TCREUR_Public/090929.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 29, 2009, Vol. 10, No. 192

                            Headlines

A U S T R I A

A.S.P. MONTAGEBAU: Claims Filing Deadline is October 14
BAUER DRUCK: Claims Filing Deadline is October 14
BBS BUCHBINDEREI: Claims Filing Deadline is October 13
BIOLOGICAL POWER: Claims Filing Deadline is October 14
BLAGOJEVIC & FULAR: Claims Filing Deadline is October 14

FRANZ AUDRIETH: Claims Filing Deadline is October 13
HANS PRESSEL: Claims Filing Deadline is October 13
MONTE M.T.: Claims Filing Deadline is October 13
PRESSEL DIRECT: Claims Filing Deadline is October 13
SNOW WORKS: Claims Filing Deadline is October 13


B E L G I U M

BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating


G E R M A N Y

MUSTEK SYSTEMS: German Unit Files for Creditor Protection
TITAN EUROPE: Fitch Junks Ratings on Five Classes of Notes


I R E L A N D

ARRAMOUNT FURNITURE: Greenwood Group to Finance Rescue Package


I T A L Y

UNICREDIT SPA: To Hire Five Banks to Manage EUR4-Bln Stock Sale


K A Z A K H S T A N

AGRIMAK CO: Creditors Must File Claims by October 7
AKMOLINETS LLP: Creditors Must File Claims by October 7
ASU LLP: Creditors Must File Claims by October 7
COMPUTER SERVICE: Creditors Must File Claims by October 7
DEKOPLAST NV: Creditors Must File Claims by October 7

GRAD-S LLP: Creditors Must File Claims by October 7
IN STROY: Creditors Must File Claims by October 7
INDUSTRIYA OIL: Creditors Must File Claims by October 7
KAZAKH AGRARIAN: S&P Keeps 'BB+' Long-Term Issuer Credit Rating
MARS 92: Creditors Must File Claims by October 7

MEDEU LLP: Creditors Must File Claims by October 7
MUSTANG LLP: Creditors Must File Claims by October 7
N ARUS: Creditors Must File Claims by October 7
OLIMPIC LIMUZIN: Creditors Must File Claims by October 7
OTYRAR AUTO: Creditors Must File Claims by October 7

PALITRA 7: Creditors Must File Claims by October 7
SILK WAY: Creditors Must File Claims by October 7
STROY TECH: Creditors Must File Claims by October 7
TRACTOR LLP: Creditors Must File Claims by October 7
V GROUP: Creditors Must File Claims by October 7

VITA TAXI: Creditors Must File Claims by October 7


K Y R G Y Z S T A N

BST STROY: Creditors Must File Claims by October 17


L U X E M B O U R G

ORCO PROPERTY: To Present New Debt Restructuring Plan


N E T H E R L A N D S

EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'B1'
GELDILUX-TS-2007: S&P Keeps Neg. Watch on 'B'-Rated Class E Notes
MESDAQ BV: Fitch Junks Ratings on Two Classes of Notes


P O L A N D

VECTRIX CORPORATION: Files Chapter 11 to Sell to GH Venture


R O M A N I A

* ROMANIA: Corporate Bankruptcies Up 40% in First Half 2009


R U S S I A

BALASHOVSKIY AUTOMOTIVE: Creditors Must File Claims by October 4
DELANCE LTD: Moody's Cuts Ratings on US$250 Mil. Bonds to 'Caa3'
DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
DEVELOPMENT CAPITAL: S&P Assigns 'B-' Counterparty Credit Rating
EVRO-STROY LLC: Creditors Must File Claims by October 4

IRKUTSK-ZHIL-STROY: Creditors Must File Claims by October 4
KD AVIA: Court Adjourns Bankruptcy Hearing Until October 2
KRASNOARMEYSKIY DAIRY: Creditors Must File Claims by October 4
MTEK LLC: Creditors Must File Claims by October 4
REINFORCED-CONCRETE: Creditors Must File Claims by October 4

STROY-NEFT LLC: Creditors Must File Claims by October 4
SVIAZ-BANK: Moody's Upgrades Bank Fin'l Strength Rating to 'E+'
SANTANDER FINANCION: Moody's Assigns 'C' Rating on Series F Notes


S W I T Z E R L A N D

A. C. AIRTECH: Claims Filing Deadline is October 2
BAUGESELLSCHAFT SEEMATTE: Claims Filing Deadline is October 2
BERTSCHI AG: Claims Filing Deadline is October 2
CAMERON & RIPLEY: Claims Filing Deadline is October 2
ELFAG HOLDING: Claims Filing Deadline is October 2

FST PROJECT: Claims Filing Deadline is October 2
HIWISCA FINANZ: Claims Filing Deadline is October 2
MOSIMO GMBH: Claims Filing Deadline is October 2
TRENDPHARM AG: Claims Filing Deadline is October 2
VON DAENIKEN: Claims Filing Deadline is October 2


T U R K E Y

DOGAN YAYIN: Must Provide US$3.2BB Collateral Against Tax Fine
TURKCELL ILETISIM: S&P Changes Outlook on 'BB+' Rating to Stable


U K R A I N E

AVTOEGAS.COM LLC: Creditors Must File Claims by October 2
GOLDEN LAND: Creditors Must File Claims by October 1
METALLURG LLC: Creditors Must File Claims by October 1
MONTAZH-EXPO LLC: Creditors Must File Claims by October 2
NAFTOGAZ OF UKRAINE: Luxembourg Bourse Suspends Bond Trade

ROMNY PETROLEUM: Creditors Must File Claims by October 1
SLAVIANKA LLC: Creditors Must File Claims by October 1
TRUST UMAN: Creditors Must File Claims by October 2


U N I T E D   K I N G D O M

BLACKS LEISURE: 400 Jobs at Risk Under Proposed CVA Deal
ITV PLC: Fails to Reach Employment Deal with Tony Ball
JJB SPORTS: Net Loss Widens in 1H09; May Still Breach Covenants
MAKIN METAL: Administrators Sell Business; 41 Jobs Preserved
NEWCASTLE PRODUCTIONS: Sold in Senior Management Deal

NORTHERN ROCK: Building Societies Seek to Re-mutualize Bank
PEARL GROUP: Ron Sandler to Become Non-Executive Chairman
VEDANTA RESOURCES: Sesa Goa's Offering Won't Affect Moody's Rating
WHITE TOWER: Seven Halabi London Properties Put Into Receivership
YELL GROUP: S&P Affirms Corporate Credit Rating at 'B'

* Large Companies with Insolvent Balance Sheet


                         *********


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


A.S.P. MONTAGEBAU: Claims Filing Deadline is October 14
-------------------------------------------------------
Creditors of A.S.P. Montagebau KG have until October 14, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: DW 22
         E-mail: simma@mitrecht.com


BAUER DRUCK: Claims Filing Deadline is October 14
-------------------------------------------------
Creditors of Bauer Druck GmbH have until October 14, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 28, 2009, at 9:50 a.m.

For further information, contact the company's administrator:

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


BBS BUCHBINDEREI: Claims Filing Deadline is October 13
------------------------------------------------------
Creditors of BBS Buchbinderei Simmering GmbH have until
October 13, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 10:55 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at


BIOLOGICAL POWER: Claims Filing Deadline is October 14
------------------------------------------------------
Creditors of Biological Power Systems Ltd. have until October 14,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at


BLAGOJEVIC & FULAR: Claims Filing Deadline is October 14
--------------------------------------------------------
Creditors of Blagojevic & Fular OEG have until October 14, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: DW 22
         E-mail: widhalm-budak@mitrecht.com


FRANZ AUDRIETH: Claims Filing Deadline is October 13
----------------------------------------------------
Creditors of Franz Audrieth & Co GmbH have until October 13, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 13:15 p.m.

For further information, contact the company's administrator:

         Mag. Birgit Linder
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


HANS PRESSEL: Claims Filing Deadline is October 13
--------------------------------------------------
Creditors of Hans Pressel GmbH have until October 13, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 13:00 p.m.

For further information, contact the company's administrator:

         Dr. Herbert Hochegger
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: DW 9
         E-mail: office@hoch.co.at


MONTE M.T.: Claims Filing Deadline is October 13
------------------------------------------------
Creditors of Monte M.T. GmbH have until October 13, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


PRESSEL DIRECT: Claims Filing Deadline is October 13
----------------------------------------------------
Creditors of Pressel Direct Mail Services GmbH have until
October 13, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 12:45 p.m.

For further information, contact the company's administrator:

         Dr. Hans Rant
         Seilerstaette 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


SNOW WORKS: Claims Filing Deadline is October 13
------------------------------------------------
Creditors of Snow Works GmbH have until October 13, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 12:15 p.m.

For further information, contact the company's administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


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


BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the proposal from
Australian investor in airports Macquarie Airports (BBB-/Stable/
--) to internalize MAp's management and remove Macquarie Group
from its management role in MAp does not affect the ratings on
Copenhagen Airports A/S (CBBB/Negative/--) and Brussels Airport
Co. (BB+/Stable/--).  The ratings on their respective holding
companies, Macquarie Airports Copenhagen Holdings ApS
(BBB/Negative/--) and Brussels Airport Holding S.A./N.V.
(BB+/Stable/--) are also unchanged.

The bank loan agreements of BAH, CPH, and MACH contain change-of-
control clauses.  The Macquarie Group entities currently include
MAp for purposes of definition of control under the loan
documentations, and as such control of the holding companies BAH
and MACH (and consequently the two airports, BAC and CPH).  If
MAp's security holders approve its proposal, MAp would no longer
qualify as a member of the Macquarie Group for control definition
purposes.  This would in turn raise change-of-control clause
issues, all other things being equal.

The "Notices of Meeting and Explanatory Memorandum" document
prepared in anticipation of the Special General Meeting scheduled
Sept. 30, 2009, when the proposal will be submitted to MAp's
security holders, indicates that Macquarie Group and its managed
funds have agreed to modify shareholding arrangements so that
there is no change of control.  S&P understand these modifications
would avoid the adverse consequences that could arise if
refinancing were required following a change of control.

Based on discussions with Macquarie Group, S&P notes, however,
that these modifications have yet to be implemented, and that they
are contingent on and stand to materialize at the time of
completion of SGM approval of MAp's proposal.

S&P also believe that MAp is unlikely to enact its decision to
terminate Macquarie Group's management role if these modifications
cannot be implemented.  This is because S&P considers that neither
MAp nor Macquarie Group want to risk a breach of the change-of-
control clauses, which could potentially lead to an uncertain and
expensive refinancing plan for one or several entities.  However,
in contrast with S&P's expectations, if MAp were to decide to
terminate Macquarie Group's management role without having
modified the shareholding arrangements to address the effects of
the change-of-control clause provisions, the ratings on BAC, BAH,
CPH, and MACH would likely be affected negatively.


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


MUSTEK SYSTEMS: German Unit Files for Creditor Protection
---------------------------------------------------------
AS reports that Mustek Systems Inc.'s German unit is insolvent.
The report says the unit has filed for protection from creditors.

Mustek Systems Inc. -- http://www.mustek.com.tw/-- is principally
engaged in the research, development, manufacture and distribution
of scanner products, digital photo frames, digital cameras and
video cameras.  The Company also provides portable digital video
disc (DVD) players, multimedia storage products and high density
(HD) set top box (STB) products.  During the year ended December
31, 2008, the Company obtained approximately 29.87%, 26.83% and
10.78% of its total revenue from its digital photo frames, raw
materials and scanners, respectively.  The Company distributes its
products in the domestic market and to overseas markets, including
rest of Asia and Europe.


TITAN EUROPE: Fitch Junks Ratings on Five Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded all Titan Europe 2006-2 plc's
floating-rate notes except the cash-collateralized Class X notes,
which have been affirmed.

  -- EUR377.9m Class A (XS0254356990) downgraded to 'BBB+' from
     'AAA'; Outlook Negative

  -- EUR5,000 Class X (XS0254357022) affirmed at 'AAA'; Outlook
     Stable

  -- EUR61.7m Class B (XS0254357378) downgraded to 'BB' from
     'AAA'; Outlook Negative

  -- EUR44.1m Class C (XS0254357881) downgraded to 'B' from 'AA';
     Outlook Negative

  -- EUR23.1m Class D (XS0254357964) downgraded to 'CCC' from
     'AA'; assigned Recovery Rating (RR) 'RR6'

  -- EUR57.5m Class E (XS0254358004) downgraded to 'CC' from 'A';
     assigned 'RR6'

  -- EUR37.4m Class F (XS0254358699) downgraded to 'CC' from
     'BBB'; assigned 'RR6'

  -- EUR29.3m Class G (XS0254648263) downgraded to 'CC' from 'BBB-
     '; assigned 'RR6'

  -- EUR28.2m Class H (XS0254647612) downgraded to 'CC' from 'BB';
     assigned 'RR6'

  -- EUR11.5m Class J (XS0254653180) downgraded to 'CC' from 'B';
     assigned 'RR6'

The downgrades are a result of all four remaining underlying loans
suffering from significant under-performance and ongoing
operational/management-related difficulties, coupled with the
substantial market value declines that secondary- and tertiary-
quality multi-family assets have experienced since the
transaction's closing.  All four loans are presently subject to
ongoing, albeit in some instances waived, technical or monetary
events of default.  While two loans are being specially serviced
and the other two continue to be primary-serviced, Fitch is of the
opinion that all four loans have in effect become distressed debt
positions and require comprehensive workout measures.

The agency expects that a large proportion of the portfolio's
assets would, in their current condition, be difficult to
refinance in the present lending environment and asset sales may
only be feasible at distressed prices.  The flexibility available
to the servicers/special servicers in turning around the
portfolios is limited as the properties securing the loans
generate insufficient cash flows to finance essential maintenance
and capex works.  The agency has not been provided with detailed
information on the strategies the servicers and special servicers
are looking to implement to stabilize the portfolios.

A combination of special servicer fees and the calculation of
interest due to the class X notes has resulted in total interest
shortfalls of EUR350,000 on the class J notes since October 2008.
This is in spite of liquidity drawings of EUR550,000 in July 2009,
which were required following the payment default of one of the
loans.

At closing in May 2006, Titan Europe 2006-2 plc was a
securitization of seven commercial mortgage loans secured by
multi-family housing properties located across Germany.  Since
closing, three loans have prepaid, decreasing the pool's loan
balance to EUR670.6 million from EUR862.1 million and the number
of properties to 57 from 91.  The scheduled maturity dates of all
four loans are in 2011.

Fitch will continue to monitor the performance of the transaction.


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


ARRAMOUNT FURNITURE: Greenwood Group to Finance Rescue Package
--------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that a rescue
package has been lined up to save Arramount Furniture.

According to the Post.ie, Cork furniture manufacturer Greenwood
Group is financing the rescue package and is poised to take a
significant stake in the business.  The deal is set to be put to
the High Court for approval later this week, the Post.ie
discloses.

If sanctioned, the deal will save close to 50 jobs and secure the
future of Arramount's seven stores, the Post.ie says.

Citing documents submitted to the courts, the Post.ie discloses
Arramount has a EUR3 million deficit in its finances.

As reported in the Troubled Company Reporter-Europe on June 25,
2009, the Irish Times said Arramount Furniture appointed Kieran
Wallace of KPMG as interim examiner.  The Irish Times disclosed
the company said it had sought the protection of an interim
examiner to allow it to put in place new refinancing arrangements
with creditors and bankers.


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


UNICREDIT SPA: To Hire Five Banks to Manage EUR4-Bln Stock Sale
---------------------------------------------------------------
UniCredit SpA plans to hire five investment banks to manage a
EUR4-billion (US$5.9 billion) stock sale, Elisa Martinuzzi at
Bloomberg News reports, citing three people familiar with the
sale.

Bloomberg relates the people who declined to be identified because
the plan is confidential, said Bank of America Corp.'s Merrill
Lynch unit, Credit Suisse Group, Goldman Sachs Group Inc.,
Mediobanca SpA and UBS AG will probably help guarantee the rights
offer by Italy's largest bank.

According to Bloomberg, UniCredit Chief Executive Officer
Alessandro Profumo is considering selling stock to the public to
build up reserves and avoid taking government money, which may be
more expensive and have onerous conditions attached.

As reported in the Troubled Company Reporter-Europe on Sept. 23,
2009, Unicredit will make a decision on funding plans at a
Sept. 29 board meeting.

Based in Milan, Italy, UniCredit SpA (BIT:UCG) --
http://www.unicreditgroup.eu/--  is a holding company of an
Italian banking group.  The Group is divided into eight divisions:
Asset Management, Retail, Central Eastern Europe, Poland's
Markets, Corporate, Markets and Investment Banking, Private
Banking and Household Banking.  Through its network of companies,
the Group provides a range of products and services that include
traditional banking products, bancassurance, loans, leasing and
investment products, which it offers to individuals and
households, as well as professionals, small and medium companies
and corporations.  The Group owns local banks in a number of
central-eastern European countries (CEECs), including Poland,
Bulgaria, Croatia, Turkey, Slovakia, Romania and the Czech
Republic.  Unicredit SpA is also present through offices and
representatives worldwide in Europe, Asia and the United States.
In the fiscal year ended December 31, 2007, UniCredit acquired
Capitalia Group.


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


AGRIMAK CO: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Argimak Co have until October 7, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Room 114
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.

The Court is located at:

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


AKMOLINETS LLP: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Akmolinets have until October 7, 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 May 18, 2009, after
finding it insolvent.

The Court is located at:

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


ASU LLP: Creditors Must File Claims by October 7
------------------------------------------------
Creditors of LLP Enterprise Asu have until October 7, 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 May 18, 2009, after
finding it insolvent.

The Court is located at:

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


COMPUTER SERVICE: Creditors Must File Claims by October 7
---------------------------------------------------------
Creditors of LLP Computer Service have until October 7, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Room 114
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.

The Court is located at:

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


DEKOPLAST NV: Creditors Must File Claims by October 7
-----------------------------------------------------
Creditors of LLP Dekoplast NV have until October 7, 2009, to
submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on June 25,
2009, after finding it insolvent.

The Court is located at:

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


GRAD-S LLP: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Grad-S have until October 7, 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
July 13, 2009.


IN STROY: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP In Stroy Service have until October 7, 2009, to
submit proofs of claim to:

         Micro District 27, 39-35
         Aktau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on June 29, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktau
         Building of former kindergarten 51
         Micro District 27
         Aktau
         Kazakhstan


INDUSTRIYA OIL: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Industriya Oil have until October 7, 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 May 18, 2009, after
finding it insolvent.

The Court is located at:

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


KAZAKH AGRARIAN: S&P Keeps 'BB+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB+'
long-term issuer credit and 'kzAA-' Kazakhstan national scale
ratings on Kazakh Agrarian Credit Corp., a state-owned provider of
subsidized credit to agricultural and nonagricultural businesses
in rural areas throughout the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3; local currency BBB/Stable/A-3;
Kazakhstan national scale 'kzAAA') on CreditWatch with negative
implications.

"We are keeping the ratings on CreditWatch with negative
implications because the negotiations following the reported
covenant breach of the US$136 million loan with Commerzbank AG (A/
Negative/A-1; {Commerzbank purchased Dresdner Bank AG [NR]}, the
former lender) are not finalized yet," said Standard & Poor's
credit analyst Boris Kopeykin.

The CreditWatch listing reflects remaining uncertainties regarding
the future repayment schedule of the loan.  Furthermore, in the
unlikely scenario that the bank would require an acceleration of
the full amounts due under the loan, KACC would need timely and
sufficient extraordinary support from the Kazakh government to
meet its obligation.

The ratings reflect S&P's opinion that the likelihood of timely
and sufficient extraordinary support from the Kazakh government to
KACC is "very high", and that an immediate and full acceleration
of the loan is unlikely, following the government's issuance of
comfort letters indicating support to KACC.

The ratings continue to be constrained by rapid expansion of
KACC's loan portfolio in Kazakhstan's difficult operating
environment, KACC's high lending concentration, and low balance
sheet liquidity.

The ratings are supported by significant ongoing state support to
KACC, very high capitalization, and good access to government
funding.

In accordance with S&P's criteria for government-related entities,
S&P's view of a "very high" likelihood of extraordinary government
support is based on its current assessment of KACC's:

"Very important" role for the government.  S&P bases this opinion
on the state's track record of ongoing support to KACC in the form
of recurring capital injections and budget loans secured until
2011.  Moreover, as a financial agency, S&P notes that KACC has
access to low-cost loans from the government budget.  These loans
allow it to carry out its public-policy-based mandate of providing
credit to agricultural and nonagricultural businesses in rural
areas throughout Kazakhstan.  KACC is present in 158 out of 177
districts in the country and is responsible for a large share
(estimated at more than 14%) of the total loans provided to
agricultural producers in Kazakhstan.

"Very strong" link with the Kazakh government.  The Kazakhstan
government wholly owns KACC through KazAgro Holding (not rated),
and privatization is not on the agenda.  KACC might be reorganized
into an agricultural bank, but the government has yet to approve
such a development.  The government tightly monitors KACC
activities through KazAgro Holding.

S&P's assessment of a "very high" likelihood of support is also
based on the government's stated intention to support KACC to
avoid default on any debt obligation, including on this
$136 million loan, as confirmed in comfort letters issued by both
the Ministry of Finance and the Ministry of Agriculture and as
clearly stated to us by senior government officials.  It also
reflects the government's track record of strong ongoing support
to KACC.

The 'B' stand-alone credit profile is constrained by KACC's weak
balance-sheet liquidity and high sector and single-name
concentrations.

The ratings were initially placed on CreditWatch on June 16, 2009,
due to questions arising over the Kazakh government's support of
its government-related entities and the increasing risk of KACC
breaching its loan covenants, one breach of which would be a
downgrade by two notches by one of the agencies that rates KACC.
In this case, the covenant was breached following a downgrade by
another credit rating agency.

Standard & Poor's aims to resolve the CreditWatch placement on
completion of KACC's discussions with Commerzbank, which KACC
reportedly intends to finalize in the next three to four weeks,
and S&P's analysis of all the new terms and conditions of the
loan.

"If KACC and Commerzbank agree on a new and gradual repayment
schedule for the loan, or if the government provides timely and
sufficient support for an early repayment, then S&P is likely to
affirm the ratings on KACC at the current level with a stable
outlook, after S&P update its analysis of KACC's liquidity risk
and stand-alone credit profile," said Mr.  Kopeykin.

However, if Commerzbank accelerates the loan, and in such case the
government fails to provide sufficient support on a timely basis,
it could default on this obligation, which would in turn result in
S&P's downgrading KACC to 'SD' (selective default).  S&P considers
this scenario to be unlikely, however, given the government's
repeated statements indicating support for KACC, as well as
tangible signs of support.

At the same time, S&P will continue to monitor the government's
policy and track record of support to the GRE sector in general
and to KACC in particular, as well as the effects of the continued
turmoil in Kazakhstan's financial system.


MARS 92: Creditors Must File Claims by October 7
------------------------------------------------
Creditors of LLP Mars 92 have until October 7, 2009, to submit
proofs of claim to:

         Auelbekov Str. 139
         Room 228
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on June 26,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


MEDEU LLP: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Medeu have until October 7, 2009, to submit
proofs of claim to:

         Auelbekov Str. 139
         Room 228
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on June 26,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


MUSTANG LLP: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Trade House Mustang have until October 7, 2009,
to submit proofs of claim to:

         Ilyaev Str. 24
         Room 114
         Shymkent
         South Kazakhstan
         Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 25,
2009, after finding it insolvent.

The Court is located at:

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


N ARUS: Creditors Must File Claims by October 7
-----------------------------------------------
Creditors of LLP N Arus have until October 7, 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 May 18, 2009, after
finding it insolvent.

The Court is located at:

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


OLIMPIC LIMUZIN: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of LLP Olimpic Limuzin have until October 7, 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
July 3, 2009.


OTYRAR AUTO: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Otyrar Auto Service have until October 7, 2009,
to submit proofs of claim to:

         Ilyaev Str. 24
         Room 114
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.

The Court is located at:

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


PALITRA 7: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Palitra 7 have until October 7, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 30, 2009.


SILK WAY: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP Silk Way Professional have until October 7, 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
February 16, 2009.


STROY TECH: Creditors Must File Claims by October 7
---------------------------------------------------
LLP Ltd Stroy Tech Bum is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:

          Micro District 6, 64-15
          Uralsk
          West Kazakhstan
          Kazakhstan


TRACTOR LLP: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Tractor have until October 7, 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
July 13, 2009.


V GROUP: Creditors Must File Claims by October 7
------------------------------------------------
LLP Manufacturing Construction Corporation V Group is currently
undergoing liquidation.  Creditors have until August 7, 2009, to
submit proofs of claim to:

          Sokpakbayev Str. 71
          Almaty
          Kazakhstan


VITA TAXI: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Vita Taxi have until October 7, 2009, to submit
proofs of claim to:

         Masanchi Str. 98b-42
         Almaty
         Kazakhstan
         Tel.: 8 777 355 34-23

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 26, 2009, after
finding it insolvent.

The Court is located at:

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


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


BST STROY: Creditors Must File Claims by October 17
---------------------------------------------------
LLC Bst Stroy is currently undergoing liquidation.  Creditors have
until October 17, 2009, to submit proofs of claim.

Inquires can be addressed to (+996 312) 90-14-95.


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


ORCO PROPERTY: To Present New Debt Restructuring Plan
-----------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Orco Property
Group SA will present a new debt restructuring proposal to
bondholders.

Citing Orco Chief Executive Officer Jean Francois Ott, Bloomberg
discloses creditors will have 30 days to choose between the
company's proposal to swap debt for equity and warrants or prolong
bond maturities until 2019 according to a new offer.

Bloomberg relates bondholders of Orco on Thursday rejected an
offer for a mix of new debt and equity, including new convertible
bonds, as part of a debt-restructuring plan.

According to Bloomberg, Orco, which received creditor protection
from the Paris Commercial Court on March 26, will seek to extend
the period for another six months.

As reported in the Troubled Company Reporter-Europe on Sept. 14,
2009, Bloomberg said Orco has direct liabilities of EUR411 million
of bonds in nominal value.

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


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


EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by European Property Capital 3 plc (amounts reflect initial
outstandings):

  -- EUR32.1M Class C Commercial Mortgage Backed Floating Rate
     Notes Notes, Downgraded to Baa1; previously on April 8, 2009
     A3 Placed Under Review for Possible Downgrade

  -- EUR31.312M Class D Commercial Mortgage Backed Floating Rate
     Notes Notes, Downgraded to B1; previously on April 8, 2009
     Baa3 Placed Under Review for Possible Downgrade

At the same time, Moody's has confirmed the ratings of the Class A
Notes and the Class B Notes issued by European Property Capital 3
plc:

  -- EUR311.5M Class A Commercial Mortgage Backed Floating Rate
     Notes Certificate, Confirmed at Aaa; previously on April 8,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR31.8M Class B Commercial Mortgage Backed Floating Rate
     Notes Certificate, Confirmed at Aa2; previously on April 8,
     2009 Aa2 Placed Under Review for Possible Downgrade

The rating action concludes the review for possible downgrade that
was initiated on 8 April 2009 and takes into account Moody's
updated central scenarios, as described in Moody's Special Report
"Moody's Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

European Property Capital 3 plc closed in December 2005 and
represents the securitization of initially five mortgage loans
originated by JP Morgan Chase Bank, NA and secured by first-
ranking legal mortgages over initially 62 commercial properties
located across the Netherlands (58% of the initial pool), Italy
(26%) and Portugal (16%).  The properties were predominantly
office (51.4%) and retail (42.4%) with the remaining collateral
pool consisting of industrial assets.

Since closing, two of the five loans have prepaid, representing
47.3% of the original pool balance.  The remaining loans are not
contributing equally to the portfolio: the biggest loan (the
Randstad Loan) represents 64.3% of the current portfolio balance,
while the smallest loan (the CPFM Loan) represents 5.1%.  The
current loan Herfindahl index is 2.0.  Following the prepayments,
the remaining loans are secured by 22 properties, which are still
predominantly office (55.3%) and retail use (30.6%).  Of the
properties, 69.4% are located in the Netherlands with one loan
(the Algarve Portuguese Loan), comprising 30.6% of the current
pool, secured by a shopping centre in Portugal.  Initially,
scheduled amortization, principal prepayments and balloon payments
were allocated on a modified pro-rata basis between the notes (50%
sequential and 50% pro-rata) except for the loan secured by
Italian properties (26.4% of the initial pool).  The prepayment
proceeds for this loan have been allocated 100% pro-rata between
all the then outstanding classes of notes.  The transaction
switched to 100% sequential payment allocation after the CPFM Loan
did not repay on its maturity in January 2009, which resulted in
the breach of one of the sequential repayment triggers.  The lease
with the sole tenant in the property securing this loan expired
shortly before loan maturity.

As of the last interest payment date in August 2009, the CPFM Loan
was in default and special servicing.  The two remaining loans,
the Randstad Loan and the Algarve Portuguese Loan, paid their debt
service in full.  On 8 September 2009, the special servicer
published a special notice announcing that the maturity of the
CPFM Loan has been extended by 12 months until August 2010.  The
whole property securing the CPFM loan has been leased to Lidl
until December 2009 with a further 12-month extension option until
December 2010 at a similar level of rent as the previous tenant
was paying.  At the same time, the borrower agreed to a repayment
schedule that should reduce the outstanding loan amount by 43.4%
until the extended loan maturity.

2) Rating Rationale

The rating action follows a detailed re-assessment of the loan and
property portfolio's credit risk.  Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans.
In its review, Moody's assessed each loan in the transaction.

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the property and lending
markets in Continental Europe, Moody's opinion about future
property value performance as well as the refinancing risk profile
of the loans in the portfolio.

In Moody's view, the default risk of the largest loan (Randstadt
Loan) has increased substantially compared to closing as is also
the main driver of the overall increased default risk assessment
of the transaction portfolio.  The Randstadt Loan is a fairly
large loan and highly leveraged given the current market
sentiment.  In addition, the underlying property portfolio has
shown increased vacancy rates and the in-place lease expiry
profile is unfavorable in light of the loan maturity in August
2010.  In contrast, the default risk of the second largest loan,
the Algarve Portuguese Loan, remains very limited.  The CPFM Loan
is fairly small and accounts for only 5.1% of the current pool.
It benefits from an expected moderate leverage at maturity date
and should therefore have only a very limited impact on the
overall risk profile of the current pool.

Given the negative impact of reduced property values in its base
case scenario, Moody's expects only a small amount of losses on
the securitized portfolio.  Given the default risk profile and the
anticipated work-out strategy for defaulted loans, these expected
losses will only crystallize towards the end of the transaction's
term.

Of the initial portfolio, 47.3% has prepaid since closing which
has resulted in increased credit enhancement available to the
Class A, B and C Notes.  The current subordination levels are
28.1% for the Class A, 18.7% for the Class B and 9.2% for the
Class C Notes.  The current subordination levels of the Class A
and Class B provide, in Moody's view, sufficient credit protection
against the increased expected loss of the portfolio and any
potential variability of losses, which resulted in the
confirmation of the ratings of Class A and Class B Notes.

Since Class C and Class D notes are subordinated in the capital
structure and are therefore exposed to additional leverage, the
higher portfolio risk assessment has a relatively bigger impact on
the expected loss of the Class C and Class D Notes.  Moody's also
notes that the rating of the Class D Notes is sensitive to a
potential default of the Randstad Loan at its maturity date.  The
variability of the expected loss of this class of notes is higher
compared to Class C notes as Class D notes do not benefit from any
credit subordination.  Based on this relative risk assessment, the
Class D Notes are more severely affected than Class C Notes by the
rating action and have been downgraded by four notches compared to
one notch in respect of the Class C Notes.

3) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets had declined significantly by mid-2009 and are expected to
continue this declining trend at least until 2010.  Moody's
estimates that compared to the underwriter's values at closing,
the values of the properties securing this transaction have on
aggregate declined by 18.4% by mid-2009, ranging from an 8% value
decline for the Algarve Portuguese Loan to a 32.1% decline for the
CPFM (Moody's considers vacant position value (VPV) for the
property securing this loan).  Looking ahead, Moody's anticipates
further declines until 2010, resulting in a 20.6% value decline
compared to the U/W value at closing (ranging from a 10.8% decline
for the Algarve Portuguese Loan Mortgage Loan to a 32.1% decline
for the CPFM Loan).

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted-average securitized LTV ratio
was 77.8% compared to the reported U/W LTV of 66.5%.  Due to the
further envisaged declines, in Moody's opinion, considering the
scheduled amortization of the two largest loans, the WA LTV will
slightly increase to 77.9% by mid-2010 and will only gradually
recover thereafter.  Based on Moody's anticipated trough values,
the LTVs for the securitized loans range between 64.7% (Portuguese
Loan) and 87.3% (CPFM Loan).  Taking into account the significant
reduction of the outstanding loan amount expected for the CPFM
Loan until August 2010, the WA LTV of the pool would decrease to
76% by mid-2010 with the CPFM Loan LTV of 49.1% based on Moody's
VPV and the reduced loan balance.  As the largest loan in the
portfolio (Randstad Loan) has additional debt in the form of a B-
loan (amounting to approximately EUR16 million), the overall whole
loan leverage is on average 84.1%, based on estimated trough
values and taking into the account one year of amortization on all
three loans.

Moody's has factored in the anticipated property value
development, including a gradual recovery from 2011 onwards when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk.  The transaction's exposure to loans maturing in
the short-term (2010) is considerable.  Taking into account
extension options, 69.4% of the current portfolio matures in 2010
and 30.6% in 2012.  However, as Moody's expects property values in
the Continental European markets to only slowly recover from 2011
onwards, in Moody's view, the largest loan in the pool, the
Randstad Loan, will be still highly leveraged (84.1%) at its
maturity date, taking into account the B-loan.  Furthermore, the
refinancing risk of this loan is negatively impacted by increased
vacancy in the property portfolio (20% compared to 5% at closing)
as well as its relatively large size, making its more difficult to
refinance.  Consequently, in Moody's view, the default risk at
maturity of the Randstad Loan has increased substantially compared
to the closing analysis.  In Moody's view, the refinancing risk of
the CPFM Loan did not change meaningful since the last transaction
review in July 2008.  Taking into account the anticipated
amortization of this loan within the next 12 months as well as its
small size this loan has only a very limited impact on the overall
risk assessment of the transaction portfolio.  Considering the
moderate leverage of the Algarve Portuguese Loan and the two one-
year extension options available, the refinancing risk on the
second largest loan in the portfolio is viewed by Moody's as very
limited.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  However, in
Moody's view, taking into account the maturity profile of the
portfolio, the impact of the term default risk on the transaction
is limited compared to the refinancing risk of the securitized
loans.  Based on the current lease profile and the short remaining
term until the maturity dates of the loans, Moody's has not
changed its term default risk assumptions for any of the loans in
the portfolio.

Loans in Default and/or Special Servicing.  One loan of the
portfolio (CPFM Loan, 5.1%) was transferred to special servicing
due to the failure to repay at its maturity.  As mentioned above,
the special servicer extended the loan maturity by further 12
months.  At the same time the borrower agreed to significantly
deleverage the loan during the extended term.

Overall Default Risk.  Based on its revised maturity default risk
assessment for the securitized loans, Moody's anticipates that a
substantial portion of the portfolio may default over the course
of the transaction term.  The default risk of all loans in the
portfolio is driven by refinancing risk.  In Moody's view, the
largest loan in the portfolio (Randstad Loan) currently has the
highest default risk, while the Algarve Portuguese Loan has the
lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in European
Property Capital 3 plc exhibits an average concentration in terms
of property types (55.3% office) and property location (69.4% the
Netherlands).

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the commercial property markets in Continental Europe, Moody's
opinion about future property value performance and the most
likely work-out strategies for defaulted loans, Moody's
anticipates a low amount of losses on the securitized portfolio,
which given the default risk profile and the anticipated work-out
strategy for defaulted loans, will crystallize towards the end of
the transaction term.


GELDILUX-TS-2007: S&P Keeps Neg. Watch on 'B'-Rated Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its credit ratings on five classes of notes issued by Geldilux-TS-
2007 S.A.  The 'A' rated liquidity notes are not affected by this
action.

The initial CreditWatch placements reflected S&P's revised view on
the refinance risk prevalent in the portfolio, rather than
reflecting historical performance levels.  This refinance risk is
of particular relevance in a de-linked rating approach, as applied
to the 'AAA' rated class A notes in the transaction.  Under this
scenario, should the originator Bayerische Hypo- und Vereinsbank
AG (HVB; A/Stable/A-1) default, borrowers would suddenly need to
find third-party refinancing for maturing loans.  While HVB is
still performing, maturing loans are typically being rolled or
refinanced by drawdowns on the working capital facility or term
facility.

S&P is restating its CreditWatch placements in light of the
ongoing restructuring effort carried out by HVB.  Unlike in
Geldilux-TS-2008 S.A., where similar analytical concerns lead us
to place the notes on CreditWatch negative before ultimately
affirming them following the execution of a restructuring, the
process in Geldilux-TS-2007 is still pending final execution.  S&P
understand that the delays are not related to HVB's engagement and
willingness to execute, but mainly driven by third parties
involved in the overall process.

While HVB's restructuring proposals in both Geldilux transactions
are identical and thus suggest similar effects on the rated notes
in both transactions, S&P's ratings do not rely on proposed
changes but rather on final documentation.  Therefore, S&P
maintained the ratings on CreditWatch negative.

S&P will carry out a full review in about 11 weeks time if the
proposed restructuring is still pending execution, or sooner if
S&P receives information that the changes have been implemented.
S&P will also examine the most recent portfolio credit quality on
the basis of loan-level information provided by the originator.
Should the restructuring not be perfected, the senior notes are
likely to suffer a downgrade to the 'A' rating level.

                           Ratings List

              Ratings Remain on CreditWatch Negative

                       Geldilux-TS-2007 S.A.
        EUR2.104 Billion Credit-Linked Floating-Rate Notes

                    Class       Rating
                    -----       ------
                    A           AAA/Watch Neg
                    B           A/Watch Neg
                    C           BBB/Watch Neg
                    D           BB/Watch Neg
                    E           B/Watch Neg


MESDAQ BV: Fitch Junks Ratings on Two Classes of Notes
------------------------------------------------------
Fitch Ratings has downgraded all Mesdag (Delta) B.V's classes of
notes:

  -- EUR384.5 million class A (XS0307565928): downgraded to 'A'
     from 'AAA; Outlook Negative

  -- EUR50,000 class X (XS0307571900): affirmed at 'AAA'; Outlook
     Stable

  -- EUR45.5 million class B (XS0307574599): downgraded to 'BBB-'
     from 'AA'; Outlook Negative

  -- EUR51.7 million class C (XS0307576701): downgraded to 'B'
     from 'A'; Outlook Negative

  -- EUR62.1 million class D (XS0307578749): downgraded to 'CCC'
     from 'BBB; assigned a 'RR3' Recovery Rating

  -- EUR47.5 million class E (XS0307580307 downgraded to 'CCC'
     from 'BBB-'; assigned a 'RR4' Recovery Rating

Excluding property disposals, the EUR778.2 million market value
determined in December 2008) is 7% lower than the original March
2007 valuation.  However, the last valuation implies net yields of
less than 6%, which Fitch considers no longer appropriate in
current conditions.  Consequently, the Fitch loan-to-value ratio,
standing at 126%, is far in excess of the reported 79.2%.  The
increase in yields for secondary property in the Netherlands is
the main driver of the negative rating action.

The loan is secured by a diversified pool of 69 retail (43% by
MV), office (39%), industrial (13%) and other properties (5%) let
to 309 tenants.  The portfolio continues to have a large
proportion of assets located in regional towns in the Netherlands
(54% by MV) as well as concentrations in the more metropolitan
cities of Amsterdam (30%), Eindhoven (9%) and Utrecht (6%).  Fitch
has reflected in its analysis the risk of further MV declines in
the more secondary locations, particularly across office and
retail sectors.

In line with Dutch market convention of five/seven year leases,
the portfolio has a relatively short weighted average (WA) term to
lease expiry of 6.4 years, relative to a WA loan term of 7.4
years.  Given the diversified nature of the pool's income,
vacancy, currently 11.5% (by lettable area), has remained broadly
stable since closing (11.3%).  However, there is significant
rollover risk over the next few years, which, assuming weak
economic conditions persist, could lead vacancy to increase.

The ratings of this transaction may be further affected by
weakening conditions in the occupational markets and further
declines in the capital values.

Fitch will continue to monitor the performance of the transaction.


===========
P O L A N D
===========


VECTRIX CORPORATION: Files Chapter 11 to Sell to GH Venture
-----------------------------------------------------------
Vectrix Corporation said Sept. 28 it has entered into an asset
purchase agreement to sell most of its assets to New Vectrix LLC,
a Delaware limited liability company sponsored by GH Venture
Partners LLC.  As part of the agreement, Vectrix has filed a
voluntary petition for relief under Chapter 11 in Wilmington,
Delaware whereby the sale of the assets, including its stock
ownership of its European subsidiaries, will be effected pursuant
to 11 U.S.C. Sec. 363.

The assets will be sold pursuant to a sales and procedures order
that is anticipated to be approved by the Bankruptcy Court to
either New Vectrix LLC or to another buyer who is determined by
the Bankruptcy Court to have offered a higher and better bid for
the assets of the Company.  During this process, the Company
expects to continue normal business operations consistent with its
obligations as a chapter 11 debtor-in-possession company under the
jurisdiction of the Bankruptcy Court.  The Company's subsidiary,
Vectrix Poland Sp. z.o.o., will continue to produce the Vectrix
bike and will provide customers with accessories, spare parts and
technical support.

Commenting on the sale, Mike Boyle, CEO of Vectrix, said, "This
transaction provides a platform to continue the Vectrix brand and
its advanced electric vehicle technology.  We want to express our
appreciation to our partners and customers for their continued
patience and support during this transition."

                           Terms of APA

Under the Asset Purchase Agreement, New Vectrix LLC would purchase
substantially all of the Company's assets and assume certain of
the Company's liabilities through a supervised sale under Section
363 of the Bankruptcy Code.  Providing New Vectrix LLC is the
winning bidder they have also agreed to extend warranty coverage
on the Vectrix vehicles previously sold to dealers and consumers
up to a US$2,000,000 cap for claims filed 60 days post-petition.
The total purchase price consists of a cash payment of
US$1,750,000 plus the assumption of up to US$3,306,000 in
specified liabilities for a total purchase price of up to
US$5,056,000, but is subject to higher and better bids, approval
of the Bankruptcy Court and customary closing conditions.  The
Company expects to engage in a bidding process with other
interested parties.  Those interested in submitting bids should
contact John D. McGuinness, Chief Financial Officer, at 401-848-
9993 ext 103, or via email at jmcguinness@vectrixusa.com, as soon
as possible as competing bids are expected to be due by
October 27, 2009.

The Company's report and accounts for the year ended September 30,
2008 will not be published before September 30, 2009.  On that
date, trading on AIM in the Company's securities will have been
suspended from trading for six months, and as a consequence of AIM
Rule 41 those securities' admission to AIM will be cancelled with
effect from October 1, 2009.

                     About Vectrix Corporation

Vectrix Corporation (AIM: VRX) -- http://www.vectrix.com/-- was
formed in 1996 to develop and commercialize zero-emission vehicle
platform technologies focused on two-wheel applications.  The
single focus of Vectrix has been to provide clean, efficient,
reliable and affordable urban transportation. Vectrix Corporation
has headquarters in Middletown, R.I., engineering and test
facilities in New Bedford, Mass., sales offices in the UK and a
manufacturing facility in Wroclaw, Poland.


=============
R O M A N I A
=============


* ROMANIA: Corporate Bankruptcies Up 40% in First Half 2009
-----------------------------------------------------------
The number of Romanian companies going bust increased nearly 40%
in the first half of 2009, Anca Bernovici at Nine o'Clock reports,
citing a Coface Romania study.

According to Nine o'Clock, 10,435 companies are in various
insolvency stages, from 7,493 in the year-earlier period.

Citing Coface officials, Nine o'Clock discloses there is a strong
concentration of insolvencies in retail, wholesale and
construction sectors, which account for over 50% of all the
bankruptcies recorded during the first half of 2009.


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


BALASHOVSKIY AUTOMOTIVE: Creditors Must File Claims by October 4
----------------------------------------------------------------
Creditors of OJSC Balashovskiy Automotive Equipment Maintenance
Plant (TIN 6440005890, PSRN 1026401582448) have until October 4,
2009, to submit proofs of claims to:

         A.Kruchinin
         Temporary Insolvency Manager
         Office 201
         Sakko and Vantsetty Str. 54/60
         410029 Saratov
         Russia

The Arbitration Court of Saratovskaya will convene at 3:15 p.m. on
January 25, 2010, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. ?-57–14967/2009.

The Debtor can be reached at:

         OJSC Balashovskiy Automotive Equipment Maintenance Plant
         Avtomobilistov Str. 9
         Balashov
         412310 Saratovskaya
         Russia


DELANCE LTD: Moody's Cuts Ratings on US$250 Mil. Bonds to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service downgraded the rating on Delance Ltd.'s
US$250 million senior unsecured bond to Caa3 from Caa1.  At the
same time a PDR is assigned at Ca.  The Corporate Family Rating is
unchanged at Caa1, the National Scale Rating is downgraded to
Ba3.ru from Ba2.ru and the rating outlook is changed to negative
from stable.

The downgrade of the bond to Caa3 was prompted by ROLF's recent
announcement that it intended to refinance its outstanding debt
including the offer to exchange the existing US$250 million bond
due 2010 for cash or cash and new notes.  While no payment default
has occurred in Moody's opinion the successful closing of the
transaction, which is designed to reduce debt and lengthen the
maturity profile, would represent the occurrence of a deemed
default.  Moreover, the PDR reflects the high likelihood in the
agency's view of a default within a year through the closing of
the transaction or otherwise.  .

According to ROLF's recent announcement, key elements of the
envisaged restructuring include:

  (i) An agreement with its principal creditor banks to refinance
      the bilateral facilities with each of these banks with the
      proceeds of a new syndicated facility with a longer-dated
      maturity

(ii) An exchange offer to eligible holders of the Group's
      US$250 million 8.25 per cent Guaranteed Notes Due 2010 to
      exchange each US$1,000 in principal amount of their Notes
      either for:

(a) a cash amount between US$600 and US$800 to be determined in a
    "Dutch Auction" or

(b) a cash amount of US$210 and US$790 in principal amount of new
    notes issue at par.  The Exchange Offer will only be open to
    non-US Persons located outside the United States and Italy and
    certain other eligible persons.

(iii) The signing of a new credit facility with Sberbank for up to
      a maximum of US$150 million which Moody's understands will
      exclusively be available for funding of the cash amount
      needed under the Dutch Auction option for the exchange
      offer.

(iv) The sale of a 40 per cent shareholding in Rolf's
      Mitsubishi distribution business, the exclusive distributor
      of Mitsubishi vehicles in Russia, to Rolf's long-term
      business partner Mitsubishi Corporation for (i) a minimum
      equity consideration of US$72 million with possible further
      payments up to a maximum of US$128 million to be made over
      the next five years dependent upon the business achieving
      certain agreed financial performance targets and (ii)
      provision to LLC Rolf Import ("Rolf Import") of its pro rata
      40 per cent share of Rolf Import's agreed cash funding
      requirements on an on-going basis.

Moody's views this transaction as a means of shrinking an
unsustainable debt capital structure which absent the proposed
debt exchange offer may become a source of significant financial
stress.  Given the recessionary environment and the uncertainty of
a recovery of the Russian car market demand, Moody's anticipates
the company's EBITDA and operating cash flow to remain weak in the
near term.

In sum, these features cause the envisaged financial restructuring
to be viewed as analogous to a distressed exchange, which is
deemed to represent a default by Moody's and incorporated in the
Ca PDR.

The Caa1 Corporate Family Rating still reflects significant
recovery rate for financial liabilities overall through the
exchange offer and expects the CFR to remain at Caa1 after the new
capital structure resulting from the closure of the exchange offer
with lower debt loading, if successfully implemented.
Nevertheless the downgrade of the senior unsecured bond rating to
Caa3 reflects a significant loss for bond holders in the cash
option and the more junior position of the bonds after the
exchange as bank lenders will become secured.  The rating outlook
is negative in view of (i) the remaining uncertainty regarding the
implementation of the proposed debt exchange offer and (ii) in
view of the limited visibility for ROLF's operating performance.

Until the implementation of the financial restructuring the Ca PDR
will prevail.  Upon closing of the exchange, the PDR is expected
to be repositioned to Caa1/LD to reflect the limited default that
will have occurred.  This incorporates Moody's current belief that
the going-forward PDR will likely end up at the Caa1 level shortly
after transaction closing.  The "/LD" suffix will be removed after
approximately three business days.

In the event that some debt issues are retired in their entirety
upon transaction closing, the relevant ratings for the same would
be withdrawn.

Downgrades:

Issuer: Colgrade Limited

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
     from Caa1

Issuer: Delance Limited ROLF

  -- Corporate Family Rating, Downgraded to Ba3.ru from Ba2.ru

Assignments:

Issuer: Delance Limited ROLF

  -- Probability of Default Rating, Assigned Ca

Outlook Actions:

Issuer: Colgrade Limited

  -- Outlook, Changed To Negative From Stable

Issuer: Delance Limited ROLF

  -- Outlook, Changed To Negative From Stable

ROLF's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within the industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Rolf's core industry and Rolf's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Moody's last rating action on Delance Limited was on May 20, 2009
when the Corporate Family Rating was downgraded to Caa1 (stable)
from B2 (negative).  Delance Limited is the holding company of the
ROLF Group, an automotive group with its principal operations in
Russia.  ROLF is the leading importer and retailer of foreign-made
cars in Russia.  In 2008, ROLF sold approximately 160,000 cars and
generated revenues of US$4.6 billion.  While Car Retail (various
international brands) and Distribution (Mitsubishi and Geely)
account for the majority of revenues and profits, a notable
portion of earnings comes from the company's Logistics and Spare
Parts business (some 10% of revenues).  In addition, ROLF Group
operates a Financial Services (brokerage) business.  The company's
retail operations are regionally concentrated on Moscow and St
Petersburg.


DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Delance Ltd., the holding company of
Russian car retailer Rolf Group, to 'CC' from 'CCC+'.  The outlook
is negative.

At the same time, the issue rating on the unsecured notes issued
by the group's financing vehicle Colgrade Ltd. and guaranteed by
Delance Ltd. and Rolf Group were lowered to 'C' from 'CCC'.  The
'5' recovery rating on the notes remains unchanged, indicating
S&P's expectation of modest (10%-30%) recovery in the event of
payment default.

The rating action follows Rolf's recent announcement of a public
offer to exchange its existing $250 million notes due in 2010
either for a cash amount of between 60% or 80% of face value, or
for a combination of a cash amount of 21% of face value and 79%
converted into new notes.  "Under S&P's criteria, S&P view a
proposed exchange offer at a discount to par by a company under
substantial financial pressure as a distressed debt exchange and
tantamount to a default," said Standard & Poor's credit analyst
Varvara Nikanorava.

In addition, S&P understands that the company's financial
restructuring measures will include refinancing its existing
bilateral bank facilities with the proceeds of a new syndicated
facility as well as resetting financial covenants.  This reflects,
in S&P's view, the company's increasingly weak financial position
and the need to secure its liquidity.

Furthermore, Rolf has announced the sale of a 40% shareholding in
its Mitsubishi distribution business, through which Rolf generates
most of its revenues, to Mitsubishi Motors Corp. (B+/Negative/--)
for a minimum equity consideration of US$72 million, with possible
further payments leading to a maximum US$200 million in total if
certain conditions are met.

It is S&P's understanding that all these transactions are
interdependent and that Rolf aims to close them all at one time.

"Upon the completion of the tender offer, S&P expects to lower the
corporate credit rating on the company to 'SD' (selective default)
and lower the rating on the notes to 'D' (default), said
Ms.  Nikanorava.  "Following the financial restructuring and
subject to sufficient information, S&P would then assign a new
corporate credit rating to Rolf based on the company's new capital
structure, maturity schedule, and liquidity profile, as well as on
other financial and business risk factors."


DEVELOPMENT CAPITAL: S&P Assigns 'B-' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' long-term and 'C' short-term counterparty credit ratings and
its 'ruBBB' Russia national scale rating to Russia-based
Development Capital Bank OJSC (Development Capital).  The outlook
is stable.

"The ratings reflect the highly risky and volatile operating
environment in Russia and the bank's narrow business base,
resulting from its high dependence on the owner's contacts for
business sustainability, as well as high funding and lending
concentrations," said Standard & Poor's credit analyst Sergey
Voronenko.

These negative factors are partly offset by Development Capital's
adequate loss absorption capacity, due to a good level of
capitalization and liquid assets; a high net interest margin; and
limited reliance on wholesale capital market funding.

"The stable outlook balances the high systemwide operating risks
in Russia and increasing asset quality pressure against
Development Capital's good capitalization, liquid assets, and
earnings," said Mr. Voronenko.

However, the bank's planned business expansion in the risky
operating environment might threaten its creditworthiness, if not
offset by new capital injections, higher diversification, and
improvements in risk management.  The ratings already incorporate
the possibility that the bank's credit profile might weaken
further.  However, if such deterioration, especially in the bank's
liquidity, exceeds S&P's current expectations, S&P could downgrade
the bank.

Significant and durable improvement in the country's operating
environment, coupled with a strengthening of the bank's asset
quality, increased diversification, and a wider franchise, could
result in ratings upside.  A longer track record of sustainable
adequate capitalization, financial, and credit performance might
also result in positive rating actions.


EVRO-STROY LLC: Creditors Must File Claims by October 4
-------------------------------------------------------
Creditors of LLC Evro-Stroy-Garant (Construction) have until
October 4, 2009, to submit proofs of claims to:

         T. Danilova
         Insolvency Manager
         Post User Box 353
         672049 Chita
         Russia
         Tel: 8-3022-20-02-89

The Arbitration Court of Chitinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?78–2874/2009.

The Debtor can be reached at:

         LLC Evro-Stroy-Garant
         Apt.103
         Lermontova Str. 2
         672000 Chita
         Russia


IRKUTSK-ZHIL-STROY: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Irkutsk-Zhil-Stroy (TIN 3808173313, PSRN
1083808002190) (Construction) have until October 4, 2009, to
submit proofs of claims to:

         P. Prudkiy
         Temporary Insolvency Manager
         Post User Box 281
         K. Marksa Str. 26B
         664003 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene on November 24,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?19–13700/09–34.

The Debtor can be reached at:

         LLC Irkutsk-Zhil-Stroy
         Dzerzhinskogo Str. 35
         664007 Irkutsk
         Russia


KD AVIA: Court Adjourns Bankruptcy Hearing Until October 2
----------------------------------------------------------
Itar-Tass reports that the Kaliningrad Regional Arbitration Court
adjourned the KD Avia bankruptcy hearing until Oct. 2.

Marianna Andryushina, senior assistant to the head of the
Kaliningrad regional department of the Russian Prosecutor
General's Office Investigation Committee, told Itar-Tass the court
on Friday authorized the freezing of KD Avia accounts.  According
to Itar-Tass, the court froze the accounts inside and outside the
Kaliningrad region in the course of investigation of bad salary
debts to airline employees.

As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Bloomberg News, citing Interfax newswire, said KD Avia filed
for bankruptcy on Sept. 4.  According to Bloomberg, Interfax,
citing company officials, said the Kaliningrad, Russia-based
airline owed more than RUR12 billion (US$374 million) to
creditors.


KRASNOARMEYSKIY DAIRY: Creditors Must File Claims by October 4
--------------------------------------------------------------
Creditors of OJSC Krasnoarmeyskiy Dairy Factory (TIN 2109491110)
have until October 4, 2009, to submit proofs of claims to:

         V. Ivanov
         Temporary Insolvency Manager
         Apt. 90
         Moskovskiy Prospect 14
         428000 Cheboksary
         Russia

The Arbitration Court of Chuvashia will convene at 1:15 p.m. on
November 23, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?79–8036/2009.

The Debtor can be reached at:

         OJSC Krasnoarmeyskiy Dairy Factory
         30 let Pobedy Str. 13
         Krasnoarmeyskoe
         Cuvashia
         Russia


MTEK LLC: Creditors Must File Claims by October 4
-------------------------------------------------
Creditors of LLC Mtek (TIN 3445074147, PSRN 1053460039324)
(Construction) have until October 4, 2009, to submit proofs of
claims to:

         V. Suvorov
         Temporary Insolvency Manager
         Post User Box 1981
         400050 Volgograd
         Russia

The Arbitration Court of Volgogradskaya will convene at 10:00 a.m.
on November 17, 2009, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. ?12–15110/2009.

The Debtor can be reached at:

         LLC Mtek
         Krasnopolyanskaya Str. 55a
         400075 Volgograd
         Russia


REINFORCED-CONCRETE: Creditors Must File Claims by October 4
------------------------------------------------------------
Creditors of LLC Reinforced-Concrete Structures Factory have until
October 4, 2009, to submit proofs of claims to:

         Ye. Kuznetsov
         Temporary Insolvency Manager
         Post User Box 4
         Balakovo
         413860 Saratovskaya
         Russia
         Tel: (845-3)33-45-68

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ? 55–
6654/2009.

The Debtor can be reached at:

         LLC Reinforced-Concrete Structures Factory
         Skladskoy pereulok 7
         Novokuybyshevsk
         Samarskaya
         Russia


STROY-NEFT LLC: Creditors Must File Claims by October 4
-------------------------------------------------------
Creditors of LLC Stroy-Neft (TIN 4201007941, PSRN 1024200508100)
(Construction)  have until October 4, 2009, to submit proofs of
claims to:

         O. Ilyina
         Insolvency Manager
         Vesennyaya Str. 4
         650099 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya will convene on November 19,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?27–7324/2009.

The Debtor can be reached at:

          LLC Stroy-Neft
          Polevaya Str. 18
          Anzhero-Sudzhensk
          652090 Kemerovskaya
          Russia


SVIAZ-BANK: Moody's Upgrades Bank Fin'l Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term global scale
local and foreign currency deposit ratings of Sviaz-Bank to B2
from Caa2.  At the same time, Sviaz-Bank's E bank financial
strength rating was upgraded to E+ from E, while its Not Prime
short-term global scale local and foreign currency deposit ratings
were affirmed.  Concurrently, Moody's Interfax Rating Agency
upgraded Sviaz-Bank's National Scale Rating to Baa1.ru from B2.ru.
All of the bank's global scale ratings carry a stable outlook,
while the NSR carries no specific outlook.  Moscow-based Moody's
Interfax is majority-owned by Moody's, a leading global rating
agency.

The rating actions conclude the review with direction uncertain
that was initiated on September 22, 2008.  Moody's review was
originally driven by Sviaz-Bank's default on its securities
repurchase transactions, and the significant decline in value of
tradable instruments led to critical erosion in capitalisation.
This has largely been the result of the bank's very high appetite
for market and credit risks.

Moody's upgrade of Sviaz-Bank's ratings has been prompted by the
recently provided financial support from its new shareholder
Vnesheconombank (VEB, rated Baa1/Prime-2), holder of 99.3% stake
in the bank, as well as its declared intention to keep Sviaz-Bank
on its balance sheet at least for the medium term.

"In Moody's view, the capital injections totalling RUB90 billion
(US$3 billion) substantially improved Sviaz-Bank's liquidity
profile and capital position, enabling the bank to absorb large
credit losses," said Elena Redko, a Moody's Analyst and the lead
analyst for Sviaz-bank.  "The first capital injection of
RUB70 billion was made April 2009 and was almost fully used to
cover the credit losses from the loan portfolio amounting to
approximately RUB50 billion.  The bank's management estimates Tier
1 capital adequacy to be approximately 7% as at June 30, 2009.
Subsequently, VEB also injected an additional RUB20 billion in
September 2009, leading to a further strengthening in the bank's
capitalization."

Moody's views the bank's current financial standing as stable, and
while problem loans (defined as 30 days overdue and restructured
loans) represented over 20% of the bank's loan book as at H1-2009,
these were almost fully covered by provisions.

Moody's notes that the bank's ability to build its franchise and
attract new clientele -- after certain reputation damage --
represents the key rating drivers in the medium term, which is
critical for generation of stable flow of operations and recurring
earnings.

Despite Sviaz-Bank's almost full ownership by VEB, Moody's notes a
limited strategic fit between VEB and its newly acquired
subsidiary.  As a result, the rating agency assesses the
probability of parental support as low, resulting in a one-notch
uplift of the bank's deposit ratings of B2 from its Baseline
Credit Assessment of B3.

Moody's previous rating action on Sviaz-Bank was on 22 September
2008 when the BFSR was downgraded to E from E+, its long-term
local currency and foreign currency bank deposit ratings were
downgraded to Caa2 from B2, and its NSR was downgraded to B2.ru
from Baa1.ru.  At that time, the bank's long-term deposit ratings
had also been placed on review with direction uncertain.

Based in Moscow, Russia, Sviaz-Bank reported total IFRS assets of
RUB103 billion as at December 31, 2008.


SANTANDER FINANCION: Moody's Assigns 'C' Rating on Series F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt issued by the Spanish securitization fund Fondo de
Titulizacion de Activos, Santander Financiacion 4:

  -- Aaa to the EUR1,113.8 million Series A notes;
  -- Aa2 to the EUR75.0 million Series B notes;
  -- A2 to the EUR75.0 million Series C notes;
  -- Baa2 to the EUR60.0 million Series D notes;
  -- B3 to the EUR176.2 million Series E notes;
  -- C to the EUR195.0 million Series F notes;

Fondo de Titulizacion de Activos, Santander Financiacion 4 is a
securitization fund created to purchase a pool of consumer loans
granted by Banco Santander, S.A. to individuals resident in Spain.
This is the forth consumer loan transaction launched by Santander.

In Moody's view, the strengths of this transaction include, among
others: (i) a 13.0% reserve fund, which can be used to cover
potential interest and/or principal shortfalls; (ii) the
relatively high excess spread (2.75%) guarantee by the swap, which
provides credit enhancement to the structure; (iii) the triggers
in place to mitigate commingling and servicer disruption risk; and
(iv) the experience of Santander in servicing consumer loans.

However, Moody's notes that the transaction includes several
challenging features, namely: (i) performance of past
transactions, both of which are performing below expectations;
(ii) debtor concentration, which is higher than the typical
consumer loan transaction; and (iii) the negative impact of the
interest deferral trigger on the subordinated series.  These risks
were taken into account in the credit enhancement calculation.

As of August 2009, the provisional pool of underlying assets
comprised a portfolio of 175,433 loans granted to 169,818
borrowers.  The portfolio has a weighted average seasoning of 1.2
years and a weighted average remaining life of 4.7 years.
Geographically, the pool is concentrated in Madrid (19%),
Andalusia (17%), and Catalu๑a (11%).  The weighted average
interest rate is 9%, with 70% of the loans having a fixed interest
rate and the remaining 30% being floating-rate loans.  100% of the
loans hold a personal guarantee.  At closing, the management
company will randomly select the loans from the provisional pool,
after having eliminated receivables that are more than 30 days in
arrears.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for described in the Rating Methodology
report "The Lognormal Method Applied to ABS Analysis", June 2000.
The definitive ratings take into account, amongst others, (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information provided by the bank and from previous
transactions; (iii) the credit enhancement provided by the reserve
fund, the subordination of the notes, and the excess spread; and
(iv) the legal and structural integrity of the transaction.

The definitive ratings address the expected loss posed to
investors by the legal final maturity (July 2022).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on or before the final legal
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Date of previous rating action: Assignment of provisional ratings
on the September 22, 2009.


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


A. C. AIRTECH: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of A. C. Airtech Chartersysteme AG are requested to file
their proofs of claim by October 2, 2009, to:

         Alois Theiler
         Langackerstrasse 37
         6330 Cham
         Switzerland

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


BAUGESELLSCHAFT SEEMATTE: Claims Filing Deadline is October 2
-------------------------------------------------------------
Creditors of Baugesellschaft Seematte GmbH are requested to file
their proofs of claim by October 2, 2009, to:

         Marianne Schmid Ansel
         Liquidator
         Biberiststrasse 16
         4501 Solothurn
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 18, 2009.


BERTSCHI AG: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Bertschi AG Offsetdruck are requested to file their
proofs of claim by October 2, 2009, to:

         Bertschi AG Offsetdruck
         Chriesigasse 18
         5745 Safenwil
         Switzerland

The company is currently undergoing liquidation in Safenwil.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 28, 2009.


CAMERON & RIPLEY: Claims Filing Deadline is October 2
-----------------------------------------------------
Creditors of Cameron & Ripley AG are requested to file their
proofs of claim by October 2, 2009, to:

         Marcus Hartmann
         Bellerivestrasse 29
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in St. Moritz. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 7, 2009.


ELFAG HOLDING: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of Elfag Holding AG are requested to file their proofs
of claim by October 2, 2009, to:

         Helen Lehmann
         Dorf 16
         9053 Teufen AR
         Switzerland

The company is currently undergoing liquidation in Teufen AR.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 14, 2009.


FST PROJECT: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Fst Project Development AG are requested to file
their proofs of claim by October 2, 2009, to:

         Dr. Tschopp Hubertus
         Pflugsteinstrasse 50
         8703 Erlenbach
         Switzerland

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


HIWISCA FINANZ: Claims Filing Deadline is October 2
---------------------------------------------------
Creditors of Hiwisca Finanz und Investment AG are requested to
file their proofs of claim by October 2, 2009, to:

         Prof. Dr. Urs Saxer
         Grossmuensterplatz 8
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Kuesnacht ZH.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 7, 2009.


MOSIMO GMBH: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Mosimo GmbH are requested to file their proofs of
claim by October 2, 2009, to:

         Mosimo GmbH
         Weissensteinstrasse 31
         3008 Bern
         Switzerland

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


TRENDPHARM AG: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of Trendpharm AG are requested to file their proofs of
claim by October 2, 2009, to:

         Hans Rudolf Kuepfer
         Liquidator
         Neuwillerstrasse 10
         4153 Reinach BL
         Switzerland

The company is currently undergoing liquidation in Reinach BL.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 21, 2009.


VON DAENIKEN: Claims Filing Deadline is October 2
-------------------------------------------------
Creditors of von Daeniken AG are requested to file their proofs of
claim by October 2, 2009, to:

         Bdo Visura
         Liquidator
         Entfelderstr. 1
         5001 Aarau
         Switzerland

The company is currently undergoing liquidation in Erlinsbach SO.
The decision about liquidation was accepted at a general meeting
held on July 22, 2009.


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


DOGAN YAYIN: Must Provide US$3.2BB Collateral Against Tax Fine
--------------------------------------------------------------
Delphine Strauss at The Financial Times reports that Dogan Yayin
Holding AS said Friday it had been ordered to provide collateral
of US$3.2 billion within 15 days to appeal against a record tax
fine.

According to the FT, the figure of TRY4.82 billion (US$3.2
billion) Dogan Yayin has been asked to provide as guarantee
includes overdue interest charges and so exceeds the original fine
of TRY3.77 billion (US$2.5 billion) in unpaid taxes and penalties,
which was already similar to the combined market value of Dogan
Yayin and its parent Dogan Holding.

"The penalty threatens the existence of the Dogan group, a pillar
of Turkey's secular camp and a representative of the country's
old, westernised and generally Istanbul-based business groups, "
the FT quoted Wolfango Piccoli, analyst at Eurasia group, as
saying.

Dogan Yayin must decide within a month whether to seek a
settlement from the tax authorities or contest the fine in court,
the FT states.  The group, the FT says, is likely to seek a court
order overturning the demand for collateral, but if that fails and
it cannot produce the US$3.5 billion within the 15 day deadline,
the tax authorities can proceed to freeze group assets.

Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan
Group holding company based in Istanbul, Turkey, established as a
media-entertainment conglomerate, active in the newspaper,
magazine and book publishing, television and radio broadcasting,
printing and news media sectors through its subsidiaries.  Its
publishing and broadcasting products include magazines, daily
newspapers, national and international television stations,
thematic and interactive television channels and radio stations.
DYH also runs a television production and a record label company,
as well as two printing companies.  It operates websites designed
for various purposes, and offers a digital television platform, in
addition to other online and digital services.  DYH is active in
the retail sector through D&R and Yaysat, which distribute the
Holding's products.  It also provides foreign trade, factoring and
mortgage services.  DYH holds international partnerships with such
companies as AOL-Time Warner, the Universal Music Group and Burda
GmbH.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 26,
2009, Fitch Ratings maintained Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings, at
'B+' respectively, on Rating Watch Negative.


TURKCELL ILETISIM: S&P Changes Outlook on 'BB+' Rating to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
stable from negative its outlook on the 'BB+' long-term foreign
currency rating on Turkey's leading mobile telecom operator
Turkcell Iletisim Hizmetleri A.S.

The 'BB+' long-term foreign and local currency ratings on Turkcell
were affirmed.  The outlook on the long-term local currency rating
remains stable.

"The revision primarily reflects S&P's recent revision to stable
of the outlook on the Republic of Turkey's long-term foreign
currency rating, and S&P's assessment that Turkcell's operating
performance at home remains robust, and its balance sheet is
sufficiently robust to offset strong cash consumption in Ukraine
and Belarus," said Standard & Poor's credit analyst Patrice
Cochelin.

Constraining Turkcell's rating are the volatile Turkish
macroeconomic environment, international expansion in Ukraine and
Belarus, potential currency swings, and continuing legal disputes
among the group's major shareholders.  Supportive factors include
the company's strong performance in the maturing Turkish mobile
telephony market, good cash flow generation, and conservative
balance sheet.  At June 30, 2009, Turkcell reported gross
consolidated debt of US$781 million.

"The stable outlook reflects S&P's expectation that Turkcell will
maintain relatively robust operations amid weak economic
conditions in Turkey, Ukraine, and Belarus, and preserve solid
liquidity," said Mr. Cochelin.

Factored into the rating is S&P's expectation that Turkcell's
consolidated free cash flow will return to positive from second-
half 2009, as a result of the non-recurrence of the Turkish 3G
license payment and controlled cash burn in Ukraine and Belarus.
While S&P expects weak economic growth and potentially volatile
exchange rates to continue affecting the dollar value of
Turkcell's domestic earnings, the rating assumes that these
potential swings should be offset by Turkcell's solid dollar-
denominated cash balances and continued robust market position.

Rating downside could materialize if Turkcell failed to offset
currency mismatches through its dollar-denominated cash balances
-- which S&P expects to remain very sizable -- in the case of
material acquisitions of weaker operations, or if gross short-term
debt or overall gross leverage increased meaningfully.

Upside potential is extremely remote, constrained by the volatile
Turkish macroeconomic environment, rising exposure to Ukraine and
Belarus, currency mismatches at Turkcell, and disputes among
Turkcell's shareholders.

Turkcell has over the past few years regularly considered
international acquisitions.  The current rating factors in a
continuation of the company's prudent valuation of targets to
date.


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


AVTOEGAS.COM LLC: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of LLC Avtoegas.com (code EDRPOU 33979676) have until
October 2, 2009, to submit proofs of claim to:

         S. Tsekhotsky
         Insolvency Manager
         Yuny Lane 13
         95017 Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 2-12/3400-2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Avtoegas.com
         Obyezdnaya Str. 32
         Simferopol
         AR Krym
         Ukraine


GOLDEN LAND: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Golden Land (code EDRPOU 34407776) have until
October 1, 2009, to submit proofs of claim to O. Klimenko, the
company's insolvency manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 21/26/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Golden Land
         Pobeda Str. 63/327
         Zaporozhye
         Ukraine


METALLURG LLC: Creditors Must File Claims by October 1
------------------------------------------------------
Creditors of LLC Company Metallurg (code EDRPOU 34407776) have
until October 1, 2009, to submit proofs of claim to O. Klimenko,
the company's insolvency manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on July 20, 2009.  The case is docketed under
Case No. 16/114/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Metallurg
         Angolenko Str. 22
         Zaporozhye
         Ukraine


MONTAZH-EXPO LLC: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of LLC Montazh-Expo (code EDRPOU 33194621) have until
October 2, 2009, to submit proofs of claim to Y. Vanzhula, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009.  The case is docketed under
Case No. 50/379.

The Court is located at:

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

The Debtor can be reached at:

         LLC Montazh-Expo
         Melnikov Str. 12
         04050 Kiev
         Ukraine


NAFTOGAZ OF UKRAINE: Luxembourg Bourse Suspends Bond Trade
----------------------------------------------------------
Maria Danilova at Associated Press reports that the Luxembourg
stock exchange on Thursday suspended trade in the bonds of NJSC
Naftogaz of Ukraine amid concerns it might default on Eurobonds
maturing this week.

AP relates the exchange said in a statement on its Web site that
the decision was due to unspecified violations in its regulations.

According to AP, worried creditors and some analysts say that the
company will be unable to meet that deadline and could default on
the bonds.

As reported yesterday in the Troubled Company Reporter-Europe,
Bloomberg News said Naftogaz is seeking to avert default on US$500
million of Eurobonds due this month by offering five-year
securities in exchange.  Citing a company statement, Bloomberg
disclosed the bonds due 2014 will pay annual interest at 9.5% and
have an "unconditional and irrevocable sovereign guarantee."

                  About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and gas
company engaged in full cycle of operations in gas and oil field
exploration and development, production and exploratory drilling,
gas and oil transport and storage, supply of natural gas and LPG
to consumers.

                          *     *     *

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


ROMNY PETROLEUM: Creditors Must File Claims by October 1
--------------------------------------------------------
Creditors of CJSC Romny Petroleum Product (code EDRPOU 31765982)
have until October 1, 2009, to submit proofs of claim to
M. Rybalchenko, the company's insolvency manager.

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on March 12, 2009.  The case is docketed under
Case No. 6/35-05.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko avenue 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         CJSC Romny Petroleum Product
         Poltavskaya Str. 145-a
         Romny
         42004 Sumy
         Ukraine


SLAVIANKA LLC: Creditors Must File Claims by October 1
------------------------------------------------------
Creditors of LLC Trading Firm Slavianka (code EDRPOU 34962883)
have until October 1, 2009, to submit proofs of claim to:

         R. Breus
         Insolvency Manager
         Office 70
         Novoprudnaya Str. 4
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 10, 2009.  The case is docketed
under Case No. B-48/106-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Trading Firm Slavianka
         Office 37
         Karazin Str. 17
         61002 Kharkov
         Ukraine


TRUST UMAN: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of OJSC Trust Uman Industrial Dwelling Building
Subsidiary Company Dwelling and Exploitation Department (code
EDRPOU 05505437) have until October 2, 2009, to submit proofs of
claim to:

         I. Nikiforov
         Insolvency Manager
         Rozhdestvenskaya Str. 170
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on June 23, 2009.  The case is docketed under
Case No. 14/1525.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trust Uman Industrial Dwelling Building Subsidiary
         Company Dwelling and Exploitation Department
         Leninskaya Iskra Str. 1/24
         Uman
         Cherkassy
         Ukraine


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


BLACKS LEISURE: 400 Jobs at Risk Under Proposed CVA Deal
--------------------------------------------------------
Ben Marlow and Jenny Davey at The Sunday Times report that Blacks
Leisure Group plc plans to put itself through a company voluntary
arrangement in an attempt to secure its survival.

According to the report, the deal would see the company shed about
80 of its 400-store portfolio that trade under the Blacks, Millets
and Free Spirit names, putting approximately 400 UK jobs at risk.

A CVA is an increasingly adopted insolvency procedure used mostly
by retailers that enables a company to agree with its creditors
how its debts should be paid and to close underperforming stores.

KPMG will lead the process, the report says.

                            Standstill

As reported in the Troubled Company Reporter-Europe on Sept. 25,
2009, Blacks Leisure said it entered into a formal standstill
agreement with its bank, Lloyds Banking Group, on one of its
financial covenants until November 30, 2009.  The standstill is
subject to the company delivering a restructuring plan, acceptable
to the bank, addressing the future viability of the group,
including actions to achieve an exit of the company's loss-making
stores, by October 30, 2009.

                            Sandcity

Richard Fleming and David Costley-Wood of KPMG LLP have been
appointed as administrators in respect of the company's wholly
owned subsidiary, Sandcity Ltd.  This follows a review by the
directors of Sandcity which has concluded that there is no
reasonable prospect of restoring profitability in the medium to
long term and that Sandcity is no longer in a position to trade as
a going concern.  Sandcity is part of the Boardwear division and
is a retailer of predominantly lifestyle and boardwear clothing
and accessories.  It operates out of 11 stores, which trade at a
substantial loss.

The appointment of administrators of Sandcity results in an exit
from approximately one third of the company's Boardwear division.

                          Trading Update

The group said it has underperformed against budget for the first
six months of the financial year to August 31, 2009.  While the
directors believe, partly as a result of the action being taken in
relation to Sandcity, that current market expectations can still
be met (before taking into account the effects of any
restructuring plan and the associated costs), this will be
dependent on the bank waiving the expected covenant breach and on
trading during the key Christmas period.

                        About Blacks Leisure

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


ITV PLC: Fails to Reach Employment Deal with Tony Ball
------------------------------------------------------
Ben Fenton at The Financial Times reports that ITV plc has failed
to reach agreement on the employment terms of Tony Ball, who was
offered the chief executive jobs at the company.

Citing people involved in the process, FT discloses ITV's board
finally fell out with Mr. Ball when he expressed doubts about
working with Sir Crispin Davis, the former chief executive of Reed
Elsevier.  According to the FT, the board was considering Mr.
Davis as a leading candidate to become as non-executive chairman
alongside Mr. Ball.

The FT relates the board on Friday decided to end negotiations
with Mr. Ball.

Robert Lindsay and Dan Sabbagh at The Times report ITV will begin
urgent talks this week with front-runners for the job of chairman.
According to the Times, Sir Michael Bishop, the founder of bmi,
the airline, and a past chairman of Channel 4, are contenders for
the chairman role.  The broadcaster is also said to have
approached Sir Christopher Bland, the former BBC and BT chairman,
and Martin Broughton, chairman of British Airways, about its
chairmanship, the Times notes.

                          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.


JJB SPORTS: Net Loss Widens in 1H09; May Still Breach Covenants
---------------------------------------------------------------
David Altaner at Bloomberg News reports that JJB Sports plc said
its net loss widened to GBP27.2 million (US$44.2 million) in the
six months ended July 26, from a loss of GBP263,000 in the same
period a year earlier as the company lacked enough merchandise to
sell.

Bloomberg relates JJB Chairman David Jones said in a telephone
interview, stock levels "won't be totally adequate" for Christmas
because sports-retailing orders take six months to delivery.
Mr. Jones, as cited by Bloomberg, said stock levels "won't be
totally adequate" for Christmas because sports-retailing orders
take six months to delivery.

Bloomberg says first-half sales declined 21% to GBP167 million
because suppliers were concerned it might have gone into
administration.

According to Bloomberg, JJB's auditors, Deloitte LLP, said the
company, which has a voluntary arrangement with creditors, is
still vulnerable.

Bloomberg notes Deloitte warned "Relatively small variations in
the assumptions underlying the group's latest forecasts could lead
to funding shortfalls and/or potential breaches of the financial
covenants in the group's working capital facility at any time in
the future."

Bloomberg discloses JJB said that it arranged a further GBP10
million in financing with the Bank of Scotland Wednesday.

                         About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


MAKIN METAL: Administrators Sell Business; 41 Jobs Preserved
------------------------------------------------------------
The administrators of Makin Metal Powders Limited, Paul Flint,
Allan Graham and Brian Green from KPMG Restructuring, confirmed
that they have sold the business, preserving all 41 jobs at the
firm's base in Rochdale.

Makin Metal Powders Limited was placed into administration on
July 31, 2009.  The company, which was established over 50 years
ago, is one of the largest bronze and copper alloy powder
producers in the world, and had an annual turnover of about GBP22
million.  The business has been sold to a UK-based consortium,
following interest from parties in the US, Europe and the Far
East.

Commenting on the deal, Paul Flint, associate partner at KPMG
Restructuring in Manchester, said, "We are delighted to have been
able to conclude a going concern sale which saves all of the jobs
at Makin Metal Powders and provides greater certainty for the
firm's customers.  To this end, I'd like to take this opportunity
to thank the customers and suppliers for their ongoing support in
this difficult time which has not only helped to ensure that this
business has been able to continue, but has also contributed to
the retention of 41 jobs."


NEWCASTLE PRODUCTIONS: Sold in Senior Management Deal
-----------------------------------------------------
Chris Tighe at The Financial Times says Newcastle Productions has
been sold in a deal involving senior management.

According to the FT, the new company, Longbenton Foods, will
resume production at its Tyneside plant in early 2010, creating
230 jobs.  The FT recalls the company closed in January after a
fire at the plant.

As reported in the Troubled Company Reporter-Europe on Jan. 14,
2009, Times Online said Newcastle Productions went into
administration after suffering cashflow problems.  Times Online
disclosed the company was also affected by the financial troubles
in Iceland when one of its backers, Landsbanki, the Icelandic
bank, collapsed.

Newcastle Productions makes Findus the Fisherman fish pies, tuna
pasta bakes and fish fingers as well as other frozen products,
including Crispy Pancakes and traditional English meals, such as
cottage pie and toad in the hole.


NORTHERN ROCK: Building Societies Seek to Re-mutualize Bank
-----------------------------------------------------------
Jane Croft at The Financial Times reports that the Building
Societies Association is urging the British government to look at
returning Northern Rock plc to the mutual sector when it is sold
off.

According to the FT, the BSA argues that re-mutualizing Northern
Rock would strengthen the sector and create a more diversified
financial market.

Northern Rock, the FT discloses, is due to be split into a good
bank and bad bank subject to approval from the European
Commission.  One half is due to be sold in the coming year, the FT
notes.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 24,
2009, Standard & Poor's Ratings Services said that it lowered its
ratings on the GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes issued by Northern Rock
PLC (A/Watch Neg/A-1) to 'C' from 'CC'.


PEARL GROUP: Ron Sandler to Become Non-Executive Chairman
---------------------------------------------------------
Paul Davies and Adam Jones at The Financial Times report that Ron
Sandler, chairman of Northern Rock plc, is to be "non-executive
chairman-plus" of Pearl Group.

The FT relates Mr. Sandler said he remained "absolutely committed
to Northern Rock", the state-owned mortgage bank, and would not
have taken on the extra role at Pearl "other than with the full
consent of the government".

Jonathan Moss, Pearl chief executive, as cited by the FT said Mr.
Sandler would be paid GBP450,000 a year and would receive an as-
yet-unfinalized grant of shares.

The FT recalls Pearl was sold to Liberty Acquisition Holdings
International, an Amsterdam listed blank-check company, this
summer in a deal that saw it take a GBP451 million capital
injection and restructure its GBP3 billion debt load.

According to the FT, Pearl intends to move its listing to London
before the end of the year and pursue a primary listing, which may
involve raising more capital, next year.  Before then it will try
to settle a dispute with holders of GBP500 million in junior bonds
on which the company stopped paying coupons, the FT states.

                         About Pearl Group

Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond's Sun Capital
Partners Ltd. and TDR Capital LLP.  Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.


VEDANTA RESOURCES: Sesa Goa's Offering Won't Affect Moody's Rating
------------------------------------------------------------------
Moody's Investors Service says that Sesa Goa Ltd's foreign
currency convertible bond offering has no impact on the ratings or
outlook of its parent, Vedanta Resources plc.  Vedanta has a Ba1
corporate family rating and Ba2 senior unsecured rating, both with
stable outlook.

This follows an announcement by Sesa Goa of the issuance of
US$500 million FCCBs.

"The bond offering is comparatively small in the context of
Vedanta's leverage and does not materially affect its credit
metrics.  Therefore, it has no impact on the company's rating or
outlook," said Ivan Palacios, a Moody's AVP/Analyst.

"In addition, this fund raising exercise is positive for the
liquidity profile of the group which remains very strong, with
around US$7 billion of cash and cash equivalents as of September
2009," added Mr. Palacios, also lead analyst for the company.

The proceeds of this FCCB offering are intended to be used for
financing the growth plans of Sesa Goa, including an increase in
its mining capacity to around 50 million tons per annum over the
next 2 to 3 years through organic and inorganic routes.

So far in 2009, Vedanta has raised more than US$6 billion through
both debt and equity issuances, which reflects the group's ability
to raise funds in an opportunistic manner even during challenging
conditions for the credit markets.  The FCCB issuance adds to the
US$1.25 billion 5.5% convertible bond issued by Vedanta in
June 2009, the US$1 billion net cash proceeds from the equity
offering at Sterlite Industries (India) Ltd's in July 2009, the
US$400 million syndicated facility closed in July 2009, and the
US$3.7 billion of non-recourse project finance facilities, of
which US$2 billion is still subject to final documentation.

Nevertheless, Moody's also note that the expected use of funds
over the next 2 to 3 years is also material, including capex of
around US$7.6 billion, the buyout of minorities at Balco and
Hindustan Zinc for around US$1.3 billion, debt maturities of
US$1.6 billion, and the potential acquisition of Asarco for
US$2.6 billion.

Moody's expects that Vedanta's cash position will progressively
come down as the cash is spent on these expansion plans or
acquisitions.  Therefore, Moody's will continue to focus on gross
debt leverage metrics when assessing the financial profile of the
group.

Moody's last rating action with regard to Vedanta was taken on
June 17, 2009, when the company's Ba1 corporate family and Ba2
senior unsecured ratings were affirmed with stable outlooks.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, alumina/aluminum and
copper smelting and refining and iron ore mining.  Its operations
are predominantly located in India.

It is listed on the London Stock Exchange and is 59.06 % owned by
Volcan Investments Ltd.


WHITE TOWER: Seven Halabi London Properties Put Into Receivership
-----------------------------------------------------------------
Chris Bourke at Bloomberg News reports that seven of Simon
Halabi's London office buildings have been put into receivership
after defaulting on GBP1.15 billion (US$1.84 billion) of bonds
tied to the properties.

Bloomberg relates CBRE Loan Servicing Ltd. said in a statement
Friday CB Richard Ellis Group Inc., the manager of the bonds
issued by White Tower 2006-3 Plc, has appointed Ernst & Young LLP
as receiver for the properties.

Citing CBRE's statement, Bloomberg discloses the buildings put
into receivership are JPMorgan Chase & Co.'s offices at 60
Victoria Embankment; Aviva Tower; Millennium Bridge House; New
Court, Carey Street; Ludgate House; Sampson House and Leadenhall
Court.

The receivers "will act to secure rental income in the interests
of lenders," Bloomberg quoted CBRE as saying in the statement.


YELL GROUP: S&P Affirms Corporate Credit Rating at 'B'
------------------------------------------------------
Standard and Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit rating on United Kingdom-based
classified directories publisher Yell Group PLC.  The outlook is
negative.

"The rating action follows Yell's announcement on Sept. 23, 2009,
of a debt restructuring plan aimed at enhancing the group's
financial flexibility under its existing GBP3.9 billion syndicated
credit facilities," said Standard & Poor's credit analyst Manuela
Gabetta.

The proposal is the result of discussions with larger debtholders
after the company launched its refinancing process on June 30,
2009.

Yell gave some details of management's plan to alleviate the
increasing pressures on the group's capital structure and
liquidity including that the announced restructuring plan will be
subject to the credit approval of lenders representing 95% by
value of Yell's current term debt facilities and is conditional on
an equity injection of at least GBP500 million.

"We consider Yell's planned debt restructuring to be an
opportunistic refinancing proposal, rather than a distressed
exchange offer below par," added Ms. Gabetta.  This view is
supported by:

   -- The proposed consent fee and margin increase on the debt
      facilities following a margin increase in November 2008;

   -- The partial repayment of debt at par from equity proceeds;

   -- The minimum acceptance rate of 95% and the lack of a forced
      conversion of nonconsenting lenders in the new facilities.
      Although these lenders will be deprived of certain clauses
      in the debt documentation, S&P believes that they are likely
      to share pro rata in the security of the new facilities and
      to retain cross-default rights; and

   -- S&P's continuing assessment of the group's business risk
      profile as fair.  Positive free cash flow, despite the sharp
      drop in revenues and profit margins, remains an important
      credit support for Yell.

"The negative outlook reflects S&P's view of the continued rapid
deterioration of Yell's operating performance and liquidity
profile," Ms. Gabetta continued.  S&P will closely monitor the
evolution of the negotiations between Yell and its banks, and the
execution of the equity issue.  Any outcome short of a significant
timely increase in covenant headroom and adequate access to
liquidity sources is likely to result in a downgrade of more than
one notch.

Conversely, the successful renegotiation of Yell's indentures --
mainly covenant thresholds -- and a successful, timely execution
of the planned rights issue of at least EUR500 million would be a
support to the ratings and could result in an outlook revision to
stable.


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


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


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


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


GERMANY
-------
AGOR AG             DOOD PZ             -482446.63   144432986.17
AGOR AG             DOO EO              -482446.63   144432986.17
AGOR AG             DOO GR              -482446.63   144432986.17
AGOR AG             DOOG IX             -482446.63   144432986.17
AGOR AG             NDAGF US            -482446.63   144432986.17
AGOR AG             DOO EU              -482446.63   144432986.17
AGOR AG-RTS         2301918Z GR         -482446.63   144432986.17
ALNO AG             ALNO IX           -68516656.94   290459933.75
ALNO AG             ANO EO            -68516656.94   290459933.75
ALNO AG             ANO GR            -68516656.94   290459933.75
ALNO AG             ANO PZ            -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           BRKAF US          -27139391.98   143536859.72
BROKAT AG           BROFQ US          -27139391.98   143536859.72
BROKAT AG           BROAF US          -27139391.98   143536859.72
BROKAT AG -NEW      BRJ1 GR           -27139391.98   143536859.72
BROKAT AG -NEW      BRJ1 NM           -27139391.98   143536859.72
BROKAT AG-ADR       BROA US           -27139391.98   143536859.72
BROKAT TECH -ADR    BROAQ US          -27139391.98   143536859.72
BROKAT TECH AG      BRJ GR            -27139391.98   143536859.72
BROKAT TECH AG      BSA LN            -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      COB GR            -42994732.85   904723627.84
CBB HOLDING AG      COBG PZ           -42994732.85   904723627.84
CBB HOLDING AG      COBG IX           -42994732.85   904723627.84
CBB HOLDING AG      COB2 EU           -42994732.85   904723627.84
CBB HOLDING AG      COB2 EO           -42994732.85   904723627.84
CBB HOLDING AG      CUBDF US          -42994732.85   904723627.84
CBB HOLDING-NEW     COB1 GR           -42994732.85   904723627.84
CBB HOLDING-NEW     COB3 GR           -42994732.85   904723627.84
CINEMAXX AG         MXC EU            -42008900.33   144431938.27
CINEMAXX AG         MXC EO            -42008900.33   144431938.27
CINEMAXX AG         MXCUSD EU         -42008900.33   144431938.27
CINEMAXX AG         CNEMF US          -42008900.33   144431938.27
CINEMAXX AG         MXC GR            -42008900.33   144431938.27
CINEMAXX AG         MXCUSD EO         -42008900.33   144431938.27
CINEMAXX AG         MXCG IX           -42008900.33   144431938.27
CINEMAXX AG         MXC PZ            -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 NM           -22067409.41   849175624.65
EM.TV & MERC-RTS    ETV8 GR           -22067409.41   849175624.65
EM.TV & MERCHAND    985403Q GR        -22067409.41   849175624.65
EM.TV & MERCHAND    ETVMF US          -22067409.41   849175624.65
EM.TV & MERCHAND    ETV LN            -22067409.41   849175624.65
EM.TV & MERCHAND    ETV NM            -22067409.41   849175624.65
EM.TV & MERCHAND    ETV VX            -22067409.41   849175624.65
EM.TV & MERCHAND    EMTVF US          -22067409.41   849175624.65
KAUFRING AG         KFR EO            -19296489.56   150995473.81
KAUFRING AG         KFR PZ            -19296489.56   150995473.81
KAUFRING AG         KAUG IX           -19296489.56   150995473.81
KAUFRING AG         KFR GR            -19296489.56   150995473.81
KAUFRING AG         KFR EU            -19296489.56   150995473.81
MANIA TECHNOLOGI    MNIG IX            -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI PZ             -35060806.5   107465713.61
MANIA TECHNOLOGI    MIAVF US           -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI NM             -35060806.5   107465713.61
MANIA TECHNOLOGI    2260970Z GR        -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI1 EU            -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI GR             -35060806.5   107465713.61
MANIA TECHNOLOGI    MNI1 EO            -35060806.5   107465713.61
MATERNUS KLINI-N    MAK1 GR           -18996733.83   183928734.46
MATERNUS-KLINIKE    MAKG IX           -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK GR            -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK PZ            -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK EU            -18996733.83   183928734.46
MATERNUS-KLINIKE    MAK EO            -18996733.83   183928734.46
MATERNUS-KLINIKE    MNUKF US          -18996733.83   183928734.46
NORDAG AG           DOO1 GR             -482446.63   144432986.17
NORDAG AG-PFD       DOO3 GR             -482446.63   144432986.17
NORDAG AG-RTS       DOO8 GR             -482446.63   144432986.17
NORDSEE AG          533061Q GR         -8200552.05   194616922.62
PRIMACOM AG         PRC GR            -18656728.68   610380925.67
PRIMACOM AG         PRC EU            -18656728.68   610380925.67
PRIMACOM AG         PRC2 GR           -18656728.68   610380925.67
PRIMACOM AG         PRCG IX           -18656728.68   610380925.67
PRIMACOM AG         PRC NM            -18656728.68   610380925.67
PRIMACOM AG         PRC EO            -18656728.68   610380925.67
PRIMACOM AG         PRCG PZ           -18656728.68   610380925.67
PRIMACOM AG         PCAGF US          -18656728.68   610380925.67
PRIMACOM AG-ADR     PCAGY US          -18656728.68   610380925.67
PRIMACOM AG-ADR     PCAG US           -18656728.68   610380925.67
PRIMACOM AG-ADR+    PCAG ES           -18656728.68   610380925.67
RAG ABWICKL-REG     RSTHF US           -1744121.91   217776125.75
RAG ABWICKL-REG     ROS1 EU            -1744121.91   217776125.75
RAG ABWICKL-REG     ROS1 EO            -1744121.91   217776125.75
RAG ABWICKL-REG     ROSG PZ            -1744121.91   217776125.75
RAG ABWICKL-REG     ROS GR             -1744121.91   217776125.75
RINOL AG            RILB EO                  -2.71   168095049.11
RINOL AG            RILB PZ                  -2.71   168095049.11
RINOL AG            RILB GR                  -2.71   168095049.11
RINOL AG            RILB IX                  -2.71   168095049.11
RINOL AG            RNLAF US                 -2.71   168095049.11
RINOL AG            RILB EU                  -2.71   168095049.11
RINOL AG            RIL GR                   -2.71   168095049.11
ROSENTHAL AG        2644179Q GR        -1744121.91   217776125.75
ROSENTHAL AG-ACC    ROS4 GR            -1744121.91   217776125.75
ROSENTHAL AG-ADR    RSTHY US           -1744121.91   217776125.75
ROSENTHAL AG-REG    ROSG IX            -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    SAD3 GR            -6153256.92   127548039.68
SANDER (JIL)-PRF    SAD3 PZ            -6153256.92   127548039.68
SANDER (JIL)-PRF    2916161Q EO        -6153256.92   127548039.68
SANDER (JIL)-PRF    2916157Q EU        -6153256.92   127548039.68
SINNLEFFERS AG      WHG GR             -4491629.96   453887060.07
SPAR HAND-PFD NV    SPA3 GR          -442426199.47  1433020960.55
SPAR HANDELS-AG     773844Q GR       -442426199.47  1433020960.55
SPAR HANDELS-AG     SPHFF US         -442426199.47  1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR      -106778475.76   427535397.03
TA TRIUMPH-ACQ      TWNA GR          -106778475.76   427535397.03
TA TRIUMPH-ACQ      TWNA EU          -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN PZ           -106778475.76   427535397.03
TA TRIUMPH-ADLER    TTZAF US         -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN EO           -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWNG IX          -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN EU           -106778475.76   427535397.03
TA TRIUMPH-ADLER    TWN GR           -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      VVA GR            -22198683.12   111990951.35
VIVANCO GRUPPE      VVA1 EU           -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      VIVGF US          -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       ROSKF US          -532868894.9  7876687324.02
ROSKILDE BANK       RKI GR            -532868894.9  7876687324.02
ROSKILDE BANK       ROSBF US          -532868894.9  7876687324.02
ROSKILDE BANK       ROSK EU           -532868894.9  7876687324.02
ROSKILDE BANK       RSKC IX           -532868894.9  7876687324.02
ROSKILDE BANK       ROSK DC           -532868894.9  7876687324.02
ROSKILDE BANK       ROSK EO           -532868894.9  7876687324.02
ROSKILDE BANK       ROSK PZ           -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 SM          -148097530.94   674738808.26
ACTUACIONES ACTI    AISA EO          -148097530.94   674738808.26
ACTUACIONES ACTI    AGR SM           -148097530.94   674738808.26
ACTUACIONES ACTI    AISA EU          -148097530.94   674738808.26
AGRUPACIO - RT      AGR/D SM         -148097530.94   674738808.26
MARTINSA FADESA     MTF SM          -1720343226.17  8544474235.64
MARTINSA FADESA     MTF EO          -1720343226.17  8544474235.64
MARTINSA FADESA     4PU GR          -1720343226.17  8544474235.64
MARTINSA FADESA     MTF1 LI         -1720343226.17  8544474235.64
MARTINSA FADESA     MFAD PZ         -1720343226.17  8544474235.64
MARTINSA FADESA     MTF EU          -1720343226.17  8544474235.64
MARTINSA-FADESA     MTF NR          -1720343226.17  8544474235.64


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


UNITED KINGDOM
--------------
ABBOTT MEAD VICK    648824Q LN          -1685852.9   168258996.33
ADVANCE DISPLAY     ADTP PZ         -3015578834.69  2590007903.69
AEA TECHNOLO-FPR    AATF LN          -149279984.66   121254240.42
AEA TECHNOLO-FPR    AATF PZ          -149279984.66   121254240.42
AEA TECHNOLO-NPR    AATN PZ          -149279984.66   121254240.42
AEA TECHNOLO-NPR    AATN LN          -149279984.66   121254240.42
AEA TECHNOLOGY      AAT LN           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT EU           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT VX           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT PO           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT IX           -149279984.66   121254240.42
AEA TECHNOLOGY      AATGBP EO        -149279984.66   121254240.42
AEA TECHNOLOGY      EAETF US         -149279984.66   121254240.42
AEA TECHNOLOGY      AEY GR           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT PZ           -149279984.66   121254240.42
AEA TECHNOLOGY      AAT EO           -149279984.66   121254240.42
AIRTOURS PLC        ATORF US         -379721841.57  1817512773.61
AIRTOURS PLC        AIR VX           -379721841.57  1817512773.61
AIRTOURS PLC        AIR LN           -379721841.57  1817512773.61
ALLDAYS PLC         ALDYF US         -120493900.04   252232072.87
ALLDAYS PLC         317056Q LN       -120493900.04   252232072.87
AMER BUS SYS        ARB LN              -497127008      121439000
AMEY PLC            AMY VX            -48862569.33   931527720.46
AMEY PLC            AMY LN            -48862569.33   931527720.46
AMEY PLC            AMEYF US          -48862569.33   931527720.46
AMEY PLC-ASSENT     AMYA LN           -48862569.33   931527720.46
AMEY PLC-NEW        AMYN LN           -48862569.33   931527720.46
ANKER PLC           ANK LN            -21861359.81      115463159
ANKER PLC           ANK PO            -21861359.81      115463159
ANKER PLC           DW14 GR           -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     ATKGBP EO         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK EU            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK PZ            -62199993.61  1184945671.16
ATKINS (WS) PLC     WATKF US          -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK NQ            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK EO            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK LN            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK EB            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATKEUR EU         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK BQ            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK QM            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK TQ            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATKEUR EO         -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK NR            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK PO            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK VX            -62199993.61  1184945671.16
ATKINS (WS) PLC     ATK IX            -62199993.61  1184945671.16
BCH GROUP PLC       BCH LN             -5728274.38   187993198.22
BLACK & EDGINGTO    BLE LN           -134177517.41   149159301.57
BNB RECRUITMENT     BNB LN            -10242627.53   103637704.96
BNB RECRUITMENT     BNB IX            -10242627.53   103637704.96
BNB RECRUITMENT     BQX GR            -10242627.53   103637704.96
BNB RECRUITMENT     BNB PO            -10242627.53   103637704.96
BNB RECRUITMENT     BNBRF US          -10242627.53   103637704.96
BOOKER PLC          987188Q LN         -59832880.4  1298182548.71
BOOKER PLC          1330Q GR           -59832880.4  1298182548.71
BOOKER PLC          BKERF US           -59832880.4  1298182548.71
BOOKER PLC-ADR      BKRUY US           -59832880.4  1298182548.71
BOOKER PLC-ADR      BOK$ LN            -59832880.4  1298182548.71
BRADSTOCK GROUP     BDK LN             -1855444.44   268563822.49
BRADSTOCK GROUP     BSKGF US           -1855444.44   268563822.49
BRIT ENERGY LTD     523362Q LN      -5822867500.78  4921095749.61
BRIT ENERGY PLC     BEN1 GR         -5822867500.78  4921095749.61
BRIT ENERGY PLC     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-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        BTE GR           -5223868149.3 46894630327.28
BRIT TELECOM        9484 JP          -5223868149.3 46894630327.28
BRIT TELECOM PLC    BTPLF US         -5223868149.3 46894630327.28
BRIT TELECOM PLC    BT/A VX          -5223868149.3 46894630327.28
BRIT TELECOM PLC    BTPWF US         -5223868149.3 46894630327.28
BRIT TELECOM-ADR    1481Q CN         -5223868149.3 46894630327.28
BRIT TELECOM-ADR    BTEA GR          -5223868149.3 46894630327.28
BRIT TELECOM-RTS    BTY-R US         -5223868149.3 46894630327.28
BRITISH ENER-$US    BGYNYD AR       -5822867500.78  4921095749.61
BRITISH ENER-$US    BGYD AR         -5822867500.78  4921095749.61
BRITISH ENER-ADR    BGYNY US        -5822867500.78  4921095749.61
BRITISH ENER-BLK    BGYB AR         -5822867500.78  4921095749.61
BRITISH ENER-BLK    BGYNYB AR       -5822867500.78  4921095749.61
BRITISH ENER-C/E    BGYNYC AR       -5822867500.78  4921095749.61
BRITISH ENER-C/E    BGYC AR         -5822867500.78  4921095749.61
BRITISH ENER-CED    BGY AR          -5822867500.78  4921095749.61
BRITISH ENER-CED    BGYNY AR        -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYGF US        -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYA PO         -5822867500.78  4921095749.61
BRITISH ENERGY-A    BHEAF US        -5822867500.78  4921095749.61
BRITISH ENERGY-A    BGYA VX         -5822867500.78  4921095749.61
BRITISH ENERGY-A    3012442Q LN     -5822867500.78  4921095749.61
BRITISH SKY BROA    BSY EO           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYUSD EO        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY BQ           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY IX           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY NQ           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYEUR EO        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY VX           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYEUR EU        -105366394.04  7522172619.36
BRITISH SKY BROA    BSB GR           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY EU           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYGBP EO        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY PZ           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY LN           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYUSD EU        -105366394.04  7522172619.36
BRITISH SKY BROA    BSY QM           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY TQ           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY PO           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY NR           -105366394.04  7522172619.36
BRITISH SKY BROA    BSY EB           -105366394.04  7522172619.36
BRITISH SKY BROA    BSYBF US         -105366394.04  7522172619.36
BRITISH TELE-FP     BT/F LN          -5223868149.3 46894630327.28
BRITISH TELE-NP     BTPXF US         -5223868149.3 46894630327.28
BRITISH TELE-NP     BT/N LN          -5223868149.3 46894630327.28
BRITVIC             B6S GR              -731325.03  1222775450.71
BRITVIC PLC         BVIC PZ             -731325.03  1222775450.71
BRITVIC PLC         BVIC BQ             -731325.03  1222775450.71
BRITVIC PLC         BVICGBP EO          -731325.03  1222775450.71
BRITVIC PLC         BVIC EO             -731325.03  1222775450.71
BRITVIC PLC         BVICUSD EO          -731325.03  1222775450.71
BRITVIC PLC         BVIC IX             -731325.03  1222775450.71
BRITVIC PLC         BVIC EU             -731325.03  1222775450.71
BRITVIC PLC         BVICEUR EU          -731325.03  1222775450.71
BRITVIC PLC         BVIC LN             -731325.03  1222775450.71
BRITVIC PLC         BVIC TQ             -731325.03  1222775450.71
BRITVIC PLC         BVIC NR             -731325.03  1222775450.71
BRITVIC PLC         BVICEUR EO          -731325.03  1222775450.71
BRITVIC PLC         BVICUSD EU          -731325.03  1222775450.71
BRITVIC PLC         BVIC QM             -731325.03  1222775450.71
BRITVIC PLC         BTVCF US            -731325.03  1222775450.71
BRITVIC PLC         BVIC NQ             -731325.03  1222775450.71
BRITVIC PLC         BVIC EB             -731325.03  1222775450.71
BRITVIC PLC         BVIC VX             -731325.03  1222775450.71
BT GROUP PLC        BT/A LN          -5223868149.3 46894630327.28
BT GROUP PLC        BTGOF US         -5223868149.3 46894630327.28
BT GROUP PLC        BT PZ            -5223868149.3 46894630327.28
BT GROUP PLC        BT/AUSD EU       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A BQ          -5223868149.3 46894630327.28
BT GROUP PLC        BT/A TQ          -5223868149.3 46894630327.28
BT GROUP PLC        BT/A QM          -5223868149.3 46894630327.28
BT GROUP PLC        BT/APEN EO       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A NQ          -5223868149.3 46894630327.28
BT GROUP PLC        BT/A EO          -5223868149.3 46894630327.28
BT GROUP PLC        BT/A EU          -5223868149.3 46894630327.28
BT GROUP PLC        BTQ GR           -5223868149.3 46894630327.28
BT GROUP PLC        BT/AGBP EO       -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/ VX           -5223868149.3 46894630327.28
BT GROUP PLC        BT/A PO          -5223868149.3 46894630327.28
BT GROUP PLC        BT/AEUR EU       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A NR          -5223868149.3 46894630327.28
BT GROUP PLC        BT/AUSD EO       -5223868149.3 46894630327.28
BT GROUP PLC        BT/A EB          -5223868149.3 46894630327.28
BT GROUP PLC        BTEG IX          -5223868149.3 46894630327.28
BT GROUP PLC        BT IX            -5223868149.3 46894630327.28
BT GROUP PLC-ADR    BT/$ LN          -5223868149.3 46894630327.28
BT GROUP PLC-W/I    BTWI LN          -5223868149.3 46894630327.28
BT GROUP-ADR        BTQA GR          -5223868149.3 46894630327.28
BT GROUP-ADR WI     BTY-W US         -5223868149.3 46894630327.28
BT GROUP-CED $US    BTYD AR          -5223868149.3 46894630327.28
BT GROUP-CED $US    BTD AR           -5223868149.3 46894630327.28
BT GROUP-CED BLK    BTB AR           -5223868149.3 46894630327.28
BT GROUP-CED BLK    BTYB AR          -5223868149.3 46894630327.28
BT GROUP-CED C/E    BTC AR           -5223868149.3 46894630327.28
BT GROUP-CED C/E    BTYC AR          -5223868149.3 46894630327.28
BT GROUP-CEDEAR     BTY AR           -5223868149.3 46894630327.28
BT GROUP-CEDEAR     BT AR            -5223868149.3 46894630327.28
BT GROUP-SPON AD    BTY US           -5223868149.3 46894630327.28
BT GROUP-SPON AD    BT US            -5223868149.3 46894630327.28
BT GROUP-SPON AD    BTYN MM          -5223868149.3 46894630327.28
BT GROUP-SPON AD    BT MM            -5223868149.3 46894630327.28
CARLISLE GROUP      506819Q LN        -11904426.45   203548565.03
CHRYSALIS GROUP     CHS IX             -5851089.05   101497520.61
CHRYSALIS GROUP     CHS PO             -5851089.05   101497520.61
CHRYSALIS GROUP     CHS PZ             -5851089.05   101497520.61
CHRYSALIS GROUP     CHS EO             -5851089.05   101497520.61
CHRYSALIS GROUP     CHSUSD EU          -5851089.05   101497520.61
CHRYSALIS GROUP     CHSEUR EO          -5851089.05   101497520.61
CHRYSALIS GROUP     CHSUSD EO          -5851089.05   101497520.61
CHRYSALIS GROUP     CHS VX             -5851089.05   101497520.61
CHRYSALIS GROUP     HR4 GR             -5851089.05   101497520.61
CHRYSALIS GROUP     CHS LN             -5851089.05   101497520.61
CHRYSALIS GROUP     5CY GR             -5851089.05   101497520.61
CHRYSALIS GROUP     CHSEUR EU          -5851089.05   101497520.61
CHRYSALIS GROUP     CYGUF US           -5851089.05   101497520.61
CHRYSALIS GROUP     CLYSF US           -5851089.05   101497520.61
CHRYSALIS GROUP     CHSGBP EO          -5851089.05   101497520.61
CHRYSALIS GROUP     CHS EU             -5851089.05   101497520.61
CLIPPER WINDPOWE    CWP IX               -99360000      989187968
CLIPPER WINDPOWE    CRPWF US             -99360000      989187968
CLIPPER WINDPOWE    CWP LN               -99360000      989187968
CLIPPER WINDPOWE    CWP PZ               -99360000      989187968
CLIPPER WINDPOWE    CWP EU               -99360000      989187968
CLIPPER WINDPOWE    CWP EO               -99360000      989187968
CLIPPER WINDPOWE    CWPA LN              -99360000      989187968
CLIPPER WINDPOWE    C2W GR               -99360000      989187968
CLIPPER WINDPOWE    CWP PG               -99360000      989187968
COMPASS GROU-OLD    1259Q LN         -668101173.88  2972459078.38
COMPASS GROUP       QOP GR           -668101173.88  2972459078.38
COMPASS GRP-ADR     CMSGY US         -668101173.88  2972459078.38
COMPASS GRP-ADR     CMSJY US         -668101173.88  2972459078.38
COSTAIN GROU-RTS    COSN LN           -19097658.92   649978943.25
COSTAIN GROU-RTS    COSF LN           -19097658.92   649978943.25
COSTAIN GROUP       COSTUSD EO        -19097658.92   649978943.25
COSTAIN GROUP       COST EO           -19097658.92   649978943.25
COSTAIN GROUP       COST IX           -19097658.92   649978943.25
COSTAIN GROUP       COST PZ           -19097658.92   649978943.25
COSTAIN GROUP       COSTGBP EO        -19097658.92   649978943.25
COSTAIN GROUP       COST EU           -19097658.92   649978943.25
COSTAIN GROUP       COST VX           -19097658.92   649978943.25
COSTAIN GROUP       COSTUSD EU        -19097658.92   649978943.25
COSTAIN GROUP       COST LN           -19097658.92   649978943.25
COSTAIN GROUP       COSTEUR EO        -19097658.92   649978943.25
COSTAIN GROUP       COSTEUR EU        -19097658.92   649978943.25
COSTAIN GROUP       CSGFF US          -19097658.92   649978943.25
COSTAIN GROUP       COST PO           -19097658.92   649978943.25
DANKA BUS SYSTEM    3205291Q EO         -497127008      121439000
DANKA BUS SYSTEM    DNK IX              -497127008      121439000
DANKA BUS SYSTEM    3205283Q EO         -497127008      121439000
DANKA BUS SYSTEM    DNK LN              -497127008      121439000
DANKA BUS SYSTEM    3205287Q EU         -497127008      121439000
DANKA BUS SYSTEM    DNK PO              -497127008      121439000
DANKA BUS SYSTEM    DNK VX              -497127008      121439000
DANKA BUS SYSTEM    DNK PZ              -497127008      121439000
DANKA BUS SYSTEM    DANKF US            -497127008      121439000
DANKA BUS-$US CE    DANKD AR            -497127008      121439000
DANKA BUS-ADR       DANKY US            -497127008      121439000
DANKA BUS-ADR       DB6 GR              -497127008      121439000
DANKA BUS-ADR       DANKE US            -497127008      121439000
DANKA BUS-ADR       AP39 LI             -497127008      121439000
DANKA BUS-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     DWN1EUR EU        -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1GBP EO        -54451186.72   128196101.01
DAWSON HOLDINGS     DWN PO            -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1EUR EO        -54451186.72   128196101.01
DAWSON HOLDINGS     DWN IX            -54451186.72   128196101.01
DAWSON HOLDINGS     DWN VX            -54451186.72   128196101.01
DAWSON HOLDINGS     DWN PZ            -54451186.72   128196101.01
DAWSON HOLDINGS     DWHGF US          -54451186.72   128196101.01
DAWSON HOLDINGS     DWN LN            -54451186.72   128196101.01
DAWSON HOLDINGS     DWN1 EU           -54451186.72   128196101.01
DEVELICA DEUTSCH    DDE PZ            -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE IX            -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE LN            -41866600.36  1178479579.31
DEVELICA DEUTSCH    D4B GR            -41866600.36  1178479579.31
DEVELICA DEUTSCH    DDE PG            -41866600.36  1178479579.31
EASYNET GROUP       ESY LN            -45232889.17   322770283.93
EASYNET GROUP       EZNGF US          -45232889.17   322770283.93
EASYNET GROUP       EAY GR            -45232889.17   322770283.93
EASYNET GROUP       ESY PO            -45232889.17   322770283.93
EASYNET GROUP       ESY VX            -45232889.17   322770283.93
EASYNET GROUP-CV    91009Z LN         -45232889.17   322770283.93
EMI GROUP -ASSD     EMIA LN         -2265916256.89  2950021937.14
EMI GROUP LTD       EMI LN          -2265916256.89  2950021937.14
EMI GROUP PLC       3020138Q GR     -2265916256.89  2950021937.14
EMI GROUP PLC       EMI 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       EMIPF US        -2265916256.89  2950021937.14
EMI GROUP PLC-B     1019425Q LN     -2265916256.89  2950021937.14
EMI GROUP-ADR       38IS LN         -2265916256.89  2950021937.14
EMI GROUP-ADR       EMIPY US        -2265916256.89  2950021937.14
EMI GROUP-ADR       EMI$ LN         -2265916256.89  2950021937.14
EUROPEAN HOME       EHR PO            -14328735.16   110864081.39
EUROPEAN HOME       KLZ VX            -14328735.16   110864081.39
EUROPEAN HOME       EHR PZ            -14328735.16   110864081.39
EUROPEAN HOME       EHR VX            -14328735.16   110864081.39
EUROPEAN HOME       EHREUR EO         -14328735.16   110864081.39
EUROPEAN HOME       EHR EO            -14328735.16   110864081.39
EUROPEAN HOME       FPAKF US          -14328735.16   110864081.39
EUROPEAN HOME       KLZ PO            -14328735.16   110864081.39
EUROPEAN HOME       EHR LN            -14328735.16   110864081.39
EUROPEAN HOME       EHR EU            -14328735.16   110864081.39
EUROPEAN HOME       EHRGBP EO         -14328735.16   110864081.39
EUROPEAN HOME       EHREUR EU         -14328735.16   110864081.39
EUROPEAN MINERAL    EPM CN              -103725000      149477216
EUROPEAN MINERAL    EPM/U CN            -103725000      149477216
EUROPEAN MINERAL    EPMLF US            -103725000      149477216
EUROPEAN MINERAL    EUM PO              -103725000      149477216
EUROPEAN MINERAL    EUM LN              -103725000      149477216
FAREPAK PLC         FPK LN            -14328735.16   110864081.39
FARNELL ELEC-ADR    FRNZ LN           -45246567.32   692389353.06
FARNELL ELEC-ADR    FRN$ 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 NQ          -116415877.06   612420067.12
GALIFORM PLC        GLFMF US         -116415877.06   612420067.12
GALIFORM PLC        GFRM EU          -116415877.06   612420067.12
GALIFORM PLC        GFRM BQ          -116415877.06   612420067.12
GALIFORM PLC        MFIFF US         -116415877.06   612420067.12
GALIFORM PLC        GFRM PO          -116415877.06   612420067.12
GALIFORM PLC        GFRM EO          -116415877.06   612420067.12
GALIFORM PLC        GFRM IX          -116415877.06   612420067.12
GALIFORM PLC        MFI IX           -116415877.06   612420067.12
GALIFORM PLC        GFRM LN          -116415877.06   612420067.12
GALIFORM PLC        GFRM NR          -116415877.06   612420067.12
GALIFORM PLC        GFRMNOK EO       -116415877.06   612420067.12
GALIFORM PLC        MFI PO           -116415877.06   612420067.12
GALIFORM PLC        GFRM VX          -116415877.06   612420067.12
GALIFORM PLC        GFRM TQ          -116415877.06   612420067.12
GALIFORM PLC        GFRM QM          -116415877.06   612420067.12
GALIFORM PLC        GFRMEUR EU       -116415877.06   612420067.12
GALIFORM PLC        GFRMNOK EU       -116415877.06   612420067.12
GALIFORM PLC        GFRM PZ          -116415877.06   612420067.12
GALIFORM PLC        GFRMEUR EO       -116415877.06   612420067.12
GALIFORM PLC        GFRM EB          -116415877.06   612420067.12
GALIFORM PLC        MFI VX           -116415877.06   612420067.12
GALIFORM PLC        GFRMGBP EO       -116415877.06   612420067.12
GARTLAND WHALLEY    GWB LN            -10986769.42   145352034.49
GO-AHEAD GROUP      GOG NR            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG PZ            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG TQ            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG NQ            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGGBP EO         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EO            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG QM            -15712050.26  1619995129.64
GO-AHEAD GROUP      G9X GR            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG VX            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGEUR EO         -15712050.26  1619995129.64
GO-AHEAD GROUP      GHGUF US          -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG IX            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EU            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOGEUR EU         -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG BQ            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG PO            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG LN            -15712050.26  1619995129.64
GO-AHEAD GROUP      GOG EB            -15712050.26  1619995129.64
HAWTIN PLC          HTI LN             -3873861.33   110875080.83
HAWTIN PLC          HTI EU             -3873861.33   110875080.83
HAWTIN PLC          HTI EO             -3873861.33   110875080.83
HAWTIN PLC          HTI PZ             -3873861.33   110875080.83
HAWTIN PLC          HWN GR             -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 PG             -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     IHGA LN              -91000000     3076999936
INTERCONTIN-ADR     IHG-W US             -91000000     3076999936
INTERCONTIN-ADR     IHG US               -91000000     3076999936
INTERCONTINENTAL    IHGEUR EO            -91000000     3076999936
INTERCONTINENTAL    IHGOF US             -91000000     3076999936
INTERCONTINENTAL    IHG BQ               -91000000     3076999936
INTERCONTINENTAL    ICHGF US             -91000000     3076999936
INTERCONTINENTAL    IHGCHF EU            -91000000     3076999936
INTERCONTINENTAL    IC1C GR              -91000000     3076999936
INTERCONTINENTAL    IHGCHF EO            -91000000     3076999936
INTERCONTINENTAL    IC1A GR              -91000000     3076999936
INTERCONTINENTAL    IHGUSD EO            -91000000     3076999936
INTERCONTINENTAL    IHG NQ               -91000000     3076999936
INTERCONTINENTAL    IHG EO               -91000000     3076999936
INTERCONTINENTAL    IHG QM               -91000000     3076999936
INTERCONTINENTAL    IHG EB               -91000000     3076999936
INTERCONTINENTAL    IHG PO               -91000000     3076999936
INTERCONTINENTAL    IC1B GR              -91000000     3076999936
INTERCONTINENTAL    IHG LN               -91000000     3076999936
INTERCONTINENTAL    IHGUSD EU            -91000000     3076999936
INTERCONTINENTAL    IHGEUR EU            -91000000     3076999936
INTERCONTINENTAL    988082Q GR           -91000000     3076999936
INTERCONTINENTAL    IHG PZ               -91000000     3076999936
INTERCONTINENTAL    INCNF US             -91000000     3076999936
INTERCONTINENTAL    IHG TQ               -91000000     3076999936
INTERCONTINENTAL    IHGGBP EO            -91000000     3076999936
INTERCONTINENTAL    IHG EU               -91000000     3076999936
INTERCONTINENTAL    IHG VX               -91000000     3076999936
INTERCONTINENTAL    IHG NR               -91000000     3076999936
INTERCONTINENTAL    IHG IX               -91000000     3076999936
INTERCONTINENTAL    IC1 GR               -91000000     3076999936
JARVIS PLC          JRVS PO           -48330109.98   155571478.27
JARVIS PLC          JRVSEUR EO        -48330109.98   155571478.27
JARVIS PLC          JRVS IX           -48330109.98   155571478.27
JARVIS PLC          JRVS EU           -48330109.98   155571478.27
JARVIS PLC          JRVS PZ           -48330109.98   155571478.27
JARVIS PLC          JRVS EO           -48330109.98   155571478.27
JARVIS PLC          JVSPF US          -48330109.98   155571478.27
JARVIS PLC          JRVSGBP EO        -48330109.98   155571478.27
JARVIS PLC          JVR GR            -48330109.98   155571478.27
JARVIS PLC          JRVSEUR EU        -48330109.98   155571478.27
JARVIS PLC          JRVS LN           -48330109.98   155571478.27
JARVIS PLC          JRVS VX           -48330109.98   155571478.27
JESSOPS PLC         JSP EU             -42702021.2   112964060.38
JESSOPS PLC         JSPEUR EO          -42702021.2   112964060.38
JESSOPS PLC         JSP PZ             -42702021.2   112964060.38
JESSOPS PLC         JSPEUR EU          -42702021.2   112964060.38
JESSOPS PLC         JSPGBP EO          -42702021.2   112964060.38
JESSOPS PLC         JSP PO             -42702021.2   112964060.38
JESSOPS PLC         JSP LN             -42702021.2   112964060.38
JESSOPS PLC         JSP EO             -42702021.2   112964060.38
JESSOPS PLC         JSP IX             -42702021.2   112964060.38
JESSOPS PLC         JS4 GR             -42702021.2   112964060.38
JESSOPS PLC         JSP VX             -42702021.2   112964060.38
KAZAKHSTAN MNRLS    KMCOF US            -103725000      149477216
KAZAKHSTAN MNRLS    KMCO CN             -103725000      149477216
KAZAKHSTAN MNRLS    KMCO/U CN           -103725000      149477216
KAZAKHSTAN MNRLS    KMC/U CN            -103725000      149477216
KLEENEZE PLC        KLZ LN            -14328735.16   110864081.39
LADBROKE GROUP      LADB LN          -547740614.03  1922113569.01
LADBROKE GRP-IDR    695767Q BB       -547740614.03  1922113569.01
LADBROKE GRP-OLD    LADB BB          -547740614.03  1922113569.01
LADBROKES PLC       LADGBP EO        -547740614.03  1922113569.01
LADBROKES PLC       LDBKF US         -547740614.03  1922113569.01
LADBROKES PLC       LADEUR EO        -547740614.03  1922113569.01
LADBROKES PLC       LAD QM           -547740614.03  1922113569.01
LADBROKES PLC       LADUSD EO        -547740614.03  1922113569.01
LADBROKES PLC       LAD LN           -547740614.03  1922113569.01
LADBROKES PLC       LAD BQ           -547740614.03  1922113569.01
LADBROKES PLC       LAD EB           -547740614.03  1922113569.01
LADBROKES PLC       HG/ VX           -547740614.03  1922113569.01
LADBROKES PLC       LAD NQ           -547740614.03  1922113569.01
LADBROKES PLC       LAD EO           -547740614.03  1922113569.01
LADBROKES PLC       LAD IX           -547740614.03  1922113569.01
LADBROKES PLC       LADEUR EU        -547740614.03  1922113569.01
LADBROKES PLC       LAD EU           -547740614.03  1922113569.01
LADBROKES PLC       LAD PO           -547740614.03  1922113569.01
LADBROKES PLC       LADNZD EU        -547740614.03  1922113569.01
LADBROKES PLC       LAD TQ           -547740614.03  1922113569.01
LADBROKES PLC       LADNZD EO        -547740614.03  1922113569.01
LADBROKES PLC       LAD GR           -547740614.03  1922113569.01
LADBROKES PLC       LAD NR           -547740614.03  1922113569.01
LADBROKES PLC       LAD VX           -547740614.03  1922113569.01
LADBROKES PLC       LAD PZ           -547740614.03  1922113569.01
LADBROKES PLC-AD    LDBKY LN         -547740614.03  1922113569.01
LADBROKES PLC-AD    LDBKY US         -547740614.03  1922113569.01
LADBROKES PLC-CE    LAD BB           -547740614.03  1922113569.01
LAMBERT FENCHURC    LMF LN             -1453050.04  1826806853.46
LEEDS SPORTING      LES LN             -73166148.8   143762193.66
LEEDS SPORTING      LEDPF US           -73166148.8   143762193.66
LEEDS UNITED PLC    LUFC LN            -73166148.8   143762193.66
LEEDS UNITED PLC    889687Q GR         -73166148.8   143762193.66
LEEDS UNITED PLC    LDSUF US           -73166148.8   143762193.66
LONDON TOWN PLC     LTW PG             -15549465.1   160165508.92
LONDON TOWN PLC     LTW IX             -15549465.1   160165508.92
LONDON TOWN PLC     LTWX LN            -15549465.1   160165508.92
LONDON TOWN PLC     LTW EO             -15549465.1   160165508.92
LONDON TOWN PLC     LTWR LN            -15549465.1   160165508.92
LONDON TOWN PLC     LOU GR             -15549465.1   160165508.92
LONDON TOWN PLC     LTW LN             -15549465.1   160165508.92
LONDON TOWN PLC     LTW PO             -15549465.1   160165508.92
LONDON TOWN PLC     LTW EU             -15549465.1   160165508.92
LONDON TOWN PLC     LTW PZ             -15549465.1   160165508.92
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         MNI BB          -2203513803.24  7204891601.83
MARCONI PLC         MRCQF US        -2203513803.24  7204891601.83
MARCONI PLC         MNI LN          -2203513803.24  7204891601.83
MARCONI PLC         MONI BB         -2203513803.24  7204891601.83
MARCONI PLC         MY2 GR          -2203513803.24  7204891601.83
MARCONI PLC         203083Q VX      -2203513803.24  7204891601.83
MARCONI PLC-ADR     QUQMON AU       -2203513803.24  7204891601.83
MARCONI PLC-ADR     MCBA GR         -2203513803.24  7204891601.83
MARCONI PLC-ADR     MY2A GR         -2203513803.24  7204891601.83
MARCONI PLC-ADR     MONIY US        -2203513803.24  7204891601.83
MARCONI PLC-ADR     MONI US         -2203513803.24  7204891601.83
MARCONI PLC-ADR     MONIE US        -2203513803.24  7204891601.83
MARCONI PLC-ADR     MCONY US        -2203513803.24  7204891601.83
MARCONI PLC-ADR     MRCQY US        -2203513803.24  7204891601.83
MFI FURNITURE GR    MFI LN           -116415877.06   612420067.12
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      MT/S PO          -379721841.57  1817512773.61
MYTRAVEL GROUP      ARO2 GR          -379721841.57  1817512773.61
MYTRAVEL GROUP      MYTPF US         -379721841.57  1817512773.61
MYTRAVEL GROUP P    MYTGF US         -379721841.57  1817512773.61
MYTRAVEL GROUP P    1018144Q GR      -379721841.57  1817512773.61
MYTRAVEL GROUP P    MT/ VX           -379721841.57  1817512773.61
MYTRAVEL GROUP-A    2281919Q GR      -379721841.57  1817512773.61
MYTRAVEL GROUP-A    MYTVF US         -379721841.57  1817512773.61
NEW STAR ASSET      NSAM LN          -397718038.04   292972732.12
NEW STAR ASSET      3226447Q EO      -397718038.04   292972732.12
NEW STAR ASSET      3226439Q EU      -397718038.04   292972732.12
NEW STAR ASSET      NSAM IX          -397718038.04   292972732.12
NEW STAR ASSET      NSAA LN          -397718038.04   292972732.12
NEW STAR ASSET      NWSAF US         -397718038.04   292972732.12
NEW STAR ASSET      N6S GR           -397718038.04   292972732.12
NEW STAR ASSET      3226431Q EU      -397718038.04   292972732.12
NEW STAR ASSET      3226443Q EO      -397718038.04   292972732.12
NEW STAR ASSET      NSAM PZ          -397718038.04   292972732.12
NEW STAR ASSET      NSAM TQ          -397718038.04   292972732.12
NEW STAR ASSET      NSAM PO          -397718038.04   292972732.12
NEW STAR ASSET      3226435Q EO      -397718038.04   292972732.12
NORTHERN ROCK       2733285Q EU     -586206492.33 152084295061.92
NORTHERN ROCK       2733277Q EU     -586206492.33 152084295061.92
NORTHERN ROCK       2733273Q EO     -586206492.33 152084295061.92
NORTHERN ROCK       2733289Q EO     -586206492.33 152084295061.92
NORTHERN ROCK       NRK VX          -586206492.33 152084295061.92
NORTHERN ROCK       2733281Q EO     -586206492.33 152084295061.92
NORTHERN ROCK       NRK LN          -586206492.33 152084295061.92
NORTHERN ROCK       NHRKF US        -586206492.33 152084295061.92
NORTHERN ROCK       NRK PO          -586206492.33 152084295061.92
NORTHERN ROCK       NRK PZ          -586206492.33 152084295061.92
NORTHERN ROCK       2733269Q EU     -586206492.33 152084295061.92
NORTHERN ROCK       NRKI IX         -586206492.33 152084295061.92
NORTHERN ROCK       2733265Q EO     -586206492.33 152084295061.92
NORTHERN ROCK       NR3 GR          -586206492.33 152084295061.92
NORTHERN ROCK       NRK IX          -586206492.33 152084295061.92
O TWELVE ESTATES    O2T GR            -10555410.41   267391338.05
O TWELVE ESTATES    OTE LN            -10555410.41   267391338.05
O TWELVE ESTATES    OTE PZ            -10555410.41   267391338.05
O TWELVE ESTATES    OTEEUR EO         -10555410.41   267391338.05
O TWELVE ESTATES    OTE IX            -10555410.41   267391338.05
O TWELVE ESTATES    OTE EO            -10555410.41   267391338.05
O TWELVE ESTATES    OTE EU            -10555410.41   267391338.05
O TWELVE ESTATES    OTE PG            -10555410.41   267391338.05
ORANGE PLC          951641Q LN       -593935051.02   2902299501.9
ORANGE PLC          1460Q GR         -593935051.02   2902299501.9
ORANGE PLC          ORNGF US         -593935051.02   2902299501.9
ORANGE PLC-ADR      ORA$ LN          -593935051.02   2902299501.9
ORANGE PLC-ADR      ORNGY US         -593935051.02   2902299501.9
ORANGE PLC-ADR      ONG GR           -593935051.02   2902299501.9
ORBIS PLC           ORBSF US           -4168498.48    127701679.5
ORBIS PLC           OBS IX             -4168498.48    127701679.5
ORBIS PLC           RLP GR             -4168498.48    127701679.5
ORBIS PLC           OBS PO             -4168498.48    127701679.5
ORBIS PLC           OBG PO             -4168498.48    127701679.5
ORBIS PLC           OBS PZ             -4168498.48    127701679.5
ORBIS PLC           OBS LN             -4168498.48    127701679.5
ORSU METALS CORP    OSU CN              -103725000      149477216
ORSU METALS CORP    EPMCF US            -103725000      149477216
ORSU METALS CORP    EUM IX              -103725000      149477216
ORSU METALS CORP    OSU LN              -103725000      149477216
ORSU METALS CORP    OSUMF US            -103725000      149477216
ORSU METALS CORP    ORSM007* RU         -103725000      149477216
ORSU METALS CORP    OSU PZ              -103725000      149477216
ORSU METALS CORP    ORSM007 RU          -103725000      149477216
ORSU METALS CORP    E4M GR              -103725000      149477216
ORSU METALS CORP    OSU PG              -103725000      149477216
PATIENTLINE PLC     2928903Q EU       -54677284.64    124948245.8
PATIENTLINE PLC     PTL PZ            -54677284.64    124948245.8
PATIENTLINE PLC     PTL VX            -54677284.64    124948245.8
PATIENTLINE PLC     PTL LN            -54677284.64    124948245.8
PATIENTLINE PLC     2928899Q EO       -54677284.64    124948245.8
PATIENTLINE PLC     PTL PO            -54677284.64    124948245.8
PATIENTLINE PLC     2928907Q EO       -54677284.64    124948245.8
PATIENTLINE PLC     PTL IX            -54677284.64    124948245.8
PREMIER FARN-ADR    2246804Q US       -45246567.32   692389353.06
PREMIER FARN-ADR    PFLZ LN           -45246567.32   692389353.06
PREMIER FARN-ADR    PIFLY US          -45246567.32   692389353.06
PREMIER FARNELL     PFL LN            -45246567.32   692389353.06
PREMIER FARNELL     PFL VX            -45246567.32   692389353.06
PREMIER FARNELL     PFL EO            -45246567.32   692389353.06
PREMIER FARNELL     PFL NR            -45246567.32   692389353.06
PREMIER FARNELL     PFL IX            -45246567.32   692389353.06
PREMIER FARNELL     PFL PO            -45246567.32   692389353.06
PREMIER FARNELL     PML GR            -45246567.32   692389353.06
PREMIER FARNELL     PFLEUR EO         -45246567.32   692389353.06
PREMIER FARNELL     PFL NQ            -45246567.32   692389353.06
PREMIER FARNELL     PFL QM            -45246567.32   692389353.06
PREMIER FARNELL     PFLSEK EO         -45246567.32   692389353.06
PREMIER FARNELL     PFL EB            -45246567.32   692389353.06
PREMIER FARNELL     PFLUSD EU         -45246567.32   692389353.06
PREMIER FARNELL     PFL EU            -45246567.32   692389353.06
PREMIER FARNELL     PFLUSD EO         -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 TQ            -45246567.32   692389353.06
PREMIER FARNELL     PFLSEK EU         -45246567.32   692389353.06
PREMIER FARNELL     PFLGBP EO         -45246567.32   692389353.06
PREMIER FARNELL     PFL BQ            -45246567.32   692389353.06
PROSTRAKAN GROUP    PSK PO             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK EO             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK LN             -1646349.91   143067806.91
PROSTRAKAN GROUP    PKNGF US           -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK EU             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSKEUR EU          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK IX             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSKEUR EO          -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK PZ             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSK VX             -1646349.91   143067806.91
PROSTRAKAN GROUP    PSKGBP EO          -1646349.91   143067806.91
REGUS LTD           273187Q LN        -46111835.37      367181111
REGUS PLC           273195Q VX        -46111835.37      367181111
REGUS PLC           2296Z LN          -46111835.37      367181111
REGUS PLC           RGU GR            -46111835.37      367181111
REGUS PLC           REGSF US          -46111835.37      367181111
REGUS PLC-ADS       REGS US           -46111835.37      367181111
REGUS PLC-ADS       REGSY US          -46111835.37      367181111
REGUS PLC-ADS       REGSV US          -46111835.37      367181111
REGUS PLC-ADS       RGUA GR           -46111835.37      367181111
RENTOKIL INITIAL    RTO IX           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOEUR EU        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOUSD EU        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO VX           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO TQ           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO1 GR          -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOGBP EO        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO NQ           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO GR           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO NR           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EU           -351331070.14  3368925867.22
RENTOKIL INITIAL    RKLIF US         -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOEUR EO        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO BQ           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO PO           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOG IX          -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EO           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOUSD EO        -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO QM           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO LN           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO PZ           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTO EB           -351331070.14  3368925867.22
RENTOKIL INITIAL    RTOKF US         -351331070.14  3368925867.22
RENTOKIL-SP ADR     RTOKY US         -351331070.14  3368925867.22
RENTOKIL-SP ADR     AP76 LI          -351331070.14  3368925867.22
SAATCHI & SA-ADR    SSI$ LN          -119260804.15   705060824.55
SAATCHI & SA-ADR    SSA US           -119260804.15   705060824.55
SAATCHI & SAATCH    188190Q GR       -119260804.15   705060824.55
SAATCHI & SAATCH    SSI LN           -119260804.15   705060824.55
SAATCHI & SAATCH    SSATF US         -119260804.15   705060824.55
SCOTTISH MEDIA      SSMR LN           -49061227.23   212049868.01
SCOTTISH MEDIA      1442Q GR          -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       SUYFF US         -108067115.81   177647536.08
SFI GROUP PLC       SUF LN           -108067115.81   177647536.08
SKYEPHAR-RTS F/P    SKPF VX          -134177517.41   149159301.57
SKYEPHAR-RTS F/P    SKPF LN          -134177517.41   149159301.57
SKYEPHAR-RTS N/P    SKPN 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      SKPEUR EO        -134177517.41   149159301.57
SKYEPHARMA PLC      SKP EO           -134177517.41   149159301.57
SKYEPHARMA PLC      SKP PO           -134177517.41   149159301.57
SKYEPHARMA PLC      SKPGBP EO        -134177517.41   149159301.57
SKYEPHARMA PLC      SKP1 VX          -134177517.41   149159301.57
SKYEPHARMA PLC      SKP PZ           -134177517.41   149159301.57
SKYEPHARMA PLC      SK8C GR          -134177517.41   149159301.57
SKYEPHARMA PLC      SKP LN           -134177517.41   149159301.57
SKYEPHARMA PLC      SKP VX           -134177517.41   149159301.57
SKYEPHARMA PLC      SKP EU           -134177517.41   149159301.57
SKYEPHARMA PLC      SKP TQ           -134177517.41   149159301.57
SKYEPHARMA PLC      SKPEUR EU        -134177517.41   149159301.57
SKYEPHARMA PLC      SKP IX           -134177517.41   149159301.57
SKYEPHARMA PLC      SK8A GR          -134177517.41   149159301.57
SKYEPHARMA PLC      SKYEF US         -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYEY US         -134177517.41   149159301.57
SKYEPHARMA-ADR      AP80 LI          -134177517.41   149159301.57
SKYEPHARMA-ADR      SK8N GR          -134177517.41   149159301.57
SKYEPHARMA-ADR      SK8 GR           -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYPY US         -134177517.41   149159301.57
SKYEPHARMA-ADR      SKYE US          -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     NWS2EUR EO        -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2 TQ           -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2 EO           -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2GBP EO        -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 EU           -97992746.54   146917382.81
SMITHS NEWS PLC     NWS IX            -97992746.54   146917382.81
SMITHS NEWS PLC     NWS PO            -97992746.54   146917382.81
SMITHS NEWS PLC     NWS2EUR EU        -97992746.54   146917382.81
SMITHS NEWS PLC     NWS1 EU           -97992746.54   146917382.81
SMITHS NEWS PLC     NWS PZ            -97992746.54   146917382.81
SMITHS NEWS PLC     NWS1 EO           -97992746.54   146917382.81
SMITHS NEWS PLC     SMWPY US          -97992746.54   146917382.81
SMITHS NEWS PLC     NWS1 BQ           -97992746.54   146917382.81
SMITHS NEWS PLC     SMWPF US          -97992746.54   146917382.81
STAGECOACH GROUP    SGC PO            -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EO           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EU           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1EUR EO        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1AUD EO        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 BQ           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC IX            -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 TQ           -14183327.87  2231066974.58
STAGECOACH GROUP    SHP GR            -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1GBP EO        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 EB           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1EUR EU        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 QM           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC LN            -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1USD EU        -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1AUD EU        -14183327.87  2231066974.58
STAGECOACH GROUP    SGCG PZ           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 NR           -14183327.87  2231066974.58
STAGECOACH GROUP    SAGKF US          -14183327.87  2231066974.58
STAGECOACH GROUP    SGC2 VX           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1USD EO        -14183327.87  2231066974.58
STAGECOACH GROUP    SHP4 GR           -14183327.87  2231066974.58
STAGECOACH GROUP    SGC1 NQ           -14183327.87  2231066974.58
STAGECOACH GRP-B    SGCB LN           -14183327.87  2231066974.58
STAGECOACH-NEW      SGCN LN           -14183327.87  2231066974.58
STV GROUP PLC       STVGEUR EU        -49061227.23   212049868.01
STV GROUP PLC       STVGGBP EO        -49061227.23   212049868.01
STV GROUP PLC       STVG EO           -49061227.23   212049868.01
STV GROUP PLC       STVG LN           -49061227.23   212049868.01
STV GROUP PLC       STVG VX           -49061227.23   212049868.01
STV GROUP PLC       STVGEUR EO        -49061227.23   212049868.01
STV GROUP PLC       SMG IX            -49061227.23   212049868.01
STV GROUP PLC       STVG EU           -49061227.23   212049868.01
STV GROUP PLC       SMG VX            -49061227.23   212049868.01
STV GROUP PLC       SMGPF US          -49061227.23   212049868.01
STV GROUP PLC       SMG PZ            -49061227.23   212049868.01
TELASI JSC          AEST GG            -38496626.3   121421179.22
TELEWEST COM-ADR    TWSTD US        -3702234580.99  7581020925.22
TELEWEST COM-ADR    940767Q GR      -3702234580.99  7581020925.22
TELEWEST COM-ADR    TWT$ LN         -3702234580.99  7581020925.22
TELEWEST COM-ADR    TWSTY US        -3702234580.99  7581020925.22
TELEWEST COMM       TWT VX          -3702234580.99  7581020925.22
TELEWEST COMM       604296Q GR      -3702234580.99  7581020925.22
TELEWEST COMM       715382Q LN      -3702234580.99  7581020925.22
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 LN            -78172467.48    131014414.4
TOPPS TILES PLC     TPT PZ            -78172467.48    131014414.4
TOPPS TILES PLC     TPTGBP EO         -78172467.48    131014414.4
TOPPS TILES PLC     TPT PO            -78172467.48    131014414.4
TOPPS TILES PLC     TPTJF US          -78172467.48    131014414.4
TOPPS TILES PLC     TPT IX            -78172467.48    131014414.4
TOPPS TILES PLC     TPT EU            -78172467.48    131014414.4
TOPPS TILES PLC     TPTEUR EU         -78172467.48    131014414.4
TOPPS TILES PLC     TPTEUR EO         -78172467.48    131014414.4
TOPPS TILES PLC     TPT TQ            -78172467.48    131014414.4
TOPPS TILES PLC     TPT EO            -78172467.48    131014414.4
TOPPS TILES PLC     TPT BQ            -78172467.48    131014414.4
TOPPS TILES PLC     TPT VX            -78172467.48    131014414.4
TOPPS TILES PLC     TPTJY US          -78172467.48    131014414.4
TOPPS TILES-NEW     TPTN LN           -78172467.48    131014414.4
UTC GROUP           UGR LN            -11904426.45   203548565.03
VIRGIN MOB-ASSD     VMOC LN          -392165437.58   166070003.71
VIRGIN MOB-ASSD     VMOA LN          -392165437.58   166070003.71
VIRGIN MOBILE       VMOB LN          -392165437.58   166070003.71
VIRGIN MOBILE       VMOB PO          -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       WIN1USD EU        -47615167.52  1316638025.67
WINCANTON PLC       WIN PZ            -47615167.52  1316638025.67
WINCANTON PLC       WIN1EUR EU        -47615167.52  1316638025.67
WINCANTON PLC       WIN1 TQ           -47615167.52  1316638025.67
WINCANTON PLC       WIN1EUR EO        -47615167.52  1316638025.67
WINCANTON PLC       WIN PO            -47615167.52  1316638025.67
WINCANTON PLC       WIN1USD EO        -47615167.52  1316638025.67
WINCANTON PLC       WIN1 QM           -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EU           -47615167.52  1316638025.67
WINCANTON PLC       WIN IX            -47615167.52  1316638025.67
WINCANTON PLC       WIN1 BQ           -47615167.52  1316638025.67
WINCANTON PLC       WIN LN            -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EB           -47615167.52  1316638025.67
WINCANTON PLC       WIN1GBP EO        -47615167.52  1316638025.67
WINCANTON PLC       WIN VX            -47615167.52  1316638025.67
WINCANTON PLC       WIN1 NQ           -47615167.52  1316638025.67
WINCANTON PLC       WIN1 EO           -47615167.52  1316638025.67
WINCANTON PLC       WNCNF US          -47615167.52  1316638025.67
XXPERT RENTAL       XPRT CN             -103725000      149477216


GREECE
------
AG PETZETAKIS SA    PTZ1 GR           -30790135.48   234437763.45
AG PETZETAKIS SA    PETZK PZ          -30790135.48   234437763.45
AG PETZETAKIS SA    PETZK GA          -30790135.48   234437763.45
AG PETZETAKIS SA    PZETF US          -30790135.48   234437763.45
AG PETZETAKIS SA    PETZK EO          -30790135.48   234437763.45
AG PETZETAKIS SA    PETZK EU          -30790135.48   234437763.45
AG PETZETAKIS SA    PTZ GR            -30790135.48   234437763.45
ALTEC SA -AUCT      ALTECE GA        -103590250.31   177563163.73
ALTEC SA INFO       ALTEC EO         -103590250.31   177563163.73
ALTEC SA INFO       ALTEC EU         -103590250.31   177563163.73
ALTEC SA INFO       ATCQF US         -103590250.31   177563163.73
ALTEC SA INFO       ALTEC GA         -103590250.31   177563163.73
ALTEC SA INFO       ALTEC PZ         -103590250.31   177563163.73
ALTEC SA INFO       AXY GR           -103590250.31   177563163.73
ALTEC SA INFO-RT    ALTECR GA        -103590250.31   177563163.73
ALTEC SA INFO-RT    ALTED GA         -103590250.31   177563163.73
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 EU          -34283568.77   458056717.55
HELLAS ONLINE SA    HOL GA            -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN GA          -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN PZ          -34283568.77   458056717.55
HELLAS ONLINE SA    BRAIN EO          -34283568.77   458056717.55
KOUMBAS INSUR-RT    KOUMD GA          -47073006.65   212483361.18
KOUMBAS RTS         KOUMR GA          -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM GA           -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM EU           -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM PZ           -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUM EO           -47073006.65   212483361.18
KOUMBAS SYNERGY     KOUMF US          -47073006.65   212483361.18
NAOUSSA SPIN -RT    NAOYD GA          -44175513.67   341686153.14
NAOUSSA SPIN-AUC    NAOYKE GA         -44175513.67   341686153.14
NAOUSSA SPIN-RTS    NAOYKR GA         -44175513.67   341686153.14
NAOUSSA SPINNING    NML GR            -44175513.67   341686153.14
NAOUSSA SPINNING    NML1 GR           -44175513.67   341686153.14
PETZET - PFD-RTS    PETZPD GA         -30790135.48   234437763.45
PETZETAKIS - RTS    PETZKD GA         -30790135.48   234437763.45
PETZETAKIS-AUC      PETZKE GA         -30790135.48   234437763.45
PETZETAKIS-PFD      PTZ3 GR           -30790135.48   234437763.45
PETZETAKIS-PFD      PETZP GA          -30790135.48   234437763.45
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    THEMED GA         -55751178.85   232036822.56
THEMELIODOMI-RTS    THEMER GA         -55751178.85   232036822.56
UNITED TEXTILES     UTEX EU           -44175513.67   341686153.14
UNITED TEXTILES     NAOSF US          -44175513.67   341686153.14
UNITED TEXTILES     UTEX EO           -44175513.67   341686153.14
UNITED TEXTILES     NAOYK GA          -44175513.67   341686153.14
UNITED TEXTILES     UTEX PZ           -44175513.67   341686153.14
UNITED TEXTILES     UTEX GA           -44175513.67   341686153.14


CROATIA
-------
BRODOGRADE INDUS    3MAJRA CZ        -388927692.38    624796011.8
HUNGARIAN TELEPH    HUC GR               -41577000     1251297920
HUNGARIAN TELEPH    HUC EX               -41577000     1251297920
HUNGARIAN TELEPH    HUGC IX              -41577000     1251297920
INVITEL HOLD-ADR    0IN GR               -41577000     1251297920
INVITEL HOLD-ADR    IHO US               -41577000     1251297920
INVITEL HOLDINGS    3212873Z HB          -41577000     1251297920
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    BCP ID            -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 EO           -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 EU           -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP IX            -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 PG           -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP1 PZ           -10192301.85   119787800.54
BOUNDARY CAPITAL    BCP LN            -10192301.85   119787800.54
BOUNDARY CAPITAL    BCM GR            -10192301.85   119787800.54
ELAN CORP PLC       ELN NR              -370500000     1669500032
ELAN CORP PLC       ECN VX              -370500000     1669500032
ELAN CORP PLC       ELN EU              -370500000     1669500032
ELAN CORP PLC       ELN IX              -370500000     1669500032
ELAN CORP PLC       ELNGBX EO           -370500000     1669500032
ELAN CORP PLC       ELN LN              -370500000     1669500032
ELAN CORP PLC       ELA PO              -370500000     1669500032
ELAN CORP PLC       ELA LN              -370500000     1669500032
ELAN CORP PLC       ELN ID              -370500000     1669500032
ELAN CORP PLC       ELNCF US            -370500000     1669500032
ELAN CORP PLC       DRXG IX             -370500000     1669500032
ELAN CORP PLC       DRX GR              -370500000     1669500032
ELAN CORP PLC       DRX1 PZ             -370500000     1669500032
ELAN CORP PLC       ELN EO              -370500000     1669500032
ELAN CORP PLC       ELN TQ              -370500000     1669500032
ELAN CORP PLC       ELNUSD EU           -370500000     1669500032
ELAN CORP PLC       ELA IX              -370500000     1669500032
ELAN CORP PLC       ELNGBP EO           -370500000     1669500032
ELAN CORP PLC       ELNUSD EO           -370500000     1669500032
ELAN CORP-ADR       EANG IX             -370500000     1669500032
ELAN CORP-ADR       ELN US              -370500000     1669500032
ELAN CORP-ADR       ELAD LN             -370500000     1669500032
ELAN CORP-ADR       EAN GR              -370500000     1669500032
ELAN CORP-ADR       QUNELN AU           -370500000     1669500032
ELAN CORP-ADR UT    ELN/E US            -370500000     1669500032
ELAN CORP-CVR       LCVRZ US            -370500000     1669500032
ELAN CORP-CVR       ELNZV 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     MCI EO           -113397336.28   441922391.66
MCINERNEY HLDGS     MCI PO           -113397336.28   441922391.66
MCINERNEY HLDGS     MK9 PO           -113397336.28   441922391.66
MCINERNEY HLDGS     MCI ID           -113397336.28   441922391.66
MCINERNEY HLDGS     MCI LN           -113397336.28   441922391.66
MCINERNEY HLDGS     MCI VX           -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBX EO        -113397336.28   441922391.66
MCINERNEY HLDGS     MCI IX           -113397336.28   441922391.66
MCINERNEY HLDGS     MK9 GR           -113397336.28   441922391.66
MCINERNEY HLDGS     MNEYF US         -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBX EU        -113397336.28   441922391.66
MCINERNEY HLDGS     MK9C PZ          -113397336.28   441922391.66
MCINERNEY HLDGS     MCIGBP EO        -113397336.28   441922391.66
MCINERNEY HLDGS     MCI EU           -113397336.28   441922391.66
MCINERNEY HLDGS     MCII IX          -113397336.28   441922391.66
MCINERNEY PROP-A    MCIYF US         -113397336.28   441922391.66
MCINERNEY PROP-A    MYP LN           -113397336.28   441922391.66
MCINERNEY PROP-A    MYP ID           -113397336.28   441922391.66
MCINERNEY-ADR       MNEYY US         -113397336.28   441922391.66
PAYZONE PLC         PAYZ EU          -138030903.22   510010035.33
PAYZONE PLC         PAYZ LN          -138030903.22   510010035.33
PAYZONE PLC         PAYZ IX          -138030903.22   510010035.33
PAYZONE PLC         PAYZ PG          -138030903.22   510010035.33
PAYZONE PLC         4P6 GR           -138030903.22   510010035.33
PAYZONE PLC         PAYZ EO          -138030903.22   510010035.33
PAYZONE PLC         PAYZ PZ          -138030903.22   510010035.33
WATERFORD - RTS     508519Q LN       -505729895.23   820803256.03
WATERFORD - RTS     WWWB ID          -505729895.23   820803256.03
WATERFORD - RTS     508523Q LN       -505729895.23   820803256.03
WATERFORD - RTS     WWWA GR          -505729895.23   820803256.03
WATERFORD - RTS     WWWB GR          -505729895.23   820803256.03
WATERFORD - RTS     WWWA ID          -505729895.23   820803256.03
WATERFORD W-ADR     WATWY US         -505729895.23   820803256.03
WATERFORD WDGEWD    WATWF US         -505729895.23   820803256.03
WATERFORD WDGEWD    WATFF US         -505729895.23   820803256.03
WATERFORD WE-RTS    WTFF ID          -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 LN          -505729895.23   820803256.03
WATERFORD WE-RTS    WTFN VX          -505729895.23   820803256.03
WATERFORD WED-RT    WTFR 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-RT    WWWC GR          -505729895.23   820803256.03
WATERFORD WED-RT    WWWC ID          -505729895.23   820803256.03
WATERFORD WED-RT    586552Q LN       -505729895.23   820803256.03
WATERFORD WED-RT    WWWD ID          -505729895.23   820803256.03
WATERFORD WED-UT    WWW GR           -505729895.23   820803256.03
WATERFORD WED-UT    WTFUGBX EU       -505729895.23   820803256.03
WATERFORD WED-UT    WTFU ID          -505729895.23   820803256.03
WATERFORD WED-UT    WTFU VX          -505729895.23   820803256.03
WATERFORD WED-UT    WTFU PO          -505729895.23   820803256.03
WATERFORD WED-UT    WTFUGBX EO       -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 WED-UT    WWWD PZ          -505729895.23   820803256.03
WATERFORD WED-UT    WTFU IX          -505729895.23   820803256.03
WATERFORD WED-UT    WTFU EU          -505729895.23   820803256.03
WATERFORD-ADR UT    WFWA GR          -505729895.23   820803256.03
WATERFORD-ADR UT    WATFZ US         -505729895.23   820803256.03
WATERFORD-SUB       3001875Z ID      -505729895.23   820803256.03


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


ITALY
-----
AEDES AXA+W         AEAXAW IM         -24405906.61  1350851664.42
AEDES SPA           AE TQ             -24405906.61  1350851664.42
AEDES SPA           AE PZ             -24405906.61  1350851664.42
AEDES SPA           AEDI IX           -24405906.61  1350851664.42
AEDES SPA           AE EO             -24405906.61  1350851664.42
AEDES SPA           AEDSF US          -24405906.61  1350851664.42
AEDES SPA           LLB GR            -24405906.61  1350851664.42
AEDES SPA           AE EU             -24405906.61  1350851664.42
AEDES SPA           AE IM             -24405906.61  1350851664.42
AEDES SPA RNC       AEDE IM           -24405906.61  1350851664.42
AEDES SPA-OPA       AEDROP IM         -24405906.61  1350851664.42
AEDES SPA-OPA       AEOPA IM          -24405906.61  1350851664.42
AEDES SPA-RTS       AEAA IM           -24405906.61  1350851664.42
AEDES SPA-RTS       AESA IM           -24405906.61  1350851664.42
AEDES SPA-SVGS R    AEDRAA IM         -24405906.61  1350851664.42
ARENA SPA           ARE2 EO           -26843216.33   117951651.43
ARENA SPA           RON GR            -26843216.33   117951651.43
ARENA SPA           AREI PZ           -26843216.33   117951651.43
ARENA SPA           RON IX            -26843216.33   117951651.43
ARENA SPA           ARE IM            -26843216.33   117951651.43
ARENA SPA           ARE2 EU           -26843216.33   117951651.43
ARENA SPA           ARE2 TQ           -26843216.33   117951651.43
ARENA SPA           RNCNF US          -26843216.33   117951651.43
BINDA SPA           BNDAF US          -11146475.29   128859802.94
BINDA SPA           BND IM            -11146475.29   128859802.94
BROGGI IZAR FABB    BIF IM              -178432.46   134255668.53
CART SOTTRI-BIND    DEM IM            -11146475.29   128859802.94
CIRIO FINANZIARI    CRO IM            -422095869.5  1583083044.16
CIRIO FINANZIARI    FIY GR            -422095869.5  1583083044.16
COIN SPA            GUCIF US         -151690764.75   791310848.67
COIN SPA            GC IX            -151690764.75   791310848.67
COIN SPA            965089Q GR       -151690764.75   791310848.67
COIN SPA-RTS        GCAA IM          -151690764.75   791310848.67
COIN SPA/OLD        GC IM            -151690764.75   791310848.67
COMPAGNIA ITALIA    CITU IX          -137726596.25   527372691.43
COMPAGNIA ITALIA    ICT IM           -137726596.25   527372691.43
COMPAGNIA ITALIA    CGLUF US         -137726596.25   527372691.43
CORNELL BHN         INO1 IX             -178432.46   134255668.53
CORNELL BHN         CBX IM              -178432.46   134255668.53
CORNELL BHN         BY EU               -178432.46   134255668.53
CORNELL BHN         INN IM              -178432.46   134255668.53
CORNELL BHN         BY EO               -178432.46   134255668.53
CREDITO FOND-RTS    CRFSA IM         -200209050.26  4213063202.32
CREDITO FONDIARI    CRF IM           -200209050.26  4213063202.32
ELIOS HOLDING       EH IM               -178432.46   134255668.53
ELIOS HOLDING-NE    EH00 IM             -178432.46   134255668.53
ELIOS HOLDING-RT    EHAA IM             -178432.46   134255668.53
ELIOS SPA           EHM IM              -178432.46   134255668.53
INNOTECH SPA        ELIOF US            -178432.46   134255668.53
LAZIO SPA           SSLI PZ           -15482934.18   260633690.01
LAZIO SPA           SSL1 EO           -15482934.18   260633690.01
LAZIO SPA           571260Q US        -15482934.18   260633690.01
LAZIO SPA           SSLZF US          -15482934.18   260633690.01
LAZIO SPA           SSL1 IX           -15482934.18   260633690.01
LAZIO SPA           SSL1 EU           -15482934.18   260633690.01
LAZIO SPA           SSL IM            -15482934.18   260633690.01
LAZIO SPA           LZO1 GR           -15482934.18   260633690.01
LAZIO SPA           LZO GR            -15482934.18   260633690.01
LAZIO SPA-RTS       SSLAA IM          -15482934.18   260633690.01
LAZIO SPA-RTS       SSLAZ IM          -15482934.18   260633690.01
OLCESE SPA          O IM              -12846689.89   179691572.79
OLCESE SPA-RTS      OAA IM            -12846689.89   179691572.79
OLCESE VENEZIANO    OLVE IM           -12846689.89   179691572.79
OMNIA NETWORK SP    ONT EU            -14203645.83    330093845.4
OMNIA NETWORK SP    ONTI IX           -14203645.83    330093845.4
OMNIA NETWORK SP    ONT IM            -14203645.83    330093845.4
OMNIA NETWORK SP    ONT PZ            -14203645.83    330093845.4
OMNIA NETWORK SP    ONT TQ            -14203645.83    330093845.4
OMNIA NETWORK SP    ONT EO            -14203645.83    330093845.4
PARMALAT FINA-RT    PRFR AV        -18419390028.95   4120687886.18
PARMALAT FINANZI    PRFI VX        -18419390028.95  4120687886.18
PARMALAT FINANZI    FICN AV        -18419390028.95  4120687886.18
PARMALAT FINANZI    PMLFF US       -18419390028.95  4120687886.18
PARMALAT FINANZI    PMT LI         -18419390028.95  4120687886.18
PARMALAT FINANZI    PAF GR         -18419390028.95  4120687886.18
PARMALAT FINANZI    PARAF US       -18419390028.95  4120687886.18
PARMALAT FINANZI    PRF IM         -18419390028.95  4120687886.18
REAL ESTATE OP-O    REO LN           -145048365.85  2933767506.67
REAL ESTATE OP-O    REO VX           -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    REO IX           -145048365.85  2933767506.67
REAL ESTATE OP-O    REO EO           -145048365.85  2933767506.67
REAL ESTATE OP-O    REOGBP EO        -145048365.85  2933767506.67
REAL ESTATE OP-O    REA GR           -145048365.85  2933767506.67
REAL ESTATE OP-O    REO ID           -145048365.85  2933767506.67
RISANAMEN-RNC OP    RNROPA IM          -84106314.4  4618461222.59
RISANAMENTO -OPA    RNOPA IM           -84106314.4  4618461222.59
RISANAMENTO -RNC    RNR IM             -84106314.4  4618461222.59
RISANAMENTO NAPO    RN5 GR             -84106314.4  4618461222.59
RISANAMENTO SPA     RN TQ              -84106314.4  4618461222.59
RISANAMENTO SPA     RN EU              -84106314.4  4618461222.59
RISANAMENTO SPA     RNGBX EU           -84106314.4  4618461222.59
RISANAMENTO SPA     RN IM              -84106314.4  4618461222.59
RISANAMENTO SPA     RNGBX EO           -84106314.4  4618461222.59
RISANAMENTO SPA     RNGBP EO           -84106314.4  4618461222.59
RISANAMENTO SPA     RSMNF US           -84106314.4  4618461222.59
RISANAMENTO SPA     RN PZ              -84106314.4  4618461222.59
RISANAMENTO SPA     RN IX              -84106314.4  4618461222.59
RISANAMENTO SPA     RN EO              -84106314.4  4618461222.59
RISANAMENTO-RTS     RNAA IM            -84106314.4  4618461222.59
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            SSMLF US         -141933883.93   150445252.43
SNIA SPA            SN TQ            -141933883.93   150445252.43
SNIA SPA            SIAI PZ          -141933883.93   150445252.43
SNIA SPA            SNIXF US         -141933883.93   150445252.43
SNIA SPA            SNIB GR          -141933883.93   150445252.43
SNIA SPA            SBPDF US         -141933883.93   150445252.43
SNIA SPA            SN EU            -141933883.93   150445252.43
SNIA SPA            SNIA GR          -141933883.93   150445252.43
SNIA SPA            SN IM            -141933883.93   150445252.43
SNIA SPA            SN EO            -141933883.93   150445252.43
SNIA SPA            SIAI IX          -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        SNR IM           -141933883.93   150445252.43
SNIA SPA-RCV        SNIVF US         -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 IM           -120739761.47   431104046.09
SOCOTHERM SPA       SCT EO           -120739761.47   431104046.09
SOCOTHERM SPA       SCTM IX          -120739761.47   431104046.09
SOCOTHERM SPA       SOCEF US         -120739761.47   431104046.09
SOCOTHERM SPA       SCT TQ           -120739761.47   431104046.09
SOCOTHERM SPA       SCT EU           -120739761.47   431104046.09
SOCOTHERM SPA       SCTI PZ          -120739761.47   431104046.09
TECNODIFF ITALIA    TEF GR            -89894162.82   152045757.48
TECNODIFF ITALIA    TDI IM            -89894162.82   152045757.48
TECNODIFF ITALIA    TDIFF US          -89894162.82   152045757.48
TECNODIFF ITALIA    TDI NM            -89894162.82   152045757.48
TECNODIFF-RTS       TDIAOW NM         -89894162.82   152045757.48
TECNODIFFUSIONE     TDIAAW IM         -89894162.82   152045757.48
TISCALI SPA         TIQ GR           -382501586.12  1284058962.83
TISCALI SPA         TIS EU           -382501586.12  1284058962.83
TISCALI SPA         TIS NR           -382501586.12  1284058962.83
TISCALI SPA         TISN VX          -382501586.12  1284058962.83
TISCALI SPA         TISN NA          -382501586.12  1284058962.83
TISCALI SPA         TIS IX           -382501586.12  1284058962.83
TISCALI SPA         TIS IM           -382501586.12  1284058962.83
TISCALI SPA         TIQG IX          -382501586.12  1284058962.83
TISCALI SPA         TISGBP EO        -382501586.12  1284058962.83
TISCALI SPA         TISGBX EO        -382501586.12  1284058962.83
TISCALI SPA         TISGBX EU        -382501586.12  1284058962.83
TISCALI SPA         TSCXF US         -382501586.12  1284058962.83
TISCALI SPA         TIQ1 GR          -382501586.12  1284058962.83
TISCALI SPA         TIS EO           -382501586.12  1284058962.83
TISCALI SPA         TIS VX           -382501586.12  1284058962.83
TISCALI SPA         TIS NA           -382501586.12  1284058962.83
TISCALI SPA         TIS TQ           -382501586.12  1284058962.83
TISCALI SPA         TIS FP           -382501586.12  1284058962.83
TISCALI SPA         TISN IX          -382501586.12  1284058962.83
TISCALI SPA         TIS PZ           -382501586.12  1284058962.83
TISCALI SPA         TISN IM          -382501586.12  1284058962.83
TISCALI SPA         TISN FP          -382501586.12  1284058962.83
TISCALI SPA- RTS    3391621Q GR      -382501586.12  1284058962.83
TISCALI SPA- RTS    TISAXA IM        -382501586.12  1284058962.83
YORKVILLE BHN       CBXI PZ             -178432.46   134255668.53
YORKVILLE BHN       BY TQ               -178432.46   134255668.53
YORKVILLE BHN       BY IM               -178432.46   134255668.53


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


NETHERLANDS
-----------
BAAN CO NV-ASSEN    BAANA NA           -7854741.41   609871188.88
BAAN COMPANY NV     BAAN NA            -7854741.41   609871188.88
BAAN COMPANY NV     BAAN IX            -7854741.41   609871188.88
BAAN COMPANY NV     BAAN EO            -7854741.41   609871188.88
BAAN COMPANY NV     BAAN GR            -7854741.41   609871188.88
BAAN COMPANY NV     BAAN PZ            -7854741.41   609871188.88
BAAN COMPANY NV     BAAN EU            -7854741.41   609871188.88
BAAN COMPANY NV     BAAVF US           -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 LI          -5505478849.55  5112616630.06
UNITED PAN-EUR-A    UPC LN          -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPCOF US        -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPE1 GR         -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPCEF US        -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPE GR          -5505478849.55  5112616630.06
UNITED PAN-EUROP    UPC VX          -5505478849.55  5112616630.06
WAH KING INVEST     WAHKE US              -1244740      136149008
WAH KING INVEST     WAHK US               -1244740      136149008


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


POLAND
------
KROSNO              KROS IX            -2241614.77   111838141.19
KROSNO              KRS LI             -2241614.77   111838141.19
KROSNO              KRS1EUR EO         -2241614.77   111838141.19
KROSNO              KRS PW             -2241614.77   111838141.19
KROSNO              KRS1EUR EU         -2241614.77   111838141.19
KROSNO SA           KRS PZ             -2241614.77   111838141.19
KROSNO SA           KROSNO PW          -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               TOR PZ              -288818.39   147004954.18
TOORA               2916665Q EU         -288818.39   147004954.18
TOORA               TOR PW              -288818.39   147004954.18
TOORA               2916661Q EO         -288818.39   147004954.18
TOORA-ALLOT CERT    TORA PW             -288818.39   147004954.18


PORTUGAL
--------
COFINA              COFI TQ            -9882836.46   319233214.35
COFINA              COFI EO            -9882836.46   319233214.35
COFINA              CFN1 PZ            -9882836.46   319233214.35
COFINA              CFN PL             -9882836.46   319233214.35
COFINA              COFI EU            -9882836.46   319233214.35
COFINA              CFNX PX            -9882836.46   319233214.35
COFINA              COFI PL            -9882836.46   319233214.35
COFINA              COFSI IX           -9882836.46   319233214.35
COFINA              CFASF US           -9882836.46   319233214.35
LISGRAFICA IMPRE    LIG EO             -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG PL             -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG PL            -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG PZ             -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG EO            -8723139.72   107312975.09
LISGRAFICA IMPRE    LIAG EU            -8723139.72   107312975.09
LISGRAFICA IMPRE    LIG EU             -8723139.72   107312975.09
LISGRAFICA-RTS      LIGDS PL           -8723139.72   107312975.09
PORCELANA VISTA     PVAL PL           -68504012.12   145654270.82
SPORTING-SOC DES    SCP PL             -4083492.14    225687305.9
SPORTING-SOC DES    SCP1 PZ            -4083492.14    225687305.9
SPORTING-SOC DES    SCPX PX            -4083492.14    225687305.9
SPORTING-SOC DES    SCPL IX            -4083492.14    225687305.9
SPORTING-SOC DES    SCDF EO            -4083492.14    225687305.9
SPORTING-SOC DES    SCG GR             -4083492.14    225687305.9
SPORTING-SOC DES    SCDF PL            -4083492.14    225687305.9
SPORTING-SOC DES    SCDF EU            -4083492.14    225687305.9
VAA VISTA ALEGRE    VAFX PX           -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF EU            -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF PL            -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF EO            -68504012.12   145654270.82
VAA VISTA ALEGRE    VAF PZ            -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK EO           -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK EU           -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK PZ           -68504012.12   145654270.82
VAA VISTA ALTAN     VAFK PL           -68504012.12   145654270.82
VAA VISTA ALTAN     VAFKX PX          -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 PZ             -86519981.9   521264507.61
OLTCHIM RM VALCE    OLTCF US           -86519981.9   521264507.61
OLTCHIM RM VALCE    OLTEUR EO          -86519981.9   521264507.61
OLTCHIM RM VALCE    OLT EO             -86519981.9   521264507.61
OLTCHIM RM VALCE    OLTEUR EU          -86519981.9   521264507.61
OLTCHIM RM VALCE    OLT RO             -86519981.9   521264507.61
OLTCHIM RM VALCE    OLT EU             -86519981.9   521264507.61
RAFO SA             RAF RO           -457922636.25   356796459.26
UZINELE SODICE G    UZIM RO           -35878364.71   104942905.83
ZASTAVA AUTOMOBI    ZAKG SG          -396504649.08   174692011.08


RUSSIA
------
AKCIONERNOE-BRD     SOVP$ RU         -110204703.34   120620770.43
ALFA CEMENT-BRD     ALCE RU             -672832.37   105454563.92
ALFA CEMENT-BRD     AFMTF US            -672832.37   105454563.92
ALFA CEMENT-BRD     ALCE* RU            -672832.37   105454563.92
AMO ZIL             ZILL RM          -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* RU          -33465586.31   128437866.54
DAGESTAN ENERGY     DASB RM           -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
SAMARANEFTEGA-P$    SMNGP RU         -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG$ RU         -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG RM          -331600428.45   891998590.74
SAMARANEFTEGAS      SVYOF US         -331600428.45   891998590.74
SAMARANEFTEGAS      SMNG* RU         -331600428.45   891998590.74
SAMARANEFTEGAS-$    SMNG RU          -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP RM         -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP$ RU        -331600428.45   891998590.74
SAMARANEFTEGAS-P    SMNGP* RU        -331600428.45   891998590.74
TERNEYLES-BRD       TERL* RU           -15178937.2   182115156.77
TERNEYLES-BRD       TERL RU            -15178937.2   182115156.77
URGALUGOL-BRD       YRGL RU           -15706613.04   105440541.07
URGALUGOL-BRD       YRGL* RU          -15706613.04   105440541.07
URGALUGOL-BRD-PF    YRGLP RU          -15706613.04   105440541.07
VIMPEL SHIP-BRD     SOVP* RU         -110204703.34   120620770.43
VIMPEL SHIP-BRD     SOVP RU          -110204703.34   120620770.43
VOLGOGRAD KHIM      VHIM* RU           -6661016.16   113935933.35
VOLGOGRAD KHIM      VHIM RU            -6661016.16   113935933.35
ZIL AUTO PLANT      ZILL$ RU         -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-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
EGS EGE GIYIM VE    EGDIS TI           -7732138.55   147075066.65


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
ODESSA OIL REFIN    ONPZ UZ           -70727947.39   325964086.89
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 * * *