TCREUR_Public/090922.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 22, 2009, Vol. 10, No. 187

                            Headlines

A U S T R I A

DS STEVANOVIC: Claims Filing Deadline is October 1
EORY & CO: Claims Filing Deadline is October 1
EHK GMBH: Claims Filing Deadline is October 1
KELLER-PROFI ALTMANN: Claims Filing Deadline is October 1
WACHEK GMBH: Claims Filing Deadline is October 1

Z & W ENERGY: Claims Filing Deadline is October 1


B E L G I U M

DEXIA SA: Seeks to Return to Profitability in 2009


E S T O N I A

GILD ARBITRAGE: Lenders Back Bond Issue to Restructure Debts


F R A N C E

MECACHROME INTERNATIONAL: Stay Orders Extended Until December


G E R M A N Y

ARCANDOR AG: Administrator In Talks with Quelle Potential Buyers
GELDILUX-TS-2007 SA: Fitch Cuts Rating on Class D Notes to 'BB'
GELDILUX-TS-2005 SA: Fitch Cuts Rating on Class D Notes to 'B'
KRONOS INT'L: Deutsche Bank Amends Loan, Sets New Covenants
VAC FINANZIERUNG: Moody's Cuts Corporate Family Rating to 'Ca'


G R E E C E

WIND HELLAS: Subordinated Investors Form Bondholder Committee


H U N G A R Y

CIB BANK: Moody's Withdraws 'D' Bank Financial Strength Rating


I R E L A N D

CAPITAL BARS: In Refinancing Talks with Allied Irish Bank
ELAN CORPORATION: Completes AIP Deal with Johnson & Johnson
LINEN SUPPLY: Court Appoints KPMG as Interim Examiner


I T A L Y

ITTIERRE SPA: Creditors Eyes Takeover, MF Says
RISANAMENTO SPA: Milan Prosecutor Rejects Restructuring Plan
TISCALI SPA: To Begin Capital Increase by Christmas, Soru Says


K A Z A K H S T A N

ALEM LLP: Creditors Must File Claims by September 24
HOLIDAY MEDIA: Creditors Must File Claims by September 24
KELES MAKTA: Creditors Must File Claims by September 24
NEON EXPO: Creditors Must File Claims by September 24
NURTAS LLP: Creditors Must File Claims by September 24

PAVLODARSKAYA SHVEINAYA: Creditors Must File Claims by Sept. 24
PHOENIX CONSTRUCTION: Creditors Must File Claims by September 24
SARYAGASH KESHET: Creditors Must File Claims by September 24
STROY ART: Creditors Must File Claims by September 24
TAUJAN LLP: Creditors Must File Claims by September 24


K Y R G Y Z S T A N

WEIDESAI II: Creditors Must File Claims by September 30


N E T H E R L A N D S

ABN AMRO: Moody's Downgrades Ratings on Various Securities to 'B3'
GROSVENOR PLACE: Moody's Junks Ratings on Four Classes of Notes
ZOO ABS: S&P Lowers Rating on Class D Notes to 'BB+' From 'BBB'


R U S S I A

BIO-FARM LLC: Creditors Must File Claims by September 24
KREATIV-STROY LLC: Creditors Must File Claims by September 24
MAGNITOGORSK IRON: Expects 50% Increase in Third-Quarter Sales
MONZENSKIY HOUSE: Creditors Must File Claims by September 24
SAMARA AIRLINE: Creditors Must File Claims by September 24

SPETS-STROY LLC: Creditors Must File Claims by September 24
STROY-KA LLC: Creditors Must File Claims by September 24
STROY-MONOLIT LLC: Creditors Must File Claims by September 24
URAL-LES LLC: Creditors Must File Claims by September 24
VIMPELCOM OAO: Court Rejects Telenor's Appeal on US$121 Mln Fine


S P A I N

FTPYME BANCAJA 3: S&P Lowers Rating on Class D Notes to 'B+'
REYAL URBIS: Puts Madrid Property Assets Up for Sale


S L O V A K   R E P U B L I C

MATADOR AUTOMOTIVE: Moody's Cuts National Scale Rating to 'Ba1'


S W I T Z E R L A N D

ARBUM GMBH: Claims Filing Deadline is September 24
BOBAG AG: Claims Filing Deadline is September 24
CORAY GMBH: Claims Filing Deadline is September 25
ELITE AG: Claims Filing Deadline is September 24
FUTURA.CH GMBH: Claims Filing Deadline is September 25

GEORGES ULRICH: Claims Filing Deadline is September 24
HILL AG: Claims Filing Deadline is September 25
STRACOM CONSULTING: Claims Filing Deadline is September 24
SYSTECH IT-SERVICES: Claims Filing Deadline is September 25
UBS AG: Warns US Clients of Accounts Disclosure to Tax Authorities

VILA AG: Claims Filing Deadline is September 25


T U R K E Y

* ISTANBUL: Moody's Changes Outlook on 'Ba3' Rating to Positive
* TURKEY: Moody's Changes Outlook on 'Ba3' Ratings to Positive


U K R A I N E

DUNE LLC: Creditors Must File Claims by September 24
UKRPRODUCT K LLC: Creditors Must File Claims by September 24


U N I T E D   K I N G D O M

EUROSAIL PLC: Moody's Junks Ratings on Twelve Classes of Notes
ITV PLC: Nears Agreement with Tony Ball on Incentivization Plan
LLOYDS BANKING: Mulls Reducing Assets Covered by GAPS
MANSARD 2007-2: Error in Calculations Won't Affect Fitch's Ratings
NATIONAL EXPRESS: Ex-Chair Blames Woes on DfT Fall-Out

NORTEL NETWORKS: U.S. Court Okays Benefits for Foreign Employees
ROYAL BANK: In Talks with Investors Over US$8.1 Bln Share Sale
SONGBIRD ESTATES: Paul Reichmann Sells 8.45% Canary Wharf Stake
SONGBIRD ESTATES: Qatar Increases in Participation in Share Issue
STICHTING PROFILE: NIBC Downgrade Won't Affect Fitch's Ratings


X X X X X X X X

* UK: Business Failure Rate Falls to Lowest Level in August 2009
* S&P Puts Ratings on 1,626 European CDOs on CreditWatch Negative

* Large Companies with Insolvent Balance Sheet


                         *********



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A U S T R I A
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DS STEVANOVIC: Claims Filing Deadline is October 1
--------------------------------------------------
Creditors DS Stevanovic GmbH have until October 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at


EORY & CO: Claims Filing Deadline is October 1
----------------------------------------------
Creditors of EORY & Co GmbH have until October 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 11:10 a.m.

For further information, contact the company's administrator:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Austria
         Tel: 512 97 06
         Fax: DW 20
         E-mail: ra-g.bauer@aon.at


EHK GMBH: Claims Filing Deadline is October 1
---------------------------------------------
Creditors of EHK GmbH have until October 1, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

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


KELLER-PROFI ALTMANN: Claims Filing Deadline is October 1
---------------------------------------------------------
Creditors of KELLER-PROFI Altmann GmbH have until October 1, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel.: 715 25 26
         Fax: DW 27
         E-Mail: michael@lesigang.at


WACHEK GMBH: Claims Filing Deadline is October 1
------------------------------------------------
Creditors of Wachek GmbH have until October 1, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


Z & W ENERGY: Claims Filing Deadline is October 1
-------------------------------------------------
Creditors of Z & W energy GmbH have until October 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at


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B E L G I U M
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DEXIA SA: Seeks to Return to Profitability in 2009
--------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News reports that Dexia SA
on Sept. 10 said it aims to post a profit in 2009 as it reduces
funding costs and cuts risk-taking.

The company aims to have a "profitability and balance- sheet
structure at the end of 2010 that will allow it to maintain its
autonomy," Bloomberg quoted Dexia Chief Executive Officer Pierre
Mariani Mariani as saying, ruling out a link-up with other banks.

Mr. Mariani, as cited by Bloomberg, said Dexia has cut 900 jobs
worldwide and is reducing costs by EUR200 million this year as the
bank focuses on its public-finance business to lending to local
governments and public projects such as hospitals in its main
markets, France and Belgium.

As reported in the Troubled Company Reporter-Europe on Aug. 31,
2009, Dexia's net income fell to EUR283 million (US$402 million)
in the second quarter of 2009 from EUR532 million a year earlier
on provisions for risky loans.  Bloomberg disclosed provisions for
bad loans amounted to EUR361 million in the quarter.

Dexia received EUR6.4 billion from France, Belgium and Luxembourg
in September to avert a collapse.  The bank was among the European
lenders hit hardest after Lehman Brothers Holdings Inc.'s
bankruptcy on Sept. 15 froze credit markets.  Dexia's salvage plan
also includes a EUR150-billion guarantee granted jointly by
Belgium, France and Luxembourg on its bonds, according to
Bloomberg.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


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E S T O N I A
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GILD ARBITRAGE: Lenders Back Bond Issue to Restructure Debts
------------------------------------------------------------
Ott Ummelas at Bloomberg News reports that Estonian hedge fund
GILD Arbitrage said 99% of lenders' claims for repayment were
converted into three-year bonds, issued to restructure debts.

Bloomberg, citing an e-mailed statement from the Tallinn,
Estonia-based investment bank GILD Bankers, which manages GILD
Arbitrage, relates the fund said 33 creditors out of 34 subscribed
for three-year bonds worth EUR22.66 million in total.  The fund
had total assets of about EUR95 million (US$140 million) as of
September 2008, according to Bloomberg.

Bloomberg recalls the fund in April extended a halt in redemptions
and subscriptions by another six months until Nov. 3 due to
liquidity problems.

GILD Arbitrage is based in Tallinn, Estonia.


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F R A N C E
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MECACHROME INTERNATIONAL: Stay Orders Extended Until December
-------------------------------------------------------------
Mecachrome International Inc. says it continues to operate its
business under Court protection provided pursuant to the
Companies' Creditors Arrangement Act (Canada) and the safeguard
procedure (procedure de sauvegarde) in France for its French
subsidiaries.

The stay period under the initial CCAA Court order dated
December 12, 2008, has been extended from time to time by the
Quebec Superior Court until December 18, 2009.  The observation
period (periode d'observation) under the safeguard procedure in
France has been extended by the French Court until December 12,
2009.

              About Mecachrome International Inc.

Mecachrome is a leader in the design, engineering, manufacture and
assembly of complex precision-engineered components for aircraft
and automotive applications, including aerostructural and aircraft
engine components, high-end automobile engine components and motor
racing engines.  Since 1937, Mecachrome has established a
significant presence and global reputation in certain high-
precision sectors of the aerospace, automotive and industrial
equipment industries, providing services primarily to original
equipment manufacturers.

Mecachrome is currently subject to Court protection under the
Companies' Creditors Arrangement Act in Canada and under similar
protection from the Courts for its French subsidiaries under the
safeguard procedure (procedure de sauvegarde) in France.

Mecachrome also initiated ancillary proceedings before
the United States Bankruptcy Court for the Central District of
California to obtain the enforcement and recognition of the
Canadian proceedings.  The U.S. Court granted Mecachrome's
Petition for recognition of foreign proceedings on August 19,
2009.

Mecachrome International Inc., et al filed for Chapter 15 with the
U.S. Bankruptcy Court for the Central District of California in
Los Angeles on June 5, 2009 (Case No. 09-24076).  The Hon. Richard
M. Neiter presides over the case.  Daniel H. Slate, Esq., at
Buchatler Nemer, represents the Chapter 15 Debtors as counsel.
In its petition, the Debtors listed between US$100 million and
US$500 million in assets, and between US$500 million and US$1
billion in debts.

The documentation related the Canadian, French and U.S. court
filings is available on Ernst & Young Inc.'s Web site at
http://documentcentre.eycan.com/Pages/Main.aspx?SID=3D91


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ARCANDOR AG: Administrator In Talks with Quelle Potential Buyers
----------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Klaus Hubert Goerg,
Arcandor AG's insolvency administrator is in talks with at least
four potential investors who are interested in acquiring the
German retailer's Primondo/Quelle catalog-sales unit.

According to Bloomberg, Thomas Schulz, who speaks for the
insolvency administrators, declined to identify the potential
buyers.  Bloomberg relates Mr. Schulz said the talks are
"serious."

                       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.


GELDILUX-TS-2007 SA: Fitch Cuts Rating on Class D Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Geldilux-TS-2007 S.A. due 2014 class
A1 and class A of notes and left all classes of notes on Rating
Watch Negative.  This transaction is a cash securitization of
short-term loans to German small to medium-sized entities
originated and serviced by Bayerische Hypo- und Vereinsbank AG
(rated 'A+'/Outlook Stable/'F1+'/Support Rating '1') on behalf of
the seller, HVB Banque Luxembourg S.A.

Geldilux-TS-2007 S.A.:

-- EUR4,500,000 class A1 notes (ISIN: XS0294511760): downgraded
    to 'A+' from 'AAA', RWN maintained

-- EUR2,024,400,000 class A notes (ISIN: XS0294513030):
    downgraded to 'A+' from 'AAA', RWN maintained

-- EUR21,000,000 class B notes (ISIN: XS0294513113): 'A' RWN
    maintained

-- EUR21,000,000 class C notes (ISIN: XS0294513204): 'BBB' RWN
    maintained

-- EUR8,400,000 class D notes (ISIN: XS0294513543): 'BB' RWN
    maintained

The notes were initially placed on RWN on August 6, 2009 to
reflect the potential for downgrades as a result of Fitch's
revised Rating Criteria for European Granular Corporate Balance
Sheet Securitizations published on July 23, 2009.  The rating
actions on class A1, the liquidity notes, and class A notes are
driven by the considerations with regards to the refinancing risk
that the underlying borrowers would be exposed to if HVB defaulted
in combination with the short weighted average life of the pool.
In Fitch's view such risk may not be mitigated by the proposed
restructuring.  As the arranger has informed Fitch of upcoming
changes to the transaction within the next few months, all classes
of notes remain on RWN until the timely completion of the planned
restructuring.  If the changes to the structure went forward as
proposed, Fitch expects to affirm ratings at their current levels
with the exception of the class A1 notes, where Fitch is awaiting
further clarification of the restructuring plans.

The resolution of the RWN will incorporate any changes made to the
portfolio or the transaction along with any additional portfolio
migration.  The arranger is expected to complete the restructuring
of the transaction over the next few months.  If the restructuring
does not proceed as planned, the notes will likely be downgraded
as indicated below:

  -- Class A1 notes likely to remain within the 'A' rating
     category

  -- Class A notes likely to remain within the 'A' rating category

  -- Class B notes likely to be downgraded to the 'BB' rating
     category

  -- Class C notes likely to be downgraded to the 'B' rating
     category

  -- Class D notes likely to be downgraded to the 'B' rating
     category

The downgrades of both class A1 and A notes are driven by the
obligors' refinancing risk in combination with the short weighted
average life of the pool (maximum 90 days).  In Fitch's view,
should HVB default, a large proportion of borrowers would need to
find alternative refinancing sources within a limited time frame.
Due to the short weighted average life of the portfolio the number
of such obligors with refinancing problems would accumulate fast.
After non-payment of due interest and principal for 29 days the
relevant borrowers would be classified as defaulted according to
the transaction documentation.  As the missing interest on
defaulted loans is not compensated by the interest rate swap or
the issuer interest reserve in place, and principal collections
cannot be used to pay interest on the notes, a temporary interest
shortfall on the notes would arise.  In Fitch's modelling, already
an assumption of 10% of borrowers being unable to secure
refinancing within a few months would lead to interest shortfall
on all classes of notes.  Hence, Fitch has imposed a rating cap on
all rated classes of notes of Geldilux-TS-2007 S.A. equal to the
HVB's Long-term Issuer Default rating, currently at 'A+'.

Since issue in May 2007 there have been no delinquent or defaulted
loans in Geldilux-TS-2007 S.A.  However, Fitch expects defaults to
rise during the current economic downturn in Germany and has
therefore assumed a higher probability of default for the
securitized pool than indicated by the historical loss provisions
made by HVB.


GELDILUX-TS-2005 SA: Fitch Cuts Rating on Class D Notes to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded four classes of Geldilux-TS-2005 S.A.
due 2012 notes, affirmed one class of notes and removed them from
Rating Watch Negative.  It has also assigned Loss Severity ratings
and Stable Outlooks.  This transaction is a cash securitization of
short-term loans to German small to medium-sized entities
originated and serviced by Bayerische Hypo- und Vereinsbank AG
('A+'/Outlook Stable/'F1+'/Support Rating '1') on behalf of the
seller, HVB Banque Luxembourg S.A.

Geldilux-TS-2005 S.A. Series 3:

-- EUR1,910,000,000 class A notes (ISIN: XS0221125114):
    downgraded to 'A+' from 'AAA', removed from RWN, assigned LS-
    1, assigned Stable Outlook

-- EUR33,000,000 class B notes (ISIN: XS0221126195): downgraded
    to 'BB' from 'A', removed from RWN, assigned LS-5, assigned
    Stable Outlook

-- EUR23,000,000 class C notes (ISIN: XS0221127326): downgraded
    to 'B+' from 'BBB', removed from RWN, assigned LS-5, assigned
    Stable Outlook

-- EUR10,000,000 class D notes (ISIN: XS0221127912): downgraded
    to 'B' from 'BB', removed from RWN, assigned LS-5, assigned
    Stable Outlook

-- EUR4,000,000 class E notes (ISIN: XS0221128647): affirmed at
    'B', removed from RWN, assigned LS-5, assigned Stable Outlook

The notes were initially placed on RWN on August 6, 2009 to
reflect the potential for downgrades as a result of Fitch's
revised Rating Criteria for European Granular Corporate Balance
Sheet Securitizations published on July 23, 2009.  The rating
actions are the result of the updated rating criteria and the
agency's expectation that the portfolio may experience increasing
defaults and delinquencies.  Additionally, the downgrade on class
A notes is driven by the considerations with regards to the
refinancing risk that the underlying borrowers would be exposed to
if HVB defaulted in combination with the short weighted average
life of the pool (maximum 60 days).  Fitch has reviewed the
restructuring measures undertaken in July 2009; however, the
resulting positive effect was not sufficient to justify the
previous ratings of the notes.

In Fitch's view, should HVB default, a large proportion of
borrowers would need to find alternative refinancing sources
within a limited time frame.  Due to the short weighted average
life of the portfolio the number of such obligors with refinancing
problems would accumulate fast.  After non-payment of due interest
and principal for 29 days the relevant borrowers would be
classified as defaulted according to the transaction
documentation.  As the missing interest on defaulted loans is not
compensated by the interest rate swap or the issuer interest
reserve in place, and principal collections cannot be used to pay
interest on the notes, a temporary interest shortfall on the notes
would arise.  In Fitch's modelling, already an assumption of 10%
of borrowers being unable to secure refinancing within a few
months would lead to interest shortfall on all classes of notes.
Hence, Fitch has imposed a rating cap on all rated classes of
notes of Geldilux-TS-2005 S.A. equal to the HVB's Long-term Issuer
Default rating, currently at 'A+'.

The downgrades of classes B, C, and D notes are mainly based on
the limited ability of the notes to withstand defaults of the
largest borrowers as addressed in the revised rating criteria.
This is in spite of the reduction of the maximum single obligor
concentration to 0.5% of the initial notional amount of Series 3
notes as part of the July 2009 restructuring.

Since issue in June 2005 there have been four defaulted loans,
whereof two assets have cured before the start of the work-out
process.  As of the investor report in September 2009 there were
no delinquent assets in the pool and the aggregate default rate
was low at 0.04%.  However, Fitch expects defaults to rise during
the current economic downturn in Germany and has therefore assumed
a higher probability of default for the securitized pool than
indicated by the historical loss provisions made by HVB.


KRONOS INT'L: Deutsche Bank Amends Loan, Sets New Covenants
-----------------------------------------------------------
Effective September 15, 2009, certain indirect operating
subsidiaries of Kronos International, Inc. -- Kronos Titan GmbH,
Kronos Europe S.A./N.V., Kronos Titan AS, Titania AS, Kronos Norge
AS, and Kronos Denmark ApS -- entered into a Fourth Amendment
Agreement Relating to a Facility Agreement dated June 25, 2002,
with Deutsche Bank AG, as mandated lead arranger, Deutsche Bank
Luxembourg S.A., as agent for the finance parties and security
agent for the secured parties, and the lenders participating in
the amended revolving credit facility.

The Amendment amends certain terms and conditions of the original
EUR80 million secured revolving credit facility between the
Obligors and the Lenders.

Among other things, the Amendment provides that until the Obligors
meet a specified ratio of net secured debt to earnings before
income taxes, interest and depreciation -- Original Leverage Test:

     1. borrowings outstanding under the Amended Revolving Credit
        Facility shall bear interest at LIBOR, or if a loan or
        liability is in euros, EURIBOR, plus a margin ranging from
        3.0% to 4.0%, depending on the amount of the outstanding
        loans and letters of credit as a percentage of the
        Lenders' total commitments under the Amended Revolving
        Credit Facility;

     2. the Obligors must comply with two new financial covenants
        (in both cases commencing with the period ending
        September 30, 2009):

        -- certain minimum earnings before income, taxes, interest
           and depreciation on a quarterly or a cumulative basis,
           and

        -- maintain a minimum ratio of net working capital to net
        financial debt;

     3. the Obligors must continue to comply with the existing
        required ratio of net financial debt to equity ratio; and

     4. with certain permitted exceptions (including without
        limitation payments made in relation to trade payables on
        their due date arising from contracts entered into on
        market terms and conditions), Kronos Worldwide, Inc., a
        parent corporation of the Company, and its subsidiaries
        (exclusive of the Obligors) cannot borrow money from the
        Obligors, and the Obligors cannot make payments to, give a
        guaranty or indemnity for the benefit or assume a
        liability of, Kronos Worldwide or such subsidiaries.

Once the Obligors have met the Original Leverage Test, the
Obligors will no longer be required to comply with the financial
covenants or comply with the limitation specified in paragraph 4,
and borrowings outstanding under the Amended Revolving Credit
Facility would then bear interest at LIBOR, or if a loan or
liability is in euros, EURIBOR, plus a margin of 1.75%.

Additionally, until the Obligors have complied with paragraph 2
and 3 through the quarterly period ending March 31, 2010 and
delivered evidence to the Agent that the Obligors' loss before
taxes for the financial year ending December 31, 2009 has not
exceeded US$56 million, the maximum amount of outstanding loans
and letters of credit under the Amended Revolving Credit Facility
cannot exceed EUR51 million.

The Amended Revolving Credit Facility matures on May 26, 2011.
The facility is collateralized by the accounts receivable and the
inventories of the Borrowers and a limited pledge of all of the
other assets of Kronos Europe S.A./N.V.  The facility contains
representations, warranties and covenants customary in lending
transactions of this type.  In addition to the restrictive
covenants already described in this current report, certain other
covenants in the Amended Revolving Credit Facility restrict the
ability of the Borrowers to incur debt, incur liens, pay dividends
or merge or consolidate with, or sell or transfer all or
substantially all of their assets to, another entity.  Failure to
comply with the covenants contained in the Amended Revolving
Credit Facility could result in the acceleration of any
outstanding balance under the facility prior to its stated
maturity date.  In addition, any such outstanding balance under
the facility could be accelerated in the event that other debt or
obligations of the Borrowers or the Company were to be
accelerated.  The Company and the Borrowers have no material
relationship with the Lenders other than the Amended Revolving
Credit Facility described.

As reported by the Troubled Company Reporter, lenders under a
revolving credit facility entered into by certain of Kronos
International's operating subsidiaries on August 31, 2009, waived
compliance with the required financial ratio of the Borrowers' net
secured debt to earnings before income taxes, interest and
depreciation under the loan agreement for the 12-month period
ending August 31, 2009.  Among other things, the waiver moved the
next required Debt Ratio measurement period to the 12-month period
ending September 15, 2009.  The Borrowers did not pay any fee to
the Lenders to obtain the waiver.

                           About Kronos

Kronos International Inc. is a wholly owned subsidiary of Kronos
Worldwide, Inc.  The Company is a global producer and marketer of
value-added titanium dioxide pigments -- TiO2 -- which is used for
a variety of manufacturing applications, including plastics,
paints, paper and other industrial products.  For the six months
ended June 30, 2009, approximately three-fourths of the Company's
sales volumes were into European markets.  The Company believes it
is the second largest producer of TiO2 in Europe with an estimated
19% share of European TiO2 sales volumes.  Its production
facilities are located throughout Europe.

As of June 30, 2009, the Company had total assets of
US$1.028 billion against total current liabilities of US$221.0
million and total noncurrent liabilities of US$716.8 million,
resulting in stockholder's equity of US$90.6 million.


VAC FINANZIERUNG: Moody's Cuts Corporate Family Rating to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and probability of default rating of VAC Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Ca from Caa2.  At the same time, Moody's downgraded VAC
Finanzierung's EUR135 million senior secured notes to Ca from
Caa3.  The rating outlook remains negative.

While the previous Caa2 rating incorporated Moody's expectation of
continued support of bank lenders and financial sponsors for VAC
throughout the current situation of operating performance
contraction, the downgrades of all ratings to Ca with a negative
outlook reflect the rising probability of default by VAC, as the
company recently announced that it had not achieved lender's
consent to a covenant reset by the 16 September 2009 deadline and
is consequently in technical default under its senior credit
facilities agreement.

VAC had agreed in April 2009 with the lenders of the
EUR110 million senior credit facility to a reset of its financial
covenants for 2009.  The agreement also required VAC to present a
financial covenant reset proposal for FY2010 through the final
repayment date of the instruments, which was not approved by at
least two-thirds of the lenders by September 16, 2009 and
represents a technical event of default under the senior credit
facilities agreement and does allow senior lenders to accelerate
their secured debt claims of around EUR110 million, which in turn
would also trigger an event of default under the EUR135 million
senior notes, confronting the company with significant debt
repayment requirements, which, if not refinanced timely, could
ultimately lead to insolvency proceedings.  Formal insolvency
proceeding or other measures of financial restructuring in which
noteholders receive less than full value in a distressed scenario
could be considered a default under Moody's definition.

The negative outlook reflects the persistent uncertainty of a
default event under Moody's definition which could confront
lenders with significant impairments on their original claims.
Moody's will closely monitor possible restructuring scenarios and
likely recovery prospects of lenders.

Downgrades:

Issuer: VAC Finanzierung GmbH

  -- Probability of Default Rating, Downgraded to Ca from Caa2

  -- Corporate Family Rating, Downgraded to Ca from Caa2

  -- Senior Secured Regular Bond/Debenture, Downgraded to Ca from
     Caa3

The last rating action was implemented on June 9, 2009, when
Moody's downgraded VAC's CFR to Caa2 with a negative outlook from
Caa1 under review for possible downgrade.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2008, the company
generated revenues of EUR324 million.


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WIND HELLAS: Subordinated Investors Form Bondholder Committee
-------------------------------------------------------------
Wind Hellas Telecommunications SA subordinated investors with
about EUR500 million (US$736 million) of notes formed a bondholder
committee, John Glover at Bloomberg News reports, citing a
statement from Aladdin Capital Management U.K. LLP.

The company, Bloomberg discloses, has about EUR1.2 billion of
senior secured notes that pay a floating rate of interest, and
about EUR355 million of 8.5% senior notes.

Bloomberg relates the bondholders' committee said it hired
advisers including Jones Day and PricewaterhouseCoopers LLP, said
Aladdin, which holds some of the bonds.

Anousha Sakoui at The Financial Times reports Aladdin said the
bondholder committee hoped to start talks with the company about
its potential EUR3.2 billion debt restructuring.  According to the
FT, it is also considering options to provide funding to the
company as part of a restructuring.  Citing people familiar with
the situation, the FT discloses holders of more senior ranking
bonds are also organizing into groups.

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.


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CIB BANK: Moody's Withdraws 'D' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of CIB Bank
Ltd for business reasons.  This rating action does not reflect a
change in the company's creditworthiness.  CIB Bank had no rated
debt outstanding at the time of the withdrawal.

These ratings of CIB Bank were withdrawn:

* Long-term global local currency deposit rating of Baa1
  (negative outlook);

* Short-term GLC deposit rating of Prime-2;

* Long-term foreign currency deposit rating of Baa1 (negative
  outlook);

* Short-term foreign currency deposit rating of Prime-2;

* Long-term local currency MTN rating of Baa1 (negative outlook);
  and

* Bank financial strength rating of D (negative outlook).

Moody's last rating action on CIB Bank was on May 19, 2009, when
Moody's downgraded its BFSR to D from C- and its long-term GLC
deposit rating to Baa1 from Aa3.  The multi-notch downgrade of CIB
Bank's ratings was driven by Moody's view that the rapid
deterioration of the bank's operating environment, which resulted
in the rating agency downgrading Hungary's sovereign ratings,
would exert significant pressure on CIB Bank's standalone
creditworthiness, as measured by its BFSR.  Additionally, due to
Moody's simultaneous refinement of its systemic support
assumptions, the bank's GLC deposit rating was downgraded to Baa1
from Aa3.

CIB Bank Ltd is based in Budapest, Hungary, and had total assets
of EUR11.4 billion as of December 31, 2008, according to IFRS.


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CAPITAL BARS: In Refinancing Talks with Allied Irish Bank
---------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Capital
Bars plc is in refinancing talks with Allied Irish Bank, which it
owed roughly EUR25 million.

According to the report, the key aspect to saving the company's
remaining properties is securing a deal with the bank.

The company, the report recalls, petitioned the High Court late
last week on Friday to appoint an examiner to four group
properties, while a liquidator was also appointed over certain
group assets.  The report relates KPMG accountant Kieran Wallace
has been appointed examiner to four of the group=92s larger premises
-- Cafe en Seine, the George, Howl at the Moon and Zanzibar, while
a liquidator, accountant Jim Stafford, was appointed to the Dragon
bar in Dublin, as well as the Trinity Capital Hotel and the
Grafton Capital Hotel.  These properties will now be sold to repay
creditors, the report notes.

Headquartered in Dublin, Ireland, Capital Bars plc --
http://www.capitalbars.com/-- runs multi-themed bars (several of
them 'superpubs' -- gigantic blends of restaurants, dancehalls,
and pubs), including Cafe en Seine and The George.  Capital Bars
also has two contemporary-style hotels (Grafton Capital Hotel and
Trinity Capital Hotel) in Ireland's capital.  The joint directors
(and brothers) Desmond and Liam O'Dwyer control the company.
After acquiring Capital Bars in 2001, the O'Dwyers took the
company private the following year.


ELAN CORPORATION: Completes AIP Deal with Johnson & Johnson
-----------------------------------------------------------
Johnson & Johnson and Elan Corporation plc on Sept. 17 announced
that JANSSEN Alzheimer Immunotherapy, a newly formed subsidiary of
Johnson & Johnson, has completed the acquisition of substantially
all of the assets and rights of Elan related to its Alzheimer's
Immunotherapy Program (AIP).  In addition, Johnson & Johnson,
through its affiliate, Janssen Pharmaceutical, has invested US$885
million  in exchange for newly issued American Depositary Receipts
(ADRs) of Elan, representing 18.4% of Elan's outstanding ordinary
shares.

The AIP represented Elan's interest in a collaboration with Wyeth
Pharmaceuticals to research, develop and commercialize selective
products for the treatment and/or prevention of neurodegenerative
conditions, including Alzheimer's Disease.

JANSSEN Alzheimer Immunotherapy will now assume Elan's activities
with Wyeth under the AIP and continue development activities for
bapineuzumab, a potential first-in-class treatment being evaluated
for slowing the progression of Alzheimer's Disease.

The AIP includes multiple compounds being evaluated for slowing
the progression of Alzheimer's Disease.  The lead compound
(bapineuzumab), administered intravenously once every three
months, is currently in Phase 3 clinical trials.  A subcutaneous
formulation, administered once a week, is currently in Phase 2
trials.  In addition, a vaccine for Alzheimer's Disease (ACC-001)
is also in Phase 2 trials.

                               Breach

Elan on Sept. 14 said that it cured an unintended breach of its
Tysabri Collaboration Agreement with Biogen that had been
identified by the United States District Court for the Southern
District of New York.  Elan's previously announced transaction
with Johnson & Johnson was amended to eliminate in its entirety
the Strategic Financing and Collaboration Agreement that was the
subject of the Court's September 3, 2009, hearing and Biogen's
previously disclosed notice of breach.  Elan also informed Biogen
that it cured the unintended breach within the time period
permitted under Elan's Collaboration Agreement with Biogen.

                    About Elan Corporation, plc

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

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

                           *    *    *

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

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


LINEN SUPPLY: Court Appoints KPMG as Interim Examiner
-----------------------------------------------------
Dearbhail McDonald at Independent.ie reports that Linen Supply of
Ireland Limited secured the appointment of an interim examiner
after informing the High Court that it is insolvent.

The report relates Judge MacMenamin appointed Kieran Wallace of
KPMG as interim examiner to LSI, which employs 556 people at three
operations in Dublin, Cork and Galway.

The company, the report discloses, blamed its difficulties on a
depressed hospitality sector, a dramatic decline in hotel
occupancies, a significant margin squeeze by hoteliers and
suppliers and a competitive operating environment.

LSI, formerly CWS-boco Ireland, is a major supplier of linen
products to the hospitality and health sector and is the leading
vendor in Ireland of washroom hygiene products.


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ITTIERRE SPA: Creditors Eyes Takeover, MF Says
----------------------------------------------
Armorel Kenna at Bloomberg News, citing daily MF, reports that
Ittierre SpA's creditors are interested to acquire the company,
which makes clothes for the Gianfranco Ferre luxury fashion brand.

Bloomberg relates MF said a group of companies led by businessman
Davide Colangelo want to control Ittierre, a unit of IT Holding
SpA.

                            Bankruptcy

As reported in the Troubled Company Reporter-Europe pn March 2,
2009, The Associated Press said Ittierre, IT Holding's main
production and licensing unit, filed for protection from its
creditors Feb. 9 after banks refused to inject the necessary
capital to keep its business keep going.  Ittierre missed loan
payments and was late in paying royalties to designers, according
to Bloomberg.

On Feb. 12, 2009, Minister Scajola accepted the application filed
by Ittierre for "Amministrazione Straordinaria" and appointed
Andrea Ciccoli, partner in Bain & Co., Stanislao Chimenti, lawyer,
and Roberto Spada, Certified Public Accountant, as commissioners.

According to Bloomberg, the Italian newspaper said government
appointed administrators are scheduled to present a reorganization
plan in mid-November.

                           About Ittierre

Ittierre S.p.A. is one of the operating subsidiaries of Italy
Holding S.p.A. -- http://www.itholding.com/-- an Italy-based
company operating in the luxury goods market.  The Company and its
subsidiaries design, produce and distribute apparel, accessories,
eyewear and perfumes.  Its brand portfolio embraces: owned brands,
Gianfranco Ferre, Malo, Exte, as well as licensed brands, Versace
Jeans Couture, Versace Sport, Just Cavalli, C'N'C Costume National
and Galliano.  The Company's production facilities are located in
Italy.  IT Holding SpA has a worldwide distribution network,
including 39 directly operated stores, 274 monobrand stores and
over 6,000 department and specialty stores.


RISANAMENTO SPA: Milan Prosecutor Rejects Restructuring Plan
------------------------------------------------------------
Marco Bertacche at Bloomberg News reports that a Milan prosecutor
has rejected Risanamento SpA's restructuring plan.

Bloomberg relates Risanamento said in a statement distributed
through the Italian exchange yesterday it is confident that Milan
judges will accept its request to reorganize and avoid bankruptcy.

According to Bloomberg, a court hearing is scheduled to take place
today, Sept. 22.

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, includes a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.
Risanamento was ordered to come up with the plan in response to a
prosecutor's statement in July that the real-estate company had
failed.

                      About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


TISCALI SPA: To Begin Capital Increase by Christmas, Soru Says
--------------------------------------------------------------
Tiscali SpA will begin its planned capital increase by Christmas,
Chiara Remondini at Bloomberg News reports, citing founder Renato
Soru.

Bloomberg relates Mr. Soru, which owns about 20% of Tiscali, said
Friday the company is also working on a new business plan, which
will also be presented by Christmas.

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

                           About Tiscali

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


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ALEM LLP: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLP Republican Publishing House Alem have until
September 24, 2009, to submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on June 22, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


HOLIDAY MEDIA: Creditors Must File Claims by September 24
---------------------------------------------------------
LLP Holiday Media Group is currently undergoing liquidation.
Creditors have until September 24, 2009, to submit proofs of claim
to:

         Bokin Str. 3-18
         Talgar
         Almaty
         Kazakhstan


KELES MAKTA: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLP Keles Makta have until September 24, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 8, 2009.


NEON EXPO: Creditors Must File Claims by September 24
-----------------------------------------------------
Creditors of LLP Neon Expo have until September 24, 2009, to
submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on June 22, 2009 after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


NURTAS LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Nurtas have until September 24, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

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


PAVLODARSKAYA SHVEINAYA: Creditors Must File Claims by Sept. 24
---------------------------------------------------------------
Creditors of LLP Pavlodar Garment Factory Pavlodarskaya Shveinaya
Fabrika have until September 24, 2009, to submit proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 8, 2009.


PHOENIX CONSTRUCTION: Creditors Must File Claims by September 24
----------------------------------------------------------------
Creditors of LLP Phoenix Construction have until September 24,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

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


SARYAGASH KESHET: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLP Saryagash Keshet have until September 24, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 8,
2009.


STROY ART: Creditors Must File Claims by September 24
-----------------------------------------------------
LLP Stroy Art Oral is currently undergoing liquidation.  Creditors
have until September 24, 2009, to submit proofs of claim to:

         Masin Str. 18
         Uralsk
         West Kazakhstan
         Kazakhstan


TAUJAN LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Taujan have until September 24, 2009, to submit
proofs of claim to:

         Dossorskaya Str. 5
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on June 18, 2009, after
finding it insolvent.

The Court is located at:

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


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WEIDESAI II: Creditors Must File Claims by September 30
-------------------------------------------------------
LLC Kyrgyz Chinese Company Weidesai II II is currently undergoing
liquidation.  Creditors have until September 30, 2009, to submit
proofs of claim to:

         Orozbekov Str. 241a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 37-05-22


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N E T H E R L A N D S
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ABN AMRO: Moody's Downgrades Ratings on Various Securities to 'B3'
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
US$1.285 billion, the US$200 million and the US$1.8 billion non-
cumulative trust preferred securities issued by ABN AMRO Capital
Funding Trust V, VI and VII to B3 from A2.  Moody's also
downgraded the ratings of the EUR1 billion 4.31% capital
securities to Ba2 from A2 and the GBP750million cumulative
perpetual subordinated notes issued by ABN AMRO Bank N.V. to Ba2
from A1.  All these ratings have been placed on review for
possible further downgrade.

ABN AMRO's C+ bank financial strength rating mapping with a A2
Baseline Credit Assessment and Aa3 senior debt and deposit ratings
remain on review for possible further downgrade while the Prime-1
short-term debt and deposit ratings remain unchanged.

The rating action reflects Moody's assumption that the downgraded
securities face a high probability of coupon deferral, as a result
of the ongoing discussion between the Dutch Ministry of Finance
and the European Commission on state aid packages granted to Dutch
banks.  The rating action also reflects the concerns cited in
Moody's press release entitled "Moody's sees broader impact on
hybrid ratings triggered by EC's state aid reviews", published on
August 19, 2009.

The review for possible further downgrade reflects the prospect of
potential further downgrades in the event of a downgrade of ABN
AMRO's BFSR or in the event of a longer-term suspension of
coupons.

On October 3, 2008, the Dutch State took over Fortis Bank
Nederland (C-/A1/positive outlook/Prime-1), which itself
indirectly owned a 34% stake in ABN AMRO ("N Share"), representing
an economic interest in the Dutch retail and commercial banking
and international private banking businesses of ABN AMRO.  On
24 December 2008, the Dutch government became the direct owner
of the "N Share", purchased from Fortis Bank Nederland for
EUR6.5 billion.  On July 31, 2009, in anticipation of the de-
merger of the N-share from the rest of ABN AMRO, ABN AMRO received
State support through an EUR800 million Mandatory Convertible
Tier-1 Security that was acquired by the Dutch Ministry of Finance
and through the creation of a capital relief instrument that
provides credit protection from the Dutch State on EUR34.5 billion
of ABN AMRO residential mortgages, thereby reducing the bank's
risk-weighted assets by EUR19 billion.  Given the state support
received and the EC's scrutiny on coupons of hybrid securities and
dividends being paid out of profits, Moody's believes that there
is an increased risk that ABN AMRO may be advised to skip optional
coupons on its hybrids.  ABN AMRO indeed reported a loss of
EUR2.647 billion after tax at end-June 2009.

After the de-merger, the businesses of ABN AMRO that remain will
operate within a Dutch-chartered bank that will be renamed Royal
Bank of Scotland NV which should in due course become a wholly-
owned subsidiary of Royal Bank of Scotland Group plc.  Moody's
noted that the trust preferred securities issued by ABN AMRO
Capital Funding Trust V, VI and VII are "economically allocated"
on a preliminary basis to the businesses slated to remain with RBS
NV.  However, even if, after the de-merger, these securities are
no longer associated with a bank that has received Dutch state
support, Moody's believes that these securities are still
vulnerable to EC scrutiny that could lead to missed coupons.  RBS
itself has already benefited from substantial UK government
support, and in 2009 ABN AMRO received a sizeable capital infusion
from RBS.  Furthermore, after the de-merger, RBS is planning to
include certain assets of RBS NV in the UK government's asset
protection scheme.  In light of this, Moody's believes that the
risk of missed coupons is high at all of ABN AMRO's hybrid
instruments, even if it is not entirely certain at this point
whether they will become obligations of ABN AMRO Bank or of RBS NV
after the de-merger.

Moody's notes that the coupon payments on the trust preferred
securities issued by ABN AMRO Capital Funding Trust V, VI and VII
are non-cumulative.  Therefore, if the deferral of the coupon
payments were to materialize, the loss severity of a coupon
deferral on these securities would be high.  This is the reason
for the steeper downgrade on those securities.

The perpetual cumulative subordinated notes and the capital
securities issued by ABN AMRO Bank, which allow for a cumulative
coupon deferral with ACSM settlement, would have a much lower loss
severity in the event of coupon deferral.

These ratings have been downgraded and placed on review for
possible further downgrade:

  -- ABN AMRO Capital Funding Trust V US$1.285 billion 5.9% non-
     cumulative trust preferred securities (US00372P2039) --
     preferred stock rating to B3 from A2;

  -- ABN AMRO Capital Funding Trust VI US$200 million 6.25% non-
     cumulative trust preferred securities (US00080V2034) --
     preferred stock rating to B3 from A2;

  -- ABN AMRO Capital Funding Trust VII US$1.8 billion 6.08% non-
     cumulative trust preferred securities (US00372Q2012) --
     preferred stock rating to B3 from A2;

  -- ABN AMRO Bank N.V.  EUR1 billion 4.31% capital securities
     (XS0246487457) -- preferred stock rating to Ba2 from A2

  -- ABN AMRO Bank N.V.  GBP750 million 5% perpetual subordinated
     notes (XS0244754254) -- junior subordinated rating to Ba2
     from A1.

In addition, the provisional ratings for the preferred stock shelf
registrations of ABN AMRO Capital Funding Trust V, VI, and VII and
ABN AMRO Capital Funding LLC V, VI, and VII were downgraded to
P(B3) from P(A2), and the provisional rating for the preference
stock shelf registration for ABN AMRO Holding NV was downgraded to
P(B3) from P(A3).  These provisional ratings also remain on review
for downgrade.

The last rating action on ABN AMRO Bank N.V. was on August 4,
2009, when Moody's downgraded the bank's BFSR to C+ from B- and
the senior long-term debt and deposit ratings to Aa3 from Aa2 and
placed them on review for possible further downgrade.  At the same
time, the Prime-1 short-term ratings of ABN AMRO Bank NV were
affirmed.  The rating action also included the downgrade of ABN
AMRO Bank's subordinated debt to A1 from Aa3, and its Tier 1 non-
cumulative capital securities and trust preferred securities to A2
from A1.  Those ratings also remained on review for possible
downgrade.

ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands,
had total assets of EUR666.8 billion and reported shareholders'
equity (including minority interest) of EUR20.4 billion as of
December 31, 2008.


GROSVENOR PLACE: Moody's Junks Ratings on Four Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Grosvenor Place CLO I.

Issuer: Grosvenor Place CLO I

  -- Class A-1 Senior Floating Rate Delayed Draw Notes due 2021,
     Downgraded to Aa1; previously on Jun 14, 2006 Assigned Aaa

  -- Class A-2 Senior Floating Rate Notes due 2021, Downgraded to
     Aa1; previously on Jun 14, 2006 Assigned Aaa

  -- Class A-3 Senior Multi-Currency Revolving Floating Rate Notes
     due 2021, Downgraded to Aa1; previously on June 14, 2006
     Assigned Aaa

  -- Class A-4 Senior Floating Rate Notes due 2021, Downgraded to
     A2; previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade

  -- Class B Senior Floating Rate Notes due 2021, Downgraded to
     Baa3; previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade

  -- Class C Deferrable Interest Floating Rate Notes due 2021,
     Downgraded to B1; previously on March 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- Class D Deferrable Interest Floating Rate Notes due 2021,
     Downgraded to Caa1; previously on March 19, 2009 Downgraded
     to Ba3 and Remained On Review for Possible Downgrade

  -- Class E Deferrable Interest Floating Rate Notes due 2021,
     Downgraded to Caa3; previously on March 19, 2009 Downgraded
     to B3 and Remained On Review for Possible Downgrade

  -- Class P Combination Notes due 2021, Downgraded to Caa3;
     previously on March 4, 2009 Ba1 Placed Under Review for
     Possible Downgrade

  -- Class Q Combination Notes due 2021, Downgraded to Caa1;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2700), an increase in the amount of defaulted
securities (currently 4.5% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 11.8% of the portfolio), and a failure of some par
value tests.  These measures were taken from the recent trustee
report dated August 28, 2009.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.

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


ZOO ABS: S&P Lowers Rating on Class D Notes to 'BB+' From 'BBB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A-1, A-1D, A-2, B, C, and D notes issued by ZOO ABS II
B.V.  At the same time, S&P affirmed its credit ratings on the
class X and E notes.

These rating actions follow S&P's assessment of the impact on the
transaction of the credit deterioration that S&P has observed in
the underlying portfolio.

On April 6, S&P published revised assumptions governing structured
finance assets with ratings on CreditWatch negative held within
collateralized debt obligation transactions.  Under these revised
assumptions, S&P can adjust ratings on CreditWatch negative
downward by at least three notches.  S&P's analysis indicates that
the underlying pool in this transaction contains 17% of assets on
CreditWatch negative.

Based on the asset ratings S&P considers appropriate in its
analysis, the weighted-average rating of the portfolio is 'BBB-'
(compared with 'BBB' at closing).  Compared with the portfolio at
the closing date, the proportion of assets rated 'BB+' or lower
has risen to 29% from 21%.

ZOO ABS II relies mainly on cash flows from the underlying
portfolio to make payments of interest and principal to holders of
the notes that S&P rate.  In S&P's opinion, the deterioration in
portfolio credit quality has increased the uncertainty over the
timing and amount of cash flows that may be available from the
portfolio.

Based on its analysis, S&P considers that the ratings previously
assigned to the class A-1D, A-1, A-2, B, C, and D notes are no
longer consistent with the heightened uncertainty over cash flows.
S&P has therefore lowered its ratings on these classes.

Calyon (AA-/Negative/A-1+) acts as a liquidity provider to cover
(i) interest shortfalls on the rated notes and (ii) interest
shortfalls on the class X, A-1, A-1D, A-2, and B notes which are
linked to deferred interest payments of CDO tranches.  S&P will
continue to monitor the adequate coverage of interest shortfalls.

ZOO ABS II's portfolio primarily comprises European structured
finance assets.

                            Ratings List

                           ZOO ABS II B.V.
             EUR255.5 Million Senior Delayed Drawdown
       and Deferrable-Interest Secured Floating-Rate Notes

                          Ratings Lowered

                                  Rating
                                  ------
                 Class       To             From
                 -----       --             ----
                 A-1D        AA-            AAA
                 A-1         AA-            AAA
                 A-2         A+             AAA
                 B           A              AA
                 C           BBB+           A
                 D           BB+            BBB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        X           AAA
                        E           BB


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R U S S I A
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BIO-FARM LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Bio-Farm (TIN 5503083965, PSRN 1045504028723)
(Pharmaceutical Company) have until September 24, 2009, to submit
proofs of claims to:

         S. Sibichenko
         Insolvency Manager
         Post User Box 922
         644020 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?46=966588/2009.

The Debtor can be reached at:

         LLC Bio-Farm
         Beregovaya Str. 49
         Chernoluchye
         Omskiy
         644518 Omskaya
         Russia


KREATIV-STROY LLC: Creditors Must File Claims by September 24
-------------------------------------------------------------
Creditors of LLC Kreativ-Stroy (TIN 3444127332, PSRN
1053444094703) (Construction) have until September 24, 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. ?12=964018/09.

The Debtor can be reached at:

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


MAGNITOGORSK IRON: Expects 50% Increase in Third-Quarter Sales
--------------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that OAO Magnitogorsk
Iron & Steel said it expects third-quarter sales will advance 50%
compared with the previous three months, citing increasing demand
in Russia, Middle East and Asia.

Bloomberg relates Magnitogorsk Chief Financial Officer Oleg
Fedonin said Sept. 10 on a conference call the company expects to
increase third-quarter output of commercial steel products will
rise to 2.6 million metric tons from 1.9 million tons in the
second quarter.

Magnitogorsk, Bloomberg discloses, plans to finalize negotiations
with international banks in the fourth quarter to finance its
steel mill in Turkey.  It plans to borrow US$973 million from
international banks and Italian export-import guarantee agency
SACE, Bloomberg says.

                     About Magnitogorsk Iron

OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/-- is
a Russia-based company, active within the steel industry. The
Company=92s main activity is the production and realization of
ferrous metals products.  Its main products are sinter, coke,
iron, crude steel, rolled products and ore materials. MMK OAO is
also involved in the ore mining, preparation of ore materials for
processing, sale of ferrous metal products, stocking and sale of
ferrous and non-ferrous metal scrap and other activities. It
operates on the domestic market, as well as exports its products
to the Commonwealth of Independent States countries, Asia and the
Near and Far East countries. The Company operates through numerous
subsidiaries and affiliated companies.  It has one branch,
Buskul=92skoye kar=92yeroupravlenie and one representative office
located in Odessa, Ukraine.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Fitch Ratings affirmed Magnitogorsk Iron and Steel Works'
Long-term Issuer Default rating at 'BB'.  The Outlook for the
Long-term IDR is Stable.


MONZENSKIY HOUSE: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLC Monzenskiy House-Building Factory (TIN
3509007283, PSRN 10535000373266) have until September 24, 2009, to
submit proofs of claims to:

         A. Fokin
         Insolvency Manager
         Post User Box 38
         Cherepovets
         162606 Vologodskaya
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13=9611968/2008.

The Debtor can be reached at:

         LLC Monzenskiy House-Building Factory
         Zheleznodorozhnaya Str. 83
         Vokhtoga
         Gryazovetskiy
         162040 Vologodskaya
         Russia


SAMARA AIRLINE: Creditors Must File Claims by September 24
----------------------------------------------------------
Creditors of OJSC Samara Airline (TIN 6313033781, PSRN
1026300840675) have until September 24, 2009, to submit proofs of
claims to:

         A. Tarasov
         Insolvency Manager
         Post Use Box 36
         109153 Moscow
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?55=969345/2008.

The Debtor can be reached at:

         OJSC Samara Airline
         Airport
         Bereza
         443025 Samarskaya
         Russia


SPETS-STROY LLC: Creditors Must File Claims by September 24
-----------------------------------------------------------
Creditors of LLC Spets-Stroy-2 (TIN 6623010449) (Construction)
have until September 24, 2009, to submit proofs of claims to:

         V. Opryshko
         Insolvency Manager
         Post User Box 756
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?60=9639576/2008-S11.

The Debtor can be reached at:

         LLC Spets-Stroy-2
         Krasnoarmeyskaya Str. 198
         622016 Nizhny Tagil
         Russia


STROY-KA LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Stroy-Ka (TIN 5905024663, PSRN 1025901213766)
(Construction) have until September 24, 2009, to submit proofs of
claims to:

         A. Kotelnikov
         Temporary Insolvency Manager
         Mira Str. 45a-305
         614095 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:30 a.m. on
January 15, 2010 to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?50=961717/2009.

The Debtor can be reached at:

         LLC Stroy-Ka
         Promyshlennaya Str. 125
         614065 Perm
         Russia


STROY-MONOLIT LLC: Creditors Must File Claims by September 24
-------------------------------------------------------------
Creditors of LLC Stroy-Monolit (TIN 3665019960, PSRN
1023601565437) (Construction) have until September 24, 2009, to
submit proofs of claims to:

         N. Krasilnikov
         Insolvency Manager
         Dorozhnaya Str. 22b
         394038 Voronezh
         Russia

The Arbitration Court of Voronezhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?14=9616788-2008 51/20B.

The Debtor can be reached at:

         LLC Stroy-Monolit
         Kholmistaya Str. 32
         Voronezh
         Russia


URAL-LES LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Ural-Les-Servis (TIN 5916019168, PSRN
1075916000797) (Wood-Processing Industry) have until September 24,
2009, to submit proofs of claims to:

         A. Popov
         Insolvency Manager
         Office 208
         Bolshevistskaya Str. 120a
         614045 Perm
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?50=961920/2009.

The Debtor can be reached at:

         LLC Ural-Les-Servis
         Geofizikov Str. 14
         Krasnokamsk
         617060 Permskiy
         Russia


VIMPELCOM OAO: Court Rejects Telenor's Appeal on US$121 Mln Fine
----------------------------------------------------------------
Maria Ermakova at Bloomberg News, citing Telenor ASA spokeswoman
Anna Ivanova-Galitsina, reported that a Moscow court rejected last
week the company's appeal of a US$121 million fine in Russia
imposed for not voluntarily paying US$1.7 billion in damages to
OAO VimpelCom.

Bloomberg relates the fine was imposed after a lawsuit brought by
a minority shareholder, which Telenor is also contesting.

As reported in the Troubled Company Reporter-Europe, on March 4,
2009, Telenor filed a cassation appeal of the decision of the
Eighth Appellate Arbitrazh Court in Omsk ordering the company to
pay US$1.7 billion in connection with the claim made by Farimex
Products, Inc.  Farimex alleged that Telenor caused losses to
VimpelCom by delaying VimpelCom's acquisition of loss-making
Ukrainian mobile operator, Ukrainian Radio Systems (URS).

Vimpel-Communications (VimpelCom) -- http://www.vimpelcom.com/--
is a provider of telecommunications services in Russia and the
Commonwealth of Independent States (CIS).  The VimpelCom group of
companies consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband
technologies.  The Group includes companies operating in Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as
well as Vietnam and Cambodia.  As of September 30, 2008,
VimpelCom=92s total number of active subscribers in Russia and the
CIS was 57.8 million.  On February 29, 2008, VimpelCom completed a
merger with Golden Telecom, a provider of integrated
telecommunications and Internet services in Russia and the CIS.
In July 2008, VimpelCom signed a joint venture agreement to launch
a global system for mobile communications (GSM) network in Vietnam
and acquired a 90% stake in Sotelco.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 16,
2009, Standard & Poor's Ratings Services said that there is no
immediate impact on the rating or outlook on Russian telecoms
operator Vimpel-Communications (BB+/Negative/--) as a result of
ongoing litigation between two of its shareholders, Telenor ASA
(BBB+/Negative/A-2) and Farimex (not rated).  Following a court
ruling in March 2009, Telenor faces losing its 33.6% stake in
VimpelCom if it fails to pay a US$1.7 billion fine.


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S P A I N
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FTPYME BANCAJA 3: S&P Lowers Rating on Class D Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class D notes issued
by FTPYME Bancaja 3, Fondo de Titulizacion de Activos.  At the
same time, S&P affirmed its ratings on all other classes of notes
in this transaction.

In June 2009, S&P placed FTPYME Bancaja 3's class D notes on
CreditWatch negative due to the transaction's exposure to an
ineligible swap counterparty, Caja de Ahorros de Valencia,
Castellon y Alicante (Bancaja; NR).  S&P withdrew the rating on
Bancaja on Dec. 10, 2008 (see "Related Research" below).
According to S&P's published criteria, an unrated derivative
counterparty is not an eligible supporting party at any rating
level.

S&P understands that Bancaja will not be replaced as the swap
counterparty in this transaction.  According to S&P's updated
credit and cash flow analysis, the class D notes cannot maintain
their current rating if S&P assumes that the swap is no longer in
place.  At the same time, S&P's analysis warrants an affirmation
of the class A3(G), B, and C notes.

Under the swap agreement, the swap guarantees an interest rate
equal to the weighted-average interest rate of the notes plus a
margin of 87 basis points.  S&P assessed the rating effect of the
additional stress due to the basis-risk exposure if the swap
contract was no longer in place.  S&P sized the basis risk as a
function of the difference between the maximum interest payable on
the notes and the minimum interest receivable on the underlying
assets.

S&P based its updated credit analysis on the latest loan-level
data received for the underlying portfolio.  S&P focused on real
estate and construction sector exposures, and the concentration of
loans granted for development.  As of the July investor report,
the collateral shows a 49.29% concentration in real estate and
construction and a 55.83% concentration of loans originated in the
Valencia region.

According to the most recent data, 90+ day delinquencies accounted
for 8.44% of FTPYME Bancaja 3's current portfolio.  Cumulative
defaults were 0.41% of the original balance.  On the last payment
date, the fund generated enough excess spread to replenish the
cash reserve to its required level of EUR5 million, after the
issuer drew on it at the March interest payment date.

                           Ratings List

       FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
       Class                 To               From
       -----                 --               ----
       D                     B+               BB-/Watch Neg

                         Ratings Affirmed

                   Class                 Rating
                   -----                 ------
                   A3(G)                 AAA
                   B                     AA-
                   C                     BBB


REYAL URBIS: Puts Madrid Property Assets Up for Sale
----------------------------------------------------
Judy MacInnes at Reuters, citing Expansion newspaper, reports that
Reyal Urbis SA has put some prime Madrid property up for sale.

Reuters relates the paper, citing unnamed financial sources, said
the assets include the ABC shopping center in one of Madrid's most
expensive streets, Serrano, as well as various hotels belonging to
the Rafael chain.

According to Reuters, the sale process for some of the assets
could begin next week and will be handled by various property
consultants.

Alex Lange at Bloomberg News, citing the Wall Street Journal,
reports Reyal Urbis is looking to raise EUR300 million (US$441.9
million) from the sale.

                       Debt Refinancing Talks

Reyal Urbis, Reuters discloses, is in talks with its creditors,
led by Santander and its subsidiary Banesto, to refinance an over
EUR3 billion (US$4.41 billion) syndicated loan.  Reuters notes
Expansion said the banks are setting tougher terms and obliging
the company, whose total debt stood at EUR4.825 billion at the end
of June, to show goodwill by putting some of its assets up for
sale.

                         About Reyal Urbis

Headquartered in Madrid, Spain, Reyal Urbis SA --
http://www.reyalurbis.com/-- is a company engaged in the real
estate sector.  The Company's business is structured in four
areas: residential development, owned portfolio, land management
and Rafaelhoteles.  In the residential development area, the
Company is involved in the construction of middle-range urban
residences, as well as property project and land management.  The
Company's owned portfolio area comprises the management of
residential and non-residential properties, such as offices,
shopping centers, commercial space and industrial warehouses,
among others.  In the land management area, the Company owns more
than 300 land plots located in 40 cities in Spain and Portugal.
The Rafaelhoteles area is operated by its subsidiary Rafael
Hoteles SAU, which is active in the management of the
Rafaelhoteles hotel chain.  In addition, through Urbis USA Inc,
the Company has operations established in Miami, the United
States.


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MATADOR AUTOMOTIVE: Moody's Cuts National Scale Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term national
scale rating of Matador Automotive Vrable to Ba1.sk from Baa3.sk
due to deteriorating business results with rapidly declining sales
compared to previous year, as well as the company's stretched
capital structure and tight liquidity profile, which is not
commensurate with Baa3.sk rating level.  The rating remains on
review for further downgrade as a result of a possible early call
on its EUR16.6 million bond.

The downgrade reflects Moody's concerns about a more severe
decline in automotive production volumes in Central and Eastern
Europe than Moody's had previously expected.  These concerns are
already visible in substantial double-digit declines in revenues
and operating losses for MAV in H1 2009 and which could last into
2010, albeit at a somewhat reduced pace.  Moreover, for 2009,
management has planned a large capacity expansion programme with
substantial retooling investments related to upcoming projects
predominantly for Volkswagen, which are expected to be funded
primarily with debt.  Although MAV has initiated an acceleration
of release of working capital items, these developments could
result in a highly leveraged capital structure in 2009, following
an already significant increase in debt at the end of 2008.
Although 2010 could be less challenging for the automotive
industry, with more relaxed capital expenditure and release of
working capital, Moody's does not expect a recovery sufficient for
the company to offset these negative trends on its own.  MAV's
funding arrangements contain a large amount of short-term debt,
which exposes the company to ongoing refinancing risk.  In
addition, a sizeable EUR16 million bond issue due in 2011 carries
a rating covenant.

Moody's Ba1.sk rating assumes that a possible early call on the
2011 bond, given MAV's tight liquidity profile, would be timely
refinanced by new debt and tangible contributions from the parent
company, Matador Holding (which has just disposed of its 34% stake
in a joint-venture to Continental).  Thus, in its rating review,
the agency will focus, on (i) a reassessment of MAV's business
prospects, (ii) the potential for cash realizations from working
capital and asset sales, and (iii) the steps taken by the Matador
group towards repayment of the bond potentially coming due in the
short term.

The last rating action on MAV was implemented on 17 July 2009,
when Moody's placed MAV's Baa3.sk rating on review for possible
downgrade.

Headquartered in Vrable, Slovakia, MAV is a local supplier of
automotive parts, mostly to Tier 1 OEM suppliers.  MAV specializes
in welded components such as cross car beams, instrument panels,
seat frames and exhaust systems, as well as a wide range of
interior car body parts.  MAV is ultimately owned by Matador
Holding.  In 2008, MAV accounted for over 80% of Matador Holding's
sales.  In 2008, MAV reported sales of EUR115 million.


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S W I T Z E R L A N D
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ARBUM GMBH: Claims Filing Deadline is September 24
--------------------------------------------------
Creditors of ARBUM GmbH are requested to file their proofs of
claim by September 24, 2009, to:

         Gust Eugster, liquidator
         Nollisweid 17
         9050 Appenzell
         Switzerland

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


BOBAG AG: Claims Filing Deadline is September 24
------------------------------------------------
Creditors of Bobag AG are requested to file their proofs of claim
by September 24, 2009, to:

         Ursula Abderhalden Wyss
         Liquidator
         Brestenbuehlstrasse 52
         8152 Hochfelden
         Switzerland

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


CORAY GMBH: Claims Filing Deadline is September 25
--------------------------------------------------
Creditors of Coray GmbH are requested to file their proofs of
claim by September 25, 2009, to:

         Trevitas Treuhand AG
         Bionstrasse 4
         9015 St. Gallen
         Switzerland

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


ELITE AG: Claims Filing Deadline is September 24
------------------------------------------------
Creditors of Elite AG are requested to file their proofs of claim
by September 24, 2009, to:

         Heinz and Veronika Loeliger
         Buchmattstrasse 49
         3400 Burgdorf
         Switzerland

The company is currently undergoing liquidation in Burgdorf.  The
decision about liquidation was accepted at a general meeting held
on June 19, 2009.


FUTURA.CH GMBH: Claims Filing Deadline is September 25
------------------------------------------------------
Creditors of futura.ch GmbH are requested to file their proofs of
claim by September 25, 2009, to:

         Richard Janki
         Bahnhofstrasse 11
         Mail box: 440
         8630 Rueti/ZH
         Switzerland

The company is currently undergoing liquidation in Igis.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 13, 2009.


GEORGES ULRICH: Claims Filing Deadline is September 24
------------------------------------------------------
Creditors of Georges Ulrich AG are requested to file their proofs
of claim by September 24, 2009, to:

         Georges Ulrich
         Mail box: 7986
         6000 Luzern 7
         Switzerland

The company is currently undergoing liquidation in Meggen.  The
decision about liquidation was accepted at an extraordinary
general meeting on May 19, 2009.


HILL AG: Claims Filing Deadline is September 25
-----------------------------------------------
Creditors of Hill AG are requested to file their proofs of claim
by September 25, 2009, to:

         Hill AG
         Liquidator
         Guthirtstrasse 10
         8037 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on July 3, 2009.


STRACOM CONSULTING: Claims Filing Deadline is September 24
----------------------------------------------------------
Creditors of Stracom Consulting GmbH are requested to file their
proofs of claim by September 24, 2009, to:

         Christoph Ottiger
         Sonnenhaldenstr. 31
         9032 Engelburg
         Switzerland

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


SYSTECH IT-SERVICES: Claims Filing Deadline is September 25
-----------------------------------------------------------
Creditors of Systech It-Services GMBH are requested to file their
proofs of claim by September 25, 2009, to:

         Emmy Arbus
         Fischbachstrasse 6a
         8162 Steinmaur
         Switzerland

The company is currently undergoing liquidation in Weiningen.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 25, 2009.


UBS AG: Warns US Clients of Accounts Disclosure to Tax Authorities
------------------------------------------------------------------
Kim Dixon at Reuters reports that UBS AG has warned its U.S.
clients that their secret Swiss accounts may be revealed to US tax
authorities after next Wednesday's expiration of an amnesty
program.

According to a letter from UBS obtained by Reuters, the Company
told the clients that their accounts fall under a deal signed in
August that ended a dispute with the U.S. government over off-
shore assets of U.S. clients.  Reuters states that the clients
will decide whether to participate in the U.S. Internal Revenue
Service's amnesty program that reveals income in tax havens like
Switzerland, Cayman Islands, and Monaco.

Reuters says that in exchange for coming clean by the September 23
deadline, individuals pay back taxes and a reduced fine, while
generally avoiding criminal charges.

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


VILA AG: Claims Filing Deadline is September 25
-----------------------------------------------
Creditors of Vila AG are requested to file their proofs of claim
by September 25, 2009, to:

         Ueli Wampfler
         Walchestrasse 9
         8006 Zurich
         Switzerland

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


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T U R K E Y
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* ISTANBUL: Moody's Changes Outlook on 'Ba3' Rating to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba3
issuer rating of Istanbul Metropolitan Municipality and the
Ba3/Baa1.tr issuer ratings of Turkey's Housing Development
Administration (Toplu Konut Idaresi Baskanligi) to positive from
stable.  On the global scale, Istanbul and TOKI are rated in line
with Turkish government.

"The rating action follows the decision of Moody's Sovereign Risk
Group to change the rating outlook of the Turkish Republic to
positive from stable, which has an impact on the ratings of both
Istanbul and TOKI," says Francesco Soldi, Moody's lead analyst for
Istanbul and TOKI.  "Istanbul retains a strategic role in the
national economy, whilst TOKI features close operating and
financial links with the Turkish government due to the nature of
its functions."

Istanbul's Ba3 issuer rating continues to reflect its active
fiscal management and some fiscal flexibility.  Moody's recognizes
that growing resources and the active management of municipal-
related companies helped Istanbul to manage expenditure pressures
and to consolidate robust operating surpluses.  However, these
surpluses are expected to slightly deteriorate going forward, due
to the effects of the economic slowdown on revenue dynamics.

Notwithstanding the large operating surpluses, Moody's notes that
Istanbul's implementation of large infrastructure investments has
led to a fast growing debt burden, in the context of a high
exposure to financial market volatility and fiscal challenges
associated with its large investment requirements.  At end-2008,
Istanbul's direct municipal debt amounted to over US$1.5 billion,
or 57% of operating revenues (up from 12% in 2004).  Istanbul's
debt profile exposes it to liquidity, interest rate and currency
exchange risks; the volatility in financial market conditions
should inspire prudent debt and cash flow management, particularly
when financing cannot be hedged.

TOKI's Ba3 (global scale) and Baa1.tr (Turkish national scale)
issuer ratings also reflect positive financial results, supported
by the substantial expansion of the company's assets.  Moody's
understands that proceeds from revenue-sharing projects, combined
with its own cash position and growing use of short-term liquidity
lines from banks, have helped TOKI to manage financing
requirements.

Notwithstanding its positive financial position, the
implementation of TOKI's large capital program has led to rapidly
narrowing liquidity position and higher-than-expected recourse to
domestic borrowing.  As of June 2009, TOKI reported a debt
exposure of approximately TRY2.3 billion (US$1.5 billion).  Going
forward, Moody's cautions that TOKI needs to create conditions for
consolidating a regular cash flow profile, with adequate reserves.

The last rating action with respect to Istanbul was implemented on
December 15, 2006, when Moody's upgraded the city's issuer rating
to Ba3 from B1.  The last rating action with respect to TOKI was
implemented on 18 February 2008, when Moody's assigned the
Ba3/Baa1.tr issuer ratings.

Moody's national scale ratings are not globally comparable, but
address credit risk among debt issues or issuers within a country,
enabling participants to better differentiate relative risks.
Moody's issuer ratings are assigned to issuers rather than to
specific debt issues.  Specific debt issues of the issuer may be
rated differently, and are considered unrated unless individually
rated by Moody's.


* TURKEY: Moody's Changes Outlook on 'Ba3' Ratings to Positive
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Turkish
government's Ba3 bond ratings to positive from stable.  The move
reflects the economy's improved resilience in the face of shocks,
as illustrated by its unassisted performance during the global
crisis of the past two years.

"The positive outlook acknowledges that the Turkish economy was
better prepared to face the credit crunch and the resulting global
recession than would have seemed possible given its dependence on
external capital," said Kristin Lindow, the Regional Credit
Officer for Europe and Africa in Moody's Sovereign Risk Group.
"Moreover, the government did not have to rely on external support
from the IMF or other official sources as it had needed in past
crises."

Moody's says that the 10% contraction in Turkey's GDP during the
first half of 2009 was severe, even by comparison to the 2001
financial crisis.  Nonetheless, Ms. Lindow says that the local
financial market handled well the scarcity of external capital
inflows and the tightening of credit conditions.  This has been
evidenced by the government's ready access to both domestic and
external credit and the rapid decline in market interest rates
from their peak.  Heavily indebted private sector companies were
able to roll over or repay their own external obligations without
government intervention.

"The crisis has not passed for Turkey; its effects continue to
reverberate across the economy.  At least three years' of
improvements in government debt affordability metrics (i.e.
government interest payments to revenues) have been lost.
Moreover, there are indications that the recovery reported in the
second quarter GDP has slowed," said Ms. Lindow.  "Still, the
impact on the public finances, inflation and the financial market
generated by this recession is not as negative as the impact of
past crises, despite the headline hit to growth."

Ms. Lindow notes that the new update to the Medium Term
Expenditure Plan provides some assurance that the deterioration in
the public finances that occurred in 2009 will gradually start to
reverse through spending discipline and revenue enforcement.

"Given the depth of the recession and expectations of slower
growth in a less benign global economy in coming years, the
restoration of favorable debt dynamics will depend on maintaining
lower interest rates and a gradual tightening of the structural
fiscal stance," explains Ms. Lindow.

In Moody's opinion, determined action to regain fiscal credibility
and an ongoing commitment to low inflation will be crucial to
avoid undermining the progress made earlier in this decade.  For
instance, the passage and implementation of supporting legislation
for the proposed fiscal rule could be beneficial to improve debt
affordability.

Moody's has also changed the outlook on Turkey's B1 foreign
currency bank deposit ceiling to positive from stable.  The
outlook on the Ba1 foreign currency debt ceiling remains stable,
as do the outlooks on the local currency country ceilings (A2 for
bonds, A3 for bank deposits).

Moody's last rating action on Turkey was taken on May 24, 2006,
when the country ceiling for foreign currency debt was upgraded to
Ba1 from Ba3.  Prior to that, Moody's last changed the debt
ratings of the Turkish government on December 14, 2005, when they
were upgraded from B1 to Ba3.


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U K R A I N E
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DUNE LLC: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLC Dune (code EDRPOU 30447862) have until
September 24, 2009, to submit proofs of claim to:

         Fastov Regional State Tax Inspection
         Insolvency Manager
         Kirov Str. 28
         Fastov
         08500 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009.  The case is docketed under
Case No. B11/099-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dune
         Krasny shliakh Str. 24
         Fastov
         Kiev
         Ukraine


UKRPRODUCT K LLC: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLC Ukrproduct K (code EDRPOU 32870508) have until
September 24, 2009, to submit proofs of claim to:

         V. Vakulenko
         Insolvency Manager
         Office 5-A
         Shakespeare str. 12-A
         61045 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. B-19/27-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Ukrproduct K
         Dovgalevskaya Str. 25
         Kharkov
         Ukraine


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U N I T E D   K I N G D O M
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EUROSAIL PLC: Moody's Junks Ratings on Twelve Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

-- all the notes issued by Eurosail 2006-1 PLC (Eurosail 2006-1);

-- all the notes issued by Eurosail 2006-2BL PLC (Eurosail 2006-
    2), except Class B1a and Class B1b which were confirmed at
    their current ratings;

-- all the notes issued by Eurosail 2006-3NC PLC (Eurosail 2006-
    3), except Class A2b, Class A2c and Class A3c DAC which were
    confirmed at their current ratings;

-- all notes issued by Eurosail-UK 2007-1NC PLC (Eurosail 2007-
    1), except Class A3c DAC which was confirmed at Aaa.

All the affected tranches, listed at the end of this press
release, had been placed on review for possible downgrade on the
17 September 2008 because of their exposure to Lehman Brothers
Holding Inc.  These notes were also on review for possible
downgrade due to worse-than-expected performance as detailed in a
press release dated June 26, 2009, when Moody's placed on review
13 UK Non-Conforming RMBS transactions and commented on 14 other
UK NC RMBS transactions.  The rating actions conclude the review
and take into account increased loss expectations for the four
mortgage portfolios backing these transactions as well as the
exposure to LBHI or to entities ultimately owned by LBHI
performing servicing and cash management functions.  Moody's notes
that the weak performance of these transactions is the main driver
for the rating action.

                       Transaction Overview

Eurosail 2006-1 closed in May 2006 and the current pool factor is
approximately 42%.  The assets supporting the notes are non-
conforming mortgage loans secured by residential properties
located in England, Wales and Scotland, with approximately 6% of
the outstanding portfolio represented by second lien loans.  The
original weighted average LTV at closing was approximately 74%
while the current weighted average indexed LTV has increased to
approximately 80%.  As a result of the house price depreciation
after closing, approximately 11.5% of the outstanding portfolio is
currently characterized by an indexed LTV higher than 100%.  The
cumulative losses realized since closing amount to 1.9% of the
original portfolio balance, with an average loss severity of 34.3%
reported for the quarter ended in June 2009.  The reserve fund has
been drawn and it is currently equal to approximately 70% of its
target level corresponding to 0.83% of the current balance of the
notes.

Eurosail 2006-2 closed in October 2006 and the current pool factor
is approximately 52%.  The assets supporting the notes are near
prime and non-conforming mortgage loans secured by residential
properties located in England, Wales, Scotland and Northern
Ireland, with approximately 0.5% of the outstanding portfolio
represented by second lien loans.  The original weighted average
LTV at closing was approximately equal to 76% while the current
weighted average indexed LTV has increased to approximately 79%.
As a result of the house price depreciation after closing,
approximately 6% of the outstanding portfolio is currently
characterized by an indexed LTV higher than 100%.  The cumulative
losses realized since closing amount to 2% of the original
portfolio balance, with an average loss severity of 37.5% reported
for the quarter ended in June 2009.  The reserve fund has been
drawn and it is currently equal to approximately 81% of its target
level corresponding to 0.15% of the current balance of the notes.

Eurosail 2006-3 closed in November 2006 and the current pool
factor is approximately 51%.  The assets supporting the notes are
non-conforming mortgage loans secured by residential properties
located in England, Wales and Scotland, with approximately 15% of
the outstanding portfolio represented by second lien loans.  The
original weighted average LTV at closing was approximately equal
to 71% while the current weighted average indexed LTV has
increased to approximately 80%.  As a result of the house price
depreciation after closing, approximately 11.6% of the outstanding
portfolio is currently characterized by an indexed LTV higher than
100%.  The cumulative losses realized since closing amount to 1.5%
of the original portfolio balance, with an average loss severity
of 31.7% reported for the quarter ended in June 2009.  The reserve
fund has been completely depleted and the transaction is currently
experiencing an unpaid PDL on the class E note of approximately
GBP2,605,987

Eurosail 2007-1 closed in February 2007 and the current pool
factor is approximately 63%.  The assets supporting the notes are
non-conforming mortgage loans secured by residential properties
located in England, Wales, Scotland and Northern Ireland, with
approximately 13% of the outstanding portfolio represented by
second-lien loans.  The original weighted average LTV at closing
was approximately equal to 73% while the current weighted average
indexed LTV has increased to approximately 82%.  As a result of
the house price depreciation after closing, approximately 12.9% of
the outstanding portfolio is currently characterized by an indexed
LTV higher than 100%.  The cumulative losses realized since
closing amount to 1.6% of the original portfolio balance, with an
average loss severity of 35.3% reported for the quarter ended in
June 2009.  The reserve fund has been completely depleted and the
transaction is currently experiencing an unpaid PDL on the class E
note of approximately GBP1.6 million.

                 Revised Performance Expectations

Moody's has assessed updated loan-by-loan information of the
outstanding portfolios to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE for these transactions to 29%
for Eurosail 2006-1, 27% for Eurosail 2006-2, 33% for Eurosail
2006-3 and 30% for Eurosail 2007-1.  The current available credit
enhancement (excluding excess spread) for Class A2 notes in
Eurosail 2006-1 and Eurosail 2006-2 is equal to 27.8% and 27.3%
respectively.  In Eurosail 2006-3 and Eurosail 2007-1, Class A2
and A3 notes share the same PDL and their current available credit
enhancement, taking into account the unpaid PDL, equals to
approximately 27.4% and 22% respectively.  The principal
redemption within the Class A notes is fully sequential, hence
these classes are expected to have significantly different average
lives.  In its cash flow analysis of Eurosail 2006-3 and Eurosail
2007-1, Moody's has taken into account the faster repayment of the
Class A2 notes.  This has led to the confirmation of the current
ratings of Class A2b and Class A2c in Eurosail 2006-3 and to the
difference in rating levels between Class A2 and Class A3 in
Eurosail 2007-1.  Similarly, Class A3c DAC for Eurosail 2006-3 and
Eurosail 2007-1 were confirmed at their current ratings taking
into consideration their termination dates falling on December
2009 and March 2010 respectively.

Considering the current amount of realized losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has also increased its total loss
expectations to 6.5% of the original portfolio balance for
Eurosail 2006-1 and Eurosail 2006-2 (vs. 3.7% and 3.1% previously
assumed) and to 7.5% of the original portfolio balance for
Eurosail 2006-3 and Eurosail 2007-1 (vs. 3.7% previously assumed
for both transactions).

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to contract by 4.1% in 2009, followed by growth of 0.9% in 2010,
unemployment to increase to 9.6% by 2010 from 7.8%, house prices
to decrease by over 30% from their peak in 2007 to a trough in
2010 and further increases in personal insolvencies.

               Swaps, Servicing and Cash Management

Moody's notes that following the bankruptcy filing of LBHI, an
event of default has occurred in the swap agreements in place for
the four transactions.  As of only the fixed-floating and BBR
swaps for Eurosail 2007-1 have been terminated, but no replacement
swaps have been entered into by the issuer.  In Moody's current
rating review, Moody's has assumed that the issuer will not enter
into replacement swaps and will be exposed to interest rate and
basis risk until transaction maturity.

The fixed-floating swaps for the other three transactions have not
been terminated.  However, the residual interest rate risk
exposure is limited as fixed rate loans are reverting to floating
rate within December 2010, October 2009 and September 2009 for
Eurosail 2006-1, Eurosail 2006-2 and Eurosail 2006-3 respectively.
These three transactions are also exposed to some unhedged basis
risk due to the reset date mismatch between the Note Libor and the
Libor on the mortgage loans which is approximately a 10-15 day
period.  This risk had been previously sized by Moody's in the
latest review of the deals in May 2008 and is not the driver of
the rating actions.

Some of the notes in the four transactions are denominated in EUR
or US$ as detailed in the list below.  The Issuers have entered
into currency swap agreements with Barclays Bank PLC to hedge the
foreign exchange risk.

Finally, the rating actions incorporate the potential operational
risks associated with Capstone Mortgage Services Ltd, performing
the servicing and cash management functions in all four
transactions.  Following a review of Capstone servicing
operations, Moody's is satisfied of the ability of the servicer to
perform its duties considering current resources, systems and
procedures.  Uncertainties remain on the ownership structure and
funding strategy of Capstone in the future.  Moody's considers the
back-up cash management arrangements in place with HML to be not
sufficiently hot to ensure, in Aaa-equivalent circumstance, a
timely payment of principal and interest on the notes and payments
to the cross-currency swap provider within the grace period.  This
consideration of this residual operational risk has affected the
ratings of the senior notes in the reviewed transactions by
approximately 1 notch.

                     List of Affected Notes

Issuer: Eurosail 2006-1

  -- GBP321.2 million A2c notes, Downgraded to Aa1; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR20.7 million B1a notes, Downgraded to A1; previously on
     17 September 2008 Aa3 Placed Under Review for Possible
     Downgrade

  -- GBP17.5 million B1c notes, Downgraded to A1; previously on
     17 September 2008 Aa3 Placed Under Review for Possible
     Downgrade

  -- EUR13.6 million C1a notes, Downgraded to Ba2; previously on
     17 September 2008 Baa2 Placed Under Review for Possible
     Downgrade

  -- GBP16.5 million C1c notes, Downgraded to Ba2; previously on
     17 September 2008 Baa2 Placed Under Review for Possible
     Downgrade

  -- EUR26.4 million D1a notes, Downgraded to Caa3; previously on
     17 September 2008 Ba3 Placed Under Review for Possible
     Downgrade

  -- GBP3.0 million D1c notes, Downgraded to Caa3; previously on
     17 September 2008 Ba3 Placed Under Review for Possible
     Downgrade

  -- GBP4.8 million E notes, Downgraded to Ca; previously on
     17 September 2008 B3 Placed Under Review for Possible
     Downgrade

Issuer: Eurosail 2006-2BL PLC

  -- GBP269.0 million A2c notes, Downgraded to Aa1; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR27.0 million B1a notes, Confirmed at Aa3; previously on
     17 September 2008 Aa3 Placed Under Review for Possible
     Downgrade

  -- US$18.0 million B1b notes, Confirmed at Aa3; previously on
     17 September 2008 Aa3 Placed Under Review for Possible
     Downgrade

  -- EUR24.8 million C1a notes, Downgraded to Baa2; previously on
     17 September 2008 A3 Placed Under Review for Possible
     Downgrade

  -- GBP11.0 million C1c notes, Downgraded to Baa2; previously on
     17 September 2008 A3 Placed Under Review for Possible
     Downgrade

  -- EUR9.0 million D1a notes, Downgraded to Caa1; previously on
     17 September 2008 Ba1 Placed Under Review for Possible
     Downgrade

  -- GBP17.3 million D1c notes, Downgraded to Caa1; previously on
     17 September 2008 Ba1 Placed Under Review for Possible
     Downgrade

  -- GBP7.38 million E1c notes, Downgraded to Caa3; previously on
     17 September 2008 B3 Placed Under Review for Possible
     Downgrade

  -- GBP1.538 million F1c notes, Downgraded to Ca; previously on
     17 September 2008 Caa1 Placed Under Review for Possible
     Downgrade

Issuer: Eurosail 2006-3NC PLC

  -- US$145.0 million A2b notes, Confirmed at Aaa; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- GBP35.25 million A2c notes, Confirmed at Aaa; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR128.0 million A3a notes, Downgraded to Aa2; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- GBP80.2 million A3c notes, Downgraded to Aa2; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- A3c DAC notes, Confirmed at Aaa; previously on 17 September
     2008 Aaa Placed Under Review for Possible Downgrade

  -- EUR48.8 million B1a notes, Downgraded to Baa1; previously on
     17 September 2008 Aa3 Placed Under Review for Possible
     Downgrade

  -- EUR20 million C1a notes, Downgraded to B3; previously on
     17 September 2008 Baa2 Placed Under Review for Possible
     Downgrade

  -- GBP9.85 million C1c notes, Downgraded to B3; previously on
     17 September 2008 Baa2 Placed Under Review for Possible
     Downgrade

  -- EUR6.05 million D1a notes, Downgraded to Ca; previously on
     17 September 2008 B1 Placed Under Review for Possible
     Downgrade

  -- GBP11.0 million D1c notes, Downgraded to Ca; previously on
     17 September 2008 B1 Placed Under Review for Possible
     Downgrade

  -- GBP4.08 million E1c notes, Downgraded to C; previously on
     17 September 2008 B3 Placed Under Review for Possible
     Downgrade

Issuer: Eurosail-UK 2007-1NC PLC

  -- EUR152.5 million A2a notes, Downgraded to Aa1; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- GBP50.0 million A2c notes, Downgraded to Aa1; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR194.8 million A3a notes, Downgraded to Aa2; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- GBP100.0 million A3c notes, Downgraded to Aa2; previously on
     17 September 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- A3c DAC notes, Confirmed at Aaa; previously on 17 September
     2008 Aaa Placed Under Review for Possible Downgrade

  -- EUR36.9 million B1a notes, Downgraded to Baa2; previously on
     17 September 2008 Aa2 Remained On Review for Possible
     Downgrade

  -- GBP20.0 million B1c notes, Downgraded to Baa2; previously on
     17 September 2008 Aa2 Remained On Review for Possible
     Downgrade

  -- EUR42.1 million C1a notes, Downgraded to B2; previously on
     17 September 2008 A2 Remained On Review for Possible
     Downgrade

  -- EUR23.25 million D1a notes, Downgraded to Ca; previously on
     17 September 2008 Ba1 Remained On Review for Possible
     Downgrade

  -- GBP5.0 million D1c notes, Downgraded to Ca; previously on
     17 September 2008 Ba1 Remained On Review for Possible
     Downgrade

  -- GBP5.6 million E1c notes, Downgraded to C; previously on
     17 September 2008 Ba3 Remained On Review for Possible
     Downgrade

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

Moody's will continue to monitor closely the above transactions.


ITV PLC: Nears Agreement with Tony Ball on Incentivization Plan
---------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that
negotiations between the board of ITV plc and Tony Ball, the man
it favors as its next chief executive, over his incentivization
plan are expected to conclude in the next 48 hours.

As reported yesterday in the Troubled Company Reporter-Europe, the
FT said the parties agree about his basic salary and bonuses, but
Mr. Ball is adamant he should have a deal involving share options
that could bring him about GBP20 million during five years, if he
were to attain performance targets.  The FT disclosed the board is
divided about how much it will agree to pay in incentives.

                          About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Standard & Poor's Ratings Services said that it has lowered
its long-term corporate credit and senior unsecured debt ratings
on U.K. private TV broadcaster ITV PLC to 'B+' from 'BB-'.  S&P
said the outlook is negative.  At the same time, S&P affirmed its
'B' short-term corporate credit rating on ITV.


LLOYDS BANKING: Mulls Reducing Assets Covered by GAPS
-----------------------------------------------------
Digby Larner at The Wall Street Journal reports that Lloyds
Banking Group PLC said Friday it's still in talks with the U.K.
Treasury about possibly joining the government's asset-protection
scheme.

According to the WSJ, the bank is already 43% state-owned but to
cover the cost of joining GAPS it has said it may have to issue
further shares that would take the government's stake to more than
60%.

The WSJ relates the bank said Friday that in light of improving
economic conditions it was discussing possible changes to the
agreed terms for joining GAPS, "including the possibility of
reducing the amount of assets covered by the scheme," the bank
said.

"All possibilities remain open and, as part of this process,
Lloyds is focused on ensuring that any potential alternatives to
GAPS would be in the interests of shareholders and other
stakeholders," the WSJ quoted Lloyds as saying.

                            Stress Tests

Philip Aldrick at The Daily Telegraph reports Lloyds may not be
able to exit from the government's toxic debt insurance scheme
after failing to raise enough capital to meet the Financial
Services Authority's strict requirements.

According to the Daily Telegraph, after a series of stress tests,
the regulator decided the bank needed more capital to withstand
escalating bad debts while retaining sufficient firepower to lend
an extra GBP28 billion to households and businesses over this year
and next, as agreed with the government.  The Daily Telegraph
notes to pass the stress tests, Lloyds required more than GBP20
billion, added to which would have been a fee of up to GBP1
billion to pay for the six months that the bank has been operating
with the insurance.

The Daily Telegraph discloses under the current plans, Lloyds will
place GBP260 billion of toxic assets with the asset protection
scheme and pay the government a GBP15.6 billion fee in special "B"
shares.  The stake will increase the state's economic interest in
Lloyds to 62%.

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

                    About Lloyds Banking Group PLC

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


MANSARD 2007-2: Error in Calculations Won't Affect Fitch's Ratings
------------------------------------------------------------------
Fitch Ratings says there is no rating impact on Mansard 2007-2
from an error in the swap calculations for the payment date
falling in June 2009.

According to the servicer, Rooftop Mortgages Limited, in Q209 the
issuer paid an excess to the amount of GBP645,032 to the swap
counterparty, leaving the transaction with less funds available to
cover losses resulting from the sale of repossessed properties.
However, the issuer has reconciled the error by reducing the
amount due to the swap counterparty for the period up to September
2009.

Although Fitch recognizes this increase in available revenue as a
positive for the transaction, the level of losses seen to date,
together with the continued growth in repossessed properties, are
still a concern.  These two factors were the key drivers behind
the rating actions taken by Fitch on August 17, 2009.

The latest investor reports as of September 2009 show the reserve
fund topping up by an amount of GBP171,410, bringing the reserve
fund balance to 84.3% of its target amount.  Since the last
payment date, the servicer continued with the prudent approach of
selling repossessed properties, but this in turn has led to
further losses being recognized in this period.  Fitch-calculated
weighted average loss severity ratio for the period stood at
42.1%, and this is predominantly due to the volume of shortfall
sales in the period (reported as GBP2.6 million).

As of August 2009, the transaction has seen stabilization in
arrears, which is in line with the performance seen in most other
UK non-conforming deals, where following the decline in interest
rates, arrears levels have levelled-off.  As of August 2009, loans
in arrears by more than three months (excluding repossessions)
stood at 11.2% of the outstanding pool.  The transaction has also
seen an increase in outstanding repossessions, which in August
2009 reached 2.9% of the current portfolio.

The September 2009 investor report shows all loans having reverted
from their discount rates.  With the adjustment to the swap
payment, this deal has generated gross excess spread in the amount
of GBP2.8 million, as calculated by Fitch.  Although this is seen
as a positive for the transactions, most of the revenue was
utilized to cover losses that have been realized in the period.
However, the continued growth of repossessed properties in
combination with the characteristics of the underlying collateral
-- high portion of buy-to-let properties in the pool, as well as a
strong presence of self-certified and/or self-employed borrowers
and a high concentration of loans with current loan-to-value
ratios greater than 80% -- are still a cause for concern.  Fitch
believes that the deal is likely to see further losses occur from
the sale of such properties.  This in turn is expected to lead to
further reserve fund draws in the forthcoming payment dates.

The current ratings of Mansard 2007-2 are:

  -- Class A1a (ISIN XS0333305299) rated 'AA'; Outlook Stable;
     Loss Severity Rating 'LS-2'

  -- Class A2a (ISIN XS0333306933) rated 'AA'; Outlook Stable;
     Loss Severity Rating 'LS-2'

  -- Class M1a (ISIN XS0333308475) rated 'A'; Outlook Negative;
     Loss Severity Rating 'LS-4'

  -- Class M2a (ISIN XS0333311693) rated 'BB'; Outlook Negative;
     Loss Severity Rating 'LS-4'

  -- Class B1a (ISIN XS0333313988) rated 'CCC'; Recovery Rating
     'RR2'

  -- Class B2a (ISIN XS0333340361) rated 'CC'; Recovery Rating
     'RR5'


NATIONAL EXPRESS: Ex-Chair Blames Woes on DfT Fall-Out
------------------------------------------------------
National Express Group plc could have survived as an independent
company if it had better managed its relationship with the
Department for Transport, Gill Plimmer at The Financial Times
reports, citing former chairman David Ross.

According to the FT, Mr. Ross, National Express chairman until
December, said that the company, which is 18.6%-owned by the
Spanish Cosmen family, had been in a perfect position at the end
of last year to raise capital and renegotiate terms with banks on
its then-GBP1.2 billion debt mountain, but "the falling out with
the DfT had made that difficult".

"If there hadn't been tensions between the board and the Cosmens
they wouldn't have bid for the company," the FT quoted Mr. Ross
as saying.  "They had been a long-term supportive shareholder and
plenty of businesses have raised capital in the past year."

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.


NORTEL NETWORKS: U.S. Court Okays Benefits for Foreign Employees
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Nortel Networks Inc. and its units to pay their employees based in
the United Arab Emirates and Saudi Arabia who will be laid off as
part of their restructuring.

The Court also authorized the Debtors to earmark as much as
US$2 million for the payment of those employees.

The Debtors will be paying their employees in the United Arab of
Emirates and Saudi Arabia who will be terminated as part of their
restructuring process.  The employees to be terminated are also
connected with the Debtors' Enterprise Solutions business.

The Debtors intend to terminate eight employees in their office
in Dubai by the end of September, and another batch of employees
including those who are based in Saudi Arabia in the next few
months.  The Debtors employ 41 workers for their Enterprise
Solutions and Carrier VoIP and Application Solutions business in
the Dubai office, and 11 employees are based in Saudi Arabia.

Employees who won't be laid off will be offered a new job in
Avaya Inc. or in another company that will be selected as the
winning bidder for the Debtors' Enterprise Solutions business,
which is scheduled for auction come September 11, 2009.

The Debtors estimate that they would have to pay as much as
US$1,468,135 to the employees scheduled for termination.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

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


ROYAL BANK: In Talks with Investors Over US$8.1 Bln Share Sale
--------------------------------------------------------------
Royal Bank of Scotland Group Plc is in talks with shareholders
over a potential rights offering, Jon Menon and Ben Martin at
Bloomberg News reports, citing two familiar with the talks.

Bloomberg relates one of the people, said RBS may raise between
GBP3 billion and GBP5 billion (US$8.1 billion).

The government's stake in the Edinburgh-based lender is set to
increase to more than 80% under the terms of the Asset Protection
Scheme, the U.K.'s toxic asset insurance program, Bloomberg says.
According to Bloomberg, one of the people said RBS Chief Executive
Officer Stephen Hester is seeking to limit that increase by
raising cash from investors.

Citing a person familiar with the situation, Martin Arnold at The
Financial Times reports plans are "tentative" and Mr. Hester is
still "putting out feelers" to its shareholders about a
"modest-sized" share issue.

"RBS are looking to gauge investor appetite for a small, modest
equity issue," the FT quoted a person familiar with the plans as
saying.

Bloomberg recalls RBS said in February it would sell as much as
GBP19 billion of non-voting B shares to the government as a fee
for putting GBP316 billion of toxic assets into the insurance
plan.

The U.K. government owns 70% of RBS after it invested GBP20
billion last year to rescue the bank.

                              About RBS

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


SONGBIRD ESTATES: Paul Reichmann Sells 8.45% Canary Wharf Stake
---------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Paul Reichmann,
has given up his stake in Canary Wharf Group plc.

According to the Daily Telegraph, Commerzbank sold Mr. Reichmann's
8.45% stake to Songbird Estates plc.  The stake, the report says,
was called in by Commerzbank after the Canadian entrepreneur
pledged it against loans from Dresdner.

                              Bailout

As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, The Financial Times said China Investment Corporation joined
a consortium to help bail out Songbird Estates, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan.  The
FT disclosed CIC joined several existing shareholders in Songbird
Estates in providing more than GBP800 million in new equity to pay
back a Citigroup loan.  According to the FT, other groups taking
part in the placing include Morgan Stanley Real Estate Funds,
Qatar Holding and Simon Glick, the US private investor.

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


SONGBIRD ESTATES: Qatar Increases in Participation in Share Issue
-----------------------------------------------------------------
Following its previous statement on August 28 of its intention to
become the largest shareholder in Songbird Estates Plc, Qatar
Holding today announces that it is further increasing its
commitment to the property company.

Qatar Holding will support the purchase by Songbird Estates of an
additional 8.45% of the share capital of Canary Wharf Group, a
leading real estate investment and development company with over 7
million square feet of office and retail space, for GBP112.5
million.  This purchase will increase Songbird's share in the
Canary Wharf Group to 69.3%.

As part of its increased commitment, Qatar Holding intends to
enlarge its investment in the planned share issue by Songbird
Estates.  In addition Qatar Holding will be a leading participant
in providing a new debt facility to help fund the purchase by
Songbird Estates of the additional shares in Canary Wharf Group.
Qatar Holding will also be the lead participant in the previously
announced GBP275 million preference share issue by providing
GBP150 million.


Ahmad Al-Sayed, Chief Executive Officer of Qatar Holding said:
"We fully support the management of Songbird in undertaking this
transaction, which we believe is a good opportunity to create
value for all Songbird shareholders.  We are therefore increasing
our participation in the planned fund-raising to ensure its
successful completion."

                            Bailout

As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, The Financial Times said China Investment Corporation joined
a consortium to help bail out Songbird Estates, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan.  The
FT disclosed CIC joined several existing shareholders in Songbird
Estates in providing more than GBP800 million in new equity to pay
back a Citigroup loan.  According to the FT, other groups taking
part in the placing include Morgan Stanley Real Estate Funds,
Qatar Holding and Simon Glick, the US private investor.

                     About Qatar Holding LLC


Qatar Holding LLC is established as the strategic and direct
investment arm of Qatar Investment Authority.  With the vision of
becoming a world class investment corporation and the preferred
partner of choice for investors, financiers and other
stakeholders; it is envisaged that the already significant
investment portfolio of Qatar Holding will continue to grow.  Key
investment assets of Qatar Holding include Barclays plc, Credit
Suisse Group, J Sainsbury plc, Qatar Exchange, Qatar Telecom,
Qatar National Bank, London Stock Exchange and Lagardere SCA.

                    About Songbird Estates Plc

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


STICHTING PROFILE: NIBC Downgrade Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says the recent downgrade of NIBC Bank N.V., in its
capacity as principal paying agent in the Stichting Profile
Securitization I transaction, will not in itself impact the
ratings of the notes.

The notes are rated:

  -- GBP303,275,917 SCDS: 'AA+'; Stable Outlook

  -- GBP88,122 class A+ (ISIN: XS0235101119): 'AA+; Stable Outlook

  -- GBP17,200,000 class A (ISIN: XS0235101465): 'A+'; Stable
     Outlook

  -- GBP5,400,000 class B (ISIN: XS0235102190): 'BBB+'; Stable
     Outlook

  -- GBP3,000,000 class C (ISIN: XS0235102513): 'BBB'; Stable
     Outlook

  -- GBP3,100,000 class D (ISIN: XS0235102943): 'BB+'; Stable
     Outlook

  -- GBP3,700,000 class E (ISIN: XS0235103248): 'B'; Stable
     Outlook

On August 12, 2009, the rating of NIBC was downgraded to
'BBB'/'F3'/Outlook Stable from 'BBB+'/'F2'/Outlook Negative.  As
per condition 13.2 of the Stichting Profile Securitization I
prospectus, the issuer or trustee may terminate the appointment of
the principal paying agent in the event that the Short-term rating
of the principal paying agent is withdrawn or downgraded below
'F1' by Fitch.  The issuer or trustee must terminate the
appointment if the continued appointment of the downgraded
principal paying agent would result in the downgrading or
withdrawal of the then current rating of any class of notes.  NIBC
would like to continue their appointment as principal paying agent
and hence have requested confirmation that the downgrade of NIBC
will not result in the downgrade of any class of the notes.

Fitch has analyzed NIBC's role as principal paying agent and notes
that at the close of the transaction NIBC had paid interest and
principal to the noteholders through its own Nostro account held
at the issuer's account bank (ING Bank N.V.; currently rated
'A+'/'F1+'/Outlook Stable).  The procedure has now changed whereby
NIBC simply instructs ING Bank to debit the account of the issuer
and credit the account of the noteholders (via clearing systems).
In its current role as principal paying agent, NIBC does not, at
any point in the transaction, hold any cash, hence eliminating
credit risk.  If NIBC were to become insolvent, as per the
transaction documents a suitable replacement should be found as
soon as possible within the applicable grace period.


=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
X X X X X X X X
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


* UK: Business Failure Rate Falls to Lowest Level in August 2009
----------------------------------------------------------------
The UK business failure rate, which has been seeing an upward
trend since 2007, fell to its lowest level in August since
September 2008.

The figures were revealed yesterday by Experian, the global
information services company, as it launched its new monthly
Insolvency and Distress Index, the most comprehensive real-time
view on the extent of UK business failures.

The index revealed that 0.09% of UK businesses failed during
August this year, a slight increase on the 0.08% recorded in
August 2008.  However, it was significantly lower than the 0.11%
recorded in July, and the lowest rate so far this year.

The total number of business insolvencies during August 2009
increased by 11.3%, compared to August 2008.  However, in
comparison to July, the total number of insolvencies fell by 23%,
and with a total of 1,796 insolvencies in August, this too is the
lowest number of monthly failures so far in 2009.

Experian's data also reveals a slight improvement in the financial
solidity of the UK business population, as measured by its average
distress score.  The distress score -- which predicts the
likelihood of a business failing in the near future, with 100
being the least likely to default and 1 being the most likely --
had been on a slow downward trend since March 2008 when it stood
at 82.24.

Yet Experian's Insolvency and Distress Index reveals that the
financial distress levels of businesses decreased recently, as the
score improved from 80.61 in July to 80.79 in August  2009.  This
is the best average score the UK business world has seen in the
last 12 months.

Rolf Hickman, Managing Director of pH, an Experian company, said:
"This latest data is encouraging.  However, it is also important
to remember that although the total number of insolvencies is
close to the total number in the last recession, the insolvency
rate is no where near as high.  The underlying business population
has also been growing at an increasing pace, so this needs to be
taken into account in order to gain a realistic picture of
insolvencies in the UK and the extent of any impact on the UK
economy rather than simply looking at raw insolvency statistics.

"Although it is too early to tell whether this is an indication of
a more positive outlook, one thing is for sure: businesses are
distinctly aware of the current environment and the need to be
cautious in any business dealings.  We have seen a significant
increase in businesses monitoring the health of suppliers,
customers and partners, as well as themselves, in order to ensure
they do not suffer from the impact of another business becoming
insolvent."

Other key findings were:

    * The North East region saw the highest rate of business
      failures during August 2009.  It was also the area to see
      the highest increase in the number of insolvencies during
      August this year compared to August 2008 (up 92.7%).

    * Very small businesses (five employees or less) proved to be
      the most resilient during August with low insolvency rates
     (0.05% for businesses with up to two employees and 0.12% for
      businesses with between two and five employees).  Those
      small businesses that survived also saw a higher than
      average improvement in their financial stability (81.32 for
      businesses with up to two employees and 82.58 for businesses
      with between two and five employees).

    * Postal and telecommunications businesses are seeing the
      highest levels of financial distress, compared to businesses
      other sectors.  This sector had the worst distress score
      during August (76.29) and the second highest insolvency rate
     (0.26%).


* S&P Puts Ratings on 1,626 European CDOs on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed 1,626 ratings on 623
European corporate collateralized debt obligation transactions on
CreditWatch with negative implications.

The aggregate issuance amount of the affected tranches is
$250.53 billion.  S&P took these CreditWatch actions after S&P
updated the criteria and assumptions S&P use to rate corporate CDO
transactions.  S&P expects this update to result in downgrades of
many rated CDOs that are backed by, or reference, corporate debt.
The CreditWatch placements affect nearly all of S&P's ratings on
European corporate CDO transactions, including collateralized loan
obligations, collateralized bond obligations, CDOs of corporate
CDOs, synthetic corporate CDOs, CDOs backed by trust preferred
assets, and other CDO transactions collateralized by or
referencing corporate credits.

S&P did not place some ratings on tranches with credit support
provided by a monoline insurance company or other third-party on
CreditWatch negative.  Additionally, S&P affirmed its ratings on
some senior tranches from corporate CDO transactions because, in
S&P's opinion, the high level of credit enhancement available to
support these tranches indicates that these tranches are likely to
maintain their current ratings following the application of S&P's
updated criteria.  In all, S&P affirmed its ratings on five
tranches from three CDO transactions.

With respect to the tranches with affirmed ratings based on S&P's
assessment of the credit enhancement available to support them, it
is important to note that these tranche ratings will be subject to
a full review by surveillance committee in coming months as S&P
reviews the ratings on the other tranches within the transactions.
If, as a result of these reviews, S&P determines that a rating
assigned to one of these affirmed tranches is not, in S&P's view,
consistent with the rating indicated by analysis under S&P's
updated criteria, S&P will lower the rating at that time without
first placing it on CreditWatch negative.  Additionally, S&P has
not placed on CreditWatch negative the ratings on the CDO tranches
that S&P expects will be paid in full on or before Dec. 31, 2009.

CreditWatch placements affected CDO transactions monitored in the
Europe.

S&P will publish separate releases and rating action lists for
transactions monitored in the U.S., Asia-Pacific (excluding
Japan), and Japan.

S&P's process for reviewing cash flow and hybrid CDOs (which rely
on excess spread for credit support and require cash flow analysis
when assessing the ratings assigned) differs from the process S&P
uses to review synthetic CDO transactions, which S&P monitors
through S&P's monthly synthetic rated overcollateralization
review.

         Review of Cash Flow and Hybrid CDO Transactions

S&P will resolve the CreditWatch placements affecting each cash
flow and hybrid CDO transaction affected by the criteria update
after S&P completes its cash flow and credit analysis and conduct
a review via rating committee.  Given the volume of transactions
S&P will review in connection with the criteria update, S&P
anticipates that the reviews may require six months or more to
complete.  In general, S&P expects to issue multiple press
releases per week to resolve the CreditWatch placements as S&P
review the affected transactions.  Additionally, S&P will issue
periodic press releases summarizing the rating actions S&P has
taken to date in connection with the application of the updated
criteria.

When S&P reviews CDO transactions that are backed by tranches from
other corporate CDOs, S&P will adjust the ratings assigned to the
underlying CDO tranches as appropriate if they have not yet been
reviewed pursuant to the criteria update.  S&P will base these
adjustments on an abridged review that takes into account the
average rating impact of the updated corporate CDO criteria on
like-rated tranches from similar transactions, as well as the
performance of the specific CDO issuing the tranche held as
collateral.  S&P will review and update the rating actions that
result from this abridged review of the underlying CDO tranches,
as appropriate, once S&P completes its full review of those
tranches pursuant to the criteria update.

S&P will prioritize its reviews of cash flow and hybrid CDOs
according to several parameters, including:

* The frequency with which the tranches of a given CDO are held by
  other corporate CDO transactions.  S&P will review those CDOs
  with tranches held most widely earlier in the process;

* The proportion of underlying collateral consisting of other
  corporate CDO tranches.  S&P will review CDOs that hold greater
  numbers of tranches of other CDOs later in the process; and

* The event of default provisions in the transaction documents.
  S&P will review CDOs earlier in the process if they have par-
  based EOD triggers that include rating-based haircuts and
  provisions allowing controlling noteholders to liquidate the
  transaction.

Although S&P expects the rating changes that result from S&P's
reviews to primarily reflect the application of its updated
criteria to existing corporate CDO transactions, the credit
quality of the collateral pools backing some CDO transactions have
deteriorated because of speculative-grade corporate loan issuer
downgrades and defaults.  Many tranche ratings from these CDO
transactions were on CreditWatch negative before S&P implemented
the updated criteria.  The rating actions resulting from S&P's
reviews of these transactions will reflect both the application of
S&P's updated criteria and its views regarding the credit
deterioration that the CDO has experienced to date.

Trustees and collateral managers for the affected transactions
should continue to use their current version of CDO Monitor during
the review period and after.  Standard & Poor's CDO Monitor is a
model that helps to determine whether a given CDO transaction is
in compliance with its Standard & Poor's CDO Monitor test.
Trustees and collateral managers for actively managed cash flow
and hybrid CDO transactions typically run CDO Monitor on certain
dates during the reinvestment period.  If a transaction is failing
Standard & Poor's CDO Monitor test, the transaction documents
often provide for subsequent trades only if they "maintain or
improve" the test results.

S&P is keeping the current CDO Monitor test for the outstanding
transactions in order to maintain the link between a transaction's
test results (that is, whether the transaction is currently
passing or failing the CDO Monitor test) and the performance of
the transaction's collateral since origination.  This is
consistent with S&P's normal practice to not provide new CDO
Monitor models to transactions as a result of downgrades of the
CDO tranches.

  Review of Synthetic CDO Transactions Through S&P's Sroc Process

For synthetic CDO transactions that S&P monitors as part of its
monthly SROC review, S&P does not anticipate conducting extensive
cash flow analysis to resolve the CreditWatch placements.
Instead, S&P will focus on the revised SROC ratios incorporating
the updated criteria.  A rating committee will determine the final
rating decisions.

Once S&P has completed its review of synthetic CDO transactions,
S&P will publish a consolidated press release for the affected
transactions.  S&P expects to complete its reviews within the next
90 days.  Until that time, S&P will not include corporate CDO
transactions in its monthly SROC report, although S&P does intend
to continue publishing the SROC report for other (noncorporate)
synthetic CDO transactions, including synthetic CDOs of asset-
backed securities.

S&P's reviews of the affected synthetic CDOs will consider both
the updated criteria and also any credit deterioration the
transactions have experienced since their last review.  After S&P
completes its reviews, S&P expects to resume publishing the
monthly Global SROC Report, which will include SROC ratios for
synthetic corporate CDO transactions under the updated criteria.

       Summary of European Corporate CDO Ratings Placed on
                        Creditwatch Negative

          European Corporate CDO Tranches With Ratings
               Placed on CreditWatch Negative (No.)

                               RATING
                               ------
            AAA     AA      A    BBB     BB      B    CCC  Total
            ---     --      -    ---     --      -    ---  -----
  2000
  & Prior            1             1                           2
  2001        5      1      4      3      1                   14
  2002        9      7      4      5      6      1            32
  2003       19      8      8      4      2      1      3     45
  2004       41     20     14     37     15      8      9    144
  2005       98     38     27     39     34     14     17    267
  2006      181     84     69     71     58     32     65    560
  2007      180     70     61     61     33     22     37    464
  2008       36     14     14     15      7                   86
  2009        2      5             5                          12
  -----     ---    ---    ---    ---    ---     --    ---  -----
  Total     571    248    201    241    156     78    131  1,626

           European Corporate CDO Tranches With Ratings
   Placed on CreditWatch Negative (US$ billion issuance amount)

                               Rating
                               ------
            AAA     AA      A    BBB     BB      B    CCC  Total
            ---     --      -    ---     --      -    ---  -----
  2000
  & Prior         0.06          0.04                        0.10
  2001     0.94   0.02   0.07   0.09   0.05                 1.17
  2002     1.86   0.40   0.09   0.16   0.18   0.03          2.71
  2003     2.37   0.49   0.20   0.12   0.07   0.06  0.30    3.61
  2004    14.04   1.11   0.58   1.63   0.74   0.49  0.24   18.83
  2005    23.07   2.33   1.34   1.27   4.17   2.50  0.93   35.61
  2006    78.56   6.40   3.49   3.12   2.95   1.22  2.14   97.88
  2007    53.55   3.97   3.88   3.63   1.58   0.88  2.13   69.62
  2008     9.74   2.50   2.67   1.93   0.19                17.02
  2009     2.01   1.77          0.19                        3.97
  -----  ------  -----  -----  -----   ----   ----  ----  ------
  Total  186.14  19.04  12.33  12.18   9.93   5.18  5.74  250.53


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

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

AUSTRIA
-------
KOMMUNALKREDIT      3730Z AV        -1620545332   52261394319.4
LIBRO AG            LB6 GR        -110486313.84    174004185.02
LIBRO AG            LIBR AV       -110486313.84    174004185.02
LIBRO AG            LBROF US      -110486313.84    174004185.02
LIBRO AG            LIB AV        -110486313.84    174004185.02
SKYEUROPE           SKYP PW        -89480486.93     159076577.5
SKYEUROPE           SKY PW         -89480486.93     159076577.5
SKYEUROPE HLDG      SKYA PZ        -89480486.93     159076577.5
SKYEUROPE HLDG      S8E GR         -89480486.93     159076577.5
SKYEUROPE HLDG      SKURF US       -89480486.93     159076577.5
SKYEUROPE HLDG      SKY EO         -89480486.93     159076577.5
SKYEUROPE HLDG      SKY AV         -89480486.93     159076577.5
SKYEUROPE HLDG      SKYV IX        -89480486.93     159076577.5
SKYEUROPE HLDG      SKYPLN EU      -89480486.93     159076577.5
SKYEUROPE HLDG      SKYPLN EO      -89480486.93     159076577.5
SKYEUROPE HLDG      SKY EU         -89480486.93     159076577.5
SKYEUROPE HLDG      SKY LI         -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    LGWR CY          -5044973.6    274730005.26
LIBRA HOLIDA-RTS    LBR CY           -5044973.6    274730005.26
LIBRA HOLIDAY-RT    3167808Z CY      -5044973.6    274730005.26
LIBRA HOLIDAYS      LHGR CY          -5044973.6    274730005.26
LIBRA HOLIDAYS      LHGCYP EU        -5044973.6    274730005.26
LIBRA HOLIDAYS      LHGCYP EO        -5044973.6    274730005.26
LIBRA HOLIDAYS G    LHG EO           -5044973.6    274730005.26
LIBRA HOLIDAYS G    LHG 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-P    LBHG PZ          -5044973.6    274730005.26
LIBRA HOLIDAYS-P    LBHG CY          -5044973.6    274730005.26


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


GERMANY
-------
AGOR AG             NDAGF US         -482446.63    144432986.17
AGOR AG             DOO GR           -482446.63    144432986.17
AGOR AG             DOOG IX          -482446.63    144432986.17
AGOR AG             DOOD PZ          -482446.63    144432986.17
AGOR AG             DOO EO           -482446.63    144432986.17
AGOR AG             DOO EU           -482446.63    144432986.17
AGOR AG-RTS         2301918Z GR      -482446.63    144432986.17
ALNO AG             ANO PZ         -68516656.94    290459933.75
ALNO AG             ALNO IX        -68516656.94    290459933.75
ALNO AG             ANO GR         -68516656.94    290459933.75
ALNO AG             ANO EO         -68516656.94    290459933.75
ALNO AG             ANO EU         -68516656.94    290459933.75
ALNO AG-NEW         ANO1 GR        -68516656.94    290459933.75
ALNO AG-RTS         2259765Z GR    -68516656.94    290459933.75
BROKAT AG           BKISF US       -27139391.98    143536859.72
BROKAT AG           BROFQ US       -27139391.98    143536859.72
BROKAT AG           BROAF US       -27139391.98    143536859.72
BROKAT AG           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      BSA LN         -27139391.98    143536859.72
BROKAT TECH AG      BRJ GR         -27139391.98    143536859.72
BROKAT TECH AG      BRJ NM         -27139391.98    143536859.72
BROKAT TECH-ADR     BRJA GR        -27139391.98    143536859.72
CBB HOLD-NEW 97     COB2 GR        -42994732.85    904723627.84
CBB HOLDING AG      COBG IX        -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 AG      COBG PZ        -42994732.85    904723627.84
CBB HOLDING AG      COB2 EU        -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 EO         -42008900.33    144431938.27
CINEMAXX AG         MXCG IX        -42008900.33    144431938.27
CINEMAXX AG         MXCUSD EU      -42008900.33    144431938.27
CINEMAXX AG         CNEMF US       -42008900.33    144431938.27
CINEMAXX AG         MXC PZ         -42008900.33    144431938.27
CINEMAXX AG         MXCUSD EO      -42008900.33    144431938.27
CINEMAXX AG         MXC GR         -42008900.33    144431938.27
CINEMAXX AG         MXC 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    ETVMF US       -22067409.41    849175624.65
EM.TV & MERCHAND    985403Q GR     -22067409.41    849175624.65
EM.TV & MERCHAND    ETV NM         -22067409.41    849175624.65
EM.TV & MERCHAND    ETV LN         -22067409.41    849175624.65
EM.TV & MERCHAND    ETV VX         -22067409.41    849175624.65
KAUFRING AG         KFR GR         -19296489.56    150995473.81
KAUFRING AG         KFR EO         -19296489.56    150995473.81
KAUFRING AG         KFR EU         -19296489.56    150995473.81
KAUFRING AG         KFR PZ         -19296489.56    150995473.81
KAUFRING AG         KAUG IX        -19296489.56    150995473.81
MANIA TECHNOLOGI    2260970Z GR     -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI NM          -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI GR          -35060806.5    107465713.61
MANIA TECHNOLOGI    MNIG IX         -35060806.5    107465713.61
MANIA TECHNOLOGI    MNI1 EU         -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
MATERNUS KLINI-N    MAK1 GR        -18996733.83    183928734.46
MATERNUS-KLINIKE    MAKG IX        -18996733.83    183928734.46
MATERNUS-KLINIKE    MNUKF US       -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK GR         -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK EO         -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK EU         -18996733.83    183928734.46
MATERNUS-KLINIKE    MAK PZ         -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         PRCG IX        -18656728.68    610380925.67
PRIMACOM AG         PRC NM         -18656728.68    610380925.67
PRIMACOM AG         PRC EU         -18656728.68    610380925.67
PRIMACOM AG         PCAGF US       -18656728.68    610380925.67
PRIMACOM AG         PRCG PZ        -18656728.68    610380925.67
PRIMACOM AG         PRC EO         -18656728.68    610380925.67
PRIMACOM AG         PRC2 GR        -18656728.68    610380925.67
PRIMACOM AG         PRC GR         -18656728.68    610380925.67
PRIMACOM AG-ADR     PCAG US        -18656728.68    610380925.67
PRIMACOM AG-ADR     PCAGY US       -18656728.68    610380925.67
PRIMACOM AG-ADR+    PCAG ES        -18656728.68    610380925.67
RINOL AG            RILB EU               -2.71    168095049.11
RINOL AG            RIL GR                -2.71    168095049.11
RINOL AG            RNLAF US              -2.71    168095049.11
RINOL AG            RILB IX               -2.71    168095049.11
RINOL AG            RILB PZ               -2.71    168095049.11
RINOL AG            RILB GR               -2.71    168095049.11
RINOL AG            RILB EO               -2.71    168095049.11
ROSENTHAL AG        2644179Q GR     -1744121.91    217776125.75
ROSENTHAL AG-ACC    ROS4 GR         -1744121.91    217776125.75
ROSENTHAL AG-ADR    RSTHY US        -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS GR          -1744121.91    217776125.75
ROSENTHAL AG-REG    ROSG PZ         -1744121.91    217776125.75
ROSENTHAL AG-REG    RSTHF US        -1744121.91    217776125.75
ROSENTHAL AG-REG    ROSG IX         -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS1 EO         -1744121.91    217776125.75
ROSENTHAL AG-REG    ROS1 EU         -1744121.91    217776125.75
SANDER (JIL) AG     JLSDF US        -6153256.92    127548039.68
SANDER (JIL) AG     SAD GR          -6153256.92    127548039.68
SANDER (JIL)-PRF    2916161Q EO     -6153256.92    127548039.68
SANDER (JIL)-PRF    SAD3 GR         -6153256.92    127548039.68
SANDER (JIL)-PRF    2916157Q EU     -6153256.92    127548039.68
SANDER (JIL)-PRF    SAD3 PZ         -6153256.92    127548039.68
SINNLEFFERS AG      WHG GR          -4491629.96    453887060.07
SPAR HAND-PFD NV    SPA3 GR       -442426199.47   1433020960.55
SPAR HANDELS-AG     SPHFF US      -442426199.47   1433020960.55
SPAR HANDELS-AG     773844Q GR    -442426199.47   1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR   -106778475.76    427535397.03
TA TRIUMPH-ACQ      TWNA GR       -106778475.76    427535397.03
TA TRIUMPH-ACQ      TWNA EU       -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN EO        -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN EU        -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN PZ        -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWN GR        -106778475.76    427535397.03
TA TRIUMPH-ADLER    TWNG IX       -106778475.76    427535397.03
TA TRIUMPH-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        -22198683.12    111990951.35
VIVANCO GRUPPE      VIVGF US       -22198683.12    111990951.35
VIVANCO GRUPPE      VVA1 EO        -22198683.12    111990951.35
VIVANCO GRUPPE      VVA1 PZ        -22198683.12    111990951.35
VIVANCO GRUPPE      VVA1 GR        -22198683.12    111990951.35
VIVANCO GRUPPE      VVAG IX        -22198683.12    111990951.35
VIVANCO GRUPPE      VVA GR         -22198683.12    111990951.35


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       RKI GR         -532868894.9   7876687324.02
ROSKILDE BANK       ROSK EU        -532868894.9   7876687324.02
ROSKILDE BANK       ROSK PZ        -532868894.9   7876687324.02
ROSKILDE BANK       ROSK DC        -532868894.9   7876687324.02
ROSKILDE BANK       ROSBF US       -532868894.9   7876687324.02
ROSKILDE BANK       ROSK EO        -532868894.9   7876687324.02
ROSKILDE BANK       RSKC IX        -532868894.9   7876687324.02
ROSKILDE BANK       ROSKF US       -532868894.9   7876687324.02
ROSKILDE BANK-RT    916603Q DC     -532868894.9   7876687324.02


SPAIN
-----
ACTUACIONES ACTI    AISA PZ       -148097530.94    674738808.26
ACTUACIONES ACTI    AISA EU       -148097530.94    674738808.26
ACTUACIONES ACTI    AISA SM       -148097530.94    674738808.26
ACTUACIONES ACTI    AGR SM        -148097530.94    674738808.26
ACTUACIONES ACTI    AISA EO       -148097530.94    674738808.26
AGRUPACIO - RT      AGR/D SM      -148097530.94    674738808.26
MARTINSA FADESA     MTF EU       -1720343226.17   8544474235.64
MARTINSA FADESA     MTF EO       -1720343226.17   8544474235.64
MARTINSA FADESA     MTF1 LI      -1720343226.17   8544474235.64
MARTINSA FADESA     MTF SM       -1720343226.17   8544474235.64
MARTINSA FADESA     4PU GR       -1720343226.17   8544474235.64
MARTINSA FADESA     MFAD PZ      -1720343226.17   8544474235.64
MARTINSA-FADESA     MTF NR       -1720343226.17   8544474235.64


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


UNITED KINGDOM
--------------
ABBOTT MEAD VICK    648824Q LN       -1685852.9    168258996.33
ADVANCE DISPLAY     ADTP PZ      -3015578834.69   2590007903.69
AEA TECHNOLO-FPR    AATF PZ       -149279984.66    121254240.42
AEA TECHNOLO-FPR    AATF LN       -149279984.66    121254240.42
AEA TECHNOLO-NPR    AATN PZ       -149279984.66    121254240.42
AEA TECHNOLO-NPR    AATN LN       -149279984.66    121254240.42
AEA TECHNOLOGY      AAT LN        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT EO        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT VX        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT IX        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT EU        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT PZ        -149279984.66    121254240.42
AEA TECHNOLOGY      AAT PO        -149279984.66    121254240.42
AEA TECHNOLOGY      AEY GR        -149279984.66    121254240.42
AEA TECHNOLOGY      AATGBP EO     -149279984.66    121254240.42
AEA TECHNOLOGY      EAETF US      -149279984.66    121254240.42
AIRTOURS PLC        AIR LN        -379721841.57   1817512773.61
AIRTOURS PLC        AIR VX        -379721841.57   1817512773.61
AIRTOURS PLC        ATORF US      -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            AMEYF US       -48862569.33    931527720.46
AMEY PLC            AMY LN         -48862569.33    931527720.46
AMEY PLC-ASSENT     AMYA LN        -48862569.33    931527720.46
AMEY PLC-NEW        AMYN LN        -48862569.33    931527720.46
ANKER PLC           DW14 GR        -21861359.81       115463159
ANKER PLC           ANK LN         -21861359.81       115463159
ANKER PLC           ANK PO         -21861359.81       115463159
ANKER PLC - ASSD    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 LN         -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 EU         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKEUR EO      -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK PZ         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK VX         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK PO         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK NR         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK EO         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK NQ         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK QM         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK EB         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK IX         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKGBP EO      -62199993.61   1184945671.16
ATKINS (WS) PLC     ATK TQ         -62199993.61   1184945671.16
ATKINS (WS) PLC     ATKEUR EU      -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 PO         -10242627.53    103637704.96
BNB RECRUITMENT     BNBRF US       -10242627.53    103637704.96
BNB RECRUITMENT     BQX GR         -10242627.53    103637704.96
BNB RECRUITMENT     BNB IX         -10242627.53    103637704.96
BOOKER PLC          987188Q LN      -59832880.4   1298182548.71
BOOKER PLC          BKERF US        -59832880.4   1298182548.71
BOOKER PLC          1330Q GR        -59832880.4   1298182548.71
BOOKER PLC-ADR      BOK$ LN         -59832880.4   1298182548.71
BOOKER PLC-ADR      BKRUY US        -59832880.4   1298182548.71
BRADSTOCK GROUP     BDK LN          -1855444.44    268563822.49
BRADSTOCK GROUP     BSKGF US        -1855444.44    268563822.49
BRIT ENERGY LTD     523362Q LN   -5822867500.78   4921095749.61
BRIT ENERGY PLC     BGYEF US     -5822867500.78   4921095749.61
BRIT ENERGY PLC     BHEGF US     -5822867500.78   4921095749.61
BRIT ENERGY PLC     555140Q VX   -5822867500.78   4921095749.61
BRIT ENERGY PLC     BEN1 GR      -5822867500.78   4921095749.61
BRIT ENERGY-A       BENA GR      -5822867500.78   4921095749.61
BRIT ENERGY-ADR     BHEFF US     -5822867500.78   4921095749.61
BRIT NUCLEAR        1046Z LN      -4247644149.6  40325778907.11
BRIT SKY BRO-ADR    BSY$ LN       -105366394.04   7522172619.36
BRIT SKY BRO-ADR    BSY US        -105366394.04   7522172619.36
BRIT SKY BROADCA    BSYB GR       -105366394.04   7522172619.36
BRIT TELECOM        9484 JP       -5223868149.3  46894630327.28
BRIT TELECOM        BTE GR        -5223868149.3  46894630327.28
BRIT TELECOM PLC    BTPWF US      -5223868149.3  46894630327.28
BRIT TELECOM PLC    BT/A VX       -5223868149.3  46894630327.28
BRIT TELECOM PLC    BTPLF US      -5223868149.3  46894630327.28
BRIT TELECOM-ADR    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    BGYA PO      -5822867500.78   4921095749.61
BRITISH ENERGY-A    BGYGF US     -5822867500.78   4921095749.61
BRITISH ENERGY-A    BGYA VX      -5822867500.78   4921095749.61
BRITISH ENERGY-A    3012442Q LN  -5822867500.78   4921095749.61
BRITISH ENERGY-A    BHEAF US     -5822867500.78   4921095749.61
BRITISH SKY BROA    BSY EB        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY PO        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY PZ        -105366394.04   7522172619.36
BRITISH SKY BROA    BSYBF US      -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 QM        -105366394.04   7522172619.36
BRITISH SKY BROA    BSYUSD EU     -105366394.04   7522172619.36
BRITISH SKY BROA    BSYGBP EO     -105366394.04   7522172619.36
BRITISH SKY BROA    BSYEUR EU     -105366394.04   7522172619.36
BRITISH SKY BROA    BSY LN        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY NR        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY IX        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY EO        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY VX        -105366394.04   7522172619.36
BRITISH SKY BROA    BSYUSD EO     -105366394.04   7522172619.36
BRITISH SKY BROA    BSY EU        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY NQ        -105366394.04   7522172619.36
BRITISH SKY BROA    BSY TQ        -105366394.04   7522172619.36
BRITISH SKY BROA    BSYEUR 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 PZ          -731325.03   1222775450.71
BRITVIC PLC         BVIC IX          -731325.03   1222775450.71
BRITVIC PLC         BVICUSD EU       -731325.03   1222775450.71
BRITVIC PLC         BVICEUR EO       -731325.03   1222775450.71
BRITVIC PLC         BVIC EB          -731325.03   1222775450.71
BRITVIC PLC         BVIC EU          -731325.03   1222775450.71
BRITVIC PLC         BVICUSD EO       -731325.03   1222775450.71
BRITVIC PLC         BVICEUR EU       -731325.03   1222775450.71
BRITVIC PLC         BVIC EO          -731325.03   1222775450.71
BRITVIC PLC         BVIC NR          -731325.03   1222775450.71
BRITVIC PLC         BVIC NQ          -731325.03   1222775450.71
BRITVIC PLC         BVIC QM          -731325.03   1222775450.71
BRITVIC PLC         BTVCF US         -731325.03   1222775450.71
BRITVIC PLC         BVIC TQ          -731325.03   1222775450.71
BRITVIC PLC         BVICGBP EO       -731325.03   1222775450.71
BRITVIC PLC         BVIC BQ          -731325.03   1222775450.71
BRITVIC PLC         BVIC VX          -731325.03   1222775450.71
BRITVIC PLC         BVIC LN          -731325.03   1222775450.71
BT GROUP PLC        BT/A NQ       -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EO       -5223868149.3  46894630327.28
BT GROUP PLC        BTQ GR        -5223868149.3  46894630327.28
BT GROUP PLC        BTEG IX       -5223868149.3  46894630327.28
BT GROUP PLC        BT/APEN EO    -5223868149.3  46894630327.28
BT GROUP PLC        BT/A BQ       -5223868149.3  46894630327.28
BT GROUP PLC        BT IX         -5223868149.3  46894630327.28
BT GROUP PLC        BT/A QM       -5223868149.3  46894630327.28
BT GROUP PLC        BT/AEUR EO    -5223868149.3  46894630327.28
BT GROUP PLC        BT/APEN EU    -5223868149.3  46894630327.28
BT GROUP PLC        BT/A NR       -5223868149.3  46894630327.28
BT GROUP PLC        BT PZ         -5223868149.3  46894630327.28
BT GROUP PLC        BT/ VX        -5223868149.3  46894630327.28
BT GROUP PLC        BT/A PO       -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EB       -5223868149.3  46894630327.28
BT GROUP PLC        BT/AEUR EU    -5223868149.3  46894630327.28
BT GROUP PLC        BT/A TQ       -5223868149.3  46894630327.28
BT GROUP PLC        BT/A EU       -5223868149.3  46894630327.28
BT GROUP PLC        BT/AGBP EO    -5223868149.3  46894630327.28
BT GROUP PLC        BT/AUSD EU    -5223868149.3  46894630327.28
BT GROUP PLC        BTGOF US      -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-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    BTB AR        -5223868149.3  46894630327.28
BT GROUP-CED BLK    BTYB 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    BTYN MM       -5223868149.3  46894630327.28
BT GROUP-SPON AD    BT US         -5223868149.3  46894630327.28
BT GROUP-SPON AD    BT MM         -5223868149.3  46894630327.28
BT GROUP-SPON AD    BTY US        -5223868149.3  46894630327.28
CARLISLE GROUP      506819Q LN     -11904426.45    203548565.03
CHRYSALIS GROUP     CHSUSD EO       -5851089.05    101497520.61
CHRYSALIS GROUP     CHS VX          -5851089.05    101497520.61
CHRYSALIS GROUP     CHS LN          -5851089.05    101497520.61
CHRYSALIS GROUP     CYGUF US        -5851089.05    101497520.61
CHRYSALIS GROUP     CHS IX          -5851089.05    101497520.61
CHRYSALIS GROUP     CHS PZ          -5851089.05    101497520.61
CHRYSALIS GROUP     CLYSF US        -5851089.05    101497520.61
CHRYSALIS GROUP     CHS EO          -5851089.05    101497520.61
CHRYSALIS GROUP     HR4 GR          -5851089.05    101497520.61
CHRYSALIS GROUP     5CY GR          -5851089.05    101497520.61
CHRYSALIS GROUP     CHSGBP EO       -5851089.05    101497520.61
CHRYSALIS GROUP     CHS EU          -5851089.05    101497520.61
CHRYSALIS GROUP     CHSEUR EO       -5851089.05    101497520.61
CHRYSALIS GROUP     CHSEUR EU       -5851089.05    101497520.61
CHRYSALIS GROUP     CHS PO          -5851089.05    101497520.61
CHRYSALIS GROUP     CHSUSD EU       -5851089.05    101497520.61
CLIPPER WINDPOWE    CRPWF US          -99360000       989187968
CLIPPER WINDPOWE    CWP PZ            -99360000       989187968
CLIPPER WINDPOWE    CWP EO            -99360000       989187968
CLIPPER WINDPOWE    CWP EU            -99360000       989187968
CLIPPER WINDPOWE    CWP IX            -99360000       989187968
CLIPPER WINDPOWE    CWP LN            -99360000       989187968
CLIPPER WINDPOWE    CWPA LN           -99360000       989187968
CLIPPER WINDPOWE    CWP PG            -99360000       989187968
CLIPPER WINDPOWE    C2W GR            -99360000       989187968
COMPASS GROU-OLD    1259Q LN      -668101173.88   2972459078.38
COMPASS GROUP       QOP GR        -668101173.88   2972459078.38
COMPASS GRP-ADR     CMSJY US      -668101173.88   2972459078.38
COMPASS GRP-ADR     CMSGY US      -668101173.88   2972459078.38
COSTAIN GROU-RTS    COSN LN        -19097658.92    649978943.25
COSTAIN GROU-RTS    COSF LN        -19097658.92    649978943.25
COSTAIN GROUP       COST EO        -19097658.92    649978943.25
COSTAIN GROUP       COST PZ        -19097658.92    649978943.25
COSTAIN GROUP       COST VX        -19097658.92    649978943.25
COSTAIN GROUP       COSTGBP EO     -19097658.92    649978943.25
COSTAIN GROUP       CSGFF US       -19097658.92    649978943.25
COSTAIN GROUP       COSTEUR EU     -19097658.92    649978943.25
COSTAIN GROUP       COSTUSD EO     -19097658.92    649978943.25
COSTAIN GROUP       COST EU        -19097658.92    649978943.25
COSTAIN GROUP       COST PO        -19097658.92    649978943.25
COSTAIN GROUP       COSTUSD EU     -19097658.92    649978943.25
COSTAIN GROUP       COST LN        -19097658.92    649978943.25
COSTAIN GROUP       COST IX        -19097658.92    649978943.25
COSTAIN GROUP       COSTEUR EO     -19097658.92    649978943.25
DANKA BUS SYSTEM    DNK PO           -497127008       121439000
DANKA BUS SYSTEM    DNK PZ           -497127008       121439000
DANKA BUS SYSTEM    DNK LN           -497127008       121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008       121439000
DANKA BUS SYSTEM    DNK IX           -497127008       121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008       121439000
DANKA BUS SYSTEM    DNK VX           -497127008       121439000
DANKA BUS SYSTEM    DANKF US         -497127008       121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008       121439000
DANKA BUS-$US CE    DANKD AR         -497127008       121439000
DANKA BUS-ADR       AP39 LI          -497127008       121439000
DANKA BUS-ADR       DB6 GR           -497127008       121439000
DANKA BUS-ADR       DANKY US         -497127008       121439000
DANKA BUS-ADR       DANKE 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     DWN1 EO        -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1 EU        -54451186.72    128196101.01
DAWSON HOLDINGS     DWN VX         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN PZ         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1GBP EO     -54451186.72    128196101.01
DAWSON HOLDINGS     DWN PO         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1EUR EU     -54451186.72    128196101.01
DAWSON HOLDINGS     DWHGF US       -54451186.72    128196101.01
DAWSON HOLDINGS     DWN IX         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN LN         -54451186.72    128196101.01
DAWSON HOLDINGS     DWN1EUR EO     -54451186.72    128196101.01
DEVELICA DEUTSCH    DDE PZ         -41866600.36   1178479579.31
DEVELICA DEUTSCH    DDE PG         -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
EASYNET GROUP       EAY GR         -45232889.17    322770283.93
EASYNET GROUP       EZNGF US       -45232889.17    322770283.93
EASYNET GROUP       ESY VX         -45232889.17    322770283.93
EASYNET GROUP       ESY PO         -45232889.17    322770283.93
EASYNET GROUP       ESY LN         -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       EMIPF US     -2265916256.89   2950021937.14
EMI GROUP PLC       3020138Q GR  -2265916256.89   2950021937.14
EMI GROUP PLC       EMI VX       -2265916256.89   2950021937.14
EMI GROUP PLC       EMI IX       -2265916256.89   2950021937.14
EMI GROUP PLC       EMI PO       -2265916256.89   2950021937.14
EMI GROUP PLC-B     1019425Q LN  -2265916256.89   2950021937.14
EMI GROUP-ADR       EMIPY US     -2265916256.89   2950021937.14
EMI GROUP-ADR       EMI$ LN      -2265916256.89   2950021937.14
EMI GROUP-ADR       38IS LN      -2265916256.89   2950021937.14
EUROPEAN HOME       EHREUR EO      -14328735.16    110864081.39
EUROPEAN HOME       KLZ VX         -14328735.16    110864081.39
EUROPEAN HOME       EHR PZ         -14328735.16    110864081.39
EUROPEAN HOME       EHR EO         -14328735.16    110864081.39
EUROPEAN HOME       KLZ PO         -14328735.16    110864081.39
EUROPEAN HOME       EHR LN         -14328735.16    110864081.39
EUROPEAN HOME       EHREUR EU      -14328735.16    110864081.39
EUROPEAN HOME       EHR VX         -14328735.16    110864081.39
EUROPEAN HOME       EHR EU         -14328735.16    110864081.39
EUROPEAN HOME       EHRGBP EO      -14328735.16    110864081.39
EUROPEAN HOME       FPAKF US       -14328735.16    110864081.39
EUROPEAN HOME       EHR PO         -14328735.16    110864081.39
EUROPEAN MINERAL    EUM LN           -103725000       149477216
EUROPEAN MINERAL    EPMLF US         -103725000       149477216
EUROPEAN MINERAL    EPM/U CN         -103725000       149477216
EUROPEAN MINERAL    EPM CN           -103725000       149477216
EUROPEAN MINERAL    EUM PO           -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        GFRM EU       -116415877.06    612420067.12
GALIFORM PLC        GFRM EB       -116415877.06    612420067.12
GALIFORM PLC        GLFMF US      -116415877.06    612420067.12
GALIFORM PLC        MFI IX        -116415877.06    612420067.12
GALIFORM PLC        MFI VX        -116415877.06    612420067.12
GALIFORM PLC        GFRM IX       -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        GFRMEUR EU    -116415877.06    612420067.12
GALIFORM PLC        GFRM EO       -116415877.06    612420067.12
GALIFORM PLC        GFRMNOK EU    -116415877.06    612420067.12
GALIFORM PLC        GFRM BQ       -116415877.06    612420067.12
GALIFORM PLC        GFRM PZ       -116415877.06    612420067.12
GALIFORM PLC        GFRM VX       -116415877.06    612420067.12
GALIFORM PLC        GFRM QM       -116415877.06    612420067.12
GALIFORM PLC        GFRMGBP EO    -116415877.06    612420067.12
GALIFORM PLC        GFRM TQ       -116415877.06    612420067.12
GALIFORM PLC        GFRM LN       -116415877.06    612420067.12
GALIFORM PLC        MFIFF US      -116415877.06    612420067.12
GALIFORM PLC        GFRMNOK EO    -116415877.06    612420067.12
GALIFORM PLC        MFI PO        -116415877.06    612420067.12
GALIFORM PLC        GFRM NR       -116415877.06    612420067.12
GARTLAND WHALLEY    GWB LN         -10986769.42    145352034.49
GO-AHEAD GROUP      GOGEUR EU      -15712050.26   1619995129.64
GO-AHEAD GROUP      GOGEUR EO      -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG TQ         -15712050.26   1619995129.64
GO-AHEAD GROUP      GHGUF US       -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG LN         -15712050.26   1619995129.64
GO-AHEAD GROUP      G9X GR         -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 EU         -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG EO         -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG IX         -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG QM         -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG PZ         -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      GOG EB         -15712050.26   1619995129.64
GO-AHEAD GROUP      GOGGBP EO      -15712050.26   1619995129.64
GO-AHEAD GROUP      GOG NQ         -15712050.26   1619995129.64
HAWTIN PLC          HTI PG          -3873861.33    110875080.83
HAWTIN PLC          HTI EU          -3873861.33    110875080.83
HAWTIN PLC          HTI PZ          -3873861.33    110875080.83
HAWTIN PLC          HTI PO          -3873861.33    110875080.83
HAWTIN PLC          HTI IX          -3873861.33    110875080.83
HAWTIN PLC          HTI VX          -3873861.33    110875080.83
HAWTIN PLC          HTI LN          -3873861.33    110875080.83
HAWTIN PLC          HTI EO          -3873861.33    110875080.83
HAWTIN PLC          HWN GR          -3873861.33    110875080.83
HILTON G-CRT OLD    HIGT BB       -547740614.03   1922113569.01
HILTON GROUP PLC    HG/ LN        -547740614.03   1922113569.01
HILTON GROUP PLC    HLTGF US      -547740614.03   1922113569.01
HILTON GROUP PLC    HG PO         -547740614.03   1922113569.01
HILTON GROUP-ADR    HLTGY US      -547740614.03   1922113569.01
HILTON GROUP-CER    HG BB         -547740614.03   1922113569.01
HILTON GROUP-CRT    HIG BB        -547740614.03   1922113569.01
INTERCONTIN-ADR     IHG US            -91000000      3076999936
INTERCONTIN-ADR     IHGA LN           -91000000      3076999936
INTERCONTIN-ADR     IHG-W US          -91000000      3076999936
INTERCONTINENTAL    IHG EB            -91000000      3076999936
INTERCONTINENTAL    IHGOF US          -91000000      3076999936
INTERCONTINENTAL    IHGCHF EU         -91000000      3076999936
INTERCONTINENTAL    IHG TQ            -91000000      3076999936
INTERCONTINENTAL    IHG BQ            -91000000      3076999936
INTERCONTINENTAL    IHGUSD EO         -91000000      3076999936
INTERCONTINENTAL    INCNF US          -91000000      3076999936
INTERCONTINENTAL    IC1 GR            -91000000      3076999936
INTERCONTINENTAL    IHG QM            -91000000      3076999936
INTERCONTINENTAL    IHGGBP EO         -91000000      3076999936
INTERCONTINENTAL    IHGCHF EO         -91000000      3076999936
INTERCONTINENTAL    IHG LN            -91000000      3076999936
INTERCONTINENTAL    IHGUSD EU         -91000000      3076999936
INTERCONTINENTAL    IHG IX            -91000000      3076999936
INTERCONTINENTAL    IC1C GR           -91000000      3076999936
INTERCONTINENTAL    IHG PO            -91000000      3076999936
INTERCONTINENTAL    IHG EO            -91000000      3076999936
INTERCONTINENTAL    ICHGF US          -91000000      3076999936
INTERCONTINENTAL    IHG NR            -91000000      3076999936
INTERCONTINENTAL    IHG EU            -91000000      3076999936
INTERCONTINENTAL    IHG PZ            -91000000      3076999936
INTERCONTINENTAL    IHG NQ            -91000000      3076999936
INTERCONTINENTAL    IC1B GR           -91000000      3076999936
INTERCONTINENTAL    IHGEUR EO         -91000000      3076999936
INTERCONTINENTAL    IHGEUR EU         -91000000      3076999936
INTERCONTINENTAL    988082Q GR        -91000000      3076999936
INTERCONTINENTAL    IC1A GR           -91000000      3076999936
INTERCONTINENTAL    IHG VX            -91000000      3076999936
JARVIS PLC          JRVS EO        -48330109.98    155571478.27
JARVIS PLC          JRVSGBP EO     -48330109.98    155571478.27
JARVIS PLC          JRVS VX        -48330109.98    155571478.27
JARVIS PLC          JVSPF US       -48330109.98    155571478.27
JARVIS PLC          JRVS LN        -48330109.98    155571478.27
JARVIS PLC          JRVS PO        -48330109.98    155571478.27
JARVIS PLC          JRVS PZ        -48330109.98    155571478.27
JARVIS PLC          JRVSEUR EO     -48330109.98    155571478.27
JARVIS PLC          JVR GR         -48330109.98    155571478.27
JARVIS PLC          JRVSEUR EU     -48330109.98    155571478.27
JARVIS PLC          JRVS IX        -48330109.98    155571478.27
JARVIS PLC          JRVS EU        -48330109.98    155571478.27
JESSOPS PLC         JSP PZ          -42702021.2    112964060.38
JESSOPS PLC         JSPEUR EU       -42702021.2    112964060.38
JESSOPS PLC         JSP EU          -42702021.2    112964060.38
JESSOPS PLC         JSPEUR EO       -42702021.2    112964060.38
JESSOPS PLC         JS4 GR          -42702021.2    112964060.38
JESSOPS PLC         JSP PO          -42702021.2    112964060.38
JESSOPS PLC         JSPGBP EO       -42702021.2    112964060.38
JESSOPS PLC         JSP EO          -42702021.2    112964060.38
JESSOPS PLC         JSP VX          -42702021.2    112964060.38
JESSOPS PLC         JSP IX          -42702021.2    112964060.38
JESSOPS PLC         JSP LN          -42702021.2    112964060.38
KAZAKHSTAN MNRLS    KMCO/U CN        -103725000       149477216
KAZAKHSTAN MNRLS    KMCOF US         -103725000       149477216
KAZAKHSTAN MNRLS    KMCO CN          -103725000       149477216
KAZAKHSTAN MNRLS    KMC/U CN         -103725000       149477216
KLEENEZE PLC        KLZ LN         -14328735.16    110864081.39
LADBROKE GROUP      LADB LN       -547740614.03   1922113569.01
LADBROKE GRP-IDR    695767Q BB    -547740614.03   1922113569.01
LADBROKE GRP-OLD    LADB BB       -547740614.03   1922113569.01
LADBROKES PLC       LAD PO        -547740614.03   1922113569.01
LADBROKES PLC       LAD NQ        -547740614.03   1922113569.01
LADBROKES PLC       LAD QM        -547740614.03   1922113569.01
LADBROKES PLC       LADGBP EO     -547740614.03   1922113569.01
LADBROKES PLC       LADEUR EU     -547740614.03   1922113569.01
LADBROKES PLC       LDBKF US      -547740614.03   1922113569.01
LADBROKES PLC       LADEUR EO     -547740614.03   1922113569.01
LADBROKES PLC       LAD BQ        -547740614.03   1922113569.01
LADBROKES PLC       LAD LN        -547740614.03   1922113569.01
LADBROKES PLC       LADNZD EU     -547740614.03   1922113569.01
LADBROKES PLC       LAD VX        -547740614.03   1922113569.01
LADBROKES PLC       LAD EO        -547740614.03   1922113569.01
LADBROKES PLC       LAD TQ        -547740614.03   1922113569.01
LADBROKES PLC       LAD GR        -547740614.03   1922113569.01
LADBROKES PLC       HG/ VX        -547740614.03   1922113569.01
LADBROKES PLC       LAD EU        -547740614.03   1922113569.01
LADBROKES PLC       LAD EB        -547740614.03   1922113569.01
LADBROKES PLC       LADUSD EO     -547740614.03   1922113569.01
LADBROKES PLC       LAD PZ        -547740614.03   1922113569.01
LADBROKES PLC       LAD NR        -547740614.03   1922113569.01
LADBROKES PLC       LADNZD EO     -547740614.03   1922113569.01
LADBROKES PLC       LAD IX        -547740614.03   1922113569.01
LADBROKES PLC-AD    LDBKY US      -547740614.03   1922113569.01
LADBROKES PLC-AD    LDBKY LN      -547740614.03   1922113569.01
LADBROKES PLC-CE    LAD BB        -547740614.03   1922113569.01
LAMBERT FENCHURC    LMF LN          -1453050.04   1826806853.46
LEEDS SPORTING      LES LN          -73166148.8    143762193.66
LEEDS SPORTING      LEDPF US        -73166148.8    143762193.66
LEEDS UNITED PLC    LUFC LN         -73166148.8    143762193.66
LEEDS UNITED PLC    LDSUF US        -73166148.8    143762193.66
LEEDS UNITED PLC    889687Q GR      -73166148.8    143762193.66
LONDON TOWN PLC     LTW PG          -15549465.1    160165508.92
LONDON TOWN PLC     LTW EO          -15549465.1    160165508.92
LONDON TOWN PLC     LTW IX          -15549465.1    160165508.92
LONDON TOWN PLC     LTW PO          -15549465.1    160165508.92
LONDON TOWN PLC     LOU GR          -15549465.1    160165508.92
LONDON TOWN PLC     LTW PZ          -15549465.1    160165508.92
LONDON TOWN PLC     LTWR LN         -15549465.1    160165508.92
LONDON TOWN PLC     LTWX LN         -15549465.1    160165508.92
LONDON TOWN PLC     LTW LN          -15549465.1    160165508.92
LONDON TOWN PLC     LTW EU          -15549465.1    160165508.92
M 2003 PLC          MTWOF US     -2203513803.24   7204891601.83
M 2003 PLC          203055Q LN   -2203513803.24   7204891601.83
M 2003 PLC-ADR      MTWOE US     -2203513803.24   7204891601.83
M 2003 PLC-ADR      MTWOY US     -2203513803.24   7204891601.83
MARCONI PLC         MRCQF US     -2203513803.24   7204891601.83
MARCONI PLC         MNI LN       -2203513803.24   7204891601.83
MARCONI PLC         203083Q VX   -2203513803.24   7204891601.83
MARCONI PLC         MY2 GR       -2203513803.24   7204891601.83
MARCONI PLC         MNI BB       -2203513803.24   7204891601.83
MARCONI PLC         MONI BB      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONI US      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONIY US     -2203513803.24   7204891601.83
MARCONI PLC-ADR     MRCQY US     -2203513803.24   7204891601.83
MARCONI PLC-ADR     QUQMON AU    -2203513803.24   7204891601.83
MARCONI PLC-ADR     MCONY US     -2203513803.24   7204891601.83
MARCONI PLC-ADR     MY2A GR      -2203513803.24   7204891601.83
MARCONI PLC-ADR     MONIE US     -2203513803.24   7204891601.83
MARCONI PLC-ADR     MCBA GR      -2203513803.24   7204891601.83
MFI FURNITURE GR    MFI LN        -116415877.06    612420067.12
MYTRAVEL GROUP      MYTPF US      -379721841.57   1817512773.61
MYTRAVEL GROUP      MT/S PO       -379721841.57   1817512773.61
MYTRAVEL GROUP      MT/S LN       -379721841.57   1817512773.61
MYTRAVEL GROUP      MT/S VX       -379721841.57   1817512773.61
MYTRAVEL GROUP      MT IX         -379721841.57   1817512773.61
MYTRAVEL GROUP      ARO2 GR       -379721841.57   1817512773.61
MYTRAVEL GROUP 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 PZ       -397718038.04    292972732.12
NEW STAR ASSET      NSAM PO       -397718038.04    292972732.12
NEW STAR ASSET      3226435Q EO   -397718038.04    292972732.12
NEW STAR ASSET      3226431Q EU   -397718038.04    292972732.12
NEW STAR ASSET      3226443Q EO   -397718038.04    292972732.12
NEW STAR ASSET      3226439Q EU   -397718038.04    292972732.12
NEW STAR ASSET      NWSAF US      -397718038.04    292972732.12
NEW STAR ASSET      NSAM LN       -397718038.04    292972732.12
NEW STAR ASSET      NSAM TQ       -397718038.04    292972732.12
NEW STAR ASSET      NSAM IX       -397718038.04    292972732.12
NEW STAR ASSET      N6S GR        -397718038.04    292972732.12
NEW STAR ASSET      3226447Q EO   -397718038.04    292972732.12
NEW STAR ASSET      NSAA LN       -397718038.04    292972732.12
NORTHERN ROCK       2733277Q EU   -586206492.33 152084295061.92
NORTHERN ROCK       NRK IX        -586206492.33 152084295061.92
NORTHERN ROCK       2733281Q EO   -586206492.33 152084295061.92
NORTHERN ROCK       NRK LN        -586206492.33 152084295061.92
NORTHERN ROCK       NRK VX        -586206492.33 152084295061.92
NORTHERN ROCK       NRK PO        -586206492.33 152084295061.92
NORTHERN ROCK       NHRKF US      -586206492.33 152084295061.92
NORTHERN ROCK       NRKI IX       -586206492.33 152084295061.92
NORTHERN ROCK       NRK PZ        -586206492.33 152084295061.92
NORTHERN ROCK       2733273Q EO   -586206492.33 152084295061.92
NORTHERN ROCK       2733269Q EU   -586206492.33 152084295061.92
NORTHERN ROCK       2733289Q EO   -586206492.33 152084295061.92
NORTHERN ROCK       NR3 GR        -586206492.33 152084295061.92
NORTHERN ROCK       2733265Q EO   -586206492.33 152084295061.92
NORTHERN ROCK       2733285Q EU   -586206492.33 152084295061.92
O TWELVE ESTATES    OTEEUR EO      -10555410.41    267391338.05
O TWELVE ESTATES    OTE PG         -10555410.41    267391338.05
O TWELVE ESTATES    OTE EO         -10555410.41    267391338.05
O TWELVE ESTATES    O2T GR         -10555410.41    267391338.05
O TWELVE ESTATES    OTE PZ         -10555410.41    267391338.05
O TWELVE ESTATES    OTE LN         -10555410.41    267391338.05
O TWELVE ESTATES    OTE IX         -10555410.41    267391338.05
O TWELVE ESTATES    OTE EU         -10555410.41    267391338.05
ORANGE PLC          ORNGF US      -593935051.02    2902299501.9
ORANGE PLC          951641Q LN    -593935051.02    2902299501.9
ORANGE PLC          1460Q GR      -593935051.02    2902299501.9
ORANGE PLC-ADR      ORNGY US      -593935051.02    2902299501.9
ORANGE PLC-ADR      ONG GR        -593935051.02    2902299501.9
ORANGE PLC-ADR      ORA$ LN       -593935051.02    2902299501.9
ORBIS PLC           OBG PO          -4168498.48     127701679.5
ORBIS PLC           ORBSF US        -4168498.48     127701679.5
ORBIS PLC           OBS LN          -4168498.48     127701679.5
ORBIS PLC           OBS PO          -4168498.48     127701679.5
ORBIS PLC           OBS IX          -4168498.48     127701679.5
ORBIS PLC           OBS PZ          -4168498.48     127701679.5
ORBIS PLC           RLP GR          -4168498.48     127701679.5
ORSU METALS CORP    E4M GR           -103725000       149477216
ORSU METALS CORP    OSUMF US         -103725000       149477216
ORSU METALS CORP    OSU LN           -103725000       149477216
ORSU METALS CORP    OSU CN           -103725000       149477216
ORSU METALS CORP    OSU PG           -103725000       149477216
ORSU METALS CORP    ORSM007* RU      -103725000       149477216
ORSU METALS CORP    EPMCF US         -103725000       149477216
ORSU METALS CORP    EUM IX           -103725000       149477216
ORSU METALS CORP    ORSM007 RU       -103725000       149477216
ORSU METALS CORP    OSU PZ           -103725000       149477216
PATIENTLINE PLC     2928899Q EO    -54677284.64     124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64     124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64     124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64     124948245.8
PATIENTLINE PLC     PTL PO         -54677284.64     124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64     124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64     124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64     124948245.8
PREMIER FARN-ADR    PIFLY US       -45246567.32    692389353.06
PREMIER FARN-ADR    PFLZ LN        -45246567.32    692389353.06
PREMIER FARN-ADR    2246804Q US    -45246567.32    692389353.06
PREMIER FARNELL     PFL QM         -45246567.32    692389353.06
PREMIER FARNELL     PFL BQ         -45246567.32    692389353.06
PREMIER FARNELL     PFL LN         -45246567.32    692389353.06
PREMIER FARNELL     PFL PO         -45246567.32    692389353.06
PREMIER FARNELL     PFL PZ         -45246567.32    692389353.06
PREMIER FARNELL     PFLEUR EU      -45246567.32    692389353.06
PREMIER FARNELL     PIFLF US       -45246567.32    692389353.06
PREMIER FARNELL     PFL IX         -45246567.32    692389353.06
PREMIER FARNELL     PFL EO         -45246567.32    692389353.06
PREMIER FARNELL     PFLSEK EO      -45246567.32    692389353.06
PREMIER FARNELL     PFLUSD EO      -45246567.32    692389353.06
PREMIER FARNELL     PFL TQ         -45246567.32    692389353.06
PREMIER FARNELL     PFL NR         -45246567.32    692389353.06
PREMIER FARNELL     PFL NQ         -45246567.32    692389353.06
PREMIER FARNELL     PML GR         -45246567.32    692389353.06
PREMIER FARNELL     PFL EB         -45246567.32    692389353.06
PREMIER FARNELL     PFL EU         -45246567.32    692389353.06
PREMIER FARNELL     PFLUSD EU      -45246567.32    692389353.06
PREMIER FARNELL     PFLSEK EU      -45246567.32    692389353.06
PREMIER FARNELL     PFLGBP EO      -45246567.32    692389353.06
PREMIER FARNELL     PFL VX         -45246567.32    692389353.06
PREMIER FARNELL     PFLEUR EO      -45246567.32    692389353.06
PROSTRAKAN GROUP    PSKEUR EU       -1646349.91    143067806.91
PROSTRAKAN GROUP    PKNGF US        -1646349.91    143067806.91
PROSTRAKAN GROUP    PSKEUR EO       -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK VX          -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    PSKGBP EO       -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK EO          -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK IX          -1646349.91    143067806.91
PROSTRAKAN GROUP    PSK LN          -1646349.91    143067806.91
REAL ESTATE OP-O    REO ID        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO LN        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO PZ        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO EU        -145048365.85   2933767506.67
REAL ESTATE OP-O    REA GR        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO IX        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO VX        -145048365.85   2933767506.67
REAL ESTATE OP-O    REO EO        -145048365.85   2933767506.67
REAL ESTATE OP-O    REOGBP EO     -145048365.85   2933767506.67
REGUS LTD           273187Q LN     -46111835.37       367181111
REGUS PLC           273195Q VX     -46111835.37       367181111
REGUS PLC           2296Z LN       -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       RGUA GR        -46111835.37       367181111
REGUS PLC-ADS       REGSY US       -46111835.37       367181111
REGUS PLC-ADS       REGSV US       -46111835.37       367181111
RENTOKIL INITIAL    RTOKF US      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO BQ        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOUSD EO     -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO LN        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EU        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOGBP EO     -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO1 GR       -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO NQ        -351331070.14   3368925867.22
RENTOKIL INITIAL    RKLIF US      -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EB        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO PO        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO PZ        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO NR        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO QM        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOEUR EO     -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO EO        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO GR        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO IX        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOUSD EU     -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOG IX       -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO VX        -351331070.14   3368925867.22
RENTOKIL INITIAL    RTOEUR EU     -351331070.14   3368925867.22
RENTOKIL INITIAL    RTO TQ        -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    SSATF US      -119260804.15    705060824.55
SAATCHI & SAATCH    SSI LN        -119260804.15    705060824.55
SAATCHI & SAATCH    188190Q GR    -119260804.15    705060824.55
SCOTTISH MEDIA      1442Q GR       -49061227.23    212049868.01
SCOTTISH MEDIA      SSMR LN        -49061227.23    212049868.01
SCOTTISH MEDIA      SSM LN         -49061227.23    212049868.01
SCOTTISH TELEV      SCTVF US       -49061227.23    212049868.01
SETON HEALTHCARE    2290Z LN       -10585179.82    156822902.77
SFI GROUP PLC       SUF LN        -108067115.81    177647536.08
SFI GROUP PLC       SUYFF US      -108067115.81    177647536.08
SKYEPHAR-RTS F/P    SKPF VX       -134177517.41    149159301.57
SKYEPHAR-RTS F/P    SKPF LN       -134177517.41    149159301.57
SKYEPHAR-RTS N/P    SKPN VX       -134177517.41    149159301.57
SKYEPHAR-RTS N/P    SKPN LN       -134177517.41    149159301.57
SKYEPHARMA -SUB     2976665Z LN   -134177517.41    149159301.57
SKYEPHARMA PLC      SK8A GR       -134177517.41    149159301.57
SKYEPHARMA PLC      SKPGBP EO     -134177517.41    149159301.57
SKYEPHARMA PLC      SKP LN        -134177517.41    149159301.57
SKYEPHARMA PLC      SKPEUR EO     -134177517.41    149159301.57
SKYEPHARMA PLC      SKP EU        -134177517.41    149159301.57
SKYEPHARMA PLC      SK8C GR       -134177517.41    149159301.57
SKYEPHARMA PLC      SKP1 VX       -134177517.41    149159301.57
SKYEPHARMA PLC      SKP VX        -134177517.41    149159301.57
SKYEPHARMA PLC      SKYEF US      -134177517.41    149159301.57
SKYEPHARMA PLC      SKP IX        -134177517.41    149159301.57
SKYEPHARMA PLC      SKP TQ        -134177517.41    149159301.57
SKYEPHARMA PLC      SKP PZ        -134177517.41    149159301.57
SKYEPHARMA PLC      SKP EO        -134177517.41    149159301.57
SKYEPHARMA PLC      SKPEUR EU     -134177517.41    149159301.57
SKYEPHARMA PLC      SKP PO        -134177517.41    149159301.57
SKYEPHARMA-ADR      SK8N GR       -134177517.41    149159301.57
SKYEPHARMA-ADR      SKYEY US      -134177517.41    149159301.57
SKYEPHARMA-ADR      SKYPY US      -134177517.41    149159301.57
SKYEPHARMA-ADR      SK8 GR        -134177517.41    149159301.57
SKYEPHARMA-ADR      SKYE US       -134177517.41    149159301.57
SKYEPHARMA-ADR      AP80 LI       -134177517.41    149159301.57
SMG PLC             SMG PO         -49061227.23    212049868.01
SMG PLC             SMG LN         -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 PZ         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS IX         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS1 EO        -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2EUR EO     -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2GBP EO     -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 EU        -97992746.54    146917382.81
SMITHS NEWS PLC     SMWPF US       -97992746.54    146917382.81
SMITHS NEWS PLC     NWS VX         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS LN         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 EO        -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2 TQ        -97992746.54    146917382.81
SMITHS NEWS PLC     NWS2EUR EU     -97992746.54    146917382.81
SMITHS NEWS PLC     NWS PO         -97992746.54    146917382.81
SMITHS NEWS PLC     NWS1 BQ        -97992746.54    146917382.81
SMITHS NEWS PLC     SMWPY US       -97992746.54    146917382.81
SMITHS NEWS PLC     NWS1 EU        -97992746.54    146917382.81
STAGECOACH GROUP    SGC1GBP EO     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EO        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1EUR EO     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 TQ        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 NQ        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 BQ        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1AUD EO     -14183327.87   2231066974.58
STAGECOACH GROUP    SAGKF US       -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EO     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 QM        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EB        -14183327.87   2231066974.58
STAGECOACH GROUP    SHP GR         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC2 VX        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 NR        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1EUR EU     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC LN         -14183327.87   2231066974.58
STAGECOACH GROUP    SGC IX         -14183327.87   2231066974.58
STAGECOACH GROUP    SGCG PZ        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1 EU        -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1USD EU     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC1AUD EU     -14183327.87   2231066974.58
STAGECOACH GROUP    SGC PO         -14183327.87   2231066974.58
STAGECOACH GROUP    SHP4 GR        -14183327.87   2231066974.58
STAGECOACH GRP-B    SGCB LN        -14183327.87   2231066974.58
STAGECOACH-NEW      SGCN LN        -14183327.87   2231066974.58
STV GROUP PLC       SMGPF US       -49061227.23    212049868.01
STV GROUP PLC       STVG EO        -49061227.23    212049868.01
STV GROUP PLC       SMG PZ         -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       STVGGBP EO     -49061227.23    212049868.01
STV GROUP PLC       STVG EU        -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 VX         -49061227.23    212049868.01
STV GROUP PLC       STVGEUR EU     -49061227.23    212049868.01
TELASI JSC          AEST GG         -38496626.3    121421179.22
TELEWEST COM-ADR    940767Q GR   -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWSTD US     -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWT$ LN      -3702234580.99   7581020925.22
TELEWEST COM-ADR    TWSTY US     -3702234580.99   7581020925.22
TELEWEST COMM       604296Q GR   -3702234580.99   7581020925.22
TELEWEST COMM       715382Q LN   -3702234580.99   7581020925.22
TELEWEST COMM       TWT VX       -3702234580.99   7581020925.22
TELEWEST COMM       TWSTF US     -3702234580.99   7581020925.22
THORN EMI PLC       THNE FP      -2265916256.89   2950021937.14
THORN EMI-ADR       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     TPT BQ         -78172467.48     131014414.4
TOPPS TILES PLC     TPT TQ         -78172467.48     131014414.4
TOPPS TILES PLC     TPTGBP EO      -78172467.48     131014414.4
TOPPS TILES PLC     TPTJY US       -78172467.48     131014414.4
TOPPS TILES PLC     TPT LN         -78172467.48     131014414.4
TOPPS TILES PLC     TPTEUR EO      -78172467.48     131014414.4
TOPPS TILES PLC     TPT IX         -78172467.48     131014414.4
TOPPS TILES PLC     TPT PZ         -78172467.48     131014414.4
TOPPS TILES PLC     TPT EO         -78172467.48     131014414.4
TOPPS TILES PLC     TPT EU         -78172467.48     131014414.4
TOPPS TILES PLC     TPTJF US       -78172467.48     131014414.4
TOPPS TILES PLC     TPT VX         -78172467.48     131014414.4
TOPPS TILES PLC     TPTEUR EU      -78172467.48     131014414.4
TOPPS TILES PLC     TPT PO         -78172467.48     131014414.4
TOPPS TILES-NEW     TPTN LN        -78172467.48     131014414.4
UTC GROUP           UGR LN         -11904426.45    203548565.03
VIRGIN MOB-ASSD     VMOA LN       -392165437.58    166070003.71
VIRGIN MOB-ASSD     VMOC LN       -392165437.58    166070003.71
VIRGIN MOBILE       VMOB PO       -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
VIRGIN MOBILE       UEM GR        -392165437.58    166070003.71
WATSON & PHILIP     WTSN LN       -120493900.04    252232072.87
WINCANTON PL-ADR    WNCNY US       -47615167.52   1316638025.67
WINCANTON PLC       WIN PZ         -47615167.52   1316638025.67
WINCANTON PLC       WIN PO         -47615167.52   1316638025.67
WINCANTON PLC       WIN1 NQ        -47615167.52   1316638025.67
WINCANTON PLC       WIN1 TQ        -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EO        -47615167.52   1316638025.67
WINCANTON PLC       WIN1GBP EO     -47615167.52   1316638025.67
WINCANTON PLC       WIN IX         -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EB        -47615167.52   1316638025.67
WINCANTON PLC       WIN LN         -47615167.52   1316638025.67
WINCANTON PLC       WIN1 QM        -47615167.52   1316638025.67
WINCANTON PLC       WIN1 EU        -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EO     -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EO     -47615167.52   1316638025.67
WINCANTON PLC       WIN1USD EU     -47615167.52   1316638025.67
WINCANTON PLC       WIN1 BQ        -47615167.52   1316638025.67
WINCANTON PLC       WNCNF US       -47615167.52   1316638025.67
WINCANTON PLC       WIN VX         -47615167.52   1316638025.67
WINCANTON PLC       WIN1EUR EU     -47615167.52   1316638025.67
XXPERT RENTAL       XPRT CN          -103725000       149477216


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


CROATIA
-------
BRODOGRADE INDUS    3MAJRA CZ     -388927692.38     624796011.8
HUNGARIAN TELEPH    HUC EX            -41577000      1251297920
HUNGARIAN TELEPH    HUGC IX           -41577000      1251297920
HUNGARIAN TELEPH    HUC GR            -41577000      1251297920
INVITEL HOLD-ADR    IHO US            -41577000      1251297920
INVITEL HOLD-ADR    0IN GR            -41577000      1251297920
INVITEL HOLDINGS    3212873Z HB       -41577000      1251297920
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


IRELAND
-------
BOUNDARY CAPITAL    BCPI IX        -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP1 EO        -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP1 PG        -10192301.85    119787800.54
BOUNDARY CAPITAL    BCM GR         -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP1 PZ        -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP1 EU        -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP ID         -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP IX         -10192301.85    119787800.54
BOUNDARY CAPITAL    BCP LN         -10192301.85    119787800.54
ELAN CORP PLC       ELN EU           -370500000      1669500032
ELAN CORP PLC       ELA IX           -370500000      1669500032
ELAN CORP PLC       ELN ID           -370500000      1669500032
ELAN CORP PLC       DRXG IX          -370500000      1669500032
ELAN CORP PLC       ELNGBP EO        -370500000      1669500032
ELAN CORP PLC       ELN IX           -370500000      1669500032
ELAN CORP PLC       ELNUSD EO        -370500000      1669500032
ELAN CORP PLC       ELA LN           -370500000      1669500032
ELAN CORP PLC       ELN NR           -370500000      1669500032
ELAN CORP PLC       ELNGBX EO        -370500000      1669500032
ELAN CORP PLC       ELNCF US         -370500000      1669500032
ELAN CORP PLC       ELN EO           -370500000      1669500032
ELAN CORP PLC       ELNUSD EU        -370500000      1669500032
ELAN CORP PLC       ELN TQ           -370500000      1669500032
ELAN CORP PLC       ECN VX           -370500000      1669500032
ELAN CORP PLC       DRX1 PZ          -370500000      1669500032
ELAN CORP PLC       ELA PO           -370500000      1669500032
ELAN CORP PLC       DRX GR           -370500000      1669500032
ELAN CORP PLC       ELN LN           -370500000      1669500032
ELAN CORP-ADR       EAN GR           -370500000      1669500032
ELAN CORP-ADR       EANG IX          -370500000      1669500032
ELAN CORP-ADR       QUNELN AU        -370500000      1669500032
ELAN CORP-ADR       ELAD LN          -370500000      1669500032
ELAN CORP-ADR       ELN US           -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     MK9C PZ       -113397336.28    441922391.66
MCINERNEY HLDGS     MCII IX       -113397336.28    441922391.66
MCINERNEY HLDGS     MK9 GR        -113397336.28    441922391.66
MCINERNEY HLDGS     MNEYF US      -113397336.28    441922391.66
MCINERNEY HLDGS     MCI IX        -113397336.28    441922391.66
MCINERNEY HLDGS     MCI VX        -113397336.28    441922391.66
MCINERNEY HLDGS     MCIGBX EO     -113397336.28    441922391.66
MCINERNEY HLDGS     MCI ID        -113397336.28    441922391.66
MCINERNEY HLDGS     MCIGBP EO     -113397336.28    441922391.66
MCINERNEY HLDGS     MCI PO        -113397336.28    441922391.66
MCINERNEY HLDGS     MK9 PO        -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     MCI EO        -113397336.28    441922391.66
MCINERNEY PROP-A    MYP LN        -113397336.28    441922391.66
MCINERNEY PROP-A    MCIYF US      -113397336.28    441922391.66
MCINERNEY PROP-A    MYP ID        -113397336.28    441922391.66
MCINERNEY-ADR       MNEYY US      -113397336.28    441922391.66
PAYZONE PLC         PAYZ PG       -138030903.22    510010035.33
PAYZONE PLC         PAYZ IX       -138030903.22    510010035.33
PAYZONE PLC         4P6 GR        -138030903.22    510010035.33
PAYZONE PLC         PAYZ PZ       -138030903.22    510010035.33
PAYZONE PLC         PAYZ EU       -138030903.22    510010035.33
PAYZONE PLC         PAYZ LN       -138030903.22    510010035.33
PAYZONE PLC         PAYZ EO       -138030903.22    510010035.33
WATERFORD - RTS     WWWA GR       -505729895.23    820803256.03
WATERFORD - RTS     WWWB GR       -505729895.23    820803256.03
WATERFORD - RTS     WWWB ID       -505729895.23    820803256.03
WATERFORD - RTS     WWWA ID       -505729895.23    820803256.03
WATERFORD - RTS     508523Q LN    -505729895.23    820803256.03
WATERFORD - RTS     508519Q LN    -505729895.23    820803256.03
WATERFORD W-ADR     WATWY US      -505729895.23    820803256.03
WATERFORD WDGEWD    WATFF US      -505729895.23    820803256.03
WATERFORD WDGEWD    WATWF US      -505729895.23    820803256.03
WATERFORD WE-RTS    WTFN LN       -505729895.23    820803256.03
WATERFORD WE-RTS    WTFF LN       -505729895.23    820803256.03
WATERFORD WE-RTS    WTFN ID       -505729895.23    820803256.03
WATERFORD WE-RTS    WTFN VX       -505729895.23    820803256.03
WATERFORD WE-RTS    WTFF ID       -505729895.23    820803256.03
WATERFORD WED-RT    WWWD ID       -505729895.23    820803256.03
WATERFORD WED-RT    WTFR LN       -505729895.23    820803256.03
WATERFORD WED-RT    WWWC ID       -505729895.23    820803256.03
WATERFORD WED-RT    WWWC GR       -505729895.23    820803256.03
WATERFORD WED-RT    586552Q LN    -505729895.23    820803256.03
WATERFORD WED-RT    586556Q LN    -505729895.23    820803256.03
WATERFORD WED-RT    WWWD GR       -505729895.23    820803256.03
WATERFORD WED-UT    WWW GR        -505729895.23    820803256.03
WATERFORD WED-UT    WTFU EU       -505729895.23    820803256.03
WATERFORD WED-UT    WTFU PO       -505729895.23    820803256.03
WATERFORD WED-UT    WWWD PZ       -505729895.23    820803256.03
WATERFORD WED-UT    WTFUGBX EO    -505729895.23    820803256.03
WATERFORD WED-UT    WTFUGBX EU    -505729895.23    820803256.03
WATERFORD WED-UT    WTFU VX       -505729895.23    820803256.03
WATERFORD WED-UT    WTFU ID       -505729895.23    820803256.03
WATERFORD WED-UT    WTFU IX       -505729895.23    820803256.03
WATERFORD WED-UT    WTFU EO       -505729895.23    820803256.03
WATERFORD WED-UT    WWW PO        -505729895.23    820803256.03
WATERFORD WED-UT    WTFU LN       -505729895.23    820803256.03
WATERFORD-ADR UT    WATFZ US      -505729895.23    820803256.03
WATERFORD-ADR UT    WFWA GR       -505729895.23    820803256.03
WATERFORD-SUB       3001875Z ID   -505729895.23    820803256.03


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


ITALY
-----
AEDES AXA+W         AEAXAW IM      -24405906.61   1350851664.42
AEDES SPA           AEDSF US       -24405906.61   1350851664.42
AEDES SPA           AE TQ          -24405906.61   1350851664.42
AEDES SPA           AE EO          -24405906.61   1350851664.42
AEDES SPA           AE EU          -24405906.61   1350851664.42
AEDES SPA           LLB GR         -24405906.61   1350851664.42
AEDES SPA           AE IM          -24405906.61   1350851664.42
AEDES SPA           AE PZ          -24405906.61   1350851664.42
AEDES SPA           AEDI IX        -24405906.61   1350851664.42
AEDES SPA RNC       AEDE IM        -24405906.61   1350851664.42
AEDES SPA-OPA       AEOPA IM       -24405906.61   1350851664.42
AEDES SPA-OPA       AEDROP IM      -24405906.61   1350851664.42
AEDES SPA-RTS       AEAA IM        -24405906.61   1350851664.42
AEDES SPA-RTS       AESA IM        -24405906.61   1350851664.42
AEDES SPA-SVGS R    AEDRAA IM      -24405906.61   1350851664.42
ARENA SPA           RON GR         -26843216.33    117951651.43
ARENA SPA           AREI PZ        -26843216.33    117951651.43
ARENA SPA           ARE2 EO        -26843216.33    117951651.43
ARENA SPA           RON IX         -26843216.33    117951651.43
ARENA SPA           ARE2 TQ        -26843216.33    117951651.43
ARENA SPA           ARE2 EU        -26843216.33    117951651.43
ARENA SPA           ARE IM         -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    FIY GR         -422095869.5   1583083044.16
CIRIO FINANZIARI    CRO IM         -422095869.5   1583083044.16
COIN SPA            GC IX         -151690764.75    791310848.67
COIN SPA            965089Q GR    -151690764.75    791310848.67
COIN SPA            GUCIF US      -151690764.75    791310848.67
COIN SPA-RTS        GCAA IM       -151690764.75    791310848.67
COIN SPA/OLD        GC IM         -151690764.75    791310848.67
COMPAGNIA ITALIA    CGLUF US      -137726596.25    527372691.43
COMPAGNIA ITALIA    CITU IX       -137726596.25    527372691.43
COMPAGNIA ITALIA    ICT IM        -137726596.25    527372691.43
CREDITO FOND-RTS    CRFSA IM      -200209050.26   4213063202.32
CREDITO FONDIARI    CRF IM        -200209050.26   4213063202.32
LAZIO SPA           SSL1 EU        -15482934.18    260633690.01
LAZIO SPA           571260Q US     -15482934.18    260633690.01
LAZIO SPA           SSL1 IX        -15482934.18    260633690.01
LAZIO SPA           SSL1 EO        -15482934.18    260633690.01
LAZIO SPA           SSL IM         -15482934.18    260633690.01
LAZIO SPA           SSLZF US       -15482934.18    260633690.01
LAZIO SPA           LZO GR         -15482934.18    260633690.01
LAZIO SPA           SSLI PZ        -15482934.18    260633690.01
LAZIO SPA           LZO1 GR        -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    ONTI IX        -14203645.83     330093845.4
OMNIA NETWORK SP    ONT EU         -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    ONT IM         -14203645.83     330093845.4
PARMALAT FINA-RT    PRFR AV                 ###   4120687886.18
PARMALAT FINANZI    PRFI VX                 ###   4120687886.18
PARMALAT FINANZI    PARAF US                ###   4120687886.18
PARMALAT FINANZI    PRF IM                  ###   4120687886.18
PARMALAT FINANZI    PMLFF US                ###   4120687886.18
PARMALAT FINANZI    PAF GR                  ###   4120687886.18
PARMALAT FINANZI    PMT LI                  ###   4120687886.18
PARMALAT FINANZI    FICN AV                 ###   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         -141933883.93    150445252.43
SNIA BPD-ADR        SBPDY US      -141933883.93    150445252.43
SNIA SPA            SN TQ         -141933883.93    150445252.43
SNIA SPA            SN IM         -141933883.93    150445252.43
SNIA SPA            SN EO         -141933883.93    150445252.43
SNIA SPA            SBPDF US      -141933883.93    150445252.43
SNIA SPA            SIAI IX       -141933883.93    150445252.43
SNIA SPA            SNIB GR       -141933883.93    150445252.43
SNIA SPA            SIAI PZ       -141933883.93    150445252.43
SNIA SPA            SNIA GR       -141933883.93    150445252.43
SNIA SPA            SN EU         -141933883.93    150445252.43
SNIA SPA            SSMLF US      -141933883.93    150445252.43
SNIA SPA            SNIXF US      -141933883.93    150445252.43
SNIA SPA - RTS      SNAAW IM      -141933883.93    150445252.43
SNIA SPA- RTS       SNAXW IM      -141933883.93    150445252.43
SNIA SPA-2003 SH    SN03 IM       -141933883.93    150445252.43
SNIA SPA-CONV SA    SPBDF US      -141933883.93    150445252.43
SNIA SPA-DRC        SNR00 IM      -141933883.93    150445252.43
SNIA SPA-NEW        SN00 IM       -141933883.93    150445252.43
SNIA SPA-NON CON    SPBNF US      -141933883.93    150445252.43
SNIA SPA-RCV        SNIVF US      -141933883.93    150445252.43
SNIA SPA-RCV        SNR IM        -141933883.93    150445252.43
SNIA SPA-RIGHTS     SNAW IM       -141933883.93    150445252.43
SNIA SPA-RNC        SNIWF US      -141933883.93    150445252.43
SNIA SPA-RNC        SNRNC IM      -141933883.93    150445252.43
SNIA SPA-RTS        SNSO IM       -141933883.93    150445252.43
SNIA SPA-RTS        SNAA IM       -141933883.93    150445252.43
SOCOTHERM SPA       SCT TQ        -120739761.47    431104046.09
SOCOTHERM SPA       SOCEF US      -120739761.47    431104046.09
SOCOTHERM SPA       SCT EO        -120739761.47    431104046.09
SOCOTHERM SPA       SCTI PZ       -120739761.47    431104046.09
SOCOTHERM SPA       SCT EU        -120739761.47    431104046.09
SOCOTHERM SPA       SCT IM        -120739761.47    431104046.09
SOCOTHERM SPA       SCTM IX       -120739761.47    431104046.09
TECNODIFF ITALIA    TDI NM         -89894162.82    152045757.48
TECNODIFF ITALIA    TDI IM         -89894162.82    152045757.48
TECNODIFF ITALIA    TEF GR         -89894162.82    152045757.48
TECNODIFF ITALIA    TDIFF US       -89894162.82    152045757.48
TECNODIFF-RTS       TDIAOW NM      -89894162.82    152045757.48
TECNODIFFUSIONE     TDIAAW IM      -89894162.82    152045757.48
TISCALI SPA         TIS NA        -382501586.12   1284058962.83
TISCALI SPA         TIS IX        -382501586.12   1284058962.83
TISCALI SPA         TISN IX       -382501586.12   1284058962.83
TISCALI SPA         TISGBX EO     -382501586.12   1284058962.83
TISCALI SPA         TIS PZ        -382501586.12   1284058962.83
TISCALI SPA         TIQ GR        -382501586.12   1284058962.83
TISCALI SPA         TISN IM       -382501586.12   1284058962.83
TISCALI SPA         TIQG IX       -382501586.12   1284058962.83
TISCALI SPA         TISN FP       -382501586.12   1284058962.83
TISCALI SPA         TISN NA       -382501586.12   1284058962.83
TISCALI SPA         TISGBX EU     -382501586.12   1284058962.83
TISCALI SPA         TISGBP EO     -382501586.12   1284058962.83
TISCALI SPA         TIS TQ        -382501586.12   1284058962.83
TISCALI SPA         TIQ1 GR       -382501586.12   1284058962.83
TISCALI SPA         TIS NR        -382501586.12   1284058962.83
TISCALI SPA         TISN VX       -382501586.12   1284058962.83
TISCALI SPA         TIS FP        -382501586.12   1284058962.83
TISCALI SPA         TIS EU        -382501586.12   1284058962.83
TISCALI SPA         TIS VX        -382501586.12   1284058962.83
TISCALI SPA         TIS EO        -382501586.12   1284058962.83
TISCALI SPA         TIS IM        -382501586.12   1284058962.83
TISCALI SPA         TSCXF US      -382501586.12   1284058962.83
TISCALI SPA- RTS    TISAXA IM     -382501586.12   1284058962.83
TISCALI SPA- RTS    3391621Q GR   -382501586.12   1284058962.83


LUXEMBOURG
----------
CARRIER1 INT-AD+    CONE ES           -94729000       472360992
CARRIER1 INT-ADR    CONE US           -94729000       472360992
CARRIER1 INT-ADR    CONEE US          -94729000       472360992
CARRIER1 INT-ADR    CONEQ US          -94729000       472360992
CARRIER1 INTL       CJN NM            -94729000       472360992
CARRIER1 INTL       CJNA GR           -94729000       472360992
CARRIER1 INTL       CJN 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     BAAN PZ         -7854741.41    609871188.88
BAAN COMPANY NV     BAAN EO         -7854741.41    609871188.88
BAAN COMPANY NV     BAAVF US        -7854741.41    609871188.88
BAAN COMPANY NV     BAAN NA         -7854741.41    609871188.88
BAAN COMPANY NV     BAAN IX         -7854741.41    609871188.88
BAAN COMPANY NV     BAAN GR         -7854741.41    609871188.88
BAAN COMPANY NV     BAAN EU         -7854741.41    609871188.88
BAAN COMPANY NV     BNCG IX         -7854741.41    609871188.88
BAAN COMPANY-NY     BAANF US        -7854741.41    609871188.88
BUSINESSWAY INTL    BITL US            -1244740       136149008
BUSINESSWAY INTL    BITLE US           -1244740       136149008
CNW ORLANDO INC     CNWD US            -1244740       136149008
GLOBALNETCARE       GBCRE US           -1244740       136149008
GLOBALNETCARE       GBCR US            -1244740       136149008
ICBS INTERNATION    ICBO US            -1244740       136149008
ICBS INTERNATION    ICBOE US           -1244740       136149008
LIBERTY GL EU-A     UPC NA       -5505478849.55   5112616630.06
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 LN       -5505478849.55   5112616630.06
UNITED PAN-EUR-A    UPC LI       -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPC VX       -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPE1 GR      -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPCOF US     -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPCEF US     -5505478849.55   5112616630.06
UNITED PAN-EUROP    UPE GR       -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 EO      -2241614.77    111838141.19
KROSNO              KRS LI          -2241614.77    111838141.19
KROSNO              KRS PW          -2241614.77    111838141.19
KROSNO              KRS1EUR EU      -2241614.77    111838141.19
KROSNO              KROS IX         -2241614.77    111838141.19
KROSNO SA           KROSNO PW       -2241614.77    111838141.19
KROSNO SA           KRS PZ          -2241614.77    111838141.19
KROSNO SA           KRS1 EU         -2241614.77    111838141.19
KROSNO SA           KRS1 EO         -2241614.77    111838141.19
KROSNO SA           KRNFF US        -2241614.77    111838141.19
KROSNO SA-RTS       KRSP PW         -2241614.77    111838141.19
KROSNO-PDA-ALLT     KRSA PW         -2241614.77    111838141.19
TOORA               2916665Q EU      -288818.39    147004954.18
TOORA               TOR PZ           -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              CFNX PX         -9882836.46    319233214.35
COFINA              COFSI IX        -9882836.46    319233214.35
COFINA              CFN1 PZ         -9882836.46    319233214.35
COFINA              COFI EO         -9882836.46    319233214.35
COFINA              CFN PL          -9882836.46    319233214.35
COFINA              COFI TQ         -9882836.46    319233214.35
COFINA              COFI PL         -9882836.46    319233214.35
COFINA              COFI EU         -9882836.46    319233214.35
COFINA              CFASF US        -9882836.46    319233214.35
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    LIAG EU         -8723139.72    107312975.09
LISGRAFICA IMPRE    LIG PL          -8723139.72    107312975.09
LISGRAFICA IMPRE    LIG PZ          -8723139.72    107312975.09
LISGRAFICA-RTS      LIGDS PL        -8723139.72    107312975.09
PORCELANA VISTA     PVAL PL        -68504012.12    145654270.82
SPORTING-SOC DES    SCDF PL         -4083492.14     225687305.9
SPORTING-SOC DES    SCG GR          -4083492.14     225687305.9
SPORTING-SOC DES    SCPX PX         -4083492.14     225687305.9
SPORTING-SOC DES    SCDF EU         -4083492.14     225687305.9
SPORTING-SOC DES    SCP PL          -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    SCP1 PZ         -4083492.14     225687305.9
VAA VISTA ALEGRE    VAFX PX        -68504012.12    145654270.82
VAA VISTA ALEGRE    VAF PZ         -68504012.12    145654270.82
VAA VISTA ALEGRE    VAF EU         -68504012.12    145654270.82
VAA VISTA ALEGRE    VAF EO         -68504012.12    145654270.82
VAA VISTA ALEGRE    VAF PL         -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
OLTCHIM RM VALCE    OLT EU          -86519981.9    521264507.61
OLTCHIM RM VALCE    OLTEUR EO       -86519981.9    521264507.61
OLTCHIM RM VALCE    OLT PZ          -86519981.9    521264507.61
OLTCHIM RM VALCE    OLT EO          -86519981.9    521264507.61
OLTCHIM RM VALCE    OLTCF US        -86519981.9    521264507.61
OLTCHIM RM VALCE    OLT RO          -86519981.9    521264507.61
OLTCHIM RM VALCE    OLTEUR EU       -86519981.9    521264507.61


RUSSIA
------
AKCIONERNOE-BRD     SOVP$ RU      -110204703.34    120620770.43
ALFA CEMENT-BRD     ALCE RU          -672832.37    105454563.92
ALFA CEMENT-BRD     ALCE* RU         -672832.37    105454563.92
ALFA CEMENT-BRD     AFMTF US         -672832.37    105454563.92
AMO ZIL             ZILL RM       -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* RU       -33465586.31    128437866.54
DAGESTAN ENERGY     DASB RM        -33465586.31    128437866.54
DAGESTAN ENERGY     DASB RU        -33465586.31    128437866.54
EAST-SIBERIA-BRD    VSNK* RU      -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 RM      -171193521.47    350870451.06
ZIL AUTO PLANT-P    ZILLP* RU     -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 * * *