61
NEW STAR ASSET      NSAA LN        -397718038.04     292972732.12
NEW STAR ASSET      NSAM TQ        -397718038.04     292972732.12
NEW STAR ASSET      NSAM LN        -397718038.04     292972732.12
NEW STAR ASSET      NSAM PZ        -397718038.04     292972732.12
NEW STAR ASSET      NSAM IX        -397718038.04     292972732.12
NEW STAR ASSET      NWSAF US       -397718038.04     292972732.12
NEW STAR ASSET      3226447Q EO    -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      N6S GR         -397718038.04     292972732.12
NEW STAR ASSET      3226443Q EO    -397718038.04     292972732.12
NEW STAR ASSET      NSAM PO        -397718038.04     292972732.12
NEW STAR ASSET      3226435Q EO    -397718038.04     292972732.12
NORTHERN ROCK       2733289Q EO    -586206492.33  152084295061.92
NORTHERN ROCK       NRKI IX        -586206492.33  152084295061.92
NORTHERN ROCK       2733285Q EU    -586206492.33  152084295061.92
NORTHERN ROCK       2733269Q EU    -586206492.33  152084295061.92
NORTHERN ROCK       NRK LN         -586206492.33  152084295061.92
NORTHERN ROCK       NRK IX         -586206492.33  152084295061.92
NORTHERN ROCK       NRK PO         -586206492.33  152084295061.92
NORTHERN ROCK       NRK PZ         -586206492.33  152084295061.92
NORTHERN ROCK       2733281Q EO    -586206492.33  152084295061.92
NORTHERN ROCK       2733265Q EO    -586206492.33  152084295061.92
NORTHERN ROCK       NR3 GR         -586206492.33  152084295061.92
NORTHERN ROCK       2733273Q EO    -586206492.33  152084295061.92
NORTHERN ROCK       NRK VX         -586206492.33  152084295061.92
NORTHERN ROCK       2733277Q EU    -586206492.33  152084295061.92
NORTHERN ROCK       NHRKF US       -586206492.33  152084295061.92
ORANGE PLC          951641Q LN     -593935051.02     2902299501.9
ORANGE PLC          ORNGF US       -593935051.02     2902299501.9
ORANGE PLC          1460Q GR       -593935051.02     2902299501.9
ORANGE PLC-ADR      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           OBS LN           -4168498.48      127701679.5
ORBIS PLC           ORBSF US         -4168498.48      127701679.5
ORBIS PLC           OBG PO           -4168498.48      127701679.5
ORBIS PLC           OBS PO           -4168498.48      127701679.5
ORBIS PLC           OBS PZ           -4168498.48      127701679.5
ORBIS PLC           OBS IX           -4168498.48      127701679.5
ORBIS PLC           RLP GR           -4168498.48      127701679.5
PATIENTLINE PLC     2928907Q EO     -54677284.64      124948245.8
PATIENTLINE PLC     PTL PZ          -54677284.64      124948245.8
PATIENTLINE PLC     2928903Q EU     -54677284.64      124948245.8
PATIENTLINE PLC     PTL LN          -54677284.64      124948245.8
PATIENTLINE PLC     PTL VX          -54677284.64      124948245.8
PATIENTLINE PLC     PTL PO          -54677284.64      124948245.8
PATIENTLINE PLC     2928899Q EO     -54677284.64      124948245.8
PATIENTLINE PLC     PTL IX          -54677284.64      124948245.8
REGUS LTD           273187Q LN      -46111835.37        367181111
REGUS PLC           273195Q VX      -46111835.37        367181111
REGUS PLC           RGU GR          -46111835.37        367181111
REGUS PLC           REGSF US        -46111835.37        367181111
REGUS PLC           2296Z LN        -46111835.37        367181111
REGUS PLC-ADS       REGSV US        -46111835.37        367181111
REGUS PLC-ADS       REGSY US        -46111835.37        367181111
REGUS PLC-ADS       RGUA GR         -46111835.37        367181111
REGUS PLC-ADS       REGS US         -46111835.37        367181111
RENTOKIL INITIAL    RTO PO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO NR         -351331070.14    3368925867.22
RENTOKIL INITIAL    RKLIF US       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO VX         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR EU      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO1 GR        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO BQ         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD EO      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOKF US       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO NQ         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EU         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO GR         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO IX         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EB         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOG IX        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO TQ         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO LN         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD EU      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO PZ         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR EO      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOGBP EO      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EO         -351331070.14    3368925867.22
RENTOKIL-SP ADR     RTOKY US       -351331070.14    3368925867.22
RENTOKIL-SP ADR     AP76 LI        -351331070.14    3368925867.22
SAATCHI & SA-ADR    SSI$ LN        -119260804.15     705060824.55
SAATCHI & SA-ADR    SSA US         -119260804.15     705060824.55
SAATCHI & SAATCH    SSATF US       -119260804.15     705060824.55
SAATCHI & SAATCH    188190Q GR     -119260804.15     705060824.55
SAATCHI & SAATCH    SSI LN         -119260804.15     705060824.55
SCOTTISH MEDIA      1442Q GR        -24923249.67      194430485.8
SCOTTISH MEDIA      SSMR LN         -24923249.67      194430485.8
SCOTTISH MEDIA      SSM 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 VX         -130883498.29     153620497.99
SKYEPHARMA PLC      SKP TQ         -130883498.29     153620497.99
SKYEPHARMA PLC      SKPEUR EO      -130883498.29     153620497.99
SKYEPHARMA PLC      SKP IX         -130883498.29     153620497.99
SKYEPHARMA PLC      SKP PZ         -130883498.29     153620497.99
SKYEPHARMA PLC      SKP PO         -130883498.29     153620497.99
SKYEPHARMA PLC      SK8A GR        -130883498.29     153620497.99
SKYEPHARMA PLC      SKP EU         -130883498.29     153620497.99
SKYEPHARMA PLC      SKYEF US       -130883498.29     153620497.99
SKYEPHARMA PLC      SKPGBP EO      -130883498.29     153620497.99
SKYEPHARMA PLC      SKP1 VX        -130883498.29     153620497.99
SKYEPHARMA PLC      SKP EO         -130883498.29     153620497.99
SKYEPHARMA PLC      SKP LN         -130883498.29     153620497.99
SKYEPHARMA PLC      SKPEUR EU      -130883498.29     153620497.99
SKYEPHARMA PLC      SK8C GR        -130883498.29     153620497.99
SKYEPHARMA-ADR      SK8 GR         -130883498.29     153620497.99
SKYEPHARMA-ADR      AP80 LI        -130883498.29     153620497.99
SKYEPHARMA-ADR      SKYPY US       -130883498.29     153620497.99
SKYEPHARMA-ADR      SK8N GR        -130883498.29     153620497.99
SKYEPHARMA-ADR      SKYE US        -130883498.29     153620497.99
SKYEPHARMA-ADR      SKYEY US       -130883498.29     153620497.99
SMG PLC             SMG PO          -24923249.67      194430485.8
SMG PLC             SMG LN          -24923249.67      194430485.8
SMG PLC-FUL PAID    SMGF LN         -24923249.67      194430485.8
SMG PLC-NIL PAID    SMGN LN         -24923249.67      194430485.8
SMITHS NEWS PLC     NWS1 EU         -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPY US        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS VX          -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPF US        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2 EU         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS IX          -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1 EO         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2GBP EO      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS PO          -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     NWS2EUR EO      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2EUR EU      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2 EO         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS PZ          -97992746.54     146917382.81
STAGECOACH GROUP    SGC1AUD EU      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1GBP EO      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 NQ         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC IX          -14183327.87    2231066974.58
STAGECOACH GROUP    SHP GR          -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR EO      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1AUD EO      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 TQ         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 NR         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC2 VX         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD EU      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 BQ         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD EO      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR EU      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC PO          -14183327.87    2231066974.58
STAGECOACH GROUP    SHP4 GR         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EU         -14183327.87    2231066974.58
STAGECOACH GROUP    SAGKF US        -14183327.87    2231066974.58
STAGECOACH GROUP    SGCG PZ         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EB         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EO         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC LN          -14183327.87    2231066974.58
STAGECOACH GRP-B    SGCB LN         -14183327.87    2231066974.58
STAGECOACH-NEW      SGCN LN         -14183327.87    2231066974.58
STV GROUP PLC       STVGEUR EU      -24923249.67      194430485.8
STV GROUP PLC       SMG PZ          -24923249.67      194430485.8
STV GROUP PLC       STVG EU         -24923249.67      194430485.8
STV GROUP PLC       STVGEUR EO      -24923249.67      194430485.8
STV GROUP PLC       STVG EO         -24923249.67      194430485.8
STV GROUP PLC       STVGGBP EO      -24923249.67      194430485.8
STV GROUP PLC       SMGPF US        -24923249.67      194430485.8
STV GROUP PLC       SMG VX          -24923249.67      194430485.8
STV GROUP PLC       STVG LN         -24923249.67      194430485.8
STV GROUP PLC       SMG IX          -24923249.67      194430485.8
STV GROUP PLC       STVG VX         -24923249.67      194430485.8
TELASI JSC          AEST GG          -38496626.3     121421179.22
TELEWEST COM-ADR    940767Q GR    -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWSTY US      -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWT$ LN       -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWSTD US      -3702234580.99    7581020925.22
TELEWEST COMM       715382Q LN    -3702234580.99    7581020925.22
TELEWEST COMM       604296Q GR    -3702234580.99    7581020925.22
TELEWEST COMM       TWSTF US      -3702234580.99    7581020925.22
TELEWEST COMM       TWT VX        -3702234580.99    7581020925.22
THORN EMI PLC       THNE FP       -2265916256.89    2950021937.14
THORN EMI-ADR       TORNY US      -2265916256.89    2950021937.14
THORN EMI-ADR       THN$ LN       -2265916256.89    2950021937.14
THORN EMI-CDR       THN NA        -2265916256.89    2950021937.14
THORN EMI-REGD      1772Q GR      -2265916256.89    2950021937.14
TOPPS TILES PLC     TPT TQ          -78172467.48      131014414.4
TOPPS TILES PLC     TPT EU          -78172467.48      131014414.4
TOPPS TILES PLC     TPTGBP EO       -78172467.48      131014414.4
TOPPS TILES PLC     TPT PZ          -78172467.48      131014414.4
TOPPS TILES PLC     TPT PO          -78172467.48      131014414.4
TOPPS TILES PLC     TPT VX          -78172467.48      131014414.4
TOPPS TILES PLC     TPT LN          -78172467.48      131014414.4
TOPPS TILES PLC     TPT EO          -78172467.48      131014414.4
TOPPS TILES PLC     TPTEUR EO       -78172467.48      131014414.4
TOPPS TILES PLC     TPTEUR EU       -78172467.48      131014414.4
TOPPS TILES PLC     TPT BQ          -78172467.48      131014414.4
TOPPS TILES PLC     TPTJY US        -78172467.48      131014414.4
TOPPS TILES PLC     TPTJF US        -78172467.48      131014414.4
TOPPS TILES PLC     TPT IX          -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       VGMHF US       -392165437.58     166070003.71
VIRGIN MOBILE       VMOB LN        -392165437.58     166070003.71
VIRGIN MOBILE       UEM GR         -392165437.58     166070003.71
VIRGIN MOBILE       VMOB VX        -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       WIN1EUR EU      -47615167.52    1316638025.67
WINCANTON PLC       WIN VX          -47615167.52    1316638025.67
WINCANTON PLC       WIN1USD EO      -47615167.52    1316638025.67
WINCANTON PLC       WIN1 BQ         -47615167.52    1316638025.67
WINCANTON PLC       WIN1 NQ         -47615167.52    1316638025.67
WINCANTON PLC       WIN LN          -47615167.52    1316638025.67
WINCANTON PLC       WIN IX          -47615167.52    1316638025.67
WINCANTON PLC       WIN1GBP EO      -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EU         -47615167.52    1316638025.67
WINCANTON PLC       WIN PZ          -47615167.52    1316638025.67
WINCANTON PLC       WIN1EUR EO      -47615167.52    1316638025.67
WINCANTON PLC       WIN1USD EU      -47615167.52    1316638025.67
WINCANTON PLC       WIN PO          -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EB         -47615167.52    1316638025.67
WINCANTON PLC       WNCNF US        -47615167.52    1316638025.67
WINCANTON PLC       WIN1 TQ         -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EO         -47615167.52    1316638025.67


GREECE
------
AG PETZETAKIS SA    PETZK GA        -29943162.81     218449483.79
AG PETZETAKIS SA    PTZ1 GR         -29943162.81     218449483.79
AG PETZETAKIS SA    PZETF US        -29943162.81     218449483.79
AG PETZETAKIS SA    PETZK PZ        -29943162.81     218449483.79
AG PETZETAKIS SA    PETZK EO        -29943162.81     218449483.79
AG PETZETAKIS SA    PETZK EU        -29943162.81     218449483.79
AG PETZETAKIS SA    PTZ GR          -29943162.81     218449483.79
ALTEC SA -AUCT      ALTECE GA      -113800496.36     212288486.55
ALTEC SA INFO       ALTEC PZ       -113800496.36     212288486.55
ALTEC SA INFO       ATCQF US       -113800496.36     212288486.55
ALTEC SA INFO       ALTEC EO       -113800496.36     212288486.55
ALTEC SA INFO       AXY GR         -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-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    HOLR GA         -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN EO        -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN PZ        -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN GA        -34283568.77     458056717.55
HELLAS ONLINE SA    HOL GA          -34283568.77     458056717.55
HELLAS ONLINE SA    UN5 GR          -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN EU        -34283568.77     458056717.55
KOUMBAS INSUR-RT    KOUMD GA        -47073006.65     212483361.18
KOUMBAS RTS         KOUMR GA        -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM PZ         -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUMF US        -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM EU         -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM GA         -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM EO         -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    RAKOF US       -100972173.86     180679253.63
RADIO KORASSIDIS    RKC GR         -100972173.86     180679253.63
RADIO KORASSIDIS    KORA GA        -100972173.86     180679253.63
THEMELIODOMI        THEME GA        -55751178.85     232036822.56
THEMELIODOMI-AUC    THEMEE GA       -55751178.85     232036822.56
THEMELIODOMI-RTS    THEMER GA       -55751178.85     232036822.56
THEMELIODOMI-RTS    THEMED GA       -55751178.85     232036822.56
UNITED TEXTILES     UTEX EU         -44175513.67     341686153.14
UNITED TEXTILES     NAOYK GA        -44175513.67     341686153.14
UNITED TEXTILES     UTEX GA         -44175513.67     341686153.14
UNITED TEXTILES     UTEX PZ         -44175513.67     341686153.14
UNITED TEXTILES     NAOSF US        -44175513.67     341686153.14
UNITED TEXTILES     UTEX EO         -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 EX             -41577000       1251297920
HUNGARIAN TELEPH    HUC GR             -41577000       1251297920
INVITEL HOLD-ADR    0IN GR             -41577000       1251297920
INVITEL HOLD-ADR    IHO US             -41577000       1251297920
INVITEL HOLDINGS    3212873Z HB        -41577000       1251297920


IRELAND
-------
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    BCP LN          -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 PZ         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCPI IX         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 PG         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP IX          -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 EO         -10192301.85     119787800.54
ELAN CORP PLC       DRXG IX           -223400000       1844599936
ELAN CORP PLC       ELN NR            -223400000       1844599936
ELAN CORP PLC       ELN IX            -223400000       1844599936
ELAN CORP PLC       ELN EO            -223400000       1844599936
ELAN CORP PLC       ELN LN            -223400000       1844599936
ELAN CORP PLC       DRX GR            -223400000       1844599936
ELAN CORP PLC       ELN EU            -223400000       1844599936
ELAN CORP PLC       ELA PO            -223400000       1844599936
ELAN CORP PLC       ELA IX            -223400000       1844599936
ELAN CORP PLC       ELNGBX EO         -223400000       1844599936
ELAN CORP PLC       ELNUSD EU         -223400000       1844599936
ELAN CORP PLC       ELN ID            -223400000       1844599936
ELAN CORP PLC       ELNUSD EO         -223400000       1844599936
ELAN CORP PLC       ELNCF US          -223400000       1844599936
ELAN CORP PLC       DRX1 PZ           -223400000       1844599936
ELAN CORP PLC       ELN TQ            -223400000       1844599936
ELAN CORP PLC       ELNGBP EO         -223400000       1844599936
ELAN CORP PLC       ECN VX            -223400000       1844599936
ELAN CORP PLC       ELA LN            -223400000       1844599936
ELAN CORP-ADR       QUNELN AU         -223400000       1844599936
ELAN CORP-ADR       ELN US            -223400000       1844599936
ELAN CORP-ADR       ELAD LN           -223400000       1844599936
ELAN CORP-ADR       EAN GR            -223400000       1844599936
ELAN CORP-ADR       EANG IX           -223400000       1844599936
ELAN CORP-ADR UT    ELN/E US          -223400000       1844599936
ELAN CORP-CVR       ELNZV US          -223400000       1844599936
ELAN CORP-CVR       LCVRZ US          -223400000       1844599936
ELAN CORP/OLD       1295Z ID          -375500000       1693300096
PAYZONE PLC         PAYZ PZ        -138030903.22     510010035.33
PAYZONE PLC         PAYZ EO        -138030903.22     510010035.33
PAYZONE PLC         4P6 GR         -138030903.22     510010035.33
PAYZONE PLC         PAYZ EU        -138030903.22     510010035.33
PAYZONE PLC         PAYZ LN        -138030903.22     510010035.33
PAYZONE PLC         PAYZ PG        -138030903.22     510010035.33
PAYZONE PLC         PAYZ IX        -138030903.22     510010035.33
WATERFORD - RTS     508523Q LN     -505729895.23     820803256.03
WATERFORD - RTS     WWWA ID        -505729895.23     820803256.03
WATERFORD - RTS     WWWB GR        -505729895.23     820803256.03
WATERFORD - RTS     WWWA GR        -505729895.23     820803256.03
WATERFORD - RTS     WWWB ID        -505729895.23     820803256.03
WATERFORD - RTS     508519Q LN     -505729895.23     820803256.03
WATERFORD W-ADR     WATWY US       -505729895.23     820803256.03
WATERFORD WDGEWD    WATWF US       -505729895.23     820803256.03
WATERFORD WDGEWD    WATFF US       -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN ID        -505729895.23     820803256.03
WATERFORD WE-RTS    WTFF ID        -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN LN        -505729895.23     820803256.03
WATERFORD WE-RTS    WTFF LN        -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN VX        -505729895.23     820803256.03
WATERFORD WED-RT    WTFR LN        -505729895.23     820803256.03
WATERFORD WED-RT    586556Q LN     -505729895.23     820803256.03
WATERFORD WED-RT    586552Q LN     -505729895.23     820803256.03
WATERFORD WED-RT    WWWD ID        -505729895.23     820803256.03
WATERFORD WED-RT    WWWC GR        -505729895.23     820803256.03
WATERFORD WED-RT    WWWC ID        -505729895.23     820803256.03
WATERFORD WED-RT    WWWD GR        -505729895.23     820803256.03
WATERFORD WED-UT    WWW PO         -505729895.23     820803256.03
WATERFORD WED-UT    WWW GR         -505729895.23     820803256.03
WATERFORD WED-UT    WTFU VX        -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    WTFUGBX EU     -505729895.23     820803256.03
WATERFORD WED-UT    WTFUGBX EO     -505729895.23     820803256.03
WATERFORD WED-UT    WTFU LN        -505729895.23     820803256.03
WATERFORD WED-UT    WWWD PZ        -505729895.23     820803256.03
WATERFORD WED-UT    WTFU EO        -505729895.23     820803256.03
WATERFORD WED-UT    WTFU ID        -505729895.23     820803256.03
WATERFORD-ADR UT    WATFZ US       -505729895.23     820803256.03
WATERFORD-ADR UT    WFWA GR        -505729895.23     820803256.03
WATERFORD-SUB       3001875Z ID    -505729895.23     820803256.03


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


ITALY
-----
ARENA SPA           ARE2 TQ         -26843216.33     117951651.43
ARENA SPA           RON GR          -26843216.33     117951651.43
ARENA SPA           AREI PZ         -26843216.33     117951651.43
ARENA SPA           ARE2 EO         -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           RON IX          -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    CGLUF US       -137726596.25     527372691.43
COMPAGNIA ITALIA    CITU IX        -137726596.25     527372691.43
CREDITO FOND-RTS    CRFSA IM       -200209050.26    4213063202.32
CREDITO FONDIARI    CRF IM         -200209050.26    4213063202.32
LAZIO SPA           SSL1 EU         -15482934.18     260633690.01
LAZIO SPA           LZO1 GR         -15482934.18     260633690.01
LAZIO SPA           SSLI PZ         -15482934.18     260633690.01
LAZIO SPA           SSLZF US        -15482934.18     260633690.01
LAZIO SPA           LZO GR          -15482934.18     260633690.01
LAZIO SPA           SSL1 IX         -15482934.18     260633690.01
LAZIO SPA           SSL1 EO         -15482934.18     260633690.01
LAZIO SPA           SSL IM          -15482934.18     260633690.01
LAZIO SPA           571260Q US      -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 IM          -14203645.83      330093845.4
OMNIA NETWORK SP    ONT TQ          -14203645.83      330093845.4
OMNIA NETWORK SP    ONT EU          -14203645.83      330093845.4
OMNIA NETWORK SP    ONT EO          -14203645.83      330093845.4
OMNIA NETWORK SP    ONT PZ          -14203645.83      330093845.4
PARMALAT FINA-RT    PRFR AV      -18419390028.95    4120687886.18
PARMALAT FINANZI    PMLFF US     -18419390028.95    4120687886.18
PARMALAT FINANZI    PRF IM       -18419390028.95    4120687886.18
PARMALAT FINANZI    FICN AV      -18419390028.95    4120687886.18
PARMALAT FINANZI    PAF GR       -18419390028.95    4120687886.18
PARMALAT FINANZI    PARAF US     -18419390028.95    4120687886.18
PARMALAT FINANZI    PRFI VX      -18419390028.95    4120687886.18
PARMALAT FINANZI    PMT LI       -18419390028.95    4120687886.18
RONCADIN SPA        RON IM          -26843216.33     117951651.43
RONCADIN SPA-RT     RONAA IM        -26843216.33     117951651.43
RONCADIN SPA-RTS    RONAAW IM       -26843216.33     117951651.43
SNIA BPD            SN GR           -97720525.24     339401569.86
SNIA BPD-ADR        SBPDY US        -97720525.24     339401569.86
SNIA SPA            SN TQ           -97720525.24     339401569.86
SNIA SPA            SIAI PZ         -97720525.24     339401569.86
SNIA SPA            SN EO           -97720525.24     339401569.86
SNIA SPA            SBPDF US        -97720525.24     339401569.86
SNIA SPA            SSMLF US        -97720525.24     339401569.86
SNIA SPA            SNIA GR         -97720525.24     339401569.86
SNIA SPA            SN EU           -97720525.24     339401569.86
SNIA SPA            SNIXF US        -97720525.24     339401569.86
SNIA SPA            SN IM           -97720525.24     339401569.86
SNIA SPA            SIAI IX         -97720525.24     339401569.86
SNIA SPA            SNIB GR         -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        SNR IM          -97720525.24     339401569.86
SNIA SPA-RCV        SNIVF US        -97720525.24     339401569.86
SNIA SPA-RIGHTS     SNAW IM         -97720525.24     339401569.86
SNIA SPA-RNC        SNRNC IM        -97720525.24     339401569.86
SNIA SPA-RNC        SNIWF US        -97720525.24     339401569.86
SNIA SPA-RTS        SNSO IM         -97720525.24     339401569.86
SNIA SPA-RTS        SNAA IM         -97720525.24     339401569.86
SOCOTHERM SPA       SCT IM          -28370270.37     537950362.36
SOCOTHERM SPA       SCTM IX         -28370270.37     537950362.36
SOCOTHERM SPA       SCT EU          -28370270.37     537950362.36
SOCOTHERM SPA       SOCEF US        -28370270.37     537950362.36
SOCOTHERM SPA       SCT TQ          -28370270.37     537950362.36
SOCOTHERM SPA       SCT EO          -28370270.37     537950362.36
SOCOTHERM SPA       SCTI PZ         -28370270.37     537950362.36
TECNODIFF ITALIA    TDI IM          -89894162.82     152045757.48
TECNODIFF ITALIA    TDI NM          -89894162.82     152045757.48
TECNODIFF ITALIA    TDIFF US        -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         TIS FP          -24638454.05    1569205599.82
TISCALI SPA         TISN NA         -24638454.05    1569205599.82
TISCALI SPA         TIS IM          -24638454.05    1569205599.82
TISCALI SPA         TISN IX         -24638454.05    1569205599.82
TISCALI SPA         TIS IX          -24638454.05    1569205599.82
TISCALI SPA         TIS EO          -24638454.05    1569205599.82
TISCALI SPA         TIQG IX         -24638454.05    1569205599.82
TISCALI SPA         TISN IM         -24638454.05    1569205599.82
TISCALI SPA         TISN VX         -24638454.05    1569205599.82
TISCALI SPA         TISGBX EU       -24638454.05    1569205599.82
TISCALI SPA         TIS TQ          -24638454.05    1569205599.82
TISCALI SPA         TIS NR          -24638454.05    1569205599.82
TISCALI SPA         TISGBP EO       -24638454.05    1569205599.82
TISCALI SPA         TIQ GR          -24638454.05    1569205599.82
TISCALI SPA         TSCXF US        -24638454.05    1569205599.82
TISCALI SPA         TIS NA          -24638454.05    1569205599.82
TISCALI SPA         TISGBX EO       -24638454.05    1569205599.82
TISCALI SPA         TIS VX          -24638454.05    1569205599.82
TISCALI SPA         TISN FP         -24638454.05    1569205599.82
TISCALI SPA         TIS EU          -24638454.05    1569205599.82
TISCALI SPA         TIS PZ          -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    CONEQ US           -94729000        472360992
CARRIER1 INT-ADR    CONE US            -94729000        472360992
CARRIER1 INT-ADR    CONEE US           -94729000        472360992
CARRIER1 INTL       CJN GR             -94729000        472360992
CARRIER1 INTL       CJNA GR            -94729000        472360992
CARRIER1 INTL       CJN NM             -94729000        472360992
CARRIER1 INTL SA    CONEF US           -94729000        472360992
CARRIER1 INTL SA    1253Z SW           -94729000        472360992


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


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


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


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


ROMANIA
-------
OLTCHIM RM VALCE    OLTEUR EO       -16862370.58     614340383.91
OLTCHIM RM VALCE    OLT EO          -16862370.58     614340383.91
OLTCHIM RM VALCE    OLT RO          -16862370.58     614340383.91
OLTCHIM RM VALCE    OLTCF US        -16862370.58     614340383.91
OLTCHIM RM VALCE    OLTEUR EU       -16862370.58     614340383.91
OLTCHIM RM VALCE    OLT PZ          -16862370.58     614340383.91
OLTCHIM RM VALCE    OLT EU          -16862370.58     614340383.91
RAFO SA             RAF RO         -457922636.25     356796459.26
UZINELE SODICE G    UZIM RO         -35878364.71     104942905.83


RUSSIA
------
AKCIONERNOE-BRD     SOVP$ RU       -110204703.34     120620770.43
ALFA CEMENT-BRD     AFMTF US          -672832.37     105454563.92
ALFA CEMENT-BRD     ALCE RU           -672832.37     105454563.92
ALFA CEMENT-BRD     ALCE* RU          -672832.37     105454563.92
AMO ZIL             ZILL RM        -165713442.78     328106800.85
AMO ZIL-CLS         ZILL RU        -165713442.78     328106800.85
AMO ZIL-CLS         ZILL* RU       -165713442.78     328106800.85
DAGESTAN ENERGY     DASB RU         -24834103.03     105689368.23
DAGESTAN ENERGY     DASB RM         -24834103.03     105689368.23
DAGESTAN ENERGY     DASB* RU        -24834103.03     105689368.23
DUVANSKA            DIVR SG          -7729350.78     109207260.53
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
IMK 14 OKTOBAR A    IMKO SG          -5175836.42     110102264.18
KOMPANIYA GL-BRD    GMST RU         -72805537.11     1148203682.9
KOMPANIYA GL-BRD    GMST* RU        -72805537.11     1148203682.9
SAMARANEFTEGA-P$    SMNGP RU       -331600428.45     891998590.74
SAMARANEFTEGAS      SVYOF US       -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG RM        -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG* RU       -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG$ RU       -331600428.45     891998590.74
SAMARANEFTEGAS-$    SMNG RU        -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP$ RU      -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP* RU      -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP RM       -331600428.45     891998590.74
TERNEYLES-BRD       TERL* RU         -15178937.2     182115156.77
TERNEYLES-BRD       TERL RU          -15178937.2     182115156.77
URGALUGOL-BRD       YRGL RU         -14863411.56     135736934.02
URGALUGOL-BRD       YRGL* RU        -14863411.56     135736934.02
URGALUGOL-BRD-PF    YRGLP RU        -14863411.56     135736934.02
VIMPEL SHIP-BRD     SOVP RU        -110204703.34     120620770.43
VIMPEL SHIP-BRD     SOVP* RU       -110204703.34     120620770.43
ZASTAVA AUTOMOBI    ZAKG SG        -396504649.08     174692011.08
ZIL AUTO PLANT      ZILL$ RU       -165713442.78     328106800.85
ZIL AUTO PLANT-P    ZILLP RU       -165713442.78     328106800.85
ZIL AUTO PLANT-P    ZILLP RM       -165713442.78     328106800.85
ZIL AUTO PLANT-P    ZILLP* RU      -165713442.78     328106800.85


TURKEY
------
EGS EGE GIYIM VE    EGDIS TI         -7732138.55     147075066.65
EGS EGE GIYIM-RT    EGDISR TI        -7732138.55     147075066.65
IKTISAT FINAN-RT    IKTFNR TI       -46900661.12     108228233.63
IKTISAT FINANSAL    IKTFN TI        -46900661.12     108228233.63
MUDURNU TAVUKC-N    MDRNUN TI       -64930189.62      160408172.1
MUDURNU TAVUKCUL    MDRNU TI        -64930189.62      160408172.1
SIFAS               SIFAS TI         -15439198.6     130608103.96
TUTUNBANK           TUT TI        -4024959601.58    2643810456.86
YASARBANK           YABNK TI      -4024959601.58    2643810456.86
ZORLU ENERJI ELE    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         -18319042.42     308665797.86
NAFTOKHIMIK-GDR     N3ZA GR         -18319042.42     308665797.86
ZAPORIZHOBLENERG    ZAON UZ          -5929792.72     132397404.71


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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.

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

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

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

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

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

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


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