TCREUR_Public/090908.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 8, 2009, Vol. 10, No. 177

                            Headlines

A U S T R I A

HOTEL U. TOURISMUS: Creditors Must File Claims by Septembr 20
KATHARINA GMBH: Claims Filing Deadline is September 21
LEITZ-AUSTRIA VERTRIEBS: Claims Filing Deadline is September 21
NAS ENVIRONMENT: Claims Filing Deadline is September 17
RESIDENZ HAEUPL: Creditors Must File Claims by September 20

SCHNEEBICHLER GMBH: Creditors Must File Claims by September 20


F R A N C E

ASTEEL: Placed Into Liquidation by Quimper Commercial Court
PARIS PRIME: Fitch Affirms 'C' Ratings on Two Classes of Notes
PERNOD RICARD: Says Weak Demand to Persist Through 2010


G E R M A N Y

ARCANDOR AG: Reduced Mailing Volume Cues Deutsche Post to Cut Jobs
ARCANDOR AG: No Sale Date Yet for Karstadt, Administrator Says
ESSENTIAL PUBLIC: Fitch Cuts Rating on Class E Notes to 'B+'
GENERAL MOTORS: Unlikely to Sell Opel to Magna, CDU Head Says
KLOECKNER & CO: Mulls EUR200 Million Share Sale

S-CORE 2008: Moody's Junks Ratings on Two Classes of Notes
TRANSOCEAN TOURS: Files for Insolvency Blaming Insurance Payouts


G R E E C E

WIND HELLAS: S&P Cuts Long-Term Corporate Credit Rating to 'CC'


H U N G A R Y

ATHLON PENZUGYI: Budapest Court Orders Liquidation


I R E L A N D

DOLMEN HOTEL: Sets Creditors' Meeting to Appoint Liquidator
ELAN CORP: Breaches Biogen Collaboration Agreement, Court Rules
FLEMING GROUP: Examinership Extended to Two Related Companies


I T A L Y

FANTUZZI INDUSTRIES: Italian Bondholders Mull Class Action Suit


K Y R G Y Z S T A N

PIPE COMPANY: Creditors Must File Claims by September 24


L I T H U A N I A

LEO LT: Shareholders Vote In Favor of Liquidation


N E T H E R L A N D S

ING GROEP: HSBC Among Bidders for Private Banking Business


R U S S I A

BTA BANK: Moody's Assigns 'Caa2' Senior Unsecured Debt Rating
KD AVIA: Files for Bankruptcy; Owes RUR13 Bln to Creditors


S L O V A K   R E P U B L I C

SKYEUROPE AIRLINES: To Be Declared Bankrupt; Liquidation Begins


S W E D E N

GENERAL MOTORS: Koenigsegg Secures Addt'l Funds for Saab Sale Deal
SAAB AUTOMOBILE: Koenigsegg Secures Addt'l Funding for Acquisition


S W I T Z E R L A N D

FUTURAS GMBH: Claims Filing Deadline is September 10
HOWE BAU: Claims Filing Deadline is September 30
KING CARS: Creditors Must File Claims by September 30
M. AKBAS: Claims Filing Deadline is September 30
MEMORIA GMBH: Claims Filing Deadline is September 10

PIZZA & PASTA: Claims Filing Deadline is September 30
TREBORAG AG: Claims Filing Deadline is September 10


T U R K E Y

BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'


U K R A I N E

AGROINCAM LLC: Creditors Must File Claims by September 11
AZOVPHARMEQUIPMENT LLC: Creditors Must File Claims by September 11
BURIN SUGAR: Court Starts Bankruptcy Supervision Procedure
CARGO-TRADE LLC: Creditors Must File Claims by September 10
DEMETRA AGRICULT'L: Court Starts Bankruptcy Supervision Procedure

ILBRUK LTD: Creditors Must File Claims by September 11
INTERSOYUZ LLC: Creditors Must File Claims by September 11
KIEV PLANT: Creditors Must File Claims by September 11
KORS LLC: Creditors Must File Claims by September 11
OLIMPUS-K LLC: Creditors Must File Claims by September 11

VECTOR AGRICULTURAL: Creditors Must File Claims by September 11
ZAGRAVA BUD: Creditors Must File Claims by September 11


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: Fitch Affirms Senior Unsecured Rating at 'BB-'
ATRIUM EUROPEAN: S&P Keeps 'BB-' Long-Term Corporate Credit Rating
CREW GOLD: Explores Options After Bondholders Reject Debt Swap
HILEY ENGINEERING: Goes Into Administration
LLOYDS BANKING: May Convert Preference Shares to Shore Up Finances

LLOYDS BANKING: CEO Eric Daniels Still Has UK Gov't's Support
LUPUS CAPITAL: Greg Hutchings Increases Stake to Almost 11%
MEDICAL MARKETING: Appoints Grant Thornton as Administrators
MG ROVER: U.K. Gov't to Publish Report on Collapse on Sept. 11
ROYAL BANK: Won't Redeem Subordinated Bonds Early After Bailout

SHARETECH DIRECT: Court Appoints Provisional Liquidator
YELL GROUP: Shares Double in Value as Refinancing Talks Progress


X X X X X X X X

* Buyout of Bankrupt Assets Becomes Trend in Oil-Service Sector

* Large Companies with Insolvent Balance Sheet


                         *********


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


HOTEL U. TOURISMUS: Creditors Must File Claims by Septembr 20
-------------------------------------------------------------
Creditors of Hotel u. Tourismus-Management GmbH have until
September 20, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 1:00 p.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Dr. Peter Posch
         Eisenhowerstrasse 40
         4600 Wels
         Austria
         Tel.: 07242/61212, 47024
         Fax: 07242/47167
         E-Mail: peter.posch@kapo.at


KATHARINA GMBH: Claims Filing Deadline is September 21
------------------------------------------------------
Creditors of Katharina GmbH have until September 21, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 5, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Wien
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at


LEITZ-AUSTRIA VERTRIEBS: Claims Filing Deadline is September 21
---------------------------------------------------------------
Creditors of Leitz-Austria Vertriebs GmbH have until September 21,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 5, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

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


NAS ENVIRONMENT: Claims Filing Deadline is September 17
-------------------------------------------------------
Creditors of Nas environment engineering GmbH have until
September 17, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Erwin Senoner
         Alserstrasse 21
         1080 Wien
         Austria
         Tel.: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


RESIDENZ HAEUPL: Creditors Must File Claims by September 20
-----------------------------------------------------------
Creditors of Residenz Haeupl Hotel GmbH have until September 20,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 2:20 p.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Dr. Erich Gugenberger
         Attergaustrasse 30
         4880 St. Georgen im Attergau
         Austria
         Tel: 07667/20980
         Fax: 07667/20980-20
         E-mail: office@drgugenberger.at


SCHNEEBICHLER GMBH: Creditors Must File Claims by September 20
--------------------------------------------------------------
Creditors of Schneebichler GmbH have until September 20, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 1:40 p.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Dr. Peter Heigenhauser
         Wiesinger Strasse 3
         4820 Bad Ischl
         Austria
         Tel.: 06132/25581
         Fax: 06132/25581-5
         E-mail: dr.peter.heigenhauser@aon.at


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


ASTEEL: Placed Into Liquidation by Quimper Commercial Court
-----------------------------------------------------------
The Commercial Court of Quimper has put the French EMS-provider
Asteel into liquidation, evertiq reports.

The Douarnenez-based company, which filed for bankruptcy
protection on June 17, has 134 employees.


PARIS PRIME: Fitch Affirms 'C' Ratings on Two Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded Paris Prime Commercial Real Estate
FCC's class A, B and C notes as detailed below.  The ratings on
the class D and E notes have been affirmed, while their Distressed
Recovery Ratings have been revised and reassigned as Recovery
Ratings*.  The cash-collateralized class X1 and X2 notes have been
affirmed with Stable Outlooks.

The rating actions are:

  -- EUR125.8 million class A (FR0010382309) downgraded to 'AA'
     from 'AAA'; Outlook Stable

  -- EUR300 class X1 affirmed at 'AAA'; Outlook Stable

  -- EUR300 class X2 affirmed at 'AAA'; Outlook Stable

  -- EUR29.4 million class B (FR0010382317) downgraded to 'A' from
     'AA'; Outlook revised to Negative from Stable

  -- EUR33.6 million class C (FR0010382325) downgraded to 'BB'
     from 'A'; Outlook Negative

  -- EUR31.5 million class D (FR0010382333) affirmed at 'C';
     Recovery Rating revised to RR3 from Distressed Recovery DR1*

  -- EUR8.8 million class E (FR0010382341) affirmed at 'C';
     Recovery Rating revised to RR6 from Distressed Recovery DR2*

The downgrades are driven by the deterioration in value of the two
remaining Paris office properties, as evidenced by the Fitch loan-
to-value ratio.  While the reported LTV (based on a December 2008
re-valuation) stands at 71%, Fitch estimates an additional market
value decline of 34% since this December valuation, resulting in a
Fitch LTV of 107%.

The difference in LTVs is driven by Fitch's more conservative view
of current market yields.  Despite the prime nature of the
remaining two office properties, they suffer from a short weighted
average term to lease break of 3.3 years.  While the WA term to
lease expiry is longer at 6.7 years, by legal final maturity in
April 2014, 95% of in-place income could potentially be lost if
leases are not renewed and all break options are exercised.  Fitch
believes that this weak income profile would have a significant
impact on the yield demanded by a potential purchaser of the
properties.  In addition, the agency considers that the outcome of
the lease breaks will determine the likelihood of a potential
refinancing of the loan at its scheduled maturity in April 2011.

The income profile of the portfolio also creates concern regarding
lease renegotiations.  Both AXA (25% of in-place rent) and Regus
(13%), the largest and third-largest tenants, respectively, have
recently negotiated new leases with respective rent declines of
33% and 5%.  However, Fitch notes that the income generated by the
original AXA lease was 58% higher than the estimated rental value
determined at closing.

The ratings of the class C and D notes continue to be driven by
the replacement of issuer level hedging, following the bankruptcy
of Lehman Brothers in September 2008, with alternative
arrangements on less favorable terms.  The assignment of the
Recovery Ratings at their present levels reflects the increased
leverage of the tranches, as the advance rates of the class C and
D notes stand at 102.5% and 106.6%, respectively.

Fitch will continue to monitor the performance of the transaction.


PERNOD RICARD: Says Weak Demand to Persist Through 2010
-------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that Pernod Ricard SA
said weak demand for alcoholic drinks will persist through 2010.

Bloomberg relates Pernod Chief Executive Officer Pierre Pringuet
said on a conference call Thursday that he expects global
stagnation for the spirits industry over the next 12 months.
Mr. Pringuet, as cited by Bloomberg, said his priority was to keep
reducing debt and "reinforce investments in key brands" in the
recession.

                        First-Half Results

Pernod's net income increased 13% to EUR945 million in the 12
months to June 30, Bloomberg discloses.  According to Bloomberg,
revenue increased 9.3% to EUR7.2 billion.

                            Tax Rate

Bloomberg discloses Pernod Chief Financial Officer Gilles Bogaert
said the company would pay a tax rate of about 21 to 22%  for
fiscal 2010, compared with the 16.6% rate for fiscal 2009.

                              Board

Pernod appointed Alexandre Ricard, the chairman and CEO of Irish
Distillers, to the company's board board.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 2,
2009, Fitch Ratings assigned Pernod Ricard S.A.'s EUR800 milllion
7% notes, maturing in 2015, final senior unsecured ratings of
'BB+'.  The ratings are in line with Pernod's Long-term Issuer
Default Rating of 'BB+' which has a Stable Outlook.  Pernod's
senior unsecured rating is 'BB+' and its Short-term IDR is 'B'.


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


ARCANDOR AG: Reduced Mailing Volume Cues Deutsche Post to Cut Jobs
------------------------------------------------------------------
Matthias Inverardi at Reuters reports that Deutsche Post plans to
cuts 560 jobs from its DHL express delivery arm following reduced
mailing volume for Arcandor AG goods.

Reuters relates a spokesman for Arcandor insolvency administrator
Klaus Hubert Goerg said the office had agreed in principle on new
terms with DHL.  According to Reuters, the spokesman said the
previous terms "had developed in such a way that it was no longer
possible to conduct business profitably".

                      Insolvency Proceedings

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Tuesday,
Sept. 1.  Bloomberg disclosed the proceedings started for the
Arcandor holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

                        About Arcandor AG

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

As 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: No Sale Date Yet for Karstadt, Administrator Says
--------------------------------------------------------------
Nikola Rotscheroth and Joern Poltz at Reuters report that Klaus
Hubert Goerg, Arcandor AG's insolvency administrator on Sunday
denied a report that a date had been fixed for the start of the
sale process for department store unit Karstadt.

Citing a spokesman for Mr. Goerg, Reuters states the schedule for
the sale process had not yet been determined.

"We are in talks with various parties about possible contributions
to the restructuring," the spokesman said.

Reuters relates the spokesman said a bidding process on Karstadt
would make sense only after key points of the insolvency plan have
been agreed upon, and the plan should be presented to creditors in
early November.

                      Insolvency Proceedings

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Tuesday, Sept.
1.  Bloomberg disclosed the proceedings started for the
Arcandor holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

                         About Arcandor AG

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

As 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.


ESSENTIAL PUBLIC: Fitch Cuts Rating on Class E Notes to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded five classes of Essential Public
Infrastructure Capital II GmbH's notes and affirmed one class:

  -- EUR232,750 class A+: affirmed at 'AAA'; Outlook Stable;
     assigned a Loss Severity rating of LS-1

  -- EUR45,000,000 class A: downgraded to 'A+' from 'AAA'; Outlook
     Stable; assigned LS-3

  -- EUR9,000,000 class B: downgraded to 'BBB+' from 'AA'; Outlook
     Stable; assigned LS-4

  -- EUR9,000,000 class C: downgraded to 'BBB' from 'A'; Outlook
     Stable; assigned LS-4

  -- EUR9,000,000 class D: downgraded to 'BB' from 'BBB'; Outlook
     Stable; assigned LS-4

  -- EUR6,750,000 class E: downgraded to 'B+' from 'BB'; Outlook
     Stable; assigned LS-4

The rating action follows the agency's first review of the
transaction since Fitch published its project finance CDO criteria
in 2008, which is the primary driver of the rating downgrades.

The portfolio has experienced downgrades since deal inception
causing the weighted average rating to fall to 'BBB-' from
'BBB+'/'BBB' and 16% of the portfolio is currently on Rating Watch
Negative.

The current portfolio has high concentrations in transportation
projects, which account for a quarter of the portfolio, and UK
PPP/PFI assets, which account for over 40% of the portfolio.  In
accordance with Fitch's project finance CDO criteria, the
transaction was tested for its ability to withstand portfolio
level defaults, minimum obligor coverage for each tranche and
reduced recovery rate expectations.

Due to the high concentrations mentioned above, the transaction
was also tested for its sensitivity to an increased correlation in
the transportation sector (by increasing the Portfolio Credit
Model global industry sector correlation assumption to 15% from
6%) and potential negative credit migration for UK PPP/PFI assets
in the portfolio (by assuming a one-notch downgrade of 20% of
these assets).

The class A+ notes have been affirmed as their credit enhancement
is considered strong enough to provide sufficient protection to
noteholders under the new criteria and the agency's sensitivity
testing.

However, the class A, B, C, D, and E notes, under the new criteria
and above mentioned stresses, demonstrated greater sensitivity and
did not have sufficient protection to maintain their ratings,
which is why they were downgraded as a result.

EPIC II is a securitisation of an internationally diversified
portfolio of loans, bonds and guarantees to public infrastructure
projects in the transport, healthcare, schools, scientific
buildings, prisons, and waste management sectors.

At closing, DEPFA BANK plc ('A-'/'F1+'/Stable) bought principal
protection under a bank swap in respect of a EUR900m reference
portfolio, net of a threshold amount, from the German public
agency KfW ('AAA'/'F1+'/Stable).  KfW hedged its exposure by
issuing the credit-linked certificates of indebtedness which were
purchased by EPIC II using the note proceeds, and by entering into
a senior credit default swap with a senior swap provider.


GENERAL MOTORS: Unlikely to Sell Opel to Magna, CDU Head Says
-------------------------------------------------------------
Andreas Cremer at Bloomberg News, citing Kurt Lauk, head of the
Christian Democratic Union's Economic Council, reports that
General Motors Co. is unlikely to sell Opel to Magna International
Inc. because the U.S. carmaker doesn't want to hand over its
intellectual property to Russia.

"I just canít believe that GM's new board will accept transferring
important know-how to the Russians," Bloomberg quoted Mr. Lauk as
saying, referring to Magna's investment partner OAO Sberbank,
Russia's largest bank.  Mr. Lauk told Bloomberg it would be
"commercially wise" for GM to keep Opel on the basis of a
"restructuring plan".

GM's 13-member board may take a decision on Opel's future at a
two-day meeting in Detroit starting today, Sept. 8.

In a Sept. 4 report Bloomberg News, citing two people familiar
with the situation disclosed the German government-backed trust
created to facilitate a sale Opel plans to meet Sept. 10 to
evaluate an investor decision by the U.S. automaker's new board.

                            Opel Stake

Melissa Akin at Reuters, citing Vedomosti newspaper, reports Oleg
Deripaska's carmaker GAZ, the Russian industrial parter in a
Magna-led bid for Germany's Opel is not interested in an equity
stake in Opel.

Reuters relates Mr. Derispaka told the newspaper in remarks
published on Monday "We can help them set up assembly at our
facility and offer our dealer network for marketing.  There is no
talk of buying a stake."

                        About General Motors

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

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

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

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

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

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

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


KLOECKNER & CO: Mulls EUR200 Million Share Sale
-----------------------------------------------
Julie Cruz and Angela Cullen at Bloomberg News report that
Kloeckner & Co. SE plans to raise about EUR200 million (US$285
million) by selling new shares.

Bloomberg relates the company said in a statement to the stock
exchange proceeds will be used for acquisitions once the economic
situation improves and to cover higher working-capital
requirements resulting from a recovery.

Kloeckner & Co SE -- http://www.kloeckner.de/-- is a Germany-
based company engaged in the metal distribution in the European
and North American markets.  The Company is focused on the
distribution of steel products, including long products such as
steel girders, flat products such as sheet steel, hollow sections,
stainless and quality steel, as well as aluminum products and
special products such as plastics, ironware and accessories.  It
also offers services, including cutting and splitting steel strip,
cutting to length, flame-cutting and surface treatments.  The
clients of the Kloeckner & Co SE represent numerous sectors,
mainly in the construction, machinery and plant engineering
industries.  Kloeckner & Co SE is the parent company of the
Kloeckner & Co Group.  As of December 31, 2008, the Company was
represented in 15 countries worldwide through its numerous
subsidiaries.  Its products and services are available through
more than 260 sites in Europe and North America.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based steel distributor Kloeckner & Co. S.E. to
negative from stable.  At the same time, S&P affirmed the 'BB'
long-term corporate credit rating on the company and the 'B+'
rating on the senior unsecured debt issued by Kloeckner & Co.
Financial Services S.A. and Kloeckner & Co. Finance International
S.A.  The ratings on Kloeckner reflect S&P's expectation of weak
credit ratios in 2009 due to the steel market downturn; volatile
FFO and working capital; and the competitive and fragmented nature
of the metal-distribution industry.


S-CORE 2008: Moody's Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of six classes of notes issued by S-core 2008 GmbH.

  -- EUR32,450,000 A2 Notes, Downgraded to A1; previously on Jul
     8, 2008 Definitive Rating Assigned Aaa

  -- EUR7,950,000 B Notes, Downgraded to Baa2; previously on Mar
     13, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR6,100,000 C Notes, Downgraded to Ba1; previously on Mar
     13, 2009 A1 Placed Under Review for Possible Downgrade

  -- EUR7,900,000 D Notes, Downgraded to Ba3; previously on Mar
     13, 2009 Baa2 Placed Under Review for Possible Downgrade

  -- EUR13,600,000 E Notes, Downgraded to Caa1; previously on Mar
     13, 2009 Ba3 Placed Under Review for Possible Downgrade

  -- EUR6,550,000 F Notes, Downgraded to Caa3; previously on Mar
     13, 2009 B3 Placed Under Review for Possible Downgrade

This transaction is a static German SME CLO referencing a
portfolio of 'Schuldscheine' loans.  According to the latest
trustee report, the transaction has suffered EUR 3.2 million in
defaults, although the Principal Deficiency Ledger was reduced to
zero from available proceeds due to excess spread generation at
the last payment date.  Consequently, the Class A1 notes have been
paid down by EUR 3.2 million.  At the last payment date the
outstanding portfolio totalled EUR 450.25 million of portfolio
assets, representing exposure to 266 loans given to 206 borrowers.

The internal ratings assigned to the borrowers by the originator
Deutsche Bank are used to determine the default probabilities of
the borrowers in this transaction.  These internal ratings are
converted to Moody's rating scale according to a mapping.  The
internal ratings provided by Deutsche Bank exhibit sufficient
deterioration to move the average rating of the portfolio into sub
investment grade territory.

The rating actions follow the watchlisting of all the notes except
the Class A1 and A2 tranches on March 13, 2009, and reflect the
credit deterioration of the underlying portfolio as well as the
application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of CDOs
exposed to corporate assets and which are also being applied in
its analysis of SME CDOs.  Moody's announced the changes to these
assumptions in two press releases titled "Moody's updates key
assumptions for rating CLOs", published on February 4, 2009, and
"Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," published on January 15, 2009.  The revisions
affect default probability, which has been stressed to take into
account forward looking measures, as well as correlation, which is
reflected by a 5% minimum correlation and more conservative
industry correlation assumptions.  Default probability and
correlation are key parameters in Moody's model for rating CDOs
exposed to corporate assets.

Furthermore, various stress scenarios were run, including
reductions in Moody's assumptions regarding likely recoveries and
stressing by one notch those assets belonging to sectors which
were viewed as particularly vulnerable such as automobile,
finance, hotels, motels, inns and gaming among others.

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


TRANSOCEAN TOURS: Files for Insolvency Blaming Insurance Payouts
----------------------------------------------------------------
Sue Bryant at Cruise Critic reports that Bremen-based cruise
operator Transocean Tours, which charters Marco Polo and Astor,
filed for insolvency on Thursday, Sept. 3.

According to the report, it is said a number of factors led to the
company's demise, among them hefty insurance payouts that had to
be made following the cancellation of Astor's 2008/09 world
cruise.


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


WIND HELLAS: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure.  The outlook is negative.

At the same time, S&P lowered its debt ratings on the senior
secured notes issued by WIND Hellas' wholly owned financial
subsidiary Hellas Telecommunications (Luxembourg) V to 'CC', in
line with the long-term corporate credit rating on the group.  The
recovery rating on the notes is unchanged at '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.

S&P also lowered the ratings on Hellas Telecommunications
(Luxembourg) III's subordinated notes and Hellas
Telecommunications (Luxembourg) II's subordinated notes to 'C',
one notch below the long-term corporate credit rating on the
group.  The recovery rating on both issues is unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery for
unsecured creditors in the event of a payment default.

Furthermore, S&P lowered its rating on Hellas Telecommunications
Finance SARL's payment-in-kind notes to 'C'.  The '6' recovery
rating on the PIK notes remains unchanged.

"The downgrade mainly reflects S&P's view that the implementation
of a capital restructuring of what S&P view as a very highly
leveraged group is very likely within the next few months," said
Standard & Poor's credit analyst Melvyn Cooke.

S&P views any distressed exchange offer, under S&P's criteria, as
tantamount to default.  It also reflects S&P's concerns that, in
S&P's opinion, some uncertainties remain about the group's
willingness or ability, or both, to pay the upcoming Oct. 15,
2009, interest payments in light of WIND Hellas' very tight
liquidity and S&P's expectations of an imminent debt
restructuring.  The group has indicated that it was currently in
compliance with all of its debt obligations, but has not commented
on the likelihood of payments of upcoming interest coupons.

"The negative outlook reflects the group's intention to execute as
soon as possible a restructuring of its very leveraged capital
structure, likely resulting in a distressed exchange offer,"
Mr.  Cooke said.

Under its criteria, S&P views such offers as tantamount to
default.  It also reflects S&P's concerns about the group's very
weak and deteriorating liquidity, which may lead, in S&P's view,
to uncertainties regarding the group's ability or willingness, or
both, to pay upcoming interest payments on Oct. 15, 2009.

S&P expects WIND Hellas' lease-adjusted gross debt (including PIK
notes) to EBITDA to top 9x by year-end 2009.

Given the expected pressure on WIND Hellas' operating performance
in 2009 and the unfavorable macroeconomic conditions, S&P believes
that a positive rating action is unlikely over the next few
months.


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


ATHLON PENZUGYI: Budapest Court Orders Liquidation
--------------------------------------------------
MTI-Econews reports that the Budapest Court ordered the
liquidation of sub-prime lender Athlon Penzugyi Zrt.

The company is 49.7% owned by listed Hungarian holding company
Forras.

As reported in the Troubled Company Reporter-Europe on Aug. 14,
2009, MTI said Hungarian financial market regulator PSZAF withdrew
the license of and initiated a liquidation procedure against
Athlon after the company failed to take adequate measures to bring
its net assets up to the minimum level required by regulations.

On July 15, 2009, the Troubled Company Reporter-Europe reported
MTI, citing business daily Napi Gazdasag, said Athlon filed for
bankruptcy on July 8 amid a probe by PSZAF into its operations.
According to MTI, Napi Gazdasag said that Athlon and its
quick-loan peers Provident and Kape were offering short-term loans
at very high cost.

Athlon lost HUF473 million (EUR1.72 million) in 2007.


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


DOLMEN HOTEL: Sets Creditors' Meeting to Appoint Liquidator
-----------------------------------------------------------
Independent.ie reports that Carlow's Dolmen Hotel Group Ltd. has
formally called a creditors' meeting to appoint a liquidator six
weeks after going into receivership.

Independent.ie says the meeting "will be held on August 14 in
Dublin, and will show the full extent of the hotel's liabilities
to creditors."

The hotel is now being now being overseen by a KPMG executive on
behalf of Irish Nationwide.


ELAN CORP: Breaches Biogen Collaboration Agreement, Court Rules
---------------------------------------------------------------
The United States District Court for the Southern District of New
York on Thursday ruled that Elan Corporation, plc has breached its
Collaboration Agreement with Biogen Idec for the development and
marketing of Tysabri.

"We respect the Courtís decision and the expedited attention in
this matter," Elan said in a statement on Thursday.  "We are
committed to working with Johnson & Johnson to close the
transaction as quickly as possible, consistent with the Biogen-
Elan Tysabri Collaboration Agreement."

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Johnson &Johnson and Elan reached a definitive agreement
whereby J&J will acquire substantially all of the assets and
rights of Elan related to its Alzheimer's Immunotherapy Program
(AIP Program), through a newly formed company.  In addition,
Johnson & Johnson, through its affiliate, will invest US$1 billion
in Elan in exchange for newly issued American Depositary Receipts
(ADRs) of Elan which will represent 18.4% of Elan's outstanding
ordinary shares.

                    About Elan Corporation, plc

Headquartered in Dublin, Ireland, Elan Corporation, plc --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its principal research and development, manufacturing
and marketing facilities are located in Ireland and the United
States.  Elan's operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies.  Biopharmaceuticals
engages in research, development and commercial activities
primarily in neuroscience, autoimmune and severe chronic pain.
EDT focuses on the specialty pharmaceutical industry, including
specialized drug delivery and manufacturing.

Elan shares trade on the New York, London and Dublin Stock
Exchanges. The gross assets attributable to the AIP Program in the
audited consolidated accounts of Elan as at December 31, 2008 were
US$63.1 million.  Costs (losses) associated with the AIP Program
in respect of the year ended December 31, 2008 were approximately
US$113 million.

                           *    *    *

As reported in the Troubled Company Reporter on July 6, 2009,
Moody's Investors Service placed the ratings of Elan Corporation
plc under review for possible upgrade.  Ratings placed under
review for possible upgrade include Elan's B3 Corporate Family
Rating, the B2 Probability of Default Rating, and the B3 rating on
Elan's senior unsecured bonds.

The Troubled Company Reporter-Europe reported on July 8, 2009,
that Standard & Poor's Ratings Services said that its ratings and
outlook on Elan Corp. PLC (B/Stable/--) remain unchanged,
following the recent announcement that Johnson & Johnson, through
a newly formed company, will acquire Elan's Alzheimer's
Immunotherapy Program.


FLEMING GROUP: Examinership Extended to Two Related Companies
-------------------------------------------------------------
Ray Managh at Independent.ie reports that examinership of the
Fleming Group has been extended to two related companies, John J
Fleming Construction Company and JJ Fleming Holdings, by
Ms. Justice Maureen Clark.

The report relates barrister Bernard Dunleavy, Esq., told the
court that the examiner had been successful in attracting
investment and working capital for the company and to incorporate
this in a scheme of arrangement the examiner required protection
of the court for the two additional companies of the group.

Proceedings were adjourned to September 14, the report discloses.

The report recalls in mid-July an examiner was appointed by the
High Court to rescue John Fleming's construction group after the
Dutch-owned ACC Bank failed in its bid to have a receiver
appointed.


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


FANTUZZI INDUSTRIES: Italian Bondholders Mull Class Action Suit
---------------------------------------------------------------
Guy Dinmore at The Financial Times reports that Italian
bondholders of Fantuzzi Industries S.a.r.l, which was acquired by
U.S.-based Terex Corp., may launch a class action suit after they
were not informed that there will be a vote on a plan at an
emergency meeting in London today.

The FT relates holders of bonds in Fantuzzi, which defaulted on
payments, have been asked at three weeks' notice to vote on a
resolution that would return their total outstanding principal of
EUR50 million (US$71 million), but not the interest due since
2007.  The bonds, the FT discloses, have a coupon of 10.75% which
was not paid in 2008 nor 2009.

"How can Italian retail investors vote if they don't know about
the meeting? This is the scandal," the FT quoted Marco Elser, a
partner in AdviCorp, a London-based investment bank and holder of
almost EUR1 million in Fantuzzi bonds, as saying.

According to the FT, the resolution states that bondholders
representing 55% of the outstanding principal have already agreed
to the offer by Terex to forego missed interest payments.

Based in Emilia Romagna, Italy, Fantuzzi Industries S.a.r.l --
http://www.fantuzzi.com/-- is a port equipment maker.


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


PIPE COMPANY: Creditors Must File Claims by September 24
--------------------------------------------------------
LLC Pipe Company is currently undergoing liquidation.  Creditors
have until September 24, 2009, to submit proofs of claim to:

         Kuibyshev Str. 93-115
         Bishkek
         Kyrgyzstan


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


LEO LT: Shareholders Vote In Favor of Liquidation
-------------------------------------------------
Monsters and Critics reports that shareholders of Le LT AB voted
Friday to liquidate the Lithuanian energy company.

The state controls nearly two-thirds of shares in the company.

According to the report, Leo LT will live on despite the vote, as
the process of unwinding the various complex agreements that
created it could take a year or more.

The report recalls Leo LT was formed from the merger of state-
owned energy assets with two private energy companies.
The company was supposed to take charge of the construction of
various large-scale projects, including the construction of a new
nuclear power plant to replace the Soviet-era Ignalina facility,
and the building of energy links to Poland and Sweden.

Headquartered in Vilnius, Lithuania, LEO LT AB --
http://www.leolt.lt-- is energy holding company in Lithuania.


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


ING GROEP: HSBC Among Bidders for Private Banking Business
----------------------------------------------------------
Iain Dey at The Sunday Times reports that HSBC has made an offer
for ING Groep NV's private banking businesses.

The report says HSBC, whose offer is estimated to be worth more
than GBP1 billion, is one of five bidders involved in an auction,
along with DBS, a Singaporean investment fund, and Julius Baer,
the Swiss wealth manager.

According to the report, a preferred bidder will be named in the
next 10 days.

The report relates ING put its private banking operations in
Switzerland and Asia up for sale as part of its plan to pay down
bailout funds from the Dutch government.  The Dutch financial-
services giant received GBP6 billion in state funds last October,
the report recalls.

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


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


BTA BANK: Moody's Assigns 'Caa2' Senior Unsecured Debt Rating
-------------------------------------------------------------
Moody's Investors Service has assigned these ratings to BTA Bank
(Russia): long-term local and foreign currency deposit ratings and
foreign currency senior unsecured debt rating of Caa2; Not-Prime
short-term local and foreign currency deposit ratings; and a bank
financial strength rating of E.  Concurrently, Moody's Interfax
Rating Agency assigned the National Scale Rating of B3.ru to BTA
Russia.  BTA Russia's global deposit and debt ratings have a
negative outlook, while the outlook on the BFSR is stable.  The
National Scale Rating carries no specific outlook.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

According to Moody's, BTA Russia's ratings are constrained by the
bank's weak financial fundamentals, in particular its liquidity
and asset quality, and the prolonged uncertainty about the bank's
business model, as the rating agency believes that BTA Russia's
franchise remains impaired, and absent the support stemming from
the Central Bank of Russia the bank's operations would be
challenged.

BTA Russia's liquidity position and funding profile are a major
constraints to the bank's ratings: despite a reduction of funding
provided by the CBR, which decreased to RUB14.9 billion at August
1, 2009 from RUB24.2 at YE2008 thanks to cash inflows from the
bank's loan book, BTA Russia's attempts to diversify its funding
sources through replenishment of its customer funding base have
not been substantial to date.

Another major constraint to BTA Russia's credit risk profile is
rapidly growing credit risk concentration.  Its top 20 exposures-
to-total loan book and Tier 1 capital ratio increased to 66% and
269%, respectively, as of July 1, 2009 from 36% and 153%,
respectively, at YE2007.  Industry concentration also raises
concerns: BTA Russia's loan portfolio more than doubled in 2008
and the increase was mainly realized during the stressful H2 2008
period whereby the bank granted loans to companies operating in
the real estate sector.  Combined lending to the commercial real
estate and construction sectors soared to 35% of total loan
portfolio and 256% of Tier 1 capital as of YE2008 from the
relatively modest 18% and 76%, respectively, a year earlier.

All the above-mentioned factors, in combination, have led to a
deterioration of the bank's asset quality: impaired loans grew to
12.17% of the total gross loan book at YE2008 from 3.74% a year
before, while the loan loss provision charged by the bank
represented only 6.18% and 3.39%, respectively.  The provision
value increased to 13.9% of gross loans at H1 2009, according to
the management reports prepared based on IFRS; however, in Moody's
opinion, this may still be a very modest level compared with the
expected potential future credit losses.

Moody's notes BTA Russia's relatively high regulatory
capitalization, with a shareholders' equity-to-total assets ratio
of 26.0% at 1 July 2009 (YE2008: 19.6%; YE2007: 19.0%); however,
the rating agency cautions that the bank's economic capital levels
may actually be lower, as the level of its related-party business
may be understated.

The negative outlook on BTA Russia's global deposit and debt
ratings reflects Moody's concerns about the potential further
deterioration of the bank's financial fundamentals going forward.

BTA Russia's foreign currency senior unsecured debt rating relates
to the bank's loan participation notes outstanding in the amount
of US$81.8 million maturing on December 21, 2009.

Moody's maintained a BFSR and deposit ratings on BTA Russia until
August 19, 2009, when the rating agency downgraded the bank's LT
deposit and senior unsecured debt ratings to Caa2 from B3, the
BFSR to E from E+ and the NSR to B3.ru from Baa3.ru.  At the same
time, these ratings were withdrawn for business reasons following
the bank's official request.

Headquartered in Moscow, BTA Bank (Russia) reported total IFRS
assets of US$2.4 billion as at YE2008 (YE2007: US$1.4 billion) and
total shareholders' equity of US$475 million (YE2007: US$268
million).  The bank reported net profits for 2008 of US$5.2
million, compared to US$26.0 million a year earlier.


KD AVIA: Files for Bankruptcy; Owes RUR13 Bln to Creditors
----------------------------------------------------------
Anastasia Ustinova at Bloomberg News, citing Interfax newswire,
reports that KD Avia filed for bankruptcy on Friday, Sept. 4.

Bloomberg relates Interfax, citing company officials, said the
Kaliningrad, Russia-based airline owed more than RUR12 billion
(US$374 million) to creditors.

According to Bloomberg, Interfax said Russia's air-transport
authority Rosaviyaziya will revoke the carrier's license on
Sept. 14.


=============================
S L O V A K   R E P U B L I C
=============================


SKYEUROPE AIRLINES: To Be Declared Bankrupt; Liquidation Begins
---------------------------------------------------------------
CTK reports that a district court in Bratislava is likely to
declare SkyEurope Airlines a.s. bankrupt by mid-October.

According to the report, SkyEurope's creditors will then be able
to register their claims against the Company within 45 days from
the bankruptcy declaration.  Citing the court's spokesman Pavol
Adamciak, the report states under the law on bankruptcy and
restructuring, the court will stop the restructuring proceedings,
start bankruptcy proceedings and declare bankruptcy in a single
decree within 15 days after it receives the petition at the
latest.  The report relates Mr. Adamciak said the court will also
appoint a receiver.

The report notes SkyEurope's results for the first six months of
the financial year ending in March, showed the company's debts to
suppliers amounted to EUR59.4 million.  It also owed wages to its
employees.

                            Liquidation

The report relates the agency dpa has said that SkyEurope on
Friday started to liquidate its business activities.  According to
the report, the company said the liquidation includes the return
of planes to leasing providers and banks, and the return of the
license for operation to the Slovak Transport Ministry, among
other things.

                              Fraud

Citing AFP agency, the report discloses a district state
attorney's office in the Austrian town of Korneuburg on Friday
said that the supervisory body of the Vienna Stock Exchange filed
a complaint against SkyEurope over an alleged fraud during
bankruptcy.  The report relates The bourse's supervisory body said
that the company has been hiding its problems from investors for
several months already.  According to the report, Friedrich Koehl,
the spokesman of the Korneuburg state attorney's office, said no
hearings have been held yet.

                              Results

Jann Bettinga at Bloomberg News reports SkyEurope Holding AG,
SkyEurope Airlines' parent company, further postponed the
publication of its third-quarter financial report.

As reported in The Troubled Company Reporter-Europe, Reuters,
citing the Vienna bourse Web site, disclosed the Slovak
court-appointed restructuring trustee of SkyEurope Airlines
commenced bankruptcy proceedings for the carrier, the operating
subsidiary of SkyEurope Holding AG, due to the lack of sufficient
interim funding to finance ongoing operations.

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.

SkyEurope Airlines -- http://www.skyeurope.com/-- was a low-cost
airline headquartered in Bratislava.  The airline operated short-
haul scheduled and charter passenger services.


===========
S W E D E N
===========


GENERAL MOTORS: Koenigsegg Secures Addt'l Funds for Saab Sale Deal
------------------------------------------------------------------
Andrew Ward at The Financial Times reports that Koenigsegg
Automotive AB has secured additional funding to complete its
acquisition of Saab Automobile from General Motors Co.

According to the FT, officials at Saab and the Swedish government
said Koenigsegg planned to announce a new financial plan in coming
days that would plug the roughly EUR300 million shortfall, without
needing further government aid.

"The remaining part of the financing problem has been solved," the
FT quoted a Saab spokesman as saying.

The FT recalls Koenigsegg finalized terms with GM last month but
warned that financing was not fully secured.  The FT relates a
request from Christian von Koenigsegg, the company's founder, for
an additional government loan was rejected by Sweden's
center-right administration.   The FT notes even without further
aid, the acquisition is still dependent on a EUR400 million-EUR500
million loan from the EU-backed European Investment Bank,
guaranteed by Sweden.

                       Creditor Protection

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

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

                      About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.

                      About General Motors

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

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

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

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

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

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

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


SAAB AUTOMOBILE: Koenigsegg Secures Addt'l Funding for Acquisition
------------------------------------------------------------------
Andrew Ward at The Financial Times reports that Koenigsegg
Automotive AB has secured additional funding to complete its
acquisition of Saab Automobile from General Motors Co.

According to the FT, officials at Saab and the Swedish government
said Koenigsegg planned to announce a new financial plan in coming
days that would plug the roughly EUR300 million shortfall, without
needing further government aid.

"The remaining part of the financing problem has been solved," the
FT quoted a Saab spokesman as saying.

The FT recalls Koenigsegg finalized terms with GM last month but
warned that financing was not fully secured.  The FT relates a
request from Christian von Koenigsegg, the company's founder, for
an additional government loan was rejected by Sweden's
center-right administration.   The FT notes even without further
aid, the acquisition is still dependent on a EUR400 million-EUR500
million loan from the EU-backed European Investment Bank,
guaranteed by Sweden.

                    Creditor Protection

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

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

                    About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


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


FUTURAS GMBH: Claims Filing Deadline is September 10
----------------------------------------------------
Creditors of Futuras GmbH are requested to file their proofs of
claim by September 10, 2009, to:

         Futuras GmbH
         Mail box: 74
         8962 Bergdietikon
         Switzerland

The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting held
on March 5, 2008.


HOWE BAU: Claims Filing Deadline is September 30
------------------------------------------------
Creditors of Howe Bau GmbH are requested to file their proofs of
claim by September 30, 2009 to:

         Carsten Howe
         Schlottenbueelstrasse 32
         8625 Gossau
         Switzerland

The company is currently undergoing liquidation in Gossau ZH.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 24, 2009.


KING CARS: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of King Cars AG are requested to file their proofs of
claim by September 30, 2009, to:

         Urs Studer
         Liquidator
         Westbahnhofstrasse 2
         4502 Solothurn
         Switzerland

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


M. AKBAS: Claims Filing Deadline is September 30
------------------------------------------------
Creditors of M. Akbas Reussbuehl GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Battig Treuhand AG
         Obergrundstrasse 17
         6002 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 20, 2009.


MEMORIA GMBH: Claims Filing Deadline is September 10
----------------------------------------------------
Creditors of Memoria GmbH are requested to file their proofs of
claim by September 10, 2009, to:

         Memoria GmbH
         Allmendguotlistr.26
         8810 Horgen
         Switzerland

The company is currently undergoing liquidation in Horgen.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 6, 2009.


PIZZA & PASTA: Claims Filing Deadline is September 30
-----------------------------------------------------
Creditors of Pizza & Pasta al Lago GmbH are requested to file
their proofs of claim by September 30, 2009, to:

         Pizza & Pasta al Lago GmbH
         Seestrasse 34
         8802 Kilchberg ZH
         Switzerland

The company is currently undergoing liquidation in Kilchberg ZH.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 11, 2009.


TREBORAG AG: Claims Filing Deadline is September 10
---------------------------------------------------
Creditors of Treborag AG are requested to file their proofs of
claim by September 10, 2009, to:

         Dr. Cristina Schaub Weber
         Muohlebachstrasse 2
         Mail box: 22
         8024 Zurich
         Switzerland

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


===========
T U R K E Y
===========


BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed Turkey-based BankPozitif Kredi ve
Kalkinma Bankasi A.S.'s Long-term foreign currency Issuer Default
Rating at 'BB' and its Long-term local currency IDR at 'BBB-' with
Stable Outlooks respectively.

Bankpozitif's Long-term IDRs, Short-term local currency IDR,
National and Support ratings reflect the view that its majority
shareholder, Bank Hapoalim (rated 'A-'/Stable) would have a high
propensity to provide support to the bank, should the need arise.
However, its ability to do so could be constrained by Turkey's
Country Ceiling of 'BB', resulting in a moderate probability of
support.

The bank's Individual rating reflects the bank's strategic focus,
strong liquidity, sound capitalization and limited market risk as
well as its deteriorating asset quality, its small size, lack of
franchise and the difficult economic and operating environment.

BankPozitif's loan portfolio growth was high until Q408 when it
was impacted by the economic slowdown which saw its loan portfolio
decline by 8% in H109.  Asset quality deteriorated significantly
in H109, parallel to the banking sector, amid the economic
downturn and portfolio seasoning after years of high growth.
While part of the increase in impaired loans may be explained by
the parent's cautious credit monitoring policy, classifying a loan
as a problem loan as soon as there is a missed payment, Fitch
expects impaired loans to increase in H209, although not
significantly, as the loan portfolio seasons in a difficult
economic environment.

Bankpozitif's liquidity is sound as the bank has a policy of
keeping liquidity levels high during difficult times.  While the
bank is reliant on wholesale funding, refinancing risk is low in
the short-term with no major refinancing need for the rest of
2009.  Capitalization is sound with a Tier 1 ratio of 32.80% at
end-2008.

Bankpozitif is a boutique, non-deposit taking corporate bank,
which also provides niche retail services.  At end-H109, Hapoalim
owned 69.83% of the shares with the rest belonging to C Faktoring.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.

The rating actions with respect to BankPozitif are:

  -- Long-term foreign currency IDR affirmed at 'BB'; Outlook
     Stable

  -- Long-term local currency IDR affirmed at 'BBB-'; Outlook
     Stable

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

  -- Short-term local currency IDR affirmed at 'F3'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '3'

  -- National Long-term rating affirmed at 'AAA(tur)'; Outlook
     Stable


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


AGROINCAM LLC: Creditors Must File Claims by September 11
---------------------------------------------------------
Creditors of LLC Agroincam (code EDRPOU 33309241) have until
September 11, 2009, to submit proofs of claim to:

         A. Rod
         Insolvency Manager
         Post Office Box 1833
         49027 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk region commenced bankruptcy
proceedings against the company on August 4, 2009.  The case is
docketed under Case No. B24/83-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agroincam
         Vatutin Str. 11
         Pereschepino
         Novomoskovsk
         51220 Dnepropetrovsk
         Ukraine


AZOVPHARMEQUIPMENT LLC: Creditors Must File Claims by September 11
------------------------------------------------------------------
Creditors of LLC Science and Production Firm Azovpharmequipment
(code EDRPOU 24159107) have until September 11, 2009, to submit
proofs of claim to S. Pilipenko, the company's insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 5/1B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Science and Production Firm Azovpharmequipment
         Mitropolitskaya Str. 51
         Mariupol
         87500 Donetsk
         Ukraine


BURIN SUGAR: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on OJSC Burin Sugar Plant (code EDRPOU 00372931).
The company's insolvency manager is N. Ivanenko.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Burin Sugar Plant
         Likarniana Str. 4
         Burin
         41700 Sumy
         Ukraine


CARGO-TRADE LLC: Creditors Must File Claims by September 10
-----------------------------------------------------------
Creditors of LLC Cargo-Trade (code EDRPOU 35050364) have until
September 10, 2009, to submit proofs of claim to I. Babchinsky,
the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 7/234-09-2905.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Cargo-Trade
         L. Tolstoy Str. 28
         Odessa
         Ukraine


DEMETRA AGRICULT'L: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on Agricultural LLC Demetra (code EDRPOU 25337120).
The company's insolvency manager is D. Goncharov.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Demetra
         Kolkhoznaya Str. 20
         Ternovoye
         Shakhtersk
         86253 Donetsk
         Ukraine


ILBRUK LTD: Creditors Must File Claims by September 11
------------------------------------------------------
Creditors of LLC Ilbruk Ltd. (code EDRPOU 34925401) have until
September 11, 2009, to submit proofs of claim to:

         The Insolvency Manager
         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ilbruk Ltd.
         Reutars Str. 35-a
         01034 Kiev
         Ukraine


INTERSOYUZ LLC: Creditors Must File Claims by September 11
----------------------------------------------------------
Creditors of LLC Intersoyuz (code EDRPOU 03749508) have until
September 11, 2009, to submit proofs of claim to:

         O. Liaskovets
         Insolvency Manager
         Post Office Box 3398
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 6, 2008.  The case is docketed under
Case No. 21/151/08-16/280/08.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine


KIEV PLANT: Creditors Must File Claims by September 11
------------------------------------------------------
Creditors of State Enterprise Kiev Plant on Technical Supply and
Repair of Computer Engineering (code EDRPOU 14300556) have until
September 11, 2009, to submit proofs of claim to:

         S. Nesterenko
         Insolvency Manager
         Office 193
         Gagarin Str. 27
         Brovary
         07400 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 30, 2009.  The case is docketed under
Case No. 24/286-b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Kiev Plant on
         Technical Supply and Repair of Computer Engineering
         Krasnoarmeyskaya Str. 63-b
         03150 Kiev
         Ukraine


KORS LLC: Creditors Must File Claims by September 11
----------------------------------------------------
Creditors of LLC Kors (code EDRPOU 24023891) have until
September 11, 2009, to submit proofs of claim to:

         I. Kuts
         Insolvency Manager
         Office 69
         Sovetskaya Str. 10
         Komsomolskoye
         95494 Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on May 28, 2009.  The case is docketed under
Case No. 2-27/4689-2008.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kors
         Timiriazev Str. 10
         98607 Yalta
         AR Krym
         Ukraine


OLIMPUS-K LLC: Creditors Must File Claims by September 11
---------------------------------------------------------
Creditors of LLC Olimpus-k have until September 11, 2009. to
submit proofs of claim to O. Usachev, the company's insolvency
manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on August 4, 2009.  The case is
docketed under Case No. B24/143-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Olimpus-k
         Dimitrov Str. 4a-43
         Dnerodzerzhynsk
         51900 Dnepropetrovsk
         Ukraine


VECTOR AGRICULTURAL: Creditors Must File Claims by September 11
---------------------------------------------------------------
Creditors of Agricultural LLC Vector (code EDRPOU 00453820) have
until September 11, 2009, to submit proofs of claim to:

         Y. Novikov
         Insolvency Manager
         Office 5
         Tchaikovsky Lane 18
         65026 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on February 18, 2009.  The case is docketed
under Case No. 32/283-07-8944.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine


ZAGRAVA BUD: Creditors Must File Claims by September 11
-------------------------------------------------------
Creditors of LLC Zagrava Bud (code EDRPOU 33941548) have until
September 11, 2009, to submit proofs of claim to:

         The Insolvency Manager
         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zagrava Bud
         Predslavinskaya Str. 34-b
         03150 Kiev
         Ukraine


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


ATRIUM EUROPEAN: Fitch Affirms Senior Unsecured Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed Atrium European Real Estate Limited's
senior unsecured rating of 'BB-', Long-term Issuer Default Rating
of 'BB-' and Short-term IDR of 'B'.  The Outlook on the Long-term
IDR has been revised to Stable from Negative.

The rating action follows the announcement yesterday that existing
shareholders Citi Property Investors and Gazit Globe Ltd will
repurchase EUR428 million out of the outstanding EUR448 million
10.75% 2015 convertible bonds with the consideration being in the
form of 144,853,705 new ordinary shares in Atrium.  Citi and Gazit
currently own almost 96% of the 2015 convertible bonds, with the
other 4% owned by Meinl European Real Estate Ltd.  The agreement
also includes the cancellation of 4.9m of related share warrants
and a EUR181 million special dividend.  Furthermore, Atrium will
pay an annual dividend for the first time of EUR0.12 per share,
projected to be around EUR44 million in FY10.  Atrium also
announced yesterday that it will undertake a partial tender offer
for up to EUR120 million of the 2013 maturity unsecured bonds
after the share exchange transaction has been completed.  Upon
completion, Citi and Gazit will own 48.6% of Atrium's shares.  The
agency notes the transaction remains conditional upon shareholder
approval and anti-trust clearance, and is likely to be completed
by end 2009.

Fitch believes the transaction, if completed, will be positive for
Atrium's remaining bondholders, as the new dividend payments will
be subordinated to their interest payments, whereas previously
convertible bond interest payments ranked equally.  Fitch
estimates that, pro-forma the share exchange transaction, the
EBIT/net interest cover ratio will be around 1x at FY09, rising to
2x by FY10.  This compares with Fitch's previous pre-transaction
projections of NIC at or marginally below 1x for the period FY09
to FY11.  Net leverage should decline to an estimated 3% pro-forma
for the transaction at FY09, compared with a previously projected
15%.

However, Fitch notes Atrium's statement that it expects the share
exchange transaction to put the company in a position to take
advantage of acquisition opportunities by utilizing cash and/or by
raising new debt.  Fitch thus acknowledges that there is moderate
capacity for NIC reductions below latest projected levels at the
current rating.  All covenants will continue to be complied with
post-transaction.

The Outlook revision and rating affirmations are based on the
assumption that the transaction will be completed on the outlined
terms.  Fitch assigned a Negative Outlook to Atrium's ratings in
February 2009 as a result of concerns over future rental income
reductions and deteriorating NIC, due to challenging conditions in
central east European countries, particularly Russia.  The
convertible bond repayment and associated interest cost reduction
will now allow Atrium to absorb moderate increases in tenant
defaults and/or reduced rents within the current rating level.

Fitch expects Atrium's liquidity score, calculated on a two year
timeframe, to move to 1.3x post-transaction compared with 4.1x
pre-transaction.  The latest liquidity score is calculated on the
basis of EUR855 million of cash as of June 30, 2009, divided by
EUR419 million of negative free cash flow for the next two years
(including two years of planned capex, a special dividend and an
annual dividend), the total amount of the 2013 bonds
(EUR234 million assumed to be repaid on a worst case basis) and
EUR11 million of debt repayments/maturities over the next two
years.

Despite projected NIC and leverage improvements, Atrium's reduced
available liquidity and continuing, albeit reduced, development
appetite act as restraining factors on the rating.  The rating is
further constrained by the possibility of new property
acquisitions subsequent to the completion of the exchange
transaction and the business risk inherent in CEE commercial
property.


ATRIUM EUROPEAN: S&P Keeps 'BB-' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'BB-'
long-term corporate credit and debt ratings on Jersey-based
property company Atrium European Real Estate Ltd. on CreditWatch
with negative implications.  The ratings were originally placed on
CreditWatch negative on June 9, 2009, upon acceleration risk on
Atrium's EUR600 million bond due 2013.  The 'B' Short-term
corporate credit rating was affirmed.

The continued CreditWatch placement follows the company's
announcement that it has agreed with CPI/Gazit (not rated) to
exchange its convertible bond with newly issued shares.  In
addition, the group has announced that it plans to make a tender
offer on its 2006 bond for up to EUR120 million with a discount.

"S&P understands these are complex operations, which will take
time to implement and will require regulatory clearance as well as
favorable votes from existing shareholders, whose stakes will be
significantly diluted once the new shares are issued.  S&P expects
to review the ratings once S&P has more clarity on these aspects,"
said Standard & Poor's credit analyst Pierre Georges.

S&P understands that should these measures be completed, they
could potentially improve Atrium's credit metrics.  S&P could
nevertheless lower the ratings if the exchanges are cancelled and
pressure on the group's financial flexibility remains high.


CREW GOLD: Explores Options After Bondholders Reject Debt Swap
--------------------------------------------------------------
Thomas Biesheuvel at Bloomberg News reports that Crew Gold Corp.
is exploring options after some bondholders rejected a plan to
convert about US$148 million of debt into company shares.

Bloomberg relates the planned swap was rejected by holders of
US$20.2 million of unsecured debt due in 2011, while owners of
US$193.5 million of convertible bonds and US$99.8 million of
senior secured bonds approved the proposal.

According to Bloomberg, the company proposed the exchange, which
would have given bondholders a 53% stake, and a share sale after
delays in reaching full production at a Guinea gold mine.

As reported yesterday in the Troubled Company Reporter-Europe,
Bloomberg said Crew Gold Chairman Jens Ulltveit-Moe told Dagens
Naeringsliv that the company may have to file for bankruptcy after
bondholders rejected the debt swap.  Bloomberg said
Mr. Ulltveit-Moe told DN the company can't meet its debt payments.
Citing the Oslo-based newspaper, Bloomberg disclosed the company
has bond debt worth NOK1.9 billion (US$313 million), most of which
mature this and next year.

Headquartered in Weybridge, England, Crew Gold Corporation --
http://www.crewgold.com/-- is an international mining company,
focused on restructuring its gold resource projects.  The
Company's project consists of LEFA Gold Mine, Maco Mine and
Nalunaq Gold Mine and Nugget Pond Processing Facility.  The
Nalunaq Gold Mine, is located in a remote part of southern
Greenland.  Mining operations were conducted using contract
mining.  In addition, the Company also undertook two exploration
projects, which include Wa, Ghana and Glover Island, Newfoundland.


HILEY ENGINEERING: Goes Into Administration
-------------------------------------------
Greg Wright at Yorkshire Post reports that Hiley Engineering
(Halifax) Co. Ltd. has gone into administration, resulting in the
loss of 24 jobs.

The report relates a spokesman for the joint administrators,
Graham Wild and Stuart Mackellar of Zolfo Cooper, said the company
ran into cash flow problems after experiencing challenging trading
conditions and increasing competition within the food industry.

Based in Halifax, Hiley Engineering (Halifax) Co. Ltd. makes
conveyor systems for the biscuit industry.  It also
designs, manufactures and installs specialist products for the
brewing, textile, pharmaceutical and chemical industries.


LLOYDS BANKING: May Convert Preference Shares to Shore Up Finances
------------------------------------------------------------------
Rachel Graham at Bloomberg News, citing the Sunday Telegraph,
reports that Lloyds Banking Group Plc is considering converting
GBP6.79 billion (US$11.1 billion) of preference shares into common
equity to shore up its finances.

According to Bloomberg, the newspaper said the move may allow the
bank to reduce its participation in the U.K.'s asset protection
scheme.

On Sept. 4, 2009, the Troubled Company Reporter-Europe, citing the
Guardian, reported Lloyds obtained support from its investors to
raise GBP10 billion reduce its dependence on the taxpayer.
According to the Guardian, under the government's asset protection
scheme, Lloyds would have to pay a GBP15 billion fee to insure
GBP260 billion of toxic loans.  The Guardian disclosed Eric
Daniels, the chief executive who took on the takeover of HBOS
after the former chairman, is drawing up an alternative plan that
would involve Lloyds insuring against bad loans worth only GBP130
billion.  The Guardian said important City shareholders are
prepared to back Mr. Daniels if he decides on a partial withdrawal
from the government's insurance scheme.  The Guardian said if
Lloyds won support for a shares issue it would be able to use some
of the funds to bolster its capital position, as well as pay the
fee.

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


LLOYDS BANKING: CEO Eric Daniels Still Has UK Gov't's Support
-------------------------------------------------------------
Thomas Biesheuvel at Bloomberg News, citing the Financial Times,
reports that Lloyds Banking Group Plc Chief Executive Officer Eric
Daniels continues to have the support of U.K. Financial
Investments Ltd., which controls the U.K. government's 43% stake
in the bank.

According to Bloomberg, the FT said UKFI has made it clear that
the majority of non- executives who backed Lloyds's acquisition of
HBOS Plc should go.

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


LUPUS CAPITAL: Greg Hutchings Increases Stake to Almost 11%
-----------------------------------------------------------
Jack Farchy at The Financial Times reports that Greg Hutchings has
increased his stake in Lupus Capital to almost 11%.

According to the FT, as a shareholder with more than 10% of the
voting rights, Mr. Hutchings will have the ability to call an
extraordinary general meeting, which could see him voted back on
to the board.

The FT recalls Mr. Hutchings was replaced at Lupus by Keith
Taylor, a turnaround specialist, as part of a deal to re-negotiate
the company's debts in July.  The FT says some Lupus shareholders
may still be loyal to Mr. Hutchings, since it was the company's
creditors -- rather than its shareholders -- who ousted him.

                              Breach

On July 7, 2009, the Troubled Company Reporter-Europe, citing
Daily Mail, reports that Lupus, which has been hit badly by the
downturn in the building market, ran into problems with its
lenders earlier this year after the strengthening of the dollar
pushed up the size of its debt pile.  Daily Mail disclosed in
April the company breached a loan facility and triggered a default
on part of its GBP145 million debt mountain.  Lupus said on June
30 it had renegotiated its banking agreements but at the cost of
GBP7.5 million.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


MEDICAL MARKETING: Appoints Grant Thornton as Administrators
------------------------------------------------------------
Medical Marketing International Group plc on Friday resolved to
appoint Ian Carr and Nigel Morrison of Grant Thornton UK LLP as
administrators of the Company.

As announced previously, the directors of the Company have been
pursuing funding and other alternatives  to establish a firm
future for the Company while minimizing the Company's operating
costs.

The Directors have explored various options for raising further
funding to enable the Company to continue trading its existing
scientific business or, alternatively, whether the Company could
acquire another business with a view to pursuing an alternative
line of business.  These discussions failed to secure any firm
indications of future funding.

The main reason given to the Directors for this lack of interest
is the outstanding claim following the termination of the
employment of the Company's former Executive Chairman, Mr David
Best, in March 2008.  Various attempts have been made to settle
this claim but the Company and Mr. Best have been unable to agree
on any settlement, with Mr. Best continuing to make claims for
amounts which are considerably more than both the Company's
financial resources and the amount which the Directors have been
advised by the Company's legal advisers and counsel represents the
Company's maximum potential liability to Mr. Best.

On August 13, 2008, the Company announced that the Directors were
pursuing discussions with one of the Company's major shareholders
who had indicated that, in principle, he may be prepared to make
funding available.  Despite providing such information which was
requested by the shareholder as the Company is permitted to
provide, no proposal has been received and, based on the
discussions which occurred, the Directors concluded that it was
highly unlikely that any proposal was likely to be forthcoming
within the timescale required to enable to Company to avoid
insolvency.

Based on the continuing failure to achieve a settlement of
Mr. Best's claims at a level which the Company could support and
the failure to secure any offers of further funding, the Directors
on Friday resolved to appoint administrators.

Medical Marketing International Group plc (AIM:MMG) --
http://www.oncosense.com/mmi/-- is a United Kingdom-based
pharmaceutical development company.  The Company identifies and
acquires, from technologies for the treatment of cancer.  It also
offers a limited range of technical support services to United
Kingdom academic and commercial bodies, which generates revenue
and provides access to potential in-licensing opportunities.  Its
subsidiaries include Bioscience Innovation Centre Limited, Genvax
Limited, MMI USA Inc., Oncosense Limited and Viratis Limited.


MG ROVER: U.K. Gov't to Publish Report on Collapse on Sept. 11
--------------------------------------------------------------
Rachel Graham at Bloomberg News, citing the Sunday Telegraph, says
the U.K. government's report into the collapse of carmaker MG
Rover Group Ltd. in 2005 will be published on Sept. 11.

According to Bloomberg, the newspaper said the report will be
critical of the directors of Phoenix Venture Holdings Ltd., the
company which owned MG Rover at the time of the collapse.

On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported the U.K. Serious Office decided not to
start a criminal investigation into the collapse of MG Rover after
reviewing a report provided by the office of Business Secretary
Peter Mandelson in July.  The SFO's decision follows a four-year
government commissioned review of the 2005 collapse of the
carmaker, which was then owned by Phoenix Venture Holdings.

                          About MG Rover

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles under
the Rover and MG brands, together with engine maker Powertrain
Ltd.  Previously owned by Phoenix Venture Holdings, the company
faced huge losses in recent years, reaching GBP64.1 million in
2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, were appointed as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.


ROYAL BANK: Won't Redeem Subordinated Bonds Early After Bailout
---------------------------------------------------------------
John Glover at Bloomberg News reports that Royal Bank of Scotland
Group Plc said it won't redeem US$1.6 billion of subordinated
bonds early.

Bloomberg relates RBS said in a statement Friday the Financial
Services Authority told the bank not to exercise a so-called call
option on four securities after the European Commission ruled
Aug. 19 that banks shouldn't use taxpayers' money to repay equity
and subordinated debt.  According to Bloomberg, the bank said it
won't call the four notes at their early redemption dates in
October.  The bank, as cited by Bloomberg, said two of the bonds,
with a combined face value of EUR500 million, are so-called upper
Tier 2 notes, while the other two, totaling A$1 billion (US$840
million), are more-senior lower Tier 2 notes.

RBS is 70% owned by the U.K. government after receiving a GBP20
billion-pound (US$33 billion) bailout last year and putting
GBP325 billion of assets into a state insurance program.

                           About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SHARETECH DIRECT: Court Appoints Provisional Liquidator
-------------------------------------------------------
Petitions to wind up Sharetech Direct Ltd., Sharetech Ltd. and
Sharetech Software Ltd., were presented to the High Court on
August 26, 2009.  This follows an investigation carried out by
Companies Investigation Branch under section 447 of the Companies
Act 1985 (as amended).

The companies were set up to design and sell a share tracking
software program.  Sharetech Direct Ltd., raised funds from
members of the public through the sale of its ordinary shares and
operated from a business park in Abercynon, South Wales.

The role of the provisional liquidator is to protect assets in the
possession or under the control of the companies pending the
determination of the petitions.  The provisional liquidator also
has the power to investigate the affairs of the companies insofar
as it is necessary to protect assets including any third party or
trust monies or assets in the possession of or under the control
of the companies.

The cases are now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on February 3, 2010.


YELL GROUP: Shares Double in Value as Refinancing Talks Progress
----------------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that shares in Yell Group plc's have doubled in value over
the past two months as refinancing talks over the company's debt
pile progress.

The FT says Yell's market capitalization is still dwarfed by the
size of its debt mountain.  At GBP3.8 billion, Yell's net debt in
July is more than 10 times its market value, the FT states.

According to the FT, analysts say that shares in the group could
climb much higher, but the size of the increase will depend on
negotiations with lenders.

The FT notes in spite of their recent better performance, Yell
shares are still 60% lower than 12 months ago, reflecting
increasing concerns about the directory publisher's ability to
refinance.

                           Rights Issue

As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, Bloomberg News, citing the Sunday Independent, said that
Yell is considering a GBP350-million (US$569 million) rights
offering to help reduce its GBP3.8-billion
debt pile.

According to The FT, a bare minimum raising of GBP350 million of
new equity to reduce debt is under discussion but the board will
probably look to raise more if market conditions allow.  The
company is understood to have given itself until the end of
November to complete the transaction and an equity raising is
unlikely to happen before it announces interim results in early
November, the FT relates.

"Without a rights issue Yell cannot refinance and maintain its
equity story.  There is no other option," the FT quoted one
analyst as saying.

                        About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- 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.


===============
X X X X X X X X
===============


* Buyout of Bankrupt Assets Becomes Trend in Oil-Service Sector
---------------------------------------------------------------
Vibeke Laroi and David Wethe at Bloomberg News report that Andreas
Stubsrud, an analyst at Pareto Securities AS in Oslo, said the
trend in the oil-service industry now is to buy assets of bankrupt
companies, as Houston-based Diamond Offshore Drilling Inc. did
with PetroMena ASA assets.

Bloomberg recalls PetroMena's Petrorig units filed for bankruptcy
protection in a U.S. court in May.

"It's better to buy assets than pay a premium for a company,"
Bloomberg quoted Mr. Stubsrud as saying.  "Many are waiting for
companies to go bankrupt."


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

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

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


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


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


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


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


GERMANY
-------
AGOR AG             DOO EU            -482446.63    144432986.17
AGOR AG             DOO GR            -482446.63    144432986.17
AGOR AG             NDAGF US          -482446.63    144432986.17
AGOR AG             DOO EO            -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 EU          -28265004.17    366872263.74
ALNO AG             ANO GR          -28265004.17    366872263.74
ALNO AG             ALNO IX         -28265004.17    366872263.74
ALNO AG             ANO PZ          -28265004.17    366872263.74
ALNO AG             ANO EO          -28265004.17    366872263.74
ALNO AG-NEW         ANO1 GR         -28265004.17    366872263.74
ALNO AG-RTS         2259765Z GR     -28265004.17    366872263.74
BROKAT AG           BROAF US        -27139391.98    143536859.72
BROKAT AG           BROFQ US        -27139391.98    143536859.72
BROKAT AG           BKISF US        -27139391.98    143536859.72
BROKAT AG           BRKAF US        -27139391.98    143536859.72
BROKAT AG -NEW      BRJ1 NM         -27139391.98    143536859.72
BROKAT AG -NEW      BRJ1 GR         -27139391.98    143536859.72
BROKAT AG-ADR       BROA US         -27139391.98    143536859.72
BROKAT TECH -ADR    BROAQ US        -27139391.98    143536859.72
BROKAT TECH AG      BSA LN          -27139391.98    143536859.72
BROKAT TECH AG      BRJ GR          -27139391.98    143536859.72
BROKAT TECH AG      BRJ NM          -27139391.98    143536859.72
BROKAT TECH-ADR     BRJA GR         -27139391.98    143536859.72
CBB HOLD-NEW 97     COB2 GR         -42994732.85    904723627.84
CBB HOLDING AG      COB2 EU         -42994732.85    904723627.84
CBB HOLDING AG      CUBDF US        -42994732.85    904723627.84
CBB HOLDING AG      COBG PZ         -42994732.85    904723627.84
CBB HOLDING AG      COB GR          -42994732.85    904723627.84
CBB HOLDING AG      COB2 EO         -42994732.85    904723627.84
CBB HOLDING AG      COBG IX         -42994732.85    904723627.84
CBB HOLDING-NEW     COB1 GR         -42994732.85    904723627.84
CBB HOLDING-NEW     COB3 GR         -42994732.85    904723627.84
CINEMAXX AG         MXC PZ          -42015165.72    146572416.37
CINEMAXX AG         MXCUSD EU       -42015165.72    146572416.37
CINEMAXX AG         MXCG IX         -42015165.72    146572416.37
CINEMAXX AG         MXC EU          -42015165.72    146572416.37
CINEMAXX AG         MXCUSD EO       -42015165.72    146572416.37
CINEMAXX AG         CNEMF US        -42015165.72    146572416.37
CINEMAXX AG         MXC GR          -42015165.72    146572416.37
CINEMAXX AG         MXC EO          -42015165.72    146572416.37
CINEMAXX AG-RTS     MXC8 GR         -42015165.72    146572416.37
DORT ACTIEN-BRAU    944167Q GR      -12689156.29    117537053.71
DORT ACTIEN-RTS     DAB8 GR         -12689156.29    117537053.71
EM.TV & MERC-NEW    ETV1 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    ETV VX          -22067409.41    849175624.65
EM.TV & MERCHAND    EMTVF US        -22067409.41    849175624.65
EM.TV & MERCHAND    ETVMF US        -22067409.41    849175624.65
EM.TV & MERCHAND    ETV NM          -22067409.41    849175624.65
EM.TV & MERCHAND    985403Q GR      -22067409.41    849175624.65
EM.TV & MERCHAND    ETV LN          -22067409.41    849175624.65
KAUFRING AG         KFR EU          -19296489.56    150995473.81
KAUFRING AG         KFR EO          -19296489.56    150995473.81
KAUFRING AG         KFR GR          -19296489.56    150995473.81
KAUFRING AG         KAUG IX         -19296489.56    150995473.81
KAUFRING AG         KFR PZ          -19296489.56    150995473.81
MANIA TECHNOLOGI    MNI NM           -35060806.5    107465713.61
MANIA TECHNOLOGI    MIAVF US         -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI GR           -35060806.5    107465713.61
MANIA TECHNOLOGI    2260970Z GR      -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI1 EU          -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI PZ           -35060806.5    107465713.61
MANIA TECHNOLOGI    MNIG IX          -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI1 EO          -35060806.5    107465713.61
MATERNUS KLINI-N    MAK1 GR         -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK EU          -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK PZ          -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK EO          -18996733.83    183928734.46
MATERNUS-KLINIKE    MAKG IX         -18996733.83    183928734.46
MATERNUS-KLINIKE    MNUKF US        -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK GR          -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
RINOL AG            RILB IX                -2.71    168095049.11
RINOL AG            RILB EU                -2.71    168095049.11
RINOL AG            RNLAF US               -2.71    168095049.11
RINOL AG            RILB EO                -2.71    168095049.11
RINOL AG            RILB PZ                -2.71    168095049.11
RINOL AG            RILB GR                -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    ROSG PZ          -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS GR           -1744121.91    217776125.75
ROSENTHAL AG-REG    RSTHF US         -1744121.91    217776125.75
ROSENTHAL AG-REG    ROSG IX          -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS1 EO          -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS1 EU          -1744121.91    217776125.75
SANDER (JIL) AG     JLSDF US         -6153256.92    127548039.68
SANDER (JIL) AG     SAD GR           -6153256.92    127548039.68
SANDER (JIL)-PRF    2916157Q EU      -6153256.92    127548039.68
SANDER (JIL)-PRF    2916161Q EO      -6153256.92    127548039.68
SANDER (JIL)-PRF    SAD3 PZ          -6153256.92    127548039.68
SANDER (JIL)-PRF    SAD3 GR          -6153256.92    127548039.68
SINNLEFFERS AG      WHG GR           -4491629.96    453887060.07
SPAR HAND-PFD NV    SPA3 GR        -442426199.47   1433020960.55
SPAR HANDELS-AG     773844Q GR     -442426199.47   1433020960.55
SPAR HANDELS-AG     SPHFF US       -442426199.47   1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR    -106778475.76    427535397.03
TA TRIUMPH-ACQ      TWNA GR        -106778475.76    427535397.03
TA TRIUMPH-ACQ      TWNA EU        -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN EU         -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN GR         -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN EO         -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN PZ         -106778475.76    427535397.03
TA TRIUMPH-ADLER    TTZAF US       -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWNG IX        -106778475.76    427535397.03
TA TRIUMPH-NEW      TWN1 GR        -106778475.76    427535397.03
TA TRIUMPH-RT       TWN8 GR        -106778475.76    427535397.03
TA TRIUMPH-RTS      3158577Q GR    -106778475.76    427535397.03
VIVANCO GRUPPE      VVA1 EO         -17697031.13    115592674.21
VIVANCO GRUPPE      VVA1 GR         -17697031.13    115592674.21
VIVANCO GRUPPE      VVAG IX         -17697031.13    115592674.21
VIVANCO GRUPPE      VVA1 EU         -17697031.13    115592674.21
VIVANCO GRUPPE      VVA1 PZ         -17697031.13    115592674.21
VIVANCO GRUPPE      VVA GR          -17697031.13    115592674.21
VIVANCO GRUPPE      VIVGF US        -17697031.13    115592674.21


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


SPAIN
-----
ACTUACIONES ACTI    AISA EO        -148097530.94    674738808.26
ACTUACIONES ACTI    AISA EU        -148097530.94    674738808.26
ACTUACIONES ACTI    AISA SM        -148097530.94    674738808.26
ACTUACIONES ACTI    AGR SM         -148097530.94    674738808.26
ACTUACIONES ACTI    AISA PZ        -148097530.94    674738808.26
AGRUPACIO - RT      AGR/D SM       -148097530.94    674738808.26
MARTINSA FADESA     MTF EU        -1720343226.17   8544474235.64
MARTINSA FADESA     4PU GR        -1720343226.17   8544474235.64
MARTINSA FADESA     MFAD PZ       -1720343226.17   8544474235.64
MARTINSA FADESA     MTF EO        -1720343226.17   8544474235.64
MARTINSA FADESA     MTF SM        -1720343226.17   8544474235.64
MARTINSA-FADESA     MTF NR        -1720343226.17   8544474235.64


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


UNITED KINGDOM
--------------
ABBOTT MEAD VICK    648824Q LN        -1685852.9    168258996.33
ADVANCE DISPLAY     ADTP PZ       -3015578834.69   2590007903.69
AEA TECHNOLO-FPR    AATF PZ        -149279984.66    121254240.42
AEA TECHNOLO-FPR    AATF LN        -149279984.66    121254240.42
AEA TECHNOLO-NPR    AATN PZ        -149279984.66    121254240.42
AEA TECHNOLO-NPR    AATN LN        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT VX         -149279984.66    121254240.42
AEA TECHNOLOGY      AAT EU         -149279984.66    121254240.42
AEA TECHNOLOGY      AEY GR         -149279984.66    121254240.42
AEA TECHNOLOGY      AATGBP EO      -149279984.66    121254240.42
AEA TECHNOLOGY      AAT IX         -149279984.66    121254240.42
AEA TECHNOLOGY      AAT EO         -149279984.66    121254240.42
AEA TECHNOLOGY      EAETF US       -149279984.66    121254240.42
AEA TECHNOLOGY      AAT PO         -149279984.66    121254240.42
AEA TECHNOLOGY      AAT LN         -149279984.66    121254240.42
AEA TECHNOLOGY      AAT PZ         -149279984.66    121254240.42
AIRTOURS PLC        ATORF US       -379721841.57   1817512773.61
AIRTOURS PLC        AIR LN         -379721841.57   1817512773.61
AIRTOURS PLC        AIR VX         -379721841.57   1817512773.61
ALLDAYS PLC         317056Q LN     -120493900.04    252232072.87
ALLDAYS PLC         ALDYF US       -120493900.04    252232072.87
AMER BUS SYS        ARB LN            -497127008       121439000
AMEY PLC            AMY LN          -48862569.33    931527720.46
AMEY PLC            AMY VX          -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    ANKC LN         -21861359.81       115463159
ANKER PLC - ASSD    ANKB LN         -21861359.81       115463159
ANKER PLC-ASSD      ANKA LN         -21861359.81       115463159
ATKINS (WS) PLC     ATK EB          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK EO          -62199993.61   1184945671.16
ATKINS (WS) PLC     WATKF US        -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK TQ          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK LN          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK PZ          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK VX          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK NR          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK EU          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKGBP EO       -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK IX          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK PO          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKEUR EO       -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK NQ          -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKEUR EU       -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK BQ          -62199993.61   1184945671.16
BCH GROUP PLC       BCH LN           -5728274.38    187993198.22
BLACK & EDGINGTO    BLE LN         -130883498.29    153620497.99
BNB RECRUITMENT     BQX GR          -10242627.53    103637704.96
BNB RECRUITMENT     BNBRF US        -10242627.53    103637704.96
BNB RECRUITMENT     BNB IX          -10242627.53    103637704.96
BNB RECRUITMENT     BNB PO          -10242627.53    103637704.96
BNB RECRUITMENT     BNB LN          -10242627.53    103637704.96
BOOKER PLC          987188Q LN       -59832880.4   1298182548.71
BOOKER PLC          BKERF US         -59832880.4   1298182548.71
BOOKER PLC          1330Q GR         -59832880.4   1298182548.71
BOOKER PLC-ADR      BOK$ LN          -59832880.4   1298182548.71
BOOKER PLC-ADR      BKRUY US         -59832880.4   1298182548.71
BRADSTOCK GROUP     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     555140Q VX    -5822867500.78   4921095749.61
BRIT ENERGY PLC     BGYEF US      -5822867500.78   4921095749.61
BRIT ENERGY PLC     BHEGF US      -5822867500.78   4921095749.61
BRIT ENERGY PLC     BEN1 GR       -5822867500.78   4921095749.61
BRIT ENERGY-A       BENA GR       -5822867500.78   4921095749.61
BRIT ENERGY-ADR     BHEFF US      -5822867500.78   4921095749.61
BRIT NUCLEAR        1046Z LN       -4247644149.6  40325778907.11
BRIT SKY BRO-ADR    BSY 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    BTPWF US       -5223868149.3  46894630327.28
BRIT TELECOM PLC    BT/A VX        -5223868149.3  46894630327.28
BRIT TELECOM PLC    BTPLF US       -5223868149.3  46894630327.28
BRIT TELECOM-ADR    BTEA GR        -5223868149.3  46894630327.28
BRIT TELECOM-ADR    1481Q CN       -5223868149.3  46894630327.28
BRIT TELECOM-RTS    BTY-R US       -5223868149.3  46894630327.28
BRITISH ENER-$US    BGYD AR       -5822867500.78   4921095749.61
BRITISH ENER-$US    BGYNYD AR     -5822867500.78   4921095749.61
BRITISH ENER-ADR    BGYNY US      -5822867500.78   4921095749.61
BRITISH ENER-BLK    BGYNYB AR     -5822867500.78   4921095749.61
BRITISH ENER-BLK    BGYB AR       -5822867500.78   4921095749.61
BRITISH ENER-C/E    BGYNYC AR     -5822867500.78   4921095749.61
BRITISH ENER-C/E    BGYC AR       -5822867500.78   4921095749.61
BRITISH ENER-CED    BGY AR        -5822867500.78   4921095749.61
BRITISH ENER-CED    BGYNY AR      -5822867500.78   4921095749.61
BRITISH ENERGY-A    BGYA PO       -5822867500.78   4921095749.61
BRITISH ENERGY-A    3012442Q LN   -5822867500.78   4921095749.61
BRITISH ENERGY-A    BHEAF US      -5822867500.78   4921095749.61
BRITISH ENERGY-A    BGYA VX       -5822867500.78   4921095749.61
BRITISH ENERGY-A    BGYGF US      -5822867500.78   4921095749.61
BRITISH SKY BROA    BSY EU         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY IX         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY TQ         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY VX         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY NQ         -105366394.04   7522172619.36
BRITISH SKY BROA    BSYEUR EU      -105366394.04   7522172619.36
BRITISH SKY BROA    BSYUSD EU      -105366394.04   7522172619.36
BRITISH SKY BROA    BSY PO         -105366394.04   7522172619.36
BRITISH SKY BROA    BSYUSD EO      -105366394.04   7522172619.36
BRITISH SKY BROA    BSY BQ         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY PZ         -105366394.04   7522172619.36
BRITISH SKY BROA    BSB GR         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY EB         -105366394.04   7522172619.36
BRITISH SKY BROA    BSYGBP EO      -105366394.04   7522172619.36
BRITISH SKY BROA    BSYBF US       -105366394.04   7522172619.36
BRITISH SKY BROA    BSY NR         -105366394.04   7522172619.36
BRITISH SKY BROA    BSYEUR EO      -105366394.04   7522172619.36
BRITISH SKY BROA    BSY LN         -105366394.04   7522172619.36
BRITISH SKY BROA    BSY EO         -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         BVIC NR           -731325.03   1222775450.71
BRITVIC PLC         BVICEUR EO        -731325.03   1222775450.71
BRITVIC PLC         BVIC IX           -731325.03   1222775450.71
BRITVIC PLC         BVIC EB           -731325.03   1222775450.71
BRITVIC PLC         BVICUSD EU        -731325.03   1222775450.71
BRITVIC PLC         BVICGBP EO        -731325.03   1222775450.71
BRITVIC PLC         BVIC BQ           -731325.03   1222775450.71
BRITVIC PLC         BVIC PZ           -731325.03   1222775450.71
BRITVIC PLC         BVIC TQ           -731325.03   1222775450.71
BRITVIC PLC         BVIC NQ           -731325.03   1222775450.71
BRITVIC PLC         BVIC VX           -731325.03   1222775450.71
BRITVIC PLC         BVICEUR EU        -731325.03   1222775450.71
BRITVIC PLC         BVIC EU           -731325.03   1222775450.71
BRITVIC PLC         BVIC EO           -731325.03   1222775450.71
BRITVIC PLC         BVIC LN           -731325.03   1222775450.71
BRITVIC PLC         BTVCF US          -731325.03   1222775450.71
BRITVIC PLC         BVICUSD EO        -731325.03   1222775450.71
BT GROUP PLC        BT/A BQ        -5223868149.3  46894630327.28
BT GROUP PLC        BT/AUSD EO     -5223868149.3  46894630327.28
BT GROUP PLC        BT/AGBP EO     -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EU        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A NR        -5223868149.3  46894630327.28
BT GROUP PLC        BTQ GR         -5223868149.3  46894630327.28
BT GROUP PLC        BTEG IX        -5223868149.3  46894630327.28
BT GROUP PLC        BT/APEN EO     -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EO        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A PO        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A LN        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A TQ        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EB        -5223868149.3  46894630327.28
BT GROUP PLC        BT PZ          -5223868149.3  46894630327.28
BT GROUP PLC        BT/ VX         -5223868149.3  46894630327.28
BT GROUP PLC        BT/AEUR EO     -5223868149.3  46894630327.28
BT GROUP PLC        BTGOF US       -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/A NQ        -5223868149.3  46894630327.28
BT GROUP PLC        BT/AEUR EU     -5223868149.3  46894630327.28
BT GROUP PLC        BT IX          -5223868149.3  46894630327.28
BT GROUP PLC-ADR    BT/$ LN        -5223868149.3  46894630327.28
BT GROUP PLC-W/I    BTWI LN        -5223868149.3  46894630327.28
BT GROUP-ADR        BTQA GR        -5223868149.3  46894630327.28
BT GROUP-ADR WI     BTY-W US       -5223868149.3  46894630327.28
BT GROUP-CED $US    BTYD AR        -5223868149.3  46894630327.28
BT GROUP-CED $US    BTD AR         -5223868149.3  46894630327.28
BT GROUP-CED BLK    BTYB AR        -5223868149.3  46894630327.28
BT GROUP-CED BLK    BTB AR         -5223868149.3  46894630327.28
BT GROUP-CED C/E    BTYC AR        -5223868149.3  46894630327.28
BT GROUP-CED C/E    BTC AR         -5223868149.3  46894630327.28
BT GROUP-CEDEAR     BT AR          -5223868149.3  46894630327.28
BT GROUP-CEDEAR     BTY AR         -5223868149.3  46894630327.28
BT GROUP-SPON AD    BTY US         -5223868149.3  46894630327.28
BT GROUP-SPON AD    BTYN MM        -5223868149.3  46894630327.28
BT GROUP-SPON AD    BT US          -5223868149.3  46894630327.28
BT GROUP-SPON AD    BT MM          -5223868149.3  46894630327.28
CARLISLE GROUP      506819Q LN      -11904426.45    203548565.03
CHRYSALIS GROUP     CHS PZ           -5851089.05    101497520.61
CHRYSALIS GROUP     CHSEUR EU        -5851089.05    101497520.61
CHRYSALIS GROUP     CHS IX           -5851089.05    101497520.61
CHRYSALIS GROUP     HR4 GR           -5851089.05    101497520.61
CHRYSALIS GROUP     CHS PO           -5851089.05    101497520.61
CHRYSALIS GROUP     CHS EU           -5851089.05    101497520.61
CHRYSALIS GROUP     CHS LN           -5851089.05    101497520.61
CHRYSALIS GROUP     CHSUSD EO        -5851089.05    101497520.61
CHRYSALIS GROUP     CHSUSD EU        -5851089.05    101497520.61
CHRYSALIS GROUP     CHSEUR EO        -5851089.05    101497520.61
CHRYSALIS GROUP     CHS VX           -5851089.05    101497520.61
CHRYSALIS GROUP     CHSGBP EO        -5851089.05    101497520.61
CHRYSALIS GROUP     5CY GR           -5851089.05    101497520.61
CHRYSALIS GROUP     CLYSF US         -5851089.05    101497520.61
CHRYSALIS GROUP     CYGUF US         -5851089.05    101497520.61
CHRYSALIS GROUP     CHS EO           -5851089.05    101497520.61
CLIPPER WINDPOWE    CWPA LN            -99360000       989187968
CLIPPER WINDPOWE    C2W GR             -99360000       989187968
CLIPPER WINDPOWE    CWP EU             -99360000       989187968
CLIPPER WINDPOWE    CWP PZ             -99360000       989187968
CLIPPER WINDPOWE    CWP PG             -99360000       989187968
CLIPPER WINDPOWE    CRPWF US           -99360000       989187968
CLIPPER WINDPOWE    CWP EO             -99360000       989187968
CLIPPER WINDPOWE    CWP IX             -99360000       989187968
CLIPPER WINDPOWE    CWP LN             -99360000       989187968
COMPASS GROU-OLD    1259Q LN       -668101173.88   2972459078.38
COMPASS GROUP       QOP GR         -668101173.88   2972459078.38
COMPASS GRP-ADR     CMSJY US       -668101173.88   2972459078.38
COMPASS GRP-ADR     CMSGY US       -668101173.88   2972459078.38
COSTAIN GROU-RTS    COSN LN         -19097658.92    649978943.25
COSTAIN GROU-RTS    COSF LN         -19097658.92    649978943.25
COSTAIN GROUP       COST PZ         -19097658.92    649978943.25
COSTAIN GROUP       COST EO         -19097658.92    649978943.25
COSTAIN GROUP       COSTUSD EU      -19097658.92    649978943.25
COSTAIN GROUP       COSTEUR EO      -19097658.92    649978943.25
COSTAIN GROUP       COSTUSD EO      -19097658.92    649978943.25
COSTAIN GROUP       COST PO         -19097658.92    649978943.25
COSTAIN GROUP       COSTGBP EO      -19097658.92    649978943.25
COSTAIN GROUP       COSTEUR EU      -19097658.92    649978943.25
COSTAIN GROUP       COST VX         -19097658.92    649978943.25
COSTAIN GROUP       CSGFF US        -19097658.92    649978943.25
COSTAIN GROUP       COST EU         -19097658.92    649978943.25
COSTAIN GROUP       COST LN         -19097658.92    649978943.25
COSTAIN GROUP       COST IX         -19097658.92    649978943.25
DANKA BUS SYSTEM    3205287Q EU       -497127008       121439000
DANKA BUS SYSTEM    DNK VX            -497127008       121439000
DANKA BUS SYSTEM    DNK LN            -497127008       121439000
DANKA BUS SYSTEM    DNK IX            -497127008       121439000
DANKA BUS SYSTEM    3205283Q EO       -497127008       121439000
DANKA BUS SYSTEM    DNK PZ            -497127008       121439000
DANKA BUS SYSTEM    3205291Q EO       -497127008       121439000
DANKA BUS SYSTEM    DANKF US          -497127008       121439000
DANKA BUS SYSTEM    DNK PO            -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     DWN1 EO         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1GBP EO      -54451186.72    128196101.01
DAWSON HOLDINGS     DWN PO          -54451186.72    128196101.01
DAWSON HOLDINGS     DWHGF US        -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1EUR EO      -54451186.72    128196101.01
DAWSON HOLDINGS     DWN VX          -54451186.72    128196101.01
DAWSON HOLDINGS     DWN PZ          -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1EUR EU      -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1 EU         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN IX          -54451186.72    128196101.01
DAWSON HOLDINGS     DWN LN          -54451186.72    128196101.01
DEVELICA DEUTSCH    DDE PG          -41866600.36   1178479579.31
DEVELICA DEUTSCH    DDE PZ          -41866600.36   1178479579.31
DEVELICA DEUTSCH    D4B GR          -41866600.36   1178479579.31
DEVELICA DEUTSCH    DDE LN          -41866600.36   1178479579.31
DEVELICA DEUTSCH    DDE IX          -41866600.36   1178479579.31
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       EAY GR          -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 VX        -2265916256.89   2950021937.14
EMI GROUP PLC       EMI IX        -2265916256.89   2950021937.14
EMI GROUP PLC       EMIPF US      -2265916256.89   2950021937.14
EMI GROUP PLC       EMI PO        -2265916256.89   2950021937.14
EMI GROUP PLC       3020138Q GR   -2265916256.89   2950021937.14
EMI GROUP PLC-B     1019425Q LN   -2265916256.89   2950021937.14
EMI GROUP-ADR       EMIPY US      -2265916256.89   2950021937.14
EMI GROUP-ADR       EMI$ LN       -2265916256.89   2950021937.14
EMI GROUP-ADR       38IS LN       -2265916256.89   2950021937.14
EUROPEAN HOME       EHR EO          -14328735.16    110864081.39
EUROPEAN HOME       EHREUR EU       -14328735.16    110864081.39
EUROPEAN HOME       KLZ PO          -14328735.16    110864081.39
EUROPEAN HOME       EHREUR EO       -14328735.16    110864081.39
EUROPEAN HOME       FPAKF US        -14328735.16    110864081.39
EUROPEAN HOME       EHR PZ          -14328735.16    110864081.39
EUROPEAN HOME       EHRGBP EO       -14328735.16    110864081.39
EUROPEAN HOME       KLZ VX          -14328735.16    110864081.39
EUROPEAN HOME       EHR VX          -14328735.16    110864081.39
EUROPEAN HOME       EHR PO          -14328735.16    110864081.39
EUROPEAN HOME       EHR LN          -14328735.16    110864081.39
EUROPEAN HOME       EHR EU          -14328735.16    110864081.39
EUROPEAN MINERAL    EUM PO            -103725000       149477216
EUROPEAN MINERAL    EPMLF US          -103725000       149477216
EUROPEAN MINERAL    EPM/U CN          -103725000       149477216
EUROPEAN MINERAL    EPM CN            -103725000       149477216
EUROPEAN MINERAL    EUM LN            -103725000       149477216
FAREPAK PLC         FPK LN          -14328735.16    110864081.39
GALIFORM PLC        GFRM LN        -116415877.06    612420067.12
GALIFORM PLC        GFRM TQ        -116415877.06    612420067.12
GALIFORM PLC        GFRM VX        -116415877.06    612420067.12
GALIFORM PLC        GFRMEUR EU     -116415877.06    612420067.12
GALIFORM PLC        GFRMGBP EO     -116415877.06    612420067.12
GALIFORM PLC        GFRM PZ        -116415877.06    612420067.12
GALIFORM PLC        MFI PO         -116415877.06    612420067.12
GALIFORM PLC        GFRM EB        -116415877.06    612420067.12
GALIFORM PLC        GFRM IX        -116415877.06    612420067.12
GALIFORM PLC        GFRM NQ        -116415877.06    612420067.12
GALIFORM PLC        GLFMF US       -116415877.06    612420067.12
GALIFORM PLC        GFRM BQ        -116415877.06    612420067.12
GALIFORM PLC        GFRM EO        -116415877.06    612420067.12
GALIFORM PLC        MFI VX         -116415877.06    612420067.12
GALIFORM PLC        GFRM EU        -116415877.06    612420067.12
GALIFORM PLC        GFRMNOK EU     -116415877.06    612420067.12
GALIFORM PLC        GFRM NR        -116415877.06    612420067.12
GALIFORM PLC        GFRMEUR EO     -116415877.06    612420067.12
GALIFORM PLC        GFRM PO        -116415877.06    612420067.12
GALIFORM PLC        MFIFF US       -116415877.06    612420067.12
GALIFORM PLC        GFRMNOK EO     -116415877.06    612420067.12
GALIFORM PLC        MFI IX         -116415877.06    612420067.12
GARTLAND WHALLEY    GWB LN          -10986769.42    145352034.49
HILTON G-CRT OLD    HIGT BB        -547740614.03   1922113569.01
HILTON GROUP PLC    HLTGF US       -547740614.03   1922113569.01
HILTON GROUP PLC    HG PO          -547740614.03   1922113569.01
HILTON GROUP PLC    HG/ LN         -547740614.03   1922113569.01
HILTON GROUP-ADR    HLTGY US       -547740614.03   1922113569.01
HILTON GROUP-CER    HG BB          -547740614.03   1922113569.01
HILTON GROUP-CRT    HIG BB         -547740614.03   1922113569.01
INTERCONTIN-ADR     IHG US             -91000000      3076999936
INTERCONTIN-ADR     IHG-W US           -91000000      3076999936
INTERCONTIN-ADR     IHGA LN            -91000000      3076999936
INTERCONTINENTAL    ICHGF US           -91000000      3076999936
INTERCONTINENTAL    IC1 GR             -91000000      3076999936
INTERCONTINENTAL    IHG NR             -91000000      3076999936
INTERCONTINENTAL    IHGUSD EO          -91000000      3076999936
INTERCONTINENTAL    IHGCHF EU          -91000000      3076999936
INTERCONTINENTAL    IHG EU             -91000000      3076999936
INTERCONTINENTAL    IC1B GR            -91000000      3076999936
INTERCONTINENTAL    IHGEUR EO          -91000000      3076999936
INTERCONTINENTAL    IHG IX             -91000000      3076999936
INTERCONTINENTAL    INCNF US           -91000000      3076999936
INTERCONTINENTAL    IHGGBP EO          -91000000      3076999936
INTERCONTINENTAL    IHG PO             -91000000      3076999936
INTERCONTINENTAL    IHG EO             -91000000      3076999936
INTERCONTINENTAL    IHGUSD EU          -91000000      3076999936
INTERCONTINENTAL    IC1A GR            -91000000      3076999936
INTERCONTINENTAL    IHGEUR EU          -91000000      3076999936
INTERCONTINENTAL    IHG NQ             -91000000      3076999936
INTERCONTINENTAL    IHGOF US           -91000000      3076999936
INTERCONTINENTAL    IHG PZ             -91000000      3076999936
INTERCONTINENTAL    IHG BQ             -91000000      3076999936
INTERCONTINENTAL    IHG EB             -91000000      3076999936
INTERCONTINENTAL    IHG TQ             -91000000      3076999936
INTERCONTINENTAL    988082Q GR         -91000000      3076999936
INTERCONTINENTAL    IHG VX             -91000000      3076999936
INTERCONTINENTAL    IHGCHF EO          -91000000      3076999936
INTERCONTINENTAL    IHG LN             -91000000      3076999936
INTERCONTINENTAL    IC1C GR            -91000000      3076999936
JARVIS PLC          JRVS PZ         -48330109.98    155571478.27
JARVIS PLC          JVSPF US        -48330109.98    155571478.27
JARVIS PLC          JRVSEUR EU      -48330109.98    155571478.27
JARVIS PLC          JVR GR          -48330109.98    155571478.27
JARVIS PLC          JRVS IX         -48330109.98    155571478.27
JARVIS PLC          JRVS EU         -48330109.98    155571478.27
JARVIS PLC          JRVS PO         -48330109.98    155571478.27
JARVIS PLC          JRVS VX         -48330109.98    155571478.27
JARVIS PLC          JRVS LN         -48330109.98    155571478.27
JARVIS PLC          JRVS EO         -48330109.98    155571478.27
JARVIS PLC          JRVSEUR EO      -48330109.98    155571478.27
JARVIS PLC          JRVSGBP EO      -48330109.98    155571478.27
JESSOPS PLC         JSP EU           -42702021.2    112964060.38
JESSOPS PLC         JS4 GR           -42702021.2    112964060.38
JESSOPS PLC         JSP EO           -42702021.2    112964060.38
JESSOPS PLC         JSP LN           -42702021.2    112964060.38
JESSOPS PLC         JSPEUR EO        -42702021.2    112964060.38
JESSOPS PLC         JSP PZ           -42702021.2    112964060.38
JESSOPS PLC         JSPGBP EO        -42702021.2    112964060.38
JESSOPS PLC         JSPEUR EU        -42702021.2    112964060.38
JESSOPS PLC         JSP PO           -42702021.2    112964060.38
JESSOPS PLC         JSP VX           -42702021.2    112964060.38
JESSOPS PLC         JSP IX           -42702021.2    112964060.38
KAZAKHSTAN MNRLS    KMCOF US          -103725000       149477216
KAZAKHSTAN MNRLS    KMC/U CN          -103725000       149477216
KAZAKHSTAN MNRLS    KMCO CN           -103725000       149477216
KAZAKHSTAN MNRLS    KMCO/U CN         -103725000       149477216
KLEENEZE PLC        KLZ LN          -14328735.16    110864081.39
LADBROKE GROUP      LADB LN        -547740614.03   1922113569.01
LADBROKE GRP-IDR    695767Q BB     -547740614.03   1922113569.01
LADBROKE GRP-OLD    LADB BB        -547740614.03   1922113569.01
LADBROKES PLC       LAD VX         -547740614.03   1922113569.01
LADBROKES PLC       LAD GR         -547740614.03   1922113569.01
LADBROKES PLC       LAD LN         -547740614.03   1922113569.01
LADBROKES PLC       LAD PO         -547740614.03   1922113569.01
LADBROKES PLC       LADNZD EO      -547740614.03   1922113569.01
LADBROKES PLC       LADNZD EU      -547740614.03   1922113569.01
LADBROKES PLC       LAD EB         -547740614.03   1922113569.01
LADBROKES PLC       LDBKF US       -547740614.03   1922113569.01
LADBROKES PLC       LAD TQ         -547740614.03   1922113569.01
LADBROKES PLC       LAD BQ         -547740614.03   1922113569.01
LADBROKES PLC       LADEUR EU      -547740614.03   1922113569.01
LADBROKES PLC       LADUSD EO      -547740614.03   1922113569.01
LADBROKES PLC       LADEUR EO      -547740614.03   1922113569.01
LADBROKES PLC       LAD NQ         -547740614.03   1922113569.01
LADBROKES PLC       LAD IX         -547740614.03   1922113569.01
LADBROKES PLC       LAD EO         -547740614.03   1922113569.01
LADBROKES PLC       LAD PZ         -547740614.03   1922113569.01
LADBROKES PLC       LAD EU         -547740614.03   1922113569.01
LADBROKES PLC       LAD NR         -547740614.03   1922113569.01
LADBROKES PLC       LADGBP EO      -547740614.03   1922113569.01
LADBROKES PLC       HG/ VX         -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     LOU GR           -15549465.1    160165508.92
LONDON TOWN PLC     LTW EO           -15549465.1    160165508.92
LONDON TOWN PLC     LTW PG           -15549465.1    160165508.92
LONDON TOWN PLC     LTW PO           -15549465.1    160165508.92
LONDON TOWN PLC     LTW EU           -15549465.1    160165508.92
LONDON TOWN PLC     LTW PZ           -15549465.1    160165508.92
LONDON TOWN PLC     LTWR LN          -15549465.1    160165508.92
LONDON TOWN PLC     LTW LN           -15549465.1    160165508.92
LONDON TOWN PLC     LTW IX           -15549465.1    160165508.92
LONDON TOWN PLC     LTWX LN          -15549465.1    160165508.92
M 2003 PLC          MTWOF US      -2203513803.24   7204891601.83
M 2003 PLC          203055Q LN    -2203513803.24   7204891601.83
M 2003 PLC-ADR      MTWOE US      -2203513803.24   7204891601.83
M 2003 PLC-ADR      MTWOY US      -2203513803.24   7204891601.83
MARCONI PLC         MONI BB       -2203513803.24   7204891601.83
MARCONI PLC         203083Q VX    -2203513803.24   7204891601.83
MARCONI PLC         MRCQF US      -2203513803.24   7204891601.83
MARCONI PLC         MNI LN        -2203513803.24   7204891601.83
MARCONI PLC         MNI BB        -2203513803.24   7204891601.83
MARCONI PLC         MY2 GR        -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONIE US      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MRCQY US      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONIY US      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONI US       -2203513803.24   7204891601.83
MARCONI PLC-ADR     MY2A GR       -2203513803.24   7204891601.83
MARCONI PLC-ADR     MCBA GR       -2203513803.24   7204891601.83
MARCONI PLC-ADR     MCONY US      -2203513803.24   7204891601.83
MARCONI PLC-ADR     QUQMON AU     -2203513803.24   7204891601.83
MFI FURNITURE GR    MFI LN         -116415877.06    612420067.12
MYTRAVEL GROUP      MT/S PO        -379721841.57   1817512773.61
MYTRAVEL GROUP      MT/S LN        -379721841.57   1817512773.61
MYTRAVEL GROUP      MT/S VX        -379721841.57   1817512773.61
MYTRAVEL GROUP      MT IX          -379721841.57   1817512773.61
MYTRAVEL GROUP      ARO2 GR        -379721841.57   1817512773.61
MYTRAVEL GROUP      MYTPF US       -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      NSAM LN        -397718038.04    292972732.12
NEW STAR ASSET      NSAM TQ        -397718038.04    292972732.12
NEW STAR ASSET      N6S GR         -397718038.04    292972732.12
NEW STAR ASSET      3226431Q EU    -397718038.04    292972732.12
NEW STAR ASSET      NSAM PZ        -397718038.04    292972732.12
NEW STAR ASSET      NSAM IX        -397718038.04    292972732.12
NEW STAR ASSET      NWSAF US       -397718038.04    292972732.12
NEW STAR ASSET      NSAM PO        -397718038.04    292972732.12
NEW STAR ASSET      3226447Q EO    -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      3226443Q EO    -397718038.04    292972732.12
NEW STAR ASSET      3226439Q EU    -397718038.04    292972732.12
NORTHERN ROCK       NRK IX         -586206492.33 152084295061.92
NORTHERN ROCK       2733277Q EU    -586206492.33 152084295061.92
NORTHERN ROCK       NRK PZ         -586206492.33 152084295061.92
NORTHERN ROCK       2733265Q EO    -586206492.33 152084295061.92
NORTHERN ROCK       NR3 GR         -586206492.33 152084295061.92
NORTHERN ROCK       2733273Q EO    -586206492.33 152084295061.92
NORTHERN ROCK       2733285Q EU    -586206492.33 152084295061.92
NORTHERN ROCK       NRKI IX        -586206492.33 152084295061.92
NORTHERN ROCK       NRK VX         -586206492.33 152084295061.92
NORTHERN ROCK       NRK LN         -586206492.33 152084295061.92
NORTHERN ROCK       2733281Q EO    -586206492.33 152084295061.92
NORTHERN ROCK       2733269Q EU    -586206492.33 152084295061.92
NORTHERN ROCK       NRK PO         -586206492.33 152084295061.92
NORTHERN ROCK       2733289Q EO    -586206492.33 152084295061.92
NORTHERN ROCK       NHRKF US       -586206492.33 152084295061.92
O TWELVE ESTATES    OTE EO          -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 LN          -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    O2T GR          -10555410.41    267391338.05
ORANGE PLC          951641Q LN     -593935051.02    2902299501.9
ORANGE PLC          1460Q GR       -593935051.02    2902299501.9
ORANGE PLC          ORNGF US       -593935051.02    2902299501.9
ORANGE PLC-ADR      ORA$ LN        -593935051.02    2902299501.9
ORANGE PLC-ADR      ORNGY US       -593935051.02    2902299501.9
ORANGE PLC-ADR      ONG GR         -593935051.02    2902299501.9
ORBIS PLC           RLP GR           -4168498.48     127701679.5
ORBIS PLC           OBG PO           -4168498.48     127701679.5
ORBIS PLC           OBS LN           -4168498.48     127701679.5
ORBIS PLC           OBS IX           -4168498.48     127701679.5
ORBIS PLC           ORBSF US         -4168498.48     127701679.5
ORBIS PLC           OBS PO           -4168498.48     127701679.5
ORBIS PLC           OBS PZ           -4168498.48     127701679.5
ORSU METALS CORP    OSU PG            -103725000       149477216
ORSU METALS CORP    ORSM007 RU        -103725000       149477216
ORSU METALS CORP    OSU CN            -103725000       149477216
ORSU METALS CORP    EPMCF US          -103725000       149477216
ORSU METALS CORP    OSU PZ            -103725000       149477216
ORSU METALS CORP    OSUMF US          -103725000       149477216
ORSU METALS CORP    ORSM007* RU       -103725000       149477216
ORSU METALS CORP    E4M GR            -103725000       149477216
ORSU METALS CORP    OSU LN            -103725000       149477216
ORSU METALS CORP    EUM IX            -103725000       149477216
PATIENTLINE PLC     PTL LN          -54677284.64     124948245.8
PATIENTLINE PLC     2928899Q EO     -54677284.64     124948245.8
PATIENTLINE PLC     PTL PO          -54677284.64     124948245.8
PATIENTLINE PLC     PTL IX          -54677284.64     124948245.8
PATIENTLINE PLC     PTL PZ          -54677284.64     124948245.8
PATIENTLINE PLC     PTL VX          -54677284.64     124948245.8
PATIENTLINE PLC     2928907Q EO     -54677284.64     124948245.8
PATIENTLINE PLC     2928903Q EU     -54677284.64     124948245.8
PROSTRAKAN GROUP    PSK EU           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK EO           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSKGBP EO        -1646349.91    143067806.91
PROSTRAKAN GROUP    PKNGF US         -1646349.91    143067806.91
PROSTRAKAN GROUP    PSKEUR EU        -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK IX           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK PZ           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK VX           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSKEUR EO        -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK PO           -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK LN           -1646349.91    143067806.91
REAL ESTATE OP-O    REA GR         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO VX         -145048365.85   2933767506.67
REAL ESTATE OP-O    REOGBP EO      -145048365.85   2933767506.67
REAL ESTATE OP-O    REO ID         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO PZ         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO LN         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO EO         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO EU         -145048365.85   2933767506.67
REAL ESTATE OP-O    REO IX         -145048365.85   2933767506.67
REGUS LTD           273187Q LN      -46111835.37       367181111
REGUS PLC           RGU GR          -46111835.37       367181111
REGUS PLC           REGSF US        -46111835.37       367181111
REGUS PLC           2296Z LN        -46111835.37       367181111
REGUS PLC           273195Q VX      -46111835.37       367181111
REGUS PLC-ADS       REGSY US        -46111835.37       367181111
REGUS PLC-ADS       RGUA GR         -46111835.37       367181111
REGUS PLC-ADS       REGSV US        -46111835.37       367181111
REGUS PLC-ADS       REGS US         -46111835.37       367181111
RENTOKIL INITIAL    RTO LN         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOEUR EO      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO NQ         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO IX         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOGBP EO      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EO         -351331070.14   3368925867.22
RENTOKIL INITIAL    RKLIF US       -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOUSD EU      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOEUR EU      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EB         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO PO         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOKF US       -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO1 GR        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO VX         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO GR         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO TQ         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO NR         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EU         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO PZ         -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOG IX        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOUSD EO      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO BQ         -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      1442Q GR        -24923249.67     194430485.8
SCOTTISH MEDIA      SSM LN          -24923249.67     194430485.8
SCOTTISH MEDIA      SSMR LN         -24923249.67     194430485.8
SCOTTISH TELEV      SCTVF US        -24923249.67     194430485.8
SETON HEALTHCARE    2290Z LN        -10585179.82    156822902.77
SFI GROUP PLC       SUYFF US       -108067115.81    177647536.08
SFI GROUP PLC       SUF LN         -108067115.81    177647536.08
SKYEPHAR-RTS F/P    SKPF VX        -130883498.29    153620497.99
SKYEPHAR-RTS F/P    SKPF LN        -130883498.29    153620497.99
SKYEPHAR-RTS N/P    SKPN VX        -130883498.29    153620497.99
SKYEPHAR-RTS N/P    SKPN LN        -130883498.29    153620497.99
SKYEPHARMA -SUB     2976665Z LN    -130883498.29    153620497.99
SKYEPHARMA PLC      SKP PZ         -130883498.29    153620497.99
SKYEPHARMA PLC      SKP EO         -130883498.29    153620497.99
SKYEPHARMA PLC      SKP PO         -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      SK8C GR        -130883498.29    153620497.99
SKYEPHARMA PLC      SKP LN         -130883498.29    153620497.99
SKYEPHARMA PLC      SKYEF US       -130883498.29    153620497.99
SKYEPHARMA PLC      SK8A GR        -130883498.29    153620497.99
SKYEPHARMA PLC      SKP EU         -130883498.29    153620497.99
SKYEPHARMA PLC      SKPGBP EO      -130883498.29    153620497.99
SKYEPHARMA PLC      SKP1 VX        -130883498.29    153620497.99
SKYEPHARMA PLC      SKP TQ         -130883498.29    153620497.99
SKYEPHARMA PLC      SKP VX         -130883498.29    153620497.99
SKYEPHARMA-ADR      SKYPY US       -130883498.29    153620497.99
SKYEPHARMA-ADR      SKYEY US       -130883498.29    153620497.99
SKYEPHARMA-ADR      AP80 LI        -130883498.29    153620497.99
SKYEPHARMA-ADR      SKYE US        -130883498.29    153620497.99
SKYEPHARMA-ADR      SK8N GR        -130883498.29    153620497.99
SKYEPHARMA-ADR      SK8 GR         -130883498.29    153620497.99
SMG PLC             SMG LN          -24923249.67     194430485.8
SMG PLC             SMG PO          -24923249.67     194430485.8
SMG PLC-FUL PAID    SMGF LN         -24923249.67     194430485.8
SMG PLC-NIL PAID    SMGN LN         -24923249.67     194430485.8
SMITHS NEWS PLC     NWS1 EU         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS PZ          -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2EUR EO      -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 EU         -97992746.54    146917382.81
SMITHS NEWS PLC     SMWPF US        -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2EUR EU      -97992746.54    146917382.81
SMITHS NEWS PLC     NWS VX          -97992746.54    146917382.81
SMITHS NEWS PLC     NWS1 EO         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 TQ         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS IX          -97992746.54    146917382.81
SMITHS NEWS PLC     NWS PO          -97992746.54    146917382.81
SMITHS NEWS PLC     NWS LN          -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2GBP EO      -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 EO         -97992746.54    146917382.81
SMITHS NEWS PLC     SMWPY US        -97992746.54    146917382.81
STAGECOACH GROUP    SGC1EUR EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC IX          -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 TQ         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1EUR EO      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 NR         -14183327.87   2231066974.58
STAGECOACH GROUP    SHP4 GR         -14183327.87   2231066974.58
STAGECOACH GROUP    SGCG PZ         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EO         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 BQ         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC PO          -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 NQ         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC2 VX         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1AUD EU      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC LN          -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EU         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1GBP EO      -14183327.87   2231066974.58
STAGECOACH GROUP    SAGKF US        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EB         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1AUD EO      -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EO      -14183327.87   2231066974.58
STAGECOACH GROUP    SHP GR          -14183327.87   2231066974.58
STAGECOACH GRP-B    SGCB LN         -14183327.87   2231066974.58
STAGECOACH-NEW      SGCN LN         -14183327.87   2231066974.58
STV GROUP PLC       STVG LN         -24923249.67     194430485.8
STV GROUP PLC       SMG PZ          -24923249.67     194430485.8
STV GROUP PLC       STVG VX         -24923249.67     194430485.8
STV GROUP PLC       STVGGBP EO      -24923249.67     194430485.8
STV GROUP PLC       SMGPF US        -24923249.67     194430485.8
STV GROUP PLC       STVG EO         -24923249.67     194430485.8
STV GROUP PLC       STVG EU         -24923249.67     194430485.8
STV GROUP PLC       STVGEUR EU      -24923249.67     194430485.8
STV GROUP PLC       SMG VX          -24923249.67     194430485.8
STV GROUP PLC       SMG IX          -24923249.67     194430485.8
STV GROUP PLC       STVGEUR EO      -24923249.67     194430485.8
TELASI JSC          AEST GG          -38496626.3    121421179.22
TELEWEST COM-ADR    940767Q GR    -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWSTD US      -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWSTY US      -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWT$ LN       -3702234580.99   7581020925.22
TELEWEST COMM       715382Q LN    -3702234580.99   7581020925.22
TELEWEST COMM       604296Q GR    -3702234580.99   7581020925.22
TELEWEST COMM       TWT VX        -3702234580.99   7581020925.22
TELEWEST COMM       TWSTF US      -3702234580.99   7581020925.22
THORN EMI PLC       THNE FP       -2265916256.89   2950021937.14
THORN EMI-ADR       TORNY US      -2265916256.89   2950021937.14
THORN EMI-ADR       THN$ LN       -2265916256.89   2950021937.14
THORN EMI-CDR       THN NA        -2265916256.89   2950021937.14
THORN EMI-REGD      1772Q GR      -2265916256.89   2950021937.14
TOPPS TILES PLC     TPT EO          -78172467.48     131014414.4
TOPPS TILES PLC     TPTJY US        -78172467.48     131014414.4
TOPPS TILES PLC     TPT EU          -78172467.48     131014414.4
TOPPS TILES PLC     TPT TQ          -78172467.48     131014414.4
TOPPS TILES PLC     TPTGBP 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 PLC     TPT IX          -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 PZ          -78172467.48     131014414.4
TOPPS TILES PLC     TPT BQ          -78172467.48     131014414.4
TOPPS TILES PLC     TPTEUR EU       -78172467.48     131014414.4
TOPPS TILES PLC     TPT PO          -78172467.48     131014414.4
TOPPS TILES-NEW     TPTN LN         -78172467.48     131014414.4
UTC GROUP           UGR LN          -11904426.45    203548565.03
VIRGIN MOB-ASSD     VMOA LN        -392165437.58    166070003.71
VIRGIN MOB-ASSD     VMOC LN        -392165437.58    166070003.71
VIRGIN MOBILE       UEM GR         -392165437.58    166070003.71
VIRGIN MOBILE       VGMHF US       -392165437.58    166070003.71
VIRGIN MOBILE       VMOB VX        -392165437.58    166070003.71
VIRGIN MOBILE       VMOB PO        -392165437.58    166070003.71
VIRGIN MOBILE       VMOB LN        -392165437.58    166070003.71
WATSON & PHILIP     WTSN LN        -120493900.04    252232072.87
WINCANTON PL-ADR    WNCNY US        -47615167.52   1316638025.67
WINCANTON PLC       WIN1GBP EO      -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EU      -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EO         -47615167.52   1316638025.67
WINCANTON PLC       WNCNF US        -47615167.52   1316638025.67
WINCANTON PLC       WIN LN          -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EO      -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EB         -47615167.52   1316638025.67
WINCANTON PLC       WIN1 NQ         -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EU      -47615167.52   1316638025.67
WINCANTON PLC       WIN PO          -47615167.52   1316638025.67
WINCANTON PLC       WIN1 BQ         -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EU         -47615167.52   1316638025.67
WINCANTON PLC       WIN PZ          -47615167.52   1316638025.67
WINCANTON PLC       WIN IX          -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EO      -47615167.52   1316638025.67
WINCANTON PLC       WIN VX          -47615167.52   1316638025.67
WINCANTON PLC       WIN1 TQ         -47615167.52   1316638025.67
XXPERT RENTAL       XPRT CN           -103725000       149477216


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


CROATIA
-------
BRODOGRADE INDUS    3MAJRA CZ      -388927692.38     624796011.8
IPK OSIJEK DD OS    IPKORA CZ       -20548292.01    131206123.83
OT OPTIMA TELEKO    2299892Z CZ        -48565065    119632635.47
OT-OPTIMA TELEKO    OPTERA CZ          -48565065    119632635.47


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


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


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


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


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


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


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


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


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


RUSSIA
------
AKCIONERNOE-BRD     SOVP$ RU       -110204703.34    120620770.43
ALFA CEMENT-BRD     ALCE RU           -672832.37    105454563.92
ALFA CEMENT-BRD     AFMTF US          -672832.37    105454563.92
ALFA CEMENT-BRD     ALCE* RU          -672832.37    105454563.92
AMO ZIL             ZILL RM        -165713442.78    328106800.85
AMO ZIL-CLS         ZILL RU        -165713442.78    328106800.85
AMO ZIL-CLS         ZILL* RU       -165713442.78    328106800.85
DAGESTAN ENERGY     DASB RU         -33465586.31    128437866.54
DAGESTAN ENERGY     DASB RM         -33465586.31    128437866.54
DAGESTAN ENERGY     DASB* RU        -33465586.31    128437866.54
EAST-SIBERIA-BRD    VSNK* RU       -100985377.37    116491783.13
EAST-SIBERIA-BRD    VSNK RU        -100985377.37    116491783.13
EAST-SIBERIAN-BD    VSNK$ RU       -100985377.37    116491783.13
GUKOVUGOL           GUUG RU         -57835245.31    143665227.24
GUKOVUGOL           GUUG* RU        -57835245.31    143665227.24
GUKOVUGOL-PFD       GUUGP* RU       -57835245.31    143665227.24
GUKOVUGOL-PFD       GUUGP RU        -57835245.31    143665227.24
KOMPANIYA GL-BRD    GMST RU         -72805537.11    1148203682.9
KOMPANIYA GL-BRD    GMST* RU        -72805537.11    1148203682.9
SAMARANEFTEGA-P$    SMNGP RU       -331600428.45    891998590.74
SAMARANEFTEGAS      SMNG* RU       -331600428.45    891998590.74
SAMARANEFTEGAS      SVYOF US       -331600428.45    891998590.74
SAMARANEFTEGAS      SMNG RM        -331600428.45    891998590.74
SAMARANEFTEGAS      SMNG$ RU       -331600428.45    891998590.74
SAMARANEFTEGAS-$    SMNG RU        -331600428.45    891998590.74
SAMARANEFTEGAS-P    SMNGP RM       -331600428.45    891998590.74
SAMARANEFTEGAS-P    SMNGP* RU      -331600428.45    891998590.74
SAMARANEFTEGAS-P    SMNGP$ RU      -331600428.45    891998590.74
TERNEYLES-BRD       TERL RU          -15178937.2    182115156.77
TERNEYLES-BRD       TERL* RU         -15178937.2    182115156.77
URGALUGOL-BRD       YRGL RU         -15706613.04    105440541.07
URGALUGOL-BRD       YRGL* RU        -15706613.04    105440541.07
URGALUGOL-BRD-PF    YRGLP RU        -15706613.04    105440541.07
VIMPEL SHIP-BRD     SOVP* RU       -110204703.34    120620770.43
VIMPEL SHIP-BRD     SOVP RU        -110204703.34    120620770.43
VOLGOGRAD KHIM      VHIM RU          -6661016.16    113935933.35
VOLGOGRAD KHIM      VHIM* RU         -6661016.16    113935933.35
ZIL AUTO PLANT      ZILL$ RU       -165713442.78    328106800.85
ZIL AUTO PLANT-P    ZILLP RM       -165713442.78    328106800.85
ZIL AUTO PLANT-P    ZILLP RU       -165713442.78    328106800.85
ZIL AUTO PLANT-P    ZILLP* RU      -165713442.78    328106800.85


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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