TCREUR_Public/090818.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 18, 2009, Vol. 10, No. 162



VTB BANK: Fitch Downgrades Issuer Default Ratings to 'BB'


FLYERS GMBH: Claims Filing Deadline is August 27
METAFLEX METALLPROFILE: Creditors Must File Claims by August 25
VISIUM BAUUNTERNEHMEN: Claims Filing Deadline is August 25


ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'


ARCANDOR AG: Metro Open to Karstadt Takeover Discussion
CONTINENTAL AG: Moody's Downgrades Corporate Family Rating to 'B1'
ESCADA AG: Moody's Cuts Probability of Default Rating to 'D'
ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to 'D'
GENERAL MOTORS: Loan Guarantees Conditional on Opel Sale to Magna

VERSATEL AG: Moody's Downgrades Corporate Family Rating to 'B2'
WOOLWORTH GMBH: Schlecker Seeks Clearance to Buy German Outlets


EDUCATION MEDIA: Pact with Lenders Cuts Debt by More Than US$1 Bln
STARTS PLC: Moody's Downgrades Rating on 2007-31 Notes to 'B1'
ZOE GROUP: Granted Leave to Present New Examinership Petition


* ITALY: Lobby Leader Sees More Business Closures in 2010


AGRO MARKET: Creditors Must File Claims by August 28
ASEL OSER: Creditors Must File Claims by August 28
ELIT MARKET: Creditors Must File Claims by August 28
ORION LLP: Creditors Must File Claims by August 28
VIP SYSTEM: Creditors Must File Claims by August 28

VOSTOK SNUB: Creditors Must File Claims by August 28


AUTOCOLOR LLC: Creditors Must File Claims by August 29
MARCO POLO: Creditors Must File Claims by August 29


GELDILUX-TS-2008: Moody's Lifts Rating on Class D Notes From 'Ba2'


HEAD NV: S&P Downgrades Corporate Credit Rating to 'SD'


22ND MECHANICAL: Creditors Must File Claims by August 24
INTEGRATED HOUSE: Creditors Must File Claims by August 24
LESNOI DOM: Creditors Must File Claims by August 24
MOSCOW REGIONAL: S&P Changes Watch on 'CC' Rating to Negative
STROY-INVEST LLC: Creditors Must File Claims by August 24

SUKHOI CIVIL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
TRANSCONTAINER JSC: Moody's Reviews 'Ba2' Corporate Family Rating


GENERAL MOTORS: Finalizes Deal to Sell Swedish Unit Saab
SAAB AUTOMOBILE: GM Finalizes Koenigsegg Sale Deal
SAS AB: To Shed Up to 1,500 Jobs Under Cost-Cutting Program


ASTECO GMBH: Creditors Must File Claims by August 21
ATS VISUAL: Claims Filing Deadline is August 21
DIGA-MONTAGE GMBH: Claims Filing Deadline is August 21
EMMEL.HOFER.ERNI GMBH: Claims Filing Deadline is August 21
EYER FEUERWEHRTECHNIK: Claims Filing Deadline is August 21

LERROTEC GMBH: Creditors Have Until August 21 to File Claims
LUCKY LOTUS: Creditors Must File Claims by August 21
MS VISUAL: Claims Filing Deadline is August 21
NSD NIEDERBERGER: Claims Filing Deadline is August 21
SABELAG AG: Creditors Must File Claims by August 21


NAFTOGAZ UKRAINY: To Commence Debt Restructuring Talks This Week

U N I T E D   K I N G D O M

ALLIED CARPETS: 142 Stores to Close; 850 Jobs Affected
ALTERNATIVE HOTEL: In Debt Restructuring Talks with Lloyds
ARTENIUS UK: May Get Takeover Offers Next Month; Cuts 58 Jobs
CANARGO ENERGY: Posts US$1.8 Million Net Loss for June 30 Quarter
COUNTRYROUTE PLC: S&P Downgrades Long-Term Debt Rating to 'BB+'

EMI GROUP: EMI Music May Need Cash Injections to Avoid Default
LDV GROUP: In Exclusive Sale Talks with Potential Buyer
SCOTTISH GAME: In Administration; Tenon Recovery Appointed
VESTAS WIND: Closes Isle of Wight Factory; 425 Jobs Affected


HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'

* Large Companies with Insolvent Balance Sheet



VTB BANK: Fitch Downgrades Issuer Default Ratings to 'BB'
Fitch Ratings has downgraded Armenia-based VTB Bank's Long-term
foreign and local currency Issuer Default ratings to 'BB' from
'BB+'.  The Outlooks on the ratings are Stable.  These actions
follow the downgrade of Armenia's Long-term foreign and local
currency IDRs to 'BB-' from 'BB' with Stable Outlooks and Country
Ceiling to 'BB' from 'BB+'.

The downgrade on VTBA's IDRs reflects the downgrade of Armenia's
Country Ceiling, which captures transfer and convertibility risks
and limits the extent to which support from the sole shareholder
of VTBA, Russia's state-owned VTB Bank ('BBB'/Negative), can be
factored into its Long-term IDRs.

VTBA is Armenia's fourth-largest bank in term of total assets,
with 10.4% of the banking system's loans and 6.4% of customer
deposits at end-H109.  VTB acquired a 70% stake in VTBA in March
2004 and the remaining 30% in July 2007.  VTBA (formerly known as
Armsberbank) has a long history of operations in Armenia and
traces its origin to a branch of Sberbank of the former USSR,
established in 1923.  The bank services both corporate and retail
clients and is supported by an extensive branch network consisting
of 78 branches located across the country.

Bank VTB Bank (Armenia) CJSC

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook Stable

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

  -- Long-term local currency IDR: downgraded to 'BB' from 'BB+';
     Outlook Stable

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

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

  -- Support Rating: affirmed at '3'

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.


FLYERS GMBH: Claims Filing Deadline is August 27
Creditors of Flyers GmbH have until August 27, 2009, to file their
proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Paul Wuntschek
         Kaiser-Franz-Josef-Kai 70
         8010 Graz
         Tel: 0316/813862
         Fax: 0316/813862-2

METAFLEX METALLPROFILE: Creditors Must File Claims by August 25
Creditors of METAFLEX Metallprofile GmbH have until August 25,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 15, 2009 at 11:40 a.m. at:

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

For further information, contact the company's administrator:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten
         Tel: 02742/47087
         Fax: 02742/47089

VISIUM BAUUNTERNEHMEN: Claims Filing Deadline is August 25
Creditors of VISIUM Bauunternehmen GmbH have until August 25,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 8, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Tel: 713 44 33
         Fax: 713 10 33


ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's ratings at
Long-term Issuer Default 'BBB+' with Negative Outlook, Short-term
IDR 'F2', Individual 'D' and Support '2'.

ABB's IDRs and Support ratings are based on the high probability
of support from its parent, Allianz SE (Allianz;'AA-'/Negative
Outlook), a Germany-based bancassurance group, if needed.  The
Negative Outlook on ABB's Long-term IDR reflects those on
Bulgaria's Long-term foreign and local currency IDRs of 'BBB-' and
'BBB', respectively, as they are capped by the Country Ceiling of
'BBB+'.  Should Bulgaria's ratings be downgraded, ABB's Long-term
IDR and the '2' Support rating would also be liable to change.

ABB's Individual Rating reflects the bank's limited franchise,
reliance on parent support to maintain acceptable capitalization,
and increasing credit risk stemming from a difficult operating
environment and outlook for Bulgaria.  It also reflects adequate,
albeit declining profitability, limited refinancing risk and a
sound liquidity position.

Operating profit is adequate but under pressure, on the back of
slower growth in net interest income and higher loan impairment
charges, which accounted for 25% of pre-impairment profit in H109.
Fitch expects LICs and stagnant loan book growth to be a drag on
performance, given the fragile economic climate.

Credit risk is the bank's largest source of risk as the loan book
(evenly split between retail and corporate exposures) accounts for
65% of total assets at end-H109.  Non-performing loans (NPLs;
loans past due 90 days) increased to 2.7% of total gross loans at
end-H109 from a low 0.9% at end-2008, and coverage decreased to
52% of total NPLs, largely in light of changes in the regulatory
requirements.  Fitch notes that while the NPL level is below the
Bulgarian banking sector average at end-H109, NPLs are expected to
worsen further in H209.

The bank has a fairly liquid balance sheet.  The funding profile
benefits from a small but sound local deposit franchise, which is,
however, under some pressure from net outflows of corporate
deposits.  The bank reports an adequate regulatory tier 1 capital
ratio of 12.6% at end-H109.

ABB was the 12th-largest bank in Bulgaria at end-H109.  Allianz SE
controls the bank via a 66.16% stake in Allianz Bulgaria Holding,
a Bulgarian holding company, which in turns has a 79.9% stake in
ABB.  It is a universal bank with 125 branches at end-H109
covering all major cities in Bulgaria.

PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'
Fitch Ratings has affirmed ProCredit Bank's (Bulgaria) ratings:
Long-term foreign currency Issuer Default Rating 'BB+', Short-term
foreign currency IDR 'B', Long-term local currency IDR 'BB+',
Short-term local currency IDR 'B'; Individual Rating 'D' and
Support Rating '3'.  The Outlooks for the bank's Long-term ratings
are Stable.

The affirmation of PCB's IDRs and Support rating is based on the
likelihood of support from its 80% owner, ProCredit Holding AG
(PCH, rated 'BBB-'/Stable Outlook), in case of need.

PCB's Individual Rating reflects heightened credit risk due to
pressures related to a worsening operating environment and slower
growth, high impairment charges, and a limited franchise.
However, the affirmation of the Individual Rating is supported by
PCB's still sound asset quality ratios, the high level of
diversification of the loan book, adequate profitability,
acceptable liquidity and increasing capital ratios.

Operating profit in H109 was adequate although under pressure from
a decline in the loan book, and constrained by high loan
impairment charges (50% of pre-impairment profit in H109).  Stable
costs of funds are helping to support the bank's traditionally
wide net interest margins, given its focus on small business

Fitch believes that credit risk represents the bank's largest
source of risk.  Headline asset quality ratios at end-H109
remained good with loans past due 90 days at 0.8% of total gross
loans, well below sector averages and the bank maintains ample
loan impairment allowances.  However, an increase in loans in
arrears in the shorter time buckets and the increased use of
restructured loans indicate increased pressure on asset quality
from the difficult economic environment in Bulgaria.

In addition, the bank's limited franchise is under pressure from a
net outflow of customer deposits, which is primarily a retail
deposit base.  PCB's tier 1 regulatory capital ratio increased to
11.3% at end-July 2009, following a capital injection by
shareholders and conversion of equity hybrid instruments by PCH.
Fitch believes capitalization should remain sound, at least in the
near term, in view of regulatory requirements and slower expected
asset growth.  However, this should be viewed in the context of
deteriorating asset quality in a difficult operating environment,
and limited internal capital generation.

PCB is a member of the ProCredit Holding group of 22 banks set up
as development-oriented banks, which specialize in micro and SME-
lending in emerging economies (end-H109: total assets of
EUR4.7 billion).  Commerzbank owns the remaining 20% share in the


ARCANDOR AG: Metro Open to Karstadt Takeover Discussion
Rainer Buergin at Bloomberg News reports that Metro AG said it is
ready to discuss a takeover of Arcandor AG's Karstadt department

Bloomberg relates Hubert Goerg told Welt am Sonntag newspaper that
Metro is "welcome" as a buyer.  Mr. Goerg, as cited by Bloomberg,
said he'll take his time selling the complete pool of department
stores, possibly in a bidding process.

Separately, Bloomberg News reports Focus magazine, citing unnamed
Metro managers, said Metro is reconsidering its planned bid for
around 60 Karstadt department stores owned by Arcandor.  According
to Bloomberg, in an advance copy of an article in its Aug. 17
print edition Focus magazine said some Karstadt stores may be
doing so badly that they're no longer of interest to Metro.

                        About Arcandor AG

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

As previously reported in the Troubled Company Reporter-Europe, on
June 9, 2009, Arcandor filed for bankruptcy protection after the
German government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.

CONTINENTAL AG: Moody's Downgrades Corporate Family Rating to 'B1'
Moody's Investors Service has downgraded Continental AG's
Corporate Family Rating to B1 from Ba3.  The rating outlook
remains negative.

Falk Frey, Senior Vice President and lead analyst at Moody's for
Continental AG, commented: "The rating action reflects heightened
uncertainty around the Conti/Schaeffler relation as Schaeffler
evidently makes increasing use of its position as major
shareholder which might eventually be negative for Conti's
creditors.  Moreover, there is notable uncertainty around the
equity capital increase of up to EUR1.5 billion currently in
preparation.  In addition, a solution for the refinancing of
Continental's approaching 2010 debt maturity of EUR3.5 billion is
still pending and covenant headroom is still limited per Q2."
While Continental's operating performance is broadly in line with
previous expectations, increasing visibility around Continental's
future trading would certainly also impact the rating.

On August 12, Continental announced that CEO Neumann had resigned
with immediate effect.  Dr. Neumann has been succeeded by Dr.
Degenhart, a former Schaeffler employee who worked for Continental
until 2004 as well.  Driving force behind the change at
Continental's top management was Schaeffler group, which holds 5
out of 20 seats on Continental's supervisory board if one adds
Rolf Koerfer, the current chairman of the supervisory board, to
the Schaeffler-Group.  Although the current rating continues to
assume that the financing arrangements of Continental and its
major shareholder Schaeffler will remain separate and although a
set of bank covenants protects Continental's lenders, the
resignation of Mr.  Neumann demonstrates Schaeffler's ability and
willingness to make use of its position as major shareholder.
Moreover, Moody's notes that although various future scenarios for
a combination or reorganization of Continental and Schaeffler have
been discussed, a detailed plan or program is still pending.
Hence, uncertainty around the Continental/Schaeffler relation and
any possible reorganization of the group continues to weigh on the
rating and Moody's will closely monitor any developments in this

Moody's will further pay particular attention to Continental's
progress in (i) restoring adequate headroom under the financial
covenants invoked in the VDO acquisition facility agreement which
left only limited headroom per Q2 2009 with no immediate prospect
of improvement and (ii) on the refinancing of its 2010 maturity.
In this context Moody's believes the materialization of an equity
capital increase would play an important role as it would not only
help to restore covenant headroom but also support negotiations
with lenders.  Although Continental's supervisory board decided to
prepare for a capital increase of up to EUR1.5 billion on
July 30, it is not yet clear if and when this capital increase
will indeed materialize.  Nonetheless, Moody's indicates that such
a capital increase would alleviate pressure on the rating.


Issuer: Continental AG

  -- Probability of Default Rating, Downgraded to B1 from Ba3

  -- Corporate Family Rating, Downgraded to B1 from Ba3

  -- Senior Unsecured Medium-Term Note Program, Downgraded to B1
     from Ba3

Issuer: Continental Rubber of America Corporation

  -- Senior Unsecured Medium-Term Note Program, Downgraded to B1
     from Ba3

Moody's last rating action on Continental was a downgrade to Ba3
(negative outlook) from Ba2 (negative outlook) on June 2, 2009.

Headquartered in Hanover, Germany, Continental AG is one of the
top automotive suppliers worldwide in the areas chassis and safety
technology, interior and infotainment and powertrain as well as
the world's fourth-largest manufacturer of passenger and
commercial vehicle tires.  In 2008 Continental generated
consolidated sales of EUR24 billion.

ESCADA AG: Moody's Cuts Probability of Default Rating to 'D'
Moody's Investors Service has downgraded ESCADA AG's Probability
of Default Rating to D from Ca.  The Corporate Family Rating and
the senior unsecured rating on the EUR200 million notes due 2012
remain unchanged at Ca.  The outlook on the ratings is stable.
The action reflects the failure of the proposed exchange offer of
the notes and subsequent company's filing for insolvency.

The PDR downgrade to D was prompted by ESCADA's filing an
insolvency petition with the competent insolvency court on 13 of
August 2009 under German law.

The filing for insolvency follows the failure to reach the 80%
minimum acceptance level of a proposed exchange offer to ESCADA's
bondholder.  This minimum acceptance level was required as the
condition sine qua non to start a refinancing plan that was aimed
at the financial restructuring of the group and that comprised
both a new equity injection from existing shareholders and the
refinancing of credit lines.

The company's decision follows the operating difficulties that
company has been facing due to adverse market condition and soft
consumer spending.


Issuer: Escada AG

  -- Probability of Default Rating, Downgraded to D from Ca.

  -- Outlook is stable.

The last rating action on ESCADA was on 29 June 2009, when Moody's
downgraded ESCADA's ratings to Ca from Caa3, following the
announcement of the Notes exchange offer.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear high-end apparel
for women.  In the financial year ended 31 October 2008, the
company reported consolidated sales of EUR582 million and EBITDA
of EUR8.2 million.

ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to 'D'
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on German high-end women's fashion
designer and retailer ESCADA AG to 'D' (Default) from 'CC'.

At the same time, the issue rating on ESCADA's EUR200 million
senior unsecured notes due 2012 was also lowered to 'D'.  The
recovery rating of '3' on the Notes is unchanged, indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.  On April 30, 2009, ESCADA reported net debt of
EUR199 million.

The rating action follows ESCADA's announcement that on Aug. 13,
2009, it filed an insolvency petition with the insolvency court
within the Municipal Court of Munich.  On the same day, the court
decreed the preliminary administration of ESCADA's assets and
appointed a preliminary insolvency administrator.

On April 24, 2009, Standard & Poor's lowered its corporate credit
rating on ESCADA to 'CC' with a negative outlook after ESCADA made
a public offer for the conversion of the Notes into new
obligations.  On Aug. 11, 2009, ESCADA's management announced that
it would seek bankruptcy protection if the offer did not get at
least 80% bondholder acceptance.  On expiry, the offer secured
less than 50% acceptance, prompting the action by ESCADA.

GENERAL MOTORS: Loan Guarantees Conditional on Opel Sale to Magna
Rainer Buergin at Bloomberg News reports that Dieter Althaus,
state premier of Thuringia, told Handelsblatt Germany will only
provide state guarantees for the purchase of General Motors Co.'s
Opel division if GM sells to Magna International Inc.

According to Bloomberg, Althaus told the newspaper in an interview
Chancellor Angela Merkel's government and the four German states
where Opel factories are based want an accord between GM and any
Opel buyer before national elections on Sept. 27.

Bloomberg relates Mr. Althaus said plans for the Opel factory in
the city of Eisenach, Thuringia, are more favorable than those
presented by RHJ International.

                          No Agreement

Angela Cullen at Bloomberg News reports GM has not reached an
agreement with Magna and Russia's Sberbank on the sale of its Opel

According to Bloomberg, GM's chief negotiator John Smith said on
GM Europe's official blog Friday the U.S. carmaker is reviewing
Magna's revised offer and said it will update the comparisons it
made to an "attractive" proposal submitted by RHJ International on
July 20.

On Aug. 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported GM received a revised bid from Magna
and Sberbank.  Bloomberg disclosed Siegfried Wolf, co-chief
executive officer of Magna, said Thursday the the Canadian
car-parts manufacturer and Sberbank are offering to pay about
EUR500 million (US$714 million) for a combined 55% stake in Opel.
Bloomberg says each of the partners would own 27.5%, leaving GM
with 35% and Opel workers holding the remaining 10%.  Mr. Wolf, as
cited by Bloomberg said Magna's revised bid addresses cooperation
with GM's Chevrolet division and answers any intellectual property
questions.  According to Bloomberg Christopher Preuss, a spokesman
for GM, said the U.S. carmaker requested an "outline of the
financing package" that Germany and other European governments are
prepared to offer under the revised proposal.


Lyubov Pronina at Bloomberg News, citing a Kremlin official,
reports that Russian President Dmitry Medvedev will offer
political support for Magna's bid for GM's Opel division in talks
with German Chancellor Angela Merkel.  Bloomberg relates
the two leaders met Friday at Bocharov Ruchei, or Cooper's Creek,
Medvedev's official residence in the Black Sea resort of Sochi.

                      About General Motors

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

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

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

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

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

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

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

VERSATEL AG: Moody's Downgrades Corporate Family Rating to 'B2'
Moody's Investors Service has downgraded the Corporate Family
Rating of Versatel AG to B2 from B1 and the company's EUR525
million senior secured floating-rate notes due 2014 to B3 from B2.
The outlook on the ratings is stable.

The downgrade reflects the impact of continuing pressure from the
competitive environment, which has led to deterioration in
Versatel's revenue and profitability, as well as deterioration in
its debt protection metrics beyond Moody's initial expectations.
In light of the company's Q2 2009 results, which confirmed certain
negative operating trends notably in the residential segment,
Moody's believes it is now more likely that Versatel's Debt-to-
EBITDA ratio for 2009 (as adjusted by Moody's) will exceed the
3.5x upper limit at the B1 rating level.

Moody's notes that Versatel's residential segment remains subject
to intense competition.  Residential blended DSL ARPU continues to
decline (to EUR33.6 at June 2009 from EUR38.1 at December 2008)
and subscriber acquisition costs have reached uneconomical levels.
Furthermore, uncertainties remain at this stage as to the timing
of a stabilization in the German DSL market and the company's
capacity to preserve its competitive position within this market.
However, Moody's recognizes the company's ability to market its
valuable core network infrastructure to business customers and
other telecoms carriers on a wholesale basis.

Moody's understands that Versatel has been successful in realizing
on its "30+ Efficiency Programme" and remains focused on achieving
positive free cash flow in 2009, with a target of at least
EUR40 million.  However, Moody's understands that reaching this
target will be underpinned by further opex/capex optimization
initiatives and a reduction in growth-related capex investments
going forward, as the company focuses on retaining existing
profitable customers.  Although Moody's views restoration of cash
flows in the short to medium term as a positive, there is
currently lack of visibility regarding the impact this strategy
will have on Versatel's longer-term competitive position, notably
in the DSL market.

The B2 rating incorporates Moody's expectations that Versatel is
likely to continue pursuing acquisitions in the cable sector as a
cost-efficient method of expanding its network reach and customer
base; it also builds in room for Versatel to use some of its
financial flexibility for this purpose.  The rating also
incorporates Moody's expectations that Versatel will continue to
commit to its relatively conservative financial policy targets of
Net Financial Debt to EBITDA below 2.5x and EBITDA to Net Cash
Interest over 4.0x, even after taking into consideration the
impact of potential acquisitions.  Any material and/or sustained
deviation from these targets could put pressure on the rating.

Moody's continues to take comfort from Versatel's liquidity
position, with a solid cash balance, availability under its
revolving credit facility and the absence of significant debt
repayments over the medium term.

The stable outlook for the ratings reflects Moody's expectations
that the company will continue to work towards achieving positive
free cash flow generation on a full-year basis for 2009 and
operate with leverage (as adjusted by Moody's) closer to 4.0x Debt
to EBITDA over the medium term, commensurate with a B2 rating.

However, Moody's notes at this stage the company is at a
crossroads in terms of its business strategy.  Negative pressure
on the rating could develop if (i) the company significantly
deviates from its stated cash flow target, (ii) the company's
liquidity profile deteriorates, or (iii) the company undertakes
material debt-financed acquisitions.

The last rating action was implemented on 28 September 2007, when
Moody's changed the outlook for Versatel's ratings to negative
from stable.

Headquartered in Düsseldorf, Versatel is one of the leading
facilities-based alternative telecommunications operators in
Germany.  In the first half of 2009, Versatel generated revenues
of EUR363 million and EBITDA (as adjusted by the company) of
EUR91 million.  As of June 2009, Versatel employed around 1,300
staff and its market capitalization was around EUR315 million.

WOOLWORTH GMBH: Schlecker Seeks Clearance to Buy German Outlets
Matthias Inverardi at Reuters reports that the German drug store
chain Schlecker is eyeing to acquire outlets from Woolworth GmbH &

Reuters relates the Federal Cartel Office said on Friday Schlecker
has sought anti-trust clearance to buy as many as 71 German
Woolworth outlets.

According to Reuters, a spokesman for the insolvency
administrator, said talks were under way with a number of
retailers for smaller sites that would no longer be operated under
the Woolworth brand.

As reported in the Troubled Company Reporter-Europe, Reuters said
Woolworth ran out of cash in April after struggling with falling
sales as supermarkets, discounters and other specialist retailers
snatched away customers.

                     About Woolworth GmbH & Co.

Woolworth GmbH & Co. is a German department store chain.  The
company is owned by British investor Argyll Partners.


EDUCATION MEDIA: Pact with Lenders Cuts Debt by More Than US$1 Bln
Andrew Edgecliffe at The Financial Times reports that Education
Media & Publishing Group Ltd. has reached a refinancing agreement
with its lenders.

According to the FT, the agreement will cut EMPG's long-term debt,
now standing at about US$7.6 billion, by more than US$1 billion
and reduce annual interest costs by US$100 million, in exchange
for a 45% dilution of current shareholders.  Barry O'Callaghan
told the FT he would see his 40% stake cut to "the low 20s" and
give up his voting control.

The FT says the refinancing had averted any risk of a Chapter 11

Mr. O'Callaghan, as cited by the FT, said EMPG had secured more
than 90% support from lenders, and now had ample liquidity, helped
by a further US$50 million increase its working capital facility.

Based in Dublin, Ireland, Education Media & Publishing Group Ltd.
is a privately held textbook publisher.

STARTS PLC: Moody's Downgrades Rating on 2007-31 Notes to 'B1'
Moody's Investors Service has downgraded its rating of notes
issued by Starts (Ireland) PLC Series 2007-31, a managed
collateralized debt obligation transaction referencing a portfolio
of corporate entities.

Moody's explained that the rating action taken is the result of
the deterioration in the credit quality of the reference portfolio
of which the 10 year Weighted Average Rating Factor, net of the
forward looking measures adjustment, has deteriorated from 559 to
832 since the review on February 6, 2009, equivalent to an average
current portfolio rating of Ba1.  The reference portfolio includes
exposures to Ambac Financial Group, Inc. and CIT Group, Inc.
which have experienced substantial credit migrations in the past
few months.  The reference portfolio has not experience any credit
events since closing and has the highest industry concentration in
insurance (12.5%), banking (10.8%), and finance (10%).

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic Obligations as described in Moody's Special Report

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

The rating action is:

Class Description: Series 2007-31 US$50,000,000 Class A2-D2
Floating-Rate Credit-Linked Notes due 2017

  -- Current Rating: B1
  -- Prior Rating Action Date: February 6, 2009
  -- Prior Rating Action: Downgrade to Baa3 from Aaa

ZOE GROUP: Granted Leave to Present New Examinership Petition
IrelandOn-Line reports High Court Mr. Justice Eamon de Valera on
Friday granted Liam Carroll's Zoe group leave to present a new
petition seeking the appointment of an examiner to the troubled
property group.

The report relates Justice de Valera said he would allow the
application to be made this week only on the strict undertakings
not to prejudice the position of the provisional liquidator and
receiver appointed to the firm at the request of ACC bank.

According to the report, the petition to have an examiner
appointed to Mr. Carroll's firms was brought by Vantive Holdings
which, with Jersey-registered Morston Investments Ltd., are the
parent companies of around 50 companies known as Zoe Developments.
The other companies include Villeer Developments, Peytor
Developments, Caragh Enterprises Ltd. and Parlez International
Ltd., the report states.

The report discloses the companies, whose appeal against the High
Court's refusal to appoint an examiner was dismissed by the
Supreme Court on Tuesday, claimed that its new petition contains
information which was not included in its previous application to
have an examiner appointed to the firms.  This information, it was
argued, supported their claim that the companies, which have
borrowings of more than EUR1.1 billion, can survive as a going
concern, the report notes.

The report relates Michael Cush SC for the Zoe companies told the
court Mr. Carroll was in hospital and in no position to give
instructions, but the application was being made in the name of
his fellow directors on behalf of all the Zoe companies plus one,
Royceton Ltd.

The application, the report says, was opposed by lawyers for the
receiver and ACC bank on the grounds that the Supreme and High
Court had already refused to allow the companies go into

Fergal O'Brien at Bloomberg News reports the High Court will hold
a hearing on Thursday, Aug. 20, on the fresh application.

On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported Ireland's High Court appointed Declan
Taite of accounting firm Farrell Grant Sparks as provisional
liquidator to Vantive Holdings and Morston Investments Ltd., two
of Liam Carroll's companies.  According to Bloomberg, the
liquidator was appointed at the request of ACC Bank, the Irish
unit of Rabobank Nederland NV.  Bloomberg disclosed ACC lawyer
Rossa Fanning told the court Wednesday that the companies were
"grossly insolvent" and "unable to meet their debt as they fell
due."  Citing Mr. Carroll's lawyer Michael Cush, Bloomberg said
while ACC is owed EUR136 million (US$193 million), the winding up
of six of the real-estate developer's companies would leave a
combined deficit of EUR1 billion.


* ITALY: Lobby Leader Sees More Business Closures in 2010
Armorel Kenna at Bloomberg News reports that Emma Marcegaglia,
leader of the country's employers' lobby group Confindustria said
in an interview with La Stampa Italy will see more businesses
forced to close this year.

Bloomberg relates Ms. Marcegaglia said Italy will take years to
recover its pre-crisis production.

According to Bloomberg, Marcegaglia told La Stampa Italy expects a
worse year in 2010 than Germany and France and a better year than
Spain and the U.K.


AGRO MARKET: Creditors Must File Claims by August 28
Creditors of LLP Agro Market Stroy have until August 28, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 26, 2009.

ASEL OSER: Creditors Must File Claims by August 28
Creditors of LLP Asel Oser have until August 28, 2009, to submit
proofs of claim to:

         Gogol Str. 177a

The Specialized Inter-Regional Economic Court of Kostanai region
commenced bankruptcy proceedings against the company on May 26,
2009, after finding it insolvent.

The Court is located at:

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

ELIT MARKET: Creditors Must File Claims by August 28
Creditors of LLP Elit Market have until August 28, 2009, to submit
proofs of claim to:

         Room 217
         Aimanov Str. 6

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 25, 2009, after
finding it insolvent.

The Court is located at:

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

ORION LLP: Creditors Must File Claims by August 28
Creditors of LLP Kazakh Russian Enterprise Orion have until
August 28, 2009, to submit proofs of claim to:

         Office 102
         Myzy Str. 1
         East Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
May 25, 2009, after finding it insolvent.

The Court is located at:

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

VIP SYSTEM: Creditors Must File Claims by August 28
Creditors of LLP Vip System have until August 28, 2009, to submit
proofs of claim to:

         Gogol Str. 177a

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on June 3,
2009, after finding it insolvent.

The Court is located at:

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

VOSTOK SNUB: Creditors Must File Claims by August 28
Creditors of LLP Vostok Snub BazA have until August 28, 2009, to
submit proofs of claim to:

         Office 102
         Myzy Str. 1
         East Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
May 25, 2009, after finding it insolvent.

The Court is located at:

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


AUTOCOLOR LLC: Creditors Must File Claims by August 29
LLC Autocolor is currently undergoing liquidation.  Creditors
have until August 29, 2009, to submit proofs of claim to:

For further information, contact (+996 312) 66-10-86.

MARCO POLO: Creditors Must File Claims by August 29
LLC Marco Polo Travel Agency is currently undergoing liquidation.
Creditors have until August 29, 2009, to submit proofs of claim

         Micro District 3-29
         Tel: (+996 312) 31-61-77


GELDILUX-TS-2008: Moody's Lifts Rating on Class D Notes From 'Ba2'
Moody's Investors Service has confirmed the ratings for all notes
rated Aaa and Aa2 and upgraded all other notes issued by Geldilux-
TS-2008 S.A.

  -- Liquidity Notes confirmed to Aaa, previously, on 23 March
     2009 Placed Under Review for Possible Downgrade;

  -- Class A1 Notes confirmed to Aaa, previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- Class A2 Notes confirmed to Aaa, previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- Class A Schuldschein Loans confirmed to Aaa, previously, on
     23 March 2009 Placed Under Review for Possible Downgrade;

  -- Class B Notes confirmed to Aa2, previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- Class C Notes upgraded from Baa2 to A2, previously, on 23
     March 2009 Placed Under Review for Possible Downgrade;

  -- Class D Notes upgraded from Ba2 to Baa1, previously, on 23
     March 2009 Placed Under Review for Possible Downgrade; and

  -- Class D Schuldschein Loans upgraded from Ba2 to Baa1,
     previously, on 23 March 2009 Placed Under Review for Possible

The rating action concludes the rating review resulting from
Moody's revision of its methodology for SME granular portfolios in
EMEA.  This revised methodology was announced on March 17, 2009
and the affected transactions were placed on review on March 23,
2009.  In Moody's review Moody's consider the amendments,
including an increase of credit enhancement, made on August 10,
2009, by the originator in the transaction structure.

As a result of its revised methodology, Moody's has reviewed its
assumptions for the collateral portfolio anticipating a
performance deterioration of SME loan portfolios in the current
down cycle.  Moody's have reviewed the default probability of the
pool of corporate and SME debtors for Geldilux-TS-2008 to be
equivalent to a Ba1/Ba2 rating with a remaining weighted average
life of two months.  Moody's also took into account the amended
portfolio replenishment criteria on industry and obligor
concentrations.  As a consequence, these revised assumptions have
translated into a cumulative mean default assumption of 0.2% over
60 days and a coefficient of variation (defined as the ratio
between the standard deviation and the mean) of 190%.  Moody's
original mean default assumption was 0.1% over 90 days which
corresponded to a Baa3 rating, and the coefficient of variation
was 75%.  The average recovery rate assumption remains unchanged
at 25% on average.  In its analysis, Moody's used a default
distribution derived from CDOROMTM (v2.5), whereas initially, a
lognormal default distribution was applied.

Amendments to the structure have been implemented on August 10,
2009, affecting positively Moody's analysis.  These amendments
consist in (i) tighter replenishment criteria related to portfolio
concentrations, (ii) the issuance of additional Class E notes of
EUR 29 million, (iii) the issuance of additional Liquidity Notes
of EUR 4.6 million; as well as (vi) a mechanism to defer interest
payments on the unrated notes during the amortization period.
These material changes were made with regards to the portfolio
replenishment criteria: Maximum real estate industry concentration
of 38.0% (40.0% before the amendment), maximum single obligor
concentration of 0.5% (0.6% before the amendment), and maximum
remaining portfolio weighted average life of 60 days (90 days
before the amendment).  Furthermore, the definition of the real
estate industry was amended to comprise a wider range businesses
and to be compliant with the CDOROMTM (v2.5).

In summary, Moody's concluded that the negative effects of the
revised default assumption and the use of the CDOROMTM (v2.5)
model were largely offset by the amendments to the transaction and
lead to rating confirmations on the Aaa-rated notes as well as the
Aa2-rated notes and result in upgrades on all other notes.

Geldilux-TS-2008 S.A.  is a true sale German SME transaction
closed August 7, 2008.  The Class A1 to Class D Notes and
Schuldschein Loans were issued to finance the purchase of
receivables arising from the portfolio of short-term loans
denominated in Euros and CHF granted by UniCredit Luxembourg S.A.
(A3/P-2/C-/Stable Outlook) to medium-sized companies, small
businesses and individuals mainly in Germany pursuant to their
Euro-Loan program.  Replenishments take place on a daily basis
until the end of the replenishment period in July 2011.  As of
July 2009, the main sector concentration was in the "building and
real estate" sector with approximately 37.0% of the pool using the
new industry code definition.

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


HEAD NV: S&P Downgrades Corporate Credit Rating to 'SD'
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based and Austria-
managed sports equipment manufacturer Head N.V. to 'SD' (Selective
Default) from 'CC'.  At the same time, S&P lowered the issue
rating on the 8.5% senior unsecured notes due February 2014 issued
by related entity HTM Sport und Freizeitgeraete AG to 'D'
(Default) from 'C'.

These rating actions follow the closure of the consent
solicitation period for the private exchange offer under which
HTM's noteholders were offered the opportunity to exchange each
EUR1,000 aggregate principal amount of their existing 8.5% senior
unsecured notes due 2014 for new 10.0% senior secured notes due
2012 at a price of EUR510.625 and 262.372 Head N.V. ordinary

S&P understands that as of the closure of the solicitation period,
EUR85.723 million in aggregate principal amount of the existing
notes (representing about 75.3% of the EUR113.825 million
outstanding notes not held in treasury) had been validly tendered
in the exchange offer and will be accepted for exchange into
approximately EUR43.738 million secured notes and 22,491,278 Head
ordinary shares.  Head anticipates that the settlement date for
the exchange offer will be Aug. 19, 2009.

Interest due to existing noteholders who have not accepted the
exchange offer, which was suspended on Aug. 1, 2009, is expected
to be paid in full after settlement of the exchange offer and
within the permitted grace period of 30 calendar days.

Standard & Poor's views the exchange offer as distressed because
the exchange value offered is well below par (EUR0.511 on the
euro) and, in S&P's opinion, the noteholders had little realistic
alternative that would enable them to be repaid in full.

S&P believes that completion of the exchange offer will result in
meaningfully lower leverage for the group and lower ongoing
interest costs.

Operating conditions remain challenging, in S&P's view.  S&P
anticipate that recessionary pressures and a greater consumer
preference to rent than to buy large-ticket sports equipment are
likely to result in a meaningful year-on-year decline in 2009
group sales.  This is particularly the case for the group's winter
sports and diving goods businesses.  The group is due to announce
delayed interim results on Aug. 21, 2009.

On completion of the exchange offer, S&P's rating analysis will
focus on trading and operating developments, and, critically, on
the availability of working capital debt facilities in the peak
autumn period.


22ND MECHANICAL: Creditors Must File Claims by August 24
Creditors of LLC 22nd Mechanical Plant have until August 24, 2009,
to submit proofs of claims to:

         I. Kuvshinov
         Temporary Insolvency Manager
         Akhmaninova Str. 1

The Arbitration Court of Ulyanovsk will convene on September 3,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?72–2977/09B.

The Debtor can be reached at:

         LLC 22nd Mechanical Plant
         Prospect Sozidateley 36

INTEGRATED HOUSE: Creditors Must File Claims by August 24
Creditors of OJSC Integrated House-Building Factory have until
August 24, 2009, to submit proofs of claims to:

         V. Gorbunov
         Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Tel: 8(3532)78-38-36

The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?47–3217/2009–14GK.

The Debtor can be reached at:

         OJSC Integrated House-Building Factory
         Konstitutsii Str. 27
         460052 Orenburg

LESNOI DOM: Creditors Must File Claims by August 24
Creditors of LLC Lesnoi Dom (TIN 161655092029) (Construction) have
until August 24, 2009, to submit proofs of claims to:

         A. Khayrutdinov
         Temporary Insolvency Manager
         Post User Box 70
         420111 Kazan
         Tel: (843)238-51-73

The Arbitration Court of Tatarstan will convene at 1:20 p.m. on
November 2, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?65–13092/2009-SG4–

MOSCOW REGIONAL: S&P Changes Watch on 'CC' Rating to Negative
Standard & Poor's Ratings Services said that it had revised the
implications on its CreditWatch on its 'CC' long-term issuer
credit and 'ruCC' Russia national scale ratings on Russia-based
Moscow Regional Investment Trust Co. (OJSC) to negative from
developing following the Moscow Oblast's decision to liquidate the

On Aug. 12, 2009, the Moscow Oblast government announced its
decision to file for liquidation of MRITC.  A liquidation
commission headed by a Moscow Oblast deputy minister of finance
has already been set up.  This may eventually lead to the
company's default.

"This decision signals a shift in the Moscow Oblast's policy
toward the company, from the almost full-scale, although not
timely, support S&P has observed in recent months, to the closure
of the investment financing scheme implemented through MRITC,"
said Standard & Poor's credit analyst Felix Ejgel.

S&P understands the liquidation process could also freeze the
company's debt service for at least the next two months, when two
bank loans guaranteed by the oblast and unguaranteed bond payments
are falling due.  Moreover, taking into account the company's weak
cash position and the long-term investments in construction
projects that dominate its assets, there is a high risk that some
creditors' claims will not be met in the liquidation process.

At the same time, S&P assumes that MRITC has no nonperforming
debts outstanding.

The negative implications of the CreditWatch placement indicate
that the ratings could be lowered within the next 90 days, because
the company runs a high risk of ceasing to service its debts in
the short term.

S&P plans to resolve the CreditWatch status within the next 90
days, after S&P gains more visibility on how the Moscow Oblast's
decision will effect the timely repayment of MRITC's debt.

"The ratings will come under pressure -- and eventually fall to
'D' -- if the company stops servicing debts," said Mr. Ejgel.

STROY-INVEST LLC: Creditors Must File Claims by August 24
Creditors of LLC Stroy-Invest (TIN 0278092854) (Construction) have
until August 24, 2009, to submit proofs of claims to:

         O. Vlasenko
         Temporary Insolvency Manager
         Post User Box 191
         450097 Ufa

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?07–

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolutsii Str. 63A

The Debtor can be reached at:

         LLC Stroy-Invest
         Pushkina Str. 85/1
         450000 Ufa

SUKHOI CIVIL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
Fitch Ratings has affirmed Sukhoi Civil Aircraft JSC's Issuer
Default Ratings and outstanding debt rating:

  -- Long-term IDR affirmed at 'BB'; Outlook Negative

  -- Short-term IDR affirmed at 'B'

  -- Long-term local currency IDR affirmed at 'BB'; Outlook

  -- Short-term local currency IDR affirmed at 'B'

  -- Foreign currency senior unsecured rating affirmed at 'BB'

  -- Local currency senior unsecured rating affirmed at 'BB'

  -- National Long-term rating affirmed at 'AA-(rus)'; Outlook

  -- National Short-term rating affirmed at 'F1+(rus)'

Approximately RUB5 billion of public debt is outstanding.

In line with Fitch's parent subsidiary linkage methodology, SCAC's
ratings are driven by its strong links to its ultimate majority
shareholder, the Russian government ('BBB'/Negative).  (The
Negative Outlook reflects Fitch's negative outlook on the
sovereign ratings of the Russian Federation.) Through the
shareholding, Fitch expects SCAC to rely on the support of the
Russian state for additional equity injections over and above what
has already been contributed.

Other factors influencing SCAC's ratings include the likely strong
local demand for the company's product, the presence of French-
based engine manufacturer SNECMA as a risk-sharing partner on the
Sukhoi Super Jet 100 (SSJ 100) program and the long-term positive
cash flow generation capabilities of the company's business model.

As of December 31, 2008, SCAC had gross debt of approximately
US$820 million, of which US$377 million was short-term.
Unrestricted cash and cash equivalents were US$34 million.  SCAC's
2017 RUB5 billion bond has a September 2009 put option, which
Fitch expects to be exercised.  The company is in the process of
procuring a credit line to cover the bonds put to it, and Fitch
understands that such an agreement is to be signed shortly.  Any
failure to obtain this funding could have a rating impact.

Established in 2000, SCAC is engaged in the development and
production of civil aviation aircraft.  At present, the Russian
state controls 75% -- 1 share of SCAC, following a 25% plus one
share stake sale to Alenia Aeronautica (a 100% subsidiary of
Finmeccanica, rated 'BBB+'/Stable) in Q209.  The company's product
range currently consists solely of the SSJ 100 aircraft, a
regional jet which will initially be available in two sizes,
offering 78 and 98 seats.  Work on the SSJ 100 began in 2001, the
first test flight took place in May 2008 and the first commercial
delivery is expected in Q409.  Given the start-up nature of the
company, SCAC's stand-alone credit profile is, and will continue
to be in the medium term, very weak.  As production ramps-up over
the coming three years, Fitch does not expect SCAC to be EBITDA
positive or generate free cash flow in that period, and the
company will continue to remain reliant on state support to fund
its operations.

TRANSCONTAINER JSC: Moody's Reviews 'Ba2' Corporate Family Rating
Moody's Investors Service has placed on review for possible
downgrade the Ba2 corporate family rating of JSC TransContainer, a
Russian rail-based container transportation business.  At the same
time, Moody's Interfax Rating Agency, which is majority owned by
Moody's, has similarly placed on review for possible downgrade the
company's national scale credit rating.

The review action reflects Moody's view that the company's ability
to sustain credit metrics at levels commensurate with its current
rating is under pressure due to weaker than previously expected
operating conditions.  Moody's also notes that the company has
currently no committed backup facilities to support liquidity
needs over the next 12 months, which might indicate a shift in the
liquidity management.  Moody's also indicates that
TransContainer's rating currently incorporates an approximately
one-notch support derived from its majority ownership by Russian

Driven by the challenging demand and price conditions in the
container transportation sector, TransContainer's margins and
interest coverage ratios are trending to levels significantly
below previous expectations incorporated at first rating
assignment in February 2009.  Moody's is particularly concerned
that the company's EBITA/Interest ratio might fall short of the 3x
trigger for the Ba category for the next 24 months even if an
economic recovery were to start next year.  The agency recognizes
that TransContainer is implementing measures to mitigate the
impact of the difficult market conditions, including adjusted
pricing offering, tight cost control and some reduction of the
capex program.  However, the plan is yet to be proved effective.
At the same time, Moody's notes uncertainty regarding an economic
recovery, which should precede that of the domestic transportation

Simultaneously, Moody's notes that TransContainer's liquidity over
the next 12 months is currently under pressure as the company has
chosen to have some significant committed backup credit facilities
terminated, while it continues to maintain a short-term debt
maturity profile.  In Moody's view, though TransContainer remains
a relatively low leveraged company, this liquidity management
pressures its current rating, especially taking into account the
company's deteriorated cash generation ability in the weak market.

Moody's understands that TransContainer's revised liquidity
management policy incorporates (i) established relationship with
Russian state-owned banks as reflected in a significant amount of
long-term bank funding limits approved for the company and (ii)
progress in negotiations with EBRD, a minority shareholder of the
company, about a long-term facility to finance TransContainer's
investment projects.  However, until transformed into committed
facilities, the approved funding limits or advanced negotiations
may not fully mitigate the company's short refinancing profile.

Moody's review will focus on: (i) TransContainer's operating
perspectives for the next 12/24 months as well as its action plan,
including its potential near term effect, to improve margins and
cash flow generation ability in the next 12-18 months; (ii) its
ability to return its financial metrics to levels commensurate
with a Ba2 rating in the next year; (iii) the company's progress
with attracting long-term funds to finance its investment program;
(iv) its liquidity management and liquidity position, including
within the context of its majority shareholder.

The previous rating action on TransContainer was implemented on 18
February 2009, when TransContainer was initially assigned a Ba2
CFR with stable outlook and NSR.

TransContainer's rating is assigned by evaluating factors Moody's
believe relevant to its credit profile, including i) the business
risk and market position within key business segments; ii)
management's strategy, iii) the financial profile, and iv) the 1H
2009 performance assessment and projections over the near to
intermediate term.  These attributes were compared against other
companies both within and outside of TransContainer's key business
segments and TransContainer's ratings are believed to be
comparable to those of other issuers of similar credit risk.

Headquartered in Moscow, TransContainer, an 85%-owned subsidiary
of Russian Railways, is Russia's dominant rail-based container
transportation business with RUB20.5 billion (US$823.9 million) in
revenues in 2008.


GENERAL MOTORS: Finalizes Deal to Sell Swedish Unit Saab
Andrew Ward at The Financial Times reports that General Motors Co.
has finalized an agreement to sell its Swedish unit Saab
Automobile to Koenigsegg Automotive.

Citing people close to the deal, the FT discloses GM and
Koenigsegg are expected to announce the signing of a binding
agreement today, subject to approval of a loan guarantee from the
Swedish government and other financing.  The FT says the
memorandum of understanding agreed in June was conditional on
US$600 million of funding from the European Investment Bank,
underwritten by Sweden.

As reported in the Troubled Company Reporter-Europe on Aug. 13,
2009, Bloomberg News said Saab may be able to get state
guarantees for loans from the EIB that exceed the US$600 million
originally sought.

                       Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to

                     About General Motors

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

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

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

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

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

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

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

SAAB AUTOMOBILE: GM Finalizes Koenigsegg Sale Deal
Andrew Ward at The Financial Times reports that General Motors Co.
has finalized an agreement to sell its Swedish unit Saab
Automobile to Koenigsegg Automotive.

Citing people close to the deal, the FT discloses GM and
Koenigsegg are expected to announce the signing of a binding
agreement today, subject to approval of a loan guarantee from the
Swedish government and other financing.  The FT says the
memorandum of understanding agreed in June was conditional on
US$600 million of funding from the European Investment Bank,
underwritten by Sweden.

As reported in the Troubled Company Reporter-Europe on Aug. 13,
2009, Bloomberg News said Saab may be able to get state guarantees
for loans from the EIB that exceed the US$600 million originally

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to

Saab Automobile AB -- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.
Offered only through Saab Expressions dealerships, Saab cars woo
enthusiasts with merchandising that includes pen and pencil sets,
martini glasses, toys, and watches.

SAS AB: To Shed Up to 1,500 Jobs Under Cost-Cutting Program
BBC News reports that SAS AB said it will cut another 1,000 to
1,500 jobs as part of a fresh cost-cutting program.

According to the report, the cuts aim to save SEK2 billion (US$276
million; GBP166 million), with SAS also seeking a 10-20% cut in
pay and pensions for cabin crew and pilots.

The latest round of job cuts at SAS will trim the size of
company's workforce by between 5% and 8%, the report says.


SAS, the report discloses, made a net loss of SEK1.05 billion in
the second quarter of 2009.  The report relates the airline said
its second-quarter results had been hit by falling demand, with
sales for the period down to SEK12.2 billion from SEK14.4 billion
in the same period last year.


The report recalls in February this year, SAS -- 50% of which is
jointly owned by the governments of Sweden, Denmark and Norway --
announced a major restructuring package, called Core SAS, which
involved shedding about 40% of the airline's 23,000 workforce,
selling off stakes held in other carriers and raising SEK6 billion
kronor though a share sale.

Headquartered in Solna, Sweden, SAS AB -- is engaged in the air transport
services.  It is a parent company within SAS Group, which operates
within two business areas.  The Core SAS segment encompasses
airline services in the Nordic countries, as well as
intercontinental flights through SAS Scandinavian Airlines, as
well regional airlines in Norway through Wideroe and in Finland
through Blue1.  The SAS Individual Holdings segment comprises
operations of Estonian Air, bmi, All Cargo, Skyways, Air
Greenland, Spirit and Trust.  SAS AB's fleet encompasses ten
planes.  In addition, the Company offers ground handling services
and technical maintenance for the aircraft, as well as air freight
solutions and cargo capacity on passenger aircraft, purely cargo
aircraft and cargo handling.  The Group is also involved in the
trainings within the technical aviation field.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 17,
2009, Standard & Poor's Ratings Services said that it revised its
outlook on Scandinavian airline group SAS AB to negative from
stable.  At the same time, the 'B' long-term corporate credit
rating on SAS was affirmed.


ASTECO GMBH: Creditors Must File Claims by August 21
Creditors of ASTECO GmbH are requested to file their proofs of
claim by August 21, 2009, to:

         Frank Loacker
         Dorfstrasse 51
         8427 Freienstein

The company is currently undergoing liquidation in Freienstein-
Teufen.  The decision about liquidation was accepted at a
shareholders' meeting held on January 9, 2008.

ATS VISUAL: Claims Filing Deadline is August 21
Creditors of ats visual AG are requested to file their proofs of
claim by August 21, 2009, to:

         Christoph Seiler
         Bueelstrasse 76
         8143 Stallikon

The company is currently undergoing liquidation in Dietikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 12, 2009.

DIGA-MONTAGE GMBH: Claims Filing Deadline is August 21
Creditors of DIGA-Montage GmbH are requested to file their proofs
of claim by August 21, 2009, to:

         Hans Dieter Ebmeyer
         Olsbergerstrasse 2
         4310 Rheinfelden

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 19, 2009.

EMMEL.HOFER.ERNI GMBH: Claims Filing Deadline is August 21
Creditors of GmbH are requested to file their
proofs of claim by August 21, 2009, to:

         Emmel Philipp, Erni Daniel and Hofer Peter
         Neubadstr. 140
         4054 Basel

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 10, 2009.

EYER FEUERWEHRTECHNIK: Claims Filing Deadline is August 21
Creditors of Eyer Feuerwehrtechnik GmbH are requested to file
their proofs of claim by August 21, 2009, to:

         Eyer-Kalbermatten Agatha
         Kettelerstrasse 22
         3900 Brig

The company is currently undergoing liquidation in Brig-Glis.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 10, 2009.

LERROTEC GMBH: Creditors Have Until August 21 to File Claims
Creditors of Lerrotec GmbH are requested to file their proofs of
claim by August 21, 2009, to:

         Alfredo Lerro
         Roosstrasse 61
         8832 Wollerau

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at a shareholders'
meeting held on August 29, 2008.

LUCKY LOTUS: Creditors Must File Claims by August 21
Creditors of Lucky Lotus GmbH are requested to file their proofs
of claim by August 21, 2009, to:

         Chi Meng Un
         Beatenbergstrasse 35A
         3800 Unterseen

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

MS VISUAL: Claims Filing Deadline is August 21
Creditors of MS Visual AG are requested to file their proofs of
claim by August 21, 2009, to:

         Truvag Treuhand AG
         6130 Willisau

The company is currently undergoing liquidation in Zofingen.  The
decision about liquidation was accepted at a general meeting held
on July 8, 2009.

NSD NIEDERBERGER: Claims Filing Deadline is August 21
Creditors of NSD Niederberger AG are requested to file their
proofs of claim by August 21, 2009, to:

         Richard Niederberger
         Brandbodenstrasse 6
         6383 Dallenwil

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

SABELAG AG: Creditors Must File Claims by August 21
Creditors of Sabelag AG are requested to file their proofs of
claim by August 21, 2009, to:

         SAM'S & HAN Holding AG
         Mail Box: 2026
         8021 Zurich

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 2, 2009.


NAFTOGAZ UKRAINY: To Commence Debt Restructuring Talks This Week
Interfax, citing Ukraine's Ministry of Finance, reports that
Naftogaz Ukrainy is planning to start negotiations on
restructuring the company's debt with holders of its US$500
million issue of Eurobonds this week.

Citing the head of the ministry, Interfax says negotiations are
likely to be not only to the holders of Eurobonds, but also to
other external creditors of NAC, in particular, with Deutsche

On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Associated Press, reported experts said the Ukrainian government
was likely to come to Naftogaz' rescue in case the company fails
to come to an agreement with its lenders, after the International
Monetary Fund approved a third US$3.3 billion instalment of a
US$16.4 billion rescue loan.

                About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine -- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine.  Moody's
said the outlook on the ratings was changed to negative.

U N I T E D   K I N G D O M

ALLIED CARPETS: 142 Stores to Close; 850 Jobs Affected
Andrea Felsted at The Financial Times reports that about 850 jobs
are to be lost with the closure of 142 Allied Carpets stores.

The FT relates BDO Stoy Hayward, the administrator, said on Friday
that it had failed to find a buyer.

"Although we have had a strong level of initial interest in the
portfolio, the common concern has been around the lack of
visibility of future turnover.  In addition, many of those who
operate in the same industry haven't been comfortable taking the
step to extend their current portfolio in such a tough trading
climate," the FT quoted Dermot Power, BDO business restructuring
partner, as saying.

Mr. Power, as cited by the FT, said although the stores were
closed, BDO was still in discussions with interested parties.

On July 21, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported that Allied Carpets went into administration after
being hit by the decline in consumer spending and the frozen
housing market.  The FT disclosed in a process known as pre-pack
administration, 51 of the company's 217 stores were sold
immediately to Allied Carpets Retail, a new company set up in
partnership with the collapsed retailer's management.

According to the FT, Allied Carpets Retail, funded by Valco
Capital Partners, Hilco's private equity arm, will acquire a
further four stores in Wimbledon, Gillingham, Ipswich and Cribbs
Causeway near Bristol, protecting 25 jobs.   The FT states it is
also expected that more stores will transfer across to Allied
Carpets Retail, where it reaches agreement with landlords,
protecting further jobs.  It is anticipated that Allied Carpets
Retail could eventually own up to 70 Allied Carpets outlets, the
FT notes.

Headquartered in Orpington, United Kingdom, Allied Carpets Group
plc -- operates as a home
furnishing retailer specializing in curtains, beds and carpets.
It also sells rugs, real wood flooring and laminate flooring.
Allied Carpets Group Plc also provides a home sales service and
has a separate contracts division to serve its large clients.  The
company was formerly known as Carpetland Carpet Centres Ltd.
Allied Carpets Group Plc operates as a subsidiary of Saint Maclou
S.C.A. As of November 24, 1999, Allied Carpets Group Plc operates
as a subsidiary of Saint Maclou S.C.A.

ALTERNATIVE HOTEL: In Debt Restructuring Talks with Lloyds
Ben Marlow and Matthew Goodman at The Sunday Times report that
Alternative Hotel Group is set to open talks with Lloyds Banking
Group about a restructuring of its GBP1.4 billion debt pile.

According to the report, AHG is to begin negotiations with Lloyds
after the bank appointed Deloitte to carry out an independent
review of the business.

The report relates Lloyds, which also has equity in the business,
brought in the accountancy firm a few weeks ago amid concerns that
AHG would be unable to meet its debt terms.  Lloyds, the report
says, is considering a huge debt-for-equity swap, which will wipe
out existing investors.  The firm’s banking covenants are also
likely to be reset, the report states.

Based in London, United Kingdom, Alternative Hotel Group Ltd.
engages in hotel services.  AHG owns properties such as Cameron
House in Scotland and Slaley Hall in Northumberland through its De
Vere chain.  It also owns Village Hotels & Leisure Clubs and the
Greens gym chain.

ARTENIUS UK: May Get Takeover Offers Next Month; Cuts 58 Jobs
Claudia Carpenter at Bloomberg News, citing the Sunday Times,
reports Artenius UK Ltd. may get takeover bids next month from
International Process Plants of the U.S. or Indonesia's Indorama

Bloomberg News relates the Times said both possible buyers are in
"advanced talks" with administrator Deloitte & Touch LLP.

On July 31, 2009, the Troubled Company Reporter-Europe, citing BBC
News, reported Artenius UK Ltd. went into administration.  The
report said 137 jobs were affected.  BBC disclosed Deloitte said
the company, which has 242 employees, was continuing to trade as
bidders were sought.  According to BBC, the administrator said a
separate division of the company's business had already closed
after a restructuring and the company had been under increased
costs pressure.


BBC News reports 58 workers at Artenius UK were told they had lost
their jobs at a meeting with administrator Deloitte on Friday.
According to BBC, a Deloitte spokeswoman said the decision to make
further redundancies was made following an earlier announcement
that the production facility was to be mothballed.

Headquartered at Redcar, Artenius UK Ltd. makes a chemical used in
the food and drink packaging industry.  It is a subsidiary of
Spanish company La Seda de Barcelona.

CANARGO ENERGY: Posts US$1.8 Million Net Loss for June 30 Quarter
CanArgo Energy Corporation reported a net loss of US$1,808,395 for
the three months ended June 30, 2009, from a net loss of
US$970,934 for the same period last year.  For the six months
ended June 30, 2009, CanArgo posted net income of US$98,744 from a
US$2,175,815 net loss for the same half-year period in 2008.

The Company said Operating Revenues from Continuing Operations for
the three month period ended June 30, 2009, deteriorated to
US$800,000 from US$2.6 million for the corresponding period for
2008. This deterioration was attributable to both a decrease in
the realized price for oil sold and lower volumes of oil sold at
the Ninotsminda Field in Georgia.

The Company said the increase in Net Loss for the three month
period ended June 30, 2009, was attributable to both increases in
Operating Loss from Continuing Operations and Total Other Expense
compared to the corresponding period for 2008.

Operating Loss from Continuing Operations for the three month
period ended June 30, 2009 increased to US$700,000 compared to a
small Operating Loss of US$3,100 in the corresponding period for
2008.  This was due to lower Operating revenues from Continuing
Operations, despite being offset partially by reduced Field
Operating Expenses, Direct Project Costs, Selling, General and
Administrative Expenses and Depreciation, Depletion and

As of June 30, 2009, the Company had US$2,649,189 in total assets;
US$19,833,265 in total liabilities and US$2,119,530 in temporary
equity.  As of June 30, 2009, the Company had an accumulated
deficit of US$289,204,482 and stockholders' deficit of

CanArgo is currently in default in making interest payments under
its outstanding Senior Subordinated Convertible Guaranteed Notes,
due September 1, 2009 and its 12% Subordinated Convertible
Guaranteed Notes, due June 28, 2010.  The Company is also
currently in default under the terms of its Settlement Agreement
with WEUS Holding Inc., a subsidiary of Weatherford International

The Company is continuing its negotiations with its Note holders
and WEUS among other creditors in respect of its defaulted
obligations with a view to arriving at a restructuring plan which,
under current expectations, will involve a possible debtor in
possession restructuring in Chapter 11 of the United States
Bankruptcy Code.  There can be no assurance, however, that such
negotiations and discussions will be successfully concluded.

Based in Guernsey, British Isles, CanArgo Energy Corporation
independent oil and gas exploration and production company with
its oil and gas operations currently located in Georgia.

COUNTRYROUTE PLC: S&P Downgrades Long-Term Debt Rating to 'BB+'
Standard & Poor's Ratings Services said that it lowered its long-
term debt rating to 'BB+' from 'BBB-' on the GBP88 million senior
secured bank loan due 2026 issued by U.K.-based concessionaire
CountyRoute (A130) PLC (ProjectCo).  At the same time, the long-
term debt rating on the GBP5.5 million subordinated secured
mezzanine bank loan also due 2026 was lowered to 'B-' from 'BB-'.
The outlook on both ratings is negative.

"The downgrades follow Standard & Poor's expectation that the
project is unlikely to generate its forecast revenue in financial
2010 through 2013 due to weaker-than-anticipated traffic numbers
and lower interest income on cash balances," said Standard &
Poor's credit analyst Beata Sperling-Tyler.

"This underperformance will coincide with the period when the
project will be reserving cash for the first phase of works to the
road pavement, which are required to increase the road's residual
life," said Ms. Sperling-Tyler.

In combination, these two factors are likely to lead to a
deterioration of both the senior and total annual debt service
coverage ratios, in particular between financial 2011 and 2013
(years ending March 31).  S&P anticipates that the backward-
looking senior ADSCR may decline to about 1.08x in March 2012--
below the equity distribution lockup level of 1.15x.  This would
also result in a mezzanine debt service lockup, which is triggered
at the senior ADSCR level of 1.125x.

In addition, S&P consider it likely that the full cash payment of
mezzanine interest and/or principal debt service may be missed on
other payment dates between March 2011 and March 2013, thus
leading to a mezzanine payment default.  Under the facility
agreement in such circumstances, the mezzanine principal
repayments would be delayed and interest on the outstanding amount
accrued, resulting in higher total debt service in later periods.
Under the facility agreement, an event of default would be
triggered if the senior ADSCR decreased to 1.05x.

In S&P's view, the project is unlikely to experience its
anticipated traffic growth of 1.57% in financial 2010, followed by
1.55% in financial 2011, and 1.47% in financial 2012.  Although
traffic levels have been above expectations since the refinancing
financial close in 2004 until 2008 and S&P consider the medium-
term forecast growth rate of about 1.5% per year as reasonable,
the actual traffic numbers in financial 2009 were 1.7% below those
in financial 2008.  In April, May, and June 2009, the year-on-year
traffic decline was respectively 2.06%, 2.25%, and 1.96%.
Although the traffic deterioration may have stabilized, in S&P's
view a mildly negative or flat traffic growth remains likely in
financial 2010 and 2011.

In addition, the project depends somewhat on generation of
interest income on its cash balances, which is incorporated into
the calculation of the cash available for debt service in the
nominator of the ADSCR formula.  In S&P's view, it is unlikely the
project will be able to obtain the interest rates on cash balances
that it currently assumes, in particular the rates on deposits
of 2.23% in the quarter to September 2009, increasing to 4% in the
quarter to June 2010; and the rates on the cash balances of 1.23%
and 1.38% respectively in these periods.  The actual rates
currently available to the project are 1.0% for the deposits and
slightly above 0% for cash balances.  When excluding interest
earned on cash balances, as per Standard & Poor's definition of
ADSCR set out in its project finance criteria, the backward-
looking senior ADSCR may fall further, to 1.05x, in March 2012.

CountyRoute is a special-purpose, bankruptcy-remote entity wholly
owned by John Laing Infrastructure Ltd. Under a 30-year concession
granted by Essex County Council in 1999, CountyRoute operates the
A130, a 15-kilometer road from Chelmsford to Basildon in south-
eastern England.  The road's construction was completed in 2003.
The present financing was executed in 2004 to refinance the
original debt package after the actual traffic use was 25% lower
than the original forecast.

The ratings reflect the exposure of half of the project's revenue
to traffic risk through a shadow toll payment mechanism; the
uncertainty related to the risk that the actual major maintenance
costs over the 30-year concession may exceed those forecast
currently; and the aggressive financial structure, demonstrated by
the relatively low senior ADSCRs.  Certain protections available
to senior debt, such as a mezzanine lockup, increase the risk of
timely debt service of the mezzanine debt.

However, the ratings are supported by the successful operation of
the road to date, with no penalty points or unavailability
deductions; the positive relationship with the council as
offtaker; and the experience of its sponsor, John Laing
Infrastructure Ltd. Furthermore, both tranches of debt benefit
from typical protections such as debt service reserve accounts and
distribution restrictions.

The negative outlook reflects Standard & Poor's expectation that
the project's traffic revenue and financial income are likely to
result in a further weakening of the financial profile through
financial 2013.

Further downward pressure on the ratings may arise if the revenues
were lower than currently expected.  The rating on mezzanine debt
would be lowered to 'CCC' if there were a likelihood of the
project missing full debt service on any payment date within a 12-
month period.

The outlook could be revised to stable or the ratings raised if
the project demonstrates a sustained revenue performance in line
with forecasts and maintains the minimum senior ADSCR above 1.18x.

EMI GROUP: EMI Music May Need Cash Injections to Avoid Default
Aaron O. Patrick at The Wall Street Journal, citing people
familiar with the situation, reports that EMI Group Ltd. is
working to prevent its recorded-music unit from going into default
or requiring further cash injections.

The Journal relates people familiar with the matter said these
days, EMI's recorded-music division, EMI Music, isn't generating
enough profit to comply with a GBP950 million loan from Citigroup.
According to the Journal, people familiar with the situation said
EMI Music will need cash injections over the next eight months to
avoid defaulting on the loan -- and it is unclear how much more
cash Mr. Hands is willing to invest.  The Journal says if Mr.
Hands, who has injected about GBP80 million into EMI Music through
its parent company, Maltby Capital Ltd., doesn't come up with the
money, Citigroup could seek to take control of the business and
sell it.

The Citigroup loan requires increases in EMI Music's earnings
before interest, tax, depreciation, and amortization relative to
the size of its debt, the Journal discloses.  The Journal recalls
since September, EMI Music has been subjected to three "covenant
tests" to see if it meets the ratio -- and failed each one.

Citing a person familiar with the situation, the Journal notes EMI
Group's other pillar, EMI Music Publishing, which sells rights to
perform songs or use lyrics, remains healthy and won't have to
make extra interest payments if EMI Music defaults.

                       Debt Refinancing

On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that investors in Terra Firma backed
plans for the private equity firm to inject GBP300 million of
equity into EMI Group as part of a potential refinancing of the
music group's GBP2.6 billion debts.

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

LDV GROUP: In Exclusive Sale Talks with Potential Buyer
BBC News reports that administrators for LDV Group Ltd. and
Birmingham Pressing Ltd., both part of LDV Holdings Ltd., are in
exclusive talks with a potential buyer.

The report relates PricewaterhouseCoopers said the party has
indicated it was studying options for "recommencing some
production, at the Washwood Heath site".

Administrators declined to give any other details of the talks.

"It would not be appropriate to comment further on the identity of
the proposed purchaser at this time, given the confidentiality
agreements in place," the report quoted the administrators as

The report recalls the administrators said in June at least six
organizations were considering whether to invest in the company.

As reported in the Troubled Company Reporter-Europe, Rob Hunt,
Mark Hopkins and Matthew Hammond of PricewaterhouseCoopers LLP
were appointed joint administrators of LDV Group and Birmingham
Pressings on June 8, 2009.  Mr. Hunt said the companies' financial
difficulties culminated in the cessation of production at the
Drews Lane plant in December 2008 and an application to court to
place the companies into administration in May 2009.  The
application was withdrawn as the directors pursued a potential
sale of the business to the Malaysian firm, Weststar.  Weststar
withdrew from the proposed purchase which left the directors with
little option other than to reapply for administration.

LDV is a manufacturer of light commercial vehicles, while BPL
manufactures pressings solely utilized by LDV.  LDV and BPL employ
circa 850 people at their offices and plant at Drews Lane,
Birmingham.  Mr. Hunt said it had been necessary to make majority
of the workforce redundant.

SCOTTISH GAME: In Administration; Tenon Recovery Appointed
One of Scotlands leading activity centers, the Scottish Tourist
Board four-star Scottish Game Book Limited, trading as Kingscliff
Sporting Lodge near Ellon in Aberdeenshire, has been placed in

Based in a scenic 50 acre estate, the award-winning center runs an
extensive range of indoor and outdoor activities, including clay
pigeon shooting, quad biking, mountain biking, fishing, archery,
off-road driving and golf.

Clients include businesses seeking specialist corporate and team-
building packages, and groups booking parties, celebrations and
bespoke packages.  Kingscliff also has a bar and restaurant on
site, a golf academy, its own fishing ponds and conference
facilities.  The company recently filed an application to build a
number of timber lodges for guest accommodation.

Joint administrator Iain Fraser, a Director with Tenon Recovery in
Aberdeen said: "Kingscliff is well-known for providing high
quality activities and team-building events for the business and
consumer markets.  The company has grown steadily in recent years,
building a good client base in the North East of Scotland and
increasingly attracting business from further afield.  The
business has good growth potential and is well-placed to
capitalize on the economic recovery as and when it comes."

"We believe Kingscliff will prove attractive to other activity
operators or to entrepreneurs keen to enter the market by
acquiring an established brand with the necessary infrastructure
already in place."

Tenon is urging interested parties to make contact as soon as
possible by calling Tenon's Aberdeen office on 01224 562280.

VESTAS WIND: Closes Isle of Wight Factory; 425 Jobs Affected
BBC News reports that Vestas Wind Systems A/S has confirmed its
wind turbine blade factory on the Isle of Wight has closed.  The
report says 425 jobs were affected.

According to the report, the Danish firm blamed the lack of demand
for wind turbines in the UK.

The report relates Vestas said as of Wednesday production had
ceased at its sites and staff had been made redundant.

Vestas Wind Systems A/S -- is a Denmark-
based company active within the wind power industry.  The Company
is engaged primarily in the development, manufacturing, marketing
and maintenance of wind power systems that utilize wind energy to
generate electricity.  Vestas Wind Systems offerings comprises:
wind power projects planning, land and offshore wind turbine
installation, service and maintenance, as well as the supervisory
control and data acquisition (SCADA) system, which includes a
range of monitoring and control functions for the wind power
plants.  The Company is operational through a number of
subsidiaries in Denmark, Italy, Germany, Spain, Norway, Sweden,
England, Australia, China, the United States, Canada, the
Netherlands, Austria, the Czech Republic, Hungary, Bulgaria,
Romania, Croatia, Poland, Singapore, South Korea, New Zealand,
Taiwan, India, Japan, Greece, France, Portugal, Mexico, Brazil and
Argentina.  Vestas Wind Systems A/S is headquartered in Randers,


HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'
Fitch Ratings has affirmed the ratings of Uzbekistan-based OJSCB
"Hamkorbank", including its Long-term Issuer Default Rating of
'B-' with a Stable Outlook.

HB's ratings reflect its relatively small franchise, high credit
risks from the recent rapid growth of its loan portfolio (56% in
2008 and 7% in H109) as well as some weaknesses in the operating
environment.  They also take into consideration its solid
profitability, low loan losses to date, reasonable capital
adequacy (regulatory total capital adequacy ratio stood at 17.6%
at end-H109) and cooperation with international financial
institutions.  HB's liquidity gaps have widened, although the
immediate liquidity position at end-H109 was reasonable, with
highly liquid assets covering customer accounts by 32%.

Upside potential for HB's ratings is currently limited.  However,
further expansion and diversification of the bank's franchise and
improvements in the operating environment would be positive for
its credit profile.  Significant credit losses or a marked
liquidity tightening could put downward pressure on the ratings.

HB is located in Andijan, Uzbekistan's fourth-largest city and was
ranked 13th by assets among Uzbek banks at end-Q109, with a market
share of approximately 1.6%.  The bank has a significant presence
in its home region and a network of branches and outlets covering
10 out of Uzbekistan's 14 administrative districts.  The bank's
business is focused on lending to small and medium-sized
enterprises and individual entrepreneurs.  HB actively cooperates
with IFIs, such as the European Bank for Reconstruction and
Development, International Finance Corporation and International
Bank for Reconstruction and Development, which provide finance as
well as technical assistance to the bank.

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 are:

  -- Long-term IDR: affirmed at 'B-'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA            SABA BB         -85494497.66  2215341059.54

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

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

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

AGOR AG              DOO EU            -482446.63   144432986.17
AGOR AG              NDAGF US          -482446.63   144432986.17
AGOR AG              DOO EO            -482446.63   144432986.17
AGOR AG              DOO GR            -482446.63   144432986.17
AGOR AG              DOOD PZ           -482446.63   144432986.17
AGOR AG              DOOG IX           -482446.63   144432986.17
AGOR AG-RTS          2301918Z GR       -482446.63   144432986.17
ALNO AG              ANO GR          -28265004.17   366872263.74
ALNO AG              ANO PZ          -28265004.17   366872263.74
ALNO AG              ANO EO          -28265004.17   366872263.74
ALNO AG              ALNO IX         -28265004.17   366872263.74
ALNO AG              ANO EU          -28265004.17   366872263.74
ALNO AG-NEW          ANO1 GR         -28265004.17   366872263.74
ALNO AG-RTS          2259765Z GR     -28265004.17   366872263.74
BROKAT AG            BRKAF US        -27139391.98   143536859.72
BROKAT AG            BROFQ US        -27139391.98   143536859.72
BROKAT AG            BKISF US        -27139391.98   143536859.72
BROKAT AG            BROAF 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       COB2 EO         -42994732.85   904723627.84
CBB HOLDING AG       COB GR          -42994732.85   904723627.84
CBB HOLDING AG       COB2 EU         -42994732.85   904723627.84
CBB HOLDING AG       COBG PZ         -42994732.85   904723627.84
CBB HOLDING AG       COBG IX         -42994732.85   904723627.84
CBB HOLDING AG       CUBDF US        -42994732.85   904723627.84
CBB HOLDING-NEW      COB3 GR         -42994732.85   904723627.84
CBB HOLDING-NEW      COB1 GR         -42994732.85   904723627.84
CINEMAXX AG          CNEMF US        -42015165.72   146572416.37
CINEMAXX AG          MXC EU          -42015165.72   146572416.37
CINEMAXX AG          MXCUSD EO       -42015165.72   146572416.37
CINEMAXX AG          MXC PZ          -42015165.72   146572416.37
CINEMAXX AG          MXCUSD EU       -42015165.72   146572416.37
CINEMAXX AG          MXC GR          -42015165.72   146572416.37
CINEMAXX AG          MXCG IX         -42015165.72   146572416.37
CINEMAXX AG          MXC EO          -42015165.72   146572416.37
CINEMAXX AG-RTS      MXC8 GR         -42015165.72   146572416.37
DEVELICA DEUTSCH     DDE IX          -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE PZ          -41866600.36  1178479579.31
DEVELICA DEUTSCH     D4B GR          -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE PG          -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 NM         -22067409.41   849175624.65
EM.TV & MERC-NEW     ETV1 GR         -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 NM         -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 GR         -22067409.41   849175624.65
EM.TV & MERCHAND     ETVMF US        -22067409.41   849175624.65
EM.TV & MERCHAND     ETV LN          -22067409.41   849175624.65
EM.TV & MERCHAND     985403Q GR      -22067409.41   849175624.65
EM.TV & MERCHAND     ETV VX          -22067409.41   849175624.65
EM.TV & MERCHAND     EMTVF US        -22067409.41   849175624.65
EM.TV & MERCHAND     ETV NM          -22067409.41   849175624.65
KAUFRING AG          KFR EU          -19296489.56   150995473.81
KAUFRING AG          KFR PZ          -19296489.56   150995473.81
KAUFRING AG          KFR GR          -19296489.56   150995473.81
KAUFRING AG          KFR EO          -19296489.56   150995473.81
KAUFRING AG          KAUG IX         -19296489.56   150995473.81
MANIA TECHNOLOGI     MNI1 EU          -35060806.5   107465713.61
MANIA TECHNOLOGI     MNIG IX          -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI NM           -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI GR           -35060806.5   107465713.61
MANIA TECHNOLOGI     2260970Z GR      -35060806.5   107465713.61
MANIA TECHNOLOGI     MIAVF US         -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI PZ           -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI1 EO          -35060806.5   107465713.61
MATERNUS KLINI-N     MAK1 GR         -18996733.83   183928734.46
MATERNUS-KLINIKE     MAKG IX         -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EO          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK GR          -18996733.83   183928734.46
MATERNUS-KLINIKE     MNUKF US        -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK PZ          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EU          -18996733.83   183928734.46
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     O2T GR          -10555410.41   267391338.05
O TWELVE ESTATES     OTEEUR EO       -10555410.41   267391338.05
O TWELVE ESTATES     OTE EU          -10555410.41   267391338.05
O TWELVE ESTATES     OTE LN          -10555410.41   267391338.05
O TWELVE ESTATES     OTE PZ          -10555410.41   267391338.05
O TWELVE ESTATES     OTE PG          -10555410.41   267391338.05
O TWELVE ESTATES     OTE IX          -10555410.41   267391338.05
O TWELVE ESTATES     OTE 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 EU          -14233212.49   729563484.73
PRIMACOM AG          PRC EO          -14233212.49   729563484.73
PRIMACOM AG          PCAGF US        -14233212.49   729563484.73
PRIMACOM AG          PRC NM          -14233212.49   729563484.73
PRIMACOM AG          PRCG PZ         -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAGY US        -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAG US         -14233212.49   729563484.73
PRIMACOM AG-ADR+     PCAG ES         -14233212.49   729563484.73
RINOL AG             RILB EO                -2.71   168095049.11
RINOL AG             RILB IX                -2.71   168095049.11
RINOL AG             RILB GR                -2.71   168095049.11
RINOL AG             RILB PZ                -2.71   168095049.11
RINOL AG             RNLAF US               -2.71   168095049.11
RINOL AG             RILB EU                -2.71   168095049.11
RINOL AG             RIL GR                 -2.71   168095049.11
ROSENTHAL AG         2644179Q GR      -1744121.91   217776125.75
ROSENTHAL AG-ACC     ROS4 GR          -1744121.91   217776125.75
ROSENTHAL AG-ADR     RSTHY US         -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS GR           -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG IX          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EO          -1744121.91   217776125.75
ROSENTHAL AG-REG     RSTHF US         -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG PZ          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EU          -1744121.91   217776125.75
SANDER (JIL) AG      SAD GR           -6153256.92   127548039.68
SANDER (JIL) AG      JLSDF US         -6153256.92   127548039.68
SANDER (JIL)-PRF     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     TTZAF US       -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EO         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN GR         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN PZ         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWNG IX        -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EU         -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       VVA1 EO         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 EU         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 PZ         -16648688.57   131276010.89
VIVANCO GRUPPE       VIVGF US        -16648688.57   131276010.89
VIVANCO GRUPPE       VVAG IX         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA GR          -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 GR         -16648688.57   131276010.89

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

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

CARRERE GROUP        CAR2 EO         -23319835.34   364475420.31
CARRERE GROUP        CAR2 EU         -23319835.34   364475420.31
CARRERE GROUP        CARF PZ         -23319835.34   364475420.31
CARRERE GROUP        CAR FP          -23319835.34   364475420.31
CARRERE GROUP        XRR GR          -23319835.34   364475420.31
CARRERE GROUP        CRGP IX         -23319835.34   364475420.31
CARRERE GROUP        CARG FP         -23319835.34   364475420.31
CARRERE GROUP        CRRHF US        -23319835.34   364475420.31
CHAINE ET TRAME      CTRM FP          -46169771.5   134467847.56
CHAINE ET TRAME      CHTR FP          -46169771.5   134467847.56
GRANDE PAROISSE      GDPA FP         -927267926.9      629287290
GRANDE PAROISSE      GDPXF US        -927267926.9      629287290
GRANDE PAROISSE      GAPA FP         -927267926.9      629287290
IMMOB HOTEL BALN     IMHB FP         -66874823.95   301323804.92
IMMOB HOTELIERE      IMH GR          -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EO         -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EU         -66874823.95   301323804.92
IMMOB HOTELIERE      SIH FP          -66874823.95   301323804.92
IMMOB HOTELIERE      IMBHF US        -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
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 PZ          -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 EO          -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE FP          -46169771.5   134467847.56
NORTENE              NORT FP         -35623999.56   117566786.87
NORTENE              NRTN FP         -35623999.56   117566786.87
NORTENE              NRTP IX         -35623999.56   117566786.87
OROSDI               OROS FP             -7291.55   131233317.62
OROSDI-BACK          BACK IX             -7291.55   131233317.62
OROSDI-BACK          OROS EO             -7291.55   131233317.62
OROSDI-BACK          OROS PZ             -7291.55   131233317.62
OROSDI-BACK          ORBA FP             -7291.55   131233317.62
OROSDI-BACK          OROS EU             -7291.55   131233317.62
OUTSIDE LIVING I     OLIN FP         -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 PZ         -35623999.56   117566786.87
OUTSIDE LIVING I     NORT EU         -35623999.56   117566786.87
PAGESJAUNES          PGJUF US      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EO        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ BQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EB        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ TQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      QS3 GR        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EU     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EU     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJP IX       -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ FP        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ VX        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ PZ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBP EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ NQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EU        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ IX        -3303869370.49   970555919.29
RHODIA SA            RHAUSD EU      -859847725.87  5799757209.78
RHODIA SA            RHDI GR        -859847725.87  5799757209.78
RHODIA SA            2324015Q EO    -859847725.87  5799757209.78
RHODIA SA            RHADF US       -859847725.87  5799757209.78
RHODIA SA            RHD GR         -859847725.87  5799757209.78
RHODIA SA            RHA PZ         -859847725.87  5799757209.78
RHODIA SA            RHDAF US       -859847725.87  5799757209.78
RHODIA SA            RHAY IX        -859847725.87  5799757209.78
RHODIA SA            RHAUSD EO      -859847725.87  5799757209.78
RHODIA SA            2324011Q EU    -859847725.87  5799757209.78
RHODIA SA            RHAGBX EU      -859847725.87  5799757209.78
RHODIA SA            RHA EU         -859847725.87  5799757209.78
RHODIA SA            RHAGBP EO      -859847725.87  5799757209.78
RHODIA SA            RHA BQ         -859847725.87  5799757209.78
RHODIA SA            RHA EO         -859847725.87  5799757209.78
RHODIA SA            RHAGBX EO      -859847725.87  5799757209.78
RHODIA SA            RHA EB         -859847725.87  5799757209.78
RHODIA SA            RHA FP         -859847725.87  5799757209.78
RHODIA SA            3218857Q IX    -859847725.87  5799757209.78
RHODIA SA            RHA VX         -859847725.87  5799757209.78
RHODIA SA            RHA TQ         -859847725.87  5799757209.78
RHODIA SA            RHANR PZ       -859847725.87  5799757209.78
RHODIA SA            RHA NQ         -859847725.87  5799757209.78
RHODIA SA            RHANR FP       -859847725.87  5799757209.78
RHODIA SA            RHA IX         -859847725.87  5799757209.78
RHODIA SA - NEW      3156011Q FP    -859847725.87  5799757209.78
RHODIA SA - NEW      2335921Q FP    -859847725.87  5799757209.78
RHODIA SA - NEW      RHANV FP       -859847725.87  5799757209.78
RHODIA SA-ADR        RHAYY US       -859847725.87  5799757209.78
RHODIA SA-RIGHTS     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 EU         -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
THOMSON - NEW        2336061Q FP    -587281616.69  6690514314.58
THOMSON - NEW        TMSNV FP       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS FP         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNM GR         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMLF US       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS US         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EO         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM ES         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS BQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS TQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EB         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS PZ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMN FP        -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBP EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM IX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EU         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS NQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNMA GR        -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM LN         -587281616.69  6690514314.58
THOMSON MULT-ADR     TMS-P US       -587281616.69  6690514314.58
THOMSON MULTI-NE     ZTM FP         -587281616.69  6690514314.58
THOMSON MULTIMED     TMM FP         -587281616.69  6690514314.58
TROUVAY CAUVIN       TVYCF US             -396978   133986439.74
TROUVAY CAUVIN       ETEC FP              -396978   133986439.74

ABBOTT MEAD VICK     648824Q LN        -1685852.9   168258996.33
ADVANCE DISPLAY      ADTP PZ       -3015578834.69  2590007903.69
AEA TECHNOLO-FPR     AATF PZ        -149279984.66   121254240.42
AEA TECHNOLO-FPR     AATF LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN PZ        -149279984.66   121254240.42
AEA TECHNOLOGY       AAT VX         -149279984.66   121254240.42
AEA TECHNOLOGY       AATGBP EO      -149279984.66   121254240.42
AEA TECHNOLOGY       AEY GR         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT IX         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EO         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PO         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EU         -149279984.66   121254240.42
AEA TECHNOLOGY       EAETF US       -149279984.66   121254240.42
AEA TECHNOLOGY       AAT LN         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PZ         -149279984.66   121254240.42
AIRTOURS PLC         AIR VX         -379721841.57  1817512773.61
AIRTOURS PLC         ATORF US       -379721841.57  1817512773.61
AIRTOURS PLC         AIR LN         -379721841.57  1817512773.61
ALLDAYS PLC          ALDYF US       -120493900.04   252232072.87
ALLDAYS PLC          317056Q LN     -120493900.04   252232072.87
AMER BUS SYS         ARB LN            -497127008      121439000
AMEY PLC             AMY VX          -48862569.33   931527720.46
AMEY PLC             AMY LN          -48862569.33   931527720.46
AMEY PLC             AMEYF US        -48862569.33   931527720.46
AMEY PLC-ASSENT      AMYA LN         -48862569.33   931527720.46
AMEY PLC-NEW         AMYN LN         -48862569.33   931527720.46
ANKER PLC            DW14 GR         -21861359.81      115463159
ANKER PLC            ANK LN          -21861359.81      115463159
ANKER PLC            ANK PO          -21861359.81      115463159
ANKER PLC - ASSD     ANKB LN         -21861359.81      115463159
ANKER PLC - ASSD     ANKC LN         -21861359.81      115463159
ANKER PLC-ASSD       ANKA LN         -21861359.81      115463159
ATKINS (WS) PLC      ATKEUR EU       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK LN          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKEUR EO       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKGBP EO       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK VX          -62199993.61  1184945671.16
ATKINS (WS) PLC      WATKF US        -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PZ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK TQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK BQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EB          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EU          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PO          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NR          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK IX          -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      BNBRF US        -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
BOOKER PLC           1330Q GR         -59832880.4  1298182548.71
BOOKER PLC           BKERF US         -59832880.4  1298182548.71
BOOKER PLC           987188Q LN       -59832880.4  1298182548.71
BOOKER PLC-ADR       BKRUY US         -59832880.4  1298182548.71
BOOKER PLC-ADR       BOK$ LN          -59832880.4  1298182548.71
BRADSTOCK GROUP      BSKGF US         -1855444.44   268563822.49
BRADSTOCK GROUP      BDK LN           -1855444.44   268563822.49
BRIT ENERGY LTD      523362Q LN    -5822867500.78  4921095749.61
BRIT ENERGY PLC      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 PLC      BGYEF US      -5822867500.78  4921095749.61
BRIT ENERGY-A        BENA GR       -5822867500.78  4921095749.61
BRIT ENERGY-ADR      BHEFF US      -5822867500.78  4921095749.61
BRIT NUCLEAR         1046Z LN       -4247644149.6 40325778907.11
BRIT SKY BRO-ADR     BSY US         -105366394.04  7522172619.36
BRIT SKY BRO-ADR     BSY$ LN        -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     BTPLF US       -5223868149.3 46894630327.28
BRIT TELECOM PLC     BT/A VX        -5223868149.3 46894630327.28
BRIT TELECOM PLC     BTPWF US       -5223868149.3 46894630327.28
BRIT TELECOM-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     BGYB AR       -5822867500.78  4921095749.61
BRITISH ENER-BLK     BGYNYB AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E     BGYNYC AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E     BGYC AR       -5822867500.78  4921095749.61
BRITISH ENER-CED     BGY AR        -5822867500.78  4921095749.61
BRITISH ENER-CED     BGYNY AR      -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYGF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA PO       -5822867500.78  4921095749.61
BRITISH ENERGY-A     BHEAF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A     3012442Q LN   -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA VX       -5822867500.78  4921095749.61
BRITISH SKY BROA     BSYEUR EU      -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EU         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EO         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY NQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EB         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY PZ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY PO         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYGBP EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSB GR         -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     BSY NR         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY BQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYEUR EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY TQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYBF US       -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EU      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY LN         -105366394.04  7522172619.36
BRITISH TELE-FP      BT/F LN        -5223868149.3 46894630327.28
BRITISH TELE-NP      BTPXF US       -5223868149.3 46894630327.28
BRITISH TELE-NP      BT/N LN        -5223868149.3 46894630327.28
BRITVIC              B6S GR            -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EU        -731325.03  1222775450.71
BRITVIC PLC          BVICGBP EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC NR           -731325.03  1222775450.71
BRITVIC PLC          BVIC TQ           -731325.03  1222775450.71
BRITVIC PLC          BVIC BQ           -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EU        -731325.03  1222775450.71
BRITVIC PLC          BVIC EU           -731325.03  1222775450.71
BRITVIC PLC          BTVCF US          -731325.03  1222775450.71
BRITVIC PLC          BVIC EO           -731325.03  1222775450.71
BRITVIC PLC          BVIC PZ           -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC NQ           -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC EB           -731325.03  1222775450.71
BRITVIC PLC          BVIC VX           -731325.03  1222775450.71
BRITVIC PLC          BVIC IX           -731325.03  1222775450.71
BRITVIC PLC          BVIC LN           -731325.03  1222775450.71
BT GROUP PLC         BT/A EB        -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EO     -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/ VX         -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EO     -5223868149.3 46894630327.28
BT GROUP PLC         BTEG IX        -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EO     -5223868149.3 46894630327.28
BT GROUP PLC         BTGOF US       -5223868149.3 46894630327.28
BT GROUP PLC         BT/A BQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EU        -5223868149.3 46894630327.28
BT GROUP PLC         BT PZ          -5223868149.3 46894630327.28
BT GROUP PLC         BT/A NQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A PO        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EO        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A TQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT IX          -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         BT/A LN        -5223868149.3 46894630327.28
BT GROUP PLC         BTQ GR         -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     BTD AR         -5223868149.3 46894630327.28
BT GROUP-CED $US     BTYD 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      BTY AR         -5223868149.3 46894630327.28
BT GROUP-CEDEAR      BT AR          -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTY US         -5223868149.3 46894630327.28
BT GROUP-SPON AD     BT MM          -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTYN MM        -5223868149.3 46894630327.28
BT GROUP-SPON AD     BT US          -5223868149.3 46894630327.28
CARLISLE GROUP       506819Q LN      -11904426.45   203548565.03
CHRYSALIS GROUP      HR4 GR           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS LN           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EO           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EU        -5851089.05   101497520.61
CHRYSALIS GROUP      CYGUF US         -5851089.05   101497520.61
CHRYSALIS GROUP      CLYSF US         -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EU        -5851089.05   101497520.61
CHRYSALIS GROUP      5CY GR           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PO           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHS VX           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PZ           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS IX           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSGBP EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EU           -5851089.05   101497520.61
CLIPPER WINDPOWE     CWP EO             -99360000      989187968
CLIPPER WINDPOWE     CWP LN             -99360000      989187968
CLIPPER WINDPOWE     CWP PG             -99360000      989187968
CLIPPER WINDPOWE     CRPWF US           -99360000      989187968
CLIPPER WINDPOWE     CWP IX             -99360000      989187968
CLIPPER WINDPOWE     CWP PZ             -99360000      989187968
CLIPPER WINDPOWE     CWPA LN            -99360000      989187968
CLIPPER WINDPOWE     C2W GR             -99360000      989187968
CLIPPER WINDPOWE     CWP EU             -99360000      989187968
COMPASS GROU-OLD     1259Q LN       -668101173.88  2972459078.38
COMPASS GROUP        QOP GR         -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSGY US       -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSJY US       -668101173.88  2972459078.38
DANKA BUS SYSTEM     3205283Q EO       -497127008      121439000
DANKA BUS SYSTEM     DNK LN            -497127008      121439000
DANKA BUS SYSTEM     DNK IX            -497127008      121439000
DANKA BUS SYSTEM     DNK VX            -497127008      121439000
DANKA BUS SYSTEM     DNK PO            -497127008      121439000
DANKA BUS SYSTEM     3205287Q EU       -497127008      121439000
DANKA BUS SYSTEM     DANKF US          -497127008      121439000
DANKA BUS SYSTEM     3205291Q EO       -497127008      121439000
DANKA BUS SYSTEM     DNK PZ            -497127008      121439000
DANKA BUS-$US CE     DANKD AR          -497127008      121439000
DANKA BUS-ADR        AP39 LI           -497127008      121439000
DANKA BUS-ADR        DANKE US          -497127008      121439000
DANKA BUS-ADR        DANKY US          -497127008      121439000
DANKA BUS-ADR        DB6 GR            -497127008      121439000
DANKA BUS-BLK CE     DANKB AR          -497127008      121439000
DANKA BUS-C/E CE     DANKC AR          -497127008      121439000
DANKA BUS-CEDEAR     DANK AR           -497127008      121439000
DAWSON HOLDINGS      DWN1EUR EO      -54451186.72   128196101.01
DAWSON HOLDINGS      DWN LN          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN PZ          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1 EO         -54451186.72   128196101.01
DAWSON HOLDINGS      DWN VX          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1EUR EU      -54451186.72   128196101.01
DAWSON HOLDINGS      DWHGF US        -54451186.72   128196101.01
DAWSON HOLDINGS      DWN PO          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1GBP EO      -54451186.72   128196101.01
DAWSON HOLDINGS      DWN IX          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1 EU         -54451186.72   128196101.01
EASYNET GROUP        EAY GR          -45232889.17   322770283.93
EASYNET GROUP        ESY PO          -45232889.17   322770283.93
EASYNET GROUP        ESY VX          -45232889.17   322770283.93
EASYNET GROUP        ESY LN          -45232889.17   322770283.93
EASYNET GROUP        EZNGF US        -45232889.17   322770283.93
EASYNET GROUP-CV     91009Z LN       -45232889.17   322770283.93
EMI GROUP -ASSD      EMIA LN       -2265916256.89  2950021937.14
EMI GROUP LTD        EMI LN        -2265916256.89  2950021937.14
EMI GROUP PLC        EMI PO        -2265916256.89  2950021937.14
EMI GROUP PLC        3020138Q GR   -2265916256.89  2950021937.14
EMI GROUP PLC        EMIPF US      -2265916256.89  2950021937.14
EMI GROUP PLC        EMI VX        -2265916256.89  2950021937.14
EMI GROUP PLC        EMI IX        -2265916256.89  2950021937.14
EMI GROUP PLC-B      1019425Q LN   -2265916256.89  2950021937.14
EMI GROUP-ADR        38IS LN       -2265916256.89  2950021937.14
EMI GROUP-ADR        EMI$ LN       -2265916256.89  2950021937.14
EMI GROUP-ADR        EMIPY US      -2265916256.89  2950021937.14
EUROPEAN HOME        EHR LN          -14328735.16   110864081.39
EUROPEAN HOME        EHR EO          -14328735.16   110864081.39
EUROPEAN HOME        EHR PO          -14328735.16   110864081.39
EUROPEAN HOME        KLZ VX          -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EU       -14328735.16   110864081.39
EUROPEAN HOME        KLZ PO          -14328735.16   110864081.39
EUROPEAN HOME        EHR EU          -14328735.16   110864081.39
EUROPEAN HOME        EHR VX          -14328735.16   110864081.39
EUROPEAN HOME        EHR PZ          -14328735.16   110864081.39
EUROPEAN HOME        EHRGBP EO       -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EO       -14328735.16   110864081.39
EUROPEAN HOME        FPAKF US        -14328735.16   110864081.39
EUROPEAN MINERAL     EUM LN            -103725000      149477216
EUROPEAN MINERAL     EPMLF US          -103725000      149477216
EUROPEAN MINERAL     EUM PO            -103725000      149477216
EUROPEAN MINERAL     EPM CN            -103725000      149477216
EUROPEAN MINERAL     EPM/U CN          -103725000      149477216
FAREPAK PLC          FPK LN          -14328735.16   110864081.39
GALIFORM PLC         GFRM EO        -116415877.06   612420067.12
GALIFORM PLC         GFRM NR        -116415877.06   612420067.12
GALIFORM PLC         GLFMF US       -116415877.06   612420067.12
GALIFORM PLC         GFRM TQ        -116415877.06   612420067.12
GALIFORM PLC         GFRM VX        -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EO     -116415877.06   612420067.12
GALIFORM PLC         MFI PO         -116415877.06   612420067.12
GALIFORM PLC         GFRM PZ        -116415877.06   612420067.12
GALIFORM PLC         MFIFF US       -116415877.06   612420067.12
GALIFORM PLC         GFRM LN        -116415877.06   612420067.12
GALIFORM PLC         GFRMGBP EO     -116415877.06   612420067.12
GALIFORM PLC         MFI VX         -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EU     -116415877.06   612420067.12
GALIFORM PLC         GFRMEUR EU     -116415877.06   612420067.12
GALIFORM PLC         GFRM PO        -116415877.06   612420067.12
GALIFORM PLC         GFRM EU        -116415877.06   612420067.12
GALIFORM PLC         MFI IX         -116415877.06   612420067.12
GALIFORM PLC         GFRM NQ        -116415877.06   612420067.12
GALIFORM PLC         GFRM BQ        -116415877.06   612420067.12
GALIFORM PLC         GFRMEUR EO     -116415877.06   612420067.12
GALIFORM PLC         GFRM EB        -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     HG PO          -547740614.03  1922113569.01
HILTON GROUP PLC     HLTGF US       -547740614.03  1922113569.01
HILTON GROUP PLC     HG/ LN         -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
INTERCONTIN-ADR      IHG US             -91000000     3076999936
INTERCONTIN-ADR      IHGA LN            -91000000     3076999936
INTERCONTIN-ADR      IHG-W US           -91000000     3076999936
INTERCONTINENTAL     988082Q GR         -91000000     3076999936
INTERCONTINENTAL     IHGUSD EO          -91000000     3076999936
INTERCONTINENTAL     IHG BQ             -91000000     3076999936
INTERCONTINENTAL     IHGGBP EO          -91000000     3076999936
INTERCONTINENTAL     IHG VX             -91000000     3076999936
INTERCONTINENTAL     INCNF US           -91000000     3076999936
INTERCONTINENTAL     ICHGF US           -91000000     3076999936
INTERCONTINENTAL     IHG LN             -91000000     3076999936
INTERCONTINENTAL     IC1B GR            -91000000     3076999936
INTERCONTINENTAL     IHG EU             -91000000     3076999936
INTERCONTINENTAL     IHGEUR EO          -91000000     3076999936
INTERCONTINENTAL     IHGCHF EO          -91000000     3076999936
INTERCONTINENTAL     IHGOF US           -91000000     3076999936
INTERCONTINENTAL     IHG PZ             -91000000     3076999936
INTERCONTINENTAL     IHG EB             -91000000     3076999936
INTERCONTINENTAL     IHGEUR EU          -91000000     3076999936
INTERCONTINENTAL     IHG IX             -91000000     3076999936
INTERCONTINENTAL     IC1A GR            -91000000     3076999936
INTERCONTINENTAL     IHG NR             -91000000     3076999936
INTERCONTINENTAL     IHG PO             -91000000     3076999936
INTERCONTINENTAL     IHG NQ             -91000000     3076999936
INTERCONTINENTAL     IHGUSD EU          -91000000     3076999936
INTERCONTINENTAL     IHGCHF EU          -91000000     3076999936
INTERCONTINENTAL     IHG EO             -91000000     3076999936
INTERCONTINENTAL     IC1 GR             -91000000     3076999936
INTERCONTINENTAL     IC1C GR            -91000000     3076999936
INTERCONTINENTAL     IHG TQ             -91000000     3076999936
JARVIS PLC           JRVS PZ         -48330109.98   155571478.27
JARVIS PLC           JRVS IX         -48330109.98   155571478.27
JARVIS PLC           JRVS PO         -48330109.98   155571478.27
JARVIS PLC           JRVS LN         -48330109.98   155571478.27
JARVIS PLC           JRVS VX         -48330109.98   155571478.27
JARVIS PLC           JRVS EU         -48330109.98   155571478.27
JARVIS PLC           JRVS EO         -48330109.98   155571478.27
JARVIS PLC           JVR GR          -48330109.98   155571478.27
JARVIS PLC           JRVSEUR EO      -48330109.98   155571478.27
JARVIS PLC           JRVSEUR EU      -48330109.98   155571478.27
JARVIS PLC           JRVSGBP EO      -48330109.98   155571478.27
JARVIS PLC           JVSPF US        -48330109.98   155571478.27
JESSOPS PLC          JSPGBP EO        -42702021.2   112964060.38
JESSOPS PLC          JSPEUR EO        -42702021.2   112964060.38
JESSOPS PLC          JSP VX           -42702021.2   112964060.38
JESSOPS PLC          JSPEUR EU        -42702021.2   112964060.38
JESSOPS PLC          JSP EO           -42702021.2   112964060.38
JESSOPS PLC          JSP LN           -42702021.2   112964060.38
JESSOPS PLC          JSP PO           -42702021.2   112964060.38
JESSOPS PLC          JSP EU           -42702021.2   112964060.38
JESSOPS PLC          JSP IX           -42702021.2   112964060.38
JESSOPS PLC          JS4 GR           -42702021.2   112964060.38
JESSOPS PLC          JSP PZ           -42702021.2   112964060.38
KAZAKHSTAN MNRLS     KMCO/U CN         -103725000      149477216
KAZAKHSTAN MNRLS     KMCOF US          -103725000      149477216
KAZAKHSTAN MNRLS     KMC/U CN          -103725000      149477216
KAZAKHSTAN MNRLS     KMCO CN           -103725000      149477216
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        HG/ VX         -547740614.03  1922113569.01
LADBROKES PLC        LAD BQ         -547740614.03  1922113569.01
LADBROKES PLC        LAD EU         -547740614.03  1922113569.01
LADBROKES PLC        LAD TQ         -547740614.03  1922113569.01
LADBROKES PLC        LAD VX         -547740614.03  1922113569.01
LADBROKES PLC        LDBKF US       -547740614.03  1922113569.01
LADBROKES PLC        LADEUR EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD EO         -547740614.03  1922113569.01
LADBROKES PLC        LADUSD EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD NQ         -547740614.03  1922113569.01
LADBROKES PLC        LADGBP EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD IX         -547740614.03  1922113569.01
LADBROKES PLC        LAD EB         -547740614.03  1922113569.01
LADBROKES PLC        LADEUR EU      -547740614.03  1922113569.01
LADBROKES PLC        LAD GR         -547740614.03  1922113569.01
LADBROKES PLC        LAD LN         -547740614.03  1922113569.01
LADBROKES PLC        LAD PZ         -547740614.03  1922113569.01
LADBROKES PLC        LAD PO         -547740614.03  1922113569.01
LADBROKES PLC        LAD NR         -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EU      -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EO      -547740614.03  1922113569.01
LADBROKES PLC-AD     LDBKY US       -547740614.03  1922113569.01
LADBROKES PLC-AD     LDBKY LN       -547740614.03  1922113569.01
LADBROKES PLC-CE     LAD BB         -547740614.03  1922113569.01
LAMBERT FENCHURC     LMF LN           -1453050.04  1826806853.46
LEEDS SPORTING       LEDPF US         -73166148.8   143762193.66
LEEDS SPORTING       LES LN           -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      LTW PG           -15549465.1   160165508.92
LONDON TOWN PLC      LTW IX           -15549465.1   160165508.92
LONDON TOWN PLC      LTW PZ           -15549465.1   160165508.92
LONDON TOWN PLC      LTW EU           -15549465.1   160165508.92
LONDON TOWN PLC      LTWX LN          -15549465.1   160165508.92
LONDON TOWN PLC      LTW PO           -15549465.1   160165508.92
LONDON TOWN PLC      LTW EO           -15549465.1   160165508.92
LONDON TOWN PLC      LTWR LN          -15549465.1   160165508.92
LONDON TOWN PLC      LOU GR           -15549465.1   160165508.92
LONDON TOWN PLC      LTW LN           -15549465.1   160165508.92
M 2003 PLC           203055Q LN    -2203513803.24  7204891601.83
M 2003 PLC           MTWOF US      -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOE US      -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOY US      -2203513803.24  7204891601.83
MARCONI PLC          203083Q VX    -2203513803.24  7204891601.83
MARCONI PLC          MNI LN        -2203513803.24  7204891601.83
MARCONI PLC          MONI BB       -2203513803.24  7204891601.83
MARCONI PLC          MNI BB        -2203513803.24  7204891601.83
MARCONI PLC          MRCQF US      -2203513803.24  7204891601.83
MARCONI PLC          MY2 GR        -2203513803.24  7204891601.83
MARCONI PLC-ADR      MY2A GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCONY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      QUQMON AU     -2203513803.24  7204891601.83
MARCONI PLC-ADR      MRCQY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIE US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONI US       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCBA GR       -2203513803.24  7204891601.83
MFI FURNITURE GR     MFI LN         -116415877.06   612420067.12
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       MT IX          -379721841.57  1817512773.61
MYTRAVEL GROUP       ARO2 GR        -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S PO        -379721841.57  1817512773.61
MYTRAVEL GROUP P     MT/ VX         -379721841.57  1817512773.61
MYTRAVEL GROUP P     1018144Q GR    -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       3226431Q EU    -397718038.04   292972732.12
NEW STAR ASSET       NSAA LN        -397718038.04   292972732.12
NEW STAR ASSET       3226435Q EO    -397718038.04   292972732.12
NEW STAR ASSET       NSAM PZ        -397718038.04   292972732.12
NEW STAR ASSET       NSAM TQ        -397718038.04   292972732.12
NEW STAR ASSET       NWSAF US       -397718038.04   292972732.12
NEW STAR ASSET       NSAM IX        -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       3226447Q EO    -397718038.04   292972732.12
NEW STAR ASSET       NSAM LN        -397718038.04   292972732.12
NEW STAR ASSET       NSAM PO        -397718038.04   292972732.12
NEW STAR ASSET       3226439Q EU    -397718038.04   292972732.12
NORTHERN ROCK        2733277Q EU    -586206492.33152084295061.92
NORTHERN ROCK        NHRKF US       -586206492.33152084295061.92
NORTHERN ROCK        2733281Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRK VX         -586206492.33152084295061.92
NORTHERN ROCK        2733289Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRK IX         -586206492.33152084295061.92
NORTHERN ROCK        NRK LN         -586206492.33152084295061.92
NORTHERN ROCK        NRK PZ         -586206492.33152084295061.92
NORTHERN ROCK        2733269Q EU    -586206492.33152084295061.92
NORTHERN ROCK        2733285Q EU    -586206492.33152084295061.92
NORTHERN ROCK        NRK PO         -586206492.33152084295061.92
NORTHERN ROCK        2733273Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRKI IX        -586206492.33152084295061.92
NORTHERN ROCK        NR3 GR         -586206492.33152084295061.92
NORTHERN ROCK        2733265Q EO    -586206492.33152084295061.92
ORANGE PLC           951641Q LN     -593935051.02   2902299501.9
ORANGE PLC           ORNGF US       -593935051.02   2902299501.9
ORANGE PLC           1460Q GR       -593935051.02   2902299501.9
ORANGE PLC-ADR       ORNGY US       -593935051.02   2902299501.9
ORANGE PLC-ADR       ORA$ LN        -593935051.02   2902299501.9
ORANGE PLC-ADR       ONG GR         -593935051.02   2902299501.9
ORBIS PLC            RLP GR           -4168498.48    127701679.5
ORBIS PLC            OBS LN           -4168498.48    127701679.5
ORBIS PLC            ORBSF US         -4168498.48    127701679.5
ORBIS PLC            OBS IX           -4168498.48    127701679.5
ORBIS PLC            OBS PO           -4168498.48    127701679.5
ORBIS PLC            OBG PO           -4168498.48    127701679.5
ORBIS PLC            OBS PZ           -4168498.48    127701679.5
ORSU METALS CORP     OSU PZ            -103725000      149477216
ORSU METALS CORP     EUM IX            -103725000      149477216
ORSU METALS CORP     E4M GR            -103725000      149477216
ORSU METALS CORP     OSU PG            -103725000      149477216
ORSU METALS CORP     OSU CN            -103725000      149477216
ORSU METALS CORP     OSU LN            -103725000      149477216
ORSU METALS CORP     ORSM007* RU       -103725000      149477216
ORSU METALS CORP     ORSM007 RU        -103725000      149477216
ORSU METALS CORP     EPMCF US          -103725000      149477216
ORSU METALS CORP     OSUMF US          -103725000      149477216
PATIENTLINE PLC      2928907Q EO     -54677284.64    124948245.8
PATIENTLINE PLC      PTL PZ          -54677284.64    124948245.8
PATIENTLINE PLC      PTL PO          -54677284.64    124948245.8
PATIENTLINE PLC      PTL VX          -54677284.64    124948245.8
PATIENTLINE PLC      PTL IX          -54677284.64    124948245.8
PATIENTLINE PLC      2928899Q EO     -54677284.64    124948245.8
PATIENTLINE PLC      PTL LN          -54677284.64    124948245.8
PATIENTLINE PLC      2928903Q EU     -54677284.64    124948245.8
REGUS LTD            273187Q LN      -46111835.37      367181111
REGUS PLC            2296Z 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-ADS        REGSV US        -46111835.37      367181111
REGUS PLC-ADS        RGUA GR         -46111835.37      367181111
REGUS PLC-ADS        REGS US         -46111835.37      367181111
REGUS PLC-ADS        REGSY US        -46111835.37      367181111
RENTOKIL INITIAL     RTO TQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EU      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PO         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO GR         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOGBP EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOG IX        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO VX         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EB         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO1 GR        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EU      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EO         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO LN         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PZ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO IX         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EU         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NR         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO BQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RKLIF US       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOKF US       -351331070.14  3368925867.22
RENTOKIL-SP ADR      AP76 LI        -351331070.14  3368925867.22
RENTOKIL-SP ADR      RTOKY US       -351331070.14  3368925867.22
SAATCHI & SA-ADR     SSA US         -119260804.15   705060824.55
SAATCHI & SA-ADR     SSI$ LN        -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       SSM LN          -24923249.67    194430485.8
SCOTTISH MEDIA       1442Q GR        -24923249.67    194430485.8
SCOTTISH MEDIA       SSMR LN         -24923249.67    194430485.8
SCOTTISH TELEV       SCTVF US        -24923249.67    194430485.8
SETON HEALTHCARE     2290Z LN        -10585179.82   156822902.77
SFI GROUP PLC        SUF LN         -108067115.81   177647536.08
SFI GROUP PLC        SUYFF US       -108067115.81   177647536.08
SKYEPHAR-RTS F/P     SKPF LN        -130883498.29   153620497.99
SKYEPHAR-RTS F/P     SKPF VX        -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN VX        -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN LN        -130883498.29   153620497.99
SKYEPHARMA -SUB      2976665Z LN    -130883498.29   153620497.99
SKYEPHARMA PLC       SK8C GR        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EU         -130883498.29   153620497.99
SKYEPHARMA PLC       SKYEF US       -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PZ         -130883498.29   153620497.99
SKYEPHARMA PLC       SK8A GR        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP LN         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP TQ         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PO         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP1 VX        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP IX         -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EO      -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EU      -130883498.29   153620497.99
SKYEPHARMA PLC       SKPGBP EO      -130883498.29   153620497.99
SKYEPHARMA PLC       SKP VX         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EO         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYPY US       -130883498.29   153620497.99
SKYEPHARMA-ADR       AP80 LI        -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8N GR        -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8 GR         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYEY US       -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYE US        -130883498.29   153620497.99
SMG PLC              SMG LN          -24923249.67    194430485.8
SMG PLC              SMG PO          -24923249.67    194430485.8
SMG PLC-FUL PAID     SMGF LN         -24923249.67    194430485.8
SMG PLC-NIL PAID     SMGN LN         -24923249.67    194430485.8
SMITHS NEWS PLC      NWS IX          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 EU         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS1 EO         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS1 EU         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS LN          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2EUR EU      -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PO          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PZ          -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      NWS2EUR EO      -97992746.54   146917382.81
SMITHS NEWS PLC      SMWPY US        -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2GBP EO      -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 TQ         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 EO         -97992746.54   146917382.81
STAGECOACH GROUP     SGC1GBP EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC PO          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EO         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 BQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EU         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SHP GR          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EB         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC IX          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC2 VX         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 TQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SAGKF US        -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC LN          -14183327.87  2231066974.58
STAGECOACH GROUP     SHP4 GR         -14183327.87  2231066974.58
STAGECOACH GROUP     SGCG PZ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NR         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EO      -14183327.87  2231066974.58
STAGECOACH GRP-B     SGCB LN         -14183327.87  2231066974.58
STAGECOACH-NEW       SGCN LN         -14183327.87  2231066974.58
STV GROUP PLC        STVGEUR EU      -24923249.67    194430485.8
STV GROUP PLC        SMG IX          -24923249.67    194430485.8
STV GROUP PLC        STVG EO         -24923249.67    194430485.8
STV GROUP PLC        STVG LN         -24923249.67    194430485.8
STV GROUP PLC        STVGGBP EO      -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        SMG VX          -24923249.67    194430485.8
STV GROUP PLC        SMG PZ          -24923249.67    194430485.8
STV GROUP PLC        SMGPF US        -24923249.67    194430485.8
STV GROUP PLC        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        604296Q GR    -3702234580.99  7581020925.22
TELEWEST COMM        715382Q LN    -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        THN$ LN       -2265916256.89  2950021937.14
THORN EMI-ADR        TORNY US      -2265916256.89  2950021937.14
THORN EMI-CDR        THN NA        -2265916256.89  2950021937.14
THORN EMI-REGD       1772Q GR      -2265916256.89  2950021937.14
TOPPS TILES PLC      TPTGBP EO       -78172467.48    131014414.4
TOPPS TILES PLC      TPT TQ          -78172467.48    131014414.4
TOPPS TILES PLC      TPTJY US        -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EO       -78172467.48    131014414.4
TOPPS TILES PLC      TPT VX          -78172467.48    131014414.4
TOPPS TILES PLC      TPT PO          -78172467.48    131014414.4
TOPPS TILES PLC      TPT BQ          -78172467.48    131014414.4
TOPPS TILES PLC      TPT PZ          -78172467.48    131014414.4
TOPPS TILES PLC      TPT IX          -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EU       -78172467.48    131014414.4
TOPPS TILES PLC      TPT EU          -78172467.48    131014414.4
TOPPS TILES PLC      TPT EO          -78172467.48    131014414.4
TOPPS TILES PLC      TPTJF US        -78172467.48    131014414.4
TOPPS TILES PLC      TPT LN          -78172467.48    131014414.4
TOPPS TILES-NEW      TPTN LN         -78172467.48    131014414.4
UTC GROUP            UGR LN          -11904426.45   203548565.03
VIRGIN MOB-ASSD      VMOC LN        -392165437.58   166070003.71
VIRGIN MOB-ASSD      VMOA LN        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB PO        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB VX        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB LN        -392165437.58   166070003.71
VIRGIN MOBILE        VGMHF US       -392165437.58   166070003.71
VIRGIN MOBILE        UEM GR         -392165437.58   166070003.71
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        WIN1 TQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN PO          -47615167.52  1316638025.67
WINCANTON PLC        WIN1 BQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN1GBP EO      -47615167.52  1316638025.67
WINCANTON PLC        WIN VX          -47615167.52  1316638025.67
WINCANTON PLC        WIN1EUR EO      -47615167.52  1316638025.67
WINCANTON PLC        WIN IX          -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EO      -47615167.52  1316638025.67
WINCANTON PLC        WNCNF US        -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EO         -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EB         -47615167.52  1316638025.67
WINCANTON PLC        WIN1 NQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN PZ          -47615167.52  1316638025.67
WINCANTON PLC        WIN LN          -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EU         -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EU      -47615167.52  1316638025.67
XXPERT RENTAL        XPRT CN           -103725000      149477216

AG PETZETAKIS SA     PTZ 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     PETZK GA        -29943162.81   218449483.79
AG PETZETAKIS SA     PTZ1 GR         -29943162.81   218449483.79
ALTEC SA -AUCT       ALTECE GA      -113800496.36   212288486.55
ALTEC SA INFO        ALTEC EU       -113800496.36   212288486.55
ALTEC SA INFO        ATCQF US       -113800496.36   212288486.55
ALTEC SA INFO        ALTEC GA       -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 PZ       -113800496.36   212288486.55
ALTEC SA INFO-RT     ALTED GA       -113800496.36   212288486.55
ALTEC SA INFO-RT     ALTECR GA      -113800496.36   212288486.55
EMPEDOS SA           EMPED GA        -33637669.62    174742646.9
EMPEDOS SA-RTS       EMPEDR GA       -33637669.62    174742646.9
HELLAS ONLINE SA     BRAIN EO        -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN PZ        -34283568.77   458056717.55
HELLAS ONLINE SA     HOL GA          -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN GA        -34283568.77   458056717.55
HELLAS ONLINE SA     UN5 GR          -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN EU        -34283568.77   458056717.55
HELLAS ONLINE SA     HOLR GA         -34283568.77   458056717.55
KOUMBAS INSUR-RT     KOUMD GA        -47073006.65   212483361.18
KOUMBAS RTS          KOUMR GA        -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM EU         -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUMF US        -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM PZ         -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM EO         -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM GA         -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     NML1 GR         -44175513.67   341686153.14
NAOUSSA SPINNING     NML 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       PTZ3 GR         -29943162.81   218449483.79
PETZETAKIS-PFD       PETZP GA        -29943162.81   218449483.79
RADIO KORASS-RTS     KORAR GA       -100972173.86   180679253.63
RADIO KORASSI-RT     KORAD GA       -100972173.86   180679253.63
RADIO KORASSIDIS     KORA GA        -100972173.86   180679253.63
RADIO KORASSIDIS     RKC GR         -100972173.86   180679253.63
RADIO KORASSIDIS     RAKOF US       -100972173.86   180679253.63
THEMELIODOMI         THEME GA        -55751178.85   232036822.56
THEMELIODOMI-AUC     THEMEE GA       -55751178.85   232036822.56
THEMELIODOMI-RTS     THEMER GA       -55751178.85   232036822.56
THEMELIODOMI-RTS     THEMED GA       -55751178.85   232036822.56
UNITED TEXTILES      UTEX EO         -44175513.67   341686153.14
UNITED TEXTILES      UTEX GA         -44175513.67   341686153.14
UNITED TEXTILES      UTEX PZ         -44175513.67   341686153.14
UNITED TEXTILES      NAOYK GA        -44175513.67   341686153.14
UNITED TEXTILES      NAOSF US        -44175513.67   341686153.14
UNITED TEXTILES      UTEX EU         -44175513.67   341686153.14

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

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

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

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

AEDES AXA+W          AEAXAW IM       -24405906.61  1350851664.42
AEDES SPA            AE PZ           -24405906.61  1350851664.42
AEDES SPA            AE IM           -24405906.61  1350851664.42
AEDES SPA            AE EO           -24405906.61  1350851664.42
AEDES SPA            AE EU           -24405906.61  1350851664.42
AEDES SPA            AE TQ           -24405906.61  1350851664.42
AEDES SPA            AEDSF US        -24405906.61  1350851664.42
AEDES SPA            AEDI IX         -24405906.61  1350851664.42
AEDES SPA            LLB GR          -24405906.61  1350851664.42
AEDES SPA RNC        AEDE IM         -24405906.61  1350851664.42
AEDES SPA-OPA        AEDROP IM       -24405906.61  1350851664.42
AEDES SPA-OPA        AEOPA IM        -24405906.61  1350851664.42
AEDES SPA-RTS        AESA IM         -24405906.61  1350851664.42
AEDES SPA-RTS        AEAA IM         -24405906.61  1350851664.42
AEDES SPA-SVGS R     AEDRAA IM       -24405906.61  1350851664.42
ARENA SPA            AREI PZ         -26843216.33   117951651.43
ARENA SPA            ARE2 TQ         -26843216.33   117951651.43
ARENA SPA            ARE IM          -26843216.33   117951651.43
ARENA SPA            RON IX          -26843216.33   117951651.43
ARENA SPA            ARE2 EU         -26843216.33   117951651.43
ARENA SPA            ARE2 EO         -26843216.33   117951651.43
ARENA SPA            RON GR          -26843216.33   117951651.43
ARENA SPA            RNCNF US        -26843216.33   117951651.43
BINDA SPA            BND IM          -11146475.29   128859802.94
BINDA SPA            BNDAF US        -11146475.29   128859802.94
CART SOTTRI-BIND     DEM IM          -11146475.29   128859802.94
CIRIO FINANZIARI     FIY GR          -422095869.5  1583083044.16
CIRIO FINANZIARI     CRO IM          -422095869.5  1583083044.16
COIN SPA             GUCIF US       -151690764.75   791310848.67
COIN SPA             GC IX          -151690764.75   791310848.67
COIN SPA             965089Q GR     -151690764.75   791310848.67
COIN SPA-RTS         GCAA IM        -151690764.75   791310848.67
COIN SPA/OLD         GC IM          -151690764.75   791310848.67
COMPAGNIA ITALIA     ICT IM         -137726596.25   527372691.43
COMPAGNIA ITALIA     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 IX         -15482934.18   260633690.01
LAZIO SPA            SSL IM          -15482934.18   260633690.01
LAZIO SPA            SSLZF US        -15482934.18   260633690.01
LAZIO SPA            LZO GR          -15482934.18   260633690.01
LAZIO SPA            SSL1 EU         -15482934.18   260633690.01
LAZIO SPA            SSLI PZ         -15482934.18   260633690.01
LAZIO SPA            571260Q US      -15482934.18   260633690.01
LAZIO SPA            SSL1 EO         -15482934.18   260633690.01
LAZIO SPA            LZO1 GR         -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAA IM        -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAZ IM        -15482934.18   260633690.01
OLCESE SPA           O IM            -12846689.89   179691572.79
OLCESE SPA-RTS       OAA IM          -12846689.89   179691572.79
OLCESE VENEZIANO     OLVE IM         -12846689.89   179691572.79
OMNIA NETWORK SP     ONT EU          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT PZ          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT TQ          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT IM          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT EO          -14203645.83    330093845.4
OMNIA NETWORK SP     ONTI IX         -14203645.83    330093845.4
PARMALAT FINA-RT     PRFR AV      -18419390028.95  4120687886.18
PARMALAT FINANZI     PRFI VX      -18419390028.95  4120687886.18
PARMALAT FINANZI     FICN AV      -18419390028.95  4120687886.18
PARMALAT FINANZI     PMLFF US     -18419390028.95  4120687886.18
PARMALAT FINANZI     PAF GR       -18419390028.95  4120687886.18
PARMALAT FINANZI     PARAF US     -18419390028.95  4120687886.18
PARMALAT FINANZI     PRF IM       -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             SSMLF US        -97720525.24   339401569.86
SNIA SPA             SIAI IX         -97720525.24   339401569.86
SNIA SPA             SN TQ           -97720525.24   339401569.86
SNIA SPA             SNIB GR         -97720525.24   339401569.86
SNIA SPA             SNIXF US        -97720525.24   339401569.86
SNIA SPA             SBPDF US        -97720525.24   339401569.86
SNIA SPA             SN EU           -97720525.24   339401569.86
SNIA SPA             SIAI PZ         -97720525.24   339401569.86
SNIA SPA             SN EO           -97720525.24   339401569.86
SNIA SPA             SNIA GR         -97720525.24   339401569.86
SNIA SPA             SN IM           -97720525.24   339401569.86
SNIA SPA - RTS       SNAAW IM        -97720525.24   339401569.86
SNIA SPA- RTS        SNAXW IM        -97720525.24   339401569.86
SNIA SPA-2003 SH     SN03 IM         -97720525.24   339401569.86
SNIA SPA-CONV SA     SPBDF US        -97720525.24   339401569.86
SNIA SPA-DRC         SNR00 IM        -97720525.24   339401569.86
SNIA SPA-NEW         SN00 IM         -97720525.24   339401569.86
SNIA SPA-NON CON     SPBNF US        -97720525.24   339401569.86
SNIA SPA-RCV         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         SNAA IM         -97720525.24   339401569.86
SNIA SPA-RTS         SNSO IM         -97720525.24   339401569.86
SOCOTHERM SPA        SOCEF US        -28370270.37   537950362.36
SOCOTHERM SPA        SCT IM          -28370270.37   537950362.36
SOCOTHERM SPA        SCT EU          -28370270.37   537950362.36
SOCOTHERM SPA        SCTI PZ         -28370270.37   537950362.36
SOCOTHERM SPA        SCTM IX         -28370270.37   537950362.36
SOCOTHERM SPA        SCT TQ          -28370270.37   537950362.36
SOCOTHERM SPA        SCT EO          -28370270.37   537950362.36
TECNODIFF ITALIA     TDIFF US        -89894162.82   152045757.48
TECNODIFF ITALIA     TDI IM          -89894162.82   152045757.48
TECNODIFF ITALIA     TEF GR          -89894162.82   152045757.48
TECNODIFF ITALIA     TDI NM          -89894162.82   152045757.48
TECNODIFF-RTS        TDIAOW NM       -89894162.82   152045757.48
TECNODIFFUSIONE      TDIAAW IM       -89894162.82   152045757.48
TISCALI SPA          TIQ GR          -24638454.05  1569205599.82
TISCALI SPA          TIQG IX         -24638454.05  1569205599.82
TISCALI SPA          TISGBX EU       -24638454.05  1569205599.82
TISCALI SPA          TISN FP         -24638454.05  1569205599.82
TISCALI SPA          TIS VX          -24638454.05  1569205599.82
TISCALI SPA          TIS PZ          -24638454.05  1569205599.82
TISCALI SPA          TIS NR          -24638454.05  1569205599.82
TISCALI SPA          TISN NA         -24638454.05  1569205599.82
TISCALI SPA          TISGBP EO       -24638454.05  1569205599.82
TISCALI SPA          TIS EU          -24638454.05  1569205599.82
TISCALI SPA          TIS EO          -24638454.05  1569205599.82
TISCALI SPA          TIS FP          -24638454.05  1569205599.82
TISCALI SPA          TIS TQ          -24638454.05  1569205599.82
TISCALI SPA          TISGBX EO       -24638454.05  1569205599.82
TISCALI SPA          TIS NA          -24638454.05  1569205599.82
TISCALI SPA          TISN IM         -24638454.05  1569205599.82
TISCALI SPA          TISN VX         -24638454.05  1569205599.82
TISCALI SPA          TSCXF US        -24638454.05  1569205599.82
TISCALI SPA          TISN IX         -24638454.05  1569205599.82
TISCALI SPA          TIS IX          -24638454.05  1569205599.82
TISCALI SPA          TIS IM          -24638454.05  1569205599.82
TISCALI SPA- RTS     TISAXA IM       -24638454.05  1569205599.82
TISCALI SPA- RTS     TIQ1 GR         -24638454.05  1569205599.82

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

BAAN CO NV-ASSEN     BAANA NA         -7854741.41   609871188.88
BAAN COMPANY NV      BAAVF US         -7854741.41   609871188.88
BAAN COMPANY NV      BNCG IX          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EU          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN PZ          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EO          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN IX          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN GR          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN NA          -7854741.41   609871188.88
BAAN COMPANY-NY      BAANF US         -7854741.41   609871188.88
BUSINESSWAY INTL     BITLE US              -69320      127631096
BUSINESSWAY INTL     BITL US               -69320      127631096
CNW ORLANDO INC      CNWD US               -69320      127631096
GLOBALNETCARE        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     JHX US            -108700000     1898699904
JAMES HARDIE-ADR     JHINY US          -108700000     1898699904
JAMES HARDIE-CDI     JHX AU            -108700000     1898699904
JAMES HARDIE-CDI     JHA GR            -108700000     1898699904
JAMES HARDIE-CDI     JHIUF US          -108700000     1898699904
ROYAL INVEST INT     RIIC US               -69320      127631096
UNITED PAN -ADR      UPEA GR       -5505478849.55  5112616630.06
UNITED PAN-A ADR     UPCOY US      -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LI        -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC NA        -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LN        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPC VX        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE1 GR       -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE GR        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCOF US      -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCEF US      -5505478849.55  5112616630.06
WAH KING INVEST      WAHKE US              -69320      127631096
WAH KING INVEST      WAHK US               -69320      127631096

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

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

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

OLTCHIM RM VALCE     OLT RO          -16862370.58   614340383.91
OLTCHIM RM VALCE     OLTEUR EO       -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 EO          -16862370.58   614340383.91
OLTCHIM RM VALCE     OLT EU          -16862370.58   614340383.91
OLTCHIM RM VALCE     OLT PZ          -16862370.58   614340383.91
RAFO SA              RAF RO         -457922636.25   356796459.26
UZINELE SODICE G     UZIM RO         -35878364.71   104942905.83
DUVANSKA             DIVR SG          -7729350.78   109207260.53
IMK 14 OKTOBAR A     IMKO SG          -5175836.42   110102264.18
ZASTAVA AUTOMOBI     ZAKG SG        -396504649.08   174692011.08

AKCIONERNOE-BRD      SOVP$ RU       -110204703.34   120620770.43
ALFA CEMENT-BRD      ALCE* RU          -672832.37   105454563.92
ALFA CEMENT-BRD      ALCE RU           -672832.37   105454563.92
ALFA CEMENT-BRD      AFMTF US          -672832.37   105454563.92
AMO ZIL              ZILL RM        -165713442.78   328106800.85
AMO ZIL-CLS          ZILL RU        -165713442.78   328106800.85
AMO ZIL-CLS          ZILL* RU       -165713442.78   328106800.85
DAGESTAN ENERGY      DASB RU         -24834103.03   105689368.23
DAGESTAN ENERGY      DASB* RU        -24834103.03   105689368.23
DAGESTAN ENERGY      DASB RM         -24834103.03   105689368.23
EAST-SIBERIA-BRD     VSNK* RU       -100985377.37   116491783.13
EAST-SIBERIA-BRD     VSNK RU        -100985377.37   116491783.13
EAST-SIBERIAN-BD     VSNK$ RU       -100985377.37   116491783.13
GUKOVUGOL            GUUG RU         -57835245.31   143665227.24
GUKOVUGOL            GUUG* RU        -57835245.31   143665227.24
GUKOVUGOL-PFD        GUUGP RU        -57835245.31   143665227.24
GUKOVUGOL-PFD        GUUGP* RU       -57835245.31   143665227.24
KOMPANIYA GL-BRD     GMST* RU        -72805537.11   1148203682.9
KOMPANIYA GL-BRD     GMST RU         -72805537.11   1148203682.9
SAMARANEFTEGA-P$     SMNGP RU       -331600428.45   891998590.74
SAMARANEFTEGAS       SVYOF US       -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG$ RU       -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG RM        -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG* RU       -331600428.45   891998590.74
SAMARANEFTEGAS-$     SMNG RU        -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP* RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP$ RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP RM       -331600428.45   891998590.74
TERNEYLES-BRD        TERL* RU         -15178937.2   182115156.77
TERNEYLES-BRD        TERL RU          -15178937.2   182115156.77
URGALUGOL-BRD        YRGL RU         -15706613.04   105440541.07
URGALUGOL-BRD        YRGL* RU        -15706613.04   105440541.07
URGALUGOL-BRD-PF     YRGLP RU        -15706613.04   105440541.07
VIMPEL SHIP-BRD      SOVP* RU       -110204703.34   120620770.43
VIMPEL SHIP-BRD      SOVP RU        -110204703.34   120620770.43
ZIL AUTO PLANT       ZILL$ RU       -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP* RU      -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP RM       -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP RU       -165713442.78   328106800.85

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

AZOVZAGALMASH MA     AZGM UZ         -16212049.02   277693905.54
DNEPROPETROVSK       DMZP UZ         -15926384.43   424303604.81
DNIPROOBLENERGO      DNON UZ          -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


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

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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *