TCREUR_Public/090915.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 15, 2009, Vol. 10, No. 182

                            Headlines

A U S T R I A

ENGLER GASTWIRTSCHAFT: Claims Filing Deadline is September 17
VINZENZ SCHREIBER: Claims Filing Deadline is September 17


B U L G A R I A

* BULGARIA: One in Six Companies Face Liquidity Woes, Survey Says


C Z E C H   R E P U B L I C

SKANSKA AB: Mulls 800 Job Cuts at Czech Unit on Weak Orders


G E R M A N Y

ARCANDOR AG: Quelle Mail Order Unit Secures Financing
ATU AUTO-TEILE-UNGER: Moody's Gives Neg. Outlook on 'Caa1' Rating
ATU AUTO-TEILE-UNGER: S&P Affirms 'CCC+' Corporate Credit Rating
GENERAL MOTORS: EU to Scrutinize Opel Restructuring Plan
HECKLER & KOCH: Moody's Gives Positive Outlook on 'B2' Rating

MTU AERO: Moody's Gives Positive Outlook on 'Ba1' Corp. Rating

* GERMANY: Corporate Insolvency Filings Up Nearly 15% in 1H09


G R E E C E

WIND HELLAS: Apax and TPG Express Interest


I R E L A N D

ANGLO IRISH: Nonpayment of Coupons Cues Fitch to Junk Ratings
INDEPENDENT NEWS: Mulls Debt-for Equity Swap


K A Z A K H S T A N

AKMOLA REKLAMA: Creditors Must File Claims by September 18
KAZ INTER: Creditors Must File Claims by September 18
KRAFT INFINITY: Creditors Must File Claims by September 18
SAIPEM SPA: Creditors Must File Claims by September 18


K Y R G Y Z S T A N

ASIAUNIVERSALBANK JSC: Moody's Upgrades Deposit Ratings to 'Caa1'
KINGZ IMPEX: Creditors Must File Claims by September 30


R U S S I A

ALFA-BANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B+'
AVTOVAZ OAO: To Reduce Workforce by 36,000
BANK VOZROZHDENIE: S&P Cuts LT Counterparty Credit Rating to 'B+'
BURPODSHIPNIK LLC: Udmurtia Bankruptcy Hearing Set September 17
COMMERCIAL BANK: S&P Removes 'B+' Rating From CreditWatch Negative

CONCRETE PRODUCTS: Creditors Must File Claims by September 17
KRASNOYARSK AIRLINES: Creditors Must File Claims by September 17
KRASNODAR-INVEST: Creditors Must File Claims by September 17
KREATIV-STROY LLC: Creditors Must File Claims by September 17
MEGASTROY LLC: Stavropolskiy Bankruptcy Hearing Set September 17

PROMSVYAZBANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B'
REM-STROY LLC: Creditors Must File Claims by September 17
STROITELNYY DVOR: Creditors Must File Claims by September 17
URAL BANK: S&P Removes 'B-' Rating From CreditWatch Negative
VERKHNELENSKIY TIMBER: Creditors Must File Claims by September 17

YENISEY-LES CJSC: Creditors Must File Claims by September 17
YUG-SPETS LLC: Creditors Must File Claims by September 17


S L O V E N I A

MURA D.D.: Mulls Bankruptcy Filing, STA Says


S P A I N

NOZAR SA: Files for Creditor Protection


U K R A I N E

AGRICULTURAL TECHNICAL: Bankruptcy Supervision Procedure Begins
BRILON LLC: Creditors Must File Claims by September 17
LIFER LLC: Creditors Must File Claims by September 17
LIST LLC: Creditors Must File Claims by September 17
MAJOREL LLC: Creditors Must File Claims by September 17

ODESSA LLC: Creditors Must File Claims by September 17
RUD-SNAB LLC: Creditors Must File Claims by September 17
SHELTON-NIKOLAYEV LLC: Creditors Must File Claims by September 17
SKLO LLC: Creditors Must File Claims by September 17
SILEZIYA LLC: Creditors Must File Claims by September 17

TERNOVOYE LLC: Creditors Must File Claims by September 17
TIMRET LLC: Creditors Must File Claims by September 17
UKRHAZBANK AB: Temporary Administration Ends
UKRNEOBUD LLC: Creditors Must File Claims by September 17


U N I T E D   K I N G D O M

GALA CORAL: Mezzanine Debt Holders Assess Options
LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products
NATIONAL EXPRESS: Takeover Offer Deadline Extended
ROBERT DYAS: Secures Debt-for-Equity Swap Deal with Banks

SPINVOX LTD: Put Up for Sale, Invesco Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********


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


ENGLER GASTWIRTSCHAFT: Claims Filing Deadline is September 17
-------------------------------------------------------------
Creditors of Engler Gastwirtschaft 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 17, 2009 at 11:10 a.m.

For further information, contact the company's administrator:

         Dr. Eva Mueller
         Alte Landstrasse 26
         6820 Frastanz
         Austria
         Tel: 05522/84990
         Fax: 05522/84990-9
         E-mail: office@ra-ettefagh.at


VINZENZ SCHREIBER: Claims Filing Deadline is September 17
---------------------------------------------------------
Creditors of Vinzenz Schreiber 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 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Peter Schulyok
         Mariahilfer Strasse 50
         1070 Wien
         Austria
         Tel: 523 62 00 Serie
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at


===============
B U L G A R I A
===============


* BULGARIA: One in Six Companies Face Liquidity Woes, Survey Says
-----------------------------------------------------------------
The Sofia Echo, citing a survey by international debt management
group EOS Matrix, reports that every one in six Bulgarian
companies is facing liquidity trouble because of losses
accumulated from delayed payments by partners and customers.

According to Sofia Echo, the report highlights the severity of the
issue with outstanding debts for Bulgarian businesses.  With 16%
of their receivables still due, Bulgarian companies occupy the
notorious top spot, lagging behind with almost every other bill,
Sofia Echo says.  Thus, local companies write off and lose 4% of
their total receivables against a much more humble 1.4% for the UK
and Switzerland, for instance, Sofia Echo discloses.


===========================
C Z E C H   R E P U B L I C
===========================


SKANSKA AB: Mulls 800 Job Cuts at Czech Unit on Weak Orders
-----------------------------------------------------------
Jason Hovet at Reuters, citing news website www.iDnes.cz, reports
that Skanska AB plans to cut its Czech workforce by 800 by the
beginning of 2010 due to weaker orders.

Citing the news Web site, Reuters discloses 400 jobs have already
been cut this year.

The company employs 6,800 in the Czech Republic.

Skanska AB -- http://www.skanska.com/-- is a Sweden-based
construction and project development company.  It has four
business areas: Construction that handles construction of non-
residential and residential buildings, as well as civil
construction projects; Residential Development that initiates and
develops residential projects for sale; Commercial Development
that initiates, develops, leases and divests commercial property
projects, focusing on office buildings, shopping malls and
logistics properties, and Infrastructure Development that develops
manages and divests privately financed public infrastructure
projects, such as roads, hospitals, schools and power generating
plants.  The Company's home markets include Sweden, Norway,
Denmark, Finland, Estonia, Poland, the Czech Republic, Slovakia,
Hungary, the United States, the United Kingdom and Latin America.


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


ARCANDOR AG: Quelle Mail Order Unit Secures Financing
-----------------------------------------------------
Eva Kuehnen and Nikola Rotscheroth at Reuters report that Quelle,
Arcandor AG's mail order unit, has secured financing until the end
of the year.

Reuters relates Arcandor's insolvency administrator and creditor
banks came to an agreement for Quelle's factoring, in which banks
pay the company upfront for accounts receivable from customers.

"After [Friday's] agreements, we are now focusing on restructuring
measures for Europe's largest mail order company as announced in
mid-August," Reuters quoted Joerg Nerlich, who is part of the
administrator's team, as saying in a statement.

                      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 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.

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.

                        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.


ATU AUTO-TEILE-UNGER: Moody's Gives Neg. Outlook on 'Caa1' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on the Caa1 Corporate Family Rating of A.T.U. Auto-Teile-
Unger Investment GmbH & Co. KG and the Caa3 rating of the
company's EUR150 million senior notes.

Although ATU's current rating remains supported by some recent
strengthening in the company's profitability, the outlook change
to negative reflects a somewhat weaker than expected operating
performance in Q2 2009 as well as continued buy-backs of smaller
debt pieces in the secondary market.  In sum, these developments
have resulted in a lower than expected liquidity cushion, which
Moody's is concerned might not be sufficient to service upcoming
debt amortizations scheduled for 2010.  Moreover, Moody's notes
that further debt buybacks could be viewed as distressed exchange
under Moody's definitions which consider debt buybacks as a deemed
default even if no payment default occurred when the buybacks are
designed to alleviate an unsustainable capital structure and
result in an economic loss for creditors.

Moody's also cautions that it might be challenging for ATU to
comply with financial covenants invoked in its financial
arrangements in future.  Against this backdrop short-term rating
drivers will be (i) ATU's performance in the important winter
season, (ii) the company's ability to protect cash flow and
liquidity with a view towards the 2010 debt amortizations, (iii)
its ability to comply with financial covenants going forward and
(iv) ATU's financial policy in light of the recent debt buybacks
in the secondary market.  A weak performance during the winter
season jeopardizing ATU's ability to comply with its financing
arrangements would put material pressure on the rating already in
the short term.

At the same time Moody's acknowledges ATU's significant
achievements in downsizing its cost base as well as recent signs
of a possible stabilization in like-for-like revenues despite a
challenging economic environment.  As a result ATU reported EBITDA
of EUR23 million in H1 2009 after EUR12 million in 2008 (before
Moody's adjustments and excluding non-recurring restructuring
costs as well as accounting gains from debt buybacks).  However,
the rating remains constrained by a high leverage (10.6x
Debt/EBITDA per FY2008) which resulted from a gradual erosion in
earnings over 2005-2008 and which so far has only slightly reduced
to 9.5x per H1 2009.

Outlook Actions:

Issuer: A.T.U.  Auto-Teile-Unger Invtmt GmbH & Co. KG

  -- Outlook, Changed To Negative From Stable

The last rating action was implemented on April 3, 2008, when the
Caa1 Corporate Family Rating was confirmed with a stable outlook.

Measured by sales, A.T.U. Auto-Teile-Unger is Germany's leading
operator of specialist auto retail stores with integrated, brand
independent workshops.  The group had more than 640 retail stores
as of June 2009, mostly in Germany but also in Austria, Czech
Republic, Netherlands, Switzerland and Italy.  For the last twelve
months ending June 2009, the company generated about
EUR1.25 billion of sales, approximately 78% of which came from
sales of car parts and accessories and the remainder mainly from
workshop and other services.  ATU is owned by a consortium
including funds controlled by KKR (76.6%) and Doughty Hanson
(17.5%).  The balance is held by ATU management.


ATU AUTO-TEILE-UNGER: S&P Affirms 'CCC+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'CCC+'
long-term corporate credit rating on Germany-based retailer and
integrated workshop operator A.T.U Auto-Teile-Unger.  The rating
was subsequently withdrawn at the company's request.  The outlook
was negative before the rating withdrawal.

At the same time, the 'CCC-' issue rating on the EUR150 million
floating-rate senior subordinated notes due 2014 issued by A.T.U
Auto-Teile-Unger Investment GmbH & Co.  KG was affirmed then
withdrawn.  Before the withdrawal, these notes carried a recovery
rating of '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of payment default.

The recovery rating was based on S&P's valuation of the business,
partly as a going concern and on a partial-liquidation basis.  S&P
now see continuously declining operating performance, accelerated
by tough competition and expected brand dilution, as a key trigger
for S&P's default scenario in early 2010.  Under S&P's simulated
scenario, S&P assume that the most profitable branches will be
reorganized as going concerns, but that nonprofitable parts will
be liquidated at the point of default.

S&P estimates the stressed enterprise value to be in the range of
EUR200 million to EUR250 million, based on the proportion of
assets sold off on a fully going-concern basis versus assets that
are liquidated at the time of default.

The corporate credit rating reflected S&P's assessment of ATU's
highly leveraged capital structure, weak liquidity, and the highly
competitive automotive aftermarket.  The ratings benefited,
however, from the company's nationwide network coverage and S&P's
view of ATU's considerable purchasing power, which, along with
operating cost savings, should help the company improve its
operating and financial performance.


GENERAL MOTORS: EU to Scrutinize Opel Restructuring Plan
--------------------------------------------------------
Matthew Newman at Bloomberg News reports that Germany must submit
its restructuring plan for General Motors Co.'s Opel unit to
European Union competition chief Neelie Kroes.

According to Bloomberg, the European Commission said it hasn't
been formally notified of Germany's plan to provide Opel with
EUR3 billion  (US$4.38 billion) in loan guarantees.

Bloomberg relates Neelie Kroes, the EU's competition commissioner,
warned Germany against any "protectionist motives" in its support
plan for GM's Opel unit as the carmaker's new owner announced
plans to cut about 10,500 jobs.  Ms. Kroes, as cited by Bloomberg,
said no job or investment conditions are allowed to be tied to the
aid by the government of German Chancellor Angela Merkel, who is
seeking re-election in two weeks.

"Such conditions would create unacceptable distortions in the
internal market and could trigger a subsidy race which would
significantly damage the European economy in the present delicate
moment," Bloomberg quoted Ms. Kroes as saying.  "We will be
scrutinizing the process very carefully to make sure it is based
on commercial considerations."

                             Job Cuts

Bloomberg reports that, at a press conference in Frankfurt
yesterday, Magna International Inc. Co-Chief Executive Officer
Siegfried Wolf said he expects the elimination of about 10,500
jobs at Opel.

Daniel Schafer and John Reed at The Financial Times report that
Mr. Wolf, Magna's co-chief executive, said that Opel and its UK
business, Vauxhall, would have to cut their combined workforce of
more than 50,000 by a fifth in the next 12 months.  According to
the FT, more than 4,000 of the job cuts would be in Germany, where
25,000 are employed, and the rest elsewhere in Europe.  The FT
relates Mr. Wolf confirmed that Magna might have to close Opel's
Belgian plant in Antwerp, which employs 2,580 and builds the Astra
compact model.  Opel's new owners plan to invest EUR600 million
(US$877 million) in the Russian market, the FT discloses.  The FT
notes Mr. Wolf said Opel's new owners plan to repay the government
loans by 2015 and return the company to profitability before that
date.

                             Antwerp

RIA Novosti, citing Belgian media, reports the Antwerp plant could
be saved should Belgian authorities allocate EUR200 million
(US$290 million).  RIA Novosti relates the media quoted Opel top
labor representative Klaus Franz as saying Opel's plants in
Europe, planned for closure, can be kept running if EUR1.6 billion
(US$2.3 billion), including EUR200 million in state aid for the
Belgian plant, is allocated by the countries where the plants are
situated.

                             Vauxhall

Richard Wachman at The Guardian reports that UK business secretary
Lord Mandelson is seeking talks with senior executives at Magna
when he could offer up the prospect of GBP400 million of
taxpayer's money, if the company agrees to safeguard the future of
Vauxhall's Luton plant.  According to the Guardian, GM's Luton van
factory is considered to the most vulnerable to closure as a
contract to produce van models expires in 2013, and the company
has said nothing about a replacement.  Ellesmere Port and Luton
employ more than 5,000 employees.

As reported in the Troubled Company Reporter-Europe on Sept. 11,
2009, Magna and Savings Bank of the Russian Federation said their
joint offer to acquire a 55% interest in Opel has been selected by
both GM and the Opel Trust as the preferred solution to address
the future of Opel.

Under the offer, the acquired 55% interest in Opel would be owned
50:50 by a Magna/Sberbank consortium with GM retaining a 35%
interest and Opel employees acquiring 10% as part of a new labour
framework.  The offer contemplates a  total equity investment by
the consortium of EUR500 million over time.  Completion of the
purchase remains subject to finalization of definitive agreements
and other conditions, including government-backed financing and
regulatory approvals.

                             Viability

John Reed and Bernard Simon at The Financial Times report analysts
raised questions about Magna's ability to execute a restructuring
needed to return Opel to profitability, even with the help of
EUR4.5 billion (US$6.5 billion) of mostly German government aid.
According ot the FT, while Magna's original bid document spoke of
cutting costs by axing 10,000 jobs across Europe, in an industry
driven by volumes, however, profitability hinges less on cost-
cutting than on manufacturers' ability to build scale by selling
more cars.  GM currently builds 450,000 units a year on the
production platform that makes its Astra model, a volume analysts
describe as too small to recoup costs, the FT notes.

"The critical volume per platform is at 600,000 to 800,000 units
for a mass carmaker," the FT quoted Arndt Ellinghorst, head of
automotive research at Credit Suisse, as saying.  "Unless Opel can
reach that level, its business model remains fragile."

                     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)


HECKLER & KOCH: Moody's Gives Positive Outlook on 'B2' Rating
-------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the B2 Corporate Family Rating of Heckler & Koch GmbH.
At the same time, Moody's affirmed HK's B2 CFR, B1 Probability of
Default Rating and B2 rating on its senior notes.

"The outlook change to positive reflects HK's improved operating
performance and medium-term business prospects, as the company's
order book for small arms has been gradually improving over recent
quarters with good revenue visibility for the next years," said
Christian Hendker, lead analyst for HK at Moody's Frankfurt
office.  "As a consequence, HK's credit metrics are currently
better than Moody's requirements for the B2 rating category, due
to improved cash generation supported by solid order intake, a
better product mix and continued efficiency improvements.  If
these improvements are sustained, combined with the preservation
of a solid liquidity cushion, Moody's could consider an upgrade to
the rating."

HK's revised business strategy aims to shift away from its
historical reliance on a few large and highly profitable orders,
to a focus on a higher number of smaller orders, and improved and
stabilized capacity utilization.  This should support higher
earnings stability going forward, relative to the performance
contraction the company experienced in 2006.  The current order
book provides a high degree of revenue visibility for the next few
quarters and represents high demand for the company's products
from NATO and other countries, based on HK's good market position
and high quality perception of its products.  Flowing from the
revised strategy Moody's already notes that HK's current order
book shows a higher degree of customer and geographic
diversification than in the past.  Moody's will continue to
monitor HK's order intake going forward, as it is a key indicator
for the sustainability of recent performance improvements,
especially considering that some end-customers may face increasing
defence budget constraints over the medium term.

HK's credit metrics in the last twelve months were clearly
improved, such as Debt to EBITDA to around 3.1x and RCF to Net
debt above 30%, improvements which are expected to be sustained to
support further rating improvements.

Over the last twelve months ending June 2009, HK generated
positive free cash flows of EUR33 million, resulting in an
improved cash position to EUR44.5 million.  Moody's cautions that
HK's sole liquidity source is its cash on-balance sheet and that
the company does not have access to any alternative external
backup facilities at this time.  The earliest debt repayment
commitment is the repayment of its EUR120 million senior unsecured
notes in July 2011.  Moody's anticipates that the company will
proactively address the upcoming refinancing and continues to
generate positive free cash flows going forward.  Furthermore, the
company's liquidity position should not be substantially burdened
by cash outflows to companies outside HK's restricted group, which
are clearly limited by the covenant framework of the outstanding
notes.  However, Moody's notes that HK's cash position will be
impacted by the upcoming acquisition of HK Sidearms GmbH, an
associated company, expected in Q3 2009.

Moody's notes that a rating upgrade within the next 12 to 18
months will require (1) continued order intake supporting revenues
clearly sustainable above break-even levels, (2) a sustained track
record in improving the company's credit metrics, reflected in
Debt to EBITDA below 4.0x and RCF to Net Debt towards 15%, and (3)
preservation of a solid liquidity cushion, with a cash position
above EUR40 million, in the absence of alternative liquidity
sources.

Moody's cautions that the ratings could be downgraded in the event
of (1) an erosion of the company's liquidity position, or (2) an
erosion of its credit metrics, evidenced by Debt to EBITDA moving
back towards 5.5x or sustained negative free cash flows.

Outlook Actions:

Issuer: Heckler & Koch GmbH

  -- Outlook, Changed To Positive From Stable

The last rating action was implemented in June 2008, when Moody's
affirmed HK's B2 CFR and changed the outlook to stable from
negative.

Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading defence contractor in the small arms sector, with a strong
brand and number-one positions in the supply of assault rifles,
(sub)machine guns and grenade launchers.  In 2008, the company
generated revenues of EUR186 million.


MTU AERO: Moody's Gives Positive Outlook on 'Ba1' Corp. Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the Ba1 corporate family rating of MTU Aero Engines
Holding AG.  At the same time, Moody's affirmed the Ba1 corporate
family rating and probability of default rating.

"The outlook change to positive reflects MTU's continued track
record of free cash flow generation and progress in de-leveraging
its capital structure beyond the expectation for the Ba1 rating
category, despite a more challenging operating environment in the
global civil aerospace industry which is confronted with lower
passenger and cargo transportation volumes", said Christian
Hendker, Lead-Analyst for MTU at Moody's.  "While MTU's operating
performance will be impacted in the short term by the current
economic conditions, the positive outlook rather reflects Moody's
expectation of a relatively high degree of performance resilience
through the cycle", Mr. Hendker continued.  "Depending on a
continued track record of performance and credit metrics
resilience through the cycle, MTU's rating could be upgraded
within the next 12 to 18 months on the back of MTU's diversified
business model, its moderately leveraged capital structure and the
company's commitment to preserve a conservative financial policy
going forward", said Mr. Hendker.

MTU's revenues increased by 10% to EUR1.4 billion in the first
half of 2009, while profitability marginally weakened, primarily
due to higher research and development costs, ramp-up costs for
new engine programs and business mix changes in the OEM division,
offset by performance improvements in the maintenance, repair and
overhaul division.  MTU's credit metrics continued to remain
better than required for the Ba1 rating category, reflected in a
debt to EBITDA ratio of below 3.0x and RCF to net debt of above
20% in the last twelve months ending June 2009, supporting a
continued positive free cash flow generation.

Moody's expectation of continued performance robustness is based
on a high degree of revenue visibility due to MTU's strong order
books for new military and civil aircrafts engine components.
Moody's rating action is based on the expectation that the order
book will not be impacted by material order deferrals or
cancellations for civil aircrafts in the OEM division going
forward.  In addition, Moody's expects continued robust revenues
from spare parts sales which remain a key performance pillar even
in a scenario of gradually lower order intakes for new aircrafts
going forward.  Furthermore, the rating agency expects continued
solid performance contributions of the maintenance, repair and
overhaul services division, which, due to a favorable engine mix,
has only been marginally impacted by capacity reductions of
airline end-customers.

The rating action considers the diversity of MTU's business model
combined with a solid split of military and civil business, a
solid balance of OEM and aftermarket business, its cost structure
flexibility and benefits from cost reduction programs which should
support the continued resilience of MTU's performance going
forward.  In addition, Moody's expect development and foreign
exchange rate risks will be carefully managed on an ongoing basis.
The current rating incorporates only a moderate level of event
risk resulting from Moody's expectation of debt-financed
acquisitions, should opportunities arise.

MTU has demonstrated a strong track record of free cash flow
generation in recent years, which Moody's anticipates will be
sustained going forward.  MTU has a solid liquidity cushion,
characterized by EUR110 million of cash on hand per the end of
June 2009 and availability under a recently negotiated
EUR100 million committed revolving credit facility that is
protected by financial covenants.  MTU's working capital needs
have been continually reduced over the past few years, partially
supported by rising contractually negotiated prepayments, which
Moody's anticipates will remain broadly unchanged going forward.
The company's funding needs for R&D and entry fees into new
program participations remain key drivers for cash flow uses going
forward.  However, Moody's recognizes that these strategic
initiatives provide the basis for medium- to long-term revenue
protection and could result in medium-term business profile
improvements, particularly a more diversified engine portfolio.

Moody's could consider an upgrade in MTU's ratings over the medium
term if: (1) MTU generates relatively robust profitability and
credit metrics throughout the cycle, e.g.  RCF to net debt above
25%, EBITA margin above 8% and debt to EBITDA below 3.0x; (2) MTU
maintains a solid liquidity cushion supported by positive free
cash flows, with limited Working Capital volatility and moderate
shareholder orientation; and (3) the company further strengthens
its absolute scale on a sustained basis, supported by a more
diversified engine portfolio and an expanding MRO customer
portfolio.

Downward pressure on MTU's ratings could be exerted by: (i) a
reduction in EBITA margins below 6%, RCF to net debt below 15% or
negative free cash flows, resulting from deterioration in the
underlying operational performance of the group; or (ii) a
weakening of the company's solid liquidity profile.  Furthermore,
whilst Moody's expects that the company may undertake debt-
financed bolt-on acquisitions, any sizeable debt-financed
acquisition resulting in deterioration of credit metrics could
pressure the rating depending on the finance mix of a potential
transaction.

Outlook Actions:

Issuer: MTU Aero Engines Holding AG

  -- Outlook, Changed To Positive From Stable

The last rating action was implemented on 5 October 2007, when
Moody's upgraded MTU to Ba1 with a stable outlook from Ba2 with a
positive outlook.

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components, and
a leading independent provider of MRO services for commercial and
military jet engines.  For the 12 months ended 2008, MTU reported
revenues of EUR2.8 billion.


* GERMANY: Corporate Insolvency Filings Up Nearly 15% in 1H09
-------------------------------------------------------------
Geoffrey T. Smith and Terence Roth at The Wall Street Journal
report that the German Destatis statistics office said Wednesday
that corporate insolvencies filed from January through June jumped
14.8% from the first half of 2008.

According to the WSJ, corporate insolvency filings alone in June
were up 15.9% from the same month a year ago, compared with a
14.9% annual increase in May.

The WSJ relates the German economics ministry has warned of the
possibility of a second credit crisis if a rise in corporate
credit defaults moves banks to rein in lending any further.


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


WIND HELLAS: Apax and TPG Express Interest
------------------------------------------
Martin Arnold, Andrew Parker, Anousha Sakoui and Kerin Hope at The
Financial Times report that private equity groups Apax Partners
and TPG are interested in acquiring Wind Hellas Telecommunications
S.A.

The FT relates Wind Hellas, which is owned by Weather, Egyptian
entrepreneur Sawiris's Mediterranean telecoms group, has put
itself up for sale after losing market share and hitting trouble
servicing its EUR3.2 billion (US$4.6 billion) of net debt.  The
company is being advised by Morgan Stanley and Ernst & Young.

According to the FT, Apax is interested in buying some of Wind
Hellas's EUR1.47 billion senior debt, most of which matures in
2012.  It is not clear whether TPG is considering a bid for all or
part of the company, the FT notes.

Citing people close to the company, the FT discloses executives
from Apax and TPG visited Athens earlier this month for talks on a
possible debt-for-equity swap.

The FT says Wind Hellas could attempt to negotiate a debt
restructuring with bondholders, or Weather may yet bail the
company out.  Mr. Sawiris, as cited by the FT, said Weather had
lost its entire EUR500 million investment in Wind Hellas.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece.  From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it 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.  S&P said the outlook is negative.


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


ANGLO IRISH: Nonpayment of Coupons Cues Fitch to Junk Ratings
-------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Anglo Irish Bank
Corporation's Upper Tier 2 debt securities to 'CC' from 'B.' The
Rating Watch Negative is removed.

The rating action follows the recent announcement by the bank that
it will defer coupon payments on its GBP300 million Upper Tier 2
securities due in October 2009.  The cumulative coupon and
therefore ultimate better recovery of these Upper Tier 2
securities mean they are rated one notch higher than Anglo's Tier
1 securities, rated at 'C'.  Fitch understands only EUR39 million
of the Upper Tier 2 securities are outstanding.

Holders of senior and dated subordinated debt remain protected by
a guarantee provided by the Irish government until end-September
2010.

The securities affected are:

  -- Upper Tier 2
  -- GBP300 million ISIN XS0231391623


INDEPENDENT NEWS: Mulls Debt-for Equity Swap
--------------------------------------------
Anousha Sakoui and Salamander Davoudi at The Financial Times
report that Independent News & Media plc is considering giving its
bondholders 45% of the company's equity to extinguish part of
their debt.

Citing people with knowledge of the plan, the FT says the plan,
which has yet to be agreed by the company, lenders and two key
shareholders, would avoid the need for shareholder approval
because the share issue has already been authorized.

According to the FT, talks between IN&M and its creditors are now
focused on how much bond debt will be exchanged for the 45% stake
and how much to raise in a rights offering to repay the balance of
the EUR200 million (GBP171 million) bond debt that IN&M failed to
repay in May.

Dan Sabbagh at The Times reports that Sir Anthony O'Reilly, the
company and its banks have agreed in principle that the
bondholders will receive some cash plus new shares amounting to
about half of the reconstructed company.   The Times says a rights
issue will follow once the new shares have been issued to
bondholders, to help to raise money that would put the company on
a more secure financial footing.  According to the Times, the near
30% stake of Mr. O'Reilly, whose whose son Gavin is chief
executive of IN&M, would fall to about 15%, assuming that he took
up his share of the rights issue.  If not, his holding would be
cut further, the Times states.

Confirmation of the agreement between IN&M and its bankers could
come as soon as this week, the Times notes.

The FT relates Denis O'Brien, the Irish businessman who has a 26%
stake and three seats on the board, called on members of the
publisher's board to block any restructuring proposal that would
dilute shareholders without first presenting them with a firm
plan.  The Times discloses Mr. O'Brien is examining ways of
forcing a vote on the issue, according to his allies.  He is now
considering widening his demands to ask for most of the board to
be sacked, as a way of forcing a vote on the rescue plan, the
Times states.  According to the Times, Mr. O'Brien said he was
concerned that the O'Reillys were proposing a rescue that
"blatantly disregards the needs of shareholders".  "There needs to
be clarity on what is going to be left for shareholders once a
deal is reached with banks and bondholders," the Times quoted Mr.
O'Brien as saying.

                  About Independent News & Media

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


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


AKMOLA REKLAMA: Creditors Must File Claims by September 18
----------------------------------------------------------
Creditors of LLP Akmola Reklama have until September 18, 2009, to
submit proofs of claim to:

         Manas Str. 2
         Room 106
         Astana
         Kazakhstan

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

The Court is located at:

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


KAZ INTER: Creditors Must File Claims by September 18
-----------------------------------------------------
Creditors of LLP Kaz Inter Ltd. have until September 18, 2009, to
submit proofs of claim to:

         Manas Str. 2
         Room 106
         Astana
         Kazakhstan

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

The Court is located at:

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


KRAFT INFINITY: Creditors Must File Claims by September 18
----------------------------------------------------------
LLP Kazakh Georgian Joint Enterprise Kraft Infinity is currently
undergoing liquidation.  Creditors have until September 18, 2009,
to submit proofs of claim to:

         Abai Ave. 153
         Almaty
         Kazakhstan


SAIPEM SPA: Creditors Must File Claims by September 18
------------------------------------------------------
JSC Saipem Spa is currently undergoing liquidation.  Creditors
have until September 18, 2009, to submit proofs of claim to:

         Drujba Str. 1
         Atyrau
         Kazakhstan


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


ASIAUNIVERSALBANK JSC: Moody's Upgrades Deposit Ratings to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service upgraded the long-term foreign and local
currency deposit ratings of AsiaUniversalBank to Caa1 from Caa2
and affirmed its bank financial strength rating at E.  All ratings
carry a stable outlook.

"The rating action reflects the strengthening of AUB's domestic
franchise in recent years as the largest bank in Kyrgyzstan by
total assets and shareholders' equity," said Semyon Isakov, a
Moody's Assistant Vice President-Analyst and lead analyst for this
issuer.  "The upgrade also takes into account Moody's opinion
that, following its recent acquisition of KyrgyzPromstroybank,
AUB's potential to further strengthen its market positions has
increased thanks to its considerably enhanced customer reach
through a sizeable branch network.  This acquisition has added 70
sales points to AUB's network, thus increasing its coverage to
regions beyond its core market of Bishkek," added Mr. Isakov.

Moody's also notes that AUB's relatively solid capital ratios at
end-June 2009 -- Tier 1 ratio of 29% and capital adequacy ratio of
35% in accordance with Basel I -- and relatively low leverage
position the bank favourably relative to its peers in the context
of the rating agency's asset quality stress tests.

However, Moody's observes that AUB's ratings remain constrained by
the poorly diversified nature of its core business and revenue
generation, which relates primarily to providing banking services
to a limited number of non-resident corporate clients.  Such
business strategy exposes the bank's franchise to certain
reputational risks, which Moody's has addressed in previous rating
actions on the bank.

To warrant a further upgrade, AUB would need to achieve better
operating efficiency for its developing domestic business in
Kyrgyzstan, coupled with further balance sheet diversification and
good risk-adjusted profitability.

Conversely, AUB's ratings could be negatively affected in the
event of: (i) failure to successfully develop its local customer-
related franchise; (ii) possible liquidity problems arising from
concentrated deposit base; and/or (iii) material negative
developments in the operating environment affecting the bank's
financial profile.

The previous rating action on AUB was on December 19, 2007, when
Moody's changed the outlook on the Caa2 ratings to stable from
negative.

Headquartered in Bishkek, AUB had total assets of KGS16.2 billion
(US$375 million) and reported shareholders' equity (including
minority interests) of KGS2.7 billion (US$62 million) as of
June 30, 2009.


KINGZ IMPEX: Creditors Must File Claims by September 30
-------------------------------------------------------
LLC Kingz Impex Ltd. is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of claim
to:

         Isanov Str. 8-41
         Bishkek
         Kyrgyzstan


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


ALFA-BANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Russia-based OJSC Alfa-Bank.
to 'B+' from 'BB-' and affirmed the 'B' short-term rating on the
bank.  The outlook is stable.  At the same time, S&P lowered the
Russia national scale rating to 'ruA+' from 'ruAA-'.  S&P also
removed all the ratings from CreditWatch with negative
implications, where they were placed on June 17, 2009.  At the
same time, S&P lowered its survivability assessment on the bank to
'BB+' from 'BBB-'.

"The downgrade primarily reflects the continued asset quality
deterioration for Alfa-Bank and the entire Russian banking
industry," said Standard & Poor's credit analyst Ekaterina
Trofimova.

This has already had and will continue to have a fundamental
impact on the bank's financial performance and funding profile,
which recapitalization will only partly offset.

S&P expects the Russian economy to contract by 8% in 2009.

"Alfa-Bank's preprovision operating income, overall franchise
strength, support from shareholders, and access to the government
refinancing window should help it survive the downturn under S&P's
base case scenario and are adequate to sustain the current rating
level," said Ms. Trofimova.  "In addition, the Russian
government's supportive actions have calmed the turbulence in the
funding markets and cushioned the Russian banking sector from the
shock of the recession."

The revised ratings already incorporate a possibility for some
further weakening of the bank's credit profile.  However, if this
deterioration, especially with regard to the bank's liquidity,
goes beyond S&P's current expectations, S&P could downgrade the
bank again.  Positive rating actions could be triggered by a
significant and durable improvement in the operating environment,
as well as improvement of the bank's asset quality, core
profitability, and risk management.


AVTOVAZ OAO: To Reduce Workforce by 36,000
------------------------------------------
RIA Novosti, citing a source in the Health and Social Development
Ministry, reports that Avtovaz OAO intends to cut the number of
its employees by 36,000 by Dec. 1.

According to RIA Novosti, the source said the redundancies --
affecting one third of the plant's 110,000-strong workforce --
would take place gradually, and that those who lose their jobs
will receive state support while they seek reemployment.

As reported in the Troubled Company Reporter-Europe on July 3,
2009, Reuters said Avtovaz posted a net loss of RUR24.7 billion
for 2008 (US$796 million), compared to a profit of RUR3.7 billion
last year.

                            Going Concern

On July 6, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported Avtovaz on said its auditors had raised
doubts about its future as a going concern in an audit of its 2008
results as the fall in revenues hits its ability to pay down
US$1.7 billion of debts.  The FT disclosed Avtovaz said in its
financial statement that it was confident it would continue as a
going concern, partly because of restructuring and partly due to
an US$800 million interest-free government loan.  The company's
sales fell 45% in the year to May, the FT noted.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


BANK VOZROZHDENIE: S&P Cuts LT Counterparty Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit rating on Russia-based Bank Vozrozhdenie to
'B+' from 'BB-' and the Russia national scale rating to 'ruA+'
from 'ruAA-'.  These ratings were removed from CreditWatch, where
they were placed with negative implications on June 17, 2009.  The
'B' short-term counterparty credit rating was affirmed.  The
outlook is stable.

"The downgrade primarily reflects deteriorating asset quality for
Bank Vozrozhdenie, and the entire Russian banking industry, owing
to the continuing economic slowdown in Russia," said Standard &
Poor's credit analyst Mikhail Nikitin.  "This has already had, and
will continue to have a significant impact on the bank's financial
performance, in S&P's view."

The bank's credit metrics have substantially deteriorated since
December 2008 due to the tight credit and liquidity conditions,
although slightly less so than most peers.  For the six months
ended June 30, 2009, nonperforming loans have increased to 7.3%,
from 3.4% at year-end 2008.  If S&P includes restructured loans,
total loans under stress would be about 15.7% of total lending.

In response to the stressed market environment and deteriorating
asset quality, the bank has implemented a number of measures to
mitigate credit risk and formed a reasonable liquidity cushion
against potential deposit volatility, with cash and cash
equivalents representing 26% of the bank's total assets.  In S&P's
opinion, Vozrozhdenie's funding profile is more balanced than that
of many local peers due to its relatively low dependence on
wholesale funding and borrowings, representing about 6% of total
liabilities.

Rising provisioning needs will undermine profitability through
2009 and 2010, only partly mitigated by good margins in SME
lending and fees related to payments and foreign exchange.  S&P
assumes profits will mainly be used for building new provisions.
S&P believes, however, that the bank's capitalization is
satisfactory for the current rating, with adjusted total equity to
adjusted assets at 11.4% on June 30, 2009.

With total assets of US$4.3 billion on June 30, 2009, Vozrozhdenie
ranks among Russia's 30 largest banks by assets.  It has a small
market share of about 1% in the highly fragmented banking system,
where the large state-owned banks dominate.

"The stable outlook reflects S&P's expectation that the bank's
loss absorption capacity will be maintained in the currently
difficult operating environment and will be sufficient to mitigate
further asset quality deterioration in the medium term," said Mr.
Nikitin.  Because Vozrozhdenie is likely to reduce underwriting of
new loans in 2009, S&P does not expect its core capitalization to
weaken materially despite significant pressures on asset quality.


BURPODSHIPNIK LLC: Udmurtia Bankruptcy Hearing Set September 17
---------------------------------------------------------------
The Arbitration Court of Udmurtia will convene on September 17,
2009, to hear bankruptcy supervision procedure on LLC
Burpodshipnik (TIN 1831103060, PSRN 1051800460920) (Bearings
Production).  The case is docketed under Case No. ?714763/2009-
G15.

The Temporary Insolvency Manager is:

         O. Reverchuk
         Post User Box 3502
         426034 Izhevsk
         Russia

The Debtor can be reached at:

         LLC Burpodshipnik
         Baryshnikova Str. 31a
         Izhevsk
         426000 Udmurtia
         Russia


COMMERCIAL BANK: S&P Removes 'B+' Rating From CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that had removed its 'B+'
long-term counterparty credit and 'ruA' Russia national scale
ratings on Commercial Bank Petrocommerce from CreditWatch with
negative implications and affirmed them.  The ratings had been
placed on June 17, 2009.  The 'B' short-term counterparty credit
rating is also affirmed.  The outlook is negative.

Before the CreditWatch placement, the outlook was negative.

"The removal from CreditWatch and affirmation reflect Commercial
Bank Petrocommerce's improved capitalization, which partially
offsets the pressure on the bank's credit and business profile
from the economic downturn in Russia," said Standard & Poor's
credit analyst Mikhail Nikitin.

Moreover, S&P believes that the bank's capital-raising efforts
would be sufficient to strengthen its capacity to absorb potential
credit losses at the current rating level.

The ratings reflect the increasing systemwide risks in Russia due
to the economic recession and deteriorating operating environment,
which in turn increases pressure on Petrocommerce's asset quality.
The ratings also reflect the bank's dependence on related-party
funding and high single-name concentrations in the loan portfolio.

Partly mitigating these concerns is Petrocommerce's strengthening
capitalization following the shareholders' decision to inject
additional Tier 1 capital.

"The negative outlook reflects the impact of the deteriorating
operating environment and macroeconomic factors on Petrocommerce's
financial profile," said Mr. Nikitin.

In particular, S&P expects the bank's performance to weaken, due
to accumulating credit losses, high single-name concentrations,
and pressured business development over the next 12 months.

Unless the bank's key credit metrics improve considerably, it
would be unlikely that S&P would revise the outlook to stable or
raise the ratings.  S&P might lower the ratings if Petrocommerce
is unable to successfully absorb potential credit losses from
further worsening asset quality and to sustain adequate
capitalization levels.


CONCRETE PRODUCTS: Creditors Must File Claims by September 17
-------------------------------------------------------------
Creditors of LLC Concrete Products Plant (TIN 4223039457, PSRN
1054223037263) have until September 17, 2009, to submit proofs of
claims to:

         M. Kuznetsov
         Insolvency Manager
         Post User Box 2202
         Nokvokuznetsk
         654011 Kemerovskaya
         Russia

The Arbitration Court of Kemerovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?27523/20094.

The Debtor can be reached at:

         LLC Concrete Products Plant
         Proektnaya Str. 1
         Prokopyevsk
         Kemerovskaya
         Russia


KRASNOYARSK AIRLINES: Creditors Must File Claims by September 17
----------------------------------------------------------------
Creditors of OJSC Krasnoyarsk Airlines (TIN 2411000219, PSRN
1022400662404) have until September 17, 2009, to submit proofs of
claims to:

         V. Akimov
         Insolvency Manager
         Post User Box 28453
         Aerovokzalnaya Str. 9D
         660135 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?3310705/2008.

The Debtor can be reached at:

         OJSC Krasnoyarsk Airlines
         Airport
         Yemelyanovskiy
         663021 Krasnoyarskiy
         Russia


KRASNODAR-INVEST: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of LLC Krasnodar-Invest-Stroy (TIN 2312108719, PSRN
1042307148102) (Construction) have until September 17, 2009, to
submit proofs of claims to:

         V. Shevchenko
         Insolvency Manager
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy will convene at 9:30 a.m.
on December 12, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?3225495/200814/1493B.

The Debtor can be reached at:

         LLC Krasnodar-Invest-Stroy
         Zakharova Str. 55/12
         Krasnodar
         Krasnodarskiy
         Russia


KREATIV-STROY LLC: Creditors Must File Claims by September 17
-------------------------------------------------------------
Creditors of LLC Kreativ-Stroy (TIN 3444127332, PSRN
1053444094703) (Construction) have until September 17, 2009, to
submit proofs of claims to:

         A. Vershinin
         Insolvency Manager
         Post User Box 2791
         400064 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?1216648/08.

The Debtor can be reached at:

         LLC Kreativ-Stroy
         Apt. 54
         Sovetskaya Str. 20
         400131 Volgograd
         Russia


MEGASTROY LLC: Stavropolskiy Bankruptcy Hearing Set September 17
----------------------------------------------------------------
The Arbitration Court of Stavropolskiy will convene on
September 17, 2009 to hear bankruptcy supervision procedure on LLC
Megastroy (TIN 2636043853, PSRN 1042600284220) (Construction).
The case is docketed under Case No. ?6?-2599/2009-S511.

The Temporary Insolvency Manager is:

         V. Popov
         Office 525
         Lenina Str. 392
         355000 Stavropol
         Russia

The Debtor can be reached at:

         LLC Megastroy
         Serova Str. 466A
         Stavropol
         Russia


PROMSVYAZBANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit ratings on Russia-based Promsvyazbank
OJSC to 'B' from 'B+'.  At the same time, S&P affirmed the short-
term ratings on PSB at 'B'.  In addition, S&P removed all long-
term ratings from CreditWatch with negative implications, where
they were placed on June 17, 2009.  The outlook is stable.

"The downgrade on PSB reflects S&P's opinion of the significant
systemwide risks in the Russian Federation and in the Russian
banking sector," said Standard & Poor's credit analyst Sergey
Dementiev.  S&P expects the Russian economy to contract 8% in
2009, which may lead to further erosion in PSB's asset quality,
high provisioning requirements, strains on the bank's funding, and
marginal capitalization.  However, S&P believes that PSB's good
franchise and adequate corporate governance partially mitigate
these negative factors.

The ratings on PSB reflect the bank's stand-alone credit profile
and do not include any uplift for extraordinary external support
either from the owners or the government.  In line with the
Russian banking industry, asset quality has been rapidly
deteriorating since autumn 2008.  Standard & Poor's estimates that
nonperforming loans (principal and/or interest overdue by more
than 90 days, and restructured loans) rose to 7%-9% of gross loans
in first-half 2009, driven by mounting losses in the retail book,
and will continue to increase in second-half 2009.  In S&P's
opinion, additional provision for loan impairments is likely to
cause a net loss for PSB for the year.  Credit exposure to related
parties was over one-third of adjusted total equity (based on
Standard & Poor's methodology) at June 30, 2009.

PSB is vulnerable to high concentration in corporate deposits, and
it experienced a 14% corporate deposit outflow in October 2008.
During the liquidity squeeze of fourth-quarter 2008, PSB
borrowings from the Central Bank of Russia reached US$1.7 billion.
This declined to US$430 million (4% of liabilities) at Sept. 1,
2009.  The bank's liquidity position has stabilized, but S&P
believes that funding remains a point of vulnerability for PSB and
most private sector Russian banks.

Capitalization has declined over the past few years due to rapid
credit expansion.  As the loan portfolio decreased in first-half
2009, ATE-to-adjusted assets recovered to about 9% from 8%.
Prospects for internal capital generation are dim over the medium
term, and the bank is considering various alternatives to raise
external capital.

"We expect that PSB's financial performance will continue to erode
as the recession takes its toll on Russian companies and
households that are customers of the bank," said Mr. Dementiev.
"Nonetheless, S&P believes that PSB has sufficient pre-provision
operating income and overall franchise strength to survive the
downturn under S&P's base-case scenario," he added.  In addition,
in S&P's view the supportive actions of the Russian government
have calmed the turbulence in the funding markets and cushioned
the shock of the recession for the banking sector.

A rating upgrade would be dependent on a return to profit, an
increase in high quality Tier 1 capital, and reduced related-party
exposure.  S&P would lower the ratings on PSB if credit and
liquidity erode beyond S&P's expectations, and if the bank's
financial and business profiles deteriorate to a significant
degree.


REM-STROY LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Rem-Stroy (Construction) have until September 17,
2009, to submit proofs of claims to:

         Sh.Kadyrov
         Insolvency Manager
         Kommunisticheskaya Str. 2/57
         Berezniki
         618400 Permskiy
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?5011079/2009.

The Debtor can be reached at:

          LLC Rem-Stroy
          Prospect Lenina 68
          Berezniki
          618400 Permskiy
          Russia


STROITELNYY DVOR: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of LLC Stroitelnyy Dvor (TIN 7802381378, PSRN
1077847020217) (Construction) have until September 17, 2009, to
submit proofs of claims to:

         M. Brylev
         Insolvency Manager
         Post User Box 119
         191123 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?5653419/2008.

The Debtor can be reached at:

         LLC Stroitelnyy Dvor
         Kharchenko Str. 5A
         194100 Saint-Petersburg
         Russia


URAL BANK: S&P Removes 'B-' Rating From CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed its
'B-' long-term counterparty credit and 'ruBBB-' Russia national
scale ratings on Ural Bank for Reconstruction and Development from
CreditWatch with negative implications and affirmed them.  S&P is
also affirming the 'C' short-term counterparty credit rating.  The
outlook is negative.

The ratings had been placed on CreditWatch with negative
implications on June 17, 2009.  Before the CreditWatch placement,
the outlook was negative.

"The removal from CreditWatch and affirmation reflect S&P's
opinion that the bank has sufficient ability to withstand the
pressure of anticipated higher asset quality problems at the
current low rating level," said Standard & Poor's credit analyst
Sergey Voronenko.  Key negative rating factors affecting the
bank's creditworthiness are its very low capitalization, falling
asset quality and earnings resulting from the ongoing economic
recession, and very high lending concentration risks.

On a positive note, the ratings are supported by the bank's good
market knowledge and position in the Sverdlovsk Oblast
(BB/Stable/--), UBRD's home region; business and support benefits
due to the bank's relationship with Russian Copper Co. (not
rated); and an improved liquidity position.

The ratings reflect the bank's stand-alone credit profile and do
not include any uplift for extraordinary external support either
from the owners or the government.

The negative outlook reflects UBRD's the vulnerability to the
ongoing difficult operating environment in Russia.  Standard &
Poor's expects the bank's asset quality to continue deteriorating,
pressuring earnings and capitalization.

"If S&P see the bank's loss absorption capacity weaken further and
its liquidity substantially erodes, S&P will lower the ratings,"
said Mr. Voronenko.

The outlook could be revised to stable if the bank improves its
capital position and asset quality.


VERKHNELENSKIY TIMBER: Creditors Must File Claims by September 17
-----------------------------------------------------------------
Creditors of LLC Verkhnelenskiy Timber Mill (TIN 3824001872, PSRN
1053827028617) have until September 17, 2009, to submit proofs of
claims to:

         N. Fomin
         Insolvency Manager
         Post User Box 95
         664009 Irkutsk
         Russia
         Tel: (3952) 542-688

The Arbitration Court of Irkutskaya will convene at 10:30 a.m. on
December 24, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?19687/0963.

The Debtor can be reached at:

         LLC Verkhnelenskiy Timber Mill
         Geologicheskaya Str. 3a
         Zhigalovskiy
         665402 Irkutskaya
         Russia


YENISEY-LES CJSC: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of CJSC Yenisey-Les (TIN 2447004947, PSRN 1022401275380)
(Wood-Sawing Industry) have until September 17, 2009, to submit
proofs of claims to:

         V. Verkhoturov
         Insolvency Manager
         Post User Box 27772
         660094 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?3310330/2008.

The Debtor can be reached at:

         CJSC Yenisey-Les
         Sovetskaya Street
         Verkhnepashino
         Yeniseyskiy
         663148 Krasnoyarskiy
         Russia


YUG-SPETS LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Yug-Spets-Stroy (TIN 6165120808, PSRN
1056165030900) (Construction) have until September 17, 2009, to
submit proofs of claims to:

         T. Shakhmina
         Insolvency Manager
         Post User Box 1164
         344091 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 10:30 a.m. on
November 24, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?531910/09.

The Debtor can be reached at:

         LLC Yug-Spets-Stroy
         Respublikanskaya Str. 100A
         Rostov-on-Don
         Russia


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


MURA D.D.: Mulls Bankruptcy Filing, STA Says
--------------------------------------------
Boris Cerni at Bloomberg News, citing STA, reports that Mura d.d.
may file for bankruptcy, putting more than 2,000 jobs at risk.

Bloomberg relates Tomaz Kuntaric, president of Slovenian
Restitution Fund d.d., one of the owners of the textile maker, as
cited by the Slovenian news agency, said "A much smaller company
employing about 1,000 workers will continue to operate".

Based in the north-eastern town of Murska Sobota, Mura d.d. is
Slovenia's largest clothes maker.  It employs about 3,300 people.


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


NOZAR SA: Files for Creditor Protection
---------------------------------------
Nozar SA on Friday filed for protection from creditors after it
failed to reach an agreement with banks to refinance EUR700
million (US$1 billion) of debt, Sharon Smyth at Bloomberg News
reports, citing company spokesman Ignacio Iglesias.

According to Bloomberg, the company's banks include Caja Madrid,
Banco Bilbao Vizcaya Argentaria SA, La Caixa, Banco Popular SA and
Caixa Galicia.

Citing Spanish newspaper Expansion, Bloomberg discloses Nozar's
total debt could total EUR2 billion.

Based in Madrid, Spain, Nozar SA is a privately held Spanish
property developer.


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


AGRICULTURAL TECHNICAL: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy supervision
procedure on LLC Agricultural Technical Supply (code EDRPOU
30597040).

The Insolvency Manager is:

         K. Deynegina
         Office 13
         Sovetskaya Str. 59-a
         Lugansk
         Ukraine

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Technical Supply
         N. Krupskaya Str. 28/24
         Lutugino
         92000 Lugansk
         Ukraine


BRILON LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Brilon (code EDRPOU 35556391) have until
September 17, 2009, to submit proofs of claim to:

         LLC Systemmarket
         Insolvency Manager
         Office 2-A
         Kotsiubinsky Str. 7
         04053 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 44/423-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Brilon
         Sosneny Family Str. 3
         03148 Kiev
         Ukraine


LIFER LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC Lifer (code EDRPOU 35392787) have until
September 17, 2009, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 3, 2009.  The case is docketed under
Case No. 44/426-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Lifer
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


LIST LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC List have until September 17, 2009, to submit
proofs of claim to:

         D. Leonchenko
         Insolvency Manager
         Pobeda Str. 13/9
         Zimogorye
         Slavianoserbsky
         93740 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on August 3, 2009.  The case is docketed under
Case No. 20/2b.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine


MAJOREL LLC: Creditors Must File Claims by September 17
-------------------------------------------------------
Creditors of LLC Majorel (code EDRPOU 35139494) have until
September 17, 2009, to submit proofs of claim to:

         Vuelta
         Insolvency Manager
         Tchapayev Str. 10
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 44/422-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Majorel
         Mayakovsky Ave. 93-A
         02232 Kiev
         Ukraine


ODESSA LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Profile-Service Odessa have until September 17,
2009, to submit proofs of claim to D. Marder, the company's
insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 7, 2009.  The case is docketed under
Case No. 2/3-09-216.

The Court is located at:

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

The Debtor can be reached at:

         LLC Profile-Service Odessa
         Uspenskaya Str. 32
         Odessa
         Ukraine


RUD-SNAB LLC: Creditors Must File Claims by September 17
--------------------------------------------------------
Creditors of LLC Rud-Snab (code EDRPOU 30442219) have until
September 17, 2009, to submit proofs of claim to S. Kovalev, the
company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 28, 2009.  The case is
docketed under Case No. B26/111-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Rud-Snab
         Kostenko Str. 33
         Krivoy Rog
         Dnepropetrovsk
         Ukraine


SHELTON-NIKOLAYEV LLC: Creditors Must File Claims by September 17
-----------------------------------------------------------------
Creditors of LLC Shelton-Nikolayev Subsidiary Company Shelton-Agro
(code EDRPOU 31137520) have until September 17, 2009, to submit
proofs of claim to:

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

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. 18/55/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Shelton-Nikolayev Subsidiary Company Shelton-Agro
         Zavodskaya Str. 2
         Pervomayskoye
         Oktiabrsky
         57232 Nikolayev
         Ukraine


SKLO LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC Joint Enterprise With Foreign Investments Sklo
(code EDRPOU 30357198) have until September 17, 2009, to submit
proofs of claim to:

         A. Baranovsky
         Insolvency Manager
         Yurievskaya Str. 17
         61050 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on July 13, 2009.  The case is docketed under
Case No. B-39/185-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Joint Enterprise With Foreign Investments Sklo
         Leonovskaya Str. 84
         Merefa
         Kharkov
         Ukraine


SILEZIYA LLC: Creditors Must File Claims by September 17
--------------------------------------------------------
Creditors of LLC Sileziya (code EDRPOU 32741606) have until
September 17, 2009, to submit proofs of claim to:

         E. Kovtunov
         Insolvency Manager
         Office 23
         Gogol Str. 288
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. 01/1545.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Blvd. 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Sileziya
         Office 10
         Petrovsky Str. 8/1
         Cherkassy
         Ukraine


TERNOVOYE LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Ternovoye (code EDRPOU 03737818) have until
September 17, 2009, to submit proofs of claim to the Volin
regional department, the company's insolvency manager.

The Economic Court of Volin commenced bankruptcy proceedings
against the company on July 29, 2009.  The case is docketed under
Case No. 8/51-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ternovoye
         October Str. 10
         Golovnoye
         Lubomlsky
         44323 Volin
         Ukraine


TIMRET LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Timret (code EDRPOU 35033684) have until
September 17, 2009, to submit proofs of claim to:

         LLC Lorna
         Insolvency Manager
         Office 60
         Dragomirov Str. 10/10
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 44/424-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Timret
         Tchapayev Str. 10
         01030 Kiev
         Ukraine


UKRHAZBANK AB: Temporary Administration Ends
--------------------------------------------
Ukrainian News Agency reports that the National Bank of Ukraine
took Ukrhazbank AB out of administration.

"The temporary administration [at Ukrhazbank] is being withdrawn
on September 11, 2009, and the powers of the bank's general
meeting of shareholders, supervisory board, and board of directors
are being restored," Ukrainian News quoted Yurii Petrov, the
director of the NBU's department of crisis management, as saying.

Citing the NBU, Ukrainian News discloses the UAH2.066 billion out
of the UAH3.1 billion that the government transferred to
Ukrhazbank during its recapitalization has been monetized.

The NBU took Ukrhazbank into administration on June 9 and
appointed Oleksandr Sokolov as its temporary administrator.

Ukrhazbank AB VAT -- http://www.ukrgasbank.com/-- is a Ukraine-
based commercial bank.  It provides financial services for
corporate and retail clients.  The Bank has in its offer cash and
settlement services, currency accounts, account management by
Client-Bank system, reception of available payments for benefit of
business activity, cash and valuables transportation, operations
on the Ukrainian Interbank currency market on the client's
instruction, deposit operations, lending operations, operations
with securities and implementation and servicing of salary
projects.  It is headquartered in Kiev, Ukraine.


UKRNEOBUD LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Industrial Company Ukrneobud (code EDRPOU
35021265) have until September 17, 2009, to submit proofs of claim
to:

         Y. Onushkanich
         Insolvency Manager
         Office 3
         Striy Str. 71b
         79031 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on August 13, 2009.  The case is docketed
under Case No. 8/90.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Industrial Company Ukrneobud
         Office 101-5
         B. Kotik Str. 7
         79000 Lvov
         Ukraine


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


GALA CORAL: Mezzanine Debt Holders Assess Options
-------------------------------------------------
Anousha Sakoui at The Financial Times reports that ICG and Park
Square Capital, the biggest holders of Gala Coral Group Ltd.'s
mezzanine debt, have started to work with financial advisers
Rothschild to assess their options in the event that the company
were to breach the terms of its financing.

According to the FT, the two London-based funds, which owned
nearly half of the company's mezzanine debt, have been trying to
assess their options in that event, including a debt-for-equity
swap.

Citing people close to the situation, the FT discloses that while
the business is cash generative, it could be at risk of breaching
banking covenants at the end of the year.  According to the FT,
one of the people said the situation could simply require a
resetting of the covenants.

Gala's debt totals GBP2.5 billion, of which GBP540 million is
mezzanine debt, the FT notes.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the UK, with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.


LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
----------------------------------------------------------------
Tony Lomas, partner at PricewaterhouseCoopers and administrator
for Lehman Brothers' European operations, told The Financial Times
that it could now take two more years before clients and creditors
get back billions of dollars of assets tied up in the bank when it
collapsed a year ago.

As reported by the TCR on Aug. 24, 2009, the U.K. High Court
handed down a judgement denying PwC's request for approval of a
scheme of arrangement that would have helped expedite the winding
up of Lehman Brothers' European units.  PwC proposed to divide
more than 1,000 clients into three classes and deal with the
claims by class rather than individually.  PwC had previously said
it could take up to a decade to return assets via bilateral
agreements, instead of the proposed scheme.  PwC is appealing the
ruling.

"I had hoped to break the back of this within 24 months, but with
the setback around the scheme and other issues, a more realistic
estimate is now 24-36 months," Mr. Lomas told the Financial Times.

According to FT, Mr. Lomas, nonetheless, said he was happy with
general progress on the case.  The administrators have returned
US$13 billion to a few dozen clients, including leading hedge
funds and corporate clients such as Chinalco, the steel giant,
whose 12 per cent stake in Rio Tinto was trapped inside Lehman
when the bank collapsed.

PwC, FT reports, has also realised US$9 billion in cash for
creditors and taken control of another US$10 billion of assets.
It is now preparing to lodge claims against other parts of the
Lehman empire, including one of tens of billions against the US
parent company.

PwC has earned fees of GBP120 million on the case, and total fees
paid to advisers of the European arm are running at roughly the
same level as in the United States where fees have topped US$300
million (GBP180 million).

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products
---------------------------------------------------------------
Following the collapse of Lehman Brothers, the Financial Services
Authority and Financial Ombudsman Service have been looking at the
potential detriment this has caused for investors in the UK
structured products market.

In May, the FSA and Ombudsman agreed that the issues relating to
Lehman-backed structured products should be considered under the
"Wider Implications" process, in order to allow the FSA to explore
all options to achieve the best outcome for consumers.

The FSA has now gained enough information from its review to
enable it to move forward and believes it is now appropriate to
lift the hold on individual adjudications of complaints on an
immediate basis.

The FSA will report back on the outcomes of its review in more
detail in October but confirms that it will be taking action
against firms as a result of the findings of the review.

Dan Waters, retail policy director at the FSA, said, "This is a
hugely complex area and during our review we have looked at
promotional literature, clarity of information, quality of advice,
sales systems and controls, involving plan managers, providers and
advisers.

"There is still much for us to do and we will be outlining some of
the findings of the review next month in more detail, but I can
confirm that we have found serious issues and will be taking
action against firms," he added.

"In light of the progress we have made, we believe our regulatory
action can now progress alongside the Ombudsman adjudicating on
individual complaints without prejudicing either, so individual
cases referred to the Ombudsman can now proceed."

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


NATIONAL EXPRESS: Takeover Offer Deadline Extended
--------------------------------------------------
Robert Wright at The Financial Times reports that the consortium
of Spain's Cosmen family and CVC Capital Partners has until Sept.
25 to make a firm offer for National Express Group plc.

The FT relates the Takeover Panel agreed a last-minute extension
to a "put up or shut up" deadline, which expired at 5:00 p.m.
Friday.

On Sept. 11, 2009, the Troubled Company Reporter-Europe, citing
the FT, reported that the board of National Express agreed to
allow the consortium to examine its books.  The FT disclosed the
Cosmen-led consortium will be allowed four weeks of due diligence,
after which it will either proceed with its offer or walk away.
The consortium raised its indicative cash offer for National
Express to 500p a share from the 450p offer the board had
rejected.

                          Going Concern

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

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


ROBERT DYAS: Secures Debt-for-Equity Swap Deal with Banks
---------------------------------------------------------
Philip Stafford at The Financial Times reports that Robert Dyas
Holdings Ltd. has concluded a debt-for-equity swap that will see
its bankers Lloyds Banking Group and Allied Irish take a stake of
around 50% in the group.

According to the FT, the deal will relieve Robert Dyas of GBP47
million (US$78 million) of liabilities, reduce its underlying cost
of borrowing by GBP2 million and provide increased financial
headroom with new banking covenants.

The FT notes in securing the deal, Change Capital, the private
equity group run by Luc Vandevelde, the former Marks & Spencer
chairman, saw its equity wiped out.

The debt-for-equity swap will cut the group's debt from around
GBP30 million to GBP15 million, the FT says.

The company, the FT discloses, has lined up Geoff Brady, the
former Matalan executive, as chairman, replacing Ian Gray.

Robert Dyas Holdings Ltd. -- http://www.robertdyas.co.uk-- is a
housewares and hardware retailer operating more than 100 stores in
a variety of locales around the southern UK.  Its merchandise also
is sold through its retail Web site.  The company is owned by
former M&S chairman Luc Vandevelde's private equity firm, Change
Capital.


SPINVOX LTD: Put Up for Sale, Invesco Says
------------------------------------------
SpinVox Ltd. has been put up for sale, Maija Palmer at The
Financial Times reports, citing Invesco Perpetual, one of the
company's minor investors.

According to the FT, John Botts, managing director of Allen & Co,
the media-focused financial advisory firm, is handling the
potential sale.  Mr. Botts, the FT discloses, is chairman of
SpinVox and is also a director at Tisbury hedge fund, which has
been a key investor in SpinVox.

The FT relates Invesco Perpetual had written down its investment
in the company by 90%.

The FT recalls Tisbury recently provided SpinVox with a GBP30
million (US$50 million) bridging loan, which is due to be repaid
by December 20.  SpinVox has raised more than GBP100 million in a
series of funding rounds, including emergency funding of GBP15
million from shareholders at the end of July, the FT recounts.

SpinVox -- http://www.spinvox.com/-- is a global speech
technology company, headquartered in Marlow, UK and New York, NY.
The company delivers services for carrier markets, including
wireless, fixed, VoIP and cable, as well as for unified
communications, enterprise and Web 2.0 environments.


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


* 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            LIB AV        -110486313.84   174004185.02
LIBRO AG            LIBR AV       -110486313.84   174004185.02
LIBRO AG            LB6 GR        -110486313.84   174004185.02
SKYEUROPE           SKY PW         -89480486.93    159076577.5
SKYEUROPE           SKYP PW        -89480486.93    159076577.5
SKYEUROPE HLDG      SKYPLN EO      -89480486.93    159076577.5
SKYEUROPE HLDG      SKY EO         -89480486.93    159076577.5
SKYEUROPE HLDG      SKY EU         -89480486.93    159076577.5
SKYEUROPE HLDG      SKYPLN EU      -89480486.93    159076577.5
SKYEUROPE HLDG      SKURF US       -89480486.93    159076577.5
SKYEUROPE HLDG      SKY AV         -89480486.93    159076577.5
SKYEUROPE HLDG      S8E GR         -89480486.93    159076577.5
SKYEUROPE HLDG      SKYV IX        -89480486.93    159076577.5
SKYEUROPE HLDG      SKYA PZ        -89480486.93    159076577.5
SKYEUROPE HOL-RT    SK1 AV         -89480486.93    159076577.5


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


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


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


GERMANY
-------
AGOR AG             DOOD PZ          -482446.63   144432986.17
AGOR AG             NDAGF US         -482446.63   144432986.17
AGOR AG             DOO EU           -482446.63   144432986.17
AGOR AG             DOOG IX          -482446.63   144432986.17
AGOR AG             DOO GR           -482446.63   144432986.17
AGOR AG             DOO EO           -482446.63   144432986.17
AGOR AG-RTS         2301918Z GR      -482446.63   144432986.17
ALNO AG             ANO EO         -28265004.17   366872263.74
ALNO AG             ANO EU         -28265004.17   366872263.74
ALNO AG             ANO GR         -28265004.17   366872263.74
ALNO AG             ANO PZ         -28265004.17   366872263.74
ALNO AG             ALNO IX        -28265004.17   366872263.74
ALNO AG-NEW         ANO1 GR        -28265004.17   366872263.74
ALNO AG-RTS         2259765Z GR    -28265004.17   366872263.74
BROKAT AG           BROAF US       -27139391.98   143536859.72
BROKAT AG           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 GR        -27139391.98   143536859.72
BROKAT AG -NEW      BRJ1 NM        -27139391.98   143536859.72
BROKAT AG-ADR       BROA US        -27139391.98   143536859.72
BROKAT TECH -ADR    BROAQ US       -27139391.98   143536859.72
BROKAT TECH AG      BRJ NM         -27139391.98   143536859.72
BROKAT TECH AG      BSA LN         -27139391.98   143536859.72
BROKAT TECH AG      BRJ GR         -27139391.98   143536859.72
BROKAT TECH-ADR     BRJA GR        -27139391.98   143536859.72
CBB HOLD-NEW 97     COB2 GR        -42994732.85   904723627.84
CBB HOLDING AG      COB2 EU        -42994732.85   904723627.84
CBB HOLDING AG      COBG IX        -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      CUBDF US       -42994732.85   904723627.84
CBB HOLDING-NEW     COB3 GR        -42994732.85   904723627.84
CBB HOLDING-NEW     COB1 GR        -42994732.85   904723627.84
CINEMAXX AG         MXC PZ         -42008900.33   144431938.27
CINEMAXX AG         MXC EO         -42008900.33   144431938.27
CINEMAXX AG         MXCG IX        -42008900.33   144431938.27
CINEMAXX AG         MXC EU         -42008900.33   144431938.27
CINEMAXX AG         MXC GR         -42008900.33   144431938.27
CINEMAXX AG         CNEMF US       -42008900.33   144431938.27
CINEMAXX AG         MXCUSD EO      -42008900.33   144431938.27
CINEMAXX AG         MXCUSD EU      -42008900.33   144431938.27
CINEMAXX AG-RTS     MXC8 GR        -42008900.33   144431938.27
DORT ACTIEN-BRAU    944167Q GR     -12689156.29   117537053.71
DORT ACTIEN-RTS     DAB8 GR        -12689156.29   117537053.71
EM.TV & MERC-NEW    ETV1 GR        -22067409.41   849175624.65
EM.TV & MERC-NEW    ETV1 NM        -22067409.41   849175624.65
EM.TV & MERC-RTS    ETV8 GR        -22067409.41   849175624.65
EM.TV & MERC-RTS    ETV8 NM        -22067409.41   849175624.65
EM.TV & MERCHAND    EMTVF US       -22067409.41   849175624.65
EM.TV & MERCHAND    ETV NM         -22067409.41   849175624.65
EM.TV & MERCHAND    ETV VX         -22067409.41   849175624.65
EM.TV & MERCHAND    ETV LN         -22067409.41   849175624.65
EM.TV & MERCHAND    ETVMF US       -22067409.41   849175624.65
EM.TV & MERCHAND    985403Q GR     -22067409.41   849175624.65
KAUFRING AG         KFR PZ         -19296489.56   150995473.81
KAUFRING AG         KFR GR         -19296489.56   150995473.81
KAUFRING AG         KFR EU         -19296489.56   150995473.81
KAUFRING AG         KFR EO         -19296489.56   150995473.81
KAUFRING AG         KAUG IX        -19296489.56   150995473.81
MANIA TECHNOLOGI    MNIG IX         -35060806.5   107465713.61
MANIA TECHNOLOGI    2260970Z GR     -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI1 EU         -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI NM          -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI PZ          -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI1 EO         -35060806.5   107465713.61
MANIA TECHNOLOGI    MIAVF US        -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI GR          -35060806.5   107465713.61
MATERNUS KLINI-N    MAK1 GR        -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK PZ         -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK GR         -18996733.83   183928734.46
MATERNUS-KLINIKE    MAKG IX        -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK EO         -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK EU         -18996733.83   183928734.46
MATERNUS-KLINIKE    MNUKF US       -18996733.83   183928734.46
NORDAG AG           DOO1 GR          -482446.63   144432986.17
NORDAG AG-PFD       DOO3 GR          -482446.63   144432986.17
NORDAG AG-RTS       DOO8 GR          -482446.63   144432986.17
NORDSEE AG          533061Q GR      -8200552.05   194616922.62
PRIMACOM AG         PRC GR         -18656728.68   610380925.67
PRIMACOM AG         PRC EO         -18656728.68   610380925.67
PRIMACOM AG         PRCG PZ        -18656728.68   610380925.67
PRIMACOM AG         PRCG IX        -18656728.68   610380925.67
PRIMACOM AG         PRC EU         -18656728.68   610380925.67
PRIMACOM AG         PCAGF US       -18656728.68   610380925.67
PRIMACOM AG         PRC2 GR        -18656728.68   610380925.67
PRIMACOM AG         PRC NM         -18656728.68   610380925.67
PRIMACOM AG-ADR     PCAGY US       -18656728.68   610380925.67
PRIMACOM AG-ADR     PCAG US        -18656728.68   610380925.67
PRIMACOM AG-ADR+    PCAG ES        -18656728.68   610380925.67
RINOL AG            RILB PZ               -2.71   168095049.11
RINOL AG            RIL GR                -2.71   168095049.11
RINOL AG            RILB EO               -2.71   168095049.11
RINOL AG            RILB IX               -2.71   168095049.11
RINOL AG            RNLAF US              -2.71   168095049.11
RINOL AG            RILB EU               -2.71   168095049.11
RINOL AG            RILB 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 IX         -1744121.91   217776125.75
ROSENTHAL AG-REG    ROS1 EU         -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    ROS1 EO         -1744121.91   217776125.75
ROSENTHAL AG-REG    ROSG PZ         -1744121.91   217776125.75
SANDER (JIL) AG     SAD GR          -6153256.92   127548039.68
SANDER (JIL) AG     JLSDF US        -6153256.92   127548039.68
SANDER (JIL)-PRF    2916161Q EO     -6153256.92   127548039.68
SANDER (JIL)-PRF    SAD3 PZ         -6153256.92   127548039.68
SANDER (JIL)-PRF    2916157Q EU     -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     SPHFF US      -442426199.47  1433020960.55
SPAR HANDELS-AG     773844Q GR    -442426199.47  1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR   -106778475.76   427535397.03
TA TRIUMPH-ACQ      TWNA EU       -106778475.76   427535397.03
TA TRIUMPH-ACQ      TWNA GR       -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWNG IX       -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN GR        -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN PZ        -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN EU        -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN EO        -106778475.76   427535397.03
TA TRIUMPH-ADLER    TTZAF US      -106778475.76   427535397.03
TA TRIUMPH-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 EU        -17697031.13   115592674.21
VIVANCO GRUPPE      VVAG IX        -17697031.13   115592674.21
VIVANCO GRUPPE      VVA1 GR        -17697031.13   115592674.21
VIVANCO GRUPPE      VVA GR         -17697031.13   115592674.21
VIVANCO GRUPPE      VVA1 EO        -17697031.13   115592674.21
VIVANCO GRUPPE      VIVGF US       -17697031.13   115592674.21
VIVANCO GRUPPE      VVA1 PZ        -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       ROSK EU        -532868894.9  7876687324.02
ROSKILDE BANK       ROSK PZ        -532868894.9  7876687324.02
ROSKILDE BANK       RKI GR         -532868894.9  7876687324.02
ROSKILDE BANK       RSKC IX        -532868894.9  7876687324.02
ROSKILDE BANK       ROSK DC        -532868894.9  7876687324.02
ROSKILDE BANK       ROSKF US       -532868894.9  7876687324.02
ROSKILDE BANK       ROSBF US       -532868894.9  7876687324.02
ROSKILDE BANK       ROSK EO        -532868894.9  7876687324.02
ROSKILDE BANK-RT    916603Q DC     -532868894.9  7876687324.02


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


FRANCE
------
CARRERE GROUP       CRRHF US       -23319835.34   364475420.31
CARRERE GROUP       CAR FP         -23319835.34   364475420.31
CARRERE GROUP       CAR2 EO        -23319835.34   364475420.31
CARRERE GROUP       CARG FP        -23319835.34   364475420.31
CARRERE GROUP       CARF PZ        -23319835.34   364475420.31
CARRERE GROUP       XRR GR         -23319835.34   364475420.31
CARRERE GROUP       CRGP IX        -23319835.34   364475420.31
CARRERE GROUP       CAR2 EU        -23319835.34   364475420.31
CHAINE ET TRAME     CTRM FP         -46169771.5   134467847.56
CHAINE ET TRAME     CHTR FP         -46169771.5   134467847.56
GRANDE PAROISSE     GDPXF US       -927267926.9      629287290
GRANDE PAROISSE     GAPA FP        -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     IMMH IX        -66874823.95   301323804.92
IMMOB HOTELIERE     IMBHF US       -66874823.95   301323804.92
IMMOB HOTELIERE     IMHO PZ        -66874823.95   301323804.92
IMMOB HOTELIERE     IMHO FP        -66874823.95   301323804.92
IMMOB HOTELIERE     IMHO EU        -66874823.95   301323804.92
IMMOB HOTELIERE     IMH GR         -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    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
MB RETAIL EUROPE    MBRE EO         -46169771.5   134467847.56
NORTENE             NORT FP        -35623999.56   117566786.87
NORTENE             NRTN FP        -35623999.56   117566786.87
NORTENE             NRTP IX        -35623999.56   117566786.87
OROSDI              OROS FP            -7291.55   131233317.62
OROSDI-BACK         ORBA FP            -7291.55   131233317.62
OROSDI-BACK         BACK IX            -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
OUTSIDE LIVING I    NORT EU        -35623999.56   117566786.87
OUTSIDE LIVING I    NORT EO        -35623999.56   117566786.87
OUTSIDE LIVING I    OLIN PZ        -35623999.56   117566786.87
OUTSIDE LIVING I    OLIN FP        -35623999.56   117566786.87
OUTSIDE LIVING I    NORT PZ        -35623999.56   117566786.87
PAGESJAUNES         PGJUF US     -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ IX       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJGBX EU    -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ FP       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJGBX EO    -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJP IX      -3303869370.49   970555919.29
PAGESJAUNES GRP     QS3 GR       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJUSD EU    -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ EB       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ NQ       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ BQ       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ QM       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJUSD EO    -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ TQ       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ PZ       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ VX       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJGBP EO    -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ EO       -3303869370.49   970555919.29
PAGESJAUNES GRP     PAJ EU       -3303869370.49   970555919.29
RHODIA SA           RHAUSD EO     -859847725.87  5799757209.78
RHODIA SA           RHADF US      -859847725.87  5799757209.78
RHODIA SA           RHA IX        -859847725.87  5799757209.78
RHODIA SA           RHA FP        -859847725.87  5799757209.78
RHODIA SA           RHA EO        -859847725.87  5799757209.78
RHODIA SA           RHD GR        -859847725.87  5799757209.78
RHODIA SA           RHDI GR       -859847725.87  5799757209.78
RHODIA SA           RHA PZ        -859847725.87  5799757209.78
RHODIA SA           RHANR FP      -859847725.87  5799757209.78
RHODIA SA           2324015Q EO   -859847725.87  5799757209.78
RHODIA SA           RHA QM        -859847725.87  5799757209.78
RHODIA SA           RHAGBX EU     -859847725.87  5799757209.78
RHODIA SA           RHA VX        -859847725.87  5799757209.78
RHODIA SA           3218857Q IX   -859847725.87  5799757209.78
RHODIA SA           2324011Q EU   -859847725.87  5799757209.78
RHODIA SA           RHA EB        -859847725.87  5799757209.78
RHODIA SA           RHA BQ        -859847725.87  5799757209.78
RHODIA SA           RHANR PZ      -859847725.87  5799757209.78
RHODIA SA           RHA NQ        -859847725.87  5799757209.78
RHODIA SA           RHA EU        -859847725.87  5799757209.78
RHODIA SA           RHAUSD EU     -859847725.87  5799757209.78
RHODIA SA           RHDAF US      -859847725.87  5799757209.78
RHODIA SA           RHAGBX EO     -859847725.87  5799757209.78
RHODIA SA           RHAY IX       -859847725.87  5799757209.78
RHODIA SA           RHAGBP EO     -859847725.87  5799757209.78
RHODIA SA           RHA TQ        -859847725.87  5799757209.78
RHODIA SA - NEW     RHANV FP      -859847725.87  5799757209.78
RHODIA SA - NEW     2335921Q FP   -859847725.87  5799757209.78
RHODIA SA - NEW     3156011Q FP   -859847725.87  5799757209.78
RHODIA SA-ADR       RHAYY US      -859847725.87  5799757209.78
RHODIA SA-RIGHTS    RHADS FP      -859847725.87  5799757209.78
RHODIA SA-RIGHTS    653447Q FP    -859847725.87  5799757209.78
SDR CENTREST        117241Q FP    -132420119.65   252176017.15
SELCODIS            SLCO FP        -21481214.33   175720770.81
SELCODIS            SLCO EU        -21481214.33   175720770.81
SELCODIS            SLCO PZ        -21481214.33   175720770.81
Selcodis            SPVX FP        -21481214.33   175720770.81
SELCODIS            SLCO EO        -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 TQ        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMMLF US      -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMSGBX EU     -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMM VX        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS NQ        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS QM        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMM IX        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS EB        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS US        -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 EU        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TNMA GR       -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)    TMSGBP EO     -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS PZ        -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)    TMS BQ        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS EO        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TMS VX        -587281616.69  6690514314.58
THOMSON (EX-TMM)    TNM GR        -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 LN       -149279984.66   121254240.42
AEA TECHNOLO-NPR    AATN PZ       -149279984.66   121254240.42
AEA TECHNOLOGY      AAT PZ        -149279984.66   121254240.42
AEA TECHNOLOGY      EAETF US      -149279984.66   121254240.42
AEA TECHNOLOGY      AAT VX        -149279984.66   121254240.42
AEA TECHNOLOGY      AAT IX        -149279984.66   121254240.42
AEA TECHNOLOGY      AEY GR        -149279984.66   121254240.42
AEA TECHNOLOGY      AAT EO        -149279984.66   121254240.42
AEA TECHNOLOGY      AAT EU        -149279984.66   121254240.42
AEA TECHNOLOGY      AAT PO        -149279984.66   121254240.42
AEA TECHNOLOGY      AATGBP EO     -149279984.66   121254240.42
AEA TECHNOLOGY      AAT LN        -149279984.66   121254240.42
AIRTOURS PLC        AIR VX        -379721841.57  1817512773.61
AIRTOURS PLC        ATORF US      -379721841.57  1817512773.61
AIRTOURS PLC        AIR LN        -379721841.57  1817512773.61
ALLDAYS PLC         ALDYF US      -120493900.04   252232072.87
ALLDAYS PLC         317056Q LN    -120493900.04   252232072.87
AMER BUS SYS        ARB LN           -497127008      121439000
AMEY PLC            AMY VX         -48862569.33   931527720.46
AMEY PLC            AMY LN         -48862569.33   931527720.46
AMEY PLC            AMEYF US       -48862569.33   931527720.46
AMEY PLC-ASSENT     AMYA LN        -48862569.33   931527720.46
AMEY PLC-NEW        AMYN LN        -48862569.33   931527720.46
ANKER PLC           ANK PO         -21861359.81      115463159
ANKER PLC           DW14 GR        -21861359.81      115463159
ANKER PLC           ANK LN         -21861359.81      115463159
ANKER PLC - ASSD    ANKB LN        -21861359.81      115463159
ANKER PLC - ASSD    ANKC LN        -21861359.81      115463159
ANKER PLC-ASSD      ANKA LN        -21861359.81      115463159
ATKINS (WS) PLC     ATK IX         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK PO         -62199993.61  1184945671.16
ATKINS (WS) PLC     WATKF US       -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK BQ         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK EB         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK EO         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATKEUR EU      -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 LN         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK QM         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK NQ         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK TQ         -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 PZ         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATKEUR EO      -62199993.61  1184945671.16
BCH GROUP PLC       BCH LN          -5728274.38   187993198.22
BLACK & EDGINGTO    BLE LN        -134177517.41   149159301.57
BNB RECRUITMENT     BNB LN         -10242627.53   103637704.96
BNB RECRUITMENT     BNB IX         -10242627.53   103637704.96
BNB RECRUITMENT     BQX GR         -10242627.53   103637704.96
BNB RECRUITMENT     BNBRF US       -10242627.53   103637704.96
BNB RECRUITMENT     BNB PO         -10242627.53   103637704.96
BOOKER PLC          BKERF US        -59832880.4  1298182548.71
BOOKER PLC          987188Q LN      -59832880.4  1298182548.71
BOOKER PLC          1330Q GR        -59832880.4  1298182548.71
BOOKER PLC-ADR      BOK$ LN         -59832880.4  1298182548.71
BOOKER PLC-ADR      BKRUY US        -59832880.4  1298182548.71
BRADSTOCK GROUP     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     BEN1 GR      -5822867500.78  4921095749.61
BRIT ENERGY PLC     BHEGF US     -5822867500.78  4921095749.61
BRIT ENERGY-A       BENA GR      -5822867500.78  4921095749.61
BRIT ENERGY-ADR     BHEFF US     -5822867500.78  4921095749.61
BRIT NUCLEAR        1046Z LN      -4247644149.6 40325778907.11
BRIT SKY BRO-ADR    BSY US        -105366394.04  7522172619.36
BRIT SKY BRO-ADR    BSY$ LN       -105366394.04  7522172619.36
BRIT SKY BROADCA    BSYB GR       -105366394.04  7522172619.36
BRIT TELECOM        BTE GR        -5223868149.3 46894630327.28
BRIT TELECOM        9484 JP       -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 PLC    BTPWF US      -5223868149.3 46894630327.28
BRIT TELECOM-ADR    BTEA GR       -5223868149.3 46894630327.28
BRIT TELECOM-ADR    1481Q CN      -5223868149.3 46894630327.28
BRIT TELECOM-RTS    BTY-R US      -5223868149.3 46894630327.28
BRITISH ENER-$US    BGYNYD AR    -5822867500.78  4921095749.61
BRITISH ENER-$US    BGYD AR      -5822867500.78  4921095749.61
BRITISH ENER-ADR    BGYNY US     -5822867500.78  4921095749.61
BRITISH ENER-BLK    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    3012442Q LN  -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYA PO      -5822867500.78  4921095749.61
BRITISH ENERGY-A    BHEAF US     -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYGF US     -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYA VX      -5822867500.78  4921095749.61
BRITISH SKY BROA    BSYUSD EU     -105366394.04  7522172619.36
BRITISH SKY BROA    BSYEUR EU     -105366394.04  7522172619.36
BRITISH SKY BROA    BSB GR        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY BQ        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY NQ        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY TQ        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY LN        -105366394.04  7522172619.36
BRITISH SKY BROA    BSYEUR EO     -105366394.04  7522172619.36
BRITISH SKY BROA    BSY EO        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY EU        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY QM        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY PZ        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY IX        -105366394.04  7522172619.36
BRITISH SKY BROA    BSYUSD EO     -105366394.04  7522172619.36
BRITISH SKY BROA    BSY PO        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY EB        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY VX        -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    BSYGBP EO     -105366394.04  7522172619.36
BRITISH TELE-FP     BT/F LN       -5223868149.3 46894630327.28
BRITISH TELE-NP     BT/N LN       -5223868149.3 46894630327.28
BRITISH TELE-NP     BTPXF US      -5223868149.3 46894630327.28
BRITVIC             B6S GR           -731325.03  1222775450.71
BRITVIC PLC         BVIC BQ          -731325.03  1222775450.71
BRITVIC PLC         BVIC NQ          -731325.03  1222775450.71
BRITVIC PLC         BVIC EB          -731325.03  1222775450.71
BRITVIC PLC         BVICEUR EU       -731325.03  1222775450.71
BRITVIC PLC         BVIC VX          -731325.03  1222775450.71
BRITVIC PLC         BVICUSD EO       -731325.03  1222775450.71
BRITVIC PLC         BVICGBP EO       -731325.03  1222775450.71
BRITVIC PLC         BVIC TQ          -731325.03  1222775450.71
BRITVIC PLC         BVICEUR EO       -731325.03  1222775450.71
BRITVIC PLC         BVIC LN          -731325.03  1222775450.71
BRITVIC PLC         BVIC PZ          -731325.03  1222775450.71
BRITVIC PLC         BVIC IX          -731325.03  1222775450.71
BRITVIC PLC         BTVCF US         -731325.03  1222775450.71
BRITVIC PLC         BVIC QM          -731325.03  1222775450.71
BRITVIC PLC         BVICUSD EU       -731325.03  1222775450.71
BRITVIC PLC         BVIC EU          -731325.03  1222775450.71
BRITVIC PLC         BVIC NR          -731325.03  1222775450.71
BRITVIC PLC         BVIC EO          -731325.03  1222775450.71
BT GROUP PLC        BT/A EB       -5223868149.3 46894630327.28
BT GROUP PLC        BT/APEN EO    -5223868149.3 46894630327.28
BT GROUP PLC        BTQ GR        -5223868149.3 46894630327.28
BT GROUP PLC        BTGOF US      -5223868149.3 46894630327.28
BT GROUP PLC        BT PZ         -5223868149.3 46894630327.28
BT GROUP PLC        BT/A EO       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A NQ       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A QM       -5223868149.3 46894630327.28
BT GROUP PLC        BT/AEUR EU    -5223868149.3 46894630327.28
BT GROUP PLC        BT/ VX        -5223868149.3 46894630327.28
BT GROUP PLC        BT/A NR       -5223868149.3 46894630327.28
BT GROUP PLC        BTEG IX       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A BQ       -5223868149.3 46894630327.28
BT GROUP PLC        BT/AEUR EO    -5223868149.3 46894630327.28
BT GROUP PLC        BT/AUSD EU    -5223868149.3 46894630327.28
BT GROUP PLC        BT/A TQ       -5223868149.3 46894630327.28
BT GROUP PLC        BT/APEN EU    -5223868149.3 46894630327.28
BT GROUP PLC        BT/AUSD EO    -5223868149.3 46894630327.28
BT GROUP PLC        BT/A LN       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A EU       -5223868149.3 46894630327.28
BT GROUP PLC        BT IX         -5223868149.3 46894630327.28
BT GROUP PLC        BT/A PO       -5223868149.3 46894630327.28
BT GROUP PLC        BT/AGBP EO    -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     BTY AR        -5223868149.3 46894630327.28
BT GROUP-CEDEAR     BT AR         -5223868149.3 46894630327.28
BT GROUP-SPON AD    BT MM         -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
CARLISLE GROUP      506819Q LN     -11904426.45   203548565.03
CHRYSALIS GROUP     CLYSF US        -5851089.05   101497520.61
CHRYSALIS GROUP     CHS LN          -5851089.05   101497520.61
CHRYSALIS GROUP     CHSUSD EU       -5851089.05   101497520.61
CHRYSALIS GROUP     CHSEUR EU       -5851089.05   101497520.61
CHRYSALIS GROUP     CHS EU          -5851089.05   101497520.61
CHRYSALIS GROUP     CHSGBP EO       -5851089.05   101497520.61
CHRYSALIS GROUP     CHSEUR EO       -5851089.05   101497520.61
CHRYSALIS GROUP     CHS PO          -5851089.05   101497520.61
CHRYSALIS GROUP     HR4 GR          -5851089.05   101497520.61
CHRYSALIS GROUP     CHSUSD EO       -5851089.05   101497520.61
CHRYSALIS GROUP     CHS IX          -5851089.05   101497520.61
CHRYSALIS GROUP     CYGUF US        -5851089.05   101497520.61
CHRYSALIS GROUP     5CY GR          -5851089.05   101497520.61
CHRYSALIS GROUP     CHS VX          -5851089.05   101497520.61
CHRYSALIS GROUP     CHS PZ          -5851089.05   101497520.61
CHRYSALIS GROUP     CHS EO          -5851089.05   101497520.61
CLIPPER WINDPOWE    C2W GR            -99360000      989187968
CLIPPER WINDPOWE    CWP PG            -99360000      989187968
CLIPPER WINDPOWE    CRPWF US          -99360000      989187968
CLIPPER WINDPOWE    CWP EU            -99360000      989187968
CLIPPER WINDPOWE    CWP IX            -99360000      989187968
CLIPPER WINDPOWE    CWP EO            -99360000      989187968
CLIPPER WINDPOWE    CWP LN            -99360000      989187968
CLIPPER WINDPOWE    CWPA LN           -99360000      989187968
CLIPPER WINDPOWE    CWP PZ            -99360000      989187968
COMPASS GROU-OLD    1259Q LN      -668101173.88  2972459078.38
COMPASS GROUP       QOP GR        -668101173.88  2972459078.38
COMPASS GRP-ADR     CMSGY US      -668101173.88  2972459078.38
COMPASS GRP-ADR     CMSJY US      -668101173.88  2972459078.38
COSTAIN GROU-RTS    COSF LN        -19097658.92   649978943.25
COSTAIN GROU-RTS    COSN LN        -19097658.92   649978943.25
COSTAIN GROUP       COST PZ        -19097658.92   649978943.25
COSTAIN GROUP       COSTGBP EO     -19097658.92   649978943.25
COSTAIN GROUP       COSTEUR EO     -19097658.92   649978943.25
COSTAIN GROUP       COSTUSD EO     -19097658.92   649978943.25
COSTAIN GROUP       COST EO        -19097658.92   649978943.25
COSTAIN GROUP       CSGFF US       -19097658.92   649978943.25
COSTAIN GROUP       COSTEUR EU     -19097658.92   649978943.25
COSTAIN GROUP       COST VX        -19097658.92   649978943.25
COSTAIN GROUP       COST LN        -19097658.92   649978943.25
COSTAIN GROUP       COST PO        -19097658.92   649978943.25
COSTAIN GROUP       COSTUSD EU     -19097658.92   649978943.25
COSTAIN GROUP       COST IX        -19097658.92   649978943.25
COSTAIN GROUP       COST EU        -19097658.92   649978943.25
DANKA BUS SYSTEM    3205287Q EU      -497127008      121439000
DANKA BUS SYSTEM    DANKF US         -497127008      121439000
DANKA BUS SYSTEM    DNK LN           -497127008      121439000
DANKA BUS SYSTEM    DNK IX           -497127008      121439000
DANKA BUS SYSTEM    DNK PZ           -497127008      121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008      121439000
DANKA BUS SYSTEM    DNK VX           -497127008      121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008      121439000
DANKA BUS SYSTEM    DNK PO           -497127008      121439000
DANKA BUS-$US CE    DANKD AR         -497127008      121439000
DANKA BUS-ADR       DB6 GR           -497127008      121439000
DANKA BUS-ADR       DANKE US         -497127008      121439000
DANKA BUS-ADR       AP39 LI          -497127008      121439000
DANKA BUS-ADR       DANKY US         -497127008      121439000
DANKA BUS-BLK CE    DANKB AR         -497127008      121439000
DANKA BUS-C/E CE    DANKC AR         -497127008      121439000
DANKA BUS-CEDEAR    DANK AR          -497127008      121439000
DAWSON HOLDINGS     DWN1EUR EO     -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1GBP EO     -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1EUR EU     -54451186.72   128196101.01
DAWSON HOLDINGS     DWHGF US       -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1 EO        -54451186.72   128196101.01
DAWSON HOLDINGS     DWN IX         -54451186.72   128196101.01
DAWSON HOLDINGS     DWN VX         -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1 EU        -54451186.72   128196101.01
DAWSON HOLDINGS     DWN PZ         -54451186.72   128196101.01
DAWSON HOLDINGS     DWN LN         -54451186.72   128196101.01
DAWSON HOLDINGS     DWN PO         -54451186.72   128196101.01
DEVELICA DEUTSCH    DDE PZ         -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE IX         -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE LN         -41866600.36  1178479579.31
DEVELICA DEUTSCH    D4B GR         -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE PG         -41866600.36  1178479579.31
EASYNET GROUP       ESY PO         -45232889.17   322770283.93
EASYNET GROUP       ESY LN         -45232889.17   322770283.93
EASYNET GROUP       ESY VX         -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       3020138Q GR  -2265916256.89  2950021937.14
EMI GROUP PLC       EMI IX       -2265916256.89  2950021937.14
EMI GROUP PLC       EMI VX       -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-B     1019425Q LN  -2265916256.89  2950021937.14
EMI GROUP-ADR       38IS LN      -2265916256.89  2950021937.14
EMI GROUP-ADR       EMIPY US     -2265916256.89  2950021937.14
EMI GROUP-ADR       EMI$ LN      -2265916256.89  2950021937.14
EUROPEAN HOME       EHR EO         -14328735.16   110864081.39
EUROPEAN HOME       EHR PZ         -14328735.16   110864081.39
EUROPEAN HOME       KLZ VX         -14328735.16   110864081.39
EUROPEAN HOME       EHR PO         -14328735.16   110864081.39
EUROPEAN HOME       EHR EU         -14328735.16   110864081.39
EUROPEAN HOME       KLZ PO         -14328735.16   110864081.39
EUROPEAN HOME       EHREUR EU      -14328735.16   110864081.39
EUROPEAN HOME       EHR VX         -14328735.16   110864081.39
EUROPEAN HOME       FPAKF US       -14328735.16   110864081.39
EUROPEAN HOME       EHRGBP EO      -14328735.16   110864081.39
EUROPEAN HOME       EHR LN         -14328735.16   110864081.39
EUROPEAN HOME       EHREUR EO      -14328735.16   110864081.39
EUROPEAN MINERAL    EUM PO           -103725000      149477216
EUROPEAN MINERAL    EPMLF US         -103725000      149477216
EUROPEAN MINERAL    EUM LN           -103725000      149477216
EUROPEAN MINERAL    EPM CN           -103725000      149477216
EUROPEAN MINERAL    EPM/U CN         -103725000      149477216
FAREPAK PLC         FPK LN         -14328735.16   110864081.39
FARNELL ELEC-ADR    FRN$ LN        -45246567.32   692389353.06
FARNELL ELEC-ADR    FRNZ LN        -45246567.32   692389353.06
FARNELL ELEC-RFD    FRNR LN        -45246567.32   692389353.06
FARNELL ELECTRON    FRNL LN        -45246567.32   692389353.06
GALIFORM PLC        GFRMGBP EO    -116415877.06   612420067.12
GALIFORM PLC        MFI VX        -116415877.06   612420067.12
GALIFORM PLC        GFRM EO       -116415877.06   612420067.12
GALIFORM PLC        MFIFF US      -116415877.06   612420067.12
GALIFORM PLC        GFRMNOK EU    -116415877.06   612420067.12
GALIFORM PLC        GFRMNOK EO    -116415877.06   612420067.12
GALIFORM PLC        GLFMF US      -116415877.06   612420067.12
GALIFORM PLC        MFI PO        -116415877.06   612420067.12
GALIFORM PLC        GFRMEUR EU    -116415877.06   612420067.12
GALIFORM PLC        GFRM LN       -116415877.06   612420067.12
GALIFORM PLC        MFI IX        -116415877.06   612420067.12
GALIFORM PLC        GFRM NR       -116415877.06   612420067.12
GALIFORM PLC        GFRM PO       -116415877.06   612420067.12
GALIFORM PLC        GFRM NQ       -116415877.06   612420067.12
GALIFORM PLC        GFRMEUR EO    -116415877.06   612420067.12
GALIFORM PLC        GFRM EB       -116415877.06   612420067.12
GALIFORM PLC        GFRM QM       -116415877.06   612420067.12
GALIFORM PLC        GFRM BQ       -116415877.06   612420067.12
GALIFORM PLC        GFRM VX       -116415877.06   612420067.12
GALIFORM PLC        GFRM EU       -116415877.06   612420067.12
GALIFORM PLC        GFRM IX       -116415877.06   612420067.12
GALIFORM PLC        GFRM TQ       -116415877.06   612420067.12
GALIFORM PLC        GFRM PZ       -116415877.06   612420067.12
GARTLAND WHALLEY    GWB LN         -10986769.42   145352034.49
GO-AHEAD GROUP      GOG IX         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG LN         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGEUR EU      -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGEUR EO      -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG QM         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGGBP EO      -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG TQ         -15712050.26  1619995129.64
GO-AHEAD GROUP      G9X GR         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EB         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG PO         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG BQ         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EO         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EU         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG PZ         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG NQ         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG NR         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG VX         -15712050.26  1619995129.64
GO-AHEAD GROUP      GHGUF US       -15712050.26  1619995129.64
HILTON G-CRT OLD    HIGT BB       -547740614.03  1922113569.01
HILTON GROUP PLC    HG PO         -547740614.03  1922113569.01
HILTON GROUP PLC    HLTGF US      -547740614.03  1922113569.01
HILTON GROUP PLC    HG/ LN        -547740614.03  1922113569.01
HILTON GROUP-ADR    HLTGY US      -547740614.03  1922113569.01
HILTON GROUP-CER    HG BB         -547740614.03  1922113569.01
HILTON GROUP-CRT    HIG BB        -547740614.03  1922113569.01
INTERCONTIN-ADR     IHGA LN           -91000000     3076999936
INTERCONTIN-ADR     IHG-W US          -91000000     3076999936
INTERCONTIN-ADR     IHG US            -91000000     3076999936
INTERCONTINENTAL    IHG PO            -91000000     3076999936
INTERCONTINENTAL    IHG PZ            -91000000     3076999936
INTERCONTINENTAL    IHG EO            -91000000     3076999936
INTERCONTINENTAL    IHGEUR EO         -91000000     3076999936
INTERCONTINENTAL    IHGEUR EU         -91000000     3076999936
INTERCONTINENTAL    IHGUSD EU         -91000000     3076999936
INTERCONTINENTAL    ICHGF US          -91000000     3076999936
INTERCONTINENTAL    INCNF US          -91000000     3076999936
INTERCONTINENTAL    IHG QM            -91000000     3076999936
INTERCONTINENTAL    IHG TQ            -91000000     3076999936
INTERCONTINENTAL    IHG EB            -91000000     3076999936
INTERCONTINENTAL    IHG BQ            -91000000     3076999936
INTERCONTINENTAL    IHG NR            -91000000     3076999936
INTERCONTINENTAL    IC1C GR           -91000000     3076999936
INTERCONTINENTAL    IHGCHF EU         -91000000     3076999936
INTERCONTINENTAL    IHG IX            -91000000     3076999936
INTERCONTINENTAL    IHGOF US          -91000000     3076999936
INTERCONTINENTAL    IC1A GR           -91000000     3076999936
INTERCONTINENTAL    988082Q GR        -91000000     3076999936
INTERCONTINENTAL    IHG VX            -91000000     3076999936
INTERCONTINENTAL    IC1 GR            -91000000     3076999936
INTERCONTINENTAL    IC1B GR           -91000000     3076999936
INTERCONTINENTAL    IHGUSD EO         -91000000     3076999936
INTERCONTINENTAL    IHG LN            -91000000     3076999936
INTERCONTINENTAL    IHG NQ            -91000000     3076999936
INTERCONTINENTAL    IHG EU            -91000000     3076999936
INTERCONTINENTAL    IHGGBP EO         -91000000     3076999936
INTERCONTINENTAL    IHGCHF EO         -91000000     3076999936
JARVIS PLC          JRVS VX        -48330109.98   155571478.27
JARVIS PLC          JRVSGBP EO     -48330109.98   155571478.27
JARVIS PLC          JRVS LN        -48330109.98   155571478.27
JARVIS PLC          JVR GR         -48330109.98   155571478.27
JARVIS PLC          JRVSEUR EU     -48330109.98   155571478.27
JARVIS PLC          JRVS EU        -48330109.98   155571478.27
JARVIS PLC          JVSPF US       -48330109.98   155571478.27
JARVIS PLC          JRVS IX        -48330109.98   155571478.27
JARVIS PLC          JRVS EO        -48330109.98   155571478.27
JARVIS PLC          JRVSEUR EO     -48330109.98   155571478.27
JARVIS PLC          JRVS PZ        -48330109.98   155571478.27
JARVIS PLC          JRVS PO        -48330109.98   155571478.27
JESSOPS PLC         JS4 GR          -42702021.2   112964060.38
JESSOPS PLC         JSP LN          -42702021.2   112964060.38
JESSOPS PLC         JSP PZ          -42702021.2   112964060.38
JESSOPS PLC         JSP VX          -42702021.2   112964060.38
JESSOPS PLC         JSPEUR EU       -42702021.2   112964060.38
JESSOPS PLC         JSP IX          -42702021.2   112964060.38
JESSOPS PLC         JSPGBP EO       -42702021.2   112964060.38
JESSOPS PLC         JSP EO          -42702021.2   112964060.38
JESSOPS PLC         JSPEUR EO       -42702021.2   112964060.38
JESSOPS PLC         JSP EU          -42702021.2   112964060.38
JESSOPS PLC         JSP PO          -42702021.2   112964060.38
KAZAKHSTAN MNRLS    KMCO/U CN        -103725000      149477216
KAZAKHSTAN MNRLS    KMC/U CN         -103725000      149477216
KAZAKHSTAN MNRLS    KMCOF US         -103725000      149477216
KAZAKHSTAN MNRLS    KMCO CN          -103725000      149477216
KLEENEZE PLC        KLZ LN         -14328735.16   110864081.39
LADBROKE GROUP      LADB LN       -547740614.03  1922113569.01
LADBROKE GRP-IDR    695767Q BB    -547740614.03  1922113569.01
LADBROKE GRP-OLD    LADB BB       -547740614.03  1922113569.01
LADBROKES PLC       LADEUR EO     -547740614.03  1922113569.01
LADBROKES PLC       LAD QM        -547740614.03  1922113569.01
LADBROKES PLC       LADGBP EO     -547740614.03  1922113569.01
LADBROKES PLC       LADNZD EU     -547740614.03  1922113569.01
LADBROKES PLC       LADUSD EO     -547740614.03  1922113569.01
LADBROKES PLC       LAD PZ        -547740614.03  1922113569.01
LADBROKES PLC       LADEUR EU     -547740614.03  1922113569.01
LADBROKES PLC       LDBKF US      -547740614.03  1922113569.01
LADBROKES PLC       LAD EO        -547740614.03  1922113569.01
LADBROKES PLC       LAD TQ        -547740614.03  1922113569.01
LADBROKES PLC       LAD NR        -547740614.03  1922113569.01
LADBROKES PLC       LAD IX        -547740614.03  1922113569.01
LADBROKES PLC       LAD BQ        -547740614.03  1922113569.01
LADBROKES PLC       LAD EB        -547740614.03  1922113569.01
LADBROKES PLC       LAD NQ        -547740614.03  1922113569.01
LADBROKES PLC       HG/ VX        -547740614.03  1922113569.01
LADBROKES PLC       LADNZD EO     -547740614.03  1922113569.01
LADBROKES PLC       LAD EU        -547740614.03  1922113569.01
LADBROKES PLC       LAD VX        -547740614.03  1922113569.01
LADBROKES PLC       LAD GR        -547740614.03  1922113569.01
LADBROKES PLC       LAD PO        -547740614.03  1922113569.01
LADBROKES PLC       LAD LN        -547740614.03  1922113569.01
LADBROKES PLC-AD    LDBKY LN      -547740614.03  1922113569.01
LADBROKES PLC-AD    LDBKY US      -547740614.03  1922113569.01
LADBROKES PLC-CE    LAD BB        -547740614.03  1922113569.01
LAMBERT FENCHURC    LMF LN          -1453050.04  1826806853.46
LEEDS SPORTING      LES LN          -73166148.8   143762193.66
LEEDS SPORTING      LEDPF US        -73166148.8   143762193.66
LEEDS UNITED PLC    LDSUF US        -73166148.8   143762193.66
LEEDS UNITED PLC    LUFC LN         -73166148.8   143762193.66
LEEDS UNITED PLC    889687Q GR      -73166148.8   143762193.66
LONDON TOWN PLC     LTWR LN         -15549465.1   160165508.92
LONDON TOWN PLC     LTW PG          -15549465.1   160165508.92
LONDON TOWN PLC     LTW LN          -15549465.1   160165508.92
LONDON TOWN PLC     LTWX LN         -15549465.1   160165508.92
LONDON TOWN PLC     LTW IX          -15549465.1   160165508.92
LONDON TOWN PLC     LTW EU          -15549465.1   160165508.92
LONDON TOWN PLC     LTW PO          -15549465.1   160165508.92
LONDON TOWN PLC     LTW EO          -15549465.1   160165508.92
LONDON TOWN PLC     LTW PZ          -15549465.1   160165508.92
LONDON TOWN PLC     LOU GR          -15549465.1   160165508.92
M 2003 PLC          203055Q LN   -2203513803.24  7204891601.83
M 2003 PLC          MTWOF US     -2203513803.24  7204891601.83
M 2003 PLC-ADR      MTWOY US     -2203513803.24  7204891601.83
M 2003 PLC-ADR      MTWOE US     -2203513803.24  7204891601.83
MARCONI PLC         MY2 GR       -2203513803.24  7204891601.83
MARCONI PLC         MRCQF US     -2203513803.24  7204891601.83
MARCONI PLC         203083Q VX   -2203513803.24  7204891601.83
MARCONI PLC         MONI BB      -2203513803.24  7204891601.83
MARCONI PLC         MNI LN       -2203513803.24  7204891601.83
MARCONI PLC         MNI BB       -2203513803.24  7204891601.83
MARCONI PLC-ADR     MY2A GR      -2203513803.24  7204891601.83
MARCONI PLC-ADR     MRCQY US     -2203513803.24  7204891601.83
MARCONI PLC-ADR     MCONY US     -2203513803.24  7204891601.83
MARCONI PLC-ADR     QUQMON AU    -2203513803.24  7204891601.83
MARCONI PLC-ADR     MCBA GR      -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     MONIE US     -2203513803.24  7204891601.83
MFI FURNITURE GR    MFI LN        -116415877.06   612420067.12
MYTRAVEL GROUP      MT IX         -379721841.57  1817512773.61
MYTRAVEL GROUP      MT/S VX       -379721841.57  1817512773.61
MYTRAVEL GROUP      MT/S PO       -379721841.57  1817512773.61
MYTRAVEL GROUP      MT/S LN       -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    MYTGF US      -379721841.57  1817512773.61
MYTRAVEL GROUP P    1018144Q GR   -379721841.57  1817512773.61
MYTRAVEL GROUP-A    MYTVF US      -379721841.57  1817512773.61
MYTRAVEL GROUP-A    2281919Q GR   -379721841.57  1817512773.61
NEW STAR ASSET      NSAM IX       -397718038.04   292972732.12
NEW STAR ASSET      NSAM PZ       -397718038.04   292972732.12
NEW STAR ASSET      3226443Q EO   -397718038.04   292972732.12
NEW STAR ASSET      NSAM LN       -397718038.04   292972732.12
NEW STAR ASSET      3226431Q EU   -397718038.04   292972732.12
NEW STAR ASSET      3226447Q EO   -397718038.04   292972732.12
NEW STAR ASSET      3226435Q EO   -397718038.04   292972732.12
NEW STAR ASSET      3226439Q EU   -397718038.04   292972732.12
NEW STAR ASSET      NSAM TQ       -397718038.04   292972732.12
NEW STAR ASSET      NSAM PO       -397718038.04   292972732.12
NEW STAR ASSET      N6S GR        -397718038.04   292972732.12
NEW STAR ASSET      NWSAF US      -397718038.04   292972732.12
NEW STAR ASSET      NSAA LN       -397718038.04   292972732.12
NORTHERN ROCK       2733281Q EO   -586206492.33152084295061.92
NORTHERN ROCK       NR3 GR        -586206492.33152084295061.92
NORTHERN ROCK       2733277Q EU   -586206492.33152084295061.92
NORTHERN ROCK       2733273Q EO   -586206492.33152084295061.92
NORTHERN ROCK       NRK VX        -586206492.33152084295061.92
NORTHERN ROCK       2733289Q EO   -586206492.33152084295061.92
NORTHERN ROCK       NRKI IX       -586206492.33152084295061.92
NORTHERN ROCK       2733269Q EU   -586206492.33152084295061.92
NORTHERN ROCK       NRK PO        -586206492.33152084295061.92
NORTHERN ROCK       NRK IX        -586206492.33152084295061.92
NORTHERN ROCK       NHRKF US      -586206492.33152084295061.92
NORTHERN ROCK       2733285Q EU   -586206492.33152084295061.92
NORTHERN ROCK       NRK LN        -586206492.33152084295061.92
NORTHERN ROCK       NRK PZ        -586206492.33152084295061.92
NORTHERN ROCK       2733265Q EO   -586206492.33152084295061.92
O TWELVE ESTATES    O2T GR         -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    OTE PZ         -10555410.41   267391338.05
O TWELVE ESTATES    OTEEUR EO      -10555410.41   267391338.05
O TWELVE ESTATES    OTE PG         -10555410.41   267391338.05
O TWELVE ESTATES    OTE EU         -10555410.41   267391338.05
O TWELVE ESTATES    OTE EO         -10555410.41   267391338.05
ORANGE PLC          ORNGF US      -593935051.02   2902299501.9
ORANGE PLC          1460Q GR      -593935051.02   2902299501.9
ORANGE PLC          951641Q LN    -593935051.02   2902299501.9
ORANGE PLC-ADR      ONG GR        -593935051.02   2902299501.9
ORANGE PLC-ADR      ORNGY US      -593935051.02   2902299501.9
ORANGE PLC-ADR      ORA$ LN       -593935051.02   2902299501.9
ORBIS PLC           OBS PZ          -4168498.48    127701679.5
ORBIS PLC           OBS PO          -4168498.48    127701679.5
ORBIS PLC           ORBSF US        -4168498.48    127701679.5
ORBIS PLC           RLP GR          -4168498.48    127701679.5
ORBIS PLC           OBS IX          -4168498.48    127701679.5
ORBIS PLC           OBG PO          -4168498.48    127701679.5
ORBIS PLC           OBS LN          -4168498.48    127701679.5
ORSU METALS CORP    EUM IX           -103725000      149477216
ORSU METALS CORP    OSU PZ           -103725000      149477216
ORSU METALS CORP    OSU PG           -103725000      149477216
ORSU METALS CORP    OSU CN           -103725000      149477216
ORSU METALS CORP    OSUMF US         -103725000      149477216
ORSU METALS CORP    E4M GR           -103725000      149477216
ORSU METALS CORP    ORSM007* RU      -103725000      149477216
ORSU METALS CORP    OSU LN           -103725000      149477216
ORSU METALS CORP    ORSM007 RU       -103725000      149477216
ORSU METALS CORP    EPMCF US         -103725000      149477216
PATIENTLINE PLC     PTL PZ         -54677284.64    124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64    124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64    124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64    124948245.8
PATIENTLINE PLC     PTL PO         -54677284.64    124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64    124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64    124948245.8
PATIENTLINE PLC     2928899Q EO    -54677284.64    124948245.8
PREMIER FARN-ADR    2246804Q US    -45246567.32   692389353.06
PREMIER FARN-ADR    PFLZ LN        -45246567.32   692389353.06
PREMIER FARN-ADR    PIFLY US       -45246567.32   692389353.06
PREMIER FARNELL     PFLUSD EO      -45246567.32   692389353.06
PREMIER FARNELL     PFLSEK EU      -45246567.32   692389353.06
PREMIER FARNELL     PFL EU         -45246567.32   692389353.06
PREMIER FARNELL     PFLGBP EO      -45246567.32   692389353.06
PREMIER FARNELL     PFL PO         -45246567.32   692389353.06
PREMIER FARNELL     PFL VX         -45246567.32   692389353.06
PREMIER FARNELL     PFLEUR EO      -45246567.32   692389353.06
PREMIER FARNELL     PFL EB         -45246567.32   692389353.06
PREMIER FARNELL     PFL BQ         -45246567.32   692389353.06
PREMIER FARNELL     PFL NQ         -45246567.32   692389353.06
PREMIER FARNELL     PFL QM         -45246567.32   692389353.06
PREMIER FARNELL     PIFLF US       -45246567.32   692389353.06
PREMIER FARNELL     PFL EO         -45246567.32   692389353.06
PREMIER FARNELL     PFLSEK EO      -45246567.32   692389353.06
PREMIER FARNELL     PML GR         -45246567.32   692389353.06
PREMIER FARNELL     PFL PZ         -45246567.32   692389353.06
PREMIER FARNELL     PFL IX         -45246567.32   692389353.06
PREMIER FARNELL     PFL TQ         -45246567.32   692389353.06
PREMIER FARNELL     PFLUSD EU      -45246567.32   692389353.06
PREMIER FARNELL     PFL NR         -45246567.32   692389353.06
PREMIER FARNELL     PFLEUR EU      -45246567.32   692389353.06
PREMIER FARNELL     PFL LN         -45246567.32   692389353.06
PROSTRAKAN GROUP    PSKGBP EO       -1646349.91   143067806.91
PROSTRAKAN GROUP    PSKEUR EO       -1646349.91   143067806.91
PROSTRAKAN GROUP    PSKEUR EU       -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK PZ          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK PO          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK EU          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK IX          -1646349.91   143067806.91
PROSTRAKAN GROUP    PKNGF US        -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK LN          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK VX          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK EO          -1646349.91   143067806.91
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 PZ        -145048365.85  2933767506.67
REAL ESTATE OP-O    REO ID        -145048365.85  2933767506.67
REAL ESTATE OP-O    REO EO        -145048365.85  2933767506.67
REAL ESTATE OP-O    REO IX        -145048365.85  2933767506.67
REAL ESTATE OP-O    REO LN        -145048365.85  2933767506.67
REAL ESTATE OP-O    REA GR        -145048365.85  2933767506.67
REAL ESTATE OP-O    REO EU        -145048365.85  2933767506.67
REGUS LTD           273187Q LN     -46111835.37      367181111
REGUS PLC           2296Z LN       -46111835.37      367181111
REGUS PLC           273195Q VX     -46111835.37      367181111
REGUS PLC           REGSF US       -46111835.37      367181111
REGUS PLC           RGU GR         -46111835.37      367181111
REGUS PLC-ADS       REGS US        -46111835.37      367181111
REGUS PLC-ADS       REGSV US       -46111835.37      367181111
REGUS PLC-ADS       REGSY US       -46111835.37      367181111
REGUS PLC-ADS       RGUA GR        -46111835.37      367181111
RENTOKIL INITIAL    RTO PO        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO TQ        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO QM        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO VX        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOGBP EO     -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO LN        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EU        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO PZ        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOUSD EU     -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO BQ        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOEUR EU     -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EO        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOG IX       -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO NR        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOKF US      -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOEUR EO     -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOUSD EO     -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO GR        -351331070.14  3368925867.22
RENTOKIL INITIAL    RKLIF US      -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EB        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO1 GR       -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO NQ        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO IX        -351331070.14  3368925867.22
RENTOKIL-SP ADR     RTOKY US      -351331070.14  3368925867.22
RENTOKIL-SP ADR     AP76 LI       -351331070.14  3368925867.22
SAATCHI & SA-ADR    SSI$ LN       -119260804.15   705060824.55
SAATCHI & SA-ADR    SSA US        -119260804.15   705060824.55
SAATCHI & SAATCH    188190Q GR    -119260804.15   705060824.55
SAATCHI & SAATCH    SSATF US      -119260804.15   705060824.55
SAATCHI & SAATCH    SSI LN        -119260804.15   705060824.55
SCOTTISH MEDIA      SSM LN         -49061227.23   212049868.01
SCOTTISH MEDIA      1442Q GR       -49061227.23   212049868.01
SCOTTISH MEDIA      SSMR LN        -49061227.23   212049868.01
SCOTTISH TELEV      SCTVF US       -49061227.23   212049868.01
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       -134177517.41   149159301.57
SKYEPHAR-RTS F/P    SKPF LN       -134177517.41   149159301.57
SKYEPHAR-RTS N/P    SKPN LN       -134177517.41   149159301.57
SKYEPHAR-RTS N/P    SKPN VX       -134177517.41   149159301.57
SKYEPHARMA -SUB     2976665Z LN   -134177517.41   149159301.57
SKYEPHARMA PLC      SKP EO        -134177517.41   149159301.57
SKYEPHARMA PLC      SKPEUR EO     -134177517.41   149159301.57
SKYEPHARMA PLC      SKP PO        -134177517.41   149159301.57
SKYEPHARMA PLC      SK8C GR       -134177517.41   149159301.57
SKYEPHARMA PLC      SKP PZ        -134177517.41   149159301.57
SKYEPHARMA PLC      SK8A GR       -134177517.41   149159301.57
SKYEPHARMA PLC      SKP VX        -134177517.41   149159301.57
SKYEPHARMA PLC      SKPGBP EO     -134177517.41   149159301.57
SKYEPHARMA PLC      SKPEUR EU     -134177517.41   149159301.57
SKYEPHARMA PLC      SKP IX        -134177517.41   149159301.57
SKYEPHARMA PLC      SKP1 VX       -134177517.41   149159301.57
SKYEPHARMA PLC      SKP LN        -134177517.41   149159301.57
SKYEPHARMA PLC      SKP TQ        -134177517.41   149159301.57
SKYEPHARMA PLC      SKYEF US      -134177517.41   149159301.57
SKYEPHARMA PLC      SKP EU        -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYPY US      -134177517.41   149159301.57
SKYEPHARMA-ADR      AP80 LI       -134177517.41   149159301.57
SKYEPHARMA-ADR      SK8N GR       -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYE US       -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYEY US      -134177517.41   149159301.57
SKYEPHARMA-ADR      SK8 GR        -134177517.41   149159301.57
SMG PLC             SMG LN         -49061227.23   212049868.01
SMG PLC             SMG PO         -49061227.23   212049868.01
SMG PLC-FUL PAID    SMGF LN        -49061227.23   212049868.01
SMG PLC-NIL PAID    SMGN LN        -49061227.23   212049868.01
SMITHS NEWS PLC     NWS PO         -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     NWS1 EU        -97992746.54   146917382.81
SMITHS NEWS PLC     SMWPY US       -97992746.54   146917382.81
SMITHS NEWS PLC     NWS LN         -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2 TQ        -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2GBP EO     -97992746.54   146917382.81
SMITHS NEWS PLC     NWS PZ         -97992746.54   146917382.81
SMITHS NEWS PLC     NWS1 EO        -97992746.54   146917382.81
SMITHS NEWS PLC     SMWPF US       -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2 EO        -97992746.54   146917382.81
SMITHS NEWS PLC     NWS VX         -97992746.54   146917382.81
SMITHS NEWS PLC     NWS IX         -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2EUR EU     -97992746.54   146917382.81
STAGECOACH GROUP    SGC1EUR EO     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1AUD EU     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EB        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1USD EU     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EU        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC PO         -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 QM        -14183327.87  2231066974.58
STAGECOACH GROUP    SHP4 GR        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 NR        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1GBP EO     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC LN         -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1USD EO     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1AUD EO     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC IX         -14183327.87  2231066974.58
STAGECOACH GROUP    SAGKF US       -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 TQ        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 NQ        -14183327.87  2231066974.58
STAGECOACH GROUP    SHP GR         -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EO        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1EUR EU     -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 BQ        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC2 VX        -14183327.87  2231066974.58
STAGECOACH GROUP    SGCG PZ        -14183327.87  2231066974.58
STAGECOACH GRP-B    SGCB LN        -14183327.87  2231066974.58
STAGECOACH-NEW      SGCN LN        -14183327.87  2231066974.58
STV GROUP PLC       STVGEUR EU     -49061227.23   212049868.01
STV GROUP PLC       SMG IX         -49061227.23   212049868.01
STV GROUP PLC       STVG LN        -49061227.23   212049868.01
STV GROUP PLC       STVG EU        -49061227.23   212049868.01
STV GROUP PLC       STVG EO        -49061227.23   212049868.01
STV GROUP PLC       SMGPF US       -49061227.23   212049868.01
STV GROUP PLC       STVGEUR EO     -49061227.23   212049868.01
STV GROUP PLC       STVG VX        -49061227.23   212049868.01
STV GROUP PLC       SMG PZ         -49061227.23   212049868.01
STV GROUP PLC       SMG VX         -49061227.23   212049868.01
STV GROUP PLC       STVGGBP EO     -49061227.23   212049868.01
TELASI JSC          AEST GG         -38496626.3   121421179.22
TELEWEST COM-ADR    TWSTD US     -3702234580.99  7581020925.22
TELEWEST COM-ADR    TWT$ LN      -3702234580.99  7581020925.22
TELEWEST COM-ADR    TWSTY US     -3702234580.99  7581020925.22
TELEWEST COM-ADR    940767Q GR   -3702234580.99  7581020925.22
TELEWEST COMM       TWSTF US     -3702234580.99  7581020925.22
TELEWEST COMM       TWT VX       -3702234580.99  7581020925.22
TELEWEST COMM       604296Q GR   -3702234580.99  7581020925.22
TELEWEST COMM       715382Q LN   -3702234580.99  7581020925.22
THORN EMI PLC       THNE FP      -2265916256.89  2950021937.14
THORN EMI-ADR       THN$ LN      -2265916256.89  2950021937.14
THORN EMI-ADR       TORNY US     -2265916256.89  2950021937.14
THORN EMI-CDR       THN NA       -2265916256.89  2950021937.14
THORN EMI-REGD      1772Q GR     -2265916256.89  2950021937.14
TOPPS TILES PLC     TPTEUR EO      -78172467.48    131014414.4
TOPPS TILES PLC     TPT VX         -78172467.48    131014414.4
TOPPS TILES PLC     TPTGBP EO      -78172467.48    131014414.4
TOPPS TILES PLC     TPT PZ         -78172467.48    131014414.4
TOPPS TILES PLC     TPT PO         -78172467.48    131014414.4
TOPPS TILES PLC     TPT TQ         -78172467.48    131014414.4
TOPPS TILES PLC     TPT BQ         -78172467.48    131014414.4
TOPPS TILES PLC     TPT LN         -78172467.48    131014414.4
TOPPS TILES PLC     TPT EU         -78172467.48    131014414.4
TOPPS TILES PLC     TPT IX         -78172467.48    131014414.4
TOPPS TILES PLC     TPTJF US       -78172467.48    131014414.4
TOPPS TILES PLC     TPTJY US       -78172467.48    131014414.4
TOPPS TILES PLC     TPTEUR EU      -78172467.48    131014414.4
TOPPS TILES PLC     TPT EO         -78172467.48    131014414.4
TOPPS TILES-NEW     TPTN LN        -78172467.48    131014414.4
UTC GROUP           UGR LN         -11904426.45   203548565.03
VIRGIN MOB-ASSD     VMOC LN       -392165437.58   166070003.71
VIRGIN MOB-ASSD     VMOA LN       -392165437.58   166070003.71
VIRGIN MOBILE       VMOB PO       -392165437.58   166070003.71
VIRGIN MOBILE       UEM GR        -392165437.58   166070003.71
VIRGIN MOBILE       VMOB LN       -392165437.58   166070003.71
VIRGIN MOBILE       VMOB VX       -392165437.58   166070003.71
VIRGIN MOBILE       VGMHF US      -392165437.58   166070003.71
WATSON & PHILIP     WTSN LN       -120493900.04   252232072.87
WINCANTON PL-ADR    WNCNY US       -47615167.52  1316638025.67
WINCANTON PLC       WIN1 BQ        -47615167.52  1316638025.67
WINCANTON PLC       WIN IX         -47615167.52  1316638025.67
WINCANTON PLC       WIN PZ         -47615167.52  1316638025.67
WINCANTON PLC       WIN1 TQ        -47615167.52  1316638025.67
WINCANTON PLC       WIN LN         -47615167.52  1316638025.67
WINCANTON PLC       WIN1EUR EU     -47615167.52  1316638025.67
WINCANTON PLC       WIN1USD EU     -47615167.52  1316638025.67
WINCANTON PLC       WIN1 QM        -47615167.52  1316638025.67
WINCANTON PLC       WIN PO         -47615167.52  1316638025.67
WINCANTON PLC       WIN1GBP EO     -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EU        -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EO        -47615167.52  1316638025.67
WINCANTON PLC       WIN1EUR EO     -47615167.52  1316638025.67
WINCANTON PLC       WIN VX         -47615167.52  1316638025.67
WINCANTON PLC       WNCNF US       -47615167.52  1316638025.67
WINCANTON PLC       WIN1 NQ        -47615167.52  1316638025.67
WINCANTON PLC       WIN1USD EO     -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EB        -47615167.52  1316638025.67
XXPERT RENTAL       XPRT CN          -103725000      149477216


GREECE
------
AG PETZETAKIS SA    PETZK EU       -29943162.81   218449483.79
AG PETZETAKIS SA    PETZK PZ       -29943162.81   218449483.79
AG PETZETAKIS SA    PTZ1 GR        -29943162.81   218449483.79
AG PETZETAKIS SA    PZETF US       -29943162.81   218449483.79
AG PETZETAKIS SA    PETZK EO       -29943162.81   218449483.79
AG PETZETAKIS SA    PTZ GR         -29943162.81   218449483.79
AG PETZETAKIS SA    PETZK GA       -29943162.81   218449483.79
ALTEC SA -AUCT      ALTECE GA     -113800496.36   212288486.55
ALTEC SA INFO       AXY GR        -113800496.36   212288486.55
ALTEC SA INFO       ALTEC PZ      -113800496.36   212288486.55
ALTEC SA INFO       ATCQF US      -113800496.36   212288486.55
ALTEC SA INFO       ALTEC EO      -113800496.36   212288486.55
ALTEC SA INFO       ALTEC GA      -113800496.36   212288486.55
ALTEC SA INFO       ALTEC EU      -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 EU       -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN PZ       -34283568.77   458056717.55
HELLAS ONLINE SA    HOLR GA        -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN EO       -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN GA       -34283568.77   458056717.55
HELLAS ONLINE SA    HOL GA         -34283568.77   458056717.55
HELLAS ONLINE SA    UN5 GR         -34283568.77   458056717.55
KOUMBAS INSUR-RT    KOUMD GA       -47073006.65   212483361.18
KOUMBAS RTS         KOUMR GA       -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM EU        -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM PZ        -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM GA        -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUMF US       -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM EO        -47073006.65   212483361.18
NAOUSSA SPIN -RT    NAOYD GA       -44175513.67   341686153.14
NAOUSSA SPIN-AUC    NAOYKE GA      -44175513.67   341686153.14
NAOUSSA SPIN-RTS    NAOYKR GA      -44175513.67   341686153.14
NAOUSSA SPINNING    NML1 GR        -44175513.67   341686153.14
NAOUSSA SPINNING    NML GR         -44175513.67   341686153.14
PETZET - PFD-RTS    PETZPD GA      -29943162.81   218449483.79
PETZETAKIS - RTS    PETZKD GA      -29943162.81   218449483.79
PETZETAKIS-AUC      PETZKE GA      -29943162.81   218449483.79
PETZETAKIS-PFD      PTZ3 GR        -29943162.81   218449483.79
PETZETAKIS-PFD      PETZP GA       -29943162.81   218449483.79
RADIO KORASS-RTS    KORAR GA      -100972173.86   180679253.63
RADIO KORASSI-RT    KORAD GA      -100972173.86   180679253.63
RADIO KORASSIDIS    KORA GA       -100972173.86   180679253.63
RADIO KORASSIDIS    RKC GR        -100972173.86   180679253.63
RADIO KORASSIDIS    RAKOF US      -100972173.86   180679253.63
THEMELIODOMI        THEME GA       -55751178.85   232036822.56
THEMELIODOMI-AUC    THEMEE GA      -55751178.85   232036822.56
THEMELIODOMI-RTS    THEMER GA      -55751178.85   232036822.56
THEMELIODOMI-RTS    THEMED GA      -55751178.85   232036822.56
UNITED TEXTILES     UTEX EU        -44175513.67   341686153.14
UNITED TEXTILES     NAOSF US       -44175513.67   341686153.14
UNITED TEXTILES     UTEX GA        -44175513.67   341686153.14
UNITED TEXTILES     NAOYK GA       -44175513.67   341686153.14
UNITED TEXTILES     UTEX EO        -44175513.67   341686153.14
UNITED TEXTILES     UTEX PZ        -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 GR            -41577000     1251297920
HUNGARIAN TELEPH    HUC EX            -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    BCM GR         -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP IX         -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 EU        -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 PZ        -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 PG        -10192301.85   119787800.54
BOUNDARY CAPITAL    BCPI IX        -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP LN         -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP ID         -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 EO        -10192301.85   119787800.54
ELAN CORP PLC       ELN IX           -370500000     1669500032
ELAN CORP PLC       ELA PO           -370500000     1669500032
ELAN CORP PLC       ELNUSD EO        -370500000     1669500032
ELAN CORP PLC       ELNGBP EO        -370500000     1669500032
ELAN CORP PLC       ELN NR           -370500000     1669500032
ELAN CORP PLC       ELA IX           -370500000     1669500032
ELAN CORP PLC       ELN EU           -370500000     1669500032
ELAN CORP PLC       ELN LN           -370500000     1669500032
ELAN CORP PLC       ELNGBX EO        -370500000     1669500032
ELAN CORP PLC       ELA LN           -370500000     1669500032
ELAN CORP PLC       ECN VX           -370500000     1669500032
ELAN CORP PLC       DRX1 PZ          -370500000     1669500032
ELAN CORP PLC       DRXG IX          -370500000     1669500032
ELAN CORP PLC       DRX GR           -370500000     1669500032
ELAN CORP PLC       ELN ID           -370500000     1669500032
ELAN CORP PLC       ELNUSD EU        -370500000     1669500032
ELAN CORP PLC       ELN TQ           -370500000     1669500032
ELAN CORP PLC       ELN EO           -370500000     1669500032
ELAN CORP PLC       ELNCF US         -370500000     1669500032
ELAN CORP-ADR       EANG IX          -370500000     1669500032
ELAN CORP-ADR       EAN GR           -370500000     1669500032
ELAN CORP-ADR       QUNELN AU        -370500000     1669500032
ELAN CORP-ADR       ELN US           -370500000     1669500032
ELAN CORP-ADR       ELAD LN          -370500000     1669500032
ELAN CORP-ADR UT    ELN/E US         -370500000     1669500032
ELAN CORP-CVR       ELNZV US         -370500000     1669500032
ELAN CORP-CVR       LCVRZ US         -370500000     1669500032
ELAN CORP/OLD       1295Z ID         -375500000     1693300096
MCINERNEY -RT FP    MCIF ID       -113397336.28   441922391.66
MCINERNEY -RT FP    MCIF LN       -113397336.28   441922391.66
MCINERNEY -RT NP    MCIN ID       -113397336.28   441922391.66
MCINERNEY -RT NP    MCIN LN       -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBX EO     -113397336.28   441922391.66
MCINERNEY HLDGS     MCI IX        -113397336.28   441922391.66
MCINERNEY HLDGS     MCII IX       -113397336.28   441922391.66
MCINERNEY HLDGS     MK9 GR        -113397336.28   441922391.66
MCINERNEY HLDGS     MCI ID        -113397336.28   441922391.66
MCINERNEY HLDGS     MK9 PO        -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBP EO     -113397336.28   441922391.66
MCINERNEY HLDGS     MCI VX        -113397336.28   441922391.66
MCINERNEY HLDGS     MCI EU        -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBX EU     -113397336.28   441922391.66
MCINERNEY HLDGS     MCI LN        -113397336.28   441922391.66
MCINERNEY HLDGS     MK9C PZ       -113397336.28   441922391.66
MCINERNEY HLDGS     MNEYF US      -113397336.28   441922391.66
MCINERNEY HLDGS     MCI PO        -113397336.28   441922391.66
MCINERNEY HLDGS     MCI EO        -113397336.28   441922391.66
MCINERNEY PROP-A    MYP LN        -113397336.28   441922391.66
MCINERNEY PROP-A    MYP ID        -113397336.28   441922391.66
MCINERNEY PROP-A    MCIYF US      -113397336.28   441922391.66
MCINERNEY-ADR       MNEYY US      -113397336.28   441922391.66
PAYZONE PLC         PAYZ EU       -138030903.22   510010035.33
PAYZONE PLC         PAYZ IX       -138030903.22   510010035.33
PAYZONE PLC         PAYZ PG       -138030903.22   510010035.33
PAYZONE PLC         4P6 GR        -138030903.22   510010035.33
PAYZONE PLC         PAYZ PZ       -138030903.22   510010035.33
PAYZONE PLC         PAYZ EO       -138030903.22   510010035.33
PAYZONE PLC         PAYZ LN       -138030903.22   510010035.33
WATERFORD - RTS     WWWA GR       -505729895.23   820803256.03
WATERFORD - RTS     WWWB GR       -505729895.23   820803256.03
WATERFORD - RTS     508519Q LN    -505729895.23   820803256.03
WATERFORD - RTS     508523Q LN    -505729895.23   820803256.03
WATERFORD - RTS     WWWB ID       -505729895.23   820803256.03
WATERFORD - RTS     WWWA ID       -505729895.23   820803256.03
WATERFORD W-ADR     WATWY US      -505729895.23   820803256.03
WATERFORD WDGEWD    WATWF US      -505729895.23   820803256.03
WATERFORD WDGEWD    WATFF US      -505729895.23   820803256.03
WATERFORD WE-RTS    WTFF LN       -505729895.23   820803256.03
WATERFORD WE-RTS    WTFN LN       -505729895.23   820803256.03
WATERFORD WE-RTS    WTFN ID       -505729895.23   820803256.03
WATERFORD WE-RTS    WTFF ID       -505729895.23   820803256.03
WATERFORD WE-RTS    WTFN VX       -505729895.23   820803256.03
WATERFORD WED-RT    586552Q LN    -505729895.23   820803256.03
WATERFORD WED-RT    WTFR LN       -505729895.23   820803256.03
WATERFORD WED-RT    WWWC GR       -505729895.23   820803256.03
WATERFORD WED-RT    WWWD GR       -505729895.23   820803256.03
WATERFORD WED-RT    WWWD ID       -505729895.23   820803256.03
WATERFORD WED-RT    WWWC ID       -505729895.23   820803256.03
WATERFORD WED-RT    586556Q LN    -505729895.23   820803256.03
WATERFORD WED-UT    WTFU VX       -505729895.23   820803256.03
WATERFORD WED-UT    WWWD PZ       -505729895.23   820803256.03
WATERFORD WED-UT    WTFUGBX EU    -505729895.23   820803256.03
WATERFORD WED-UT    WTFU EU       -505729895.23   820803256.03
WATERFORD WED-UT    WTFU EO       -505729895.23   820803256.03
WATERFORD WED-UT    WTFU PO       -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 LN       -505729895.23   820803256.03
WATERFORD WED-UT    WWW PO        -505729895.23   820803256.03
WATERFORD WED-UT    WTFUGBX EO    -505729895.23   820803256.03
WATERFORD WED-UT    WWW GR        -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 PZ         -223771648     2277793536
EIMSKIPAFELAG HF    AVION IR         -223771648     2277793536
EIMSKIPAFELAG HF    HFEIM EO         -223771648     2277793536
EIMSKIPAFELAG HF    HFEIM EU         -223771648     2277793536
EIMSKIPAFELAG HF    HFEIMEUR EO      -223771648     2277793536
EIMSKIPAFELAG HF    HFEIMEUR EU      -223771648     2277793536
EIMSKIPAFELAG HF    HFEIM IR         -223771648     2277793536


ITALY
-----
AEDES AXA+W         AEAXAW IM      -24405906.61  1350851664.42
AEDES SPA           AE IM          -24405906.61  1350851664.42
AEDES SPA           AE PZ          -24405906.61  1350851664.42
AEDES SPA           AEDSF US       -24405906.61  1350851664.42
AEDES SPA           AEDI IX        -24405906.61  1350851664.42
AEDES SPA           AE EU          -24405906.61  1350851664.42
AEDES SPA           LLB GR         -24405906.61  1350851664.42
AEDES SPA           AE TQ          -24405906.61  1350851664.42
AEDES SPA           AE EO          -24405906.61  1350851664.42
AEDES SPA RNC       AEDE IM        -24405906.61  1350851664.42
AEDES SPA-OPA       AEDROP IM      -24405906.61  1350851664.42
AEDES SPA-OPA       AEOPA IM       -24405906.61  1350851664.42
AEDES SPA-RTS       AESA IM        -24405906.61  1350851664.42
AEDES SPA-RTS       AEAA IM        -24405906.61  1350851664.42
AEDES SPA-SVGS R    AEDRAA IM      -24405906.61  1350851664.42
ARENA SPA           RON GR         -26843216.33   117951651.43
ARENA SPA           ARE2 EU        -26843216.33   117951651.43
ARENA SPA           ARE IM         -26843216.33   117951651.43
ARENA SPA           ARE2 EO        -26843216.33   117951651.43
ARENA SPA           RON IX         -26843216.33   117951651.43
ARENA SPA           AREI PZ        -26843216.33   117951651.43
ARENA SPA           ARE2 TQ        -26843216.33   117951651.43
ARENA SPA           RNCNF US       -26843216.33   117951651.43
BINDA SPA           BNDAF US       -11146475.29   128859802.94
BINDA SPA           BND IM         -11146475.29   128859802.94
CART SOTTRI-BIND    DEM IM         -11146475.29   128859802.94
CIRIO FINANZIARI    CRO IM         -422095869.5  1583083044.16
CIRIO FINANZIARI    FIY GR         -422095869.5  1583083044.16
COIN SPA            GC IX         -151690764.75   791310848.67
COIN SPA            GUCIF US      -151690764.75   791310848.67
COIN SPA            965089Q GR    -151690764.75   791310848.67
COIN SPA-RTS        GCAA IM       -151690764.75   791310848.67
COIN SPA/OLD        GC IM         -151690764.75   791310848.67
COMPAGNIA ITALIA    CGLUF US      -137726596.25   527372691.43
COMPAGNIA ITALIA    ICT IM        -137726596.25   527372691.43
COMPAGNIA ITALIA    CITU IX       -137726596.25   527372691.43
CREDITO FOND-RTS    CRFSA IM      -200209050.26  4213063202.32
CREDITO FONDIARI    CRF IM        -200209050.26  4213063202.32
LAZIO SPA           LZO1 GR        -15482934.18   260633690.01
LAZIO SPA           SSL1 IX        -15482934.18   260633690.01
LAZIO SPA           SSL1 EU        -15482934.18   260633690.01
LAZIO SPA           SSL IM         -15482934.18   260633690.01
LAZIO SPA           LZO GR         -15482934.18   260633690.01
LAZIO SPA           SSLI PZ        -15482934.18   260633690.01
LAZIO SPA           SSLZF US       -15482934.18   260633690.01
LAZIO SPA           SSL1 EO        -15482934.18   260633690.01
LAZIO SPA           571260Q US     -15482934.18   260633690.01
LAZIO SPA-RTS       SSLAZ IM       -15482934.18   260633690.01
LAZIO SPA-RTS       SSLAA IM       -15482934.18   260633690.01
OLCESE SPA          O IM           -12846689.89   179691572.79
OLCESE SPA-RTS      OAA IM         -12846689.89   179691572.79
OLCESE VENEZIANO    OLVE IM        -12846689.89   179691572.79
OMNIA NETWORK SP    ONT TQ         -14203645.83    330093845.4
OMNIA NETWORK SP    ONT EO         -14203645.83    330093845.4
OMNIA NETWORK SP    ONT PZ         -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 IM         -14203645.83    330093845.4
PARMALAT FINA-RT    PRFR AV     -18419390028.95  4120687886.18
PARMALAT FINANZI    PMT LI      -18419390028.95  4120687886.18
PARMALAT FINANZI    PARAF US    -18419390028.95  4120687886.18
PARMALAT FINANZI    PRFI VX     -18419390028.95  4120687886.18
PARMALAT FINANZI    PRF IM      -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
RONCADIN SPA        RON IM         -26843216.33   117951651.43
RONCADIN SPA-RT     RONAA IM       -26843216.33   117951651.43
RONCADIN SPA-RTS    RONAAW IM      -26843216.33   117951651.43
SNIA BPD            SN GR          -97720525.24   339401569.86
SNIA BPD-ADR        SBPDY US       -97720525.24   339401569.86
SNIA SPA            SN EU          -97720525.24   339401569.86
SNIA SPA            SIAI PZ        -97720525.24   339401569.86
SNIA SPA            SBPDF US       -97720525.24   339401569.86
SNIA SPA            SN TQ          -97720525.24   339401569.86
SNIA SPA            SN EO          -97720525.24   339401569.86
SNIA SPA            SNIXF US       -97720525.24   339401569.86
SNIA SPA            SSMLF US       -97720525.24   339401569.86
SNIA SPA            SN IM          -97720525.24   339401569.86
SNIA SPA            SNIA GR        -97720525.24   339401569.86
SNIA SPA            SNIB GR        -97720525.24   339401569.86
SNIA SPA            SIAI IX        -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        SNSO IM        -97720525.24   339401569.86
SNIA SPA-RTS        SNAA IM        -97720525.24   339401569.86
SOCOTHERM SPA       SCT EU         -28370270.37   537950362.36
SOCOTHERM SPA       SCT TQ         -28370270.37   537950362.36
SOCOTHERM SPA       SCTI PZ        -28370270.37   537950362.36
SOCOTHERM SPA       SCT IM         -28370270.37   537950362.36
SOCOTHERM SPA       SCT EO         -28370270.37   537950362.36
SOCOTHERM SPA       SCTM IX        -28370270.37   537950362.36
SOCOTHERM SPA       SOCEF US       -28370270.37   537950362.36
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 ITALIA    TDI IM         -89894162.82   152045757.48
TECNODIFF-RTS       TDIAOW NM      -89894162.82   152045757.48
TECNODIFFUSIONE     TDIAAW IM      -89894162.82   152045757.48
TISCALI SPA         TIS NA         -24638454.05  1569205599.82
TISCALI SPA         TIS IX         -24638454.05  1569205599.82
TISCALI SPA         TIS EU         -24638454.05  1569205599.82
TISCALI SPA         TIS VX         -24638454.05  1569205599.82
TISCALI SPA         TISGBP EO      -24638454.05  1569205599.82
TISCALI SPA         TISGBX EU      -24638454.05  1569205599.82
TISCALI SPA         TIS PZ         -24638454.05  1569205599.82
TISCALI SPA         TIQ1 GR        -24638454.05  1569205599.82
TISCALI SPA         TIS TQ         -24638454.05  1569205599.82
TISCALI SPA         TISN FP        -24638454.05  1569205599.82
TISCALI SPA         TSCXF US       -24638454.05  1569205599.82
TISCALI SPA         TISGBX EO      -24638454.05  1569205599.82
TISCALI SPA         TIS EO         -24638454.05  1569205599.82
TISCALI SPA         TIS IM         -24638454.05  1569205599.82
TISCALI SPA         TISN NA        -24638454.05  1569205599.82
TISCALI SPA         TIS NR         -24638454.05  1569205599.82
TISCALI SPA         TISN IM        -24638454.05  1569205599.82
TISCALI SPA         TISN IX        -24638454.05  1569205599.82
TISCALI SPA         TISN VX        -24638454.05  1569205599.82
TISCALI SPA         TIS FP         -24638454.05  1569205599.82
TISCALI SPA         TIQG IX        -24638454.05  1569205599.82
TISCALI SPA- RTS    TISAXA IM      -24638454.05  1569205599.82
TISCALI SPA- RTS    3391621Q GR    -24638454.05  1569205599.82


LUXEMBOURG
----------
CARRIER1 INT-AD+    CONE ES           -94729000      472360992
CARRIER1 INT-ADR    CONEQ US          -94729000      472360992
CARRIER1 INT-ADR    CONE US           -94729000      472360992
CARRIER1 INT-ADR    CONEE US          -94729000      472360992
CARRIER1 INTL       CJN GR            -94729000      472360992
CARRIER1 INTL       CJN NM            -94729000      472360992
CARRIER1 INTL       CJNA GR           -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     BNCG IX         -7854741.41   609871188.88
BAAN COMPANY NV     BAAN GR         -7854741.41   609871188.88
BAAN COMPANY NV     BAAN PZ         -7854741.41   609871188.88
BAAN COMPANY NV     BAAN IX         -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     BAAVF US        -7854741.41   609871188.88
BAAN COMPANY NV     BAAN EO         -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 NA       -5505478849.55  5112616630.06
UNITED PAN-EUR-A    UPC LN       -5505478849.55  5112616630.06
UNITED PAN-EUR-A    UPC LI       -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPE GR       -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPCEF US     -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPE1 GR      -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPCOF US     -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPC VX       -5505478849.55  5112616630.06
WAH KING INVEST     WAHKE US           -1244740      136149008
WAH KING INVEST     WAHK US            -1244740      136149008


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


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


PORTUGAL
--------
COFINA              COFI EO         -9882836.46   319233214.35
COFINA              CFASF US        -9882836.46   319233214.35
COFINA              CFN1 PZ         -9882836.46   319233214.35
COFINA              CFN PL          -9882836.46   319233214.35
COFINA              COFSI IX        -9882836.46   319233214.35
COFINA              COFI PL         -9882836.46   319233214.35
COFINA              CFNX PX         -9882836.46   319233214.35
COFINA              COFI EU         -9882836.46   319233214.35
COFINA              COFI TQ         -9882836.46   319233214.35
LISGRAFICA IMPRE    LIG PZ          -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG EU         -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG EO         -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG EO          -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG EU          -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG PL         -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG PL          -8723139.72   107312975.09
LISGRAFICA-RTS      LIGDS PL        -8723139.72   107312975.09
PORCELANA VISTA     PVAL PL        -68504012.12   145654270.82
SPORTING-SOC DES    SCP1 PZ         -4083492.14    225687305.9
SPORTING-SOC DES    SCDF PL         -4083492.14    225687305.9
SPORTING-SOC DES    SCDF EU         -4083492.14    225687305.9
SPORTING-SOC DES    SCPX PX         -4083492.14    225687305.9
SPORTING-SOC DES    SCG GR          -4083492.14    225687305.9
SPORTING-SOC DES    SCDF EO         -4083492.14    225687305.9
SPORTING-SOC DES    SCPL IX         -4083492.14    225687305.9
SPORTING-SOC DES    SCP PL          -4083492.14    225687305.9
VAA VISTA ALEGRE    VAF PL         -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF EU         -68504012.12   145654270.82
VAA VISTA ALEGRE    VAFX PX        -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF EO         -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF PZ         -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK PL        -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK EO        -68504012.12   145654270.82
VAA VISTA ALTAN     VAFKX PX       -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK PZ        -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK EU        -68504012.12   145654270.82


ROMANIA
-------
DUVANSKA            DIVR SG         -7729350.78   109207260.53
IMK 14 OKTOBAR A    IMKO SG         -5175836.42   110102264.18


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       -171193521.47   350870451.06
AMO ZIL-CLS         ZILL RU       -171193521.47   350870451.06
AMO ZIL-CLS         ZILL* RU      -171193521.47   350870451.06
DAGESTAN ENERGY     DASB RM        -33465586.31   128437866.54
DAGESTAN ENERGY     DASB* RU       -33465586.31   128437866.54
DAGESTAN ENERGY     DASB RU        -33465586.31   128437866.54
EAST-SIBERIA-BRD    VSNK* RU      -116177580.51   140342466.16
EAST-SIBERIA-BRD    VSNK RU       -116177580.51   140342466.16
EAST-SIBERIAN-BD    VSNK$ RU      -116177580.51   140342466.16
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        -75483851.36  1248071411.99
KOMPANIYA GL-BRD    GMST* RU       -75483851.36  1248071411.99
RAFO SA             RAF RO        -457922636.25   356796459.26
SAMARANEFTEGA-P$    SMNGP RU      -331600428.45   891998590.74
SAMARANEFTEGAS      SVYOF US      -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG* RU      -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG RM       -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG$ RU      -331600428.45   891998590.74
SAMARANEFTEGAS-$    SMNG RU       -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP* RU     -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP$ RU     -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP RM      -331600428.45   891998590.74
TERNEYLES-BRD       TERL* RU        -15178937.2   182115156.77
TERNEYLES-BRD       TERL RU         -15178937.2   182115156.77
URGALUGOL-BRD       YRGL RU        -15706613.04   105440541.07
URGALUGOL-BRD       YRGL* RU       -15706613.04   105440541.07
URGALUGOL-BRD-PF    YRGLP RU       -15706613.04   105440541.07
UZINELE SODICE G    UZIM RO        -35878364.71   104942905.83
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
ZASTAVA AUTOMOBI    ZAKG SG       -396504649.08   174692011.08
ZIL AUTO PLANT      ZILL$ RU      -171193521.47   350870451.06
ZIL AUTO PLANT-P    ZILLP RU      -171193521.47   350870451.06
ZIL AUTO PLANT-P    ZILLP RM      -171193521.47   350870451.06
ZIL AUTO PLANT-P    ZILLP* RU     -171193521.47   350870451.06


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *