TCREUR_Public/090825.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 25, 2009, Vol. 10, No. 167

                            Headlines

A U S T R I A

BAUER GUSTAV: Claims Filing Deadline is August 31
DELTA EXPORT-IMPORT: Claims Filing Deadline is August 27
HERBERT STEINER: Creditors Must File Claims by August 27
WOLF IMMOBILIEN: Creditors Must File Claims by August 27
MEDIMPLANT GMBH: Claims Filing Deadline is August 28

MENTEX HANDEL: Claims Filing Deadline is August 28
POSTKARTENVERLAG WEIHS: Claims Filing Deadline is August 27
WSG IMMOBILIENSANIERUNG: Claims Filing Deadline is August 27


B E L G I U M

ETHIAS SA: Fitch Downgrades Subordinated Debt Rating to 'B'


G E R M A N Y

ARCANDOR AG: Karstadt Unit May Survive Without Extra Investor
ARCANDOR AG: Shareholders to Lose Investment Under Insolvency Plan
ESCADA AG: U.S. Unit to Honor Customer Programs
ESCADA AG: U.S. Unit to Pay Debt to Common Carriers
ESCADA AG: U.S. Unit to Pay Prepetition Employee Wages

ESCADA AG: Various Parties Interest in Assets, Brand Name
GENERAL MOTORS: Advisers Suggest to Retain Opel Ownership

* GERMANY: Gov't Earns About EUR300 Million From Bank Bailouts


G R E E C E

GLOBAL SHIP: Amends US$800MM Credit Facility; Covenant Waived


I R E L A N D

ALLIED IRISH: Irish Gov't Rules Out Nationalization
ALPSTAR CLO: Moody's Lowers Rating on Class D Notes to 'Caa2'
ANGLO IRISH: Ireland's Regulator Extends Capital Rules Waiver
BANK OF IRELAND: Irish Gov't Rules Out Nationalization
CRYSTAL CREDIT: S&P Junks Rating on Class B Notes From 'B-'

ZOE DEVELOPMENTS: Court to Hear New Examinership Bid on Sept. 1


I T A L Y

WIND TELECOMUNICAZIONI: Weather Investors Balk at Bond Buyback


K A Z A K H S T A N

ALERCO LLC: Creditors Must File Claims by August 28
BTA BANK: To Shut Branches and Cut Staff Under Restructuring Plan
DAR-SERVICE LLP: Creditors Must File Claims by August 28
BUSINESS STROY: Creditors Must File Claims by August 28
JEZ STROY: Creditors Must File Claims by August 28

KAZ TRADE: Creditors Must File Claims by August 28
MILLENIUM LLP: Creditors Must File Claims by August 28
PLAZA BUILDING: Creditors Must File Claims by August 28
ULMEKEN LLP: Creditors Must File Claims by August 28
VEGAS PLUS: Creditors Must File Claims by August 28

ZAPADNAYA TRUBOPROVODNAYA: Creditors Must File Claims by August 28


K Y R G Y Z S T A N

RELIABLE SYSTEM: Creditors Must File Claims by September 17


L U X E M B O U R G

OSTREGION INVESTMENTGESELLSCHAFT: S&P Cuts Long-Term Rating to 'B'


N E T H E R L A N D S

CONTEGO CLO: Moody's Downgrades Rating on Class C Notes to 'Ba1'
ING GROEP: Swaps to Tied to ING Bank Sub. Bonds Up Most This Year
JUBILEE CDO: Moody's Upgrades Rating on Class E Notes to 'B2'
NEW WORLD: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
PROVIDE ORANGE: Fitch Affirms Rating on Class E Tranche at 'BB'

ST JAMES: Moody's Cuts Rating on Class E Notes to 'Caa3'


R U S S I A

ALYANS-STROY LLC: Creditors Must File Claims by August 31
ARKH-STROY LLC: Creditors Must File Claims by August 31
ARTYLYSH LLC: Creditors Must File Claims by August 31
GEN-STROY LLC: Creditors Must File Claims by August 31
INTER-KHIM LLC: Creditors Must File Claims by August 31

MIRAX GROUP: Fitch Downgrades Issuer Default Ratings to 'RD'
OKTYABRSKIY CHINAWARE: Creditors Must File Claims by August 31
OLGOVSKIY BRICK: Creditors Must File Claims by August 31
PIVANSKIY BRICK: Creditors Must File Claims by August 31
RAEVSKIY CANNERY: Creditors Must File Claims by August 31

STROY-KONTRAKT LLC: Creditors Must File Claims by August 31


S P A I N

VALENCIA: Fans Buy EUR18.5MM Worth of Shares to Avert Insolvency


S W I T Z E R L A N D

BARGUZIN CONSULTANCY: Claims Filing Deadline is August 31
BASAR-SHOP KRASNIQI: Claims Filing Deadline is August 28
BKS-TECHNOLOGIE & CONSULTING: Claims Filing Deadline is August 31
GLOBALWEALTH CONSULTING: Claims Filing Deadline is August 31
MAXLUI HOLDING: Creditors Must File Claims by August 31

RADIO EULACH: Claims Filing Deadline is August 31


U K R A I N E

AITA LLC: Creditors Must File Claims by August 27
AMUR 72 LLC: Creditors Must File Claims by August 27
BAS LLC: Creditors Must File Claims by August 27
COPYRCENTER STATE: Creditors Must File Claims by August 27
DGS CJSC: Creditors Must File Claims by August 27

FRESHLINE-SUMY LLC: Creditors Must File Claims by August 27
IMPERIAL GROUP: Creditors Must File Claims by August 27
LOENGREEN LLC: Creditors Must File Claims by August 27
MAGMA-PLUS LLC: Creditors Must File Claims by August 27
MILPOS DISTRIBUTION: Creditors Must File Claims by August 27

NOVAYA ODESSA: Creditors Must File Claims by August 27
NT-COMPUTER LLC: Creditors Must File Claims by August 27
OXYS LLC: Creditors Must File Claims by August 27
POLEMIN CJSC: Creditors Must File Claims by August 27
SANTONI LLC: Creditors Must File Claims by August 27

SANZHYS LLC: Creditors Must File Claims by August 27
SUMSKO-STEPANOVSKOYE: Creditors Must File Claims by August 27
UNION-MK LLC: Creditors Must File Claims by August 27
ZBRUCH LLC: Creditors Must File Claims by August 27


U N I T E D   K I N G D O M

CAMBUSLANG TRAVEL: Ceases Trading; to Appoint Liquidator
CHELSEA BUILDING: Loses GBP41 Million Due to Mortgage Frauds
EMI GROUP: Mulls US$500,000 Bid for T-Shirt Distributor CID
FOCUS DIY: Creditors Back CVA Deal; Almost 5,000 Jobs Secured
HUDSON-THAMES CAPITAL: S&P Withdraws CCC- Rating on Capital Notes

JOHNSTON PRESS: Has No Disposal Plans; Nears Debt Refinancing Deal
LLOYDS BANKING: In Early Talks Over Clerical Unit Sale, Mail Says
NEWS INTERNATIONAL: To Close Free London Paper; 60 Jobs Affected
UBS AG: Moody's Cuts Rating on Series 2005-1 Notes to 'B1'

* Fitch Cuts Ratings on Hybrid Securities of Various Banks

* Large Companies with Insolvent Balance Sheet


                         *********



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


BAUER GUSTAV: Claims Filing Deadline is August 31
-------------------------------------------------
Creditors of Bauer Gustav Ing. have until August 31, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 14, 2009 at 10:20 a.m.

For further information, contact the company's administrator:

         Peter Dr. Hajek sen.
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at


DELTA EXPORT-IMPORT: Claims Filing Deadline is August 27
--------------------------------------------------------
Creditors of DELTA Export-Import 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:

         Mag. Caroline Klus
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at


HERBERT STEINER: Creditors Must File Claims by August 27
--------------------------------------------------------
Creditors of HERBERT STEINER 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 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


WOLF IMMOBILIEN: Creditors Must File Claims by August 27
--------------------------------------------------------
Creditors of Ing. Wolf Immobilien Treuhand 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 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Peter Handler
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/414141
         Fax: 03462/4141
         E-mail: office@handler.at


MEDIMPLANT GMBH: Claims Filing Deadline is August 28
----------------------------------------------------
Creditors of Medimplant GmbH have until August 28, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 11, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at


MENTEX HANDEL: Claims Filing Deadline is August 28
--------------------------------------------------
Creditors of MENTEX Handel GmbH have until August 28, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 11, 2009 at 10.55 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Franz Stefan Pechmann
         Prinz-Eugen-Strasse 70/2/1.1
         1040 Wien
         Austria
         Tel: 89 00 826
         Fax: 89 00 826 20
         E-mail: office@pechmann.cc


POSTKARTENVERLAG WEIHS: Claims Filing Deadline is August 27
-----------------------------------------------------------
Creditors of Postkartenverlag Weihs & Co Kg 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 9:15 a.m.

For further information, contact the company's administrator:

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


WSG IMMOBILIENSANIERUNG: Claims Filing Deadline is August 27
------------------------------------------------------------
Creditors of WSG Immobiliensanierung 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 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at


=============
B E L G I U M
=============


ETHIAS SA: Fitch Downgrades Subordinated Debt Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Ethias S.A.'s subordinated debt
rating to 'B' from 'BB-' and maintained it on Rating Watch
Negative.

The downgrade and RWN reflect Fitch's review of the risk of coupon
deferral on this instrument, taking into account recent
developments -- in particular comments published by the European
Commission on the concept of 'burden sharing' for state-aided
financial institutions.  Ethias S.A. received EUR1.5 billion of
support from Belgian public organisations in December 2008 and is
at an early stage of discussions with the EC over the
'restructuring plan' it has submitted in line with the European
Union's state aid rules.  Fitch has also taken note that Ethias
S.A. paid the coupon on its hybrid instrument in December 2008.

Fitch will continue to monitor the ratings implications of Ethias
S.A.'s restructuring plan and ongoing discussions with the EC.

The rating action on Ethias S.A.'s hybrid is consistent with
actions taken on the hybrids of several financial institutions
that have received government support.


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


ARCANDOR AG: Karstadt Unit May Survive Without Extra Investor
-------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG's
insolvency lawyer Rolf Weidmann told Westdeutsche Allgemeine
Zeitung that the retailer's Karstadt department store unit may
survive without an extra investor.

Bloomberg relates the newspaper said most of the Karstadt stores
may be able to be let out of insolvency by March provided
landlords and logistics providers agree to cut rents and fees.

                             Primondo

Separately, Bloomberg discloses Handelsblatt, citing Otto's Chief
Executive Officer Hans-Otto Schrader, reported Friday German
mailoder company Otto Group is still interested in buying some
parts of Arcandor's Primondo unit.  According to Bloomberg, the
newspaper said Otto is interested in the unit's special mail-order
businesses and in home-shopping channel HSE24.

Bloomberg relates Mr. Schrader, as cited in Handelsblatt, said it
will take as long as five years to turn around the unit's main
Quelle mail-order division,

On Aug. 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Arcandor creditor Valovis Bank AG said it
is ready to lower the interest rates charged to the German
retailer's Quelle unit.  Citing Valovis Chief Executive Officer
Robert Gogarten, Bloomberg disclosed the bank is currently
charging Arcandor's Quelle mail-order unit about 18% in interest
and other charges.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
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, karstadt.de 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.


ARCANDOR AG: Shareholders to Lose Investment Under Insolvency Plan
------------------------------------------------------------------
Angela Cullen at Bloomberg News, citing Handelsblatt, reports that
Madeleine Schickedanz, Ardandor AG's major shareholder, and Sal.
Oppenheim Jr. & Cie. probably won't get anything in the German
retailer’s insolvency plan.

According to Bloomberg, the newspaper, citing Rolf Weidmann, a
partner at the law firm overseeing the proceedings, said
Ms. Schickedanz, whose stake has slumped in value to less than
EUR20 million (US$28.7 million), is probably set to lose her
entire fortune.

                             Karstadt

Holger Elfes at Booomberg News, citing Handelsblatt, reports
Arcandor's Karstadt department store unit won concessions from
landlords, making its survival more likely.

Bloomberg relates the newspaper, citing Thomas Fox, a retail
expert involved in the insolvency process, said all suppliers are
delivering merchandise, even those who had stopped ahead of the
insolvency.

                          About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
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, karstadt.de 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.


ESCADA AG: U.S. Unit to Honor Customer Programs
-----------------------------------------------
Escada (USA) Inc. avers that the filing of its Chapter 11 Case may
negatively affect customers' attitudes and behavior toward its
businesses.  The Debtor is concerned that its goodwill and
ongoing business relationships may erode if its customers
perceive that it is unable or unwilling to fulfill the
prepetition promises it made through its customer programs and
practices.

The Debtor's Customer Programs include:

  -- Gift Certificates,

  -- Refund and Exchange Program, where customers are allowed to
     return or exchange merchandise of the Debtor that is in
     saleable condition within 10 days of purchase,

  -- Price Adjustment Policy, where the Debtor provides a price
     adjustment to customers if an item goes on sale within 10
     days of purchase, and

  -- Wholesale Customer Programs.

As of the July 31, 2009, the Debtor had approximately US$520,917
in outstanding gift certificates and credits for customers.  Over
the past twelve months, on average, approximately US$2,785,165
worth of merchandise purchased by customers from the Debtor was
either returned or exchanged in the Debtor's stores.  The Debtor
does not anticipate the monthly average amount of returns or
exchanges to deviate substantially as a result of its Chapter 11
case.

Gerald C. Bender, Esq., at O'Melveny & Myers LLP, in New York,
tells the Court that the Customer Programs generally cost little
to the Debtor, but generate significant benefits by rewarding
customer loyalty and otherwise promoting sales.

Accordingly, the Debtor sought and obtained the Court's
authority, on an interim basis, to perform and honor its
prepetition obligations related to the Customer Programs.

The Court will convene a final hearing on September 9, 2009.

                         About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.  A copy of Escada US's Chapter 11 petition
and list of largest unsecured creditors is available for free at:

            http://bankrupt.com/misc/sdny09-15008.pdf


ESCADA AG: U.S. Unit to Pay Debt to Common Carriers
---------------------------------------------------
Escada (USA) Inc. maintains that its business operations and the
success of its reorganization depend on the maintenance of
reliable and efficient transportation and distribution systems for
retail merchandise.

The Debtor has identified a core group of common carriers that
consists of carriers, shippers, freight forwarders and truckers.
They include Deutsche Lufthansa AG, Schaeffer Trans, Inc., United
Parcel Service of America, Inc., FedEx Corporation, Savino Del
Bene USA Inc. and Agility Logistics GMGH.  The Debtor has
determined that each of the Common Carriers is absolutely
necessary to the continued shipping, delivery and return of goods
used or sold in the ordinary course of its business.

Fashion Logistics, Inc., is the domestic warehouse and
distribution center through which all Retail Merchandise travels
between delivery from the Debtor's parent and distribution to the
retail stores in which it is sold.  The Debtor has determined
that the services of Fashion Logistics or the Distribution
Manager are absolutely necessary to the continued shipping and
sales of the Retail Merchandise, and without its services the
Debtors will be unable to timely ship goods or process sales of
Retail Merchandise.

The Debtor estimates that Retail Merchandise valued at
approximately US$12,100,000 is currently being held in the
Distribution Manager's warehouse in New Jersey or currently being
shipped by any of the Common Carriers for returns processing and
order fulfillment.  The total estimated amount owed to all Common
Carriers and the Distribution Manager and the maximum amount
required to obtain or deliver the Retail Merchandise is
approximately US$190,000.  The Debtor tells the Court it intends
to negotiate with the Common Carriers and the Distribution Manager
to obtain continued services with less than full payment.

To avoid disruptions in its operations, the Debtor sought and
obtained the Court's authority, on an interim basis, to pay all
valid prepetition claims of the Common Carriers and the
Distribution Manager in an amount not to exceed US$190,000.

The Court will convene a final hearing on September 9, 2009.

                         About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.  A copy of Escada US's Chapter 11 petition
and list of largest unsecured creditors is available for free at:

            http://bankrupt.com/misc/sdny09-15008.pdf


ESCADA AG: U.S. Unit to Pay Prepetition Employee Wages
------------------------------------------------------
In connection with its operations, Escada (USA) Inc. currently
employs 239 employees, of which 221 are full-time employees and 18
are part-time employees.  To minimize the personal hardship that
employees would suffer if they are not paid when due and to
maintain the morale of its essential workforce, the Debtor sought
and obtained authority from the Court, on an interim basis, to
continue to honor existing prepetition practices, programs and
policies with respect to its employees.

The Employee Obligations include wages, salaries, reimbursement
obligations for business expenses, federal and state withholding
taxes and other amounts withheld, employee health benefits,
insurance benefits, paid time off, short- and long-term
disability coverage and all other employee benefits that the
Debtor has historically provided prepetition.

The Debtor's average monthly gross payroll for all Employees is
approximately US$1,476,000.

Reimbursements obligations are for business expenses like travel
costs and equipment costs.  Garnishments that the Debtor
withholds in the ordinary course of payroll processing include
tax levies, child support and other Court-ordered garnishments.
The Debtor withholds, on average, US$1,250 per pay period on
account of the Garnishments.

The various benefit plans and policies the Debtor maintain for
its Employees can be divided into:

  (1) medical insurance, dental insurance, vision care, life and
      accidental death and dismemberment insurance, long- and
      short-term disability insurance, supplemental short term
      disability, dependent care spending accounts, health care
      reimbursement accounts, the "health advocate" program and
      group travel/accident insurance;

  (2) paid time off plans, including vacation days, personal
      days, sick days and bereavement leave;

  (3) a 401(k) plan;

  (4) an educational assistance program;

  (5) a clothing allowance program;

  (6) a car allowance program;

  (7) an employee assistance program; and

  (8) a severance plan.

The Debtor believes that its annual expenditures under the
Employee Benefit Plans aggregate to approximately US$5 million.

The Debtor also believes it is necessary to continue payment of
administrative fees to the various administrators that administer
the Debtor's Employee Obligations and related Employee Benefit
Plans.  Without the continued services of these administrators,
including Paychex, UnitedHealthCare, Lincoln, Cigna, Prudential
and AHAC, the Debtor says it will be unable to continue to honor
its Employee Obligations and related Employee Benefit Plans in an
efficient and cost-effective manner.

As of the Petition Date, the Debtor estimates to owe these
Prepetition Employee Obligations:

     Employee Compensation            US$337,071
     Reimbursement Obligations         US$60,000
     Garnishments                            -
     Employee Benefit Plans           US$280,000
     Payroll Tax Obligations        de minimis

The Debtor, Judge Bernstein ruled, is permitted to make all
payments with respect to the Prepetition Employee Obligations,
provided that the compensation paid to each Employee does not
exceed the US$10,950 cap under Section 507(a)(4) of the Bankruptcy
Code.

The Debtor may not pay prepetition Reimbursement Obligations in
excess of US$1,000 per employee prior to the Final Hearing, the
Court ruled, Judge Bernstein ordered.

The Court also held that (i) no prepetition amounts attributable
to the Car Allowance Program or Clothing Allowance Program will
be paid prior to the Final Hearing, and (ii) no severance
obligation may be paid by the Debtor prior to the Final Hearing.

JPMorgan Chase and any other bank authorized to administer the
Debtor's bank accounts under its Cash Management System Motion
are permitted to receive, process, honor and pay any and all
other transfers that are related to the Prepetition Employee
Obligations.

The Debtor is allowed to issue postpetition checks or to effect
postpetition funds transfer requests in replacement of any checks
or funds transfer requests related to Employee Obligations
dishonored or rejected as a consequence of the commencement of
the Debtor's Chapter 11 case.

The Court will convene a final hearing on the Debtor's request on
September 9, 2009.

                         About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.  A copy of Escada US's Chapter 11 petition
and list of largest unsecured creditors is available for free at:

            http://bankrupt.com/misc/sdny09-15008.pdf


ESCADA AG: Various Parties Interest in Assets, Brand Name
---------------------------------------------------------
Several parties might be interested in acquiring the assets and
brand name of Germany-based fashion house Escada AG while in
insolvency proceedings, German newspaper Handelsblatt reported
without divulging its source.

Among those interested may be LVMH Moe Hennessy Louis Vuitton SA
and PPR SA, Handelsblatt related.  Bloomberg News noted in a
separate report that a group of investors, which include
Nickolaus Becker, former chairman of EM.TV AG, has made known its
interest in Escada AG's brand, licensing rights and inventory
through a letter to the Company.

Escada AG filed an insolvency petition with the Municipal Court
of Munich on August 13, 2009, in light of sharp declines in
sales, weak demand for luxury goods and unsuccessful
restructuring efforts.  The goal of the petition was to effect a
restructuring of the ESCADA Group business either through an
insolvency plan under German insolvency law or by a structured
sales process of Escada AG's assets.

As part of its restructuring efforts before August 13, Escada AG
made a senior notes offering to increase liquidity.  The Offer
was conditioned on the receipt of gross proceeds of at least
EUR29 million or US$41.1 million.  The Company, however, failed
to obtain the minimum tender condition of at least 80% of the
aggregate principal amount of the Senior Notes by the August 11,
2009 expiration date of the Offer.

The Munich Court appointed Christian Gerloff, LL.D., as
preliminary insolvency administrator on the same day.  Mr.
Gerloff has taken up his tasks and has held first meetings with
the Company's Board of Management.  "My first impression is that
Escada AG is very well prepared for insolvency proceedings," Mr.
Gerloff noted in a public statement.  "From [this filing's]
perspective these careful preparations would suggest that there
are chances to maintain the going concern."

Escada AG's largest investors are Russian millionaire Rustam
Aksenenko, who owns 20.9 percent of the stock, as well as German
billionaires Wolfgang and Michael Herz, who hold 12.45 percent
each, Bloomberg News noted in a separate report.

Escada AG acts as the operating head of the ESCADA Group and has
its registered offices in Aschheim near Munich, Germany.  Founded
in 1976 by Margaretha and Wolfgang Ley, the ESCADA Group is an
international fashion group for women's apparel and accessories,
which is active on the international luxury goods market.  Since
July 2009, Bruce Salzer took over as chief executive officer of
the ESCADA Group.

The ESCADA Group maintains distribution companies in some of its
key markets in France, Hong Kong, Japan, Spain and the United
States.  To avoid disruption in its U.S. operations, Escada (USA)
Inc. filed for bankruptcy protection in the U.S. Bankruptcy Court
for the Southern District of New York on August 14, 2009.  Judge
Stuart M. Bernstein handles the case.  Escada USA's latest
balance sheet noted US$61 million in assets and US$86 million in
liabilities, which does not include debts of EUR200 million in
senior notes owed by Escada AG and EUR13 million owed by Escada
AG to Bayerische Hypo-und Vereinsbank-led lenders.

As of August 13, 2009, the ESCADA Group operated 175 owned
stores, 163 franchise stores and 20 owned outlet stories.  As of
June 30, 2009, Escada AG had 2,084 employees.

The ESCADA Group reported consolidated assets of EUR322.2 million
and consolidated liabilities of about EUR338 million as of
April 30, 2009.

The ESCADA Group has listed net losses since 2007.  It reported a
net loss of about US$130 million in the six months ended
April 30, 2009, approximately US$99.5 million for the fiscal year
ended October 2008, and approximately US$38.2 million in the
fiscal year ended October 2007.  The losses have been partly due
to decline in sales and weak demand for Escada goods.

               CEO, Board Members Dispose Shares

Escada AG said Chief Executive Officer Bruno Saelzer sold shares
after the company filed for insolvency, Holger Elfes at Bloomberg
News reported, citing Escada's statements on the OTS newswire.
Mr. Saelzer, who joined Escada last year, sold 48,000 shares
Aug. 17 for 75 cents (US$1.07) each and 77,882 share August 18
for 82 cents each.  Jessica Saelzer, the CEO's wife, sold 142,000
shares August 18 for 81 cents apiece and another 18,000 for 77
cents a piece.  Board member Werner Lackas sold 100,960 shares
for 87 cents each August 18, according to a separate statement.

                         About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.  A copy of Escada US's Chapter 11 petition
and list of largest unsecured creditors is available for free at:

             http://bankrupt.com/misc/sdny09-15008.pdf


GENERAL MOTORS: Advisers Suggest to Retain Opel Ownership
---------------------------------------------------------
General Motors Co. advisers are recommending that the board
consider spurning a German-backed sale of its Opel unit to retain
a bigger presence in Europe and Russia, Serena Saitto and Jeff
Green at Bloomberg News report, citing a person familiar with the
discussions.

Bloomberg relates, the person, who asked not to be identified
because the talks aren't public, said the advisers suggest that GM
seek aid from other European governments to retain ownership of
Opel as an alternative to surrendering control to a group led by
Canada's Magna International Inc. or to Brussels-based RHJ
International SA.

According to Bloomberg, GM's new board, dominated by members
appointed after the Obama administration forced the company into
bankruptcy, is questioning the decision made by previous directors
to give up control of the unit to save it.

Citing people familiar with the unit's finances, Bloomberg
discloses Opel has enough cash to operate well into the fourth
quarter without new loans.  Opel and its sister brand Vauxhall
also have operations in the U.K., Spain and Poland, among the
larger nations that may be asked to contribute aid for the
Ruesselsheim, Germany-based automaker’s restructuring, Bloomberg
says.

                               Talks

German officials will hold talks with an unidentified GM executive
in Berlin this week in a bid to encourage a decision, Bloomberg
discloses.  Bloomberg notes Ulrich Wilhelm, German Chancellor
Angela Merkel's chief spokesman said Germany sees no evidence that
GM is pulling back from its intention to sell.

                             Decision

Aaron Kirchfeld at Bloomberg News reports Roland Koch, the state
premier of Hesse, and Peer Steinbrueck, Germany's finance
minister, are calling on GM to decide on a buyer for Opel.

Bloomberg relates Mr. Koch told Die Welt "nothing has changed" in
Germany's preference for Magna and the German government will only
provide EUR4.5 billion (US$6.4 billion) in guarantees if it has
the most possible security that taxpayers can be paid back, while
Mr. Steinbrueck told Handelsblatt the government won't offer a
financing concept or bridge financing to RHJ.

Bloomberg notes Mr. Steinbrueck said in an interview with
Handelsblatt there should be a decision on the future of GM's Opel
unit as quickly as possible and it is "irritating" that GM's board
hasn't decided yet.

                              Workers

Chris Reiter at Bloomberg News reports Armin Schild, an official
with the IG Metall union, said Opel workers plan to pressure GM
into accepting an offer to sell a majority stake to a group led by
Magna.

"The parent needs to understand that there's no going back,"
Bloomberg quoted Mr. Schild quoted as saying in an e-mail.
"Neither the continuation of the waiting game aimed at the unit's
insolvency nor a return to 'un-independence' will be accepted
without opposition."

Mr. Schild, as cited by Bloomberg, said that neither RHJ nor GM
have the trust of Opel's 55,000 employees in Europe, while a
GM-Opel-Magna deal is "signature ready" and would represent a
"win-win-win."

Bloomberg states unions are concerned that an opportunity to
secure the independence from GM of Opel, which is based near
Frankfurt, may be lost if a deal isn't agreed before federal
elections on Sept. 27.

Bloomberg discloses German newspaper Bild, citing Schild's office,
reported yesterday union leaders plan to decide on protest plans
today, Aug. 25.  Bloomberg notes the newspaper said that workers
may rally this weekend in front of the U.S. Embassy, which is next
to the Brandenburg Gate in Berlin.

As reported in the Troubled Company Reporter-Europe on Aug. 24,
2009, Bloomberg News said GM postponed a decision on the sale of
its Opel division after the board questioned the German
government's financing of a bid from Magna and sought information
on funding for an offer from RHJ.  The board hasn't scheduled
another meeting or set a deadline for a decision.

                       About General Motors

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

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

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

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

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

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

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


* GERMANY: Gov't Earns About EUR300 Million From Bank Bailouts
--------------------------------------------------------------
Bertrand Benoit at The Financial Times reports that the German
government has earned about EUR300 million from its rescue of the
country's banks.

German's finance ministry told the FT that the government and
Soffin, the agency that manages the country's EUR500 billion bank
rescue fund, had so far earned about EUR300 million (US$430
million, GBP260 million) in fees for credit guarantees granted to
cash-starved banks at the height of the crisis.

According to the FT, the ministry said Hypo Real Estate alone
accounted for EUR100 million in fees, with the rest coming from
other banks that had tapped Soffin's funds.  The level of the fees
is not public and varies from case to case.


===========
G R E E C E
===========


GLOBAL SHIP: Amends US$800MM Credit Facility; Covenant Waived
-------------------------------------------------------------
Global Ship Lease, Inc. has agreed to an amendment to its US$800
million credit facility.

Under the terms of the amended credit facility, the loan-to-value
covenant has been waived up to and including November 30, 2010
with the next loan-to-value test scheduled for April 30, 2011.
Further, Global Ship Lease will be able to borrow sufficient funds
under the credit facility to allow for the purchase of the CMA CGM
Berlioz, a 2001-built 6,627 TEU container vessel that is scheduled
to be delivered later this month.  Amounts borrowed under the
amended credit facility will bear interest at LIBOR plus a fixed
interest margin of 3.50% up to November 30, 2010. Thereafter, the
margin will be between 2.50% and 3.50% depending on the loan-to-
value ratio.

In connection with the amended credit facility, undrawn
commitments of approximately US$200 million will be cancelled
after the purchase of the CMA CGM Berlioz and Global Ship Lease
will suspend dividends to common shareholders, using its cash flow
to prepay borrowings under the credit facility.  Global Ship Lease
will be able to resume dividend payments once loan-to-value is at
or below 75%, at which point the prepayment of borrowings becomes
fixed at US$10 million per quarter.  As part of the amendment, CMA
CGM has agreed to defer redemption of the US$48 million preferred
shares it holds until after the final maturity of the credit
facility in August 2016 and to retain its current holding of
common shares in Global Ship Lease until at least November 30,
2010.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"We are pleased to have finalized an amendment to our US$800
million credit facility during a time when the container shipping
industry is facing significant challenges and containership values
have experienced substantial declines.  Global Ship Lease's robust
business model, focused on generating stable revenues and cash
flows, supports our amended facility.  With this agreement, we
have accomplished important strategic objectives.  First, by
aggressively paying down debt, we have enhanced our position to
emerge from this unprecedented market downturn as a stronger
company.  Second, by waiving the loan-to-value covenant, we have
insulated the Company through April 2011 against what is likely to
be a continuing period of depressed asset prices. And third, we
have enabled the accretive purchase of the CMA CGM Berlioz, which
is committed to a non-cancellable 12 year long-term time charter,
growing the Company's contracted revenue stream to approximately
US$156 million a year."

Mr. Webber concluded, "In a challenging global container shipping
market, all of our time charters continue to perform as expected.
Our present fleet of 16 vessels has an average remaining time
charter duration of 10 years, representing total contracted
revenue of US$1.6 billion. Two of our vessels come up for charter
renewal at the end of 2012; the only renewals in the next seven
years. We intend to maintain our focus on preserving our financial
strength for the long term benefit of the Company and its
shareholders."

                      About Global Ship Lease

Incorporated in the Marshall Islands and based in London, Global
Ship Lease, Inc., is a containership charter owner.  Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease currently owns 16 vessels and has contracted to
purchase an additional three vessels.  The Company has a contract
in place to purchase CMA CGM Berlioz by September 30, 2009 for
US$82 million from CMA CGM, contingent on financing. The Company
also has contracts in place to purchase two newbuildings from
German interests for approximately US$77 million each which are
scheduled to be delivered in the fourth quarter of 2010.

Once all of the contracted vessels have been delivered by the end
of 2010, Global Ship Lease will have a 19 vessel fleet with total
capacity of 74,797 TEU and a weighted average age at that time of
6.1 years and an average remaining charter term of approximately
eight years. All of the vessels, including those contracted for
future delivery, are fixed on long-term charters.


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


ALLIED IRISH: Irish Gov't Rules Out Nationalization
---------------------------------------------------
The Scotsman reports that Brian Lenihan, Ireland's finance
minister, ruled out fully nationalizing either Allied Irish Banks
or Bank of Ireland following the creation of a "bad bank".

According to the report, the Irish government may end up with a
majority stake in its top two lenders if it has to boost their
capital levels following the transfer of property loans to the
"bad bank".

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Allied Irish Chief Financial Officer
John O'Donnell said the bank will transfer between EUR15 billion
and EUR25 billion of loans to the National Asset Management
Agency, a so-called bad bank the Irish government is creating to
purge lenders of souring real-estate loans.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin’s International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February 2008,
the Group acquired the AmCredit mortgage business in the Baltic
states of Latvia, Lithuania and Estonia. In September 2008, the
Group also acquired a 49.99% shareholding in BACB.

                         *      *      *

Allied Irish Banks plc continues to carry a 'D' individual rating
from Fitch Ratings.  The rating was downgraded by Fitch to its
current level from 'C' in February 2009.


ALPSTAR CLO: Moody's Lowers Rating on Class D Notes to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Alpstar CLO 2 p.l.c.  The senior Class A1 and Class AR
notes remain Aaa mainly due to the current overcollateralisation.

  -- EUR78M Class A2 Senior Secured Floating Rate Notes due 2024
     Notes, Downgraded to Aa2; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- EUR48.5M Class B Deferrable Senior Secured Floating Rate
     Notes due 2024 Notes, Downgraded to Baa2; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR37.5M Class C Deferrable Senior Secured Floating Rate
     Notes due 2024 Notes, Downgraded to Ba2; previously on
     March 18, 2009 Downgraded to Baa3 and Remains On Review for
     Possible Downgrade

  -- EUR42M Class D Deferrable Senior Secured Floating Rate Notes
     due 2024 Notes, Downgraded to Caa2; previously on March 18,
     2009 Downgraded to B1 and Remains On Review for Possible
     Downgrade

  -- EUR24M Class E Deferrable Senior Secured Floating Rate Notes
     due 2024 Notes, Confirmed at Caa3; previously on March 18,
     2009 Downgraded to Caa3 and Remains On Review for Possible
     Downgrade

  -- EUR10M Class P Combination Notes due 2024 Notes, Downgraded
     to B3; previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- EUR2.8M Class Q Combination Notes due 2024 Notes, Downgraded
     to Caa3; previously on March 4, 2009 Baa3 Placed Under Review
     for Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine and second lien loan
exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed in, among other measures as per trustee report
dated 8 July 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2799), an increase in the amount of defaulted securities
(currently 5% of the portfolio), an increase in the proportion of
securities from issuers rated Caa1 and below (currently 9% of the
portfolio), and a failure of some par value tests.  Moody's also
performed a sensitivity analysis, including amongst others, a
further decline in portfolio WARF quality.

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


ANGLO IRISH: Ireland's Regulator Extends Capital Rules Waiver
-------------------------------------------------------------
Andras Gergely at Reuters reports that Ireland's financial
regulator has extended nationalized Anglo Irish Bank's waiver from
capital adequacy rules until the end of the year.

Citing a supplement to one of Anglo's debt issuance programs
published on the www.financialregulator.ie Web site and dated
August 13, Reuters discloses a derogation relating to maintaining
a 9.5% minimum total capital requirement had been extended to
December 31.  Reuters relates the document said "The Financial
Regulator . . . (also) extended its temporary derogation relating
to maintaining a 4 percent core Tier 1 ratio until 7th August 2009
to enable Anglo Irish (to) complete its liability management
exercise and receive the additional capital investment from the
government,"

According to Reuters, analysts said the extended capital rules
waiver will allow Anglo to await the implementation of the
National Asset Management Agency, a so-called "bad bank" which
will be used to cleanse Irish lenders of up to EUR90 billion of
risky property development loans.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2009, Moody's Investors Service downgraded the Tier 1 securities
of Anglo Irish Bank Corporation Ltd (Anglo Irish, rated A3/P-1/E)
to C (with the exception of the non-cumulative preference shares
with voting rights that are already rated C).  The outlook on
these securities is now stable.  Previously the bank's cumulative
Tier 1 securities were rated Caa1 and the bank's non-cumulative
Tier 1 securities were rated Caa3, all on review for possible
downgrade.


BANK OF IRELAND: Irish Gov't Rules Out Nationalization
------------------------------------------------------
The Scotsman reports that Brian Lenihan, Ireland's finance
minister, ruled out fully nationalizing either Allied Irish Banks
or Bank of Ireland following the creation of a "bad bank".

According to the report, the Irish government may end up with a
majority stake in its top two lenders if it has to boost their
capital levels following the transfer of property loans to the
"bad bank".

Bank of Ireland -- http://www.bankofireland.com-- headquartered
in Dublin, provides a range of banking and other financial
services.  These include checking and deposit services,
overdrafts, term loans, mortgages, business and corporate lending,
international asset financing, leasing, installment credit, debt
factoring, foreign exchange facilities, interest and exchange rate
hedging instruments, executor, trustee, life assurance and pension
and investment fund management, fund administration and custodial
services and financial advisory services, including mergers and
acquisitions and underwriting.  The Company organizes its
businesses into Retail Republic of Ireland, Bank of Ireland Life,
Capital Markets, UK Financial Services and Group Centre.  It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.

                       *      *      *

As reported in the Troubled Company Reporter-Europe on June 8,
2009, Moody's Investors Service downgraded Bank of Ireland's non-
cumulative preference shares and hybrids downgraded to B3 (neg)
from B1 (developing).  The bank's cumulative Tier 1 hybrids were
affirmed at B1, the outlook was changed to negative from
developing.

BoI continues to carry a 'D' bank financial strength rating from
Moody'swith negative outlook.


CRYSTAL CREDIT: S&P Junks Rating on Class B Notes From 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of principal-at-risk variable-rate notes issued by
Crystal Credit Ltd., due to the further deterioration in claim
activity and an increase in aggregate losses in the transaction.

Crystal Credit involves the securitization of payments related to
an indemnity-based excess-of-loss retrocession agreement between
Swiss Reinsurance Co. Ltd. (A+/Stable/A-1) and Crystal Credit,
covering the risk to a defined portfolio of credit reinsurance
treaties for the underwriting years 2006 to 2008.

S&P has received further information from Swiss Re, including
confidential information regarding its reserving levels and
additional analysis of the potential development of the portfolio
under various scenarios.

Based on this information S&P has concluded that losses on the
class C notes are very likely to be higher than the attachment
point, and that the repayment of principal will most likely not be
made in full by the legal maturity of the notes.  The default
probability for the other two classes of notes has also increased.

The deterioration in claims activity of this securitized portfolio
of credit reinsurance treaties and the increase in the probability
of attachment are mainly due to the worse-than-expected downturn
in the global economic environment.  In particular, the portfolio
has been hit by a steep increase in claims reported in the Spanish
market.

For the class C notes to incur a loss, aggregate ceded losses must
reach EUR666 million.  Swiss Re's last investor report, based on
information as of June 23, 2009, reported current aggregate losses
of EUR583 million for the underwriting years 2006–2008 to be ceded
to Crystal Credit.

The current aggregate gross amount of losses for each underwriting
year is:

* EUR209 million for 2006, EUR286 million for 2007, and
  EUR202 million for 2008.

According to the terms of the retrocession agreement, Swiss Re
retains at least 10% of the aggregate losses for each underwriting
year.  The ultimate percentage depends on the gross reinsurance
premium Swiss Re receives for each underwriting year.

The attachment point for the class B notes is EUR729 million of
aggregate ceded losses for the three underwriting years 2006–2008.
Swiss Re expects a longer reporting lag in the current
circumstances as a result of an unusually high number of claims
and an exceptionally high claims intensity.  For this reason,
Swiss Re's estimate for the loss ratio for the underwriting year
2008 has significantly increased above historical claims levels,
making it much more likely that the class B notes will incur a
loss of principal.

Given the nature of the credit reinsurance business, it will take
about two years for premiums and losses reported to Swiss Re to
reach a stable level.  Hence, S&P don't expect much variability in
the figures reported for the underwriting year 2006.  For the
underwriting year 2008, though, the uncertainty remains very high,
as some of the credit reinsurance treaties are still on risk--
meaning losses are still occurring--and Swiss Re's cedants now
report premium and loss numbers to it.

Although the treaties for the underwriting year 2007 are no longer
at risk, the delay in reporting means that there is still
uncertainty regarding the numbers reported to Swiss Re.  Further,
the 2007 losses are already higher than the 2006 losses, and S&P
anticipate that further losses will be reported and that the 2008
losses will be well above the losses for either 2007 or 2006.

The close-out period for the 2008 underwriting year will end on
Dec. 31, 2009, when the loss development period will start.  This
period allows Swiss Re's cedants to report losses and premiums to
it, for the reserve component of the retroceded losses to be
converted into paid losses, and for agreeing the ultimate loss
amount to be paid to Swiss Re.  This period enables ultimately
reported losses to be mostly in the form of paid losses as opposed
to reserves.

Based on the terms of the transaction, it will only be between
April 1 and 15, 2012, that Swiss Re will be able to deliver a
proof of loss to Crystal Credit to request the payment of the
ultimate amount of retroceded losses under the retrocession
agreement.

Swiss Re has appointed Towers, Perrin, Forster & Crosby, Inc., as
the professionally recognized actuarial firm to act as the reserve
validation firm according to the terms of the retrocession
agreement.  If Swiss Re delivers a proof of loss containing
reported reserves greater than zero, TPFC will perform a review of
the reported reserves and a report will be due 15 days
after the delivery of proof of loss.  KPMG Cayman Islands is the
appointed claims reviewer.

Following the extension, the maturity of all classes of notes is
June 30, 2012.  Swiss Re has the option to redeem one or more
classes of notes before the extended maturity.

S&P will keep monitoring the quarterly premium and loss reports
and request further information from Swiss Re as S&P see necessary
until the maturity of the notes.

                           Ratings List

                        Crystal Credit Ltd.
       EUR252 Million Principal-At-Risk Variable-Rate Notes

                                 Rating
                                 ------
                Class    To                  From
                -----    --                  ----
                A        B+                  BB+
                B        CCC+                B-
                C        CC                  CCC


ZOE DEVELOPMENTS: Court to Hear New Examinership Bid on Sept. 1
---------------------------------------------------------------
Simon Carswell at the Irish Times reports that the High Court will
hear a second attempt by Liam Carroll's Zoe development group to
secure protection from creditors on Sept. 1.

The Irish Times relates the court agreed on Friday to give
companies in the group a second chance to seek the appointment of
an examiner in a bid to ensure its survival.

According to the Irish Times, Judge John Cooke said the court
found there are good grounds to allow the second petition to
proceed to a full hearing.  Mr. Justice Cook, as cited by the
Irish Times, said Monday morning that the court was satisfied that
allowing a second petition to be heard did not constitute an abuse
of process or bad faith.  Previous efforts to secure protection
and the appointment of an examiner to companies in the group were
rejected by the High Court and Supreme Court, the Irish Times
recounts.

Lyndon MacCann, senior counsel for ACCBank, which opposed both the
hearing of the petition and the attempt to appoint an examiner,
said that the bank would be submitting affidavits from a bank
official, a property valuer, an economist and an insolvency
practitioner to respond to the companies' claims that they have a
reasonable prospect of survival, the Irish Times discloses.  The
judge, the Irish Times notes, gave the bank until Friday at 6:00
p.m. to submit the affidavits to the seven Liam Carroll-controlled
companies seeking examinership.

The Irish Times recalls Mr. Carroll's development group, which has
bank debts of EUR1.2 billion, is seeking the appointment of an
examiner after ACC, which is owned by Dutch banking group
Rabobank, demanded immediate repayment of EUR136 million in debts.


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


WIND TELECOMUNICAZIONI: Weather Investors Balk at Bond Buyback
--------------------------------------------------------------
Creditors to Weather Capital, a vehicle linked to Italy-based
international telecoms group Weather Investments, are seeking to
block the company from buying back its bonds at a discount,
Anousha Sakoui at The Financial Times reports citing people
familiar with the situation.

The FT relates on August 18, Weather Investments launched an offer
to buy back EUR825 million (US$1.19 billion) of bonds --
exchangeable into Orascom shares, which it also owns at 98.5% of
face value by September 1, in an attempt to remove any short-term
debt maturities.  According to the FT, if a majority of the bonds
are tendered, the company will buy back the remaining bonds at 97%
of face value.  The move, the FT says, has angered some
bondholders, who say the company has the ability to repay the
bonds in full.

The FT discloses law firm Cadwalader, Wickersham & Taft has been
leading a process of organizing a bondholder group that oppose the
company’s plan, understood to account for more than 25% of the
bonds.

                   About Weather Capital S.a.r.l

Weather Capital S.a.r.l. is a holding company established under
the laws of Luxembourg for the purpose of partially financing
the acquisition of Wind Telecomunicazioni S.p.A by Mr. Naguib
Sawiris, the indirect controlling shareholder of Weather
Investments S.r.l.  The core asset of Weather Capital is 50% + 1
GDS in the share capital of Orascom Telecom Holdings S.A.E.

                   About Wind Telecomunicazioni SpA

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

                           *     *     *

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

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


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


ALERCO LLC: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of LLP Alerco LLC have until August 28, 2009 to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 19, 2009.


BTA BANK: To Shut Branches and Cut Staff Under Restructuring Plan
-----------------------------------------------------------------
Laura Cochrane at Bloomberg News reports that BTA Bank said it
will shut branches and cut staff as it restructures more than
US$12 billion in debt.

Citing an investor presentation, dated Aug. 18, on BTA's Web site,
Bloomberg discloses the bank aims to cut costs and may consider
"disposing" of "non-core assets" such as retail unit Temirbank.

According to Bloomberg, the presentation said net liabilities at
BTA were more than KZT890 billion (US$5.9 billion) as of June 30,
from net assets of almost KZT417 billion at the end of last year.

Bloomberg recalls BTA said July 24 it is offering creditors US$1
billion to buy back debt and is stopping debt interest payments as
part of a restructuring plan.

Bloomberg relates the presentation said the bank will present the
final restructuring plan to creditors by Sept. 18.

On July 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported BTA said in April it stopped making
principal payments on its debt after creditors demanded
accelerated payment, triggering a default.

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


DAR-SERVICE LLP: Creditors Must File Claims by August 28
--------------------------------------------------------
Creditors of LLP Dar-Service have until August 28, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 2, 2009.


BUSINESS STROY: Creditors Must File Claims by August 28
-------------------------------------------------------
LLP Business Stroy Complect is currently undergoing liquidation.
Creditors have until August 28, 2009, to submit proofs of claim
to:

          Djambul Str. 124/126
         Office 1
         Almaty
         Kazakhstan


JEZ STROY: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Jez Stroy have until August 28, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 19, 2009.


KAZ TRADE: Creditors Must File Claims by August 28
--------------------------------------------------
LLP Kaz Trade Snub Ltd. is currently undergoing liquidation.
Creditors have until August 28, 2009, to submit proofs of claim
to:

         Aviagorodok District, 24-73
         Aktobe
         Aktube
         Kazakhstan


MILLENIUM LLP: Creditors Must File Claims by August 28
------------------------------------------------------
Creditors of LLP Millenium have until August 28, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan

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


PLAZA BUILDING: Creditors Must File Claims by August 28
-------------------------------------------------------
Creditors of LLP Plaza Building have until August 28, 2009, to
submit proofs of claim to:

         Dostyk Ave. 85a
         Office 414
         Almaty
         Kazakhstan

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


ULMEKEN LLP: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Ulmeken have until August 28, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda

         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 19, 2009.


VEGAS PLUS: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of LLP Vegas Plus Service have until August 28, 2009, to
submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

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

The Court is located at:

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


ZAPADNAYA TRUBOPROVODNAYA: Creditors Must File Claims by August 28
------------------------------------------------------------------
LLP Zapadnaya Truboprovodnaya Kompaniya is currently undergoing
liquidation.  Creditors have until August 28, 2009, to submit
proofs of claim to:

         Sankibai batyr Ave. 26d
         Aktobe
         Aktube
         Kazakhstan


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


RELIABLE SYSTEM: Creditors Must File Claims by September 17
-----------------------------------------------------------
LLC Reliable System Trade is currently undergoing liquidation.
Creditors have until September 17, 2009 to submit proofs of claim
to:

For further information, contact (0-555) 77-07-73.


===================
L U X E M B O U R G
===================


OSTREGION INVESTMENTGESELLSCHAFT: S&P Cuts Long-Term Rating to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term rating to 'B' from 'BBB-' on EUR425 million in floating-
rate senior secured bonds, due 2039, and a EUR350 million
floating-rate senior secured loan from the European Investment
Bank (AAA/Stable/A-1+), due 2038, issued by Luxembourg-registered
special-purpose vehicle Ostregion Investmentgesellschaft Nr. 1
S.A. to finance Ostregion Package 1, a 33-year concession to
design, build, finance, operate, and maintain a 52-kilometer
motorway to the north of the City of Vienna (AAA/Stable/A-1+)(the
project).  The bonds and the loan benefit from an unconditional
and irrevocable guarantee of payment of scheduled interest and
principal from Ambac Assurance U.K. Ltd. (CC/Negative/--).  The
outlook is developing.  The '2' recovery rating, indicating S&P's
expectation of substantial recovery (70%-90%), is not affected.

Under Standard & Poor's criteria, a rating on monoline-insured
debt reflects the higher of the rating on the monoline insurer or
Standard & Poor's underlying rating on the debt.  Therefore, the
current rating on the bonds and the loan reflects the SPUR.

"The downgrade reflects the possible effect of a potential Ambac
default event on Ostregion's ability to fully and timely pay debt
service on the bonds and the loan," said Standard & Poor's credit
analyst Christian Esters.

Were Ambac to default on any payment obligation or if an
administrator or receiver were appointed for Ambac, bondholders
could refuse Ostregion's remaining financial drawdowns and the EIB
could accelerate the loan.  Under this scenario, S&P understand
that Ostregion would likely not have sufficient funds to continue
paying full and timely debt service and would therefore default.
Ostregion's last bond drawdown is scheduled for May 31, 2010.

However, S&P also understands that, under an Ambac default
scenario, bondholders and the EIB might waive those rights.  In
particular, S&P believes that the EIB's public policy mandate
might counter any loan acceleration.  Similarly, S&P understands
bondholders might have an economic rationale to permit the
remaining drawdowns to occur.

However, the rating is constrained by the lack of visibility about
the lenders' and other transaction parties' intentions and
coordination under an Ambac default scenario.

"The developing outlook reflects the possibility that S&P could
lower the rating on the bonds and the loan if, following an Ambac
default, bondholders effectively block the remaining drawdowns or
if the EIB accelerates the loan," said Mr. Esters.

In that case, it is S&P's understanding that Ostregion might
default on the next scheduled debt service payment date.

Conversely, S&P might raise the rating -– potentially by several
notches -- to reflect the project's performance and outlook if,
following an Ambac default, bondholders promptly decide to waive
their rights to refuse to draw down, so that Ostregion can pay
full and uninterrupted debt service.


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


CONTEGO CLO: Moody's Downgrades Rating on Class C Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes issued by Contego CLO I B.V.  At the same time,
Moody's upgraded its rating of one class of notes and confirmed
its rating of one class of notes issued by Contego CLO I B.V.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio
which is observed in, among other measures as per Trustee Report
dated 30 June 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2640), an increase in the proportion of securities from issuers
rated Caa1 and below (currently 10.5% of maximum investment
amount), and a failure of Class E Par Value test.

Moody's notes that the upgrade actions on the Class D Notes and
the rating confirmation on the E Notes have incorporated the
aforementioned stresses as well as credit deterioration in the
underlying portfolio.  However, the actions reflect updated
analysis indicating that the impact of these factors on the
ratings of the Class D and E Notes is not as negative as
previously assessed during Stage I of the deal review in March.
The current conclusions stem from comprehensive deal-level
analysis completed during Stage II of the ongoing CLO surveillance
review, which included an in-depth assessment of results from
Moody's quantitative CLO rating model along with an examination of
deal-specific qualitative factors.  By way of comparison, during
Stage I Moody's took rating actions that were largely the result
of a parameter-based approach.  In concluding its Stage II review
of the deal, Moody's stated that after the actions, the current
ratings on all the rated notes are consistent with the credit risk
posed to holders of the notes as indicated by the updated
analysis.

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

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (August 2009)

The rating actions are:

Issuer: Contego CLO I B.V.

  -- Multicurrency Senior Secured Floating Rate Variable Funding
     Notes due 2026, Downgraded to Aa1; previously on Aug 13, 2007
     Assigned Aaa

  -- Class A-1-a Senior Secured Floating Rate Notes due 2026,
     Downgraded to Aa1; previously on Aug 13, 2007 Assigned Aaa

  -- Class B Deferrable Secured Floating rate Notes due 2026,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Secured Floating Rate Notes due 2026,
     Downgraded to Ba1; previously on Mar 18, 2009 Downgraded to
     Baa3 and Remains On Review for Possible Downgrade

  -- Class D Deferrable Secured Floating Rate Notes due 2026,
     Upgraded to B2; previously on Mar 18, 2009 Downgraded to Caa1
     and Remains On Review for Possible Downgrade

  -- Class E Deferrable Secured Floating rate Notes due 2026,
     Confirmed at Caa3; previously on Mar 18, 2009 Downgraded to
     Caa3 and Remains On Review for Possible Downgrade


ING GROEP: Swaps to Tied to ING Bank Sub. Bonds Up Most This Year
-----------------------------------------------------------------
Abigail Moses at Bloomberg News reports that the cost of
protecting ING Bank NV's subordinated bonds from default jumped by
the most this year.

Bloomberg relates CMA DataVision prices show contracts on
subordinated debt sold by the ING Groep NV unit climbed 20.5 basis
points to 138 as of 4:00 p.m. on Friday, Aug. 21, in London.
According to Bloomberg, it costs EUR138,000 a year to protect
EUR10 million (US$14.3 million) of ING’s junior bonds from default
for five years.

Bloomberg, citing CMA, discloses swaps tied to Amsterdam-based ING
Bank's senior bonds rose 6.5 basis points to 79, the largest
increase since March.

Fitch Ratings, Bloomberg discloses, downgraded hybrid securities
of eight European lenders on Thursday, Aug. 20, including ING
Bank’s parent ING Groep, on concern regulators will force bailed-
out banks to defer coupon payments on junior bonds.

As reported in the Troubled Company Reporter-Europe on Aug. 14,
2009, ING Groep, which received a EUR10-billion lifeline in
October from the Netherlands and transferred the risk on most
Alt-A mortgage assets to the Dutch state, said the company is
reviewing additional strategic options "to facilitate our
continued transformation and realize our ambition to repay the
Dutch state".  ING, as cited by Bloomberg, said discussions
between the European Commission, the Dutch government and the
lender about the restructuring plan the company earlier submitted
will start soon.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


JUBILEE CDO: Moody's Upgrades Rating on Class E Notes to 'B2'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Jubilee CDO VII B.V.  Given that this is a relatively
well-performing CLO, the Class AT and Class AR notes remain Aaa.

  -- EUR50M Class B Notes Senior Secured Floating Rate Notes due
     2022, Confirmed at Aa2; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR30M Class C Notes Senior Secured Deferrable Floating Rate
     Notes due 2022, Upgraded to Baa1; previously on Mar 19, 2009
     Downgraded to Ba1 and Remains On Review for Possible
     Downgrade

  -- EUR31M Class D Notes Senior Secured Deferrable Floating Rate
     Notes due 2022, Upgraded to Ba2; previously on Mar 19, 2009
     Downgraded to B2 and Remains On Review for Possible Downgrade

  -- EUR20M Class E Notes Senior Secured Deferrable Floating Rate
     Notes due 2022, Upgraded to B2; previously on Mar 19, 2009
     Downgraded to Caa3 and Remains On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

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

According to Moody's, the rating actions also reflect the
relatively resilient performance of the portfolio.  This is
observed in, among other measures as per Trustee Report dated
27 July 2009, a slight decline in the average credit rating as
measured through the weighted average rating factor (currently
2605).  The amount of defaulted securities is currently 0.62% of
the portfolio and the rated Caa1 and below bucket is currently
4.62% of the portfolio.  Moody's also performed a sensitivity
analysis, including amongst others, a further decline in portfolio
WARF quality.  Notably, there is an improvement in par coverage
over the life of the deal.

Moody's notes that the upgrade actions have incorporated the
aforementioned stresses as well as credit deterioration in the
underlying portfolio.  However, the actions reflect updated
analysis indicating that the impact of these factors on the
ratings of these notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach.

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

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


NEW WORLD: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on The Netherlands-headquartered New World Resources N.V.,
a holding company for Czech Republic-based coal mining company
OKD, a.s. and coke producer OKD, OKK, a.s.  At the same time, S&P
affirmed the 'BB-' long-term corporate credit rating on the
company and the 'B' issue rating on the EUR300 million senior
unsecured bond issued by NWR due 2015.

"The outlook revision reflects S&P's opinion that conditions in
the coal and coke industry will remain difficult in the near
term," said Standard & Poor's credit analyst Paulina Grabowiec.
"In S&P's view, given continued subdued conditions in the steel
industry, the combination of weaker earnings and high investments
at NWR could lead to negative free operating cash flow generation
for financial 2009 and higher leverage than that reported on
June 30, 2009.  Such continued weak operating performance would in
S&P's opinion result in a rapid tightening of headroom under
leverage covenants included in NWR's EUR1.1 billion senior bank
facility."

Against the backdrop of a weak trading environment, NWR is
continuing with its largely committed investments in modern mining
equipment planned for 2009.  However, S&P views positively NWR's
measures to address the current difficult trading environment.
These measures include a 19% cut in planned capital expenditures
to about EUR234 million; a reduction in the workforce; the
suspension of dividends for 2009; the decision not to proceed with
the acquisition of 25% minus one share in Ukraine-based iron ore
pellet manufacturer Ferrexpo PLC (not rated); and other cost-
saving efforts.

S&P believes that the second half of 2009 could be challenging for
the company, given the subdued conditions in the steel industry
and uncertain near-term demand for coal and coke," said Ms.
Grabowiec.  "We see the possibility of a downgrade if NWR's weak
operating performance continues, leading for example to a further
reduction in covenant headroom.  Equally, the rating could come
under pressure if cash flow protection metrics were to fall below
S&P's guidance levels of FFO to adjusted debt of 25% and debt to
EBITDA of less than 4x for the 'BB-' rating.  A renewed aggressive
financial policy, including debt-financed acquisitions or even
higher capital expenditures or dividends that would compromise
NWR's financial flexibility, could also have a negative impact on
the rating."


PROVIDE ORANGE: Fitch Affirms Rating on Class E Tranche at 'BB'
---------------------------------------------------------------
Fitch has affirmed six tranches of Provide Orange 2003-1 B.V., a
synthetic Dutch RMBS transaction originated by subsidiaries of
NIBC Bank N.V.  The rating actions are:

  -- ClassA+ (ISIN XS0178898424) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- ClassA (ISIN XS0178899828) affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating of 'LS-1'

  -- ClassB (ISIN XS0178900345) affirmed at 'AA'; Outlook Stable;
     Loss Severity Rating revised to 'LS-1' from 'LS-2'

  -- ClassC (ISIN XS0178901079) affirmed at 'A'; Outlook Stable;
     Loss Severity Rating revised to 'LS-2' from 'LS-3'

  -- ClassD (ISIN XS0178901152) affirmed at 'BBB'; Outlook Stable;
     Loss Severity Rating revised to 'LS-2' from 'LS-3'

  -- ClassE (ISIN XS0178901319) affirmed at 'BB'; Outlook Stable;
     Loss Severity Rating of 'LS-3'

The affirmation reflects the high seasoning of the deal, the
sufficient level of credit enhancement and the current performance
of the underlying pool.

Since the end of the replenishment period in December 2007, CE for
all tranches has started to increase due to the sequential pay
down of the notes.  As of June 2009 IPD it stood at 17.1% for
class A+ (13.3% at issuance), 10.59% for class A (8.3%), 5.96% for
class B (4.75%), 4.2% for class C (3.4%), 2.31% for class D
(1.95%) and 0.89% for class E (0.85%).

Of the first loss threshold of EUR8.5 million, only EUR1.8 million
has been utilized to cover initial losses.  Currently, the
threshold is 0.89% of the outstanding note balance.  Cumulative
losses to date are 0.17% of initial outstanding loan balance,
which are within Fitch's expectations for the transaction.

As of June 2009 IPD loans in arrears by more than three months
were low at 0.32% of current outstanding balance of the pool.
Cumulative defaulted reference claims, defined as claims in
respect of which a credit event had occurred and was not remedied
before a credit event notice has been given, stood at
EUR3.6 million (0.37% of initial loan balance).  Credit events are
defined as loans for which a bankruptcy or a failure to pay event
has occurred.  Fitch expects arrears may increase slightly due to
the deterioration in the Dutch economy, although it should not
have any significant impact on the credit support available to the
notes.


ST JAMES: Moody's Cuts Rating on Class E Notes to 'Caa3'
--------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by St. James's Park CDO B.V.  The senior
Class A1 notes and the Revolving Loan Facility remain Aaa mainly
due to the current overcollateralisation.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio
which is observed in, among other measures as per Trustee Report
dated 6 July 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2761).

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

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
    (August 2009)

The rating actions are:

Issuer: St. James's Park CDO B.V.

  -- EUR50,000,000 Class A2 Senior Secured Floating Rate Notes due
     2020, Downgraded to Aa3; previously on Mar 4, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR28,000,000 Class B Senior Secured Floating Rate Notes due
     2020, Downgraded to Baa1; previously on Mar 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Ba2; previously on Mar 18, 2009
     Downgraded to Baa3 and Remains On Review for Possible
     Downgrade

  -- EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to B3; previously on Mar 18, 2009
     Downgraded to B1 and Remains On Review for Possible Downgrade

  -- EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Caa3; previously on Mar 18,
     2009 Downgraded to Caa1 and Remains On Review for Possible
     Downgrade


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


ALYANS-STROY LLC: Creditors Must File Claims by August 31
---------------------------------------------------------
Creditors of LLC Alyans-Stroy (TIN 1655108889) (Construction) have
until August 31, 2009, to submit proofs of claims to:

         L. Khaydarova
         Temporary Insolvency Manager
         Post User Box 2030
         420061 Kazan
         Russia

The Arbitration Court of Tatarstan will convene at 1:00 p.m. on
November 30, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?65–13632/2009-SG4–
35 .

The Debtor can be reached at:

         LLC Alyans-Stroy
         Chistopolskaya Str. 75
         Kazan
         Russia


ARKH-STROY LLC: Creditors Must File Claims by August 31
-------------------------------------------------------
Creditors of LLC Arkh-Stroy (TIN 6229026923, PSRN
1026201075691)have until August 31, 2009, to submit proofs of
claims to:

         D. Porkhunov
         Insolvency Manager
         Office 4
         Prospect Zavrazhnogo 5
         Ryazan
         Russia

The Arbitration Court of Ryazanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?54–2727/2009 S19.

The Debtor can be reached at:

        LLC Arkh-Stroy
        Mayakovskogo Str. 47
        Ryazan
        Russia


ARTYLYSH LLC: Creditors Must File Claims by August 31
-----------------------------------------------------
Creditors of LLC Artylysh Ore-Dressing Enterprise (TIN 0254005228,
PSRN 1?20201543230) have until August 31, 2009 to submit proofs of
claims to:

         R. Yakupov
         Insolvency Manager
         Apt. 20
         Molodezhnaya Str. 8a
         Ishimbay
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on
November 19, 2009 to hear bankruptcy proceedings.  The case is
docketed under Case No. ?07–12956/2008-G-FLE.


GEN-STROY LLC: Creditors Must File Claims by August 31
------------------------------------------------------
Creditors of LLC Gen-Stroy (TIN 7721593504, PSRN 1077758496738)
(Construction) have until August 31, 2009, to submit proofs of
claims to:

         V. Dobryshkin
         Insolvency Manager
         Office 21
         Building 6
         Ostapovskiy proezd 3
         109316 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–14274/09–74-34B.

The Debtor can be reached at:

         LLC Gen-Stroy
         1-ya Ostankinskaya Str. 26
         129515 Moscow
         Russia


INTER-KHIM LLC: Creditors Must File Claims by August 31
-------------------------------------------------------
Creditors of LLC Inter-Khim-Stroy (TIN 2129052866, PSRN
1042129001573) (Construction) have until August 31, 2009, to
submit proofs of claims to:

         I. Semenov
         Insolvency Manager
         Kollektivnaya Str. 12\6
         428000 Cheboksary
         Chuvashia
         Russia

The Arbitration Court of Chuvashia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?79–4573/2009.

The Debtor can be reached at:

         LLC Inter-Khim-Stroy
         Pirogova Str. 18
         428000 Cheboksary
         Chuvashia
         Russia


MIRAX GROUP: Fitch Downgrades Issuer Default Ratings to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Russian construction and property
company Mirax Group Holding BV's Issuer Default Ratings to 'RD'
(Restricted Default) from 'C', thereby resolving the Rating Watch
Negative on these ratings.  At the same time, Fitch has withdrawn
all of Mirax's ratings.  The agency will no longer provide ratings
or analytical coverage on this issuer.

The downgrade of the ratings reflects that, in Fitch's opinion,
Mirax has experienced an uncured payment default on at least one
of its debt obligations (although to the agency's knowledge it has
not entered into bankruptcy filings, administration, receivership,
liquidation or other formal winding-up procedure).  Mirax failed
to fully repay a US$265 million loan with Credit Suisse (rated
'AA-'/Negative Outlook) on its scheduled maturity date of 9
February 2009, prompting Fitch to downgrade Mirax's IDRs to 'C'.
Although Fitch has not received copies of the relevant
documentation, in the agency's opinion there is a high probability
that any applicable grace period, cure period or default
forbearance period has now expired without cure, and therefore
according to the agency's definitions a Restricted Default has
occurred.

A full list of rating actions is:

  -- Long-term foreign currency IDR downgraded to 'RD' from 'C';
     removed from RWN

  -- Long-term local currency IDR downgraded to 'RD' from 'C';
     removed from RWN

  -- Short-term foreign currency IDR downgraded to 'RD' from 'C';
     removed from RWN

  -- National Long-term rating downgraded to 'RD(rus)' from
     'C(rus)'; removed from RWN


OKTYABRSKIY CHINAWARE: Creditors Must File Claims by August 31
--------------------------------------------------------------
Creditors of LLC Oktyabrskiy Chinaware Plant (TIN 0265023420, PSRN
1030203314294) have until August 31, 2009, to submit proofs of
claims to:

         E. Berg
         Temporary Insolvency Manager
         Building B
         Bessonova Str. 2
         450001 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on
December 14, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?07–17658/2008.

The Debtor can be reached at:

         LLC Oktyabrskiy Chinaware Plant
         Building A
         Severnaya Str. 60
         Oktyabrskiy
         Bashkortostan
         Russia


OLGOVSKIY BRICK: Creditors Must File Claims by August 31
--------------------------------------------------------
Creditors of CJSC Olgovskiy Brick Plant (TIN 4026000394, PSRN
1024001431761) have until August 31, 2009, to submit proofs of
claims to:

         Yu.Ryabovol
         Temporary Insolvency Manager
         Post User Box 540
         248002 Kaluga
         Russia

The Arbitration Court of Kaluzhskoy will convene at 2:30 a.m. on
December 21, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?23–2292/09?-8–140.

The Debtor can be reached at:

         CJSC Olgovskiy Brick Plant
         Tarutinskaya Str. 184B
         248008 Kaluga
         Russia


PIVANSKIY BRICK: Creditors Must File Claims by August 31
--------------------------------------------------------
Creditors of LLC Pivanskiy Brick Plant have until August 31, 2009,
to submit proofs of claims to:

         Yu.Nikitin
         Insolvency Manager
         Office 1
         Komsomolskaya Str. 82
         Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?73–14160/2008–37.

The Debtor can be reached at:

         LLC Pivanskiy Brick Plant
         Promyshlennaya Str. 1
         Pivan'
         Komsomolskiy
         Khabarovskiy
         Russia


RAEVSKIY CANNERY: Creditors Must File Claims by August 31
---------------------------------------------------------
Creditors of LLC Raevskiy Cannery (TIN 0202006125, PSRN
1040202230364) have until August 31, 2009, to submit proofs of
claims to:

         E. Akhmetzyanova
         Temporary Insolvency Manager
         Apt.67
         Entuziastov Str. 2
         450096 Ufa
         Russia

The Arbitration Court of Bashkortostan will convene at 10:00 a.m.
on November 2, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?07–11065/2009.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Courtroom 109B
         Prospect Salavata Yulaeva 7
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Raevskiy Cannery
         Zavodskaya Str. 1
         Raevskiy
         Alsheevskiy
         452120 Bashkortostan
         Russia


STROY-KONTRAKT LLC: Creditors Must File Claims by August 31
-----------------------------------------------------------

Creditors of LLC Stroy-Kontrakt XXI (TIN 7715339612, PSRN
1037700232943) (Construction) have until August 31, 2009, to
submit proofs of claims to:

         V. Skripko
         Temporary Insolvency Manager
         Apt. 266
         3-y Krutitskiy pereulok 11
         109044 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
November 9, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?41–20353/09.

The Debtor can be reached at:

         LLC Stroy-Kontrakt XXI
         Pobedy Str. 2
         Protvino
         142280 Moskovskaya
         Russia


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


VALENCIA: Fans Buy EUR18.5MM Worth of Shares to Avert Insolvency
----------------------------------------------------------------
Alex Duff at Bloomberg News reports that Valencia said some 26,000
supporters bought EUR18.5 million (US$26.5 million) worth of
shares more than six weeks through Aug. 21 to in an attempt to
save the Spanish soccer club from insolvency.

"The people won't let the club disappear," Bloomberg quoted Jose
Antonio Alcala, a lorry driver, as saying after buying 20 shares
for EUR961.

Bloomberg relates the club's foundation said it plans a second
share sale.

According to Bloomberg, Valencia's debt soared to EUR502 million
in June 2008, five times its annual income, and the collapse of
Spain’s decade-long real estate boom has hit plans to sell the
stadium to developers for EUR300 million.

Bloomberg recalls real estate developer Juan Soler, Valencia's
biggest shareholder, has sought to sell his stake since quitting
as president last September.  Citing El Pais newspaper, Bloomberg
discloses Mr. Soler owns 37% of the club.

The club, as cited by Bloomberg said it will seek a new loan,
backed by Valencia's regional government, from Bancaja for
EUR74 million that will be repaid from the proceeds of a further
share sale.


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


BARGUZIN CONSULTANCY: Claims Filing Deadline is August 31
---------------------------------------------------------
Creditors of Barguzin Consultancy GmbH are requested to file their
proofs of claim by August 31, 2009, to:

         Adminconsult AG
         Bahnhofstrasse 25
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 9, 2009.


BASAR-SHOP KRASNIQI: Claims Filing Deadline is August 28
--------------------------------------------------------
Creditors of Basar-Shop Krasniqi GmbH are requested to file their
proofs of claim by August 28, 2009, to:

         Rexhep Krasniqi
         Baselstrasse 34
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on January 1, 2009.


BKS-TECHNOLOGIE & CONSULTING: Claims Filing Deadline is August 31
-----------------------------------------------------------------
Creditors of BKS-Technologie & Consulting AG are requested to file
their proofs of claim by August 31, 2009, to:

         Emilio Dorizzi
         Liquidator
         Letzacherstrasse 63
         8117 Fallanden
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 22, 2009.


GLOBALWEALTH CONSULTING: Claims Filing Deadline is August 31
------------------------------------------------------------
Creditors of Globalwealth Consulting GmbH are requested to file
their proofs of claim by August 31, 2009, to:

         Stephan K. Nyffenegger
         Kuttelgasse 4
         8001 Zurich
         Switzerland

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


MAXLUI HOLDING: Creditors Must File Claims by August 31
-------------------------------------------------------
Creditors of MaxLui Holding AG are requested to file their proofs
of claim by August 31, 2009, to:

         Taudien Treuhand Steuerberatungs GmbH
         Murtengasse 5
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 23, 2009.


RADIO EULACH: Claims Filing Deadline is August 31
-------------------------------------------------
Creditors of Radio Eulach AG are requested to file their proofs of
claim by August 31, 2009, to:

        RADIO TOP AG
        Gertrudstrasse 1
        Mail Box 2299
        8401 Winterthur

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 23, 2009.


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


AITA LLC: Creditors Must File Claims by August 27
-------------------------------------------------
Creditors of LLC Company Aita (code EDRPOU 31889324) have until
August 27, 2009, to submit proofs of claim to:

         S. Lototsky
         Insolvency Manager
         Shevchenko Str. 9
         76018 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on July 9, 2009.  The case is
docketed under Case No. B-13/176.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Company Aita
         Mazepa str. 303
         Kolomiya
         Ivano-Frankovsk
         Ukraine


AMUR 72 LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Amur 72 (code EDRPOU 34987489) have until
August 27, 2009, to submit proofs of claim to:

         S. Bonchak
         Insolvency Manager
         Office 6
         50 years of USSR Str. 29
         Kremenchuk
         39600 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on July 2, 2009.  The case is docketed under
Case No. 7/59.

The Court is located at:

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

The Debtor can be reached at:

          LLC Amur 72
          Office 129
          60 years of October Str. 55
          Kremenchuk
          39600 Poltava
          Ukraine


BAS LLC: Creditors Must File Claims by August 27
------------------------------------------------
Creditors of LLC Trading House Bas (code EDRPOU 32625907) have
until August 27, 2009, to submit proofs of claim to the pension
fund department in Irpen, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 19, 2008.  The case is docketed under
Case No B3/035-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading House Bas
         Kurortnaya Str. 2-D
         Irpen
         08200 Kiev
         Ukraine


COPYRCENTER STATE: Creditors Must File Claims by August 27
----------------------------------------------------------
Creditors of State Polygraphic Enterprise Copyrcenter (code EDRPOU
24281185) have until August 27, 2009, to submit proofs of claim
to:

         O. Gus
         Insolvency Manager
         Yakovlevka
         Lozovaya
         64625 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on May 5, 2009.  The case is docketed under
Case No. B-19/26-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         State Polygraphic Enterprise Copyrcenter
         Lenin Ave. 66-A
         Izium
         Kharkov
         Ukraine


DGS CJSC: Creditors Must File Claims by August 27
-------------------------------------------------
Creditors of CJSC DGS (code EDRPOU 19313776) have until August 27,
2009, to submit proofs of claim to:

         I. Chumak
         Insolvency Manager
         Post Office Box 3495
         Krivoy Rog
         50069 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on November 10, 2005.  The case is
docketed under Case No. B15/157-05.

The Court is located at:

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

The Debtor can be reached at:

         CJSC DGS
         Office 402
         Shevcenko Str. 10
         Dnepropetrovsk
         Ukraine


FRESHLINE-SUMY LLC: Creditors Must File Claims by August 27
-----------------------------------------------------------
Creditors of LLC Freshline-Sumy (code EDRPOU 33525361) have until
August 27, 2009, to submit proofs of claim to:

         A. Malevany
         SKD Str. 24/2
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on July 20, 2008.  The case is docketed under
Case No. 7/137-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Freshline-Sumy
         Office 80
         Promishlenny Lane 9
         40030 Sumy
         Ukraine


IMPERIAL GROUP: Creditors Must File Claims by August 27
-------------------------------------------------------
Creditors of LLC Imperial Group (code EDRPOU 33831648) have until
August 27, 2009, to submit proofs of claim to:

         LLC Befel
         Insolvency Manager
         Kerch Str. 7/7
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 13, 2009.  The case is docketed under
Case No. 44/347-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Imperial Group
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


LOENGREEN LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Loengreen (code EDRPOU 35734591) have until
August 27, 2009, to submit proofs of claim to:

         Private enterprise Vuelta
         Insolvency manager
         Chapayev Str. 10
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/490.

The Court is located at:

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

The Debtor can be reached at:

         LLC Loengreen
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


MAGMA-PLUS LLC: Creditors Must File Claims by August 27
-------------------------------------------------------
Creditors of LLC Magma-Plus (code EDRPOU 32855474) have until
August 27, 2009, to submit proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009.  The case is docketed under
Case No. 50/370.

The Court is located at:

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

The Debtor can be reached at:

         LLC Magma-Plus
         Baggovutovskaya str. 8/10
         04107 Kiev
         Ukraine


MILPOS DISTRIBUTION: Creditors Must File Claims by August 27
------------------------------------------------------------
Creditors of LLC Milpos Distribution (code EDRPOU 31606752) have
until August 27, 2009, to submit proofs of claim to:

         LLC Ontario
         Insolvency Manager
         Office 197
         I. Mazepa Str. 3B
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 13, 2009.  The case is docketed under
Case No. 44/329-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Milpos Distribution
         Krasnoarmeyskaya Str. 81
         03150 Kiev
         Ukraine


NOVAYA ODESSA: Creditors Must File Claims by August 27
------------------------------------------------------
Creditors of CJSC Novaya Odessa Regional Agricultural Industrial
Energy (code EDRPOU 34772699) have until August 27, 2009, to
submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. 5/191/09.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Novaya Odessa Regional Agricultural
         Industrial Energy
         Ipatenko Str. 3
         Novaya Odessa
         56600 Nikolayev
         Ukraine


NT-COMPUTER LLC: Creditors Must File Claims by August 27
--------------------------------------------------------
Creditors of LLC NT-Computer (code EDRPOU 33787971) have until
August 27, 2009, to submit proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 44/393-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC NT-Computer
         Frunze Str. 39
         04080 Kiev
         Ukraine


OXYS LLC: Creditors Must File Claims by August 27
-------------------------------------------------
Creditors of LLC Oxys (code EDRPOU 34927388) have until August 27,
2009, to submit proofs of claim to:

         LLC Deltis
         Insolvency Manager
         Office 60
         Gragomirov Str. 10/10
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 13, 2009.  The case is docketed under
Case No. 44/346-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oxys
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


POLEMIN CJSC: Creditors Must File Claims by August 27
-----------------------------------------------------
Creditors of CJSC Insurance Company Polemin (code EDRPOU 24370575)
have until August 27, 2009, to submit proofs of claim to A.
Svintsitsky, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Dec. 3, 2008.  The case is docketed under
Case No. 44/112-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Insurance Company Polemin
         P. Lumumba Str. 15
         01042 Kiev
         Ukraine


SANTONI LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Santoni (code EDRPOU 34934381) have until
August 27, 2009, to submit proofs of claim to:

         A. Kandaurova
         Insolvency manager
         Office 40
         Kibalchich Str. 5A
         02183 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 27, 2009.  The case is docketed under
Case No. 44/394-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Santoni
         Liatoshinsky Str. 4A/289
         03191 Kiev
         Ukraine


SANZHYS LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Sanzhys (code EDRPOU 34819375) have until
August 27, 2009, to submit proofs of claim to:

         LLC Deltis
         Insolvency Manager
         Office 60
         Gragomirov Str. 10/10
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 13/2009.  The case is docketed under
Case No. 44/348-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sanzhys
         Chapayev Str. 10
         01030 Kiev
         Ukraine


SUMSKO-STEPANOVSKOYE: Creditors Must File Claims by August 27
-------------------------------------------------------------
Creditors of Sumsko-Stepanovskoye OJSC have until August 27, 2009,
to submit proofs of claim to:

         M. Tsapok
         Yubileynaya str. 5
         Stepanovka
         42304 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on July 9, 2009.  The case is docketed under
Case No. 6/107-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine


UNION-MK LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Union-MK (code EDRPOU 34607366) have until
August 27, 2009, to submit proofs of claim to:

         I. Zakharchenko
         Insolvency Manager
         Office 53
         Oktiabrsky Ave. 325/4
         54052 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. 18/88/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Union-MK
         Office 20
         Sevastopolskaya Str. 47
         Nikolayev
         Ukraine


ZBRUCH LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Zbruch (code EDRPOU 24683133) have until
August 27, 2009, to submit proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on April 7, 2009.  The case is
docketed under Case No. B-13/27.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Zbruch
         Shevchenko Str. 1
         Zabolotov
         Sniatin
         Ivano-Frankovsk
         Ukraine


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


CAMBUSLANG TRAVEL: Ceases Trading; to Appoint Liquidator
--------------------------------------------------------
Daily Record, citing travel association ABTA, reports that
Scottish travel firm Cambuslang Travel ceased trading Friday.

The report relates at the firm's head office, managing director
John Wilson told a meeting of more than 25 staff that the company
could no longer survive.

According to the report, the company's Web site has shut down but
the firm has yet to appoint a liquidator.

Any retail claims arising from the failure of Cambuslang Travel
will be handled by independent claims management firm Cega.


CHELSEA BUILDING: Loses GBP41 Million Due to Mortgage Frauds
------------------------------------------------------------
BBC News reports that the Chelsea Building Society said it has
lost GBP41 million (US$67 million) as a result of mortgage frauds
involving some of its buy-to-let loans.

According to BBC, frauds are the main reason for the society
staying in the red, with overall losses of GBP26 million in the
first half of the year.

BBC relates the Chelsea explained that the potentially fraudulent
loans it had discovered were mainly among buy-to-let loans made
between 2006 and 2008.  The society, as cited by BBC, said they
were mainly due to "the artificial inflation of property values by
third-party professionals involved in the transactions", such as
mortgage brokers and surveyors.

                              Review

BBC notes Jeremy Hicks, a spokesman for the society, said the
society had decided to review all its mortgages after losing money
with Icelandic banks last year, and had discovered some mortgages
that fitted the profile of potential fraud cases.
As a result, the society concluded that it had to set aside GBP41
million in case the suspect loans were crystallized as cash
losses, BBC states.

BBC discloses a team of 12 to 16 people are now going through
these cases individually to see if fraud has been committed.

                           Health Check

Louise Armitstead at The Sunday Telegraph reports the Financial
Services Authority is considering asking each building society to
conduct a health check, particularly of buy-to-let businesses.

Adrian Coles, director general of the Building Societies
Association told The Sunday Telegraph: "There is no indication
that fraud is a widespread problem in the mortgage market but
Chelsea could be a wake-up call to other building societies to be
vigilant and check their books, especially in the buy-to-let
space."

According to the Sunday Telegraph, although the watchdog does not
have a specific remit to regulate the buy-to-let market, it is
able to demand that companies do it themselves.

Chelsea Building Society -- http://www.thechelsea.co.uk/-- is
among the 10 largest of the UK's building societies (mutually
owned financial services companies -- there are about 60 in the
country).  The firm offers residential mortgages, personal and
homeowners insurance, and a variety of savings and investment
accounts.  Chelsea Building Society's has approximately 35
branches located mainly in South England (though the company lends
nationwide).  Chelsea Building Society was founded in 1875 as the
London & Camberwell Building Society.  In 2008 it acquired the
mortgage and savings portfolio of mutual society The Catholic.

                          *      *      *

As reported in the Troubled Company Reporter-Europe on July 7,
2009, Moody's Investors Service downgraded the subordinated debt
ratings of Chelsea from Caa1 to Caa3.  On April 14, 2009,
Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, indicating the increased likelihood for the building
society of needing third-party support to shore up its capital
base.


EMI GROUP: Mulls US$500,000 Bid for T-Shirt Distributor CID
-----------------------------------------------------------
Andrew Edgecliffe-Johnson and Carola Hoyos at The Financial Times
report that EMI Group Ltd. is considering making a US$500,000 bid
for Completely Independent Distribution, Europe's largest
independent distributor of band-themed T-shirts.

The FT relates the interest comes as music companies globally seek
to diversify as CD sales have dropped sharply over the past few
years.

CID is owned and managed by Nic Wastell, the bassist with Chrome
Molly, a band that describes itself as "Midlands heavy metal
darlings of the 1980s".  The company also owns the
Loudclothing.com online merchandising store and manages more than
100 online storefronts for bands including Paramore, Slipknot and
Snow Patrol.

According the FT, the small size of the deal would not require
additional fund-raising by Terra Firma, which has made a series of
financial injections into EMI to avoid it breaching covenants on
its debt load.

On July 31, 2009, the Troubled Company Reporter-Europe, citing the
FT, 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 -- http://www.emigroup.com/--
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
2007.


FOCUS DIY: Creditors Back CVA Deal; Almost 5,000 Jobs Secured
-------------------------------------------------------------
Samantha Pearson at The Financial Times reports that creditors of
Focus DIY overwhelmingly voted in a favor of a proposed Company
Voluntary Arrangement at a meeting on Monday afternoon, securing
almost 5,000 jobs.

According to the FT, under the terms of the CVA, which was
arranged by BDO Stoy Hayward, Focus will be able to save
GBP8.6 million (US$14 million) by shedding the leases on its 38
closed stores.  In return, the company has offered landlords a
share of a GBP3.7 million compensation fund, the FT discloses.
The FT relates the landlords of its 180 open stores have also
accepted monthly rather than quarterly rent payments until 2011.

The FT says the success of the CVA, which won over 99% of the
vote, is crucial to the retailer's plans for a wider debt
restructuring.  HBOS and GMAC, Focus's lenders, had agreed that if
the CVA was approved it would grant the company a two-year
extension to its GBP50 million revolving credit facility, which
was due to expire at the end of the year, the FT notes.

On Aug. 7, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Focus DIY said the company was likely to fall into
administration if the CVA failed.

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


HUDSON-THAMES CAPITAL: S&P Withdraws CCC- Rating on Capital Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdraw its issuer credit
rating and capital note rating on Hudson-Thames Capital Ltd.

In December 2007, the issuer requested that S&P withdraw all
ratings on this structured investment vehicle.  Due to an
administrative error, S&P did not withdraw the ICR or capital note
rating and these ratings have incorrectly been outstanding since
that time.  S&P has taken no rating actions on the SIV since
December 2007.  However, the capital notes were on CreditWatch
negative at the time of the rating withdrawal.

                           Ratings List

                    Hudson-Thames Capital Ltd.

                                 Rating
                                 ------
          Class            To            From
          -----            --            ----
          ICR              NR            AAA/--/A-1+
          Capital notes    NR            CCC-/Watch Neg

                           NR — Not rated.


JOHNSTON PRESS: Has No Disposal Plans; Nears Debt Refinancing Deal
------------------------------------------------------------------
Julie Crust at Reuters reports that Johnston Press Plc said on
Sunday it has no disposal plans.

Reuters relates the comments followed a Sunday Times report that a
consortium of Scottish businessmen are trying to buy The Scotsman
newspaper, Johnston's flagship title, although the paper said the
two sides were a long way apart on price.

"Having terminated discussions on the Irish disposal process some
months ago there are no further disposal plans underway," Reuters
quoted a spokesman for Johnston as saying.

According to Reuters, Johnston, which is in debt refinancing
talks, had abandoned the planned sale of its Irish titles, saying
there had been plenty of interest from trade and financial buyers,
but not at a satisfactory price.

                         Debt Refinancing

Citing bankers to Johnston, Margareta Pagano at The Independent
reports the company is close to refinancing its GBP500 million
debt.

The Independent relates one adviser said on Friday: "These
negotiations are always done at the 11th hour and this is no
different.  But we are hopeful that agreement will be reached with
the syndicate by the end of August."

NM Rothschild and Cazenove are advising the group during its
negotiations to extend the facilities beyond September 2010, the
Independent discloses.

The Independent recalls Johnston was close to breaking its debt
covenants earlier this year following the collapse of the sale of
its Irish titles and asked for banking facilities to be extended
beyond September 2010.  Its chief executive, John Fry, will update
the market on the refinancing on Friday when he reports half-year
figures for Scotland's biggest newspaper-to-online group, which
has suffered badly from the downturn in advertising.

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


LLOYDS BANKING: In Early Talks Over Clerical Unit Sale, Mail Says
-----------------------------------------------------------------
Sarah Jones at Bloomberg News, citing The Mail on Sunday, reports
Lloyds Banking Group Plc is in early talks with Clive Cowdery's
Resolution Ltd. over the possible sale of the bank's Clerical
Medical unit.

Bloomberg relates the newspaper, citing industry observers, said
the sale could fetch up to GBP4 billion (US$6.6 billion).

                           Board Overhaul

James Ashton and Iain Dey at The Sunday Times reports that Sir Win
Bischoff, the incoming chairman of Lloyds, is facing pressure to
clear out the boardroom.  According to the Sunday Times, investors
are telling Mr. Bischoff to to beef up the banking experience on
the board in the wake of its catastrophic takeover of HBOS.

"There is an obvious need to refresh the board," the Sunday Times
quoted one top-10 shareholder as saying.

                              State Aid

The Sunday Times relates the calls to overhaul the board come as
both Lloyds and Royal Bank of Scotland remain locked in
discussions with the European Commission over resolving state aid
concerns.  According to the Sunday Times, analysts consider it
increasingly likely that the banks will be forced to stop making
payments on some of their bonds.  Neelie Kroes, the European
competition commissioner, is keen for institutional investors in
banks that have received state aid to share more of the financial
burden, the Sunday Times says.

                               HBOS

Citing Sir Victor Blank, Lloyd's group's chairman, BBC News
reports the pace of the decline at HBOS surprised the banking
group.  BBC recalls the government backed a Lloyds takeover of
HBOS last September, bypassing normal competition rules to avoid
the collapse of the Halifax owner.

BBC relates Mr. Blank, who will step down by June 2010, said the
group had expected there would be HBOS losses, but they came in at
"the worst end of expectations".

The Lloyds Banking Group, which is 43% owned by the Treasury,
revealed in February this year that HBOS, which it absorbed in
January, had made a pre-tax loss of GBP10.8 billion in 2008.

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


NEWS INTERNATIONAL: To Close Free London Paper; 60 Jobs Affected
----------------------------------------------------------------
Kerry Grace Benn at The Wall Street Journal reports that News
Corp.'s News International Ltd. said Thursday it has proposed
closing thelondonpaper, its free evening newspaper.

The WSJ relates the News International said it has started a
30-day consultation on the proposed closure with about 60 staff
members from NI Free Newspapers, its unit that publishes the free
paper.

James Murdoch, News Corp.'s chairman and chief executive for
Europe and Asia, as cited by the WSJ, said that despite a new
design and approach at thelondonpaper, "the performance of the
business in a difficult free evening newspaper sector has fallen
short of expectations."

News International, which has been looking for ways to streamline
operations since last year, has exited some if its non-core
operations in recent months and cut jobs at some of its
newspapers, mostly on the production side, the WSJ recounts.  The
company has about 2,200 employees.

Headquartered in London, News International Ltd. --
http://www.newsint.co.uk/-- is the UK newspaper subsidiary of US-
based News Corporation, News International publishes leading
national daily The Times (with a circulation of about 650,000) and
its weekend companion The Sunday Times, as well as London tabloids
The Sun and News of the World. The company also publishes free
daily thelondonpaper, as well as online editions of its flagship
publications.  In addition, News International operates Page3.com,
an adult-oriented site inspired by The Sun's popular Page Three
Girl feature that trades mostly on topless photos.


UBS AG: Moody's Cuts Rating on Series 2005-1 Notes to 'B1'
----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
notes issued by UBS AG, Jersey Branch under LABS Series 2006-1,
eLevate Series 2007-1 and eLevate Series 2005-1.

These three transactions are managed synthetic CDOs with zero
subordination on portfolios of European RMBS, CMBS and ABS.  All
three deals failed the CDOROM Test and the portfolios cannot be
replenished.

The rating action on LABS Series 2006-1 is principally driven by
the recent rating downgrade of a German RMBS, E-MAC DE 2005-1 B.V.
Class A Notes which were downgraded from Aa1 to Baa1.  The action
on eLevate Series 2007-1 is principally driven by the recent
rating downgrades of a UK CMBS, The Mall Funding plc Notes which
were downgraded from Aaa to Baa3, and the aforementioned E-MAC as
well as another German RMBS E-MAC DE 2006-I B.V.  Class A Notes
which were downgraded from A1 to Baa1.  eLevate Series 2005-1 is
also exposed to the recent rating downgrades of The Mall Funding
plc Notes and E-MAC DE 2005-1 B.V. Class A Notes.

Moody's continues to monitor these transactions using primarily
the methodology and its supplements for ABS CDOs as described in
Moody's Special Reports and press releases below:

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

UBS AG, Jersey Branch:

Issuer: UBS AG, Jersey Branch - LABS 2006-1

  -- EUR75,000,000 Leveraged Asset-backed Securities due 2056,
     Downgraded to Ba3; previously on Apr 23, 2009 Confirmed at
     Baa1

Issuer: UBS AG, Jersey Branch - Series 2005-1 (eLevate)

  -- EUR22,500,000 Leveraged Notes (eLevate) Series 2005-1,
     Downgraded to B1; previously on Apr 23, 2009 Confirmed at
     Baa1

Issuer: UBS AG, Jersey Branch - eLevate Series 2007-1

  -- Adjustable Spread Leveraged Notes - eLevate Series 2007-1,
     Downgraded to B2; previously on Apr 23, 2009 Downgraded to
     Baa2


* Fitch Cuts Ratings on Hybrid Securities of Various Banks
----------------------------------------------------------
Fitch Ratings has downgraded the ratings of hybrid securities at
Lloyds Banking Group plc, Royal Bank of Scotland Group plc, ING
Group, Dexia Group, ABN Amro, SNS Bank, Fortis Bank Nederland and
BPCE and certain related entities.  The downgrade reflects
increased risk of deferral of interest payments after the European
Commission clarified its stance on bank hybrid capital, and in
particular the application of the concept of "burden-sharing".  A
full list of ratings actions is available at the end of this
commentary.

The Commission's recent statements confirm Fitch's view that
government support for banks may not extend to holders of
subordinated bank capital.  Fitch has already taken significant
rating actions on the hybrid capital instruments of ailing banks
within the EU and elsewhere.  Nevertheless, in the light of the
latest Commission statements, Fitch is applying additional
guidelines in its ratings of hybrid capital instruments issued by
EU financial institutions.  These are outlined in a report
published, entitled "Burden Sharing and Bank Hybrid Capital within
the EU." A second report; "UK Banks and State Aid: "A Burden
Shared", which is also published, discusses the implications for
bondholders of UK banks that have received state aid.

In particular, Fitch would highlight that a bank that has received
state aid and is subject to a name-specific restructuring process
will likely have a hybrid capital rating in the 'BB' range or
below, with most ratings on Rating Watch Negative, indicating the
possibility of further downgrades.  Banks which Fitch believes are
subject to significant state aid beyond broad-based confidence
building measures will likely have a hybrid capital rating in the
'B' range or below, and be on RWN.  Fitch will apply these
guidelines to banks where a formal state aid process has not yet
been established, but where Fitch believes such a process is
likely to arise.

"Although the concept of burden-sharing is implicit in EU state-
aid rules, Fitch regards that the latest Commission communications
on its application to hybrid capital to be a significant
clarification," says Gerry Rawcliffe, Managing Director in Fitch's
Financial Institutions rating group.

As well as the implications for coupon deferral under "burden-
sharing," the possibility of asset sales, branch closures,
commitments to capping market share and pricing have the potential
to be a material issue for banks in receipt of state aid.

"In Fitch's view, the capacity for the Commission to materially
influence both the capital remuneration policy and the future
shape of state-aided banks should not be under-estimated," says
Rawcliffe.

In Fitch's view, dated subordinated debt with no deferral features
is unlikely to be affected by the Commission's "burden-sharing"
concept.  As such, Fitch will maintain its normal approach to
rating such instruments, unless it believes there is heightened
risk that a bank will be subject to state intervention under
national bank resolution legislation such as the UK's Banking Act.

Banks that have benefited from broad industry-wide support
measures, which themselves have been approved by the Commission,
and which have not been subject to a name-specific process, are
likely to be unaffected by the EC's recent statements.  Fitch will
continue to rate their hybrid capital instruments in line with
existing criteria.

The securities affected are:

The Royal Bank of Scotland Group plc

  -- Preferred stock downgraded to 'B' from 'BB-' and remains on
     RWN

The Royal Bank of Scotland plc

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

National Westminster Bank plc

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

Lloyds TSB Bank plc

  -- Preferred stock downgraded to 'B' from 'BB-' and remains on
     RWN

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

HBOS plc

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

Bank of Scotland plc

  -- Preferred stock downgraded to 'B' from 'BB-' and remains on
     RWN

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

ABN AMRO Bank N.V.

  -- Tier 1 securities downgraded to 'B' from 'BB-' and remain on
     RWN

  -- Upper tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

ING Group

  -- Upper Tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

ING Verzekeringen

  -- Upper Tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

Equitable of Iowa Companies Capital Trust II (an ING subsidiary)

  -- Upper Tier 2 securities downgraded to 'B+' from 'BB' and
     remain on RWN

Dexia Credit Local

  -- Tier 1 securities downgraded to 'B' from 'BB+' and remain on
     RWN

Dexia Banque Internationale a Luxembourg

  -- Tier 1 securities downgraded to 'B' from 'BB+' and remain on
     RWN

Dexia Funding Luxembourg

  -- Tier 1 securities downgraded to 'B' from 'BB+' and remain on
     RWN

SNS Bank

  -- Tier 1 securities downgraded to 'BB' from 'BBB+' and placed
     on RWN

  -- Fortis Capital Company Ltd (Guarantor: Fortis Bank Nederland
    (Holding)

  -- Tier 1 securities downgraded to 'B' from 'BBB-' and placed on
     RWN

BPCE

  -- Tier 1 instruments downgraded to 'BB' from 'BB+' and remain
     on RWN

Natixis

  -- Tier 1 instruments downgraded to 'BB' from 'BB+' and remain
     on RWN


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

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

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


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


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


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


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


GERMANY
-------
AGOR AG              DOOD PZ            -482446.63   144432986.17
AGOR AG              DOO EU             -482446.63   144432986.17
AGOR AG              DOO GR             -482446.63   144432986.17
AGOR AG              DOO EO             -482446.63   144432986.17
AGOR AG              DOOG IX            -482446.63   144432986.17
AGOR AG              NDAGF US           -482446.63   144432986.17
AGOR AG-RTS          2301918Z GR        -482446.63   144432986.17
ALNO AG              ANO GR           -28265004.17   366872263.74
ALNO AG              ANO EU           -28265004.17   366872263.74
ALNO AG              ALNO IX          -28265004.17   366872263.74
ALNO AG              ANO EO           -28265004.17   366872263.74
ALNO AG              ANO PZ           -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            BKISF US         -27139391.98   143536859.72
BROKAT AG            BROFQ 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 NM           -27139391.98   143536859.72
BROKAT TECH AG       BSA LN           -27139391.98   143536859.72
BROKAT TECH AG       BRJ GR           -27139391.98   143536859.72
BROKAT TECH-ADR      BRJA GR          -27139391.98   143536859.72
CBB HOLD-NEW 97      COB2 GR          -42994732.85   904723627.84
CBB HOLDING AG       COB GR           -42994732.85   904723627.84
CBB HOLDING AG       COBG PZ          -42994732.85   904723627.84
CBB HOLDING AG       COB2 EO          -42994732.85   904723627.84
CBB HOLDING AG       COBG IX          -42994732.85   904723627.84
CBB HOLDING AG       CUBDF US         -42994732.85   904723627.84
CBB HOLDING AG       COB2 EU          -42994732.85   904723627.84
CBB HOLDING-NEW      COB1 GR          -42994732.85   904723627.84
CBB HOLDING-NEW      COB3 GR          -42994732.85   904723627.84
CINEMAXX AG          MXCUSD EO        -42015165.72   146572416.37
CINEMAXX AG          MXC PZ           -42015165.72   146572416.37
CINEMAXX AG          CNEMF US         -42015165.72   146572416.37
CINEMAXX AG          MXC EO           -42015165.72   146572416.37
CINEMAXX AG          MXCUSD EU        -42015165.72   146572416.37
CINEMAXX AG          MXC EU           -42015165.72   146572416.37
CINEMAXX AG          MXC GR           -42015165.72   146572416.37
CINEMAXX AG          MXCG IX          -42015165.72   146572416.37
CINEMAXX AG-RTS      MXC8 GR          -42015165.72   146572416.37
DORT ACTIEN-BRAU     944167Q GR       -12689156.29   117537053.71
DORT ACTIEN-RTS      DAB8 GR          -12689156.29   117537053.71
EM.TV & MERC-NEW     ETV1 GR          -22067409.41   849175624.65
EM.TV & MERC-NEW     ETV1 NM          -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 GR          -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 NM          -22067409.41   849175624.65
EM.TV & MERCHAND     ETV LN           -22067409.41   849175624.65
EM.TV & MERCHAND     ETV NM           -22067409.41   849175624.65
EM.TV & MERCHAND     ETVMF US         -22067409.41   849175624.65
EM.TV & MERCHAND     EMTVF US         -22067409.41   849175624.65
EM.TV & MERCHAND     ETV VX           -22067409.41   849175624.65
EM.TV & MERCHAND     985403Q GR       -22067409.41   849175624.65
KAUFRING AG          KFR PZ           -19296489.56   150995473.81
KAUFRING AG          KFR GR           -19296489.56   150995473.81
KAUFRING AG          KFR EO           -19296489.56   150995473.81
KAUFRING AG          KFR EU           -19296489.56   150995473.81
KAUFRING AG          KAUG IX          -19296489.56   150995473.81
MANIA TECHNOLOGI     MNIG IX           -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI PZ            -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI1 EO           -35060806.5   107465713.61
MANIA TECHNOLOGI     MIAVF US          -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI1 EU           -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
MATERNUS KLINI-N     MAK1 GR          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EO           -18996733.83   183928734.46
MATERNUS-KLINIKE     MAKG IX          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK PZ           -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK GR           -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EU           -18996733.83   183928734.46
MATERNUS-KLINIKE     MNUKF US         -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
PRIMACOM AG          PRC NM           -14233212.49   729563484.73
PRIMACOM AG          PCAGF US         -14233212.49   729563484.73
PRIMACOM AG          PRC EO           -14233212.49   729563484.73
PRIMACOM AG          PRCG PZ          -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          PRC2 GR          -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAGY US         -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAG US          -14233212.49   729563484.73
PRIMACOM AG-ADR+     PCAG ES          -14233212.49   729563484.73
RINOL AG             RILB PZ                 -2.71   168095049.11
RINOL AG             RILB EU                 -2.71   168095049.11
RINOL AG             RIL GR                  -2.71   168095049.11
RINOL AG             RILB IX                 -2.71   168095049.11
RINOL AG             RILB GR                 -2.71   168095049.11
RINOL AG             RILB EO                 -2.71   168095049.11
RINOL AG             RNLAF US                -2.71   168095049.11
ROSENTHAL AG         2644179Q GR       -1744121.91   217776125.75
ROSENTHAL AG-ACC     ROS4 GR           -1744121.91   217776125.75
ROSENTHAL AG-ADR     RSTHY US          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG IX           -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG PZ           -1744121.91   217776125.75
ROSENTHAL AG-REG     RSTHF US          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EO           -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS GR            -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EU           -1744121.91   217776125.75
SANDER (JIL) AG      SAD GR            -6153256.92   127548039.68
SANDER (JIL) AG      JLSDF US          -6153256.92   127548039.68
SANDER (JIL)-PRF     2916161Q EO       -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     SAD3 PZ           -6153256.92   127548039.68
SINNLEFFERS AG       WHG GR            -4491629.96   453887060.07
SPAR HAND-PFD NV     SPA3 GR         -442426199.47  1433020960.55
SPAR HANDELS-AG      773844Q GR      -442426199.47  1433020960.55
SPAR HANDELS-AG      SPHFF US        -442426199.47  1433020960.55
TA TRIUMPH-A-RTS     1018916Z GR     -106778475.76   427535397.03
TA TRIUMPH-ACQ       TWNA GR         -106778475.76   427535397.03
TA TRIUMPH-ACQ       TWNA EU         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EU          -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EO          -106778475.76   427535397.03
TA TRIUMPH-ADLER     TTZAF US        -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN PZ          -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN GR          -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWNG IX         -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 GR          -17697031.13   115592674.21
VIVANCO GRUPPE       VVA1 EO          -17697031.13   115592674.21
VIVANCO GRUPPE       VVA1 PZ          -17697031.13   115592674.21
VIVANCO GRUPPE       VIVGF US         -17697031.13   115592674.21
VIVANCO GRUPPE       VVA GR           -17697031.13   115592674.21
VIVANCO GRUPPE       VVA1 EU          -17697031.13   115592674.21
VIVANCO GRUPPE       VVAG IX          -17697031.13   115592674.21


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


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


FRANCE
------
CARRERE GROUP        CARG FP          -23319835.34   364475420.31
CARRERE GROUP        CAR FP           -23319835.34   364475420.31
CARRERE GROUP        CRGP IX          -23319835.34   364475420.31
CARRERE GROUP        CAR2 EU          -23319835.34   364475420.31
CARRERE GROUP        CAR2 EO          -23319835.34   364475420.31
CARRERE GROUP        XRR GR           -23319835.34   364475420.31
CARRERE GROUP        CRRHF US         -23319835.34   364475420.31
CARRERE GROUP        CARF PZ          -23319835.34   364475420.31
CHAINE ET TRAME      CHTR FP           -46169771.5   134467847.56
CHAINE ET TRAME      CTRM 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      IMHO PZ          -66874823.95   301323804.92
IMMOB HOTELIERE      SIH FP           -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EO          -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO FP          -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EU          -66874823.95   301323804.92
IMMOB HOTELIERE      IMMH IX          -66874823.95   301323804.92
IMMOB HOTELIERE      IMBHF US         -66874823.95   301323804.92
IMMOB HOTELIERE      IMH GR           -66874823.95   301323804.92
LAB DOLISOS          LADL FP          -27752176.19   110485462.44
LAB DOLISOS          DOLI FP          -27752176.19   110485462.44
MATUSSIERE & FOR     1007765Q FP      -77896683.67   293868350.79
MATUSSIERE & FOR     MTUSF US         -77896683.67   293868350.79
MB RETAIL EUROPE     MBRE PZ           -46169771.5   134467847.56
MB RETAIL EUROPE     CTRF IX           -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE EO           -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE EU           -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE FP           -46169771.5   134467847.56
NORTENE              NRTP IX          -35623999.56   117566786.87
NORTENE              NORT FP          -35623999.56   117566786.87
NORTENE              NRTN FP          -35623999.56   117566786.87
OROSDI               OROS FP              -7291.55   131233317.62
OROSDI-BACK          OROS EO              -7291.55   131233317.62
OROSDI-BACK          OROS PZ              -7291.55   131233317.62
OROSDI-BACK          BACK IX              -7291.55   131233317.62
OROSDI-BACK          ORBA FP              -7291.55   131233317.62
OROSDI-BACK          OROS EU              -7291.55   131233317.62
OUTSIDE LIVING I     NORT PZ          -35623999.56   117566786.87
OUTSIDE LIVING I     NORT EU          -35623999.56   117566786.87
OUTSIDE LIVING I     NORT EO          -35623999.56   117566786.87
OUTSIDE LIVING I     OLIN FP          -35623999.56   117566786.87
OUTSIDE LIVING I     OLIN PZ          -35623999.56   117566786.87
PAGESJAUNES          PGJUF US       -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ VX         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ BQ         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ PZ         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EU      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EU         -3303869370.49   970555919.29
PAGESJAUNES GRP      QS3 GR         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EU      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJP IX        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EO         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBP EO      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EO      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EB         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ TQ         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ IX         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EO      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ FP         -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ NQ         -3303869370.49   970555919.29
RHODIA SA            RHAUSD EU       -859847725.87  5799757209.78
RHODIA SA            RHADF US        -859847725.87  5799757209.78
RHODIA SA            RHAGBX EO       -859847725.87  5799757209.78
RHODIA SA            RHA EB          -859847725.87  5799757209.78
RHODIA SA            2324015Q EO     -859847725.87  5799757209.78
RHODIA SA            RHAUSD EO       -859847725.87  5799757209.78
RHODIA SA            RHD GR          -859847725.87  5799757209.78
RHODIA SA            RHA VX          -859847725.87  5799757209.78
RHODIA SA            RHAY IX         -859847725.87  5799757209.78
RHODIA SA            RHA TQ          -859847725.87  5799757209.78
RHODIA SA            RHDAF US        -859847725.87  5799757209.78
RHODIA SA            RHAGBX EU       -859847725.87  5799757209.78
RHODIA SA            RHA FP          -859847725.87  5799757209.78
RHODIA SA            RHAGBP EO       -859847725.87  5799757209.78
RHODIA SA            RHA IX          -859847725.87  5799757209.78
RHODIA SA            RHA EO          -859847725.87  5799757209.78
RHODIA SA            RHDI GR         -859847725.87  5799757209.78
RHODIA SA            RHA NQ          -859847725.87  5799757209.78
RHODIA SA            RHANR FP        -859847725.87  5799757209.78
RHODIA SA            RHA EU          -859847725.87  5799757209.78
RHODIA SA            RHANR PZ        -859847725.87  5799757209.78
RHODIA SA            2324011Q EU     -859847725.87  5799757209.78
RHODIA SA            RHA BQ          -859847725.87  5799757209.78
RHODIA SA            RHA PZ          -859847725.87  5799757209.78
RHODIA SA            3218857Q IX     -859847725.87  5799757209.78
RHODIA SA - NEW      RHANV FP        -859847725.87  5799757209.78
RHODIA SA - NEW      2335921Q FP     -859847725.87  5799757209.78
RHODIA SA - NEW      3156011Q FP     -859847725.87  5799757209.78
RHODIA SA-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             SPVX FP          -21481214.33   175720770.81
SELCODIS             SLCO EU          -21481214.33   175720770.81
SELCODIS             SLCO EO          -21481214.33   175720770.81
SELCODIS             SLCO FP          -21481214.33   175720770.81
SELCODIS             SLCO PZ          -21481214.33   175720770.81
SELCODIS             SPVX IX          -21481214.33   175720770.81
THOMSON - NEW        TMSNV FP        -587281616.69  6690514314.58
THOMSON - NEW        2336061Q FP     -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBP EO       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNM GR          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EU       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EU       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EO       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMLF US        -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EO          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS TQ          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM ES          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EU          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS PZ          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS NQ          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM VX          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS US          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM IX          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMN FP         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS BQ          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS VX          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS FP          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EO       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM LN          -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNMA GR         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EB          -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


UNITED KINGDOM
--------------
ABBOTT MEAD VICK     648824Q LN         -1685852.9   168258996.33
ADVANCE DISPLAY      ADTP PZ        -3015578834.69  2590007903.69
AEA TECHNOLO-FPR     AATF LN         -149279984.66   121254240.42
AEA TECHNOLO-FPR     AATF PZ         -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN PZ         -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN LN         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT LN          -149279984.66   121254240.42
AEA TECHNOLOGY       AEY GR          -149279984.66   121254240.42
AEA TECHNOLOGY       AAT IX          -149279984.66   121254240.42
AEA TECHNOLOGY       AATGBP EO       -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PZ          -149279984.66   121254240.42
AEA TECHNOLOGY       EAETF US        -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EU          -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EO          -149279984.66   121254240.42
AEA TECHNOLOGY       AAT VX          -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PO          -149279984.66   121254240.42
AIRTOURS PLC         AIR VX          -379721841.57  1817512773.61
AIRTOURS PLC         ATORF US        -379721841.57  1817512773.61
AIRTOURS PLC         AIR LN          -379721841.57  1817512773.61
ALLDAYS PLC          317056Q LN      -120493900.04   252232072.87
ALLDAYS PLC          ALDYF US        -120493900.04   252232072.87
AMER BUS SYS         ARB LN             -497127008      121439000
AMEY PLC             AMY VX           -48862569.33   931527720.46
AMEY PLC             AMEYF US         -48862569.33   931527720.46
AMEY PLC             AMY LN           -48862569.33   931527720.46
AMEY PLC-ASSENT      AMYA LN          -48862569.33   931527720.46
AMEY PLC-NEW         AMYN LN          -48862569.33   931527720.46
ANKER PLC            DW14 GR          -21861359.81      115463159
ANKER PLC            ANK LN           -21861359.81      115463159
ANKER PLC            ANK PO           -21861359.81      115463159
ANKER PLC - ASSD     ANKC LN          -21861359.81      115463159
ANKER PLC - ASSD     ANKB LN          -21861359.81      115463159
ANKER PLC-ASSD       ANKA LN          -21861359.81      115463159
ATKINS (WS) PLC      ATKEUR EU        -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PZ           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK LN           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EO           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKGBP EO        -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 IX           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EU           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NR           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NQ           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK VX           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKEUR EO        -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PO           -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK TQ           -62199993.61  1184945671.16
ATKINS (WS) PLC      WATKF US         -62199993.61  1184945671.16
BCH GROUP PLC        BCH LN            -5728274.38   187993198.22
BLACK & EDGINGTO     BLE LN          -130883498.29   153620497.99
BNB RECRUITMENT      BQX GR           -10242627.53   103637704.96
BNB RECRUITMENT      BNB PO           -10242627.53   103637704.96
BNB RECRUITMENT      BNB LN           -10242627.53   103637704.96
BNB RECRUITMENT      BNBRF US         -10242627.53   103637704.96
BNB RECRUITMENT      BNB IX           -10242627.53   103637704.96
BOOKER PLC           987188Q LN        -59832880.4  1298182548.71
BOOKER PLC           1330Q GR          -59832880.4  1298182548.71
BOOKER PLC           BKERF US          -59832880.4  1298182548.71
BOOKER PLC-ADR       BKRUY US          -59832880.4  1298182548.71
BOOKER PLC-ADR       BOK$ LN           -59832880.4  1298182548.71
BRADSTOCK GROUP      BDK LN            -1855444.44   268563822.49
BRADSTOCK GROUP      BSKGF US          -1855444.44   268563822.49
BRIT ENERGY LTD      523362Q LN     -5822867500.78  4921095749.61
BRIT ENERGY PLC      BEN1 GR        -5822867500.78  4921095749.61
BRIT ENERGY PLC      BHEGF US       -5822867500.78  4921095749.61
BRIT ENERGY PLC      BGYEF US       -5822867500.78  4921095749.61
BRIT ENERGY PLC      555140Q VX     -5822867500.78  4921095749.61
BRIT ENERGY-A        BENA GR        -5822867500.78  4921095749.61
BRIT ENERGY-ADR      BHEFF US       -5822867500.78  4921095749.61
BRIT NUCLEAR         1046Z LN        -4247644149.6 40325778907.11
BRIT SKY BRO-ADR     BSY$ LN         -105366394.04  7522172619.36
BRIT SKY BRO-ADR     BSY US          -105366394.04  7522172619.36
BRIT SKY BROADCA     BSYB GR         -105366394.04  7522172619.36
BRIT TELECOM         9484 JP         -5223868149.3 46894630327.28
BRIT TELECOM         BTE GR          -5223868149.3 46894630327.28
BRIT TELECOM PLC     BTPWF US        -5223868149.3 46894630327.28
BRIT TELECOM PLC     BT/A VX         -5223868149.3 46894630327.28
BRIT TELECOM PLC     BTPLF US        -5223868149.3 46894630327.28
BRIT TELECOM-ADR     1481Q CN        -5223868149.3 46894630327.28
BRIT TELECOM-ADR     BTEA GR         -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     BGYNY AR       -5822867500.78  4921095749.61
BRITISH ENER-CED     BGY AR         -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA VX        -5822867500.78  4921095749.61
BRITISH ENERGY-A     BHEAF US       -5822867500.78  4921095749.61
BRITISH ENERGY-A     3012442Q LN    -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYGF US       -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA PO        -5822867500.78  4921095749.61
BRITISH SKY BROA     BSY PZ          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY BQ          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY NR          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EU          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY IX          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY PO          -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EO       -105366394.04  7522172619.36
BRITISH SKY BROA     BSYGBP EO       -105366394.04  7522172619.36
BRITISH SKY BROA     BSY NQ          -105366394.04  7522172619.36
BRITISH SKY BROA     BSYBF US        -105366394.04  7522172619.36
BRITISH SKY BROA     BSYEUR EU       -105366394.04  7522172619.36
BRITISH SKY BROA     BSYEUR EO       -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EU       -105366394.04  7522172619.36
BRITISH SKY BROA     BSY VX          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EB          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY TQ          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EO          -105366394.04  7522172619.36
BRITISH SKY BROA     BSB GR          -105366394.04  7522172619.36
BRITISH SKY BROA     BSY LN          -105366394.04  7522172619.36
BRITISH TELE-FP      BT/F LN         -5223868149.3 46894630327.28
BRITISH TELE-NP      BT/N LN         -5223868149.3 46894630327.28
BRITISH TELE-NP      BTPXF US        -5223868149.3 46894630327.28
BRITVIC              B6S GR             -731325.03  1222775450.71
BRITVIC PLC          BVIC EO            -731325.03  1222775450.71
BRITVIC PLC          BVIC LN            -731325.03  1222775450.71
BRITVIC PLC          BTVCF US           -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EU         -731325.03  1222775450.71
BRITVIC PLC          BVIC BQ            -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EU         -731325.03  1222775450.71
BRITVIC PLC          BVICGBP EO         -731325.03  1222775450.71
BRITVIC PLC          BVIC EU            -731325.03  1222775450.71
BRITVIC PLC          BVIC TQ            -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EO         -731325.03  1222775450.71
BRITVIC PLC          BVIC IX            -731325.03  1222775450.71
BRITVIC PLC          BVIC NR            -731325.03  1222775450.71
BRITVIC PLC          BVIC VX            -731325.03  1222775450.71
BRITVIC PLC          BVIC NQ            -731325.03  1222775450.71
BRITVIC PLC          BVIC PZ            -731325.03  1222775450.71
BRITVIC PLC          BVIC EB            -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EO         -731325.03  1222775450.71
BT GROUP PLC         BT/A LN         -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EU      -5223868149.3 46894630327.28
BT GROUP PLC         BT/ VX          -5223868149.3 46894630327.28
BT GROUP PLC         BTGOF US        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A PO         -5223868149.3 46894630327.28
BT GROUP PLC         BT/A TQ         -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EU      -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EO      -5223868149.3 46894630327.28
BT GROUP PLC         BT/A NR         -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EB         -5223868149.3 46894630327.28
BT GROUP PLC         BT IX           -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EU         -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EO         -5223868149.3 46894630327.28
BT GROUP PLC         BT/A BQ         -5223868149.3 46894630327.28
BT GROUP PLC         BTQ GR          -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EO      -5223868149.3 46894630327.28
BT GROUP PLC         BTEG IX         -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EO      -5223868149.3 46894630327.28
BT GROUP PLC         BT PZ           -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EU      -5223868149.3 46894630327.28
BT GROUP PLC         BT/AGBP EO      -5223868149.3 46894630327.28
BT GROUP PLC         BT/A NQ         -5223868149.3 46894630327.28
BT GROUP PLC-ADR     BT/$ LN         -5223868149.3 46894630327.28
BT GROUP PLC-W/I     BTWI LN         -5223868149.3 46894630327.28
BT GROUP-ADR         BTQA GR         -5223868149.3 46894630327.28
BT GROUP-ADR WI      BTY-W US        -5223868149.3 46894630327.28
BT GROUP-CED $US     BTYD AR         -5223868149.3 46894630327.28
BT GROUP-CED $US     BTD AR          -5223868149.3 46894630327.28
BT GROUP-CED BLK     BTYB AR         -5223868149.3 46894630327.28
BT GROUP-CED BLK     BTB AR          -5223868149.3 46894630327.28
BT GROUP-CED C/E     BTC AR          -5223868149.3 46894630327.28
BT GROUP-CED C/E     BTYC 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     BT US           -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTY US          -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTYN MM         -5223868149.3 46894630327.28
BT GROUP-SPON AD     BT MM           -5223868149.3 46894630327.28
CARLISLE GROUP       506819Q LN       -11904426.45   203548565.03
CHRYSALIS GROUP      CHSGBP EO         -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EO         -5851089.05   101497520.61
CHRYSALIS GROUP      CLYSF US          -5851089.05   101497520.61
CHRYSALIS GROUP      CHS VX            -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EO            -5851089.05   101497520.61
CHRYSALIS GROUP      CHS IX            -5851089.05   101497520.61
CHRYSALIS GROUP      CHS LN            -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PZ            -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PO            -5851089.05   101497520.61
CHRYSALIS GROUP      5CY GR            -5851089.05   101497520.61
CHRYSALIS GROUP      HR4 GR            -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EU         -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EU            -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EU         -5851089.05   101497520.61
CHRYSALIS GROUP      CYGUF US          -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EO         -5851089.05   101497520.61
CLIPPER WINDPOWE     CWP IX              -99360000      989187968
CLIPPER WINDPOWE     CWPA LN             -99360000      989187968
CLIPPER WINDPOWE     CWP EU              -99360000      989187968
CLIPPER WINDPOWE     CRPWF US            -99360000      989187968
CLIPPER WINDPOWE     CWP PZ              -99360000      989187968
CLIPPER WINDPOWE     CWP PG              -99360000      989187968
CLIPPER WINDPOWE     C2W GR              -99360000      989187968
CLIPPER WINDPOWE     CWP EO              -99360000      989187968
CLIPPER WINDPOWE     CWP LN              -99360000      989187968
COMPASS GROU-OLD     1259Q LN        -668101173.88  2972459078.38
COMPASS GROUP        QOP GR          -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSGY US        -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSJY US        -668101173.88  2972459078.38
DANKA BUS SYSTEM     3205287Q EU        -497127008      121439000
DANKA BUS SYSTEM     DNK LN             -497127008      121439000
DANKA BUS SYSTEM     DNK IX             -497127008      121439000
DANKA BUS SYSTEM     DNK PO             -497127008      121439000
DANKA BUS SYSTEM     DNK VX             -497127008      121439000
DANKA BUS SYSTEM     DNK PZ             -497127008      121439000
DANKA BUS SYSTEM     3205291Q EO        -497127008      121439000
DANKA BUS SYSTEM     DANKF US           -497127008      121439000
DANKA BUS SYSTEM     3205283Q EO        -497127008      121439000
DANKA BUS-$US CE     DANKD AR           -497127008      121439000
DANKA BUS-ADR        DB6 GR             -497127008      121439000
DANKA BUS-ADR        DANKE US           -497127008      121439000
DANKA BUS-ADR        AP39 LI            -497127008      121439000
DANKA BUS-ADR        DANKY US           -497127008      121439000
DANKA BUS-BLK CE     DANKB AR           -497127008      121439000
DANKA BUS-C/E CE     DANKC AR           -497127008      121439000
DANKA BUS-CEDEAR     DANK AR            -497127008      121439000
DAWSON HOLDINGS      DWN PZ           -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1GBP EO       -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1 EU          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1EUR EO       -54451186.72   128196101.01
DAWSON HOLDINGS      DWN LN           -54451186.72   128196101.01
DAWSON HOLDINGS      DWHGF US         -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      DWN IX           -54451186.72   128196101.01
DAWSON HOLDINGS      DWN PO           -54451186.72   128196101.01
DEVELICA DEUTSCH     DDE PZ           -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE IX           -41866600.36  1178479579.31
DEVELICA DEUTSCH     D4B GR           -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE LN           -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE PG           -41866600.36  1178479579.31
EASYNET GROUP        ESY PO           -45232889.17   322770283.93
EASYNET GROUP        ESY LN           -45232889.17   322770283.93
EASYNET GROUP        EAY GR           -45232889.17   322770283.93
EASYNET GROUP        EZNGF US         -45232889.17   322770283.93
EASYNET GROUP        ESY VX           -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        EMIPF US       -2265916256.89  2950021937.14
EMI GROUP PLC        3020138Q GR    -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        EMI$ LN        -2265916256.89  2950021937.14
EMI GROUP-ADR        38IS LN        -2265916256.89  2950021937.14
EMI GROUP-ADR        EMIPY US       -2265916256.89  2950021937.14
EUROPEAN HOME        KLZ VX           -14328735.16   110864081.39
EUROPEAN HOME        EHR PZ           -14328735.16   110864081.39
EUROPEAN HOME        EHRGBP EO        -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EU        -14328735.16   110864081.39
EUROPEAN HOME        EHR VX           -14328735.16   110864081.39
EUROPEAN HOME        FPAKF US         -14328735.16   110864081.39
EUROPEAN HOME        EHR LN           -14328735.16   110864081.39
EUROPEAN HOME        EHR EO           -14328735.16   110864081.39
EUROPEAN HOME        KLZ PO           -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EO        -14328735.16   110864081.39
EUROPEAN HOME        EHR EU           -14328735.16   110864081.39
EUROPEAN HOME        EHR PO           -14328735.16   110864081.39
EUROPEAN MINERAL     EPM CN             -103725000      149477216
EUROPEAN MINERAL     EUM PO             -103725000      149477216
EUROPEAN MINERAL     EUM LN             -103725000      149477216
EUROPEAN MINERAL     EPMLF US           -103725000      149477216
EUROPEAN MINERAL     EPM/U CN           -103725000      149477216
FAREPAK PLC          FPK LN           -14328735.16   110864081.39
GALIFORM PLC         GFRMEUR EU      -116415877.06   612420067.12
GALIFORM PLC         GFRM NR         -116415877.06   612420067.12
GALIFORM PLC         MFIFF US        -116415877.06   612420067.12
GALIFORM PLC         MFI VX          -116415877.06   612420067.12
GALIFORM PLC         GFRM BQ         -116415877.06   612420067.12
GALIFORM PLC         GFRM PO         -116415877.06   612420067.12
GALIFORM PLC         GFRM VX         -116415877.06   612420067.12
GALIFORM PLC         GFRM EU         -116415877.06   612420067.12
GALIFORM PLC         GFRM LN         -116415877.06   612420067.12
GALIFORM PLC         GFRMEUR EO      -116415877.06   612420067.12
GALIFORM PLC         GFRMGBP EO      -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EO      -116415877.06   612420067.12
GALIFORM PLC         GFRM EB         -116415877.06   612420067.12
GALIFORM PLC         GFRM PZ         -116415877.06   612420067.12
GALIFORM PLC         MFI IX          -116415877.06   612420067.12
GALIFORM PLC         GFRM EO         -116415877.06   612420067.12
GALIFORM PLC         GFRM IX         -116415877.06   612420067.12
GALIFORM PLC         MFI PO          -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EU      -116415877.06   612420067.12
GALIFORM PLC         GFRM NQ         -116415877.06   612420067.12
GALIFORM PLC         GLFMF US        -116415877.06   612420067.12
GALIFORM PLC         GFRM TQ         -116415877.06   612420067.12
GARTLAND WHALLEY     GWB LN           -10986769.42   145352034.49
HILTON G-CRT OLD     HIGT BB         -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      IHG-W US            -91000000     3076999936
INTERCONTIN-ADR      IHGA LN             -91000000     3076999936
INTERCONTINENTAL     IC1C GR             -91000000     3076999936
INTERCONTINENTAL     IC1B GR             -91000000     3076999936
INTERCONTINENTAL     IHG PO              -91000000     3076999936
INTERCONTINENTAL     IHGCHF EU           -91000000     3076999936
INTERCONTINENTAL     IHGUSD EO           -91000000     3076999936
INTERCONTINENTAL     IHG EB              -91000000     3076999936
INTERCONTINENTAL     IHG EO              -91000000     3076999936
INTERCONTINENTAL     IHGUSD EU           -91000000     3076999936
INTERCONTINENTAL     IHG VX              -91000000     3076999936
INTERCONTINENTAL     IHG NR              -91000000     3076999936
INTERCONTINENTAL     IHGEUR EU           -91000000     3076999936
INTERCONTINENTAL     IHG IX              -91000000     3076999936
INTERCONTINENTAL     IC1 GR              -91000000     3076999936
INTERCONTINENTAL     IHGEUR EO           -91000000     3076999936
INTERCONTINENTAL     IHG PZ              -91000000     3076999936
INTERCONTINENTAL     ICHGF US            -91000000     3076999936
INTERCONTINENTAL     IHG NQ              -91000000     3076999936
INTERCONTINENTAL     988082Q GR          -91000000     3076999936
INTERCONTINENTAL     IHGCHF EO           -91000000     3076999936
INTERCONTINENTAL     IHG LN              -91000000     3076999936
INTERCONTINENTAL     IHG BQ              -91000000     3076999936
INTERCONTINENTAL     INCNF US            -91000000     3076999936
INTERCONTINENTAL     IHGOF US            -91000000     3076999936
INTERCONTINENTAL     IHGGBP EO           -91000000     3076999936
INTERCONTINENTAL     IHG EU              -91000000     3076999936
INTERCONTINENTAL     IHG TQ              -91000000     3076999936
INTERCONTINENTAL     IC1A GR             -91000000     3076999936
JARVIS PLC           JRVSEUR EO       -48330109.98   155571478.27
JARVIS PLC           JVR GR           -48330109.98   155571478.27
JARVIS PLC           JRVSGBP EO       -48330109.98   155571478.27
JARVIS PLC           JRVS VX          -48330109.98   155571478.27
JARVIS PLC           JRVS LN          -48330109.98   155571478.27
JARVIS PLC           JRVSEUR EU       -48330109.98   155571478.27
JARVIS PLC           JRVS EO          -48330109.98   155571478.27
JARVIS PLC           JVSPF US         -48330109.98   155571478.27
JARVIS PLC           JRVS PO          -48330109.98   155571478.27
JARVIS PLC           JRVS IX          -48330109.98   155571478.27
JARVIS PLC           JRVS PZ          -48330109.98   155571478.27
JARVIS PLC           JRVS EU          -48330109.98   155571478.27
JESSOPS PLC          JSPEUR EO         -42702021.2   112964060.38
JESSOPS PLC          JSP EU            -42702021.2   112964060.38
JESSOPS PLC          JSP VX            -42702021.2   112964060.38
JESSOPS PLC          JSP LN            -42702021.2   112964060.38
JESSOPS PLC          JSPEUR EU         -42702021.2   112964060.38
JESSOPS PLC          JSP PO            -42702021.2   112964060.38
JESSOPS PLC          JSP EO            -42702021.2   112964060.38
JESSOPS PLC          JSP IX            -42702021.2   112964060.38
JESSOPS PLC          JSPGBP EO         -42702021.2   112964060.38
JESSOPS PLC          JS4 GR            -42702021.2   112964060.38
JESSOPS PLC          JSP PZ            -42702021.2   112964060.38
KAZAKHSTAN MNRLS     KMCOF US           -103725000      149477216
KAZAKHSTAN MNRLS     KMCO CN            -103725000      149477216
KAZAKHSTAN MNRLS     KMCO/U CN          -103725000      149477216
KAZAKHSTAN MNRLS     KMC/U 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        LAD VX          -547740614.03  1922113569.01
LADBROKES PLC        LDBKF US        -547740614.03  1922113569.01
LADBROKES PLC        LAD NQ          -547740614.03  1922113569.01
LADBROKES PLC        LAD GR          -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EU       -547740614.03  1922113569.01
LADBROKES PLC        LADUSD EO       -547740614.03  1922113569.01
LADBROKES PLC        LAD EO          -547740614.03  1922113569.01
LADBROKES PLC        LAD TQ          -547740614.03  1922113569.01
LADBROKES PLC        LAD NR          -547740614.03  1922113569.01
LADBROKES PLC        LAD EB          -547740614.03  1922113569.01
LADBROKES PLC        LAD EU          -547740614.03  1922113569.01
LADBROKES PLC        HG/ VX          -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EO       -547740614.03  1922113569.01
LADBROKES PLC        LAD PO          -547740614.03  1922113569.01
LADBROKES PLC        LADGBP EO       -547740614.03  1922113569.01
LADBROKES PLC        LAD PZ          -547740614.03  1922113569.01
LADBROKES PLC        LADEUR EU       -547740614.03  1922113569.01
LADBROKES PLC        LAD BQ          -547740614.03  1922113569.01
LADBROKES PLC        LAD LN          -547740614.03  1922113569.01
LADBROKES PLC        LAD IX          -547740614.03  1922113569.01
LADBROKES PLC        LADEUR 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       LES LN            -73166148.8   143762193.66
LEEDS SPORTING       LEDPF US          -73166148.8   143762193.66
LEEDS UNITED PLC     889687Q GR        -73166148.8   143762193.66
LEEDS UNITED PLC     LUFC LN           -73166148.8   143762193.66
LEEDS UNITED PLC     LDSUF US          -73166148.8   143762193.66
LONDON TOWN PLC      LTW EO            -15549465.1   160165508.92
LONDON TOWN PLC      LOU GR            -15549465.1   160165508.92
LONDON TOWN PLC      LTW PO            -15549465.1   160165508.92
LONDON TOWN PLC      LTW EU            -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      LTWX LN           -15549465.1   160165508.92
LONDON TOWN PLC      LTW LN            -15549465.1   160165508.92
LONDON TOWN PLC      LTWR LN           -15549465.1   160165508.92
LONDON TOWN PLC      LTW PG            -15549465.1   160165508.92
M 2003 PLC           MTWOF US       -2203513803.24  7204891601.83
M 2003 PLC           203055Q LN     -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOY US       -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOE US       -2203513803.24  7204891601.83
MARCONI PLC          203083Q VX     -2203513803.24  7204891601.83
MARCONI PLC          MRCQF US       -2203513803.24  7204891601.83
MARCONI PLC          MY2 GR         -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-ADR      MONI US        -2203513803.24  7204891601.83
MARCONI PLC-ADR      MRCQY US       -2203513803.24  7204891601.83
MARCONI PLC-ADR      QUQMON AU      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MY2A GR        -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIE US       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIY US       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCBA GR        -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCONY US       -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 PO         -379721841.57  1817512773.61
MYTRAVEL GROUP       MT IX           -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S VX         -379721841.57  1817512773.61
MYTRAVEL GROUP       ARO2 GR         -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S LN         -379721841.57  1817512773.61
MYTRAVEL GROUP P     MYTGF US        -379721841.57  1817512773.61
MYTRAVEL GROUP P     1018144Q GR     -379721841.57  1817512773.61
MYTRAVEL GROUP P     MT/ VX          -379721841.57  1817512773.61
MYTRAVEL GROUP-A     2281919Q GR     -379721841.57  1817512773.61
MYTRAVEL GROUP-A     MYTVF US        -379721841.57  1817512773.61
NEW STAR ASSET       NSAM PZ         -397718038.04   292972732.12
NEW STAR ASSET       NSAM TQ         -397718038.04   292972732.12
NEW STAR ASSET       NSAM IX         -397718038.04   292972732.12
NEW STAR ASSET       NSAA LN         -397718038.04   292972732.12
NEW STAR ASSET       3226443Q EO     -397718038.04   292972732.12
NEW STAR ASSET       NSAM LN         -397718038.04   292972732.12
NEW STAR ASSET       NWSAF US        -397718038.04   292972732.12
NEW STAR ASSET       3226435Q EO     -397718038.04   292972732.12
NEW STAR ASSET       3226447Q EO     -397718038.04   292972732.12
NEW STAR ASSET       N6S GR          -397718038.04   292972732.12
NEW STAR ASSET       3226431Q EU     -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        2733289Q EO     -586206492.33152084295061.92
NORTHERN ROCK        2733273Q EO     -586206492.33152084295061.92
NORTHERN ROCK        2733265Q EO     -586206492.33152084295061.92
NORTHERN ROCK        2733281Q EO     -586206492.33152084295061.92
NORTHERN ROCK        NHRKF US        -586206492.33152084295061.92
NORTHERN ROCK        NRKI IX         -586206492.33152084295061.92
NORTHERN ROCK        NRK PZ          -586206492.33152084295061.92
NORTHERN ROCK        2733285Q EU     -586206492.33152084295061.92
NORTHERN ROCK        NRK IX          -586206492.33152084295061.92
NORTHERN ROCK        NRK VX          -586206492.33152084295061.92
NORTHERN ROCK        2733269Q EU     -586206492.33152084295061.92
NORTHERN ROCK        NRK PO          -586206492.33152084295061.92
NORTHERN ROCK        NR3 GR          -586206492.33152084295061.92
NORTHERN ROCK        NRK LN          -586206492.33152084295061.92
O TWELVE ESTATES     OTE PZ           -10555410.41   267391338.05
O TWELVE ESTATES     OTE EU           -10555410.41   267391338.05
O TWELVE ESTATES     OTE PG           -10555410.41   267391338.05
O TWELVE ESTATES     OTE EO           -10555410.41   267391338.05
O TWELVE ESTATES     OTEEUR EO        -10555410.41   267391338.05
O TWELVE ESTATES     OTE LN           -10555410.41   267391338.05
O TWELVE ESTATES     O2T GR           -10555410.41   267391338.05
O TWELVE ESTATES     OTE IX           -10555410.41   267391338.05
ORANGE PLC           ORNGF US        -593935051.02   2902299501.9
ORANGE PLC           951641Q LN      -593935051.02   2902299501.9
ORANGE PLC           1460Q GR        -593935051.02   2902299501.9
ORANGE PLC-ADR       ORA$ LN         -593935051.02   2902299501.9
ORANGE PLC-ADR       ORNGY US        -593935051.02   2902299501.9
ORANGE PLC-ADR       ONG GR          -593935051.02   2902299501.9
ORBIS PLC            OBS LN            -4168498.48    127701679.5
ORBIS PLC            RLP GR            -4168498.48    127701679.5
ORBIS PLC            ORBSF US          -4168498.48    127701679.5
ORBIS PLC            OBG PO            -4168498.48    127701679.5
ORBIS PLC            OBS PO            -4168498.48    127701679.5
ORBIS PLC            OBS PZ            -4168498.48    127701679.5
ORBIS PLC            OBS IX            -4168498.48    127701679.5
ORSU METALS CORP     OSU PZ             -103725000      149477216
ORSU METALS CORP     OSUMF US           -103725000      149477216
ORSU METALS CORP     OSU CN             -103725000      149477216
ORSU METALS CORP     E4M GR             -103725000      149477216
ORSU METALS CORP     EUM IX             -103725000      149477216
ORSU METALS CORP     OSU LN             -103725000      149477216
ORSU METALS CORP     EPMCF US           -103725000      149477216
ORSU METALS CORP     ORSM007* RU        -103725000      149477216
ORSU METALS CORP     OSU PG             -103725000      149477216
ORSU METALS CORP     ORSM007 RU         -103725000      149477216
PATIENTLINE PLC      PTL VX           -54677284.64    124948245.8
PATIENTLINE PLC      PTL PZ           -54677284.64    124948245.8
PATIENTLINE PLC      2928903Q EU      -54677284.64    124948245.8
PATIENTLINE PLC      2928907Q EO      -54677284.64    124948245.8
PATIENTLINE PLC      PTL IX           -54677284.64    124948245.8
PATIENTLINE PLC      PTL PO           -54677284.64    124948245.8
PATIENTLINE PLC      PTL LN           -54677284.64    124948245.8
PATIENTLINE PLC      2928899Q EO      -54677284.64    124948245.8
PROSTRAKAN GROUP     PSK PO            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK LN            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSKGBP EO         -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK EO            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK PZ            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK IX            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK VX            -1646349.91   143067806.91
PROSTRAKAN GROUP     PSKEUR EO         -1646349.91   143067806.91
PROSTRAKAN GROUP     PSKEUR EU         -1646349.91   143067806.91
PROSTRAKAN GROUP     PKNGF US          -1646349.91   143067806.91
PROSTRAKAN GROUP     PSK EU            -1646349.91   143067806.91
REGUS LTD            273187Q LN       -46111835.37      367181111
REGUS PLC            REGSF US         -46111835.37      367181111
REGUS PLC            2296Z LN         -46111835.37      367181111
REGUS PLC            RGU GR           -46111835.37      367181111
REGUS PLC            273195Q VX       -46111835.37      367181111
REGUS PLC-ADS        REGSV US         -46111835.37      367181111
REGUS PLC-ADS        REGS US          -46111835.37      367181111
REGUS PLC-ADS        RGUA GR          -46111835.37      367181111
REGUS PLC-ADS        REGSY US         -46111835.37      367181111
RENTOKIL INITIAL     RTOGBP EO       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOG IX         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO LN          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO GR          -351331070.14  3368925867.22
RENTOKIL INITIAL     RKLIF US        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EO          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PO          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO IX          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EO       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EU       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO1 GR         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EU          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NR          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO TQ          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EO       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EU       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PZ          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NQ          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOKF US        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO BQ          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO VX          -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EB          -351331070.14  3368925867.22
RENTOKIL-SP ADR      RTOKY US        -351331070.14  3368925867.22
RENTOKIL-SP ADR      AP76 LI         -351331070.14  3368925867.22
SAATCHI & SA-ADR     SSA US          -119260804.15   705060824.55
SAATCHI & SA-ADR     SSI$ LN         -119260804.15   705060824.55
SAATCHI & SAATCH     SSI LN          -119260804.15   705060824.55
SAATCHI & SAATCH     SSATF US        -119260804.15   705060824.55
SAATCHI & SAATCH     188190Q GR      -119260804.15   705060824.55
SCOTTISH MEDIA       1442Q GR         -24923249.67    194430485.8
SCOTTISH MEDIA       SSMR LN          -24923249.67    194430485.8
SCOTTISH MEDIA       SSM LN           -24923249.67    194430485.8
SCOTTISH TELEV       SCTVF US         -24923249.67    194430485.8
SETON HEALTHCARE     2290Z LN         -10585179.82   156822902.77
SFI GROUP PLC        SUYFF US        -108067115.81   177647536.08
SFI GROUP PLC        SUF LN          -108067115.81   177647536.08
SKYEPHAR-RTS F/P     SKPF LN         -130883498.29   153620497.99
SKYEPHAR-RTS F/P     SKPF VX         -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN VX         -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN LN         -130883498.29   153620497.99
SKYEPHARMA -SUB      2976665Z LN     -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EO          -130883498.29   153620497.99
SKYEPHARMA PLC       SKYEF US        -130883498.29   153620497.99
SKYEPHARMA PLC       SKPGBP EO       -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PZ          -130883498.29   153620497.99
SKYEPHARMA PLC       SKP LN          -130883498.29   153620497.99
SKYEPHARMA PLC       SKP TQ          -130883498.29   153620497.99
SKYEPHARMA PLC       SK8C GR         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP VX          -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EO       -130883498.29   153620497.99
SKYEPHARMA PLC       SKP IX          -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EU          -130883498.29   153620497.99
SKYEPHARMA PLC       SK8A GR         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP1 VX         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PO          -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EU       -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8 GR          -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8N GR         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYPY US        -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYE US         -130883498.29   153620497.99
SKYEPHARMA-ADR       AP80 LI         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYEY 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      NWS2 EO          -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      NWS VX           -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      NWS2 TQ          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS LN           -97992746.54   146917382.81
SMITHS NEWS PLC      NWS1 EU          -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      NWS IX           -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2EUR EU       -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PZ           -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PO           -97992746.54   146917382.81
STAGECOACH GROUP     SGC1 EB          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EO       -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 TQ          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NR          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC2 VX          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EO       -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NQ          -14183327.87  2231066974.58
STAGECOACH GROUP     SAGKF US         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC PO           -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 BQ          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EU          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EO       -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EU       -14183327.87  2231066974.58
STAGECOACH GROUP     SGCG PZ          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC IX           -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EO          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC LN           -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EU       -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1GBP EO       -14183327.87  2231066974.58
STAGECOACH GROUP     SHP4 GR          -14183327.87  2231066974.58
STAGECOACH GROUP     SHP GR           -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EU       -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 EU          -24923249.67    194430485.8
STV GROUP PLC        SMGPF US         -24923249.67    194430485.8
STV GROUP PLC        SMG VX           -24923249.67    194430485.8
STV GROUP PLC        STVGGBP EO       -24923249.67    194430485.8
STV GROUP PLC        SMG PZ           -24923249.67    194430485.8
STV GROUP PLC        STVGEUR EO       -24923249.67    194430485.8
STV GROUP PLC        STVG EO          -24923249.67    194430485.8
STV GROUP PLC        STVG LN          -24923249.67    194430485.8
STV GROUP PLC        STVG VX          -24923249.67    194430485.8
TELASI JSC           AEST GG           -38496626.3   121421179.22
TELEWEST COM-ADR     TWSTD US       -3702234580.99  7581020925.22
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 COMM        TWSTF US       -3702234580.99  7581020925.22
TELEWEST COMM        TWT VX         -3702234580.99  7581020925.22
TELEWEST COMM        604296Q GR     -3702234580.99  7581020925.22
TELEWEST COMM        715382Q LN     -3702234580.99  7581020925.22
THORN EMI PLC        THNE FP        -2265916256.89  2950021937.14
THORN EMI-ADR        TORNY US       -2265916256.89  2950021937.14
THORN EMI-ADR        THN$ LN        -2265916256.89  2950021937.14
THORN EMI-CDR        THN NA         -2265916256.89  2950021937.14
THORN EMI-REGD       1772Q GR       -2265916256.89  2950021937.14
TOPPS TILES PLC      TPT EO           -78172467.48    131014414.4
TOPPS TILES PLC      TPT VX           -78172467.48    131014414.4
TOPPS TILES PLC      TPT LN           -78172467.48    131014414.4
TOPPS TILES PLC      TPT PO           -78172467.48    131014414.4
TOPPS TILES PLC      TPTJF US         -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EU        -78172467.48    131014414.4
TOPPS TILES PLC      TPT IX           -78172467.48    131014414.4
TOPPS TILES PLC      TPTJY US         -78172467.48    131014414.4
TOPPS TILES PLC      TPTGBP EO        -78172467.48    131014414.4
TOPPS TILES PLC      TPT EU           -78172467.48    131014414.4
TOPPS TILES PLC      TPT PZ           -78172467.48    131014414.4
TOPPS TILES PLC      TPT BQ           -78172467.48    131014414.4
TOPPS TILES PLC      TPT TQ           -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EO        -78172467.48    131014414.4
TOPPS TILES-NEW      TPTN LN          -78172467.48    131014414.4
UTC GROUP            UGR LN           -11904426.45   203548565.03
VIRGIN MOB-ASSD      VMOA LN         -392165437.58   166070003.71
VIRGIN MOB-ASSD      VMOC LN         -392165437.58   166070003.71
VIRGIN MOBILE        VGMHF US        -392165437.58   166070003.71
VIRGIN MOBILE        UEM GR          -392165437.58   166070003.71
VIRGIN MOBILE        VMOB VX         -392165437.58   166070003.71
VIRGIN MOBILE        VMOB PO         -392165437.58   166070003.71
VIRGIN MOBILE        VMOB LN         -392165437.58   166070003.71
WATSON & PHILIP      WTSN LN         -120493900.04   252232072.87
WINCANTON PL-ADR     WNCNY US         -47615167.52  1316638025.67
WINCANTON PLC        WIN1GBP EO       -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EU          -47615167.52  1316638025.67
WINCANTON PLC        WIN VX           -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EO       -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EB          -47615167.52  1316638025.67
WINCANTON PLC        WNCNF US         -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EU       -47615167.52  1316638025.67
WINCANTON PLC        WIN1 TQ          -47615167.52  1316638025.67
WINCANTON PLC        WIN1EUR EU       -47615167.52  1316638025.67
WINCANTON PLC        WIN IX           -47615167.52  1316638025.67
WINCANTON PLC        WIN1EUR EO       -47615167.52  1316638025.67
WINCANTON PLC        WIN LN           -47615167.52  1316638025.67
WINCANTON PLC        WIN1 BQ          -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EO          -47615167.52  1316638025.67
WINCANTON PLC        WIN PZ           -47615167.52  1316638025.67
WINCANTON PLC        WIN PO           -47615167.52  1316638025.67
WINCANTON PLC        WIN1 NQ          -47615167.52  1316638025.67
XXPERT RENTAL        XPRT CN            -103725000      149477216


GREECE
------
AG PETZETAKIS SA     PTZ GR           -29943162.81   218449483.79
AG PETZETAKIS SA     PETZK PZ         -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     PZETF US         -29943162.81   218449483.79
AG PETZETAKIS SA     PTZ1 GR          -29943162.81   218449483.79
AG PETZETAKIS SA     PETZK EO         -29943162.81   218449483.79
ALTEC SA -AUCT       ALTECE GA       -113800496.36   212288486.55
ALTEC SA INFO        ALTEC EO        -113800496.36   212288486.55
ALTEC SA INFO        ALTEC EU        -113800496.36   212288486.55
ALTEC SA INFO        ALTEC GA        -113800496.36   212288486.55
ALTEC SA INFO        ATCQF US        -113800496.36   212288486.55
ALTEC SA INFO        ALTEC PZ        -113800496.36   212288486.55
ALTEC SA INFO        AXY GR          -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     UN5 GR           -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN GA         -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN PZ         -34283568.77   458056717.55
HELLAS ONLINE SA     HOLR GA          -34283568.77   458056717.55
HELLAS ONLINE SA     HOL GA           -34283568.77   458056717.55
HELLAS ONLINE SA     BRAIN EU         -34283568.77   458056717.55
KOUMBAS INSUR-RT     KOUMD GA         -47073006.65   212483361.18
KOUMBAS RTS          KOUMR GA         -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM GA          -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM EO          -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM PZ          -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUMF US         -47073006.65   212483361.18
KOUMBAS SYNERGY      KOUM EU          -47073006.65   212483361.18
NAOUSSA SPIN -RT     NAOYD GA         -44175513.67   341686153.14
NAOUSSA SPIN-AUC     NAOYKE GA        -44175513.67   341686153.14
NAOUSSA SPIN-RTS     NAOYKR GA        -44175513.67   341686153.14
NAOUSSA SPINNING     NML GR           -44175513.67   341686153.14
NAOUSSA SPINNING     NML1 GR          -44175513.67   341686153.14
PETZET - PFD-RTS     PETZPD GA        -29943162.81   218449483.79
PETZETAKIS - RTS     PETZKD GA        -29943162.81   218449483.79
PETZETAKIS-AUC       PETZKE GA        -29943162.81   218449483.79
PETZETAKIS-PFD       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     RAKOF US        -100972173.86   180679253.63
RADIO KORASSIDIS     RKC GR          -100972173.86   180679253.63
THEMELIODOMI         THEME GA         -55751178.85   232036822.56
THEMELIODOMI-AUC     THEMEE GA        -55751178.85   232036822.56
THEMELIODOMI-RTS     THEMED GA        -55751178.85   232036822.56
THEMELIODOMI-RTS     THEMER GA        -55751178.85   232036822.56
UNITED TEXTILES      NAOSF US         -44175513.67   341686153.14
UNITED TEXTILES      UTEX GA          -44175513.67   341686153.14
UNITED TEXTILES      UTEX PZ          -44175513.67   341686153.14
UNITED TEXTILES      UTEX EO          -44175513.67   341686153.14
UNITED TEXTILES      NAOYK GA         -44175513.67   341686153.14
UNITED TEXTILES      UTEX EU          -44175513.67   341686153.14


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


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


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


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


ITALY
-----
AEDES AXA+W          AEAXAW IM        -24405906.61  1350851664.42
AEDES SPA            LLB GR           -24405906.61  1350851664.42
AEDES SPA            AE EO            -24405906.61  1350851664.42
AEDES SPA            AEDSF US         -24405906.61  1350851664.42
AEDES SPA            AEDI IX          -24405906.61  1350851664.42
AEDES SPA            AE EU            -24405906.61  1350851664.42
AEDES SPA            AE TQ            -24405906.61  1350851664.42
AEDES SPA            AE PZ            -24405906.61  1350851664.42
AEDES SPA            AE IM            -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        AEAA IM          -24405906.61  1350851664.42
AEDES SPA-RTS        AESA IM          -24405906.61  1350851664.42
AEDES SPA-SVGS R     AEDRAA IM        -24405906.61  1350851664.42
ARENA SPA            RON IX           -26843216.33   117951651.43
ARENA SPA            ARE IM           -26843216.33   117951651.43
ARENA SPA            ARE2 TQ          -26843216.33   117951651.43
ARENA SPA            AREI PZ          -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
ARENA SPA            ARE2 EU          -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     CRO IM           -422095869.5  1583083044.16
CIRIO FINANZIARI     FIY GR           -422095869.5  1583083044.16
COIN SPA             GUCIF US        -151690764.75   791310848.67
COIN SPA             965089Q GR      -151690764.75   791310848.67
COIN SPA             GC IX           -151690764.75   791310848.67
COIN SPA-RTS         GCAA IM         -151690764.75   791310848.67
COIN SPA/OLD         GC IM           -151690764.75   791310848.67
COMPAGNIA ITALIA     CGLUF US        -137726596.25   527372691.43
COMPAGNIA ITALIA     CITU IX         -137726596.25   527372691.43
COMPAGNIA ITALIA     ICT IM          -137726596.25   527372691.43
CREDITO FOND-RTS     CRFSA IM        -200209050.26  4213063202.32
CREDITO FONDIARI     CRF IM          -200209050.26  4213063202.32
LAZIO SPA            SSL IM           -15482934.18   260633690.01
LAZIO SPA            LZO1 GR          -15482934.18   260633690.01
LAZIO SPA            SSL1 EO          -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 IX          -15482934.18   260633690.01
LAZIO SPA            LZO GR           -15482934.18   260633690.01
LAZIO SPA            SSLZF US         -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAZ IM         -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAA IM         -15482934.18   260633690.01
OLCESE SPA           O IM             -12846689.89   179691572.79
OLCESE SPA-RTS       OAA IM           -12846689.89   179691572.79
OLCESE VENEZIANO     OLVE IM          -12846689.89   179691572.79
OMNIA NETWORK SP     ONT IM           -14203645.83    330093845.4
OMNIA NETWORK SP     ONT PZ           -14203645.83    330093845.4
OMNIA NETWORK SP     ONT EU           -14203645.83    330093845.4
OMNIA NETWORK SP     ONTI IX          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT TQ           -14203645.83    330093845.4
OMNIA NETWORK SP     ONT EO           -14203645.83    330093845.4
PARMALAT FINA-RT     PRFR AV       -18419390028.95  4120687886.18
PARMALAT FINANZI     PARAF US      -18419390028.95  4120687886.18
PARMALAT FINANZI     FICN AV       -18419390028.95  4120687886.18
PARMALAT FINANZI     PMT LI        -18419390028.95  4120687886.18
PARMALAT FINANZI     PAF GR        -18419390028.95  4120687886.18
PARMALAT FINANZI     PRF IM        -18419390028.95  4120687886.18
PARMALAT FINANZI     PRFI VX       -18419390028.95  4120687886.18
PARMALAT FINANZI     PMLFF US      -18419390028.95  4120687886.18
RONCADIN SPA         RON IM           -26843216.33   117951651.43
RONCADIN SPA-RT      RONAA IM         -26843216.33   117951651.43
RONCADIN SPA-RTS     RONAAW IM        -26843216.33   117951651.43
SNIA BPD             SN GR            -97720525.24   339401569.86
SNIA BPD-ADR         SBPDY US         -97720525.24   339401569.86
SNIA SPA             SN EU            -97720525.24   339401569.86
SNIA SPA             SBPDF US         -97720525.24   339401569.86
SNIA SPA             SN IM            -97720525.24   339401569.86
SNIA SPA             SSMLF US         -97720525.24   339401569.86
SNIA SPA             SNIB GR          -97720525.24   339401569.86
SNIA SPA             SIAI PZ          -97720525.24   339401569.86
SNIA SPA             SIAI IX          -97720525.24   339401569.86
SNIA SPA             SNIA GR          -97720525.24   339401569.86
SNIA SPA             SN EO            -97720525.24   339401569.86
SNIA SPA             SNIXF US         -97720525.24   339401569.86
SNIA SPA             SN TQ            -97720525.24   339401569.86
SNIA SPA - RTS       SNAAW IM         -97720525.24   339401569.86
SNIA SPA- RTS        SNAXW IM         -97720525.24   339401569.86
SNIA SPA-2003 SH     SN03 IM          -97720525.24   339401569.86
SNIA SPA-CONV SA     SPBDF US         -97720525.24   339401569.86
SNIA SPA-DRC         SNR00 IM         -97720525.24   339401569.86
SNIA SPA-NEW         SN00 IM          -97720525.24   339401569.86
SNIA SPA-NON CON     SPBNF US         -97720525.24   339401569.86
SNIA SPA-RCV         SNIVF US         -97720525.24   339401569.86
SNIA SPA-RCV         SNR IM           -97720525.24   339401569.86
SNIA SPA-RIGHTS      SNAW IM          -97720525.24   339401569.86
SNIA SPA-RNC         SNIWF US         -97720525.24   339401569.86
SNIA SPA-RNC         SNRNC IM         -97720525.24   339401569.86
SNIA SPA-RTS         SNSO IM          -97720525.24   339401569.86
SNIA SPA-RTS         SNAA IM          -97720525.24   339401569.86
SOCOTHERM SPA        SCT EO           -28370270.37   537950362.36
SOCOTHERM SPA        SCT EU           -28370270.37   537950362.36
SOCOTHERM SPA        SCTM IX          -28370270.37   537950362.36
SOCOTHERM SPA        SCT IM           -28370270.37   537950362.36
SOCOTHERM SPA        SOCEF US         -28370270.37   537950362.36
SOCOTHERM SPA        SCTI PZ          -28370270.37   537950362.36
SOCOTHERM SPA        SCT TQ           -28370270.37   537950362.36
TECNODIFF ITALIA     TDIFF US         -89894162.82   152045757.48
TECNODIFF ITALIA     TEF GR           -89894162.82   152045757.48
TECNODIFF ITALIA     TDI IM           -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          TISGBX EO        -24638454.05  1569205599.82
TISCALI SPA          TISN FP          -24638454.05  1569205599.82
TISCALI SPA          TISGBP EO        -24638454.05  1569205599.82
TISCALI SPA          TISN IM          -24638454.05  1569205599.82
TISCALI SPA          TSCXF US         -24638454.05  1569205599.82
TISCALI SPA          TISGBX EU        -24638454.05  1569205599.82
TISCALI SPA          TIS IX           -24638454.05  1569205599.82
TISCALI SPA          TIS TQ           -24638454.05  1569205599.82
TISCALI SPA          TIS EU           -24638454.05  1569205599.82
TISCALI SPA          TISN VX          -24638454.05  1569205599.82
TISCALI SPA          TISN IX          -24638454.05  1569205599.82
TISCALI SPA          TIS NR           -24638454.05  1569205599.82
TISCALI SPA          TIS IM           -24638454.05  1569205599.82
TISCALI SPA          TIQ GR           -24638454.05  1569205599.82
TISCALI SPA          TIS EO           -24638454.05  1569205599.82
TISCALI SPA          TIS PZ           -24638454.05  1569205599.82
TISCALI SPA          TIS FP           -24638454.05  1569205599.82
TISCALI SPA          TIS VX           -24638454.05  1569205599.82
TISCALI SPA          TIS NA           -24638454.05  1569205599.82
TISCALI SPA          TISN NA          -24638454.05  1569205599.82
TISCALI SPA          TIQG IX          -24638454.05  1569205599.82
TISCALI SPA- RTS     TIQ1 GR          -24638454.05  1569205599.82
TISCALI SPA- RTS     TISAXA IM        -24638454.05  1569205599.82


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


NETHERLANDS
-----------
BAAN CO NV-ASSEN     BAANA NA          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN GR           -7854741.41   609871188.88
BAAN COMPANY NV      BAAN PZ           -7854741.41   609871188.88
BAAN COMPANY NV      BNCG IX           -7854741.41   609871188.88
BAAN COMPANY NV      BAAN IX           -7854741.41   609871188.88
BAAN COMPANY NV      BAAVF US          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EO           -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EU           -7854741.41   609871188.88
BAAN COMPANY NV      BAAN NA           -7854741.41   609871188.88
BAAN COMPANY-NY      BAANF US          -7854741.41   609871188.88
BUSINESSWAY INTL     BITL US              -1244740      136149008
BUSINESSWAY INTL     BITLE US             -1244740      136149008
CNW ORLANDO INC      CNWD US              -1244740      136149008
GLOBALNETCARE        GBCRE US             -1244740      136149008
GLOBALNETCARE        GBCR US              -1244740      136149008
ICBS INTERNATION     ICBO US              -1244740      136149008
ICBS INTERNATION     ICBOE US             -1244740      136149008
ROYAL INVEST INT     RIIC US              -1244740      136149008
UNITED PAN -ADR      UPEA GR        -5505478849.55  5112616630.06
UNITED PAN-A ADR     UPCOY US       -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC NA         -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LN         -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LI         -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCOF US       -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPC VX         -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE GR         -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE1 GR        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCEF US       -5505478849.55  5112616630.06
WAH KING INVEST      WAHKE US             -1244740      136149008
WAH KING INVEST      WAHK US              -1244740      136149008


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


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


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


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


RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU        -110204703.34   120620770.43
ALFA CEMENT-BRD      ALCE RU            -672832.37   105454563.92
ALFA CEMENT-BRD      AFMTF US           -672832.37   105454563.92
ALFA CEMENT-BRD      ALCE* RU           -672832.37   105454563.92
AMO ZIL              ZILL RM         -165713442.78   328106800.85
AMO ZIL-CLS          ZILL RU         -165713442.78   328106800.85
AMO ZIL-CLS          ZILL* RU        -165713442.78   328106800.85
DAGESTAN ENERGY      DASB RU          -33465586.31   128437866.54
DAGESTAN ENERGY      DASB RM          -33465586.31   128437866.54
DAGESTAN ENERGY      DASB* RU         -33465586.31   128437866.54
DUVANSKA             DIVR SG           -7729350.78   109207260.53
EAST-SIBERIA-BRD     VSNK* RU        -100985377.37   116491783.13
EAST-SIBERIA-BRD     VSNK RU         -100985377.37   116491783.13
EAST-SIBERIAN-BD     VSNK$ RU        -100985377.37   116491783.13
GUKOVUGOL            GUUG RU          -57835245.31   143665227.24
GUKOVUGOL            GUUG* RU         -57835245.31   143665227.24
GUKOVUGOL-PFD        GUUGP RU         -57835245.31   143665227.24
GUKOVUGOL-PFD        GUUGP* RU        -57835245.31   143665227.24
IMK 14 OKTOBAR A     IMKO SG           -5175836.42   110102264.18
KOMPANIYA GL-BRD     GMST RU          -72805537.11   1148203682.9
KOMPANIYA GL-BRD     GMST* RU         -72805537.11   1148203682.9
SAMARANEFTEGA-P$     SMNGP RU        -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG RM         -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG$ RU        -331600428.45   891998590.74
SAMARANEFTEGAS       SVYOF US        -331600428.45   891998590.74
SAMARANEFTEGAS       SMNG* RU        -331600428.45   891998590.74
SAMARANEFTEGAS-$     SMNG RU         -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP$ RU       -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP RM        -331600428.45   891998590.74
SAMARANEFTEGAS-P     SMNGP* RU       -331600428.45   891998590.74
TERNEYLES-BRD        TERL RU           -15178937.2   182115156.77
TERNEYLES-BRD        TERL* RU          -15178937.2   182115156.77
URGALUGOL-BRD        YRGL RU          -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
ZASTAVA AUTOMOBI     ZAKG SG         -396504649.08   174692011.08
ZIL AUTO PLANT       ZILL$ RU        -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP* RU       -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP RU        -165713442.78   328106800.85
ZIL AUTO PLANT-P     ZILLP RM        -165713442.78   328106800.85


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


UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ          -16212049.02   277693905.54
DNEPROPETROVSK       DMZP UZ          -15926384.43   424303604.81
DNIPROOBLENERGO      DNON UZ           -8466062.15   297261661.11
DONETSKOBLENERGO     DOON UZ         -222373172.26   391097664.92
LUGANSKOBLENERGO     LOEN UZ          -27999610.26   206103874.91
NAFTOKHIMIK PRIC     NAFP UZ          -18319042.42   308665797.86
NAFTOKHIMIK-GDR      N3ZA GR          -18319042.42   308665797.86
ZAPORIZHOBLENERG     ZAON UZ           -5929792.72   132397404.71


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *