TCREUR_Public/090901.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, September 1, 2009, Vol. 10, No. 172



AUSTRIAN AIRLINES: European Commission Approves Restructuring
AUSTRIAN AIRLINES: Commission Approves Proposed Lufthansa Takeover
BALASSO FURNIERWERK: Creditors Must File Claims by September 10
HAK MARKT: Claims Filing Deadline is September 1
HEINZ BRUNN: Claims Filing Deadline is September 1

HEINZ BRUNN: Claims Filing Deadline is September 1
PR IMMOBILIENDEVELOPMENT: Claims Filing Deadline is September 10
RANOVA BAU: Claims Filing Deadline is September 3


DEXIA GROUP: Moody's Junks Rating on Preferred Stock Securities


KREMIKOVTZI AD: Creditors Ready to Capitalize Debts


ARCANDOR AG: Karstadt May Not Have to Merge with Kaufhof, CEO Says
ARCANDOR AG: Seven Board Members May Step Down Today, FTD Reports


ARIES MARITIME: Posts US$8.2 Million Net Loss for June 30 Quarter
DRYSHIPS INC: 2009 Shareholders' Meeting on September 21
WIND HELLAS: Fitch Cuts Long-Term Issuer Default Rating to 'C'


INDEPENDENT NEWS: Posts EUR48.5MM Pre-Tax Loss in First Half 2009


GIOVANNI CRESPI: Mazars Unable to Give Opinion on 1H09 Results
GRUPO GAIA: Comm. Invites Tenders for Selection of Off'l Assignee
SNIA SPA: KPMG Unable to Give Opinion on First-Half Results
TISCALI SPA: 1H09 Loss Widens to EUR402.9 Mil. After UK Asset Sale


ALMATY STROY: Creditors Must File Claims by September 5
COM BYT: Creditors Must File Claims by September 5
JALGYZTAU-2030: Creditors Must File Claims by September 5
KSM SERVICE: Creditors Must File Claims by September 5
SEM GAS: Creditors Must File Claims by September 5


ADRENALIN PLUS: Creditors Must File Claims by September 24


UKIO BANKAS: S&P Downgrades Counterparty Credit Ratings to 'B/C'


ORCO PROPERTY: Net Loss Widens to EUR200 Mil. in First Half 2009


* Amsterdam Court OKs Randstad, Shareholders Assn, SUVS Settlement


NEMI FORSIKRING: S&P Affirms 'BB+' Counterparty Credit Rating
THINK NORDIC: Exits Court Protection; To Sell Cars in U.S.


BELORETSKIY LES: Creditors Must File Claims by September 7
SOTS-STROY LLC: Creditors Must File Claims by September 7
STROY-GRAD LLC: Creditors Must File Claims by September 7
VIMPEL-COMMUNICATIONS: Posts RUR22.6 Bil. Net Profit in 2Q09

S L O V A K   R E P U B L I C

SKYEUROPE AIRLINES: Files for Bankruptcy on Lack of Funding


ACKERMANN AUTOMOBILE: Claims Filing Deadline is September 24
ARCHITEKTURBUORO RUEDI: Claims Filing Deadline is September 9
DREAMBOX AG: Claims Filing Deadline is September 15
FAHRSCHULE BOSSY: Creditors Must File Claims by September 18
H&H SERVICES: Claims Filing Deadline is September 30

HAL ALUMINIUMGUSS: Claims Filing Deadline is September 30
MEDICHANCE GMBH: Creditors Have Until September 7 to File Claims
NCC RE: Claims Filing Deadline is September 30
RETO'S PASTA-ARTS: Creditors Must File Claims by October 15
Z-CONSULTING: Claims Filing Deadline is September 7


CANT TRADE: Creditors Must File Claims by September 3
CONTINENT-2005 LLC: Creditors Must File Claims by September 3
DNEPROAGROTECHSERVICE-AVTO: Claims Filing Deadline is September 3
NAFTOGAZ UKRAINY: In Talks to Restructure US$500 Mil. Eurobond
SPECIAL BUILDING: Creditors Must File Claims by September 3

TECHNO-INFORM LLC: Creditors Must File Claims by September 3

U N I T E D   K I N G D O M

BRITISH ENERGY: Creditors to Take Control of Eggborough Plant
DE BEERS: Calls in PwC to Help Renegotiate US$1.5 Bil. Loan
HIGHLANDS INSURANCE: Court Grants Motion for Permanent Injunction
JOHNSTON PRESS: Has GBP485 Mil. Facility; Offers Share Warrants
LEHMAN BROTHERS: European Administrator May File US$100-Bil. Claim

LLOYDS BANKING: May Close 300 Halifax Counters
NATIONAL EXPRESS: May Push Through with GBP350 Mil. Rights Issue
OMEGA DESIGNER: In Liquidation; Vantis Appointed
SMART ENERGY: Administrators Ink Two Assets Acquisition Deals
SONGBIRD ESTATES: CIC Joins Bailout to Help Avert Citi Debt Breach

TRAVELZEST PLC: Fails to Secure GBP2MM of Fresh Funds to Pay Debt
YELL GROUP: Mulls GBP350 Mil. Rights Offering, Independent Says

* Chadbourne & Parke Expands Bankruptcy and Fin'l Group in London

* Large Companies with Insolvent Balance Sheet



AUSTRIAN AIRLINES: European Commission Approves Restructuring
The European Commission has decided to close the formal
investigation procedure into the privatization and restructuring
of Austrian Airlines concluding that the restructuring following
its sale to Lufthansa is compatible with community law.  The
Commission has concluded that the price to be paid by Lufthansa
involves State aid but that such aid is compatible in accordance
with the Community framework for rescue and restructuring of firms
in difficulty.

European Commission Vice-President and Commissioner for Transport
Antonio Tajani said "This decision is yet another step taken
favouring the consolidation of the airline sector.  It will lead
to a market that is undistorted by state aid, with an ultimate
benefit for passengers."

Following a privatization procedure Lufthansa has been selected to
buy the Austrian State's stake (41.56%) in Austrian Airlines.  The
other shareholders (free floating and institutional) will also be
bought out by Lufthansa.  The price to be paid is made up of three

    * Lufthansa will pay a purchase price of EUR366.268,75

    * the State receives a debtor warrant, which may lead to an
      additional payment

    * Lufthansa has requested that Austria recapitalize Austrian
      Airlines with EUR500 million to compensate for Austrian
      Airlines' high level of historical debt.  Without the State
      recapitalization Lufthansa will not buy Austrian Airlines.

Having opened an investigation into the sale and the restructuring
plan and having examined the evidence provided by Austria and the
observations received from over 40 interested parties, the
Commission has reached the conclusion that the (negative) price
paid by Lufthansa for Austrian Airlines reflects the value of the
enterprise at the time it was being sold.  However, as bankruptcy
would have been a cheaper option for the State the decision of
Austria to accept a negative price amounted to a grant of State

The Commission has therefore examined the restructuring plan
submitted by the Austrian authorities and has concluded that this
plan is in conformity with the applicable Community rules.  The
aid is kept to a minimum and a reduction in capacity combined with
a cap on growth will be sufficient to address any competitive
concerns raised by the acquisition.  The capacity of Austrian
airlines will be reduced by 15% from its January 2008 level by the
end of 2010.  Thereafter Austrian Airlines' growth will be capped
at the average of the growth rate observed for member airlines of
the Association of European Airlines.  Such cap will remain in
place until end 2015 or until Austrian Airlines reaches an
operational break even, whichever comes first.  Austrian Airlines
will also reduce its shareholding in Schedule Coordination Austria
GmbH to 25%.

The Commission has also approved the acquisition of Austrian
Airlines by Lufthansa under the Merger Control Regulation.

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

AUSTRIAN AIRLINES: Commission Approves Proposed Lufthansa Takeover
The European Commission has approved, under the EU Merger
Regulation, the proposed acquisition of Austrian Airlines by
Deutsche Lufthansa AG of Germany.  The decision is conditional
upon the implementation of a set of remedies offered by Lufthansa
to remove the Commission's competition concerns.  The Commission's
in-depth investigation, opened on July 1, 2009, indicated that the
transaction, as originally notified, would have led to competition
concerns on a number of routes.  The in-depth investigation
enabled the Commission to reduce the number of routes where it was
concerned that the transaction would result in consumers being
faced with reduced choice and likely higher prices to the routes
Vienna-Frankfurt, Vienna-Munich, Vienna-Stuttgart, Vienna-Cologne
and Vienna-Brussels.  Lufthansa submitted commitments which have
removed these competition concerns on all these routes.

Competition Commissioner Neelie Kroes said: "This case shows that
consolidation in the airline sector is possible with proper
remedies to safeguard consumers' interests".

Lufthansa is the largest German airline with hubs at Frankfurt and
Munich airports. Lufthansa also controls Swiss, Air Dolomiti,
Eurowings and Germanwings.  Lufthansa recently acquired British
Midland and SN Brussels Airlines.  Austrian Airlines is Austria’s
largest airline with its hub in Vienna.  Its subsidiaries include
Lauda Air and Tyrolean Airways.  Both parties are members of the
Star Alliance.

After the Commission had opened an in-depth inquiry on July 1,
2009, Lufthansa submitted a comprehensive set of remedies.  This
remedies package includes commitments to offer slots, according to
an efficient and timely slot allocation mechanism.  This will
allow new entrants to operate flights or existing competitors to
improve and expand their services on the routes where the
Commission's investigation confirmed competition concerns, namely
the routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne
and Brussels.  New entrants will, under certain conditions, also
obtain grandfathering rights over the relevant slots, once a route
has been operated by them for a pre-determined period of time.
The remedy package further foresees ancillary measures, in
particular participation in Lufthansa's Frequent Flyer Programme.

The Commission's investigation showed that these commitments
address the problem of slot congestion as a main barrier to entry
on the five routes with competition concerns and are likely to
attract the entry of new operators or expansion of existing
operators on these routes and thereby maintain effective
competition to the benefit of passengers.

The Commission has also approved the restructuring aid to Austrian
Airlines under the EC Treaty state aid rules.

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

BALASSO FURNIERWERK: Creditors Must File Claims by September 10
Creditors of Balasso Furnierwerk GmbH have until September 10,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 16, 2009 at 11:00 a.m. at:

         The Civil Court of Graz
         Room 222
         Second Floor

For further information, contact the company's administrator:

         Dr. Norbert Scherbaum
         Einspinnergasse 3
         8010 Graz
         Tel.: 0316/832460
         Fax: 0316/832460-20

HAK MARKT: Claims Filing Deadline is September 1
Creditors of HAK Markt Ayhan GmbH have until September 1, 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. Bernhard Ess
         Hirschgraben 14
         6800 Feldkirch
         Tel.: 05522/79090
         Fax: 05522/79090-7

HEINZ BRUNN: Claims Filing Deadline is September 1
Creditors of Heinz Brunn GmbH have until September 1, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 9:20 a.m.

For further information, contact the company's administrator:

         Dr. Anita Einsle
         Deuringstraße 9
         6900 Bregenz
         Tel: 05574/54447
         Fax: 05574/54447-20

HEINZ BRUNN: Claims Filing Deadline is September 1
Creditors of Heinz Brunn GmbH & Co KG have until September 1,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 9:10 a.m.

For further information, contact the company's administrator:

         Mag. Matthias Kucera
         Hofsteigstrasse 89
         6971 Hard
         Tel.: 05574/76655
         Fax: 05574/76655-6

PR IMMOBILIENDEVELOPMENT: Claims Filing Deadline is September 10
Creditors of PR Immobiliendevelopment & Constructing GmbH have
until September 10, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 24, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Tel: 512 97 06
         Fax: 512 97 06 20

RANOVA BAU: Claims Filing Deadline is September 3
Creditors of Ranova Bau GmbH have until September 3, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Mag. Andreas Berchtold
         Raubergasse 16/I
         8010 Graz
         Tel.: 0316/83 58 62
         Fax: 0316/83 58 626


DEXIA GROUP: Moody's Junks Rating on Preferred Stock Securities
Moody's Investors Service downgraded the hybrid instruments with
optional deferral features issued by Dexia Group's main banking
entities, Dexia Credit Local, Dexia Bank Belgium and Dexia Banque
Internationale a Luxembourg, and their issuing vehicles.  The
ratings of the preferred stock securities (qualifying as Tier 1
capital) were downgraded to Caa1 with a stable outlook from B2
with a negative outlook.  The rating of the 6.25% junior
subordinated debt issued by DBB in November 1997 was downgraded to
Ba2 with a negative outlook from Baa2 with a negative outlook.
The ratings of the other junior subordinated debt instruments were
affirmed at Baa2 with a negative outlook.

Meanwhile, the A1 long-term debt and deposit ratings, the A2
subordinated debt ratings and D+ bank financial strength ratings
of DCL, DBB and DBIL were unchanged, all with a negative outlook.
The Prime-1 short-term ratings were also unchanged.

The rating actions on some of Dexia's cumulative and non-
cumulative hybrid instruments reflect Moody's assessment of an
increased probability of coupon suspension on these securities
with optional deferral features.  Dexia and the European
Commission are engaged in ongoing discussions on Dexia's state aid
package and restructuring plan.  In Moody's opinion, there is a
risk that Dexia may be advised or may decide to include these
instruments as loss-absorbing capital.

The rating actions are part of Moody's review of certain hybrids
issued by European banks and insurers for which the EC's approval
is pending.

           Pending the European Commision's Approval of
                    Dexia's Restructuring Plan

Moody's understands that Dexia is still discussing its
restructuring plan with the EC following the state aid received
from the governments of Belgium, France and Luxembourg, including:

* a total capital injection of EUR6 billion, representing nearly
  4% of Dexia's risk-weighted assets at year-end 2008;

* a guarantee from the governments capped at a maximum of
  EUR150 billion on short-to-medium term debt raised before the
  end of October 2009;

* a guarantee by the Belgian and French governments on a
  US$12 billion financial products portfolio, in excess of a
  US$4.5 billion first-loss covered by Dexia Group, to facilitate
  the sale of FSA's financial guaranty business, completed in July

While the guarantee relating to the Financial Products portfolio
was approved by the EC in March 2009, Moody's notes that the EC's
enquiry into the restructuring plan is still underway, including
discussions between the interested parties as noted in the
publication on State Aid in the Official Journal of the European
Union, dated August 4, 2009.  Moody's also understands that the
conclusions of these restructuring discussions are expected by
October 2009.

              Downgrade of Non-Cumulative Tier 1 with
                    Optional Deferral Features

The downgrade to Caa1 (stable outlook) from B2 (negative outlook)
of the non-cumulative Tier I instruments issued by DCL, DBIL and
Dexia Funding Luxembourg (DFL, guaranteed by Dexia Group)
reflects, in Moody's opinion, a high likelihood that these
instruments may suffer coupon deferral going forward.  Indeed, it
is Moody's opinion that the ongoing discussions with the EC into
Dexia's restructuring plan might result in the group being
refrained from paying coupons on these instruments, as was
recently the case for KBC, in line with the EC's stated objective
of burden sharing.  The ratings also take into account the non-
cumulative features of these perpetual instruments, implying a
higher expected loss than for cumulative instruments since they
are not subject to payment at a later date.

Moody's continues to view the weak mandatory solvency triggers
attached to the Tier I issues as unlikely to be breached in the
medium term due to the rating agency's expectations that Dexia
Group, DCL and DBIL's capital positions will remain adequate in
the medium term.  However, Moody's believes that the optional non-
payment of interest by the issuer attached to these perpetual
instruments increases the risk of a coupon deferral and for a
longer period than previously estimated.

Additionally, in the case of the Tier 1 issued by DFL and DCL, an
optional regulatory intervention clause enables regulators to
suspend coupon-payment at their discretion as well as to impose a
principal write-down.  Although the rating agency continues to
consider that the risk of principal write-down is lower in the
medium term than a coupon deferral, the ratings also incorporate
some risk of principal loss.  The stable outlook reflects Moody's
conservative expected loss assumptions in terms of the likelihood
and time horizon of missed coupons, as well as the low sensitivity
of these instruments to Dexia's intrinsic financial strength.

     Downgrade of the Ratings of the Cumulative Upper Tier 2
           Instruments with Optional Deferral Features;
   Affirmation of the Ratings of the Other Upper Tier 2 Issues

Moody's downgraded the ratings of the 6.25% junior subordinated
debt issued by DBB in November 1997 (ISIN BE0116241358) to Ba2
(negative outlook) from Baa2 (negative outlook), reflecting its
assessment of a high probability of coupons omissions being linked
to an optional deferral provision tied to dividend payment by DBB
to its parent.  The cumulative nature of coupon payments limits
the loss severity of a coupon deferral for this particular
issuance and explains the rating differential when compared with
the Tier 1 non-cumulative instruments mentioned above, despite
similar assumptions in terms of potentially missed coupons.  The
negative outlook incorporates the uncertainty linked to the
optional deferral provision of this particular instrument.  It is
also in line with the negative outlook on the senior debt of DBB,
due to the sensitivity of this instrument's rating to DBB's BFSR.

Simultaneously, Moody's affirmed the ratings of the other junior
subordinated issues of DBIL and issuing vehicle Dexia Overseas
Limited (guaranteed by DBB) at Baa2 with a negative outlook.  The
rating agency views the risk of deferred payment on these
securities as more limited given the weak financial triggers and
understands that there are no optional coupon deferral features
attached to these issues.  Moreover, the cumulative nature of the
interest on such instruments limits the expected loss for
investors.  However, Moody's will closely monitor the situation in
the coming months to see whether an intervention from the
authorities could include these instruments as loss-absorbing
capital, which is reflected in the negative outlook on these

                         Ratings Affected

These hybrids were downgraded to Caa1 (stable outlook) from B2
(negative outlook):

-- Dexia Funding Luxembourg SA's preferred stock EUR500 million
    4.892% (ISIN: XS0273230572)

-- DCL's preferred stock EUR700 million 4.3% (ISIN: FR0010251421)

-- DBIL's preferred stock EUR225 million 6.825% (ISIN:

This hybrid instrument was downgraded to Ba2 with a negative
outlook from Baa2 with a negative outlook:

-- DBB's junior subordinated debt 6.25% EUR230 million (ISIN:

These hybrid instruments were affirmed at Baa2 with a negative

-- DBIL's junior subordinated debt 5% EUR153 million (ISIN

-- Dexia Overseas Limited's junior subordinated debt Flt
    US$50 million (ISIN XS0116242784)

-- Dexia Overseas Limited's junior subordinated debt Flt
    US$100 million (ISIN XS0117920149)

-- Dexia Overseas Limited's junior subordinated debt Flt
    JPY10 000 million (ISIN XS0123134206)

-- Dexia Overseas Limited's junior subordinated debt Flt
    JPY5 000 million (ISIN XS0123018557)

The last rating action on Dexia Group's main operating entities
was implemented on 2 April 2009, when Moody's downgraded the
ratings of preferred stock and junior subordinated debt issued by
DCL, DBB and DBIL and the group's issuing vehicles to,
respectively, B2 from Baa1 and Baa2 from A3, with a negative
outlook.  The long-term debt and deposit ratings and BFSRs of DCL,
DBB and DBIL were unchanged at, respectively, A1 and D+ (the
latter mapping to a Ba1 BCA), with a negative outlook.  The Prime-
1 short-term ratings were also unchanged.

Dexia SA, headquartered in Brussels, had unaudited total assets of
EUR651 billion at year-end 2008.  It recorded a negative net
profit, group share, of EUR3.3 billion for the full year of 2008
(down from a positive EUR2.5 billion in 2007), and a net profit
group share of EUR534 million in 1H2009 (down from a net profit of
EUR821 million in 1H2008).


KREMIKOVTZI AD: Creditors Ready to Capitalize Debts
Kremikovtzi AD's 57 largest creditors are ready to capitalize
their debts and become shareholders of the company,
reports, citing Podkrepa union leader Lyudmil Pavlov.

The report relates Mr. Pavlov said a vote on the recovery program
for the insolvent mill will be held at the end of September.

According to the report, Mr. Pavlov said that if creditors vote in
favor of the recovery program as he expects, there will be no need
for the government to liquidate the mill.

                         About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- is a company principally engaged in
the steel industry.  Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes.  The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime.  The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others.  The Company has undergone the insolvency
process since August 6, 2008.

As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt.  The court
appointed a temporary bankruptcy administrator for the steelmaker.
The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005.  As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.


ARCANDOR AG: Karstadt May Not Have to Merge with Kaufhof, CEO Says
Reuters, citing German magazine Spiegel, reports that Arcandor AG
CEO Karl-Gerhard Eick said its department store business Karstadt
could survive independently and may not need to merge with rival

Reuters relates Mr. Eick told Spiegel "I'm deeply convinced that
it is possible to run Karstadt profitably" but it would be
necessary to give up unprofitable stores and cut costs further.

                           About Arcandor AG

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

As 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: Seven Board Members May Step Down Today, FTD Reports
Cornelius Rahn at Bloomberg News, citing Financial Times
Deutschland, reports that seven members of Arcandor AG's executive
board may step down today, Sept. 1, as insolvency proceedings

According to Bloomberg, the newspaper said Chief Executive Officer
Karl-Gerhard Eick will leave his post along with Arnold Matschull
and Zvezdana Seeger, but it wasn't clear whether Thomas Cook chief
Manny Fontenla-Novoa and Ruediger Guenther, head of finance, would
retain their positions.

Bloomberg relates the newspaper said Karstadt chief Stefan
Herzberg and Primondo head Marc Sommer would stay on as executive
board members.

                        About Arcandor AG

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

As 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.


ARIES MARITIME: Posts US$8.2 Million Net Loss for June 30 Quarter
Aries Maritime Transport Limited said total revenues from
continuing operations of US$15.4 million were recorded for the
three months ended June 30, 2009, compared to total revenues of
US$18.0 million recorded for the three months ended June 30, 2008.
For the three month periods ended June 30, 2009 and June 30, 2008,
the Company reported revenues of US$13.0 million and US$15.4
million, respectively, excluding deferred revenue due to the
assumption of charters associated with certain vessel acquisitions
as well as direct expenses including commissions and voyage
expenses.  The decrease in revenues is primarily attributable to
lower charter rates achieved for the MR tankers, as well as out-
of-service days related to the Nordanvind.  The decrease was
partially offset by an increase in the utilization for the
Saronikos Bridge.  Vessel operating days for the three months
ended June 30, 2009 and 2008 were 1,001.  The Company defines
operating days as the total days the vessels were in the Company's
possession for the relevant period.  Total revenue days for the
three months ended June 30, 2009, were 883 and total revenue days
for the three months ended June 30, 2008, were 947.  The Company
defines revenue days as the total days the vessels were not off
hire or out of service.

Net loss from continuing operations was US$2.6 million or US$0.10
basic and diluted loss per share, for the three months ended
June 30, 2009, compared to net income of US$1.8 million, or
US$0.06 basic and diluted income per share, recorded for the three
months ended June 30, 2008.  The results for the second quarter of
2009 include a US$1.2 million non-cash gain from the change in the
fair value of derivatives.  The results for the same period of
2008 include a US$3.6 million non-cash gain from the change in the
fair value of derivatives.

Net loss from continuing and discontinued operations for the three
months ended June 30, 2009, was US$8.2 million, or US$0.29 basic
and diluted loss per share, compared to net income of US$13.2
million, or US$0.46 basic and diluted income per share, recorded
for the three months ended June 30, 2008.

Adjusted EBITDA for the three months ended June 30, 2009, was
US$4.5 million compared to US$7.4 million for the three months
ended June 30, 2008.

Jeff Parry, Chief Executive Officer, commented, "Our results for
the second quarter reflect previously announced out-of-service
time for the Nordanvind and reduced charter rates as anticipated
for certain vessels, partially offset by lower general and
administrative expenses.  During this challenging global economic
environment, management continues to take proactive measures to
improve the Company's financial position and maximize shareholder
value.  Specifically, we sold the Ocean Hope, the oldest vessel in
our fleet, for a net price of US$2.3 million.  We also entered
into a non-binding letter of intent with Grandunion, Inc., which
contemplates, among other things, the acquisition of three
Capesize drybulk carriers with an approximate net asset value of
US$36.0 million in exchange for 15,977,778 newly issued shares of
the Company, and a change of control of the Company's Board of
Directors.  As we maintain our focus on negotiating the definitive
agreements with Grandunion, management remains committed to
strengthening Aries' ship operations and enhancing the Company's
future performance."

The Company said total revenues of US$30.9 million from continuing
operations were recorded for the six months ended June 30, 2009,
compared to total revenue of US$36.7 million recorded for the six
months ended June 30, 2008.  For the six month periods ended
June 30, 2009 and June 30, 2008, the Company reported revenues of
US$25.8 million and US$31.7 million, respectively, excluding
deferred revenue due to the assumption of charters associated with
certain vessel acquisitions as well as direct expenses including
commissions and voyage expenses.  The decrease in revenues is
primarily attributable to lower charter rates achieved for the
fleet as well as out-of-service days related to the Nordanvind.
The decrease was partially offset by an increase in the
utilization for the Saronikos Bridge.  Vessel operating days for
the six months ended June 30, 2009 were 1,991 and for the six
months ended June 30, 2008 were 2,002.  The Company defines
operating days as the total days the vessels were in the Company's
possession for the relevant period.  Total revenue days
for the six months ended June 30, 2009, were 1,771 and total
revenue days for the six months ended June 30, 2008, were 1,916.
The Company defines revenue days as the total days the vessels
were not off hire or out of service.

Net loss from continuing operations was US$7.0 million or US$0.24
basic and diluted loss per share, for the six months ended
June 30, 2009, compared to a net loss of US$3.3 million, or
US$0.12 basic and diluted loss per share, recorded for the six
months ended June 30, 2008.  The results for the second quarter of
2009 include a US$1.1 million non-cash gain from the change in the
fair value of derivatives.

Net loss from continuing and discontinued operations for the six
months ended June 30, 2009, was US$12.5 million, or US$0.43 basic
and diluted loss per share, compared to net income of US$6.3
million, or US$0.22 basic and diluted income per share, recorded
for the six months ended June 30, 2008.

Adjusted EBITDA for the six months ended June 30, 2009, was
US$8.7 million compared to US$14.9 million for the six months
ended June 30, 2008.

As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities.  As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.

A full-text copy of the Company's earnings release is available at
no charge at

                          Going Concern

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

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

                       About Aries Maritime

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

DRYSHIPS INC: 2009 Shareholders' Meeting on September 21
The 2009 Annual Meeting of Shareholders of DryShips Inc. will be
held at the Company's offices located at 80 Kifissias Avenue, GR
151 25, Marousi, in Athens, Greece on September 21, 2009, at 1:00
p.m., for these purposes:

    Proposal 1 -- To elect two Class B Directors to serve until
                  the 2012 Annual Meeting of Shareholders

    Proposal 2 -- To approve the appointment of Deloitte
                  Hadjipavlou Sofianos & Cambanis S.A., as the
                  Company's independent auditors for the fiscal
                  year ending December 31, 2009; and

To transact other business as may properly come before the Meeting
or any adjournment thereof.

The board of directors has fixed the close of business August 7,
2009, as the record date for the determination of the shareholders
entitled to receive notice and to vote at the Meeting or any
adjournment thereof.

The nominees for election to the Company's board of directors are:

  -- Evangelos Mytilinaios, 59, as Class B Director; and

Mr. Mytilinaios was appointed to the board of directors of
DryShips Inc. on December 19, 2008, to fill the vacancy resulting
from the resignation of Mr. Angelos Papoulias.  Mr. Mytilinaios
has over 20 years of experience in the shipping industry. He
served as a senior executive in the Peraticos and Inlessis Group
of Companies, which are involved in the drybulk and tanker
shipping sectors.  He presently heads a diversified group of
companies involved in tourism and real estate development in
Greece and the United Kingdom.  After attending the Athens
University of Economics, he started his career by joining
and heading his family's aluminum production enterprise,
Mytilineos Holdings S.A., one of the largest aluminum product
manufacturers in Greece.  Mr. Mytilinaios is the chairman of the
Company's Audit Committee.

  -- George Xiradakis, 44, as Class B Director

Mr. Xiradakis was appointed to the board of directors of DryShips
Inc. in May 2006.  Since 1999, Mr. Xiradakis has been the Managing
Director of XRTC Business Consultants Ltd., a consulting firm
providing financial advice to the maritime industry, including
financial and state institutions.  XRTC acted as the commercial
representative of international banks including the French banking
groups Credit Lyonnais and NATIXIS in Greece.  Mr. Xiradakis is
also the advisor of various shipping companies, as well as
international and state organizations.  Mr. Xiradakis has served
as a President of the Hellenic Real Estate Corporation and
Hellenic National Center of Port Development.  He also serves as
the General Secretary of the Association of Banking and Shipping
Executives of Hellenic Shipping.  Mr. Xiradakis has a certificate
as a Deck Officer from the Hellenic Merchant Marine and he is a
graduate of the Nautical Marine Academy of Aspropyrgos, Greece.
He also holds a postgraduate Diploma in Commercial Operation of
Shipping from London Guildhall University, formerly known as City
of London Polytechnic, in London.  Mr. Xiradakis holds an MSc., in
Maritime Studies from the University of Wales.

A full-text copy of the Proxy Statement is available at no charge

As reported by the Troubled Company Reporter on August 12, 2009,
DryShips reached an agreement with WestLB on waiver terms for
US$71 million of its outstanding debt.  This agreement is subject
to customary documentation.  George Economou, Chairman and Chief
Executive Officer, said, "We continue to have constructive
discussions with the remainder of our banks who are all very
supportive of the company."

                       About DryShips Inc.

DryShips Inc., -- based in Athens,
Greece, is an owner and operator of drybulk carriers that operate
worldwide. As  DryShips owns a fleet of 41 drybulk carriers
comprising 7 Capesize, 29 Panamax, 2 Supramax and 3 newbuilding
drybulk vessels with a combined deadweight tonnage of over 3.6
million tons, 2 ultra deep water semisubmersible drilling rigs and
4 ultra deep water newbuilding drillships.  DryShips Inc.'s common
stock is listed on the NASDAQ Global Market where trades under the
symbol "DRYS."

WIND HELLAS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
Fitch Ratings has downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'C'
from 'CCC'.  The company's Short-term IDR is affirmed at 'C'.

The downgrade reflects the company's announcement, concurrent with
its Q209 results, that it is evaluating strategic options and that
its capital structure is presently unsustainable.  The downgrade
also reflects the belief that the shareholder is unlikely to
inject fresh equity funds with the current capital structure, and
in any event, given the company's latest operating performance,
WIND Hellas increasingly needs a longer-term solution.

WIND Hellas' debt instrument ratings have been downgraded and

* Hellas Telecommunications (Luxembourg) V senior revolving credit
  facility: downgraded to 'CC' from 'B-'; Recovery Rating 'RR3'

* Hellas Telecommunications (Luxembourg) V senior secured
  floating-rate notes due 2012: downgraded to 'CC' from 'B-';
  Recovery Rating 'RR3'

* Hellas Telecommunications (Luxembourg) III senior notes due
  2013: downgraded to 'C' from 'CC'; Recovery Rating revised to
  'RR6' from 'RR5'

* Hellas Telecommunications (Luxembourg) II subordinated floating-
  rate notes due 2015: affirmed at 'C'/'RR6'

"The downgrade to 'C' reflects Fitch's view that a default or
coercive debt restructuring is now inevitable, and that the
timeframe open to the company to complete such a restructuring is
limited," says Bulent Akgul, Director in Fitch's TMT team.  "The
company has stated that its current capital structure is
unsustainable, and even though it has not formally launched a debt
restructuring or yet defaulted on its obligations.  Fitch believes
that the company will be forced to address its capital structure
before its liquidity is further challenged by the EUR67 million
interest payment due on October 15, 2009."

Although Fitch believes that WIND Hellas is a strategic asset for
its parent, the lack of a public statement by Weather Investments
on potential cash support of WIND Hellas lends further weight to
the inevitability of a restructuring or a default.

In Q209, WIND Hellas' results continued to be weak, and the latest
guidance for YE09 has EBITDA at EUR320-340 million, which would
represent a 20-25% decline over 2008.  The company has stated that
its much reduced financial flexibility means that it has been
unable to react to aggressive promotional campaigns from its
competitors, and that it has lost market share in both mobile and
fixed.  The deteriorating EBITDA performance, together with the
need for a higher level of capital investment in 2010 and 2011 in
order to ensure the continued competitiveness of the company,
leaves WIND Hellas with a funding gap which will need to be
addressed.  A debt restructuring involving a reduction in the debt
outstanding is a likely scenario, which would save on interest
costs and give some cash flow relief, as well as reducing longer-
term refinancing risk.  However, such a restructuring would be
considered a coercive debt exchange by Fitch.


INDEPENDENT NEWS: Posts EUR48.5MM Pre-Tax Loss in First Half 2009
Salamander Davoudi at The Financial Times reports that Independent
News & Media plc posted a pre-tax loss of EUR48.5 million for the
six months to June 30, compared with a profit of EUR96.6 million a
year earlier.

According to the FT, INM said first-half revenues fell 22% from
EUR780.4 million (GBP686 million) to EUR608.8 million.  The FT
discloses advertising revenues from publishing, including online,
fell 25.8% and the only area to show any growth was INM's outdoor
advertising operation, which increased sales by 1.3%.


The FT relates INM said talks with bondholders remained
"constructive" amid an extended standstill agreement to September
25.  The company's net debt stands at EUR1.3 billion, the FT

As reported in the Troubled Company Reporter-Europe on Aug. 28,
2009, INM said the extension of the standstill period will
facilitate the continuation of ongoing and constructive
discussions between all key stakeholders in relation to the
group's financial restructuring.  The company said it has
sufficient funding in place to meet all working capital
requirements during the standstill period.


Arthur Beesley at The Irish Times reports that Gavin O'Reilly,
INM's chief executive officer, said an examinership or any other
court process would not be in the interests of the company or its
stakeholders.  Mr. O'Reilly, as cited by the Irish Times, said an
examinership was "certainly a million miles away" from the focus
of INM's board and management.  "Certainly from the company's
perspective, we are working towards a consensual deal with all
stakeholders," the FT quoted the INM chief as saying.

                  About Independent News & Media

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


GIOVANNI CRESPI: Mazars Unable to Give Opinion on 1H09 Results
Francesca Cinelli at Bloomberg News reports that Giovanni Crespi
SpA said auditor Mazars SpA was unable to express an opinion on
its first-half results.

According to Bloomberg, the company said Mazars wrote in a report
that Crespi's ability to continue operating depends on banks'
willingness to renegotiate their positions.

Giovanni Crespi SpA -- is an Italy-based
industrial holding company.  It splits its activities into three
divisions: the Polyurethane Foam division, the Synthetic Material
division and the Advanced Technologic Textile division.  The
Company's core activities include the manufacturing of synthetic
leathers, the production of non-woven polyurethane foams and the
manufacturing of materials for the footwear, fashion accessories,
upholstery and bookbinding markets.  Giovanni Crespi offers a
range of products, covering tablecloths, leather goods and
polyurethane polymer product range, the Vita shoe lining product
range and other shoe lining and sock lining materials, as well as
traditional polyvinyl chloride (PVC) clear and compound foils,
next to various finishing and metal effects.  It has production
plants in Italy, Poland , China and Brazil, and it sells its
products in more than 70 countries around the world

GRUPO GAIA: Comm. Invites Tenders for Selection of Off'l Assignee
Andrea Lolli, as Special Commissioner of the Consortium G.A.I.A.
MOBILESERVICE Srl, and SARI Srl in Extraordinary Administration
(Companies under composition), as authorized by the Ministry of
Economic Development, invites binding offers through open
procedure for the selection of the official assignee of the
consortium.  Offers must be received no later than 1:00 p.m.
(Italian time) of October 16, 2009.

Interested parties are invited to view the integral version of
this Tender and the annexed guidelines, which can be found on the
Web site

For further information, interested parties can contact:

     Consorzio Gaia SpA in the Amministrazione straordinaria
     Via Carpinetana sud, 1244 – 00034 Colleferro (RM)
     Fax: 0039 06-97204393

SNIA SPA: KPMG Unable to Give Opinion on First-Half Results
Francesca Cinelli at Bloomberg News reports that Snia SpA said
Saturday in a stock-exchange statement that auditor KPMG
International was unable to express an opinion on its first-half
results as there were "significant uncertainties" related to the
liquidation of its Caffaro Srl unit.

According to Bloomberg, Snia said in January that shareholders of
Caffaro decided to file for bankruptcy as liabilities outweighed

As reported in the Troubled Company Reporter-Europe on July 10,
2009, Snia said the liquidator for its bankrupt Caffaro unit
received a binding offer for property in Torvicosa, Brescia and
Colleferro, Italy.

Headquartered in Milan Italy, Snia SpA --
manufactures chemicals and artificial fibers.  It has operating
units in the European Union and the United States.  Caffaro Srl is
Snia SpA's lead company in the area of chemicals.

TISCALI SPA: 1H09 Loss Widens to EUR402.9 Mil. After UK Asset Sale
Andrew Davis at Bloomberg News reports that Tiscali SpA said its
net loss widened to EUR402.9 million (US$579 million) in the first
half of 2009 after the sale of assets in the U.K.  Bloomberg
relates the company said first-half revenue fell to EUR151.6

                            Asset Sale

On July 2, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that the European Commission Carphone
Warehouse's acquisition of Tiscali's UK broadband business.
According to the FT, the commission said the transaction would not
damage competition.  The FT disclosed Carphone agreed to pay
GBP236 million (US$388 million) for the UK assets of Tiscali.


In a May 8 report Bloomberg News disclosed Tiscali's board
approved a debt restructuring plan, including a rights offering to
raise as much as EUR210 million (US$281 million), after it agreed
to sell its U.K. unit to Carphone.  In March, Tiscali halted
payments on long-term bank debts.  It had about EUR500 million of
long-term bank borrowings at the end of last year.

                            About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) -- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting. It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


ALMATY STROY: Creditors Must File Claims by September 5
Creditors of LLP Almaty Stroy consulting have until September 5,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 15, 2009.

COM BYT: Creditors Must File Claims by September 5
Creditors of LLP Com byt Rem Stroy have until September 5, 2009,
to submit proofs of claim to:

         Altynsarin Str. 31

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

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

JALGYZTAU-2030: Creditors Must File Claims by September 5
Creditors of LLP Jalgyztau-2030 have until September 5, 2009, to
submit proofs of claim to:

         Myzy Str. 1
         Office 102
         East Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 2,
2009, after finding it insolvent.

The Court is located at:

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

KSM SERVICE: Creditors Must File Claims by September 5
Creditors of LLP KSM Service XXI have until September 5, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

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

SEM GAS: Creditors Must File Claims by September 5
Creditors of OJSC Sem Gas Service have until September 5, 2009, to
submit proofs of claim to:

         Myzy Str. 1
         Office 102
         East Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on May 27,
2009 after finding it insolvent.

The Court is located at:

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


ADRENALIN PLUS: Creditors Must File Claims by September 24
LLC Adrenalin Plus is currently undergoing liquidation.  Creditors
have until September 24, 2009, to submit proofs of claim to:

         Baitik Baatyr Str. 3/2
         Tel: (+996 312) 52-11-81


UKIO BANKAS: S&P Downgrades Counterparty Credit Ratings to 'B/C'
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Lithuania-based AB
Ukio Bankas to 'B/C' from 'B+/B'.  The outlook is negative.

"The negative rating actions follow a sharp deterioration in asset
quality which, alongside weakened revenue generation, is having a
significant impact on profitability.  The subsequent impact on
capital levels is leading to the financial profile of the bank
becoming more vulnerable," said Standard & Poor's credit analyst
Matthew Pirnie.

Since S&P's last rating action on March 31, 2009, the economic
conditions in Lithuania have continued to deteriorate and GDP is
presently anticipated to contract by 18% in 2009.  Consequently,
the bank's nonperforming loans soared to Lithuanian Litas
514 million, an amount that exceeds reported shareholders' equity
and accounted for as much as 11.64% of total loans at June 30,
2009, compared with only 1.64% a year ago.

The ratings on Ukio reflect the bank's weak asset quality, very
low profitability, threatened capital ratios, and the
deteriorating economic prospects in the Republic of Lithuania
(BBB/Negative/A-3) where the bank operates.  Positive rating
factors include the bank's currently adequate funding and
liquidity profile, which are considered to be vulnerable in the
current economic downturn, and a recent shareholder capital
injection.  The ratings on Ukio mirror the bank's stand-alone
credit quality, and do not include any uplift for extraordinary
external support.

"The negative outlook reflects S&P's opinion that Ukio's financial
profile is increasingly under threat from asset quality
deterioration and weak profitability, as the economic conditions
in Lithuania decline," added Mr. Pirnie.  S&P's base case
expectation factored into the negative outlook is that the bank's
profitability will not be sufficient to cover the anticipated
increase in loan loss provisions that will likely be required
during the second half of 2009, resulting in a net operating loss.

The ratings could come under further pressure if the weakening of
the financial profile or operating environment were to take place
at a faster pace than presently expected, thereby endangering the
bank's capitalization.  The outlook could be revised to stable if
S&P's concerns over the operating environment abate and the bank's
asset quality deteriorates at slower levels than presently
expected while revenue generation and profitability return to
levels reported to more appropriate levels.


ORCO PROPERTY: Net Loss Widens to EUR200 Mil. in First Half 2009
Douglas Lytle and Lenka Ponikelska at Bloomberg News report that
Orco Property Group SA's net loss widened to EUR200 million
(US$287 million) in the first half of 2009 from EUR14.1 million in
the year-ago period as the value of its properties declined.

According to Bloomberg, the value of Orco's real-estate holdings
fell 12% to EUR1.83 billion at the end of June from EUR2.13
billion at the end of December.

Bloomberg relates Orco said in a statement revenue climbed 17% to
EUR132 million from EUR113.2 million.

Orco has EUR442.8 million in outstanding bonds, Bloomberg
discloses.  Jean Francois Ott, Orco's chairman and chief executive
officer, as cited Bloomberg said the company expects to
renegotiate debt with bondholders soon and its projects will
"recover their complete value".

                     Creditor Protection

In a March 27 report Bloomberg News disclosed Orco secured
protection from creditors after it struggled to find buyers for
its assets because of the global credit crisis.  The company
received creditor protection at the Paris Commercial Court.  The
French sauvegarde protection system is similar to Chapter 11
protection in the U.S. and calls for an "observation period" of as
much as six months.

Orco Property Group SA -- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


* Amsterdam Court OKs Randstad, Shareholders Assn, SUVS Settlement
By order dated July 15, 2009, the Court of Appeal of Amsterdam,
the Netherlands, declared binding the collective settlement
agreement between Randstad Holding nv, the Dutch Association of
Shareholders (Vereniging van Effectenbezitters) and the Stichting
Uitvoer Vedior Schikking foundation (the 'SUVS') dated
September 26, 2008, as amended by an additional agreement dated
February 2, 2009.  The Order became irrevocable on July 15, 2009.
The Agreement was concluded in connection with the events that
took place on November 30, 2007, in which context there was an
unexpected development in the price of the shares in Vedior N.V.
on the Euronext Amsterdam stock exchange, which was accompanied by
rumors in the media about exploratory discussions between Vedior
and third parties with respect to a merger of their companies.
Vedior was merged into Ranstad by deed dated June 30, 2008.  As a
result, all of Vedior's rights and obligations were transferred to
Randstad.  Th parties that are entitled to a remuneration under
the Agreement comprise exclusively the legal entities that and
natural persons who sold shares on November 30, 2007, between 9:00
a.m. and 11:34 a.m. by placing one or more orders in the Euronext
Amsterdam order book.  The Agreement provides that each Entitled
Party will receive an amount for each share that he or she sold on
November 30, 2007, between 9:00 a.m. and 11:34 a.m, equal to
approximately 80% of the difference between the price at which the
Entitled Party sold that share on November 30, 2007, between 9:00
a.m. and 11:34 a.m. and the opening price of the share when
trading resumed at 1:20 p.m., in the amount of EUR15.80.  However,
the total amount owed to all Entitled Parties jointly (the
'Remuneration') may not exceed the amount of EUR4,250,000 (the
'Settlement Amount').

Each Entitled Party who claims payment of a Remuneration under
that Agreement must send a written request to Randstad by fully
completing the form that has been made available at and  Entitled
Parties who have give notice in a timely manner within the meaning
of Article 7:908(2) and (3) of the Dutch Civil Code (Burgerlijk
Wetboek) will be deemed to have revoked their earlier
notifications if they give the written notification claiming a
Remuneration in the manner indicated above.

The Agreement and the Order may be inspected at the website of the
Court of Appeal of Amsterdam.  A hardcopy or electronic copy of
those documents may be requested free of charge from Ranstad, PO
Box 12600, 1100 AP Amsterdam, the Netherlands, Attn Mr. J.
Miedema, or by sending an email to
Entitled Parties may also also ask to inspect those documents by
sending a written request to the Court Registry of the Trade
Division of the Court of Appeal.  A request for that purpose
should be addressed to the court of Appeal of Amsterdam (Trade
Division), Prinsengracht 436, 1017 KE Amsterdam, the Netherlands,
Asttn Ms I. Torn, quoting reference Vedior 200.015.289.


NEMI FORSIKRING: S&P Affirms 'BB+' Counterparty Credit Rating
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term counterparty credit and insurer financial strength
ratings on Norway-based non-life insurer NEMI Forsikring ASA.  At
the same time, the ratings were withdrawn at the company's
request.  Consequently, NEMI is no longer subject to surveillance
by Standard & Poor's.  The outlook at the time of withdrawal was

The affirmation reflected NEMI's good capitalization and
conservative investment policy.  These strengths are offset by the
unproven track record and business model of NEMI's new parent,
Copenhagen-based insurer Alpha Group (not rated), and by NEMI's
marginal competitive position and marginal financial flexibility.

THINK NORDIC: Exits Court Protection; To Sell Cars in U.S.
Alisa Priddle at The Detroit News reports that Norwegian carmaker
Think Nordic ASA has emerged from bankruptcy protection.

The report relates on Thursday, courts in Norway approved Think's
debt settlement plan, enabling it to exit court protection.  The
report recalls production of a two-seat, all-electric car in
Norway was halted when Think sought bankruptcy protection in

"Effectively, this puts Think back in business and in a position
to resume normal operations in terms of the manufacture and sale
of new electric vehicles," the report quoted Think Chief Executive
Officer Richard Canny as saying in a statement.

According to the report, the automaker wants to build and sell the
Think City, which has a range of 112 miles, in the U.S.; Michigan
is on the short list of sites -- down from eight -- to make the

Think spokesman Brendan Prebo, as cited in the report, said a
decision is expected before year's end.

                         Capital Increase

On Aug. 27, Think said a significant capital increase has also
been arranged to enable the company to immediately get back to the
business of producing and selling EVs.  The company continues to
be backed by a very loyal group of investors, made up of some
individual Norwegian investors as well as leading venture capital
and clean-tech investment firms from the USA and the UK.

In addition, some new investors have joined the shareholder group
as part of the capital increase, which is worth some US$47 million
in total capital introduced and conversion of interim financing to
equity.  The equity transaction is scheduled to close this week.

Named investors are Ener1, Inc. from the USA, Valmet Automotive
from Finland and Investinor, the Norwegian Government-backed
investment fund.

Headquartered in Oslo, Norway, Think --
designs, develops and produces electric vehicles and other
innovative, affordable and clean modes of transportation for fleet


BELORETSKIY LES: Creditors Must File Claims by September 7
Creditors of LLC Beloretskiy Les-Prom-Khoz (TIN 0256015768, PSRN
1050202053483) (Forestry) have until September 7, 2009, to submit
proofs of claims to:

         I. Nesterov
         Insolvency Manager
         Post User Box 1554
         410000 Saratov

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07–9066/2009.

The Debtor can be reached at:

         LLC Beloretskiy Les-Prom-Khoz
         Krupskoy Str. 10

SOTS-STROY LLC: Creditors Must File Claims by September 7
Creditors of LLC Sots-Stroy (TIN 3443076340, PSRN 1073443000432)
(Construction) have until September 7, 2009, to submit proofs of
claims to:

         A. Minin
         Temporary Insolvency Manager
         Post User Box 199
         400050 Volgograd

The Arbitration Court of Volgogradskaya will convene at 10:00 a.m.
on November 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?12–9881/2009.

The Debtor can be reached at:

         LLC Sots-Stroy
         Krasnopolyaskaya Str. 55a
         400075 Volgograd

STROY-GRAD LLC: Creditors Must File Claims by September 7
Creditors of LLC Stroy-Grad (TIN 2801086797, PSRN 1022800521776)
(Construction) have until September 7, 2009, to submit proofs of
claims to:

         T. Bryantseva
         Insolvency Manager
         Apt. 24
         Zaburkhanovskaya Str. 85

The Arbitration Court of Amurskaya will convene on October 7,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?04–1153/2009.

The Debtor can be reached at:

         LLC Stroy-Grad
         Novotroitskoe 2-e shosse

VIMPEL-COMMUNICATIONS: Posts RUR22.6 Bil. Net Profit in 2Q09
RIA Novosti reports Vimpel-Communications posted a net profit of
RUR22.6 billion (US$719.75 million) calculated to International
Financial Reporting Standards for the second quarter of 2009,
compared with a net loss of RUR8.5 billion in the previous

According to the report, revenue rose 3.3% to RUR69 billion rubles
(US$2.2 billion) in the reporting period.

The report relates the company's managing director Boris Nemshich
said the improved results were due to a 19% year-on-year increase
in the number of subscribers to 63.7 million people.

Vimpel-Communications -- is a
provider of telecommunications services in Russia and the
Commonwealth of Independent States.  The VimpelCom group of
companies consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband
technologies. The Group includes companies operating in Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as
well as Vietnam and Cambodia.  As of September 30, 2008,
VimpelCom’s total number of active subscribers in Russia and the
CIS was 57.8 million.  On February 29, 2008, VimpelCom completed a
merger with Golden Telecom, a provider of integrated
telecommunications and Internet services in Russia and the CIS. In
July 2008, VimpelCom signed a joint venture agreement to launch a
global system for mobile communications (GSM) network in Vietnam
and acquired a 90% stake in Sotelco.

                           *     *     *

Vimpel-Communications continues to carry a 'BB+' long-term
corporate credit rating from Standard & Poor's Ratings Services.
The outlook on the rating is negative.

S L O V A K   R E P U B L I C

SKYEUROPE AIRLINES: Files for Bankruptcy on Lack of Funding
Martin Santa at Reuters, citing the Vienna bourse Web site,
reports that the Slovak court-appointed restructuring trustee of
SkyEurope Airlines a.s. yesterday commenced bankruptcy proceedings
for the carrier, the operating subsidiary of SkyEurope Holding AG,
due to the lack of sufficient interim funding to finance ongoing

According to Reuters, the bourse site said "All flights of
SkyEurope Airlines a.s. are suspended with immediate effect".

Reuters says the company earlier on Monday cancelled all flights
from Slovakia until midnight on Monday.  The company, the report
says, also faces suspension in flights from the Czech capital of
Prague starting on Tuesday due to outstanding bills.

On June 24, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that SkyEurope said it had been granted
protection from its creditors by the district court in Bratislava.
The FT disclosed the low-cost airline was forced to seek
court-administered protection from its creditors following several
years of heavy losses.  As reported in the Troubled Company
Reporter-Europe on Aug. 5, 2009, Monsters and Critics said
SkyEurope had a net loss of EUR15.1 million in the last business
quarter ending June.

Headquartered in Bratislava, Slovakia, SkyEurope Holding AG -- is a low-cost passenger airline with
bases in the Czech Republic, Austria and Slovakia.  It offers a
route network of 38 destinations in 18 countries from its bases in
Prague, Vienna and Bratislava.  The Company's fleet consists of 14
Boeing 737-700NG aircrafts. SkyEurope Holding AG operates through
subsidiaries and affiliated companies: SkyEurope Airlines, a.s.,
SkyEurope Asset Management (Ireland), SkyEurope Asset Management
Hungary Kft., SkyEurope Airlines Hungary Kft, SkyEurope Airlines
A.S., Spolka Akcyjna, Oddzial w Polsce, SkyEurope Airlines, a.s. -
organizacni slozka and GroundEurope Kft


ACKERMANN AUTOMOBILE: Claims Filing Deadline is September 24
Creditors of Ackermann Automobile AG are requested to file their
proofs of claim by September 24, 2009, to:

         Ackermann Automobile AG
         Industriestrasse 18
         Mail Box 188
         8887 Mels

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

ARCHITEKTURBUORO RUEDI: Claims Filing Deadline is September 9
Creditors of Architekturbuoro Ruedi Kreis AG are requested to file
their proofs of claim by September 9, 2009, to:

         Architekturbuoro Ruedi Kreis AG
         Hubwiesen 12
         8588 Zihlschlacht

The company is currently undergoing liquidation in Bischofszell.
The decision about liquidation was accepted at an extraordinary
general meeting held on November 18, 2008.

DREAMBOX AG: Claims Filing Deadline is September 15
Creditors of Dreambox AG are requested to file their proofs of
claim by September 15, 2009, to:

         Reguida AG
         Freie Strasse 88
         4001 Basel

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 25, 2009.

FAHRSCHULE BOSSY: Creditors Must File Claims by September 18
Creditors of Fahrschule Bossy GmbH are requested to file their
proofs of claim by September 18, 2009, to:

         Pascal Bossy
         Ruegerholzstrasse 5
         8500 Frauenfeld

The company is currently undergoing liquidation in Matzingen.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 14, 2009.

H&H SERVICES: Claims Filing Deadline is September 30
Creditors of H&H Services Swiss GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         H&H Services Swiss GmbH
         Einsiedlerstrasse 434
         8810 Horgen

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

HAL ALUMINIUMGUSS: Claims Filing Deadline is September 30
Creditors of HAL Aluminiumguss Leipzig (Switzerland) GmbH are
requested to file their proofs of claim by September 30, 2009, to:

         Alfred Schurter
         Artilleriestrasse 22
         8200 Schaffhausen

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a shareholders'
meeting held on July 14, 2009.

MEDICHANCE GMBH: Creditors Have Until September 7 to File Claims
Creditors of Medichance GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Michael Biro
         Baarerstr. 12
         6300 Zug

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 8, 2009.

NCC RE: Claims Filing Deadline is September 30
Creditors of NCC Re AG are requested to file their proofs of claim
by September 30, 2009, to:

         Stiffler & Partner
         Dufourstrasse 101
         8034 Zurich

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

RETO'S PASTA-ARTS: Creditors Must File Claims by October 15
Creditors of Reto's Pasta-Arts AG are requested to file their
proofs of claim by October 15, 2009, to:

         Poststrasse 24
         Mail Box 1017
         6301 Zug

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

Z-CONSULTING: Claims Filing Deadline is September 7
Creditors of Z-Consulting GmbH are requested to file their proofs
of claim by September 7, 2009, to:

         Christian Zumbrunnen
         Holzmatt 7
         5200 Brugg

The company is currently undergoing liquidation in Brugg AG.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 12, 2009.


CANT TRADE: Creditors Must File Claims by September 3
Creditors of LLC Cant Trade Ltd. (code EDRPOU 35946747) have until
September 3, 2009, to submit proofs of claim to LLC Creaton-
Businessstar, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 29, 2009.  The case is docketed under
Case No. 15/353-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cant Trade Ltd.
         Zhilianskaya Str. 107
         01032 Kiev

CONTINENT-2005 LLC: Creditors Must File Claims by September 3
Creditors of LLC Continent-2005 (code EDRPOU 33465837) have until
September 3, 2009, to submit proofs of claim to:

         T. Dutchak
         Insolvency Manager
         Krasnoarmeyskaya Str. 52/2
         58001 Chernovtsy

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on July 20, 2009.  The case is docketed under
Case No. 9/73/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy

The Debtor can be reached at:

         LLC Continent-2005
         Zavodskaya Str. 14-B
         58007 Chernovtsy

DNEPROAGROTECHSERVICE-AVTO: Claims Filing Deadline is September 3
Creditors of OJSC Dneproagrotechservice-Avto (code EDRPOU
23079702) have until September 3, 2009, to submit proofs of claim
to O. Gelashvili, the company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 28, 2009.  The case is
docketed under Case No. B24/160-09.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dneproagrotechservice-Avto
         Lesnoy lane 10
         51215 Dnepropetrovsk

NAFTOGAZ UKRAINY: In Talks to Restructure US$500 Mil. Eurobond
Sabina Zawadzki at Reuters reports that Naftogaz said on Thursday
it held initial talks with creditors on restructuring its US$500
million Eurobond due by the end of September.

According to Reuters, the company has until Sept. 30 to repay the
debt or agree a change to its terms.

"We are exploring ways which will work best for all parties, both
investors and for the company.  We are focused on finding a
solution that is investor-friendly and welcome dialogue with all
investors in terms of realizing the most effective structure,"
Reuters quoted Naftogaz chief Oleh Dubyna as saying in a

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

                  About NJSC Naftogaz of Ukraine

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

                          *     *     *

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

SPECIAL BUILDING: Creditors Must File Claims by September 3
Creditors of LLC Special Building Assembly (code EDRPOU 20147372)
have until September 3, 2009, to submit proofs of claim to:

         O. Kushniruk
         Insolvency Manager
         Potebnia Str. 52-A/56
         43018 Lutsk

The Economic Court of Volin commenced bankruptcy proceedings
against the company on July 16, 2009.  The case is docketed under
Case No. 7/58-b.

The Court is located at:

         The Economic Court of Volin
         Volia Ave. 54-A
         43010 Lutsk

The Debtor can be reached at:

         LLC Special Building Assembly
         Boratinskaya Str. 1

TECHNO-INFORM LLC: Creditors Must File Claims by September 3
Creditors of LLC Techno-Inform (code EDRPOU 34760222) have until
September 3, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Post Office Box 38
         01030 Kiev

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 17, 2009.  The case is docketed under
Case No. 50/334.

The Court is located at:

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

The Debtor can be reached at:

         LLC Techno-Inform
         Frunze Str. 160-b

U N I T E D   K I N G D O M

BRITISH ENERGY: Creditors to Take Control of Eggborough Plant
Anousha Sakoui and Ed Crooks at The Financial Times report that
creditors of Eggborough have exercised an option to take control
of the power station.

According to the FT, a group of distressed debt investors, which
bought debt claims against the Yorkshire power station following
the 2005 restructuring of British Energy have the right to take
ownership in March 2010.

"British Energy's lending banks have exercised their option to
acquire the Eggborough coal power station under the restructuring
agreements made by the British government in 2005," EDF told the
FT.  "This transaction is in line with the commitments EDF made to
the European Commission, approved in 2009, as part of its
acquisition of British Energy."

The FT recalls British Energy bought the 2000MW power station in
2000 for GBP640 million but in 2002 wrote off GBP300 million of
that following a slump in electricity prices.  EDF bought British
Energy in January for GBP12.5 billion.

Citing people close to the situation, the FT discloses distressed
debt funds Bluebay Asset Management and Strategic Value Partners
own about 80% of the debt claims.  The FT notes the people said
the group of funds that would end up owning the plant had provided
GBP216 million to finance the exercising of the option and were
likely to sell the plant eventually for up to of up to
GBP1 billion.

                         About British Energy

British Energy delisted from the London Stock Exchange February 3,
2009, and is now part of EDF Energy.  The combination of EDF
Energy and British Energy forms one of the UK's largest energy
companies.  The combined business is the UK's biggest producer of
electricity and together provides power to a quarter of the
country’s population.  With a current installed capacity of around
16.5GW, it supplies gas and electricity to over 5.5 million
business and residential customers from our nuclear, coal and gas
power stations, as well as combined heat and power plants and wind
farms.  EDF Energy and British Energy together employ nearly
20,000 people at locations across the UK.  The combined companies
are part of EDF S.A., one of Europe's largest power companies.

DE BEERS: Calls in PwC to Help Renegotiate US$1.5 Bil. Loan
John Waples at The Sunday Times reports that De Beers is in
refinancing talks with its banks.

The report relates De Beers has hired PricewaterhouseCoopers to
help renegotiate a US$1.5 billion (GBP922 million) loan with a
consortium of more than 20 banks.   According to the report, the
accountant has prepared a report on the company's financial
outlook to convince the syndicate, led by Royal Bank of Scotland
and Lloyds, that refinancing the loan is the best route to take.

The report says parallel conversations are taking place with its
banks over an additional US$1.7 billion loan that has to be
refinanced by 2012.

The report recalls De Beers took on big debts to finance four
capital projects.

De Beers Group -- is a South
Africa-based diamond mining company engaged in producing, sorting
and valuing diamonds.  As of December 31, 2006, the Company had 20
mines in production in Africa.  Based in London, the Diamond
Trading Company is the rough diamond sales arm of the De Beers
Group.  Its major mines include Cullinan, Finsch, Kimberley,
Koffiefontein, Namaqualand, The Oaks and Venetia.

HIGHLANDS INSURANCE: Court Grants Motion for Permanent Injunction
On August 18, 2009, the U.S. Bankruptcy Court for the Southern
District of New York granted the motion of Dan Yoram Schwarzmann
and Mark Charles Batten, as the duly appointed foreign
representatives of Highlands Insurance Company (U.K.) Limited (in
administration) for permanent injunction and related relief.

As of the Effective Date and provided there has been no early
termination of the Scheme of Arrangement, the Court ordered, inter
alia, that:

  -- The Scheme of Arrangement will be given full force and effect
     and be binding on and enforceable against all Scheme
     Creditors in the U.S.;

  -- All claims of Scheme Creditors will be administered and
     adjudicated exclusively pursuant to the terms of the Scheme;

  -- All Section 51 Direct Policyholders/Claimants are required to
     make any and all claims in respect of their Section 51 Direct
     Policy and seek payment of such claims exclusively in
     accordance with the provisions of the Scheme and are
     precluded and enjoined from making any such claims except as
     specifically provided for under the Scheme;

  -- All Section 51 Direct Policyholders/Claimants are prohibited
     and enjoined from asserting any and all claims in respect of
     their Section 51 Direct Policy or seeking payment of said
     claims (including asserting or effecting a set-off based on
     said claims) against Highlands Insurance Company US; and

  -- Except as provided in the Scheme, all Scheme Crediotrs are
     permanently enjoined and restrained from taking any actions
     contravention of, or that are inconsistent with, the terms of
     the Scheme or its administration, implementation or

As reported in TCR Europe on August 26, 2009, Dan Schwarzmann and
Mark Batten of PricewaterhouseCoopers LLP, joint administrators of
Highlands Insurance Company (U.K.) Limited (Highlands UK)
announced that a scheme of arrangement for dealing with the direct
insurance business of the company has just become effective.

The Scheme is groundbreaking as it utilizes a UK mechanism to
provide certainty and finality to both a UK and a US company. In
summary, the Scheme resolves a long-standing legal dispute between
Highlands Insurance Company in the US (Highlands US) and Highlands
UK.  Direct policyholders' claims will now be dealt with under the
Scheme and, furthermore, these policyholders are now prohibited
from taking action against Highlands US as the Scheme has been
granted Chapter 15 relief.   The Scheme will also result in the
payment of US$13 million by Highlands US to Highlands UK.

Dan Schwarzmann, partner at PricewaterhouseCoopers LLP, said:
"This is a good example of innovative use and design of Schemes.
Importantly, it means direct policyholders should be paid in full
at the earliest possible time and by no later than July 2010.  It
also enables us to formulate the most appropriate and expedient
strategy for dealing with the claims of Highlands UK's reinsurance

Highlands Insurance Company (U.K.) Ltd. is a wholly-owned
subsidiary of Highlands Holdings (U.K.) Ltd., which is in turn a
wholly-owned subsidiary of Highlands Insurance Group Inc., a U.S.
based Company.  On October 25, 2007, the Debtor's directors
presented an application to the High Court of Justice, Chancery
Division, Companies Court to place the Debtors into administration
under the U.K. Insolvency Act of 1986.  On November 1, 2007, the
High Court granted the application.

Highlands Insurance Company (U.K.) Ltd. filed for Chapter 15
(Bankr. S.D.N.Y. Case No. 07-13970) on Dec. 18, 2007, through its
duly authorized foreign representatives.  When the company filed
for Chapter 15, they listed assets between US$50 million and
US$100 million and debts of more than US$100 million.

The ultimate parent company of Highlands UK is Highlands Insurance
Group Inc., incorporated in the State of Delaware, USA which,
since October 2002 has (together with several subsidiaries) been
subject to bankruptcy proceedings in Delaware, USA.

JOHNSTON PRESS: Has GBP485 Mil. Facility; Offers Share Warrants
Jonathan Browning at Bloomberg News reports Johnston Press Plc
said it negotiated GBP485-million banking facility with its

Johnston, Bloomberg discloses, also offered share warrants over 5%
of the company's share capital.  Bloomberg says the company will
split the share warrants equally among its lenders and owners of
the private placement notes.

Bloomberg relates Johnston said the cost of borrowing had
"increased considerably" as it renegotiated its debt facilities.
According to Bloomberg, the company's chief financial officer
Stuart Paterson said on a conference call the interest rate costs
will rise to 10% from 5%.

Bloomberg recalls Johnston sought to refinance its borrowings with
its 22 creditors after failing to sell its Irish newspapers in May
because bids were too low.  It agreed to defer testing the loan
facilities in June.


Johnston said its net loss in the six months ended June 30 widened
to GBP67.5 million, from GBP64.8 million a year earlier, while
first-half sales fell 25% to GBP218.6 million.

                     Advertising Revenues

Amanda Andrews at The Daily Telegraph reports that Johnston's
advertising revenues dropped 32.7%.  According to the Daily
Telegraph, the group, which owns The Scotsman and Yorkshire Post,
said recruitment and property advertising revenues fell in tandem
with the recession but the rate of decline had slowed to 26.1% in
the first eight weeks of the second half.

Johnston Press plc, along with its subsidiaries, -- 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.

LEHMAN BROTHERS: European Administrator May File US$100-Bil. Claim
PricewaterhouseCoopers LLP, the administrator of Lehman Brothers'
European units, may claim as much as US$100 billion against New
York-based former parent Lehman Brothers Holdings Inc., according
to reporting by Kevin Crowley at Bloomberg.  "A significant number
of claims arise as a result of guarantees issued by the parent
company to its subsidiaries globally," PwC said in an e-mailed
statement.  "These claims are exceptionally complex and we
anticipate a large amount of further work in dealing with these

According to Bloomberg, clients of Lehman's European division
including MKM Longboat Capital Advisors LLP and GLG Partners Inc.
were among 700 hedge funds and investment companies that lost
control of assets when Lehman filed for the biggest bankruptcy in
history last year.

The U.S. Bankruptcy Court for the Southern District of New York
has set a Sept. 22 deadline for all claims against LBHI and its
affiliated debtors.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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

LLOYDS BANKING: May Close 300 Halifax Counters
Graham Ruddick at The Daily Telegraph reports that Lloyds Banking
Group could close 300 Halifax counters as it seeks to cut costs
and integrate the HBOS business.

The report relates Lloyds confirmed that it was conducting a
review of the counters after a whistleblower revealed plans, named
Project Tulip, for widespread closures of counters and small
branches.  The bank, however, denied it is considering branch
closures, the report notes.

Lloyds has already confirmed that 26 counters will close in
September and October, the report discloses.  "A strategic review
of the remaining third-party agency counters is under way," the
report quoted a Lloyds spokesman as saying.

As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender.  The U.K. owns 43%
of Lloyds.

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- 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.

NATIONAL EXPRESS: May Push Through with GBP350 Mil. Rights Issue
Pan Kwan Yuk and Lina Saigol at The Financial Times report that
National Express Group plc is likely to push through with a GBP350
million rights issue after rejecting a GBP696 million cash
takeover proposal from a consortium led by its main shareholder.

According the FT, National Express said its strategy was to
"strengthen [its] balance sheet through an equity issue".

"We believe that we can create more value for shareholders by
remaining independent and refinancing the group," the FT quoted
John Devaney, executive chairman, as saying.

The FT recalls the company turned down a 450p-a-share joint offer
from Spain's Cosmen family, which holds an 18.5% stake, and CVC,
the private equity group, claiming that it undervalued the group.

Dominic O'Connell at The Sunday Times reports the Cosmen-led
consortium is considering whether to increase its offer before a
September 11 "put up or shut up" deadline imposed by the Takeover
Panel.   The group, the Sunday Times says, may also attempt to
clarify its offer.  Insiders, the report says, have said the
group's approach did not have as many conditions attached to it as
National Express claimed in its rejection statement.

Citing industry sources, the Sunday Times notes other bus and rail
groups, including Arriva and Go Ahead, are also considering
whether they might get involved in a bid.

                          Stagecoach Bid

Caroline Bingham at Bloomberg News, citing the Times of London,
reports that Stagecoach Group Plc is considering a bid for
National Express.   "We continue to consider all our options,"
Steven Stewart, a spokesman at Stagecoach, said Saturday when
contacted by Bloomberg.

Bloomberg recalls Stagecoach said in July that it was in exclusive
talks with CVC on buying unspecified assets of National Express,
should the buyout firm succeed in purchasing the company.


On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing, said National Express made a pre-tax loss of
GBP48.1 million in the first six months of 2009, down from a
profit of GBP52.4 million last year, after taking a GBP54.7
million hit from its forced exit from the East Coast mainline
franchise, which is being taken back into government hands.
According, the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered".  In light of this the accounts warned
that "underlying implementation risks represent a material
uncertainty that may cast significant doubt upon the group's
ability to continue as a going concern".

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

OMEGA DESIGNER: In Liquidation; Vantis Appointed
Omega Designer Workshop Limited entered into creditors' voluntary
liquidation on Tuesday, August 18, 2009.

Dave Broadbent and Nick O'Reilly, Client Partners at Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
Joint Liquidators of the company.

Omega Designer Workshop Limited, an interior design company based
in Newcastle Upon Tyne, Northumberland, entered into liquidation
largely as a result current economic downturn under which the
property sector, and related sub-sectors, including interior
design, have been substantially affected.  The business has
ceased to trade.

SMART ENERGY: Administrators Ink Two Assets Acquisition Deals
Smart Energy (UK) Limited, one of the largest installers of
domestic solar hot water systems in the UK, entered
into administration on July 17, 2009.

Joint Administrators, Jason Baker and Geoff Rowley, Client
Partners of Vantis Business Recovery Services, a division of
Vantis, the UK accounting, tax and business advisory group, have
negotiated two separate transactions for the sale of certain of
the assets of the business.  This followed the decision to close
the business when it became evident that a sale of the business
and assets as a going concern was not possible.

One agreement is with Affordable Solar Energy Limited who has
acquired certain of the assets including all outstanding work in
progress.  The other agreement is with Advanced Solar Limited and
under this agreement all former customers, which total some 16,000
people, will be notified in writing that Advanced Solar Limited
can provide ongoing service and repair work that might be

Commenting on the administration, Jason Baker said: "Regrettably,
although it was not possible to achieve a sale of the business as
a going concern the agreements we have reached should enable
systems to be installed where customers would have otherwise lost
their deposit and in respect of former customers they will have
details of a company that can deal with ongoing maintenance of the
installed systems."

SONGBIRD ESTATES: CIC Joins Bailout to Help Avert Citi Debt Breach
Daniel Thomas at The Financial Times reports that China Investment
Corporation has joined a consortium to help bail out Canary Wharf
Group majority owner Songbird Estates plc, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan.

CIC, the FT says, will join several existing shareholders in
Songbird Estates in providing more than GBP800 million in new
equity to pay back a Citigroup loan.  According to the FT, other
groups taking part in the placing include Morgan Stanley Real
Estate Funds, Qatar Holding and Simon Glick, the US private
investor.  British Land, also one of the original shareholders,
has opted not to take part in the fully underwritten placing, the
FT notes.

The FT relates David Pritchard, chairman of Songbird Estates, said
that if this deal had not been agreed, the most likely outcome
would have been the administration and liquidation of the company,
which owns 60% of Canary Wharf.  The FT recalls Songbird Estates
admitted on Friday that there was a "material risk" that the
company would breach the Citi loan covenants should a refinancing
not occur.

Headquartered in London, United Kingdom, Songbird Estates Plc -- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management.  The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay).  Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens.  As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.

TRAVELZEST PLC: Fails to Secure GBP2MM of Fresh Funds to Pay Debt
Matthew Goodman at The Sunday Times reports that Travelzest plc
failed to secure GBP2 million pledged to it in a fundraising.

Citing a source close to Travelzest, the report discloses two
shareholders withdrew an offer to inject fresh funds into the
company after they tried to change the terms of the deal at the
last minute.

According to the report, Travelzest said that investors accounting
for GBP2 million of the new funds had failed to meet the deadline
for paying the money, and that it would need to find an
alternative means of securing the funds.  The report relates the
company has asked for its shares to be suspended, "pending
clarification of its financial position".

The report discloses under its current lending arrangements,
Travelzest is due to repay GBP2 million to its banks by November
but the company stated this month that it is unlikely to be able
to meet this obligation without attracting fresh funds.

The report says Travelzest bosses will hold talks with other
shareholders this week to secure the missing GBP2 million.

Travelzest plc -- is a United
Kingdom-based parent and holding company.  The Company is engaged
in providing a range of online and specialist holidays.  The
Company has operations in the United Kingdom and Canada. The
Company’s online and agency operations include,
Fair’s Fare, Holiday Express and the Cruise Professionals.  Its
tour operations offerings include VFB Holidays, Best of Morocco,
Peng Travel, Faraway Holidays & Malaysia Experience, The Tapestry
Collection, The Wow House Company, Captivating Cuba and JMB Travel
Consultants.  Fair’s Fare is an airfare analyst, offering travel
planning service to both private and business clients.  Holiday
Express operates the Websites and  VFB
Holidays provides a range of specialist holidays, principally to
France.  Best of Morocco specializes in tailor-made holidays to
Morocco.  In June 2008, Travelzest plc announced the acquisition
of Canadian luxury cruise retailer, The Cruise Professionals

YELL GROUP: Mulls GBP350 Mil. Rights Offering, Independent Says
Kevin Crowley at Bloomberg News, citing the Sunday Independent,
reports that Yell Group Plc is considering a GBP350-million
(US$569 million) rights offering to help reduce its GBP3.8-billion
debt pile.

According to Bloomberg, the newspaper said Yell's board is meeting
its lenders, led by HSBC Holdings Plc, and asking them to extend
their loan terms in a process likely to last through the autumn.
The newspaper said JPMorgan Chase & Co. and Rothschild are
advising Yell on refinancing its debt.

On July 22, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that Yell was drawing up proposals to
extend its debt maturities and amend covenant terms.  The FT said
the company must repay GBP328 million by March 2010 with the
remainder in effect falling due in April 2011.  According to the
FT, the company may try to extend its debt maturities -- currently
2011 and 2012 -- to about five years.

                         About Yell Group

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

                          *     *     *

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

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

* Chadbourne & Parke Expands Bankruptcy and Fin'l Group in London
The international law firm of Chadbourne & Parke LLP on August 31
announced that Alper Deniz has joined the bankruptcy and financial
restructuring practice in the London office as a partner in
Chadbourne & Parke, the Firm's affiliated partnership.

Prior to joining Chadbourne, Deniz, 36, had been a partner in the
Finance and Restructuring Group of Paul Hastings Janofsky & Walker
(Europe) LLP in London and before that he was an associate with
Orrick, Herrington & Sutcliffe and Jones Day, both in London.

"Having Alper join us is strategically important for the
Bankruptcy and Financial Restructuring Group in Chadbourne &
Parke's London office as we help clients with cross-border issues
in today's economy," said Claude Serfilippi, Managing Partner of
Chadbourne's London office.  "He will work closely with European
restructuring head Adrian Harris and be part of our integrated
global insolvency practice chaired by Howard Seife in New York."

Also joining the practice will be Nuala Casey, 32, an associate
who has been with Kirkland & Ellis International LLP in London and
before that, Cadwalader Wickersham & Taft LLP.  She has worked on
cross-border restructurings, advising both debtors and creditors,
and on acquisitions, disposals, and reorganizations of distressed

"We are delighted that Alper and Nuala are joining our Bankruptcy
and Financial Restructuring Group in London.  Alper is an
experienced finance and debt capital markets lawyer who has been
involved in a number of significant restructurings and
refinancings," said Mr. Harris.  "Our client focus is strongly
aligned and we have the advantage of having worked together

The Bankruptcy and Financial Restructuring Group in the London
office has been at the forefront of a range of issues relating to
the collapse of Lehman Brothers, from advising fund clients on the
recovery of assets under their prime brokerage and custody
arrangements to the provisions of the forthcoming Scheme of
Arrangement.  The group has recently completed the restructuring
of Carlton Screen Advertising Limited and continues to be heavily
involved in the restructuring of Golden Key, a structured
investment vehicle.

It has also advised a fund client on the refinancing of Spanish
real estate developer, Reyal Urbis and has, more recently, advised
on issues for noteholders arising out of the proposed merger of
Baxi Group and De Dietrich Remeha Group.  In emerging markets, the
group has been involved in situations arising out of the
difficulties faced by financial institutions in Ukraine as a
result of the global economic downturn, and has advised on
restructurings in Russia alongside the Firm's Moscow and
St. Petersburg offices.

Firmwide, Chadbourne's bankruptcy and financial restructuring
lawyers have represented clients in Chapter 11 cases and corporate
restructurings in the United States and abroad, working for
committees, banks, investment banks, insurance companies,
bondholders and funds.  They have had leading roles in the Enron,
Refco, TOUSA, Inc., VeraSun Energy Corp. and Mirant Chapter 11
cases, and represented creditors' committees in the Tribune Co.,
Spiegel, Inc./Eddie Bauer Inc. and Parmalat USA Corp. cases.
Chadbourne is a leader in the use of cross-border ancillary
proceedings, including its representation in a Chapter 15 of the
receiver in the Russian bankruptcy of Yukos Oil.

Mr. Deniz speaks frequently at conferences and writes extensively
on restructuring and insolvency.  He qualified as a solicitor in
England and Wales in 1999.  He received an LL.B. in 1994 and an
LL.M in 1995, both from University College London.  He also
received a post graduate diploma, Legal Practice Course, in 1996
from the College of Law in London.

                   About Chadbourne & Parke LLP

Chadbourne & Parke LLP -- an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and financial
restructuring, employment law and ERISA, trusts and estates and
government contract matters. Major geographical areas of
concentration include Central and Eastern Europe, Russia, the
Middle East and Latin America.  The Firm has offices in New York,
Washington, DC, Los Angeles, Mexico City, London (a multinational
partnership), Moscow, St. Petersburg, Warsaw, Kyiv, Almaty, Dubai
and Beijing.

                 About Chadbourne's London office

In London, the Firm conducts its practice employing both English-
qualified solicitors and U.S. lawyers who work closely with other
Chadbourne offices to provide seamless service to international
clients.  The London office offers a range of legal services under
both English and U.S. law and, in particular, focuses on project
finance, privatization, energy, bankruptcy and financial
restructuring, capital markets, banking, insurance and
reinsurance, securitizations, structured finance, corporate
finance, litigation and products liability.

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA            SABA BB         -85494497.66  2215341059.54

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

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

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

AGOR AG              DOO EU            -482446.63   144432986.17
AGOR AG              NDAGF US          -482446.63   144432986.17
AGOR AG              DOO EO            -482446.63   144432986.17
AGOR AG              DOO GR            -482446.63   144432986.17
AGOR AG              DOOD PZ           -482446.63   144432986.17
AGOR AG              DOOG IX           -482446.63   144432986.17
AGOR AG-RTS          2301918Z GR       -482446.63   144432986.17
ALNO AG              ANO GR          -28265004.17   366872263.74
ALNO AG              ANO PZ          -28265004.17   366872263.74
ALNO AG              ANO EO          -28265004.17   366872263.74
ALNO AG              ALNO IX         -28265004.17   366872263.74
ALNO AG              ANO EU          -28265004.17   366872263.74
ALNO AG-NEW          ANO1 GR         -28265004.17   366872263.74
ALNO AG-RTS          2259765Z GR     -28265004.17   366872263.74
BROKAT AG            BRKAF US        -27139391.98   143536859.72
BROKAT AG            BROFQ US        -27139391.98   143536859.72
BROKAT AG            BKISF US        -27139391.98   143536859.72
BROKAT AG            BROAF US        -27139391.98   143536859.72
BROKAT AG -NEW       BRJ1 GR         -27139391.98   143536859.72
BROKAT AG -NEW       BRJ1 NM         -27139391.98   143536859.72
BROKAT AG-ADR        BROA US         -27139391.98   143536859.72
BROKAT TECH -ADR     BROAQ US        -27139391.98   143536859.72
BROKAT TECH AG       BRJ GR          -27139391.98   143536859.72
BROKAT TECH AG       BRJ NM          -27139391.98   143536859.72
BROKAT TECH AG       BSA LN          -27139391.98   143536859.72
BROKAT TECH-ADR      BRJA GR         -27139391.98   143536859.72
CBB HOLD-NEW 97      COB2 GR         -42994732.85   904723627.84
CBB HOLDING AG       COB2 EO         -42994732.85   904723627.84
CBB HOLDING AG       COB GR          -42994732.85   904723627.84
CBB HOLDING AG       COB2 EU         -42994732.85   904723627.84
CBB HOLDING AG       COBG PZ         -42994732.85   904723627.84
CBB HOLDING AG       COBG IX         -42994732.85   904723627.84
CBB HOLDING AG       CUBDF US        -42994732.85   904723627.84
CBB HOLDING-NEW      COB3 GR         -42994732.85   904723627.84
CBB HOLDING-NEW      COB1 GR         -42994732.85   904723627.84
CINEMAXX AG          CNEMF US        -42015165.72   146572416.37
CINEMAXX AG          MXC EU          -42015165.72   146572416.37
CINEMAXX AG          MXCUSD EO       -42015165.72   146572416.37
CINEMAXX AG          MXC PZ          -42015165.72   146572416.37
CINEMAXX AG          MXCUSD EU       -42015165.72   146572416.37
CINEMAXX AG          MXC GR          -42015165.72   146572416.37
CINEMAXX AG          MXCG IX         -42015165.72   146572416.37
CINEMAXX AG          MXC EO          -42015165.72   146572416.37
CINEMAXX AG-RTS      MXC8 GR         -42015165.72   146572416.37
DEVELICA DEUTSCH     DDE IX          -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE PZ          -41866600.36  1178479579.31
DEVELICA DEUTSCH     D4B GR          -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE PG          -41866600.36  1178479579.31
DEVELICA DEUTSCH     DDE LN          -41866600.36  1178479579.31
DORT ACTIEN-BRAU     944167Q GR      -12689156.29   117537053.71
DORT ACTIEN-RTS      DAB8 GR         -12689156.29   117537053.71
EM.TV & MERC-NEW     ETV1 NM         -22067409.41   849175624.65
EM.TV & MERC-NEW     ETV1 GR         -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 NM         -22067409.41   849175624.65
EM.TV & MERC-RTS     ETV8 GR         -22067409.41   849175624.65
EM.TV & MERCHAND     ETVMF US        -22067409.41   849175624.65
EM.TV & MERCHAND     ETV LN          -22067409.41   849175624.65
EM.TV & MERCHAND     985403Q GR      -22067409.41   849175624.65
EM.TV & MERCHAND     ETV VX          -22067409.41   849175624.65
EM.TV & MERCHAND     EMTVF US        -22067409.41   849175624.65
EM.TV & MERCHAND     ETV NM          -22067409.41   849175624.65
KAUFRING AG          KFR EU          -19296489.56   150995473.81
KAUFRING AG          KFR PZ          -19296489.56   150995473.81
KAUFRING AG          KFR GR          -19296489.56   150995473.81
KAUFRING AG          KFR EO          -19296489.56   150995473.81
KAUFRING AG          KAUG IX         -19296489.56   150995473.81
MANIA TECHNOLOGI     MNI1 EU          -35060806.5   107465713.61
MANIA TECHNOLOGI     MNIG IX          -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI NM           -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI GR           -35060806.5   107465713.61
MANIA TECHNOLOGI     2260970Z GR      -35060806.5   107465713.61
MANIA TECHNOLOGI     MIAVF US         -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI PZ           -35060806.5   107465713.61
MANIA TECHNOLOGI     MNI1 EO          -35060806.5   107465713.61
MATERNUS KLINI-N     MAK1 GR         -18996733.83   183928734.46
MATERNUS-KLINIKE     MAKG IX         -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EO          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK GR          -18996733.83   183928734.46
MATERNUS-KLINIKE     MNUKF US        -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK PZ          -18996733.83   183928734.46
MATERNUS-KLINIKE     MAK EU          -18996733.83   183928734.46
NORDAG AG            DOO1 GR           -482446.63   144432986.17
NORDAG AG-PFD        DOO3 GR           -482446.63   144432986.17
NORDAG AG-RTS        DOO8 GR           -482446.63   144432986.17
NORDSEE AG           533061Q GR       -8200552.05   194616922.62
O TWELVE ESTATES     O2T GR          -10555410.41   267391338.05
O TWELVE ESTATES     OTEEUR EO       -10555410.41   267391338.05
O TWELVE ESTATES     OTE EU          -10555410.41   267391338.05
O TWELVE ESTATES     OTE LN          -10555410.41   267391338.05
O TWELVE ESTATES     OTE PZ          -10555410.41   267391338.05
O TWELVE ESTATES     OTE PG          -10555410.41   267391338.05
O TWELVE ESTATES     OTE IX          -10555410.41   267391338.05
O TWELVE ESTATES     OTE EO          -10555410.41   267391338.05
PRIMACOM AG          PRC2 GR         -14233212.49   729563484.73
PRIMACOM AG          PRC GR          -14233212.49   729563484.73
PRIMACOM AG          PRCG IX         -14233212.49   729563484.73
PRIMACOM AG          PRC EU          -14233212.49   729563484.73
PRIMACOM AG          PRC EO          -14233212.49   729563484.73
PRIMACOM AG          PCAGF US        -14233212.49   729563484.73
PRIMACOM AG          PRC NM          -14233212.49   729563484.73
PRIMACOM AG          PRCG PZ         -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAGY US        -14233212.49   729563484.73
PRIMACOM AG-ADR      PCAG US         -14233212.49   729563484.73
PRIMACOM AG-ADR+     PCAG ES         -14233212.49   729563484.73
RINOL AG             RILB EO                -2.71   168095049.11
RINOL AG             RILB IX                -2.71   168095049.11
RINOL AG             RILB GR                -2.71   168095049.11
RINOL AG             RILB PZ                -2.71   168095049.11
RINOL AG             RNLAF US               -2.71   168095049.11
RINOL AG             RILB EU                -2.71   168095049.11
RINOL AG             RIL GR                 -2.71   168095049.11
ROSENTHAL AG         2644179Q GR      -1744121.91   217776125.75
ROSENTHAL AG-ACC     ROS4 GR          -1744121.91   217776125.75
ROSENTHAL AG-ADR     RSTHY US         -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS GR           -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG IX          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EO          -1744121.91   217776125.75
ROSENTHAL AG-REG     RSTHF US         -1744121.91   217776125.75
ROSENTHAL AG-REG     ROSG PZ          -1744121.91   217776125.75
ROSENTHAL AG-REG     ROS1 EU          -1744121.91   217776125.75
SANDER (JIL) AG      SAD GR           -6153256.92   127548039.68
SANDER (JIL) AG      JLSDF US         -6153256.92   127548039.68
SANDER (JIL)-PRF     2916157Q EU      -6153256.92   127548039.68
SANDER (JIL)-PRF     SAD3 GR          -6153256.92   127548039.68
SANDER (JIL)-PRF     2916161Q EO      -6153256.92   127548039.68
SANDER (JIL)-PRF     SAD3 PZ          -6153256.92   127548039.68
SINNLEFFERS AG       WHG GR           -4491629.96   453887060.07
SPAR HAND-PFD NV     SPA3 GR        -442426199.47  1433020960.55
SPAR HANDELS-AG      SPHFF US       -442426199.47  1433020960.55
SPAR HANDELS-AG      773844Q GR     -442426199.47  1433020960.55
TA TRIUMPH-A-RTS     1018916Z GR    -106778475.76   427535397.03
TA TRIUMPH-ACQ       TWNA EU        -106778475.76   427535397.03
TA TRIUMPH-ACQ       TWNA GR        -106778475.76   427535397.03
TA TRIUMPH-ADLER     TTZAF US       -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EO         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN GR         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN PZ         -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWNG IX        -106778475.76   427535397.03
TA TRIUMPH-ADLER     TWN EU         -106778475.76   427535397.03
TA TRIUMPH-NEW       TWN1 GR        -106778475.76   427535397.03
TA TRIUMPH-RT        TWN8 GR        -106778475.76   427535397.03
TA TRIUMPH-RTS       3158577Q GR    -106778475.76   427535397.03
VIVANCO GRUPPE       VVA1 EO         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 EU         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 PZ         -16648688.57   131276010.89
VIVANCO GRUPPE       VIVGF US        -16648688.57   131276010.89
VIVANCO GRUPPE       VVAG IX         -16648688.57   131276010.89
VIVANCO GRUPPE       VVA GR          -16648688.57   131276010.89
VIVANCO GRUPPE       VVA1 GR         -16648688.57   131276010.89

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

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

CARRERE GROUP        CAR2 EO         -23319835.34   364475420.31
CARRERE GROUP        CAR2 EU         -23319835.34   364475420.31
CARRERE GROUP        CARF PZ         -23319835.34   364475420.31
CARRERE GROUP        CAR FP          -23319835.34   364475420.31
CARRERE GROUP        XRR GR          -23319835.34   364475420.31
CARRERE GROUP        CRGP IX         -23319835.34   364475420.31
CARRERE GROUP        CARG FP         -23319835.34   364475420.31
CARRERE GROUP        CRRHF US        -23319835.34   364475420.31
CHAINE ET TRAME      CTRM FP          -46169771.5   134467847.56
CHAINE ET TRAME      CHTR FP          -46169771.5   134467847.56
GRANDE PAROISSE      GDPA FP         -927267926.9      629287290
GRANDE PAROISSE      GDPXF US        -927267926.9      629287290
GRANDE PAROISSE      GAPA FP         -927267926.9      629287290
IMMOB HOTEL BALN     IMHB FP         -66874823.95   301323804.92
IMMOB HOTELIERE      IMH GR          -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EO         -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO EU         -66874823.95   301323804.92
IMMOB HOTELIERE      SIH FP          -66874823.95   301323804.92
IMMOB HOTELIERE      IMBHF US        -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO FP         -66874823.95   301323804.92
IMMOB HOTELIERE      IMHO PZ         -66874823.95   301323804.92
IMMOB HOTELIERE      IMMH IX         -66874823.95   301323804.92
LAB DOLISOS          DOLI FP         -27752176.19   110485462.44
LAB DOLISOS          LADL FP         -27752176.19   110485462.44
MATUSSIERE & FOR     1007765Q FP     -77896683.67   293868350.79
MATUSSIERE & FOR     MTUSF US        -77896683.67   293868350.79
MB RETAIL EUROPE     MBRE PZ          -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE EU          -46169771.5   134467847.56
MB RETAIL EUROPE     CTRF IX          -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE EO          -46169771.5   134467847.56
MB RETAIL EUROPE     MBRE FP          -46169771.5   134467847.56
NORTENE              NORT FP         -35623999.56   117566786.87
NORTENE              NRTN FP         -35623999.56   117566786.87
NORTENE              NRTP IX         -35623999.56   117566786.87
OROSDI               OROS FP             -7291.55   131233317.62
OROSDI-BACK          BACK IX             -7291.55   131233317.62
OROSDI-BACK          OROS EO             -7291.55   131233317.62
OROSDI-BACK          OROS PZ             -7291.55   131233317.62
OROSDI-BACK          ORBA FP             -7291.55   131233317.62
OROSDI-BACK          OROS EU             -7291.55   131233317.62
OUTSIDE LIVING I     OLIN FP         -35623999.56   117566786.87
OUTSIDE LIVING I     OLIN PZ         -35623999.56   117566786.87
OUTSIDE LIVING I     NORT EO         -35623999.56   117566786.87
OUTSIDE LIVING I     NORT PZ         -35623999.56   117566786.87
OUTSIDE LIVING I     NORT EU         -35623999.56   117566786.87
PAGESJAUNES          PGJUF US      -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EO        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ BQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EB        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ TQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      QS3 GR        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EU     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EU     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJP IX       -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBX EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ FP        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ VX        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJUSD EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ PZ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJGBP EO     -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ NQ        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ EU        -3303869370.49   970555919.29
PAGESJAUNES GRP      PAJ IX        -3303869370.49   970555919.29
RHODIA SA            RHAUSD EU      -859847725.87  5799757209.78
RHODIA SA            RHDI GR        -859847725.87  5799757209.78
RHODIA SA            2324015Q EO    -859847725.87  5799757209.78
RHODIA SA            RHADF US       -859847725.87  5799757209.78
RHODIA SA            RHD GR         -859847725.87  5799757209.78
RHODIA SA            RHA PZ         -859847725.87  5799757209.78
RHODIA SA            RHDAF US       -859847725.87  5799757209.78
RHODIA SA            RHAY IX        -859847725.87  5799757209.78
RHODIA SA            RHAUSD EO      -859847725.87  5799757209.78
RHODIA SA            2324011Q EU    -859847725.87  5799757209.78
RHODIA SA            RHAGBX EU      -859847725.87  5799757209.78
RHODIA SA            RHA EU         -859847725.87  5799757209.78
RHODIA SA            RHAGBP EO      -859847725.87  5799757209.78
RHODIA SA            RHA BQ         -859847725.87  5799757209.78
RHODIA SA            RHA EO         -859847725.87  5799757209.78
RHODIA SA            RHAGBX EO      -859847725.87  5799757209.78
RHODIA SA            RHA EB         -859847725.87  5799757209.78
RHODIA SA            RHA FP         -859847725.87  5799757209.78
RHODIA SA            3218857Q IX    -859847725.87  5799757209.78
RHODIA SA            RHA VX         -859847725.87  5799757209.78
RHODIA SA            RHA TQ         -859847725.87  5799757209.78
RHODIA SA            RHANR PZ       -859847725.87  5799757209.78
RHODIA SA            RHA NQ         -859847725.87  5799757209.78
RHODIA SA            RHANR FP       -859847725.87  5799757209.78
RHODIA SA            RHA IX         -859847725.87  5799757209.78
RHODIA SA - NEW      3156011Q FP    -859847725.87  5799757209.78
RHODIA SA - NEW      2335921Q FP    -859847725.87  5799757209.78
RHODIA SA - NEW      RHANV FP       -859847725.87  5799757209.78
RHODIA SA-ADR        RHAYY US       -859847725.87  5799757209.78
RHODIA SA-RIGHTS     653447Q FP     -859847725.87  5799757209.78
RHODIA SA-RIGHTS     RHADS FP       -859847725.87  5799757209.78
SDR CENTREST         117241Q FP     -132420119.65   252176017.15
SELCODIS             SLCO PZ         -21481214.33   175720770.81
SELCODIS             SLCO EU         -21481214.33   175720770.81
SELCODIS             SLCO EO         -21481214.33   175720770.81
Selcodis             SPVX FP         -21481214.33   175720770.81
SELCODIS             SLCO FP         -21481214.33   175720770.81
SELCODIS             SPVX IX         -21481214.33   175720770.81
THOMSON - NEW        2336061Q FP    -587281616.69  6690514314.58
THOMSON - NEW        TMSNV FP       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS FP         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNM GR         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMLF US       -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS US         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EO         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBX EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSUSD EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM ES         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS BQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS TQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EB         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS PZ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMMN FP        -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMSGBP EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM IX         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS EU         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMS NQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)     TNMA GR        -587281616.69  6690514314.58
THOMSON (EX-TMM)     TMM LN         -587281616.69  6690514314.58
THOMSON MULT-ADR     TMS-P US       -587281616.69  6690514314.58
THOMSON MULTI-NE     ZTM FP         -587281616.69  6690514314.58
THOMSON MULTIMED     TMM FP         -587281616.69  6690514314.58
TROUVAY CAUVIN       TVYCF US             -396978   133986439.74
TROUVAY CAUVIN       ETEC FP              -396978   133986439.74

ABBOTT MEAD VICK     648824Q LN        -1685852.9   168258996.33
ADVANCE DISPLAY      ADTP PZ       -3015578834.69  2590007903.69
AEA TECHNOLO-FPR     AATF PZ        -149279984.66   121254240.42
AEA TECHNOLO-FPR     AATF LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR     AATN PZ        -149279984.66   121254240.42
AEA TECHNOLOGY       AAT VX         -149279984.66   121254240.42
AEA TECHNOLOGY       AATGBP EO      -149279984.66   121254240.42
AEA TECHNOLOGY       AEY GR         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT IX         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EO         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PO         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT EU         -149279984.66   121254240.42
AEA TECHNOLOGY       EAETF US       -149279984.66   121254240.42
AEA TECHNOLOGY       AAT LN         -149279984.66   121254240.42
AEA TECHNOLOGY       AAT PZ         -149279984.66   121254240.42
AIRTOURS PLC         AIR VX         -379721841.57  1817512773.61
AIRTOURS PLC         ATORF US       -379721841.57  1817512773.61
AIRTOURS PLC         AIR LN         -379721841.57  1817512773.61
ALLDAYS PLC          ALDYF US       -120493900.04   252232072.87
ALLDAYS PLC          317056Q LN     -120493900.04   252232072.87
AMER BUS SYS         ARB LN            -497127008      121439000
AMEY PLC             AMY VX          -48862569.33   931527720.46
AMEY PLC             AMY LN          -48862569.33   931527720.46
AMEY PLC             AMEYF US        -48862569.33   931527720.46
AMEY PLC-ASSENT      AMYA LN         -48862569.33   931527720.46
AMEY PLC-NEW         AMYN LN         -48862569.33   931527720.46
ANKER PLC            DW14 GR         -21861359.81      115463159
ANKER PLC            ANK LN          -21861359.81      115463159
ANKER PLC            ANK PO          -21861359.81      115463159
ANKER PLC - ASSD     ANKB LN         -21861359.81      115463159
ANKER PLC - ASSD     ANKC LN         -21861359.81      115463159
ANKER PLC-ASSD       ANKA LN         -21861359.81      115463159
ATKINS (WS) PLC      ATKEUR EU       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK LN          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKEUR EO       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATKGBP EO       -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK VX          -62199993.61  1184945671.16
ATKINS (WS) PLC      WATKF US        -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PZ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK TQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK BQ          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EB          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EU          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK PO          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK NR          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK IX          -62199993.61  1184945671.16
ATKINS (WS) PLC      ATK EO          -62199993.61  1184945671.16
BCH GROUP PLC        BCH LN           -5728274.38   187993198.22
BLACK & EDGINGTO     BLE LN         -130883498.29   153620497.99
BNB RECRUITMENT      BNB PO          -10242627.53   103637704.96
BNB RECRUITMENT      BNBRF US        -10242627.53   103637704.96
BNB RECRUITMENT      BQX GR          -10242627.53   103637704.96
BNB RECRUITMENT      BNB LN          -10242627.53   103637704.96
BNB RECRUITMENT      BNB IX          -10242627.53   103637704.96
BOOKER PLC           1330Q GR         -59832880.4  1298182548.71
BOOKER PLC           BKERF US         -59832880.4  1298182548.71
BOOKER PLC           987188Q LN       -59832880.4  1298182548.71
BOOKER PLC-ADR       BKRUY US         -59832880.4  1298182548.71
BOOKER PLC-ADR       BOK$ LN          -59832880.4  1298182548.71
BRADSTOCK GROUP      BSKGF US         -1855444.44   268563822.49
BRADSTOCK GROUP      BDK LN           -1855444.44   268563822.49
BRIT ENERGY LTD      523362Q LN    -5822867500.78  4921095749.61
BRIT ENERGY PLC      BHEGF US      -5822867500.78  4921095749.61
BRIT ENERGY PLC      555140Q VX    -5822867500.78  4921095749.61
BRIT ENERGY PLC      BEN1 GR       -5822867500.78  4921095749.61
BRIT ENERGY PLC      BGYEF US      -5822867500.78  4921095749.61
BRIT ENERGY-A        BENA GR       -5822867500.78  4921095749.61
BRIT ENERGY-ADR      BHEFF US      -5822867500.78  4921095749.61
BRIT NUCLEAR         1046Z LN       -4247644149.6 40325778907.11
BRIT SKY BRO-ADR     BSY US         -105366394.04  7522172619.36
BRIT SKY BRO-ADR     BSY$ LN        -105366394.04  7522172619.36
BRIT SKY BROADCA     BSYB GR        -105366394.04  7522172619.36
BRIT TELECOM         9484 JP        -5223868149.3 46894630327.28
BRIT TELECOM         BTE GR         -5223868149.3 46894630327.28
BRIT TELECOM PLC     BTPLF US       -5223868149.3 46894630327.28
BRIT TELECOM PLC     BT/A VX        -5223868149.3 46894630327.28
BRIT TELECOM PLC     BTPWF US       -5223868149.3 46894630327.28
BRIT TELECOM-ADR     BTEA GR        -5223868149.3 46894630327.28
BRIT TELECOM-ADR     1481Q CN       -5223868149.3 46894630327.28
BRIT TELECOM-RTS     BTY-R US       -5223868149.3 46894630327.28
BRITISH ENER-$US     BGYNYD AR     -5822867500.78  4921095749.61
BRITISH ENER-$US     BGYD AR       -5822867500.78  4921095749.61
BRITISH ENER-ADR     BGYNY US      -5822867500.78  4921095749.61
BRITISH ENER-BLK     BGYB AR       -5822867500.78  4921095749.61
BRITISH ENER-BLK     BGYNYB AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E     BGYNYC AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E     BGYC AR       -5822867500.78  4921095749.61
BRITISH ENER-CED     BGY AR        -5822867500.78  4921095749.61
BRITISH ENER-CED     BGYNY AR      -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYGF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA PO       -5822867500.78  4921095749.61
BRITISH ENERGY-A     BHEAF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A     3012442Q LN   -5822867500.78  4921095749.61
BRITISH ENERGY-A     BGYA VX       -5822867500.78  4921095749.61
BRITISH SKY BROA     BSYEUR EU      -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EU         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EO         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY NQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY EB         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY PZ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY PO         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYGBP EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSB GR         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY IX         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY VX         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY NR         -105366394.04  7522172619.36
BRITISH SKY BROA     BSY BQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYEUR EO      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY TQ         -105366394.04  7522172619.36
BRITISH SKY BROA     BSYBF US       -105366394.04  7522172619.36
BRITISH SKY BROA     BSYUSD EU      -105366394.04  7522172619.36
BRITISH SKY BROA     BSY LN         -105366394.04  7522172619.36
BRITISH TELE-FP      BT/F LN        -5223868149.3 46894630327.28
BRITISH TELE-NP      BTPXF US       -5223868149.3 46894630327.28
BRITISH TELE-NP      BT/N LN        -5223868149.3 46894630327.28
BRITVIC              B6S GR            -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EU        -731325.03  1222775450.71
BRITVIC PLC          BVICGBP EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC NR           -731325.03  1222775450.71
BRITVIC PLC          BVIC TQ           -731325.03  1222775450.71
BRITVIC PLC          BVIC BQ           -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EU        -731325.03  1222775450.71
BRITVIC PLC          BVIC EU           -731325.03  1222775450.71
BRITVIC PLC          BTVCF US          -731325.03  1222775450.71
BRITVIC PLC          BVIC EO           -731325.03  1222775450.71
BRITVIC PLC          BVIC PZ           -731325.03  1222775450.71
BRITVIC PLC          BVICUSD EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC NQ           -731325.03  1222775450.71
BRITVIC PLC          BVICEUR EO        -731325.03  1222775450.71
BRITVIC PLC          BVIC EB           -731325.03  1222775450.71
BRITVIC PLC          BVIC VX           -731325.03  1222775450.71
BRITVIC PLC          BVIC IX           -731325.03  1222775450.71
BRITVIC PLC          BVIC LN           -731325.03  1222775450.71
BT GROUP PLC         BT/A EB        -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EO     -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/AUSD EU     -5223868149.3 46894630327.28
BT GROUP PLC         BT/ VX         -5223868149.3 46894630327.28
BT GROUP PLC         BT/APEN EO     -5223868149.3 46894630327.28
BT GROUP PLC         BTEG IX        -5223868149.3 46894630327.28
BT GROUP PLC         BT/AEUR EO     -5223868149.3 46894630327.28
BT GROUP PLC         BTGOF US       -5223868149.3 46894630327.28
BT GROUP PLC         BT/A BQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EU        -5223868149.3 46894630327.28
BT GROUP PLC         BT PZ          -5223868149.3 46894630327.28
BT GROUP PLC         BT/A NQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A PO        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A EO        -5223868149.3 46894630327.28
BT GROUP PLC         BT/A TQ        -5223868149.3 46894630327.28
BT GROUP PLC         BT IX          -5223868149.3 46894630327.28
BT GROUP PLC         BT/A NR        -5223868149.3 46894630327.28
BT GROUP PLC         BT/AGBP EO     -5223868149.3 46894630327.28
BT GROUP PLC         BT/A LN        -5223868149.3 46894630327.28
BT GROUP PLC         BTQ GR         -5223868149.3 46894630327.28
BT GROUP PLC-ADR     BT/$ LN        -5223868149.3 46894630327.28
BT GROUP PLC-W/I     BTWI LN        -5223868149.3 46894630327.28
BT GROUP-ADR         BTQA GR        -5223868149.3 46894630327.28
BT GROUP-ADR WI      BTY-W US       -5223868149.3 46894630327.28
BT GROUP-CED $US     BTD AR         -5223868149.3 46894630327.28
BT GROUP-CED $US     BTYD AR        -5223868149.3 46894630327.28
BT GROUP-CED BLK     BTYB AR        -5223868149.3 46894630327.28
BT GROUP-CED BLK     BTB AR         -5223868149.3 46894630327.28
BT GROUP-CED C/E     BTYC AR        -5223868149.3 46894630327.28
BT GROUP-CED C/E     BTC AR         -5223868149.3 46894630327.28
BT GROUP-CEDEAR      BTY AR         -5223868149.3 46894630327.28
BT GROUP-CEDEAR      BT AR          -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTY US         -5223868149.3 46894630327.28
BT GROUP-SPON AD     BT MM          -5223868149.3 46894630327.28
BT GROUP-SPON AD     BTYN MM        -5223868149.3 46894630327.28
BT GROUP-SPON AD     BT US          -5223868149.3 46894630327.28
CARLISLE GROUP       506819Q LN      -11904426.45   203548565.03
CHRYSALIS GROUP      HR4 GR           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS LN           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EO           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EU        -5851089.05   101497520.61
CHRYSALIS GROUP      CYGUF US         -5851089.05   101497520.61
CHRYSALIS GROUP      CLYSF US         -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHSUSD EU        -5851089.05   101497520.61
CHRYSALIS GROUP      5CY GR           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PO           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSEUR EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHS VX           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS PZ           -5851089.05   101497520.61
CHRYSALIS GROUP      CHS IX           -5851089.05   101497520.61
CHRYSALIS GROUP      CHSGBP EO        -5851089.05   101497520.61
CHRYSALIS GROUP      CHS EU           -5851089.05   101497520.61
CLIPPER WINDPOWE     CWP EO             -99360000      989187968
CLIPPER WINDPOWE     CWP LN             -99360000      989187968
CLIPPER WINDPOWE     CWP PG             -99360000      989187968
CLIPPER WINDPOWE     CRPWF US           -99360000      989187968
CLIPPER WINDPOWE     CWP IX             -99360000      989187968
CLIPPER WINDPOWE     CWP PZ             -99360000      989187968
CLIPPER WINDPOWE     CWPA LN            -99360000      989187968
CLIPPER WINDPOWE     C2W GR             -99360000      989187968
CLIPPER WINDPOWE     CWP EU             -99360000      989187968
COMPASS GROU-OLD     1259Q LN       -668101173.88  2972459078.38
COMPASS GROUP        QOP GR         -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSGY US       -668101173.88  2972459078.38
COMPASS GRP-ADR      CMSJY US       -668101173.88  2972459078.38
DANKA BUS SYSTEM     3205283Q EO       -497127008      121439000
DANKA BUS SYSTEM     DNK LN            -497127008      121439000
DANKA BUS SYSTEM     DNK IX            -497127008      121439000
DANKA BUS SYSTEM     DNK VX            -497127008      121439000
DANKA BUS SYSTEM     DNK PO            -497127008      121439000
DANKA BUS SYSTEM     3205287Q EU       -497127008      121439000
DANKA BUS SYSTEM     DANKF US          -497127008      121439000
DANKA BUS SYSTEM     3205291Q EO       -497127008      121439000
DANKA BUS SYSTEM     DNK PZ            -497127008      121439000
DANKA BUS-$US CE     DANKD AR          -497127008      121439000
DANKA BUS-ADR        AP39 LI           -497127008      121439000
DANKA BUS-ADR        DANKE US          -497127008      121439000
DANKA BUS-ADR        DANKY US          -497127008      121439000
DANKA BUS-ADR        DB6 GR            -497127008      121439000
DANKA BUS-BLK CE     DANKB AR          -497127008      121439000
DANKA BUS-C/E CE     DANKC AR          -497127008      121439000
DANKA BUS-CEDEAR     DANK AR           -497127008      121439000
DAWSON HOLDINGS      DWN1EUR EO      -54451186.72   128196101.01
DAWSON HOLDINGS      DWN LN          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN PZ          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1 EO         -54451186.72   128196101.01
DAWSON HOLDINGS      DWN VX          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1EUR EU      -54451186.72   128196101.01
DAWSON HOLDINGS      DWHGF US        -54451186.72   128196101.01
DAWSON HOLDINGS      DWN PO          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1GBP EO      -54451186.72   128196101.01
DAWSON HOLDINGS      DWN IX          -54451186.72   128196101.01
DAWSON HOLDINGS      DWN1 EU         -54451186.72   128196101.01
EASYNET GROUP        EAY GR          -45232889.17   322770283.93
EASYNET GROUP        ESY PO          -45232889.17   322770283.93
EASYNET GROUP        ESY VX          -45232889.17   322770283.93
EASYNET GROUP        ESY LN          -45232889.17   322770283.93
EASYNET GROUP        EZNGF US        -45232889.17   322770283.93
EASYNET GROUP-CV     91009Z LN       -45232889.17   322770283.93
EMI GROUP -ASSD      EMIA LN       -2265916256.89  2950021937.14
EMI GROUP LTD        EMI LN        -2265916256.89  2950021937.14
EMI GROUP PLC        EMI PO        -2265916256.89  2950021937.14
EMI GROUP PLC        3020138Q GR   -2265916256.89  2950021937.14
EMI GROUP PLC        EMIPF US      -2265916256.89  2950021937.14
EMI GROUP PLC        EMI VX        -2265916256.89  2950021937.14
EMI GROUP PLC        EMI IX        -2265916256.89  2950021937.14
EMI GROUP PLC-B      1019425Q LN   -2265916256.89  2950021937.14
EMI GROUP-ADR        38IS LN       -2265916256.89  2950021937.14
EMI GROUP-ADR        EMI$ LN       -2265916256.89  2950021937.14
EMI GROUP-ADR        EMIPY US      -2265916256.89  2950021937.14
EUROPEAN HOME        EHR LN          -14328735.16   110864081.39
EUROPEAN HOME        EHR EO          -14328735.16   110864081.39
EUROPEAN HOME        EHR PO          -14328735.16   110864081.39
EUROPEAN HOME        KLZ VX          -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EU       -14328735.16   110864081.39
EUROPEAN HOME        KLZ PO          -14328735.16   110864081.39
EUROPEAN HOME        EHR EU          -14328735.16   110864081.39
EUROPEAN HOME        EHR VX          -14328735.16   110864081.39
EUROPEAN HOME        EHR PZ          -14328735.16   110864081.39
EUROPEAN HOME        EHRGBP EO       -14328735.16   110864081.39
EUROPEAN HOME        EHREUR EO       -14328735.16   110864081.39
EUROPEAN HOME        FPAKF US        -14328735.16   110864081.39
EUROPEAN MINERAL     EUM LN            -103725000      149477216
EUROPEAN MINERAL     EPMLF US          -103725000      149477216
EUROPEAN MINERAL     EUM PO            -103725000      149477216
EUROPEAN MINERAL     EPM CN            -103725000      149477216
EUROPEAN MINERAL     EPM/U CN          -103725000      149477216
FAREPAK PLC          FPK LN          -14328735.16   110864081.39
GALIFORM PLC         GFRM EO        -116415877.06   612420067.12
GALIFORM PLC         GFRM NR        -116415877.06   612420067.12
GALIFORM PLC         GLFMF US       -116415877.06   612420067.12
GALIFORM PLC         GFRM TQ        -116415877.06   612420067.12
GALIFORM PLC         GFRM VX        -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EO     -116415877.06   612420067.12
GALIFORM PLC         MFI PO         -116415877.06   612420067.12
GALIFORM PLC         GFRM PZ        -116415877.06   612420067.12
GALIFORM PLC         MFIFF US       -116415877.06   612420067.12
GALIFORM PLC         GFRM LN        -116415877.06   612420067.12
GALIFORM PLC         GFRMGBP EO     -116415877.06   612420067.12
GALIFORM PLC         MFI VX         -116415877.06   612420067.12
GALIFORM PLC         GFRMNOK EU     -116415877.06   612420067.12
GALIFORM PLC         GFRMEUR EU     -116415877.06   612420067.12
GALIFORM PLC         GFRM PO        -116415877.06   612420067.12
GALIFORM PLC         GFRM EU        -116415877.06   612420067.12
GALIFORM PLC         MFI IX         -116415877.06   612420067.12
GALIFORM PLC         GFRM NQ        -116415877.06   612420067.12
GALIFORM PLC         GFRM BQ        -116415877.06   612420067.12
GALIFORM PLC         GFRMEUR EO     -116415877.06   612420067.12
GALIFORM PLC         GFRM EB        -116415877.06   612420067.12
GALIFORM PLC         GFRM IX        -116415877.06   612420067.12
GARTLAND WHALLEY     GWB LN          -10986769.42   145352034.49
HILTON G-CRT OLD     HIGT BB        -547740614.03  1922113569.01
HILTON GROUP PLC     HG PO          -547740614.03  1922113569.01
HILTON GROUP PLC     HLTGF US       -547740614.03  1922113569.01
HILTON GROUP PLC     HG/ LN         -547740614.03  1922113569.01
HILTON GROUP-ADR     HLTGY US       -547740614.03  1922113569.01
HILTON GROUP-CER     HG BB          -547740614.03  1922113569.01
HILTON GROUP-CRT     HIG BB         -547740614.03  1922113569.01
INTERCONTIN-ADR      IHG US             -91000000     3076999936
INTERCONTIN-ADR      IHGA LN            -91000000     3076999936
INTERCONTIN-ADR      IHG-W US           -91000000     3076999936
INTERCONTINENTAL     988082Q GR         -91000000     3076999936
INTERCONTINENTAL     IHGUSD EO          -91000000     3076999936
INTERCONTINENTAL     IHG BQ             -91000000     3076999936
INTERCONTINENTAL     IHGGBP EO          -91000000     3076999936
INTERCONTINENTAL     IHG VX             -91000000     3076999936
INTERCONTINENTAL     INCNF US           -91000000     3076999936
INTERCONTINENTAL     ICHGF US           -91000000     3076999936
INTERCONTINENTAL     IHG LN             -91000000     3076999936
INTERCONTINENTAL     IC1B GR            -91000000     3076999936
INTERCONTINENTAL     IHG EU             -91000000     3076999936
INTERCONTINENTAL     IHGEUR EO          -91000000     3076999936
INTERCONTINENTAL     IHGCHF EO          -91000000     3076999936
INTERCONTINENTAL     IHGOF US           -91000000     3076999936
INTERCONTINENTAL     IHG PZ             -91000000     3076999936
INTERCONTINENTAL     IHG EB             -91000000     3076999936
INTERCONTINENTAL     IHGEUR EU          -91000000     3076999936
INTERCONTINENTAL     IHG IX             -91000000     3076999936
INTERCONTINENTAL     IC1A GR            -91000000     3076999936
INTERCONTINENTAL     IHG NR             -91000000     3076999936
INTERCONTINENTAL     IHG PO             -91000000     3076999936
INTERCONTINENTAL     IHG NQ             -91000000     3076999936
INTERCONTINENTAL     IHGUSD EU          -91000000     3076999936
INTERCONTINENTAL     IHGCHF EU          -91000000     3076999936
INTERCONTINENTAL     IHG EO             -91000000     3076999936
INTERCONTINENTAL     IC1 GR             -91000000     3076999936
INTERCONTINENTAL     IC1C GR            -91000000     3076999936
INTERCONTINENTAL     IHG TQ             -91000000     3076999936
JARVIS PLC           JRVS PZ         -48330109.98   155571478.27
JARVIS PLC           JRVS IX         -48330109.98   155571478.27
JARVIS PLC           JRVS PO         -48330109.98   155571478.27
JARVIS PLC           JRVS LN         -48330109.98   155571478.27
JARVIS PLC           JRVS VX         -48330109.98   155571478.27
JARVIS PLC           JRVS EU         -48330109.98   155571478.27
JARVIS PLC           JRVS EO         -48330109.98   155571478.27
JARVIS PLC           JVR GR          -48330109.98   155571478.27
JARVIS PLC           JRVSEUR EO      -48330109.98   155571478.27
JARVIS PLC           JRVSEUR EU      -48330109.98   155571478.27
JARVIS PLC           JRVSGBP EO      -48330109.98   155571478.27
JARVIS PLC           JVSPF US        -48330109.98   155571478.27
JESSOPS PLC          JSPGBP EO        -42702021.2   112964060.38
JESSOPS PLC          JSPEUR EO        -42702021.2   112964060.38
JESSOPS PLC          JSP VX           -42702021.2   112964060.38
JESSOPS PLC          JSPEUR EU        -42702021.2   112964060.38
JESSOPS PLC          JSP EO           -42702021.2   112964060.38
JESSOPS PLC          JSP LN           -42702021.2   112964060.38
JESSOPS PLC          JSP PO           -42702021.2   112964060.38
JESSOPS PLC          JSP EU           -42702021.2   112964060.38
JESSOPS PLC          JSP IX           -42702021.2   112964060.38
JESSOPS PLC          JS4 GR           -42702021.2   112964060.38
JESSOPS PLC          JSP PZ           -42702021.2   112964060.38
KAZAKHSTAN MNRLS     KMCO/U CN         -103725000      149477216
KAZAKHSTAN MNRLS     KMCOF US          -103725000      149477216
KAZAKHSTAN MNRLS     KMC/U CN          -103725000      149477216
KAZAKHSTAN MNRLS     KMCO CN           -103725000      149477216
KLEENEZE PLC         KLZ LN          -14328735.16   110864081.39
LADBROKE GROUP       LADB LN        -547740614.03  1922113569.01
LADBROKE GRP-IDR     695767Q BB     -547740614.03  1922113569.01
LADBROKE GRP-OLD     LADB BB        -547740614.03  1922113569.01
LADBROKES PLC        HG/ VX         -547740614.03  1922113569.01
LADBROKES PLC        LAD BQ         -547740614.03  1922113569.01
LADBROKES PLC        LAD EU         -547740614.03  1922113569.01
LADBROKES PLC        LAD TQ         -547740614.03  1922113569.01
LADBROKES PLC        LAD VX         -547740614.03  1922113569.01
LADBROKES PLC        LDBKF US       -547740614.03  1922113569.01
LADBROKES PLC        LADEUR EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD EO         -547740614.03  1922113569.01
LADBROKES PLC        LADUSD EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD NQ         -547740614.03  1922113569.01
LADBROKES PLC        LADGBP EO      -547740614.03  1922113569.01
LADBROKES PLC        LAD IX         -547740614.03  1922113569.01
LADBROKES PLC        LAD EB         -547740614.03  1922113569.01
LADBROKES PLC        LADEUR EU      -547740614.03  1922113569.01
LADBROKES PLC        LAD GR         -547740614.03  1922113569.01
LADBROKES PLC        LAD LN         -547740614.03  1922113569.01
LADBROKES PLC        LAD PZ         -547740614.03  1922113569.01
LADBROKES PLC        LAD PO         -547740614.03  1922113569.01
LADBROKES PLC        LAD NR         -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EU      -547740614.03  1922113569.01
LADBROKES PLC        LADNZD EO      -547740614.03  1922113569.01
LADBROKES PLC-AD     LDBKY US       -547740614.03  1922113569.01
LADBROKES PLC-AD     LDBKY LN       -547740614.03  1922113569.01
LADBROKES PLC-CE     LAD BB         -547740614.03  1922113569.01
LAMBERT FENCHURC     LMF LN           -1453050.04  1826806853.46
LEEDS SPORTING       LEDPF US         -73166148.8   143762193.66
LEEDS SPORTING       LES LN           -73166148.8   143762193.66
LEEDS UNITED PLC     LDSUF US         -73166148.8   143762193.66
LEEDS UNITED PLC     LUFC LN          -73166148.8   143762193.66
LEEDS UNITED PLC     889687Q GR       -73166148.8   143762193.66
LONDON TOWN PLC      LTW PG           -15549465.1   160165508.92
LONDON TOWN PLC      LTW IX           -15549465.1   160165508.92
LONDON TOWN PLC      LTW PZ           -15549465.1   160165508.92
LONDON TOWN PLC      LTW EU           -15549465.1   160165508.92
LONDON TOWN PLC      LTWX LN          -15549465.1   160165508.92
LONDON TOWN PLC      LTW PO           -15549465.1   160165508.92
LONDON TOWN PLC      LTW EO           -15549465.1   160165508.92
LONDON TOWN PLC      LTWR LN          -15549465.1   160165508.92
LONDON TOWN PLC      LOU GR           -15549465.1   160165508.92
LONDON TOWN PLC      LTW LN           -15549465.1   160165508.92
M 2003 PLC           203055Q LN    -2203513803.24  7204891601.83
M 2003 PLC           MTWOF US      -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOE US      -2203513803.24  7204891601.83
M 2003 PLC-ADR       MTWOY US      -2203513803.24  7204891601.83
MARCONI PLC          203083Q VX    -2203513803.24  7204891601.83
MARCONI PLC          MNI LN        -2203513803.24  7204891601.83
MARCONI PLC          MONI BB       -2203513803.24  7204891601.83
MARCONI PLC          MNI BB        -2203513803.24  7204891601.83
MARCONI PLC          MRCQF US      -2203513803.24  7204891601.83
MARCONI PLC          MY2 GR        -2203513803.24  7204891601.83
MARCONI PLC-ADR      MY2A GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCONY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      QUQMON AU     -2203513803.24  7204891601.83
MARCONI PLC-ADR      MRCQY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONIE US      -2203513803.24  7204891601.83
MARCONI PLC-ADR      MONI US       -2203513803.24  7204891601.83
MARCONI PLC-ADR      MCBA GR       -2203513803.24  7204891601.83
MFI FURNITURE GR     MFI LN         -116415877.06   612420067.12
MYTRAVEL GROUP       MYTPF US       -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S LN        -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S VX        -379721841.57  1817512773.61
MYTRAVEL GROUP       MT IX          -379721841.57  1817512773.61
MYTRAVEL GROUP       ARO2 GR        -379721841.57  1817512773.61
MYTRAVEL GROUP       MT/S PO        -379721841.57  1817512773.61
MYTRAVEL GROUP P     MT/ VX         -379721841.57  1817512773.61
MYTRAVEL GROUP P     1018144Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP P     MYTGF US       -379721841.57  1817512773.61
MYTRAVEL GROUP-A     2281919Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP-A     MYTVF US       -379721841.57  1817512773.61
NEW STAR ASSET       3226431Q EU    -397718038.04   292972732.12
NEW STAR ASSET       NSAA LN        -397718038.04   292972732.12
NEW STAR ASSET       3226435Q EO    -397718038.04   292972732.12
NEW STAR ASSET       NSAM PZ        -397718038.04   292972732.12
NEW STAR ASSET       NSAM TQ        -397718038.04   292972732.12
NEW STAR ASSET       NWSAF US       -397718038.04   292972732.12
NEW STAR ASSET       NSAM IX        -397718038.04   292972732.12
NEW STAR ASSET       N6S GR         -397718038.04   292972732.12
NEW STAR ASSET       3226443Q EO    -397718038.04   292972732.12
NEW STAR ASSET       3226447Q EO    -397718038.04   292972732.12
NEW STAR ASSET       NSAM LN        -397718038.04   292972732.12
NEW STAR ASSET       NSAM PO        -397718038.04   292972732.12
NEW STAR ASSET       3226439Q EU    -397718038.04   292972732.12
NORTHERN ROCK        2733277Q EU    -586206492.33152084295061.92
NORTHERN ROCK        NHRKF US       -586206492.33152084295061.92
NORTHERN ROCK        2733281Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRK VX         -586206492.33152084295061.92
NORTHERN ROCK        2733289Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRK IX         -586206492.33152084295061.92
NORTHERN ROCK        NRK LN         -586206492.33152084295061.92
NORTHERN ROCK        NRK PZ         -586206492.33152084295061.92
NORTHERN ROCK        2733269Q EU    -586206492.33152084295061.92
NORTHERN ROCK        2733285Q EU    -586206492.33152084295061.92
NORTHERN ROCK        NRK PO         -586206492.33152084295061.92
NORTHERN ROCK        2733273Q EO    -586206492.33152084295061.92
NORTHERN ROCK        NRKI IX        -586206492.33152084295061.92
NORTHERN ROCK        NR3 GR         -586206492.33152084295061.92
NORTHERN ROCK        2733265Q EO    -586206492.33152084295061.92
ORANGE PLC           951641Q LN     -593935051.02   2902299501.9
ORANGE PLC           ORNGF US       -593935051.02   2902299501.9
ORANGE PLC           1460Q GR       -593935051.02   2902299501.9
ORANGE PLC-ADR       ORNGY US       -593935051.02   2902299501.9
ORANGE PLC-ADR       ORA$ LN        -593935051.02   2902299501.9
ORANGE PLC-ADR       ONG GR         -593935051.02   2902299501.9
ORBIS PLC            RLP GR           -4168498.48    127701679.5
ORBIS PLC            OBS LN           -4168498.48    127701679.5
ORBIS PLC            ORBSF US         -4168498.48    127701679.5
ORBIS PLC            OBS IX           -4168498.48    127701679.5
ORBIS PLC            OBS PO           -4168498.48    127701679.5
ORBIS PLC            OBG PO           -4168498.48    127701679.5
ORBIS PLC            OBS PZ           -4168498.48    127701679.5
ORSU METALS CORP     OSU PZ            -103725000      149477216
ORSU METALS CORP     EUM IX            -103725000      149477216
ORSU METALS CORP     E4M GR            -103725000      149477216
ORSU METALS CORP     OSU PG            -103725000      149477216
ORSU METALS CORP     OSU CN            -103725000      149477216
ORSU METALS CORP     OSU LN            -103725000      149477216
ORSU METALS CORP     ORSM007* RU       -103725000      149477216
ORSU METALS CORP     ORSM007 RU        -103725000      149477216
ORSU METALS CORP     EPMCF US          -103725000      149477216
ORSU METALS CORP     OSUMF US          -103725000      149477216
PATIENTLINE PLC      2928907Q EO     -54677284.64    124948245.8
PATIENTLINE PLC      PTL PZ          -54677284.64    124948245.8
PATIENTLINE PLC      PTL PO          -54677284.64    124948245.8
PATIENTLINE PLC      PTL VX          -54677284.64    124948245.8
PATIENTLINE PLC      PTL IX          -54677284.64    124948245.8
PATIENTLINE PLC      2928899Q EO     -54677284.64    124948245.8
PATIENTLINE PLC      PTL LN          -54677284.64    124948245.8
PATIENTLINE PLC      2928903Q EU     -54677284.64    124948245.8
REGUS LTD            273187Q LN      -46111835.37      367181111
REGUS PLC            2296Z LN        -46111835.37      367181111
REGUS PLC            273195Q VX      -46111835.37      367181111
REGUS PLC            RGU GR          -46111835.37      367181111
REGUS PLC            REGSF US        -46111835.37      367181111
REGUS PLC-ADS        REGSV US        -46111835.37      367181111
REGUS PLC-ADS        RGUA GR         -46111835.37      367181111
REGUS PLC-ADS        REGS US         -46111835.37      367181111
REGUS PLC-ADS        REGSY US        -46111835.37      367181111
RENTOKIL INITIAL     RTO TQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EU      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PO         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO GR         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOGBP EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOG IX        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO VX         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EB         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO1 GR        -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOUSD EU      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EO         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOEUR EO      -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO LN         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO PZ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO IX         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO EU         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO NR         -351331070.14  3368925867.22
RENTOKIL INITIAL     RTO BQ         -351331070.14  3368925867.22
RENTOKIL INITIAL     RKLIF US       -351331070.14  3368925867.22
RENTOKIL INITIAL     RTOKF US       -351331070.14  3368925867.22
RENTOKIL-SP ADR      AP76 LI        -351331070.14  3368925867.22
RENTOKIL-SP ADR      RTOKY US       -351331070.14  3368925867.22
SAATCHI & SA-ADR     SSA US         -119260804.15   705060824.55
SAATCHI & SA-ADR     SSI$ LN        -119260804.15   705060824.55
SAATCHI & SAATCH     SSATF US       -119260804.15   705060824.55
SAATCHI & SAATCH     188190Q GR     -119260804.15   705060824.55
SAATCHI & SAATCH     SSI LN         -119260804.15   705060824.55
SCOTTISH MEDIA       SSM LN          -24923249.67    194430485.8
SCOTTISH MEDIA       1442Q GR        -24923249.67    194430485.8
SCOTTISH MEDIA       SSMR LN         -24923249.67    194430485.8
SCOTTISH TELEV       SCTVF US        -24923249.67    194430485.8
SETON HEALTHCARE     2290Z LN        -10585179.82   156822902.77
SFI GROUP PLC        SUF LN         -108067115.81   177647536.08
SFI GROUP PLC        SUYFF US       -108067115.81   177647536.08
SKYEPHAR-RTS F/P     SKPF LN        -130883498.29   153620497.99
SKYEPHAR-RTS F/P     SKPF VX        -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN VX        -130883498.29   153620497.99
SKYEPHAR-RTS N/P     SKPN LN        -130883498.29   153620497.99
SKYEPHARMA -SUB      2976665Z LN    -130883498.29   153620497.99
SKYEPHARMA PLC       SK8C GR        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EU         -130883498.29   153620497.99
SKYEPHARMA PLC       SKYEF US       -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PZ         -130883498.29   153620497.99
SKYEPHARMA PLC       SK8A GR        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP LN         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP TQ         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP PO         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP1 VX        -130883498.29   153620497.99
SKYEPHARMA PLC       SKP IX         -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EO      -130883498.29   153620497.99
SKYEPHARMA PLC       SKPEUR EU      -130883498.29   153620497.99
SKYEPHARMA PLC       SKPGBP EO      -130883498.29   153620497.99
SKYEPHARMA PLC       SKP VX         -130883498.29   153620497.99
SKYEPHARMA PLC       SKP EO         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYPY US       -130883498.29   153620497.99
SKYEPHARMA-ADR       AP80 LI        -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8N GR        -130883498.29   153620497.99
SKYEPHARMA-ADR       SK8 GR         -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYEY US       -130883498.29   153620497.99
SKYEPHARMA-ADR       SKYE US        -130883498.29   153620497.99
SMG PLC              SMG LN          -24923249.67    194430485.8
SMG PLC              SMG PO          -24923249.67    194430485.8
SMG PLC-FUL PAID     SMGF LN         -24923249.67    194430485.8
SMG PLC-NIL PAID     SMGN LN         -24923249.67    194430485.8
SMITHS NEWS PLC      NWS IX          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 EU         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS1 EO         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS1 EU         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS LN          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2EUR EU      -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PO          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS PZ          -97992746.54   146917382.81
SMITHS NEWS PLC      NWS VX          -97992746.54   146917382.81
SMITHS NEWS PLC      SMWPF US        -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2EUR EO      -97992746.54   146917382.81
SMITHS NEWS PLC      SMWPY US        -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2GBP EO      -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 TQ         -97992746.54   146917382.81
SMITHS NEWS PLC      NWS2 EO         -97992746.54   146917382.81
STAGECOACH GROUP     SGC1GBP EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC PO          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EO         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 BQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EU         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SHP GR          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 EB         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC IX          -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1USD EO      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC2 VX         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 TQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SAGKF US        -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1AUD EU      -14183327.87  2231066974.58
STAGECOACH GROUP     SGC LN          -14183327.87  2231066974.58
STAGECOACH GROUP     SHP4 GR         -14183327.87  2231066974.58
STAGECOACH GROUP     SGCG PZ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NQ         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1 NR         -14183327.87  2231066974.58
STAGECOACH GROUP     SGC1EUR EO      -14183327.87  2231066974.58
STAGECOACH GRP-B     SGCB LN         -14183327.87  2231066974.58
STAGECOACH-NEW       SGCN LN         -14183327.87  2231066974.58
STV GROUP PLC        STVGEUR EU      -24923249.67    194430485.8
STV GROUP PLC        SMG IX          -24923249.67    194430485.8
STV GROUP PLC        STVG EO         -24923249.67    194430485.8
STV GROUP PLC        STVG LN         -24923249.67    194430485.8
STV GROUP PLC        STVGGBP EO      -24923249.67    194430485.8
STV GROUP PLC        STVG EU         -24923249.67    194430485.8
STV GROUP PLC        STVGEUR EO      -24923249.67    194430485.8
STV GROUP PLC        SMG VX          -24923249.67    194430485.8
STV GROUP PLC        SMG PZ          -24923249.67    194430485.8
STV GROUP PLC        SMGPF US        -24923249.67    194430485.8
STV GROUP PLC        STVG VX         -24923249.67    194430485.8
TELASI JSC           AEST GG          -38496626.3   121421179.22
TELEWEST COM-ADR     940767Q GR    -3702234580.99  7581020925.22
TELEWEST COM-ADR     TWSTY US      -3702234580.99  7581020925.22
TELEWEST COM-ADR     TWT$ LN       -3702234580.99  7581020925.22
TELEWEST COM-ADR     TWSTD US      -3702234580.99  7581020925.22
TELEWEST COMM        604296Q GR    -3702234580.99  7581020925.22
TELEWEST COMM        715382Q LN    -3702234580.99  7581020925.22
TELEWEST COMM        TWSTF US      -3702234580.99  7581020925.22
TELEWEST COMM        TWT VX        -3702234580.99  7581020925.22
THORN EMI PLC        THNE FP       -2265916256.89  2950021937.14
THORN EMI-ADR        THN$ LN       -2265916256.89  2950021937.14
THORN EMI-ADR        TORNY US      -2265916256.89  2950021937.14
THORN EMI-CDR        THN NA        -2265916256.89  2950021937.14
THORN EMI-REGD       1772Q GR      -2265916256.89  2950021937.14
TOPPS TILES PLC      TPTGBP EO       -78172467.48    131014414.4
TOPPS TILES PLC      TPT TQ          -78172467.48    131014414.4
TOPPS TILES PLC      TPTJY US        -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EO       -78172467.48    131014414.4
TOPPS TILES PLC      TPT VX          -78172467.48    131014414.4
TOPPS TILES PLC      TPT PO          -78172467.48    131014414.4
TOPPS TILES PLC      TPT BQ          -78172467.48    131014414.4
TOPPS TILES PLC      TPT PZ          -78172467.48    131014414.4
TOPPS TILES PLC      TPT IX          -78172467.48    131014414.4
TOPPS TILES PLC      TPTEUR EU       -78172467.48    131014414.4
TOPPS TILES PLC      TPT EU          -78172467.48    131014414.4
TOPPS TILES PLC      TPT EO          -78172467.48    131014414.4
TOPPS TILES PLC      TPTJF US        -78172467.48    131014414.4
TOPPS TILES PLC      TPT LN          -78172467.48    131014414.4
TOPPS TILES-NEW      TPTN LN         -78172467.48    131014414.4
UTC GROUP            UGR LN          -11904426.45   203548565.03
VIRGIN MOB-ASSD      VMOC LN        -392165437.58   166070003.71
VIRGIN MOB-ASSD      VMOA LN        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB PO        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB VX        -392165437.58   166070003.71
VIRGIN MOBILE        VMOB LN        -392165437.58   166070003.71
VIRGIN MOBILE        VGMHF US       -392165437.58   166070003.71
VIRGIN MOBILE        UEM GR         -392165437.58   166070003.71
WATSON & PHILIP      WTSN LN        -120493900.04   252232072.87
WINCANTON PL-ADR     WNCNY US        -47615167.52  1316638025.67
WINCANTON PLC        WIN1EUR EU      -47615167.52  1316638025.67
WINCANTON PLC        WIN1 TQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN PO          -47615167.52  1316638025.67
WINCANTON PLC        WIN1 BQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN1GBP EO      -47615167.52  1316638025.67
WINCANTON PLC        WIN VX          -47615167.52  1316638025.67
WINCANTON PLC        WIN1EUR EO      -47615167.52  1316638025.67
WINCANTON PLC        WIN IX          -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EO      -47615167.52  1316638025.67
WINCANTON PLC        WNCNF US        -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EO         -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EB         -47615167.52  1316638025.67
WINCANTON PLC        WIN1 NQ         -47615167.52  1316638025.67
WINCANTON PLC        WIN PZ          -47615167.52  1316638025.67
WINCANTON PLC        WIN LN          -47615167.52  1316638025.67
WINCANTON PLC        WIN1 EU         -47615167.52  1316638025.67
WINCANTON PLC        WIN1USD EU      -47615167.52  1316638025.67
XXPERT RENTAL        XPRT CN           -103725000      149477216

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

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

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

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

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

AEDES AXA+W          AEAXAW IM       -24405906.61  1350851664.42
AEDES SPA            AE PZ           -24405906.61  1350851664.42
AEDES SPA            AE IM           -24405906.61  1350851664.42
AEDES SPA            AE EO           -24405906.61  1350851664.42
AEDES SPA            AE EU           -24405906.61  1350851664.42
AEDES SPA            AE TQ           -24405906.61  1350851664.42
AEDES SPA            AEDSF US        -24405906.61  1350851664.42
AEDES SPA            AEDI IX         -24405906.61  1350851664.42
AEDES SPA            LLB GR          -24405906.61  1350851664.42
AEDES SPA RNC        AEDE IM         -24405906.61  1350851664.42
AEDES SPA-OPA        AEDROP IM       -24405906.61  1350851664.42
AEDES SPA-OPA        AEOPA IM        -24405906.61  1350851664.42
AEDES SPA-RTS        AESA IM         -24405906.61  1350851664.42
AEDES SPA-RTS        AEAA IM         -24405906.61  1350851664.42
AEDES SPA-SVGS R     AEDRAA IM       -24405906.61  1350851664.42
ARENA SPA            AREI PZ         -26843216.33   117951651.43
ARENA SPA            ARE2 TQ         -26843216.33   117951651.43
ARENA SPA            ARE IM          -26843216.33   117951651.43
ARENA SPA            RON IX          -26843216.33   117951651.43
ARENA SPA            ARE2 EU         -26843216.33   117951651.43
ARENA SPA            ARE2 EO         -26843216.33   117951651.43
ARENA SPA            RON GR          -26843216.33   117951651.43
ARENA SPA            RNCNF US        -26843216.33   117951651.43
BINDA SPA            BND IM          -11146475.29   128859802.94
BINDA SPA            BNDAF US        -11146475.29   128859802.94
CART SOTTRI-BIND     DEM IM          -11146475.29   128859802.94
CIRIO FINANZIARI     FIY GR          -422095869.5  1583083044.16
CIRIO FINANZIARI     CRO IM          -422095869.5  1583083044.16
COIN SPA             GUCIF US       -151690764.75   791310848.67
COIN SPA             GC IX          -151690764.75   791310848.67
COIN SPA             965089Q GR     -151690764.75   791310848.67
COIN SPA-RTS         GCAA IM        -151690764.75   791310848.67
COIN SPA/OLD         GC IM          -151690764.75   791310848.67
COMPAGNIA ITALIA     ICT IM         -137726596.25   527372691.43
COMPAGNIA ITALIA     CGLUF US       -137726596.25   527372691.43
COMPAGNIA ITALIA     CITU IX        -137726596.25   527372691.43
CREDITO FOND-RTS     CRFSA IM       -200209050.26  4213063202.32
CREDITO FONDIARI     CRF IM         -200209050.26  4213063202.32
LAZIO SPA            SSL1 IX         -15482934.18   260633690.01
LAZIO SPA            SSL IM          -15482934.18   260633690.01
LAZIO SPA            SSLZF US        -15482934.18   260633690.01
LAZIO SPA            LZO GR          -15482934.18   260633690.01
LAZIO SPA            SSL1 EU         -15482934.18   260633690.01
LAZIO SPA            SSLI PZ         -15482934.18   260633690.01
LAZIO SPA            571260Q US      -15482934.18   260633690.01
LAZIO SPA            SSL1 EO         -15482934.18   260633690.01
LAZIO SPA            LZO1 GR         -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAA IM        -15482934.18   260633690.01
LAZIO SPA-RTS        SSLAZ IM        -15482934.18   260633690.01
OLCESE SPA           O IM            -12846689.89   179691572.79
OLCESE SPA-RTS       OAA IM          -12846689.89   179691572.79
OLCESE VENEZIANO     OLVE IM         -12846689.89   179691572.79
OMNIA NETWORK SP     ONT EU          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT PZ          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT TQ          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT IM          -14203645.83    330093845.4
OMNIA NETWORK SP     ONT EO          -14203645.83    330093845.4
OMNIA NETWORK SP     ONTI IX         -14203645.83    330093845.4
PARMALAT FINA-RT     PRFR AV      -18419390028.95  4120687886.18
PARMALAT FINANZI     PRFI VX      -18419390028.95  4120687886.18
PARMALAT FINANZI     FICN AV      -18419390028.95  4120687886.18
PARMALAT FINANZI     PMLFF US     -18419390028.95  4120687886.18
PARMALAT FINANZI     PAF GR       -18419390028.95  4120687886.18
PARMALAT FINANZI     PARAF US     -18419390028.95  4120687886.18
PARMALAT FINANZI     PRF IM       -18419390028.95  4120687886.18
PARMALAT FINANZI     PMT LI       -18419390028.95  4120687886.18
RONCADIN SPA         RON IM          -26843216.33   117951651.43
RONCADIN SPA-RT      RONAA IM        -26843216.33   117951651.43
RONCADIN SPA-RTS     RONAAW IM       -26843216.33   117951651.43
SNIA BPD             SN GR           -97720525.24   339401569.86
SNIA BPD-ADR         SBPDY US        -97720525.24   339401569.86
SNIA SPA             SSMLF US        -97720525.24   339401569.86
SNIA SPA             SIAI IX         -97720525.24   339401569.86
SNIA SPA             SN TQ           -97720525.24   339401569.86
SNIA SPA             SNIB GR         -97720525.24   339401569.86
SNIA SPA             SNIXF US        -97720525.24   339401569.86
SNIA SPA             SBPDF US        -97720525.24   339401569.86
SNIA SPA             SN EU           -97720525.24   339401569.86
SNIA SPA             SIAI PZ         -97720525.24   339401569.86
SNIA SPA             SN EO           -97720525.24   339401569.86
SNIA SPA             SNIA GR         -97720525.24   339401569.86
SNIA SPA             SN IM           -97720525.24   339401569.86
SNIA SPA - RTS       SNAAW IM        -97720525.24   339401569.86
SNIA SPA- RTS        SNAXW IM        -97720525.24   339401569.86
SNIA SPA-2003 SH     SN03 IM         -97720525.24   339401569.86
SNIA SPA-CONV SA     SPBDF US        -97720525.24   339401569.86
SNIA SPA-DRC         SNR00 IM        -97720525.24   339401569.86
SNIA SPA-NEW         SN00 IM         -97720525.24   339401569.86
SNIA SPA-NON CON     SPBNF US        -97720525.24   339401569.86
SNIA SPA-RCV         SNR IM          -97720525.24   339401569.86
SNIA SPA-RCV         SNIVF US        -97720525.24   339401569.86
SNIA SPA-RIGHTS      SNAW IM         -97720525.24   339401569.86
SNIA SPA-RNC         SNRNC IM        -97720525.24   339401569.86
SNIA SPA-RNC         SNIWF US        -97720525.24   339401569.86
SNIA SPA-RTS         SNAA IM         -97720525.24   339401569.86
SNIA SPA-RTS         SNSO IM         -97720525.24   339401569.86
SOCOTHERM SPA        SOCEF US        -28370270.37   537950362.36
SOCOTHERM SPA        SCT IM          -28370270.37   537950362.36
SOCOTHERM SPA        SCT EU          -28370270.37   537950362.36
SOCOTHERM SPA        SCTI PZ         -28370270.37   537950362.36
SOCOTHERM SPA        SCTM IX         -28370270.37   537950362.36
SOCOTHERM SPA        SCT TQ          -28370270.37   537950362.36
SOCOTHERM SPA        SCT EO          -28370270.37   537950362.36
TECNODIFF ITALIA     TDIFF US        -89894162.82   152045757.48
TECNODIFF ITALIA     TDI IM          -89894162.82   152045757.48
TECNODIFF ITALIA     TEF GR          -89894162.82   152045757.48
TECNODIFF ITALIA     TDI NM          -89894162.82   152045757.48
TECNODIFF-RTS        TDIAOW NM       -89894162.82   152045757.48
TECNODIFFUSIONE      TDIAAW IM       -89894162.82   152045757.48
TISCALI SPA          TIQ GR          -24638454.05  1569205599.82
TISCALI SPA          TIQG IX         -24638454.05  1569205599.82
TISCALI SPA          TISGBX EU       -24638454.05  1569205599.82
TISCALI SPA          TISN FP         -24638454.05  1569205599.82
TISCALI SPA          TIS VX          -24638454.05  1569205599.82
TISCALI SPA          TIS PZ          -24638454.05  1569205599.82
TISCALI SPA          TIS NR          -24638454.05  1569205599.82
TISCALI SPA          TISN NA         -24638454.05  1569205599.82
TISCALI SPA          TISGBP EO       -24638454.05  1569205599.82
TISCALI SPA          TIS EU          -24638454.05  1569205599.82
TISCALI SPA          TIS EO          -24638454.05  1569205599.82
TISCALI SPA          TIS FP          -24638454.05  1569205599.82
TISCALI SPA          TIS TQ          -24638454.05  1569205599.82
TISCALI SPA          TISGBX EO       -24638454.05  1569205599.82
TISCALI SPA          TIS NA          -24638454.05  1569205599.82
TISCALI SPA          TISN IM         -24638454.05  1569205599.82
TISCALI SPA          TISN VX         -24638454.05  1569205599.82
TISCALI SPA          TSCXF US        -24638454.05  1569205599.82
TISCALI SPA          TISN IX         -24638454.05  1569205599.82
TISCALI SPA          TIS IX          -24638454.05  1569205599.82
TISCALI SPA          TIS IM          -24638454.05  1569205599.82
TISCALI SPA- RTS     TISAXA IM       -24638454.05  1569205599.82
TISCALI SPA- RTS     TIQ1 GR         -24638454.05  1569205599.82

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

BAAN CO NV-ASSEN     BAANA NA         -7854741.41   609871188.88
BAAN COMPANY NV      BAAVF US         -7854741.41   609871188.88
BAAN COMPANY NV      BNCG IX          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EU          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN PZ          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN EO          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN IX          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN GR          -7854741.41   609871188.88
BAAN COMPANY NV      BAAN NA          -7854741.41   609871188.88
BAAN COMPANY-NY      BAANF US         -7854741.41   609871188.88
BUSINESSWAY INTL     BITLE US              -69320      127631096
BUSINESSWAY INTL     BITL US               -69320      127631096
CNW ORLANDO INC      CNWD US               -69320      127631096
GLOBALNETCARE        GBCR US               -69320      127631096
GLOBALNETCARE        GBCRE US              -69320      127631096
ICBS INTERNATION     ICBO US               -69320      127631096
ICBS INTERNATION     ICBOE US              -69320      127631096
JAMES HARDIE IND     726824Z NA        -108700000     1898699904
JAMES HARDIE IND     HAH NZ            -108700000     1898699904
JAMES HARDIE IND     HAH AU            -108700000     1898699904
JAMES HARDIE IND     600241Q GR        -108700000     1898699904
JAMES HARDIE NV      JHXCC AU          -108700000     1898699904
JAMES HARDIE-ADR     JHX US            -108700000     1898699904
JAMES HARDIE-ADR     JHINY US          -108700000     1898699904
JAMES HARDIE-CDI     JHX AU            -108700000     1898699904
JAMES HARDIE-CDI     JHA GR            -108700000     1898699904
JAMES HARDIE-CDI     JHIUF US          -108700000     1898699904
ROYAL INVEST INT     RIIC US               -69320      127631096
UNITED PAN -ADR      UPEA GR       -5505478849.55  5112616630.06
UNITED PAN-A ADR     UPCOY US      -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LI        -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC NA        -5505478849.55  5112616630.06
UNITED PAN-EUR-A     UPC LN        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPC VX        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE1 GR       -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPE GR        -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCOF US      -5505478849.55  5112616630.06
UNITED PAN-EUROP     UPCEF US      -5505478849.55  5112616630.06
WAH KING INVEST      WAHKE US              -69320      127631096
WAH KING INVEST      WAHK US               -69320      127631096

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

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

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

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

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

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

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


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

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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *